Group 1 - The core viewpoint emphasizes the need to increase left-side layout efforts in the computer sector, suggesting that the sector has undergone sufficient adjustment since September [1] - The recommendation for left-side layout focuses on three areas: 1) Sub-sectors with significant industrial potential and catalysts, such as AI, commercial aerospace, and assisted driving; 2) Sub-sectors benefiting from domestic circulation and policy dividends, including domestic production and digital RMB; 3) High-quality stocks with low valuation levels and sustainable growth capabilities [1] Group 2 - The current acceleration of capitalization in the domestic AI industry is highlighted, with companies like Moer Technology and Shanghai Muxi listing on the STAR Market, and Wallen Technology passing the Hong Kong Stock Exchange listing hearing [2] - The financing capabilities of leading domestic AI companies are significantly enhanced, which is expected to promote faster industry development [2] - Major companies like ByteDance and Ant Group are making advancements in AI, with ByteDance releasing new models and Ant Group upgrading its AI health application, indicating a sustained high level of activity in the domestic AI chain [2]

摘要 ： 激光粒度仪市场受益于新能源、新材料等产业快速发展，预计2025年全球规模将超15亿美元， 中国将突破20亿元人民币，国产化率持续上升。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 近年来，激光粒度仪市场呈现出爆发式增长，这得益于新能源、新材料等产业的飞速发展。 一、全球市场规模：预计2025年突 破15亿 美元 2019-2024年全球激光粒度仪市场规模一直呈直线型上升，在2024年全球激光粒度仪市场 规模达到约14亿美元。 行业报告指出， 2025年全球激光粒度仪市场规模预计突破 15亿美元 （约合人民币108亿元） ， 年复合增长率（CAGR）超10% 。 这一增长主要得益于制药、 材料科学等行业的快速发展，以及对高精度、高效率粒度分析需求的持续上升。 二、中国市场规模：2025年预计突破20亿元 2025年中国激光粒度仪市场规模预计突破 20亿元人民币 ，同比增长14.6% 。国产设备在精 度提升与成本控制方面取得显著进步，国产化率将从2020年的 35% 提升至2025年的 45% 。国家对科学仪器自主创新的支持政策 ...

12月17日，大连船舶交通管理系统更新改造工程项目通过现场验收，成为国内首套正式交付使用的全国 产化VTS，这套仅用四个月建成的"海上天网"，国产化率达100%。这不仅是技术上的自主革新，更是 海上安全监管迈向智能化、国产化的重要一步。 繁忙的海上航道，成千上万艘船舶来来往往，却总能互不干扰、有序通行，这背后，藏着一套超给力的 海上智慧大脑——VTS（船舶交通管理系统）。 （文章来源：科技日报） 这是全国海事系统首例全信创、规模化应用的VTS项目，为行业推动关键技术自主创新提供了完整范 本。随着该系统投入运行，将有效助力水域船舶通航效率和海事监管能力提升，辽宁海事局将推动水上 安全监管向"精准预警、智能处置、高效协同"深化，守护渤海湾水上安全。 大连海事局办公室副主任黄瀚瑶向科技日报记者介绍，VTS堪称"国产化硬核担当"——核心采用完全自 主研发的国产化雷达及处理平台，从服务器等硬件设备，到所有软件系统，实现了全链条国产化替代， 真正做到技术自主可控、规模化应用，打破了对国外技术的依赖。 VTS接入辽宁19座雷达站及山东北隍城雷达信号，实现跨区域监控融合。老铁山水道、辽鲁客滚航线等 重点水域动态，一屏尽览。具 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant first-day stock price surge, closing at 829.9 yuan per share, marking a 692.95% increase from the IPO price of 104.66 yuan per share [1][2]. Group 1: IPO and Market Performance - The initial public offering (IPO) involved the issuance of 40,100,000 new shares, with no existing shares being sold [1]. - On the first trading day, Muxi's stock opened above 600 yuan and closed at 829.9 yuan, making it the third highest stock in the A-share market, following Kweichow Moutai and Cambricon Technologies [1]. - The initial subscription rate for online investors was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated, indicating a highly competitive environment for new investors [2]. Group 2: Investor Participation and Strategic Allocation - Notable institutional investors participated in the strategic allocation, including the National Artificial Intelligence Industry Investment Fund, which received 955,474 shares, accounting for 2.38% of the total issuance [3]. - The total shares allocated to strategic investors amounted to 760,541.9 thousand shares, representing 18.97% of the total issuance [4]. Group 3: Financial Insights and Future Projections - Muxi's IPO raised a total of 4.197 billion yuan, with a net amount of 3.899 billion yuan intended for GPU research and industrialization projects [10]. - The company aims to reach a breakeven point by 2026, contingent on technological advancements and market development [11][12]. - Muxi has plans for new product launches, including the Xiyun C600 series, expected to enter risk mass production by the end of this year, and the next-generation Xiyun C700 series, which will be based on domestic supply chains [12][13]. Group 4: Market Context and Competitive Landscape - The AI computing power sector is experiencing strong demand, driven by domestic trends and the need for localized supply chains, which positions Muxi favorably in the market [8]. - However, Muxi faces challenges similar to other listed companies in the sector, such as the need for sustainable profitability and competition against established players like NVIDIA [9][13].

