同力股份 20251224 截至目前，传统油车在我们公司的销售占比已经降到 50%以下，今年（2025 年）新能源产品的销售占比已超过 60%。尽管如此，短期内传统油车不可能完 全消失。对于露天煤矿而言，未来三到五年内大多数将被新能源车辆替代。然 而，在非煤领域，如一些小型有色矿和铁矿，由于运输量小、工作效率低以及 购置成本高、回本周期长等原因，这些企业可能会继续选择传统油车。中小吨 位油车对这些企业来说购置成本较低且压力较小。因此，未来传统油车仍将存 在，只是数量在露天煤矿中会迅速减少，而在非煤领域则继续存在。 在海外市 场，两三年内仍以油车为主，因为国外客户对新能源产品还处于验证和观望阶 段。此外，许多地方基础设施尤其是电力设施不完善，使得补能存在明显短板， 无人驾驶矿卡行业增速主要受国家政策引导和司机短缺驱动。同力股份 在海外市场面临销售和服务渠道不足的挑战，将注重质量和利润，稳扎 稳打地推进主要区域市场。 国内煤炭开采受政府指导，需求稳定，宽体车行业整体下滑，但新能源 车辆弥补部分缺口。预计 2026 年露天煤矿以存量替代为主，行业需求 可能持平或略有下降。 因此短期内不会像国内一样快速转向新能源产品 ...

Group 1 - The core viewpoint of the news is that Jingrui Electric Materials Co., Ltd. has experienced significant stock price growth and strong financial performance, with a notable increase in revenue and net profit year-on-year [1][2]. - As of December 25, the stock price of Jingrui Electric Materials is 17.14 yuan per share, with a market capitalization of 18.391 billion yuan and a year-to-date stock price increase of 84.20% [1]. - The company's main business revenue composition includes high-purity chemicals (58.69%), photoresists (13.79%), lithium battery materials (13.68%), industrial chemicals (9.61%), energy (4.01%), and others (0.23%) [1]. Group 2 - For the period from January to September 2025, Jingrui Electric Materials achieved an operating income of 1.187 billion yuan, representing a year-on-year growth of 11.92%, and a net profit attributable to shareholders of 128 million yuan, reflecting a staggering year-on-year increase of 19,202.65% [2]. - The company has distributed a total of 248 million yuan in dividends since its A-share listing, with 117 million yuan distributed in the last three years [3]. - As of September 30, 2025, the number of shareholders of Jingrui Electric Materials increased by 19.81% to 111,400, while the average circulating shares per person decreased by 10.67% to 9,585 shares [2].

Group 1 - The core viewpoint of the news is that Cuiwei Co., Ltd. has shown significant stock price growth this year, with a year-to-date increase of 78.63% and a recent rise of 6.05% over the last five trading days [2] - As of December 25, the stock price reached 14.38 yuan per share, with a market capitalization of 11.486 billion yuan and a trading volume of 4.06 billion yuan [1] - The company has been active in the market, appearing on the "Dragon and Tiger List" 13 times this year, indicating strong trading interest [2] Group 2 - Cuiwei Co., Ltd. primarily operates in the retail sector, with its main business segments being third-party payment services (68.29% of revenue), merchandise sales (25.88%), and leasing (5.43%) [2] - The company reported a revenue of 1.71 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 0.86%, while the net profit attributable to shareholders was -311 million yuan, showing a 17.99% increase year-on-year [2] - The number of shareholders decreased by 20.77% to 88,900 as of September 30, 2025, while the average number of circulating shares per person increased by 26.22% to 7,340 shares [2] Group 3 - Since its A-share listing, Cuiwei Co., Ltd. has distributed a total of 625 million yuan in dividends, but there have been no dividends paid in the last three years [3] - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF is the third largest, holding 6.5845 million shares, an increase of 3.3465 million shares from the previous period [3] - Hong Kong Central Clearing Limited is the eighth largest shareholder, holding 1.5504 million shares, which is a decrease of 605,980 shares from the previous period [3]

Group 1 - The core viewpoint of the news is that ShuoBeide's stock has shown significant growth this year, with a year-to-date increase of 94.43% and a recent surge in trading activity [1][2] - As of December 25, ShuoBeide's stock price was 25.49 yuan per share, with a total market capitalization of 11.726 billion yuan [1] - The company has experienced a net outflow of main funds amounting to 79.98 million yuan, with large orders showing a buy-sell imbalance [1] Group 2 - ShuoBeide's main business involves the research, production, and sales of wireless communication terminal antennas, with revenue composition being 50.50% from antennas, 26.34% from harnesses and connectors, 13.73% from smart sensor modules, and 8.86% from heat dissipation devices [1][2] - For the period from January to September 2025, ShuoBeide achieved operating revenue of 1.990 billion yuan, representing a year-on-year growth of 50.25%, and a net profit attributable to shareholders of 50.71 million yuan, up 1290.66% [2] - The company has not distributed any dividends in the last three years, with a total payout of 116 million yuan since its A-share listing [3]

