[Table_Page] 投资策略报告|电力设备 证券研究报告 [Table_Title] 风电行业 2026 年投资策略 高景气+结构通胀共振，两海驱动盈利反转 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-31 [Table_PicQuote] 相对市场表现 -14% 0% 13% 27% 40% 54% 12/24 03/25 05/25 08/25 10/25 12/25 电力设备 沪深300 | [分析师： Table_Author]陈昕 | | | --- | --- | | | SAC 执证号：S0260522080008 | | | SFC CE No. BWV823 | | | 010-59136699 | | | gfchenxin@gf.com.cn | | 分析师： | 陈子坤 | | | SAC 执证号：S0260513080001 | | | 010-59136690 | | | chenzikun@gf.com.cn | | 分析师： | 曹瑞元 | | | SAC 执证号：S0260521090 ...

国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：资金与产业力量博弈，关注结构机会的出现 | 2 | | --- | --- | | 不锈钢：基本面约束弹性，但关注印尼政策风险 | 2 | | 碳酸锂：以旧换新补贴符合预期，动力需求仍有支撑 | 4 | | 工业硅：关注上游工厂减产节奏 | 6 | | 多晶硅：区间震荡，关注行情波动 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 2025年12月31日 2025 年 12 月 31 日 镍：资金与产业力量博弈，关注结构机会的出现 不锈钢：基本面约束弹性，但关注印尼政策风险 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 132,390 | 6,680 | 8,950 | 20,100 | ...

深圳市广聚能源股份有限公司 证券代码：000096 证券简称：广聚能源 收购后，航天欧华中兴通讯政企全线产品分销业务恢复 良好，二季度实现扭亏为盈。下一步将考虑与供应商开展其 他业务模式的合作，进一步提升经营效益。 投资者关系活动记录表 编号：2025-004 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） 广州基金业协会：刘秋华、翟柳军 | | | 东方财富证券深圳科技园营业部：康卫荣 中大情私募基金管理有限公司：刘剑荣 | | | 深圳光影资本管理有限公司：余双宏 | | 参与单位名称 | 深圳证金投资管理有限公司：李强 | | 及人员姓名 | 润德盈喜私募证券投资基金管理（深圳）有限公司：宋庆章 | | | 殷实（广州）私募证券投资基金管理有限公司：安佟亮 | | | 珠海金航产业投资集团：吕超维、刘挺 | | | 金湾产业投资（深圳）有限公司：杨斌 | | 时间 | 2025 年 12 月 29 日—12 月 30 ...

Core Insights - The report highlights the steady growth of the animation film industry, with animated films accounting for nearly 50% of total box office revenue in 2025, showcasing a significant shift from a niche category to a major player in the market [36][37] - The gaming industry is also noted for its robust growth, with a focus on AI applications enhancing operational efficiency and product innovation, suggesting a positive outlook for companies in this sector [15][17] - The report emphasizes the importance of policy improvements and technological advancements in driving the performance of various sectors, including media and entertainment, as well as new materials [17][29] Market Performance - The A-share market has shown slight upward movement, with various sectors such as financials, petrochemicals, and aerospace leading the gains, while energy metals and pharmaceuticals lagged behind [6][10][11] - The report indicates that the average P/E ratios for the Shanghai Composite Index and the ChiNext Index are above their three-year median levels, suggesting a favorable environment for medium to long-term investments [9][10] Industry Analysis - The animation film sector has seen a significant increase in box office contributions, with top films like "Nezha 2" and "Zootopia 2" leading the charge, indicating a growing consumer preference for animated content [36][37] - The gaming industry is projected to continue its upward trajectory, driven by a combination of market demand and technological integration, particularly in AI [15][17] - The new materials sector is expected to benefit from increasing demand in manufacturing and technological innovation, with a strong emphasis on sustainable practices [21][29] Investment Recommendations - The report suggests focusing on companies within the gaming and animation sectors that are leveraging AI technologies for growth, as well as those in the new materials industry that are positioned to capitalize on market trends [17][29] - Specific companies such as Jiubite, Perfect World, and Light Media are highlighted as potential investment opportunities due to their strong market positions and growth prospects [17][18]

一边是寸土寸金的深圳 一边是亟待发展的粤东汕尾 这块距离深圳市中心 约100公里的"飞地" 演绎着"特区带老区"的故事 俯瞰深汕特别合作区 约460平方公里的土地上 经历着翻天覆地的变化 荒山小村 变成了连片的现代化厂房 一栋栋学校、医院和保障房 拔地而起 这里，融入深圳 "敢闯敢试"的血脉 这里，见证深圳 新一代世界一流汽车城 核心承载区的无限潜力 风口上起飞的"汽车城" "开拓者1号""深圳号" "郑州号""常州号" …… 比亚迪巨轮组成汽车"出海舰队" 相继在小漠国际物流港停靠 一辆辆新能源汽车驶入船舱 发往欧洲、东南亚、南美洲等国际市场 比亚迪"深圳号"停靠小漠国际物流港 作为粤东深水良港 小漠国际物流港 是海上"高速路"的入口 11条滚装外贸航线 织就四通八达的网络 为新能源汽车通往海外市场 架起"黄金走廊" 小漠国际物流港 如今的深汕热火朝天 通港大道一路向东 串联起 零部件生产、整车制造、出口运输 从工厂到港口 不到5分钟车程 新能源汽车一脚油门直接开上船 比送快递还利索 深汕比亚迪汽车工业园一期 深汕比亚迪汽车工业园二期 曾经 "农渔四镇""经济洼地" 是鹅埠、小漠、赤石、鲘门的标签 如今，全 ...

