在科技浪潮奔涌、成长股反复经历 "高光"与"震荡"的2025年，投资者应该如何拨开迷雾、锚定真正的长期价值？ 12月21日，在2025雪球嘉年华上，雪球人气用户零城逆影和鹏华基金董事总经理、权益投资三部总经理闫思倩，围绕《科技与成长股的投资逻辑》 议题，系统梳理了从新能源到人形机器人的演进路径，深度剖析AI热潮下的真实产业进程。 01 产业研究是底层投资逻辑 零城逆影： 您从 2011年就开始研究新能源在 配置人形机器人板块后 的初期 行情压力很大， 您是如何 一直坚持到现在的？ 闫思倩： 我们十五年前就开始研究特斯拉、电动车和新能源。在过去的产业链研究中，研究一辆车就要把整车拆解开。而拆解一辆车，重点要看三 电系统：对电池的研究涉及锂电池的正极负极、隔膜、电解液，一直到锂矿，因此研究范围覆盖有色、化工，甚至需要物理化工知识。 随后的汽车零部件，包括智驾系统、汽车电子等。十五年前，锂电池主要应用于宁德时代的前身 ATL，为苹果提供手机和笔记本电脑的电池，因此 果链和汽车产业链也就都进入到我们的研究范围内。 到了 2019年，互联网科技巨头纷纷入局造车，我本身学计算机的，就开始研究互联网科技巨头和电子架构，在这 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 调研基本情况 2025年12月23日，江苏神通阀门股份有限公司（以下简称"公司"）在公司会议室举办机构投资者电话调 研会议。本次调研由信达证券组织，公司副总裁兼董秘章其强先生主持会议并与投资者交流，会议记录 由张健负责，共有9家机构投资者参与。会上，章其强首先对参与机构表示感谢，介绍了公司基本情 况、发展战略规划及近期工作进展，并强调了遵守承诺函及信息披露规定的重要性。 核心问题与回应 核电阀门交付与收入确认周期 针对核电阀门从招标到订单交付的节奏，公司介绍，订单生效后，将按流程进行合同执行的合理排产， 待排产计划经业主审核通过并发出生产指令后方可启动生产。"一般在接单后的第二、第三年陆续分批 交货，"公司表示，核电阀门业务收入按实际交货进度分批次确认，每个订单的收入确认周期通常为2-3 年。 备件更换需求支撑市场增长 作为我国核电阀门设备核心供应商之一，公司表示始终紧跟国家核能技术发展步伐，"积极投入研发资 源，开展面向核聚变科学装置等先进核能应用场景的特种阀门研制，持续助力我国核能技术进步与产业 化进程。" 新建产能2026年初起逐步释放 关于新建产能释放 ...

Market Performance - Shanghai Composite Index increased by 0.24% [1] - Shenzhen Component Index rose by 0.31% [1] - ChiNext Index saw a gain of 0.08% [1] Sector Activity - Commercial aerospace concept stocks showed repeated activity [1] - Strength observed in sectors such as computing hardware, AI mobile phones, intelligent transportation, chips, and nuclear fusion [1] - Coal, insurance, and gold sectors experienced adjustments [1]

Market Overview - The Shanghai Composite Index rose by 0.24% and the ChiNext Index increased by 0.08% [1] - Commercial aerospace concept stocks showed active trading, with strength in sectors such as computing hardware, AI smartphones, smart transportation, chips, and nuclear fusion [1] - Coal, insurance, and gold sectors experienced adjustments [1] ETF Performance - The Hong Kong stock market was closed in the afternoon, with mini-sized Hong Kong stock ETFs leading in gains [1] - The Cathay Pacific Hong Kong Stock Connect 50 ETF, GF Fund Hang Seng ETF, and E Fund Hong Kong Stock Connect 100 ETF rose by 8.8%, 5.91%, and 5.75% respectively, with latest premium/discount rates of 9.13%, 5.97%, and 6.84% [1] - The commercial aerospace sector rebounded from previous declines, with the招商基金 satellite industry ETF, GF satellite ETF, and Yongying Fund satellite ETF all increasing by over 4% [1] Sector Performance - The agriculture sector declined, with the E Fund agriculture ETF and livestock ETF both falling by 1.2% [1] - The gaming sector weakened, with the gaming ETF and Huatai-PB gaming ETF both down by 1.2% [1]