12月25日，联创电子盘中下跌2.50%，截至09:35，报11.30元/股，成交4.91亿元，换手率4.08%，总市值 119.26亿元。 资金流向方面，主力资金净流出1.42亿元，特大单买入2328.58万元，占比4.74%，卖出1.34亿元，占比 27.22%；大单买入1.06亿元，占比21.54%，卖出1.38亿元，占比28.04%。 联创电子所属申万行业为：电子-光学光电子-光学元件。所属概念板块包括：激光雷达、光学、MR混 合现实、无人驾驶、OLED等。 截至12月10日，联创电子股东户数10.97万，较上期减少7.08%；人均流通股9599股，较上期增加 7.62%。2025年1月-9月，联创电子实现营业收入64.89亿元，同比减少16.20%；归母净利润5092.02万 元，同比增长210.26%。 分红方面，联创电子A股上市后累计派现2.74亿元。近三年，累计派现966.23万元。 机构持仓方面，截止2025年9月30日，联创电子十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股2357.66万股，相比上期增加562.68万股。南方中证1000ETF（512100）位居第四大流通 ...

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment, focusing on extracting investment value from significant events and analyzing industry chain companies [1] - The company is testing server liquid cooling technology and is preparing for mass delivery of low-orbit satellite communication antennas, which have applications in the autonomous driving sector [1] - A humanoid robot and edge AI are being developed by the company, utilizing Nvidia's platform to create a humanoid robot brain controller, with orders already secured for industrial and humanoid robots [1]

Group 1 - The China Securities Association has issued a notice to brokerages, emphasizing the need to enhance the quality and efficiency of stress testing in the industry, moving from a focus on mere existence to evaluating effectiveness [1] - The notice identifies issues such as "heavy on form, light on application" and insufficient coverage of complex business risks, and outlines five areas for improvement in stress testing management [1] - This shift in regulatory focus indicates that risk management in the brokerage sector is entering a new phase of higher standards and practical effectiveness [1] Group 2 - The A-share market is experiencing increased volatility and stock differentiation, while thematic sectors like commercial aerospace and new retail are thriving, with some indices reaching historical highs [2] - Private equity firms are adapting to this market environment by either embracing trends or sticking to value investments, with a consensus on the need for multi-layered layouts around AI-driven industry opportunities [2] Group 3 - The People's Bank of China has called for increased counter-cyclical and cross-cyclical adjustments in its monetary policy to support stable economic growth and reasonable price recovery [3] - The central bank aims to implement a moderately loose monetary policy while enhancing the coordination between monetary and fiscal policies [3] Group 4 - The China Securities Index Company has launched a series of intelligent computing power indices, which include 16 indices reflecting the service capacity of China's intelligent computing power market [4] - This index series aims to provide layered data support for the market-oriented allocation of computing resources [4] Group 5 - The issuance of stock index funds has reached a record high of 400.47 billion yuan in 2025, indicating a significant shift towards tool-based investment products among investors [5] - This growth reflects the rapid development of index funds, marking the first time the annual issuance of stock index funds has surpassed 400 billion yuan [5] Group 6 - The Japanese yen has not strengthened despite the Bank of Japan's interest rate hike, reflecting structural challenges in the country's monetary policy normalization process [6] - The yen's role as a cheap financing currency is diminishing, which may impact global long-term asset allocation patterns [6] Group 7 - Hong Kong's IPO market has regained its position as the largest globally in 2025, driven by significant IPOs from companies like CATL and Zijin Mining [7] - Eight of the top ten IPOs in Hong Kong this year exceeded 10 billion HKD, with a high proportion of these being A-share companies listed or spun off in Hong Kong [7] Group 8 - The competition among new energy vehicle manufacturers is shifting from acquiring new customers to focusing on existing customers through "repurchase" policies [8] - This change is driven by the need to adapt to a market where early electric vehicle models are entering replacement cycles, leading to a demand for upgrade purchases [8] Group 9 - The domestic gaming industry has reached a new revenue high, with mini-program games contributing significantly, generating 53.54 billion yuan in 2025, a 34.39% increase year-on-year [9] - Mini-games now account for 15% of the overall gaming market revenue, highlighting their importance as a growth driver [9] Group 10 - A total of 141 public funds have seen their net asset values increase by over 100% in 2025, with some funds exceeding 200% growth, particularly in the technology sector [10] - Notable funds include Yongying Technology Select A and Dachen Technology Innovation A, which have performed well in annual rankings [10] Group 11 - Banks are intensifying their support for automotive consumer finance with low-interest loans and high credit limits to stimulate demand in the car market [11] - This strategy aligns with national policies aimed at boosting consumption and enhancing brand influence for the banks [11] Group 12 - Private equity firms have invested 5.98 billion yuan in A-share private placements in 2025, reflecting a 23.48% increase from the previous year [12] - The investment has yielded significant returns, with a floating profit of approximately 2.72 billion yuan as of December 23 [12]

