昨日，锂电池产业链全天表现活跃，锂电池电解液、六氟磷酸锂等多个方向涨幅居前。截至收盘，华盛 锂电涨超10%，多氟多、天际股份、深圳新星等涨停。 华盛锂电近日在投资者互动平台上表示，目前公司正在积极推进"年产20万吨低能耗高性能锂电池负极 材料项目（其中第一期5万吨）"等项目的建设，该项目已进入试生产和客户评价阶段，为公司在电解液 添加剂及负极材料领域扩大市场份额、巩固技术领先地位注入新动能，也为后续项目的顺利推进积累了 宝贵经验。 12月23日，中国有色金属工业协会锂业分会发布最新数据：2025年11月，国内碳酸锂价格中枢明显抬 升，电池级碳酸锂价格从月初的81000元/吨上涨至月末的92000元/吨，上涨13.58%。 西部证券研报认为，国内独立储能经济性显现，需求超预期，欧美及新兴市场大型储能需求景气度旺 盛，预计2026年储能电池需求有望延续高增长。从供需平衡表看，磷酸铁锂等环节2026年供需结构有望 明显改善，在行业产能集中化、高端化的趋势下，头部厂商的产能更加紧俏。随着中小产能逐步退出， 在涨价预期下，行业头部企业的盈利能力有望提升。海外动力电池需求增速迎接拐点，储能电池维持高 需求景气。 张大伟 ...

Group 1 - The computing power remains one of the most promising sectors in technology, with Google's comprehensive AI ecosystem potentially accelerating the AI industry's progress [1] - The overall market for computing chips is still in an upward trend, benefiting manufacturers of optical modules and servers in the A-share market [1] - Cloud service providers have shown strong performance since 2023, indicating a healthy outlook for revenue growth that may support ongoing capital expenditures [1] Group 2 - The market size for optical modules, essential components for data center networking, is expected to double by 2026 and maintain a high growth rate beyond 2027 [1] - The Communication ETF (515880) is the largest in its category, with over 48% of its composition in optical modules and more than 20% in servers, indicating a strong fundamental backing for overseas computing power [1][2]

Group 1: Industry Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core View - The A-share market is in a high-level oscillation, and the bond market has narrow fluctuations. The A-share market may continue to oscillate at a high level in the future. It is recommended to pay attention to investment opportunities in directions such as satellites, chemicals, new energy, photovoltaics, chips, computing power, and artificial intelligence. The bond market may continue to have narrow fluctuations, and the 10-year Treasury bond yield above 1.80% has allocation value. The gold price is expected to maintain a strong oscillation trend [3][12]. Group 3: Summary of Market Performance Stock Market - U.S. stock indices showed mixed performance, with the Nasdaq up 0.48%, the S&P 500 up 0.10%, and the Dow Jones Industrial Average down -0.67%. The Nasdaq China Technology Index fell -1.96%. The Hang Seng Index dropped -1.10% [3]. - Most A-share sectors declined, with the Wind All A Index down -0.15%. Among them, the CSI A100, CSI 300, and CSI 1000 decreased by -0.82%, -0.28%, and -0.56% respectively, while the CSI 2000 and Wind Micro-cap stocks increased by 0.30% and 3.12% respectively. In terms of sector style, Shanghai blue-chips rose while growth stocks fell, and Shenzhen blue-chips and growth stocks both declined. The North Exchange 50 Index decreased by -0.13%. In terms of industry performance, 20 out of 30 CITIC industries rose, with the leading sectors being commerce and retail and catering and tourism, with a weekly increase of more than 4.0%. ETFs related to tourism, satellites, aerospace, and chemicals also performed well, with a weekly increase of over 4.0% [4][5]. Bond Market - China's Treasury bond yields declined slightly. The 10-year Treasury bond futures contract rose 0.15% compared to December 12, 2025. The yield of the 10-year active Treasury bond decreased by 0.88 BP to 1.8308%. Yields of all maturity varieties decreased [6]. - U.S. Treasury bond yields mostly declined, and the yield curve became flatter. As of December 19, 2025, the 10-year U.S. Treasury bond yield decreased by -3 BP to 4.16%. Only the 6-month maturity yield increased, while the rest decreased [8][9]. Currency Market - The U.S. dollar strengthened, and the RMB appreciated against the U.S. dollar. The U.S. dollar index rose 0.32%. The U.S. dollar against the euro, pound, and yen changed by 0.25%, -0.07%, and 1.16% respectively. The U.S. dollar against the offshore and onshore RMB exchange rates decreased by 0.28% and 0.20% respectively [10]. Commodity Market - Gold and silver prices generally rose. London gold spot prices fell 0.22% to $4337.60 per ounce, while COMEX gold futures prices rose 1.19% to $4354.00 per ounce. Domestic gold prices rose, with Shanghai gold spot up 1.17% to 975.51 yuan per gram and futures up 1.10% to 977.88 yuan per gram. London silver spot prices rose 1.98% to $65.79 per ounce; COMEX silver futures prices rose 9.39% to $66.79 per ounce. Domestic silver prices showed term differentiation, with Shanghai silver spot up 3.08% to 15359 yuan per kilogram and futures down 4.40% to 14811 yuan per kilogram [11]. Group 4: Other Market Conditions - Capital prices showed mixed trends. As of December 19, 2025, R007 rose 0.73 BP to 1.5148%, and DR007 decreased 2.78 BP to 1.4413%, with the spread between the two widening. The central bank's open market operations had a net injection of 190 billion yuan [7].