11:02 现货黄金盘中转跌，现报4480.75美元/盎司，此前一度涨至4500美元上方。 10:40 沪镍期货主力合约日内涨超5%，报128410元/吨。 盘面上，商业航天概念股反复活跃，算力硬件、AI手机、智能交通、芯片、核聚变题材走强；煤 炭、保险、黄金板块调整。 2025.12. 24 本文字数：965，阅读时长大约1.5分钟 作者 | 一财 阿驴 11:31 A股午盘丨沪指半日涨0.24% 截至午盘，沪指涨0.24%，深成指涨0.31%，创业板指涨0.08%。 | 板块名称 | 深幅号 | 涨速 | 涨停数 | | --- | --- | --- | --- | | 其他电源设备 | | +4.09% +0.04% | | | 军汇电子 | +3.49% | +0.08% | | | 太赫兹 | +3.25% | +0.15% | | | 商业航天 | +3.14% | +0.15% | 21 | | 卫星导航 | +3.13% | +0.12% | 10 | | 大飞机 | +3.01% | +0.08% | 10 | | 军工装备 | +2.91% | +0.07% | પ્ય | | 航空发动 ...

Core Viewpoint - Lianchuang Optoelectronics has shown a positive stock performance with a year-to-date increase of 20.33% and a market capitalization of 25.949 billion yuan as of December 24 [1] Group 1: Stock Performance and Market Data - As of December 24, Lianchuang Optoelectronics' stock price rose by 2.00% to 57.55 yuan per share, with a trading volume of 175 million yuan and a turnover rate of 0.69% [1] - The net inflow of main funds was 17.8687 million yuan, with large orders accounting for 27.30% of purchases and 16.68% of sales [1] - The stock has experienced a 1.25% increase over the last five trading days and a 6.46% increase over the last 20 days, while it has decreased by 3.89% over the last 60 days [1] Group 2: Company Overview and Financial Performance - Lianchuang Optoelectronics, established on June 30, 1999, and listed on March 29, 2001, is located in Nanchang, Jiangxi Province, and specializes in semiconductor laser series, microelectronic components, and other high-tech products [1] - The company's revenue composition includes 49.81% from intelligent control, 36.15% from backlight sources, 7.77% from laser series and traditional LED chips, 4.45% from optoelectronic communication and intelligent equipment cables, and 1.83% from other sources [1] - For the period from January to September 2025, Lianchuang Optoelectronics achieved a revenue of 2.503 billion yuan, representing a year-on-year growth of 2.85%, and a net profit attributable to shareholders of 400 million yuan, reflecting a year-on-year increase of 19.37% [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Lianchuang Optoelectronics has distributed a total of 408 million yuan in dividends, with 85.4553 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 9.19% to 48,700, while the average circulating shares per person decreased by 8.41% to 9,314 shares [2] - Notable shareholders include the Southern CSI 500 ETF, which holds 5.2933 million shares, and Hong Kong Central Clearing Limited, which is a new shareholder with 3.8006 million shares [3]

Core Viewpoint - Jiu Li Special Materials has shown significant stock performance with a year-to-date increase of 22.71% and a market capitalization of 26.941 billion yuan as of December 24 [1] Group 1: Stock Performance and Market Activity - On December 24, Jiu Li Special Materials' stock rose by 2.07%, reaching 27.57 yuan per share, with a trading volume of 267 million yuan and a turnover rate of 1.03% [1] - The net inflow of main funds was 12.506 million yuan, with large orders accounting for 30.64% of purchases and 28.40% of sales [1] - Over the past five trading days, the stock has increased by 3.84%, while it has risen by 12.85% over the past 20 days and 24.02% over the past 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Jiu Li Special Materials reported a revenue of 9.747 billion yuan, representing a year-on-year growth of 36.45%, and a net profit attributable to shareholders of 1.262 billion yuan, up 20.73% year-on-year [2] - Since its A-share listing, the company has distributed a total of 3.468 billion yuan in dividends, with 1.802 billion yuan distributed in the last three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 34.16% to 27,600, while the average circulating shares per person decreased by 25.46% to 34,604 shares [2] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 23.6468 million shares, a decrease of 20.9903 million shares from the previous period [3] - New shareholders include Southern CSI 500 ETF and Dacheng Rui Xiang Mixed A, while Fu Guo Xing Yuan and Guangfa Stable Growth Mixed A have exited the top ten circulating shareholders [3]