一、交易提示 年末指数震荡，商业航天、可控核聚变、无人驾驶、海南自贸港、新零售等概念却批量创新高，呈现"一半是海水，一半是 火焰"的极端分化。资金调仓叠加产业事件催化造就主题狂欢，策略上有的顺势追趋势，有的坚守低估值，共识在于以AI为 核心的产业机遇值得多层次提前布局，等待盈利与估值的再平衡。 12月24日,A股三大股指早盘窄幅震荡,午后有所回升,截止收盘,沪指涨0.53%报3940.95点,深成指涨0.88%报13486.42点,创业板 指涨0.77%报3229.58点,科创50指数涨0.9%报1352.13点;沪深两市成交额1.88万亿,全市场超4100只个股上涨。 二、基金要闻 （1）12月24日新发基金共有5只，主要为股票型基金和ETF联接基金基金，其中易方达中证800指数增强A募集目标金额达 80.00亿元；基金分红28只，多为债券型，派发红利最多的基金是景顺长城中证500指数增强型证券投资基金，每10份基金 份额派发红利2.5760元。 （4）全球配置需求升温，跨境ETF继续"一马当先"。截至12月18日，全市场跨境ETF总规模9241亿元，较年初翻至1.18 倍，占被动权益产品增量首位。火热申购 ...

Group 1 - The People's Bank of China (PBOC) proposed to continue implementing a moderately loose monetary policy and enhance counter-cyclical and cross-cyclical adjustments to promote stable economic growth and reasonable price recovery [1][11][34] - The PBOC emphasized the dual function of monetary policy tools in terms of both quantity and structure, and the need for better coordination between monetary and fiscal policies [1][11][34] Group 2 - The National Development and Reform Commission (NDRC) and the Ministry of Commerce released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)" to attract more foreign investment into advanced manufacturing, modern services, high-tech, and energy-saving and environmental protection sectors [2][20][25] - The new directory will take effect on February 1, 2026, and aims to optimize the regional layout of foreign investment, particularly in the central and western regions and Northeast China [2][20][25] Group 3 - Beijing has implemented adjustments to its housing purchase policies, including relaxing purchase conditions for non-Beijing residents and supporting housing needs for families with multiple children [3][21][32] - The adjustments are part of efforts to stabilize the real estate market and are expected to release housing demand [3][21][32] Group 4 - The A-share market is experiencing increased volatility and stock differentiation, with certain thematic sectors like commercial aerospace, controllable nuclear fusion, and new retail showing significant growth [4][22] - This trend of "stock differentiation and thematic peaks" is becoming a prominent feature of the market as the year ends [4][22] Group 5 - As of December 24, 1866 companies in the Shanghai Stock Exchange held performance briefings, representing over 99% of scheduled companies and more than 80% of the total number of companies listed [5][23] Group 6 - The precious metals market saw unprecedented growth in 2025, with gold outperforming most asset classes, silver surpassing $72 per ounce, and platinum achieving significant gains [6][24] Group 7 - Eight departments, including the PBOC and NDRC, released 21 financial support measures to enhance the financial service system for the Western Land-Sea New Corridor [9][26][30] - The measures include increasing financial resource coordination, optimizing fund settlement systems, and expanding the use of the Renminbi in cross-border transactions [9][26][30] Group 8 - The State-owned Assets Supervision and Administration Commission (SASAC) outlined five key tasks for central enterprises in 2026, focusing on strategic restructuring, professional integration, and high-quality mergers and acquisitions [10][27][33] - The meeting emphasized the importance of stabilizing operations, improving quality and efficiency, and ensuring a good start for the 14th Five-Year Plan [10][27][33]

临近年末，A股市场持续震荡，个股分化加剧。然而，与指数跌宕起伏形成鲜明对比的是，商业航天、 可控核聚变、无人驾驶、海南自贸港、新零售等主题概念板块却如火如荼，部分板块指数更在近期创出 历史新高。这种"个股分化、主题高潮"的分化格局，正成为年末市场最显著的特征，也考验着每一位市 场参与者的智慧。 多家受访的私募机构表示，这一现象是年末资金调仓与产业事件催化共振的结果。面对分化加剧的市 场，有的私募机构"拥抱趋势"，有的"坚守价值"。机构的共识是，要对以AI为核心的产业机遇提前展开 多层次布局。 年末市场分化加剧 "现在市场就像一幅地图，指数区域是'温带'，而几个热门主题板块简直是'热带'。"上海一家中型股票 私募的负责人李枫（化名）向中国证券报记者如此形容他近期的交易感受。其团队在11月降低了部分前 期涨幅过大的科技权重股仓位，将部分资金转向了事件密集催化的商业航天与可控核聚变主题板块，这 次主动的风格切换在年末为其组合带来了显著的阿尔法收益。 李枫的感受是年末市场结构性行情的缩影。多位接受采访的私募人士表示，这种"冰火两重天"的格局， 是资金面、政策面与时间节点多重因素共振的结果。 涌津投资董事长、投资总监谢 ...