Core Viewpoint - The company, Hengdongguang, has successfully issued shares at a price of 31.59 yuan per share, raising a total of 324 million yuan for various expansion projects and working capital [2]. Group 1: Financial Overview - The total number of shares issued by the company is 10.25 million [2]. - The company's projected operating revenues for 2022, 2023, and 2024 are 475 million yuan, 613 million yuan, and 1.315 billion yuan, respectively [3]. - The projected net profits attributable to the parent company for the same years are 59.61 million yuan, 63.84 million yuan, and 147 million yuan [3]. Group 2: Business Operations - Hengdongguang specializes in the research, manufacturing, and sales of passive optical devices in the optical communication field [2]. - The main business segments include passive optical fiber cabling, passive inline optical devices, and related supporting businesses [2]. - Key products consist of optical fiber jumpers, flexible optical fiber line products, and management products for cabling, as well as multi-fiber parallel passive inline optical devices and PON optical module passive inline optical devices [2]. Group 3: Technological Advancements - The company is focused on building advanced manufacturing capabilities for optical communication devices [2]. - It has developed a proprietary "sub-micron digital motion control technology platform" to achieve mass production of optical devices with sub-micron precision, which traditional manual production methods cannot achieve [2]. - The company leverages advanced manufacturing and digital technologies, along with over a decade of accumulated manufacturing experience, to ensure high reliability and consistency in high-precision optical device production [2].

封面新闻记者 易弋力 在2025年的尾声，成都创投圈热度不减。12月26日，第二场"产投28计划"路演活动在成都产投集团举行，来自北京、上海、深圳、广州以及成都本地的20 家企业集结，与国内头部投资机构及产业专家齐聚一堂。 本次路演聚焦人工智能、先进制造、航空航天、生物医药等前沿赛道，延续了核心的"直通机制"。在全天的路演中，由"外部知名机构+内部产业专家"组 成的评审团，严格依据投资范围符合性等五个维度对项目进行量化打分，与企业展开了一场高密度技术论证与资本对接。 资本+载体协同，提供全要素落地保障 同为精准针对处于不同发展阶段项目与企业的需求，"产投28计划"推出配套服务，重点涵盖产业生态对接及政策配套。在此背景下，崇州市作为产业承载 地代表，在项目路演开始前进行了推介。 崇州市相关负责人介绍了当地电子信息、智能家居及航空航天三大产业集群，以及四川崇州经济开发区中的核心产业载体。她表示，崇州正全面推行工业 项目"拿地即开工、预验即试产、竣工即发证"工作机制，提供从标准化厂房到人才公寓的全要素保障，诚邀优质项目入驻，共建产业链生态。 在生物医药领域主要分为原创新药与高端器械项目。有来自前沿生物技术的研发团队 ...

Group 1 - The commercial aerospace sector experienced a significant surge, with the China Satellite Industry Index rising by 3.5% as of 14:30 on December 26, and previously reaching nearly 5% [1] - Notable stocks such as Electric Science and Technology Network Security and Changjiang Communication hit the daily limit, while companies like China Satellite, Beidou Star, and Xinke Mobile-U saw increases exceeding 9% [1] - The China Satellite Industry Index has accumulated a growth of over 27% since December [1] Group 2 - A recent meeting of the China Aerospace Science and Technology Corporation emphasized the importance of solidifying foundations and fully exerting efforts in planning the "14th Five-Year Plan," focusing on becoming a space power and emerging future industries [1] - The meeting highlighted the critical role of aerospace technology in fulfilling national defense responsibilities and maintaining strategic security, marking a shift from a "task-oriented" to an "industry-oriented" approach [1] - The index includes 50 listed companies covering satellite manufacturing, launching, and application, indicating a high application ratio, concentration of leading firms, and comprehensive industry chain coverage, aligning with long-term development trends [1]

格隆汇12月26日｜据每经，光大证券策略首席分析师张宇生认为，2026年作为"十五五"开局之年，上涨 动力源于政策、产业与资金三重共振：政策端，释放产业支持、内需提振等红利；产业端，AI、先进 制造等领域技术突破催生高成长企业；资金端，居民"存款搬家"向中低风险偏好延伸，中长期资金入市 机制持续完善。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

