12月23日，台湾综合研究院院长吴再益在台北分析明年台湾经济。 中新社记者 刘大炜 摄 台综院院长吴再益表示，明年台湾经济面临的下行风险主要来自全球经济增长放缓、人工智能(AI)热潮 可能下降、地缘政治风险升高，三者相互影响。 他指出，以"AI科技与半导体出口结合民间投资"为核心的模式，预期仍将主导明年台湾的经济格局。其 中，外需出口仍是支撑台湾经济增长的关键，但因其高度集中于特定产业与市场，相关风险同步升高。 2025年，美国贸易政策与科技管制等因素促使企业提前布局，带动台湾对美出口的拉货与抢运潮。随着 明年台湾与美方的关税谈判最终结果逐步确定，这股热潮终将消退，从而影响出口表现。相应在民间投 资方面，在不确定性和高基期影响下，台湾的投资增长动能也将趋缓。 台综院预测台湾明年经济增速3.46% 中新社台北12月23日电 (记者 刘大炜)台湾综合研究院(简称"台综院")23日表示，随着美国关税政策的实 质影响逐步显现，预计明年全球贸易发展动能将放缓，台湾的出口也将承压；内需方面，在高基期因素 影响下，台湾民间投资增长幅度将趋缓。台湾明年经济发展仍需审慎看待，预测全年经济增长率为 3.46%。 广告等商务合作， ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在资产管理行业中，私募基金已逐渐成为高净值人群和机构投资者资产配置的重要组成部分。然而，面对市场上成千上万、风格各异的私募产 品，如何选择、配置和管理，已成为投资者面临的重大挑战。私募FOF（Fund of Funds，基金中的基金）正是在这种背景下应运而生的解决方 案。 私募 FOF通过投资多个私募基金实现资产多元化配置，它通过专业化的"二次分散"和"优中选优"机制，在分散风险、专业筛选、灵活性等方面 展现出显著优势 ， 为投资者提供了独特的价值 。 分散风险：力争构建安全边际的"防护网" 一 私募 FOF的核心优势在于其强大的风险分散能力 。私募FOF的基金经理通常会根据宏观经济周期、市场风格变化，筛选不同策略、不同赛道、 不同管理人的优质私募产品构建组合。无论是量化选股、主观多头、套利策略，还是股票、债券、商品等不同资产类别，都能被纳入FOF的配置 框架中。 这种 "策略+资产"的双重分散模式，有助于降低单一产品、单一策略的波动风险 ——当某一策略陷入低迷时，其他策略的盈利或可以对冲亏 损，力争让组合净值走势更平稳。例如，当股票市场大幅下跌 ...

来源：拆哪儿 把一家上市公司从一个资本市场，"挪"到另一个资本市场，通常有这几种方式：二次上市，双重上市， 以及私有化之后重新上市。其中，尤以最后一种，难度最大。 因为你首先需要准备跟流通市值差不多等额的钱，来完成私有化，而这，通常意味着一笔超百亿甚至近 千亿的大交易。许多资本会参与进来，杠杆也会放到极大，去搏取新市场重新上市后，可能出现的更高 溢价。但最终是盛宴还是雷阵，谁也说不准。 从2015年以来，有成功案例如药明康德、分众传媒，也有作死案例如万达、滴滴。还有的案例，实在看 不出来成功与否，如三六零、博纳影业。换个角度看，没有让背后的投资人赚到预期中的钱，其实就算 失败。 三六零那次私有化，由中信国安领衔，光大、红杉、平安、泰康等入局组成财团，加上招商银行的杠杆 支持，交易规模约200亿。那是2016年。到2018年三六零借壳江南嘉捷登陆A股，再到股东们还清贷 款，股票解禁，可以退出，已经是最近两年的事了。受制于市场大环境，以及自身业绩的不振，三六零 的股价落到谷底，投资收益远未达到预期。 从2020年开始，三六零为了私有化回A上市而成立的平台公司：天津奇信志成科技有限公司，就有一部 分股权被上海市公安 ...

今日午盘后沪锡走势：今日沪锡合约2602上涨，开盘价报339650元/吨，盘中最高报344750元/吨，最低 报339030元/吨，结算价报341680元/吨，收盘报344750元/吨，上涨1890元，涨幅0.55%；沪锡主力月 2602合约成交量228643手，持仓量61161手，较前一日增加4662手。 今日现货锡价走势：据长江有色金属网获悉，12月23日ccmn长江综合市场1#锡价报337900元/吨-340900 元/吨，均价报339400元/吨,较前一日价格下跌1500元；今日长江现货市场1#锡价报338500元/吨-340500 元/吨，均价339500元/吨，较上一交易日价格下跌1500元/吨。 ccmn锡市分析：宏观面，临近年末，全球市场呈现罕见"矛盾共生"格局：黄金与美股同步上扬，VIX恐 慌指数触及年内低点，而美元指数则延续疲软。这背后映射出投资者复杂的双重逻辑——一面是追逐美 联储降息预期与"圣诞老人行情"带来的宽松流动性，推动标普500、纳斯达克指数连续攀升；另一面则 是基于地缘政治风险与通胀黏性的避险诉求，支撑金价走强。这一看似分裂的资产表现，实则统一 于"弱美元+宽流动性"的主线叙 ...