Core Insights - The automotive industry is undergoing significant transformation, with domestic brands emerging as the primary growth engine, and new energy technologies reshaping value rules and pricing strategies [1][2][4] Group 1: Domestic Brand Growth - Domestic brands have become the sole growth driver in the automotive market, with sales increasing by 20.3% year-on-year, translating to a net increase of 1.855 million vehicles, contributing to a 9.2% overall market growth [2][4] - The share of domestic brands in the market has risen significantly, with their market share increasing from 90% to 97% in the under 100,000 yuan segment [8] Group 2: Pricing and Value Restructuring - The application of new energy technologies has led to a redefinition of pricing standards, where product value now supersedes brand symbolism [4][6] - The competition landscape is shifting towards price tier management, with a focus on cost reduction and efficiency becoming a new operational challenge [9][8] Group 3: Advertising and Marketing Trends - Overall advertising investment in the automotive industry has decreased compared to the previous year, with a notable contraction in the number of advertisers [12][14] - The luxury segment (vehicles priced above 300,000 yuan) accounted for 41.3% of advertising investment, while the mainstream market (10,000-200,000 yuan) represented 38.5% [17] Group 4: AI and User Engagement - Baidu's automotive ecosystem is leveraging AI to enhance user experience and marketing workflows, with a 5.3% increase in automotive search volume and a 34.4% rise in user reading volume [25][21] - AI is transforming the search engine into an AI engine, reshaping user interaction and content consumption patterns [37][39] Group 5: User Behavior and Decision-Making - The average decision-making period for users has shortened, with a 37.5% increase in the number of models compared during the search process [48][53] - Users are increasingly favoring content that provides strong comparative references and purchase recommendations, indicating a shift towards more informed decision-making [53][48]

Core Viewpoint - Suzhou Xinguangyi Electronics Co., Ltd. has officially listed on the ChiNext board, marking a significant milestone in its capital journey and showcasing a narrative of "replacement" and "growth" in the context of independent innovation and import substitution [1] Group 1: Company Overview - Founded in 2004, Xinguangyi has focused on high-performance specialty functional materials, successfully breaking the long-standing monopoly of Japanese and Korean companies in key materials [1][2] - The company has achieved a compound annual growth rate (CAGR) of approximately 19.7% in revenue from 455 million yuan in 2022 to 657 million yuan in 2024, and a CAGR of about 18.9% in net profit from 82 million yuan to 116 million yuan during the same period [1][4] Group 2: Market Position and Products - Xinguangyi's core product, the anti-overflow special film, has captured a 30% market share in China by 2024, solidifying its leading position in the industry [1][3] - The company has established itself as a core supplier for top global FPC manufacturers, including Pengding Holdings and Weixin Electronics, and has entered the Apple supply chain through clients like GoerTek [1][5] Group 3: Financial Performance - The financial performance of Xinguangyi shows a clear growth trajectory, with revenues of 455 million yuan, 516 million yuan, and 657 million yuan from 2022 to 2024, and a significant year-on-year growth rate of 27.32% in 2024 [4] - The net profit for the same period was 82 million yuan, 83 million yuan, and 116 million yuan, with a notable year-on-year increase of 38.93% in 2024, indicating strong growth quality [4] Group 4: Industry Context and Trends - The global FPC market is valued at approximately $50 billion in 2023, with China's market size reaching 139.32 billion yuan, expected to grow to 188.58 billion yuan by 2027 [7] - The functional film materials market in China is projected to reach 162.3 billion yuan in 2024, growing at 8.9% year-on-year, indicating a rapid shift towards high-end and domestic production [7] Group 5: Future Prospects and Innovations - Xinguangyi is expanding into the new energy sector, with its aluminum foil composite film for power batteries already achieving a market size of 12.16 billion yuan in 2024, where domestic production is still low, presenting significant replacement opportunities [8][9] - The company has also made strides in the photovoltaic sector, with its photovoltaic adhesive film products already in collaboration with leading companies, and plans to use the funds raised from its IPO to expand production capacity in functional materials, including new energy materials [9]