消息面上，12月24日，中国航天科技集团党组召开专题会议，传达重要指示精神，部署贯彻落实措施。 会议要求集团以"夯实基础、全面发力"为主线谋划"十五五"发展，聚焦航天强国和新兴未来产业，突破 重复使用火箭核心技术，推动航天与AI、先进制造、新能源等跨界融合；实施"十大改革工程"，破解制 约高质量发展的深层次问题；为航天事业高质量发展提供坚强保障。 此外还值得注意的是，朱雀三号副总师在最新的一次采访中透露，对于朱雀三号，首飞只是开始，团队 希望在2026年的年中能实现成功回收。目前，朱雀三号已经生产了三发火箭，如果能在明年年中实现成 功回收，会立马将已生产的火箭进行快速迭代，包括结构减重、回收场延伸、换装12B发动机等，争取 在2026年左右进化到"完全体"。然后将重点转向缩短发射周期、提高频率。未来，第二发回收成功的基 础上，将计划在第四发就使用复用的一子级进行发射，真正去实现技术闭环。同时，团队还希望能将复 用周期缩短到 7 天左右，并扩建更多发射工位，建设不同射向的回收场，以满足未来大规模星座的发射 需求。 格隆汇12月25日｜A股市场商业航天板块上午盘中再掀涨停潮，截至半日收盘，通宇通讯、神剑股份、 长 ...

此外还值得注意的是，朱雀三号副总师在最新的一次采访中透露，对于朱雀三号，首飞只是开始，团队 希望在2026年的年中能实现成功回收。目前，朱雀三号已经生产了三发火箭，如果能在明年年中实现成 功回收，会立马将已生产的火箭进行快速迭代，包括结构减重、回收场延伸、换装12B发动机等，争取 在2026年左右进化到"完全体"。然后将重点转向缩短发射周期、提高频率。未来，第二发回收成功的基 础上，将计划在第四发就使用复用的一子级进行发射，真正去实现技术闭环。同时，团队还希望能将复 用周期缩短到 7 天左右，并扩建更多发射工位，建设不同射向的回收场，以满足未来大规模星座的发射 需求。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300900 | 厂联航空 | 1 | 19.99 | 92.74亿 | 41.86 | | 300503 | 臭志机电 | 1 | 15.84 | 129亿 | 122.00 | | 301005 | 超捷股份 | 1 | 15.62 | 175亿 | 345.08 | | 688539 ...

近期，中证A500ETF的突然疯狂"吸金"，吸引了行业多方关注。自12月初以来，多只中证 A500ETF场内成交明显放量，且实现了较大份额的净流入。 Wind数据显示，截至12月22日，本月以来，有4只股票型ETF区间净流入额超百亿元，均为中证 A500ETF，分别属于南方、华泰柏瑞、华夏和国泰基金旗下，合计净流入额超530亿元。 相比之下，银行、证券、军工等行业主题ETF，以及少部分沪深300ETF却被资金"冷落"，区间净流 出位居同类前列。 业内人士向《国际金融报》记者表示，从当前市场风格和政策导向来看，中证A500指数具备成为 明年宽基配置重点的潜力，因此吸引了资金持续流入。 近一个月持续被爆买 中证A500ETF正被大量资金疯狂涌入。 上述四只中证A500ETF本月以来合计净流入额超530亿元。相比之下，银行、证券、军工等行业主 题ETF，以及少部分沪深300ETF却被资金"冷落"，区间净流出位居同类前列。 从份额变化来看，截至12月22日，南方中证A500ETF和华泰柏瑞中证A500ETF本月以来"吸金"最 猛，份额增长位居股票型ETF前二，分别达到146.31亿份和126.03亿份；华夏中证A50 ...

