Group 1 - A-shares opened mixed, with the Shanghai Composite Index down 0.05% and the ChiNext Index down 0.21%, while lithium mining stocks showed strong performance, with Shengxin Lithium Energy rising nearly 5% [1] - Debon Securities predicts a "slow bull" market for A-shares in 2026, supported by government focus on capital market development and continuous inflow of medium to long-term funds, despite a weak macroeconomic recovery [1] - The report emphasizes that technology growth will remain the main theme, driven by the "14th Five-Year Plan" for technological advancement and the global AI industry wave, with sectors like artificial intelligence and computing power expected to lead the market [1] Group 2 - Dongwu Securities highlights the potential challenges in participating in the commercial aerospace sector, suggesting a focus on AI applications at low levels and key industries related to the "14th Five-Year Plan" [2] - The report notes that the commercial aerospace sector has shown strong performance since mid-November, but the difficulty of future participation may increase, with signs of a shift towards lower-level sectors like nuclear power [2] - The suggested focus areas include AI applications in healthcare, intelligent driving, and key industries such as commercial aerospace, 6G, nuclear power, hydrogen energy, quantum communication, and brain-computer interfaces [2] Group 3 - Oriental Securities advises reducing positions in high-performing sectors like commercial aviation, robotics, and semiconductors, while continuing to seek stocks with potential for rebound within popular sectors [3] - The market remains active as the year-end approaches, particularly in the technology sector, showcasing a characteristic of "sector differentiation and individual stock brilliance" [3]

Core Viewpoint - The A-share market has entered a new bull market in 2025, with the Shanghai Composite Index surpassing 4000 points, marking a ten-year high, and total market capitalization exceeding 100 trillion yuan, indicating a more resilient and active capital market [2][11]. Group 1: Market Performance - In 2025, the Shanghai Composite Index experienced a significant increase, reaching a year-to-date rise of 17.6%, while the Shenzhen Component Index surged by 29.5%, and the ChiNext Index rose by 50.8% [13]. - The total trading volume of the A-share market exceeded 400 trillion yuan in 2025, compared to 255.8 trillion yuan in 2024, showcasing robust market activity [14]. Group 2: Driving Factors - The bull market is driven by technological breakthroughs, industrial dynamics, institutional reforms, capital inflows, and an increase in risk appetite, characterized as a "technology revaluation bull" [2][11]. - The introduction of the DeepSeek open-source inference model in January 2025 sparked enthusiasm in the domestic AI sector, leading to a shift in market narratives towards "hard technology" [12]. Group 3: Future Outlook - Analysts express optimism for 2026, predicting a potential transition from a structural bull market to a broader market rally, with the possibility of the Shanghai Composite Index expanding by 10% to 20% if corporate earnings improve [2][11]. - The market is expected to experience a "slow bull" trend, supported by macroeconomic policies, ongoing industrial transformation, and continuous capital inflows [16][17].

Core Viewpoint - Meike Home is undergoing significant operational changes, including large-scale store closures and a strategic shift towards the computing power sector through the acquisition of Wande Optoelectronics, amid ongoing financial struggles in its core furniture business [1][2][3]. Group 1: Company Operations - Meike Home announced a suspension of trading on December 18, 2025, to plan the acquisition of Wande Optoelectronics, with the trading halt expected to last no more than 10 trading days [1]. - The company has been closing underperforming stores, with 27 stores shut down in 2024 and an additional 4 in the first half of 2025, followed by 9 more in the third quarter of 2025 [4][7]. - As of 2024, Meike Home had a total of 327 stores across the country, indicating a significant reduction in its retail footprint [4]. Group 2: Financial Performance - In 2024, Meike Home reported revenues of 3.4 billion yuan, a year-on-year decline of 19%, with a net loss of 880 million yuan [3]. - For the first half of 2025, the company recorded total revenue of 1.5 billion yuan, down 8% year-on-year, and a net loss of 92.43 million yuan [3]. Group 3: Employee Issues - Employees at various Meike Home locations reported wage delays, with some claiming they were owed salaries for several months, leading to store closures and layoffs [5][6]. - Reports indicate that employees were pressured to sell store inventory at steep discounts to recover owed wages, with items being sold at 40-75% off their original prices [6][5]. Group 4: Strategic Shift - Meike Home is pivoting towards the computing power sector, focusing on high-speed copper cable production through the acquisition of Wande Optoelectronics, which aligns with the growing demand for data transmission in cloud computing and AI [2]. - The company is also expanding its manufacturing capabilities overseas, establishing bases in Vietnam and the U.S. to mitigate the impact of U.S. tariffs and stabilize profit margins [7].

周四（12月25日），创业板人工智能全天"V"型回升，成份股大面积飘红。算力硬件局部亮眼，存储芯 片龙头北京君正领涨超6%，光模块CPO龙头中际旭创再创新高，年内累计涨超420%，总市值超7100亿 元！此外，AI应用方向多股活跃，易点天下、长亮科技、蓝色光标、芒果超媒，同花顺等多股涨超 2%。 热门ETF方面，同类规模最大、流动性最佳的创业板人工智能ETF（159363）早盘一度涨逾1%创下历史 高点纪录，随后冲高回落跌逾1.5%，午后"V"型回升，报收0.991元历史收盘最高价！资金持续涌入，单 日再度净申购9200万份，近十日已累计加仓超5亿元。 光模块龙头正成为杠杆资金"宠儿"。Wind数据显示，近期A股融资余额站上2.5万亿元，这也是自A股两 融市场开设以来新高！个股方面，下半年以来，两大光模块龙头股新易盛、中际旭创进入榜单前五，融 资净买入额均超140亿元，另一光模块巨头天孚通信融资净买入额也高达46.21亿元，排名第11位。 从业绩表现看，光模块CPO龙头年末压轴发力，重仓光模块龙头的创业板人工智能频刷新高。截至最 新，创业板人工智能年内涨幅高达106.87%，已翻倍增长有余，大幅领跑人工智能、 ...