目录 CONTENTS 01 AI浪潮来袭，撬动有色 需求的下一个支点？ 算力金属：铜铝在AI电力上 的应用前景展望 国泰君安期货研究所·有色及贵金属团队 王 蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan@gtht.com 王宗源 （联系人）从业资格号：F03142619 wangzongyuan@gtht.com 杨 蕤 （联系人）从业资格号：F03151404 yangrui4@gtht.com 日期：2025年12月23日 03 全球数据中心市场发展 概况 02 AI算力中心对铜铝需求 影响 04 美国电力缺口测算与金 属需求分析 AI浪潮来袭，撬动有色需求 01 的下一个支点？ 当下AI商业化行至何处？ 2003年-2024年按地理区域划分的人工智能模型数量 中国AI大模型性能已追赶上美国，中美差距不断缩小 资料来源：Epoch AI，《2025年人工智能指数报告》，Artificial Analysis，国泰君安期货研 ...

来源：新浪证券-红岸工作室 近日，广州广合科技股份有限公司（以下简称"广合科技"）密集接待机构调研，包括金鹰基金、IDG、 高盛、东方红基金等在内的18家机构及个人投资者通过特定对象调研及"投资者走进上市公司"活动，深 入了解公司经营情况。公司在调研中披露，2025年前三季度业绩实现显著增长，同时详解了产能布局及 未来规划。 投资者关系活动基本信息 投资者关系活动类别√特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现 场参观 √其他（投资者走进上市公司活动）参与单位名称及人员姓名（排名不分先后）2025年12月11 日：金鹰基金；2025年12月15日：IDG；2025年12月16日：高盛；2025年12月19日：华安电子、东方红 基金、景顺长城基金、永赢基金、华源电子；2025年12月22日：凯基证券、UG Investment Advisers LTD、南山人寿、富兰克林华美投信、丰利资本、国泰证券投资信托、佐佑投资、第一金证券自营； 2025年12月23日：全景网、湘财证券及个人投资者（投资者走进上市公司活动）时间2025年12月11 日-2025年12月23日地点广 ...

来源：鲁网 "惟楚有材，于斯为盛。"岳麓书院门前的千古名联，一直是三湘大地文化自信的象征。 而随着世界计算大会永久落户长沙，国家超算长沙中心建成运营，今日之湖南俨然已成为全国计算产业 的重要节点。算力恰如当代的"洞庭水系"，滋养着湖南千行万业的数智化转型，为湖南数字经济注入源 源不断的智能活水。 超节点其实代表了算力工程化创新的极致水平。当智算中心转向"精打细算的挤效率"，这就要求算力从 分散部署走向泛在协同，超节点的出现则以极致的密度、效率与协同能力，成为当下算力工程化创新的 标尺。 而华为恰是通过系统工程创新，在整体方案上形成更强优势。目前，华为超节点已交付300多套给30多 个关键客户，在实践中验证了其技术领先性。 郁赛华强调说，"超节点也是华为最低时延+最强算力的组合"。这背后其实也是华为聚焦ICT基础能力 的使然，华为长期聚焦于联接产业和计算产业，也正是这一战略定位使华为在算力领域形成了完整的技 术栈。 湖南也正依托华为的算力，将技术与数智化经验相融合，催生出一系列创新实践，湖南的数字经济版图 也由此焕发出蓬勃生机。 1）算力筑基，构建系统级创新的发展底座 现阶段人工智能的竞争，本质上就是算力的竞争 ...