来源：新浪证券-红岸工作室 12月23日，美埃科技涨停，成交额5.81亿元，换手率6.90%，总市值86.82亿元。 异动分析 主力持仓 主力轻度控盘，筹码分布较为分散，主力成交额1.27亿，占总成交额的25.26%。 光刻机+中芯国际概念+PM2.5+芯片概念 1、公司上市保荐书：公司为上海微电子装备（集团）股份有限公司开发国内首台 28 纳米光刻设备工艺 制程所需的机台内国际最高洁净等级标准（ISO Class 1 级）洁净环境提供 EFU （超薄型设备端自带风 机过滤机组）及 ULPA（超高效过滤器）等产品，亦已验收合格，助力国内光刻机事业突破卡脖子技术 难题。此外，在海外市场，公司系Intel、 ST Microelectronics 等国际半导体厂商的合格供应商，为其提 供空气净化产品。公司在前述产品核心技术指标、客户信赖度等方面，可与国际品牌平行竞争，处于国 内品牌领先的地位。 2、据招股说明书：公司长期为中芯国际供应 FFU、高效/超高效过滤器、化学过滤器等产品，用于保障 中芯国际系的历代产品线（包括中芯国际最先进的 14nm和 28nm 制程）对空气洁净度的要求。 3、2023年10月24日互 ...

Market Overview - The overall market shows a "weak Shanghai, strong Shenzhen" pattern, with the Shanghai Composite Index slightly up by 0.07%, while the Shenzhen Component Index rose by 0.27%, the ChiNext Index by 0.41%, and the STAR Market 50 Index by 0.36%, indicating a preference for growth styles [2] - A-share trading volume reached 1.9 trillion yuan, with a cumulative annual trading volume exceeding 405 trillion yuan, marking a historical high, reflecting increased market activity and liquidity depth [2] Structural Analysis - The performance of the Shenwan first-level industry indices reveals clear capital flows, with leading sectors such as power equipment (+1.12%), building materials (+0.88%), and electronics (+0.58%) showing gains, while consumer sectors like social services (-2.07%) and beauty care (-1.65%) faced significant adjustments [3] - The leading sectors benefit from clear industrial policies, improved economic cycles, or expectations of valuation recovery, while the consumer sector's adjustment reflects a reassessment of short-term recovery strength and valuation [3] Focus on Lithium Battery Industry - The lithium battery supply chain has seen a comprehensive surge, with significant increases in sub-indices for lithium battery electrolyte, lithium hexafluorophosphate, and lithium battery separators, driven by solid underlying logic rather than speculative trading [4] Market Outlook - The index is likely to maintain a volatile trend, but structural opportunities will continue to emerge, supported by a friendly policy environment, ample liquidity, gradually recovering corporate earnings, and reasonable market valuations [4] - A forward-looking judgment suggests that the "spring excitement" market in 2026 may start earlier than expected, driven by strong policy expectations, improving economic fundamentals, and a favorable global liquidity environment [4] - Key market themes are expected to revolve around technology innovation (AI applications, semiconductors, robotics), cyclical recovery (improving supply-demand dynamics in non-ferrous metals and chemicals), and balanced allocation (low-valuation sectors benefiting from market activity) [4] Summary of Market Sentiment - The market has conducted a concentrated "vote" through clear sector differentiation, indicating that funds are currently favoring directions aligned with long-term policy guidance and improving economic conditions [5] - The central economic work conference has positioned new energy as a strategic emerging industry, with potential support from special government bonds, providing clear backing for long-term industry development [5] - In a context of ample market liquidity, growth sectors attract high-risk preference funds, as evidenced by significant trading volumes in related thematic indices, indicating institutional capital's collective layout rather than retail speculation [5] - Marginal improvements in the fundamentals are noted, with a stable trend in the penetration rate of new energy vehicles and signs of price stabilization for key materials after prolonged declines, correcting pessimistic profit expectations in the supply chain [5]