芯片ETF（512760）跟踪的是中华半导体芯片指数（990001），该指数聚焦于沪深市场中半导体芯片行 业的上市公司，成分股涵盖材料、设备、设计、制造、封装或测试等环节。指数选取日均成交额排名前 80%且市值较高的50只股票作为样本，行业配置以信息技术为主，以反映半导体芯片产业链相关上市公 司证券的整体表现。 东海证券指出，美方批准英伟达对华出售H200芯片并收取25%分成，此举或将加快中国AI模型训练进 程，但可能对国产AI芯片厂商短期内市场拓展和生态构建形成压力。美国芯片巨头博通2025财年第四 季度业绩全面超出市场预期，AI芯片销售额同比激增74%，成为增长核心动力，预计下一季度保持高速 增长。当前电子行业需求持续复苏，供给有效出清，存储芯片价格上涨，我国国产化力度超预期。AI 半导体业务驱动下，行业结构性机会显现，包括AI算力、AIOT、半导体设备、关键零部件和存储涨价 等领域。 （文章来源：每日经济新闻） ...

电子测量仪器，被誉为现代工业的"标尺"与科学探索的"眼睛"。小到一枚芯片的诞生，大到卫星的太空 遨游，所有关于性能、可靠性与安全性的数据，都离不开它的精准捕获。 成立于1994年的常州同惠电子股份有限公司(以下简称"同惠电子")，正是这样一家为产业提供"标 尺"和"眼睛"的企业——自成立以来，该公司持续深耕电子测量仪赛道，历经三十一年发展，完成了从 单一仪器制造商到高端测试解决方案提供商的跨越，成为产业创新升级浪潮中的关键力量。 凭借深耕电子测量仪器领域的积淀，同惠电子成功跻身北交所首批上市公司，并成为北证50指数与专精 特新指数双成分股企业。近日，在《证券日报》与北京证券交易所联合策划的"2025北交所万里行"全媒 体系列调研活动中，记者试图探寻这家公司的成长密码。 精度筑基： 把"毫厘之差"挡在出厂前 走进同惠电子的生产车间，《证券日报》记者看到，身着防静电工装的员工俯身操作台，指尖轻捏微型 元器件精准安装；不远处，自动化设备低鸣，电子看板实时跳动着产量与良率数据。 这些精心组装而成的产品，正是衡量"极致"的标尺——电子测量仪器，其用途贯穿高端制造的每一 根"毛细血管"：芯片设计验证时需捕捉毫伏级电压波动 ...

Core Viewpoint - The company has indicated that the performance for 2025 will be detailed in future announcements, highlighting a focus on growth and recovery in its business operations [1] Group 1: Business Performance - The company has reported a rapid growth in contracts, a return to positive revenue growth, a continuous reduction in losses, and a significant improvement in operating cash flow since the second quarter [1] - The company is committed to seizing market opportunities in digital intelligence, localization, and globalization to promote sustainable and healthy business development [1] Group 2: Stock Performance - The company's stock price fluctuations are influenced by multiple factors, but there are no risks that could lead to a special treatment (ST) designation according to relevant regulations and rules [1]

Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index falling by 1.11% to 3824 points, the Shenzhen Component Index down by 1.51%, and the ChiNext Index dropping by 2.1% [1][2] - The total market turnover was 1.75 trillion yuan, a decrease of 463 billion yuan compared to the previous trading day, with over 4300 stocks declining [1] Sector Performance - The precious metals sector saw significant declines, with notable drops in stocks such as Xiaocheng Technology and Western Gold, which fell over 8% and 7% respectively [4][5] - The Hainan sector faced pressure, with New Dazhou A dropping over 9% and other stocks like Hainan Highway and Hainan Ruize also declining [10] - The controllable nuclear fusion sector experienced a sharp drop, with Guoji Heavy Industry and Jingda Co. hitting the daily limit down [8][9] - The retail sector saw gains, with stocks like Yonghui Supermarket and Cuilan Co. hitting the daily limit up, supported by government policies aimed at boosting consumption [12][16] Notable Stocks - Xiaocheng Technology closed at 29.46 yuan, down 8.51%, while Western Gold ended at 26.10 yuan, down 7.61% [5] - Yonghui Supermarket reached a closing price of 5.56 yuan, up 10.10%, following announcements from the central government regarding economic policies [12][16] - The film industry faced declines, with Bona Film Group hitting the limit down and other companies like China Film and Ciweng Media dropping over 9% [6][7] Policy Impact - The central government emphasized expanding domestic demand as a key task for the upcoming year, which is expected to influence market sentiment positively [11][16] - The Hainan Free Trade Port is set to officially start operations on December 18, 2025, which may impact local businesses and investment opportunities [13]

科创芯片ETF国泰（589100）跟踪的是科创芯片指数（000685），单日涨跌幅达20%，该指数从科创板 市场中选取涉及芯片设计、制造、封装测试等全产业链环节的上市公司证券作为指数样本，聚焦半导体 材料、设备及设计等核心技术领域，反映科创板芯片相关上市公司证券的整体表现。 （文章来源：每日经济新闻） 东海证券指出，近期外围政策或将加速中国AI模型训练进程。博通2025财年第四季度业绩超预期，AI 芯片销售额同比增长74%，预计下一季度保持高速增长。当前电子行业需求持续复苏，供给有效出清， 存储芯片价格上涨，国产化力度超预期。行业呈现结构性机会，包括AI算力、半导体设备、关键零部 件和存储涨价等领域。 12月16日，科创芯片ETF国泰（589100）回调超2%。 ...

Core Insights - China Mobile disclosed an annual procurement exceeding 530 billion yuan, with over 17,000 signed suppliers, indicating a shrinking market [1][20] - The capital expenditure (CAPEX) trend shows a decline from 92 billion yuan in H1 2022 to 58.4 billion yuan in H1 2025, a decrease of over 30% [4][22] - The CAPEX for H1 2025 is projected to account for 51.8% of the total investment by the three major operators [4][9] Procurement Scale - Annual procurement amount exceeds 530 billion yuan, with over 17,000 suppliers [1][20] - The supplier classification includes 10 strategic suppliers, 14 core suppliers, and 299 excellent (A-level) suppliers [1][20] CAPEX Trends - CAPEX is expected to decrease from 151.2 billion yuan in 2024 to 138.5 billion yuan in 2025, a decline of 8.5% [4][22] - Despite the overall decline, CAPEX remains a significant portion of the three operators' total investment [4][22] Supplier Classification - The core suppliers list includes notable companies such as Haiguang Information, HiSilicon, and Feiteng, indicating a push towards a self-controlled supply chain [5][23] - Strategic suppliers like FiberHome are recognized for their deep collaboration with China Mobile, emphasizing future technological advancements [5][24] Investment Logic - China Mobile plans to invest 37.3 billion yuan in computing power, representing 25% of its capital expenditure, with no upper limit on investment based on market demand [6][25] - The focus on computing power investment reflects its importance as a core competitive weapon for the future [6][25] Domestic Supply Chain Acceleration - The supplier classification highlights a clear trend towards domestic suppliers, with many core suppliers being key players in the domestic innovation industry [7][25] - The domestic AI chip's procurement success indicates strong support for local manufacturing [6][27] Industry Restructuring - The classification system aims to reshape the entire industry chain, focusing on technology, security, and efficiency [11][28] - Companies in the "strategic" tier will collaborate with China Mobile on cutting-edge technologies like 6G and AI [11][29] Future Game Rules - The emphasis on specialization means companies with technical advantages in niche areas will be favored [12][30] - Stricter domestic requirements will continue to strengthen, favoring local suppliers [13][30] - Innovation capabilities will become a critical criterion for companies aiming for the "strategic" tier [14][30] Survival Guide for Suppliers - Suppliers aiming for a larger share in the existing market should strive to meet the standards of core suppliers [15][31] - Those looking to capitalize on new market opportunities should focus on becoming strategic suppliers in emerging technologies [16][31] - Enhancing domestic capabilities will be essential for suppliers seeking international support [17][31]