格隆汇12月25日丨森远股份(300210.SZ)公布，公司于2025年12月25日与北京中科信控创新创业科技发 展有限公司（简称"中科信控"）签署了《算力集群集成建设合同》，合同总价款合计为26,783,852元。 中科信控为公司控股股东，且公司董事担任中科信控董事，因此中科信控为公司关联法人，根据《深圳 证券交易所创业板股票上市规则》有关规定，本次交易构成关联交易。 ...

智通财经APP讯，瑞晟智能(688215.SH)发布公告，近日，公司获得山东现代大数据科技有限公司发出 的《成交通知书》，通知书显示经采购小组评审，确认公司为山东现代大数据教育产业国产算力设备及 配套服务采购项目(二期)的成交报价人，成交金额为1.52亿元(含税)。 ...

瑞晟智能公告称，公司获山东现代大数据科技《成交通知书》，确认为其国产算力设备及配套服务采购 项目(二期）成交报价人，成交金额1.52亿元（含税）。项目产品为算力设备及配套服务，是公司扩大 产品与服务体系重要方向，将对未来业绩产生积极影响。截至公告披露日，尚未签订正式合同，存在不 确定性，最终金额及条款以合同为准。 ...

Core Viewpoint - Semiconductor company SMIC has implemented a price increase of approximately 10% on certain capacities, which is expected to be executed soon, further intensifying market tension [1][6]. Group 1: Reasons for Price Increase - The price increase is driven by a surge in demand for mobile applications and AI, leading to a significant rise in chip demand across various sectors, including industrial control and automotive electronics [6][10]. - Rising raw material costs due to global supply chain constraints are also a key factor necessitating price adjustments by wafer fabs to maintain profitability [6][10]. - Capacity adjustments by industry giants like TSMC, which plans to consolidate 8-inch capacity and shut down some production lines by the end of 2027, have heightened market price expectations [6][10]. Group 2: Capacity Utilization Rates - SMIC reported a capacity utilization rate of 95.8% in Q3, up from 92.5% in Q2, indicating a continued state of supply-demand imbalance [2][7]. - Huahong's overall capacity utilization rate reached 109.5% in Q3, reflecting strong demand and operational efficiency [8][9]. Group 3: Industry Impact - The price increase by SMIC is expected to reshape the competitive landscape of the semiconductor industry, particularly as demand for computing power continues to rise with the explosion of AI applications [9][10]. - The high operational load on semiconductor companies not only tests their production capabilities but also supports price increases, benefiting semiconductor equipment manufacturers [9][10]. - Companies like TuoJing Technology and WeiDao Nano are positioned to benefit from increased orders and performance growth due to the expansion of wafer fab capacities and advancements in process technology [10].

展望2026年，兴业证券表示，海外算力有望进入"空中加油"新阶段：从2026年海外算力光模块订单指引、英伟达GPU在手订单以及北美CSP厂商资本开支指 引来看，算力基础设施投入节奏仍未放缓，在过去三年高增长基础上有望实现增速提升。光模块及配套产业链或存在预期差，Blackwell推动数据中心进 入"加速兑现期"，Rubin进展顺利，1.6T光模块明年有望成为主力需求，龙头公司明年业绩有望维持高增长。 把握以光模块为核心的算力机会，建议重点关注全市场首只创业板人工智能ETF（159363）及场外联接（A类023407、C类023408），标的指数重点布局光 模块龙头"易中天"，光模块含量最新超56%。从赛道分布看，逾七成仓位布局算力，超两成仓位布局AI应用，能够高效捕捉AI主题行情。（截至 2025.11.30） 同类对比看，截至12月23日，创业板人工智能ETF华宝（159363）最新规模超38亿元，近1个月日均成交额超6亿元，在跟踪创业板人工智能指数的7只ETF 中排行第一！ 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 风险提示：创业板人工智能ETF华宝被动跟踪创业板 ...

把握以光模块为核心的算力机会，建议重点关注全市场首只创业板人工智能ETF（159363）及场外联接 （A类023407、C类023408），标的指数重点布局光模块龙头"易中天"，光模块含量最新超56%。从赛 道分布看，逾七成仓位布局算力，超两成仓位布局AI应用，能够高效捕捉AI主题行情。（截至 2025.11.30） 同类对比看，截至12月23日，创业板人工智能ETF华宝（159363）最新规模超38亿元，近1个月日均成 交额超6亿元，在跟踪创业板人工智能指数的7只ETF中排行第一！ 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 25日早盘，光模块CPO再度冲高，中际旭创股价迭创新高，创业板人工智能盘中涨超1%刷新历史新 高。同类规模最大、流动性最佳的创业板人工智能ETF（159363）盘中一度刷新历史高点，现场内回调 逾1%，成交超1亿元，资金实时净申购4200万份，此前十日已累计加仓超5亿元。 | 分时 多日 1分 5分 · 1953 19 WAY 15800 MIT 1 6 (1) | | | | | | | | | | --- | --- | --- | --- ...