// 核心摘要 // ETF 市场规模已突破 6 万亿元、2025年内增长超 60%，债券ETF、跨境ETF 资金增量显著，ETF正从配置补充加速走向资产配置底座。 本周交易层面， 权益端结构性分化加剧，A500 及中小盘宽基受青睐，行业与风格轮动加快。 在低利率与新考核框架共振下，ETF 正成为资金重构配置路径的关键载体。 // 一、ETF 市场规模概况 // 国内ETF市场最新总规模已突破6万亿元大关，达60019.30亿元 ，产品数量增至1385只，显示出强大的市场活力。 今年以来规模净增约2.27万亿元，较年 初增长幅度超过60%， 增速显著快于往年，反映出投资者对ETF工具的配置需求持续升温。 图一：近三年月频ETF基金规模 登录 Wind 终端 / App 搜索同名 Agent ，获取 ETF 市场洞察 。 // 二、ETF 成交与流动性 // 近期全市场ETF交易活跃度呈现逐步回落趋势， 近一周平均成交额为3558.94亿元，较近一月的4090.22亿元环比下降约13.0%，较近三月的4684.42亿元 进一步缩减24.0%，显示市场整体交投热度有所降温。 图二：近三月日频ETF基金成交额 从结 ...

提高政治站位，把准服务大局的方向。全会强调"加快高水平科技自立自强，引领发展新质生产力"，为 江苏高投集团及旗下江苏省战略性新兴产业母基金的发展明确了方向。我们将以全会精神为根本指引， 聚焦我省"51010""1650"及"10+X"产业蓝图，通过专业化基金运作，把资本精准配置到集成电路、人工 智能、生物医药等关键核心技术与前沿领域，将服务国家和地方战略的要求融入投研实践，在服务全省 现代化产业体系建设中扎实履行使命。 聚焦主责主业，以金融赋能新质生产力。全会强调"坚持把发展经济的着力点放在实体经济上"，并将战 略性新兴产业和未来产业作为发展新质生产力的主阵地。服务于江苏省战略性新兴产业母基金，我们将 深化产业研究，紧密跟踪人工智能、生物医药、新能源等前沿领域的技术趋势与市场演变，为基金的布 局提供决策支持；优化投研体系，加强对项目的深度分析与全周期跟踪，着力评估其技术突破潜力与产 业链协同价值，促进科技创新与省内产业需求高效对接；筑牢风控底线，在支持创新突破的同时，加强 对宏观形势、行业波动、企业运营及技术风险的研判，为基金风险管控提供预警与资金安全防控依据， 确保金融运作稳健安全，实现促进产业发展与保障金 ...

Group 1 - China successfully launched the Tianhui-7 satellite on December 30, 2025, using the Long March 4B rocket, marking the 622nd flight of the Long March series [1] - The Tianhui-7 satellite is primarily used for geographic information surveying, land resource census, and scientific research [1] Group 2 - The Ministry of Education aims to build a self-controlled AI model for education during the 14th Five-Year Plan period, focusing on platform, data, AI tools, and policy consistency [2] - Key initiatives include advancing integrated data support systems, promoting AI in education, enhancing digital literacy among teachers and students, and contributing to global digital education governance [2] Group 3 - Huawei reported that over 36 million devices are using HarmonyOS 5.0 and above, and the Kunpeng ecosystem has developed 3.8 million developers [3] - The company has supported 60 million users with 5G-A networks and has over 1.6 million installations of the openEuler operating system [3] Group 4 - The National Development and Reform Commission and the Ministry of Finance announced continued support for the renewal of new energy city buses and power batteries in 2026 [4] - The subsidy standards will follow the guidelines established in the 2025 implementation details for new energy city buses [4] Group 5 - Qianzhao Optoelectronics announced breakthroughs in radiation resistance for its flexible space solar cell products, enhancing satellite stability in space [5] - The lightweight nature of these solar cells helps reduce satellite weight and launch costs, with a focus on expanding international market presence [5] Group 6 - XPeng Motors' CEO stated that true fully autonomous driving will arrive in 2026, skipping L3 and moving directly from L2 to L4 [6] - The Ultra version of XPeng's vehicles will achieve next-generation autonomous driving capabilities, similar to the transition seen in smartphones with the introduction of the iPhone [6] Group 7 - Four departments, including the Ministry of Industry and Information Technology, released a plan to accelerate AI applications in the automotive industry, focusing on key manufacturing processes [7][8] - The initiative aims to integrate AI in research, production, and management, and to create intelligent demonstration production lines in the automotive sector [7][8] Group 8 - The Ministry of Industry and Information Technology issued guidelines to promote the deployment of cutting-edge technologies like AI and 400G/800G optical transmission in internet exchange centers [9] - The focus is on enhancing network efficiency and smart operations while supporting the development of key technologies through collaboration among industry, academia, and research [9] Group 9 - The National Energy Administration held a meeting to discuss the construction of high-quality charging infrastructure for electric vehicles, aiming for a three-year doubling of service capacity [10] - The plan includes improving coverage in residential and rural areas and enhancing safety management in the charging infrastructure sector [10] Group 10 - The first fire power holding-type real estate ABS in China was listed on the Shanghai Stock Exchange, led by GCL Group, with a project scale of 5.46 billion yuan [11] - The funds raised will be directed towards clean energy technology research and will help optimize financial structures and support major strategic projects [11]