Company Overview - Jiangsu Shentong Valve Co., Ltd. is located at No. 8, Shengtong Road, Qidong City, Jiangsu Province, established on January 4, 2001, and listed on June 23, 2010. The company specializes in the research, production, and sales of industrial special valves [1][2]. Financial Performance - As of November 30, 2025, Jiangsu Shentong achieved operating revenue of 1.638 billion yuan, representing a year-on-year growth of 0.22%. The net profit attributable to shareholders was 234 million yuan, with a year-on-year increase of 2.86% [2]. - The company has distributed a total of 369 million yuan in dividends since its A-share listing, with 195 million yuan distributed over the past three years [3]. Stock Performance - On December 24, Jiangsu Shentong's stock price increased by 2.03%, reaching 15.60 yuan per share, with a trading volume of 113 million yuan and a turnover rate of 1.57%. The total market capitalization is 7.918 billion yuan [1]. - Year-to-date, the stock price has risen by 29.73%, with a 2.23% increase over the last five trading days, 15.64% over the last 20 days, and 17.56% over the last 60 days [1]. Shareholder Information - As of November 30, 2025, the number of shareholders is 27,200, a decrease of 1.79% from the previous period. The average circulating shares per person increased by 1.82% to 17,250 shares [2]. - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 10.4045 million shares, an increase of 6.5399 million shares from the previous period [3]. Business Segmentation - The main business revenue composition includes: butterfly valves (23.83%), flanges and forgings (23.09%), energy-saving services (18.78%), non-standard valves (9.66%), and others (7.35%), with ball valves (6.94%), blind plates (4.84%), pit filters (3.79%), and gate valves (1.72%) [1]. Industry Classification - Jiangsu Shentong is classified under the Shenwan industry category of machinery equipment - general equipment - metal products. The company is associated with sectors including gas turbines, nuclear fusion, aerospace military industry, machinery, and semiconductor equipment [1].

Group 1 - The core viewpoint of the news is that Western Superconducting Technologies Co., Ltd. has shown significant stock performance and financial growth in 2023, with a notable increase in share price and revenue [1][2]. - As of December 24, the stock price of Western Superconducting rose by 2.03% to 73.54 CNY per share, with a total market capitalization of 47.776 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 74.80%, with a 5-day increase of 5.77%, a 20-day increase of 11.42%, and a 60-day increase of 28.99% [1]. Group 2 - Western Superconducting's main business segments include high-end titanium alloy materials (57.59% of revenue), superconducting products (29.34%), high-performance high-temperature alloy materials (9.01%), and others (4.07%) [1]. - For the period from January to September 2025, the company achieved a revenue of 3.989 billion CNY, representing a year-on-year growth of 23.30%, and a net profit attributable to shareholders of 650 million CNY, up by 7.62% year-on-year [2]. - The company has distributed a total of 2.179 billion CNY in dividends since its A-share listing, with 1.406 billion CNY distributed in the last three years [3]. Group 3 - As of September 30, 2025, the number of shareholders of Western Superconducting increased by 37.95% to 37,100, while the average circulating shares per person decreased by 27.51% to 17,508 shares [2]. - The top ten circulating shareholders include major ETFs and mutual funds, with notable changes in holdings among them, such as E Fund's holdings decreasing by 2.3933 million shares [3].

Core Viewpoint - The stock price of Shenling Environment has shown significant growth, with a year-to-date increase of 76.32% and a recent surge of 14.10% over the past five trading days, indicating strong market interest and performance [2]. Group 1: Stock Performance - As of December 24, Shenling Environment's stock price reached 67.67 CNY per share, with a trading volume of 8.51 billion CNY and a turnover rate of 6.48%, resulting in a total market capitalization of 18.004 billion CNY [1]. - The stock has experienced a 76.32% increase year-to-date, with a 14.10% rise in the last five trading days and a 23.08% increase over the past 20 days, although it has seen a decline of 11.45% over the last 60 days [2]. Group 2: Company Overview - Shenling Environment, established on July 3, 2000, and listed on July 7, 2021, is based in Shunde District, Foshan, Guangdong Province. The company specializes in air environment regulation equipment, focusing on specialized air conditioning systems [2]. - The company's revenue composition includes 82.94% from equipment sales, 16.68% from solutions and services, and 0.38% from other sources [2]. - Shenling Environment operates within the machinery and equipment sector, specifically in general equipment and refrigeration and air conditioning equipment [2]. Group 3: Financial Performance - For the period from January to September 2025, Shenling Environment reported a revenue of 2.508 billion CNY, reflecting a year-on-year growth of 26.84%, while the net profit attributable to shareholders was 150 million CNY, marking a 5.05% increase [2]. - The company has distributed a total of 217 million CNY in dividends since its A-share listing, with 138 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Shenling Environment increased by 25.41% to 27,800, with an average of 7,107 shares held per shareholder, a decrease of 20.76% from the previous period [2]. - New institutional shareholders include China Aviation Opportunity Leading Mixed Fund A, holding 6.6352 million shares, and Yongying Digital Economy Selected Mixed Fund A, holding 3.3343 million shares [3].