Group 1 - The A-share market has seen a significant increase in trading activity in 2023, with a cumulative turnover of 407.82 trillion yuan, up 58.49% year-on-year, and an average daily turnover of 1.72 trillion yuan, up 62.26% year-on-year [1] - The sectors with the highest growth since the beginning of the year include non-ferrous metals (up 85.85%), hardware equipment (up 60.11%), and industrial trade and comprehensive (up 51.69%) [1] - Notable monthly trading volumes were recorded in September, August, November, and July, each exceeding 24 trillion yuan, with several days in August and September surpassing 3 trillion yuan in single-day turnover [1] Group 2 - The chief economist of Yuekai Securities predicts that the A-share market will enter a "technology revaluation bull" phase in 2025, driven by technological breakthroughs, industrial drivers, institutional reforms, capital inflows, and increased risk appetite [2] - Emerging industries such as new energy, aerospace, biomanufacturing, and embodied intelligence are accelerating, with A-share companies' profits increasingly concentrated in AI, new energy, and advanced manufacturing sectors [2] - Capital market reforms are deepening, focusing on institutional implementation and efficiency, promoting regular delistings, active mergers and acquisitions, and increased dividends and buybacks to enhance investor returns and market quality [2] Group 3 - Long-term funds, including insurance capital, household assets, and foreign capital, are increasingly allocating to A-shares, supported by policy and market expectations, which is providing upward support for the market [3] - Domestic liquidity is improving, with strong earnings and retail investor participation driving market momentum, while international hedge funds are increasing their exposure to the Chinese stock market [3] - The overall outlook for the Chinese stock market is improving, with valuations still below global peers and historical highs, indicating potential for upward adjustment [3] Group 4 - The 2026 A-share market is expected to maintain a "slow bull" trend, with the technology growth sector remaining a core focus, driven by the global AI industry wave [4] - Hard technology sectors such as AI and computing power are anticipated to lead the market, while high-dividend assets are highlighted for their stable cash flow advantages [4]

01 中金研究｜宏观策略周论：汇率、股市与扩大内需 9:30-10:30 核心看点： 近期人民币走强而 A 股震荡，汇率与股市为何罕见 背离？传统分析框架为何容易误判汇率走势？居民 增收计划将如何重塑内需格局？服务消费复苏下， 哪些连锁赛道蕴含反转与高成长机遇？ 嘉宾： 刘刚 Kevin 丨中金公司研究部董事总经理、海外与 港股策略首席分析师 黄亚东丨中金公司研究部副总经理、宏观分析师 周彭丨中金公司研究部副总经理、宏观分析师 林思婕丨中金公司研究部总监、旅游酒店及餐饮首 席分析师 扫码预约 02 民银国际科技 | 科技行业 2026 年展望：企业级 AI 应用落地，开启价值新周期 11:00-12:00 核心看点： 2025年是AI大模型从"技术驱动"到"需求驱动"的转 折年，2026年将是企业级AI规模化落地的"价值兑 现年"，我们长期看好企业级AI在各行业的渗透机 遇，期待行业迈入规模化落地新阶段。 嘉宾： 15:00-16:00 核心看点： 需求、价值、供给三管齐下：1、需求驱动：大时代 塑造大机遇，2、价值驱动：潜在分红率提升，3、 供给驱动：国内反内卷加码、欧洲产能退出。 嘉宾： 李永磊丨国海证券 ...

证券研究报告 A股策略周报: ETF放量回流稳定市场预期 证券分析师 陈 骁 投资咨询资格编号：S1060516070001 郝思婧 投资咨询资格编号：S1060521070001 2025年12月21日 请务必阅读正文后免责条款 ※ 核心观点|ETF放量回流稳定市场预期 2 • 上周A股先抑后扬，红利和微盘占优。海外方面，美欧日货币政策差异加剧市场波动，美国11月非农和CPI数据均放缓支持联储宽松预 期，但日央行继续加息、欧央行按兵不动，上周标普500微涨0.1%、日经225下跌2.6%。国内方面，新旧动能增长延续分化，宽基ETF 大额净流入提振市场情绪，A股先抑后扬，上证指数收涨0.03%，万得微盘股指数上涨3.0%，中证红利指数上涨1.0%，成长风格有所调 整；行业方面，商贸零售领涨（涨幅约6.7%），非银金融、美容护理、社会服务、基础化工、纺织服饰等行业涨幅在2%-3%左右。 • 海外方面，美欧日货币政策分化持续，美国非农和CPI数据均支持联储宽松预期，欧央行继续按兵不动，日央行如期加息25bp。一是美 国经济数据支持宽松预期，11月失业率上行，CPI通胀降温。就业方面，美国10、11月私人部门新增就 ...