相关机构表示，展望后市，算力依然是科技方向最为景气的方向之一。谷歌全栈AI生态及持续数十年 的深耕或加速AI产业进展，算力芯片整体仍然处在上涨通道之中。A股光模块、服务器等厂商卖铲人逻 辑较强，或将持续受益。自2023年来，云厂商的业绩也展现出较高的景气度。相关的收入增长或可反哺 资本开支，中短期对于资本开支持续性无需过度担忧。光模块作为数据中心组网必须配件之一，2026年 市场规模有望倍增，2027年之后仍有望维持较高增速。 通信ETF（515880）规模同类第一，截至12月15日，通信ETF光模块含量占比超过48%，服务器含量超 过20%，叠加光纤、铜连接等成分，核心环节成分占比超过76%，代表了海外算力的基本面底气。 数据来源：中证指数公司，wind，截至2025/12/22，通信ETF规模为138.92亿元，在同类15只产品中排 名第一。权重占比截至2025/12/15。 （文章来源：每日经济新闻） ...

Core Viewpoint - Wallan Technology has initiated a global offering through the Hong Kong Stock Exchange, attracting 23 cornerstone investors, including top-tier institutions, with a cornerstone subscription ratio of approximately 64% based on the median issue price. The company is positioned as a significant competitor in the domestic GPGPU market, often referred to as the "first GPU stock in Hong Kong" [1]. Financial Performance - Wallan Technology's revenue is projected to increase significantly from RMB 0.5 million in 2022 to RMB 620.3 million in 2023, and further to RMB 3.37 billion in 2024 [2]. - The company reported losses of RMB 1.474 billion, RMB 1.744 billion, RMB 1.538 billion, and RMB 1.6 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Adjusted net losses are expected to narrow over the same period [3][4]. Research and Development - Wallan Technology's R&D expenditures reached RMB 10.18 billion, RMB 8.86 billion, RMB 8.27 billion, and RMB 5.72 billion from 2022 to the first half of 2025, accounting for 79.8%, 76.4%, 73.7%, and 79.1% of total operating expenses, respectively [6]. - The company has developed its first-generation GPGPU architecture and two chips, BR106 and BR110, and is advancing to the BR166 chip, which utilizes advanced packaging technologies [6][7]. Market Position and Orders - As of December 15, 2025, Wallan Technology has secured orders worth approximately RMB 12.4 billion, indicating strong commercial prospects. The company has established strategic partnerships with key clients in high-demand sectors such as AI data centers, telecommunications, and fintech [8]. - Wallan Technology has received significant backing from notable investors, including state-owned platforms and top-tier venture capital firms, enhancing its commercial viability [8]. Product Development and Future Outlook - The company plans to launch the next-generation BR20X series data center chips by 2026, which will enhance computational capabilities and support a wider range of data formats [10]. - Future products, including the BR30X and BR31X, are in the planning stages, expected to be commercialized by 2028, focusing on cloud training and edge inference [11].

Core Insights - The article discusses the performance of various ETFs and sectors in the market, highlighting significant movements and trends as of December 22, 2025. Market Overview - The market temperature gauge indicates that the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have percentile PE ratios of 91.73%, 80.79%, and 38.46% respectively, suggesting varying levels of valuation across these indices [1][12]. - The short-term sector performance shows notable gains in communication (+4.28%), electronics (+2.62%), and comprehensive sectors (+2.63%), while sectors like light industry manufacturing and media experienced declines [2][12]. Fund Flows - The top three sectors with net inflows include communication (¥5.714 billion), electric equipment (¥2.238 billion), and electronics (¥1.157 billion) [2][12]. - Conversely, the sectors with the highest net outflows are computer (-¥2.042 billion), media (-¥1.705 billion), and food and beverage (-¥0.951 billion) [2][12]. ETF Performance - The "Entrepreneurship Board Artificial Intelligence ETF" saw a significant increase of 101.44% over the past six months, closing at ¥0.98 with a daily increase of 3.05% [3][13]. - Other notable ETFs include the Technology ETF (+55.44%), Double Innovation Leader ETF (+73.52%), and Electronics ETF (+52.70%) [3][13]. Sector Highlights - The optical module sector is experiencing a surge, with companies like Zhongji Xuchuang and Xinyi Sheng achieving record highs, reflecting a tenfold increase in stock prices over eight months due to strong demand and supply-side improvements [5][16]. - The semiconductor industry is also witnessing a rebound, with breakthroughs in optical computing chips that address cost and efficiency issues in AI applications, potentially transforming business models in the sector [6][17].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 12 月 23 日 资料来源：聚源，中原证券研究所 -11% -5% 1% 7% 13% 18% 24% 30% 2024.12 2025.04 2025.08 2025.12 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上证指数 | 3,917.36 | 0.69 | 深证成指 | 13,332.73 | 1.47 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 4,611.62 | 0.95 | | | 上证 | 50 | 2,443.97 | -0.52 | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | 中证 | 100 | 4,471.83 | 1.04 ...