Core Viewpoint - The article highlights the recent market focus on Hainan and Fujian, driven by policy benefits and strategic positioning, leading to significant investment opportunities in these regions [2]. Group 1: Hainan and Fujian Market Dynamics - Hainan Free Trade Port is nearing full operation, with concentrated policy benefits being released, attracting over 300 private equity firms to the region [2]. - Fujian is gaining attention due to improved cross-strait relations and strategic policies, including tax incentives and fund aggregation, which are attracting private equity investments [2]. - As of November 2025, there are 242 private equity managers based in Fujian, with only two firms managing between 5-10 billion [2]. Group 2: Performance of Private Equity Firms in Fujian - The top ten private equity firms in Fujian for the year 2023 have a performance threshold of ***%, with seven firms located in Xiamen [3]. - The average return for private equity products in Fujian from January to November 2023 is 23.18%, with a total scale of 121.31 billion [2]. Group 3: Top Performing Private Equity Firms - The leading private equity firm in Fujian is 壹点纳锦, achieving a remarkable performance of ***% [5]. - 中闽汇金 ranks second with a performance of ***%, focusing on industries aligned with national economic development [6]. - 深圳量道投资, managing over 50 billion, has a notable return of ***%, with a strong emphasis on quantitative investment strategies [7]. Group 4: Strategy Performance - The average return for stock strategies in Fujian is 28.55%, outperforming major A-share indices [8]. - The top three stock strategy products are managed by 丹金恒信, 行必达, and 壹点纳锦, all achieving returns above ***% [9]. Group 5: Multi-Asset and Derivative Strategies - Multi-asset strategy products in Fujian have an average return of 15.72%, with the top products from 厦门证道 and 明实 [11]. - The average return for futures and derivatives strategies is 8.52%, with 深圳量道投资 leading the category [13].

资料显示，拓荆科技股份有限公司位于辽宁省沈阳市浑南区水家900号，成立日期2010年4月28日，上市 日期2022年4月20日，公司主营业务涉及高端半导体专用设备的研发、生产、销售和技术服务。主营业 务收入构成为：半导体专用设备96.47%，其他(补充)3.53%。 12月23日，拓荆科技盘中上涨2.04%，截至09:49，报369.02元/股，成交4.80亿元，换手率0.47%，总市 值1037.55亿元。 资金流向方面，主力资金净流出722.67万元，特大单买入5609.32万元，占比11.68%，卖出6063.62万 元，占比12.62%；大单买入1.33亿元，占比27.76%，卖出1.36亿元，占比28.32%。 拓荆科技今年以来股价涨140.56%，近5个交易日涨9.50%，近20日涨26.99%，近60日涨68.27%。 截至9月30日，拓荆科技股东户数2.52万，较上期增加78.46%；人均流通股11091股，较上期减少 43.97%。2025年1月-9月，拓荆科技实现营业收入42.20亿元，同比增长85.27%；归母净利润5.57亿元， 同比增长105.14%。 分红方面，拓荆科技A股上市后累 ...

Group 1 - The Hang Seng Index opened up 0.29%, while the Hang Seng Tech Index rose by 0.14%. The materials sector showed strength, with Zijin Mining up 1.19% and Tianqi Lithium up 2.02%. However, Kuaishou fell by 3.3% due to a cyber attack on its platform [1] - Huatai Securities noted that the combination of early-year reallocation and RMB appreciation may support an improvement in the funding environment in the next phase. Defensive dividend assets in the Hong Kong stock market are expected to gain renewed attention as a core option [1] - By 2026, three catalysts related to "expectation differences" are anticipated for the Hong Kong stock market: the formation of consensus on RMB appreciation, a stable Sino-U.S. relationship in the first half of 2026, and breakthroughs in key sectors like AI and semiconductors that could drive independent performance in the tech sector [1] Group 2 - CITIC Securities indicated that after a unilateral rise in September, the Hong Kong stock market has experienced fluctuations due to changing overseas macro expectations since October. Quality assets are now entering a high cost-performance range, supported by continuous capital inflow and improved profit expectations [1] - Huatai Securities believes the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally" [2] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which is expected to rebound after previous adjustments. The consumer sector is also anticipated to receive significant policy support, with current valuations at relatively low levels, indicating substantial long-term upside potential [2]

融智投资FOF基金经理李春瑜对《证券日报》记者表示："这是多种因素共同推动的结果。其一，政策 支持力度持续加大，ETF产品审批流程不断优化；同时，指数化投资的理念日益普及，再加上市场整体 回暖带来的赚钱效应，都促使越来越多的资金流入ETF市场。其二，作为一种投资工具，ETF产品本身 就具备费率低、风险分散、交易便捷、透明度高等特点，因此无论对机构还是个人投资者，都展现出持 续吸引力。其三，ETF产品种类不断丰富，逐步向行业主题、跨境资产、债券等多元化方向拓展，更好 地满足了不同投资者的配置需求。其四，随着长期资金的持续流入，头部ETF产品的规模和流动性进一 步放大，形成'强者恒强'的良性循环，吸引更多资金跟随入场。" 今年以来，ETF市场产品发行火热。 公募排排网最新统计数据显示，按认购起始日统计，截至12月21日，年内新发行的ETF产品数量多达 351只，发行总份额高达2554.55亿份。这组数据刷新了历史纪录，也反映出随着A股市场投资生态的演 进，以及居民资产配置结构的变迁，ETF市场正迎来爆发式增长。 对于科技类ETF产品的"吸金力"较强，李春瑜认为，此类产品紧密契合新质生产力发展方向，重点布局 了人工 ...