12月23日，国力电子盘中下跌2.10%，截至13:27，报61.51元/股，成交6140.26万元，换手率1.03%，总 市值58.63亿元。 资金流向方面，主力资金净流出171.06万元，特大单买入0.00元，占比0.00%，卖出226.09万元，占比 3.68%；大单买入965.90万元，占比15.73%，卖出910.87万元，占比14.83%。 国力电子今年以来股价涨52.03%，近5个交易日跌0.23%，近20日涨3.48%，近60日跌10.86%。 截至11月10日，国力电子股东户数5441.00，较上期增加4.76%；人均流通股17518股，较上期减少 4.54%。2025年1月-9月，国力电子实现营业收入9.37亿元，同比增长71.23%；归母净利润5571.75万元， 同比增长111.21%。 资料显示，昆山国力电子科技股份有限公司位于江苏省昆山开发区西湖路28号，成立日期2000年10月12 日，上市日期2021年9月10日，公司主营业务涉及电子真空器件的研发、生产与销售。主营业务收入构 成为：直流接触器60.00%，真空继电器17.87%，交流接触器11.50%，真空电容器5.33%，真 ...

Core Insights - The report indicates a strong rebound in the A-share market, with the Shanghai Composite Index recovering the 3900-point mark and the ChiNext Index showing a gain of over 2% [2][9] - The increase in market activity is attributed to a significant easing of global liquidity concerns, driven by a lower U.S. core CPI of 2.6% year-on-year, the lowest since March 2021, which has led to increased bets on earlier interest rate cuts in 2026 [2][9] - The report highlights the potential for structural and policy-driven investment opportunities in the upcoming cross-year market, despite underlying economic growth constraints due to declining fixed asset investment [2][9] Market Overview - On the trading day, the three major indices opened strongly, with the Shanghai Composite Index returning to the 3900-point level. Key sectors such as Hainan Free Trade Zone, optical communication modules, and semiconductor equipment saw significant gains [5][6] - The overall market sentiment was positive, with a total trading volume approaching 1.9 trillion yuan, indicating a release of market energy [6][9] Sector Analysis - The Hainan Free Trade Zone concept stocks experienced a substantial rise following the official launch of the free trade port operations on December 18, which is seen as a significant step towards high-level openness in China [7] - Optical communication module stocks also surged, driven by their critical role in modern communication networks, including 5G and data centers. The sector is expected to remain in a high prosperity cycle, supported by advancements in AI computing and data center upgrades [8] Investment Strategy - The report suggests maintaining a consistent investment approach, focusing on sectors with strong earnings support, including technology growth areas (semiconductors, AI themes, robotics), cyclical industries (solar, batteries, chemicals), and dividend stocks (banks, utilities) [3][10] - Investors are advised to avoid high-valuation stocks lacking earnings support and to consider opportunities in sectors that are expected to perform well in the current market environment [10]

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 ...

报 告 摘 要 一、 市场表现 20251222大部分指数处于上涨状态，规模指数中中证500指数表现较好，板块指数中 创业板指表现较好，风格指数中中证500成长指数表现较好。通信、有色金属、电 子、消费者服务、综合金融行业表现较好，传媒、银行、纺织服装、轻工制造、电力 公用事业行业表现较差。海南自贸港、海航系、钨矿、半导体设备、光通信等概念表 现较好，SPD、降落伞、家纺、银行精选、胶原蛋白等概念表现较差。 二、市场情绪 20251222市场情绪较为高涨，收盘时有104只股票涨停，有8只股票跌停。昨日涨停股 票今日收盘收益为2.28%，昨日跌停股票今日收盘收益为1.06%。今日封板率71%，较 前日下降2%，连板率25%，较前日下降2%。 三、市场资金流向 截至 20251219 两融余额为25038亿元，其中融资余额24871亿元，融券余额167亿元。 两融余额占流通市值比重为2.6%，两融交易占市场成交额比重为10.1%。 四、折溢价 20251219当日ETF溢价较多的是科创成长ETF南方，ETF折价较多的是创50ETF工 银。近半年以来大宗交易日均成交金额达到21亿元，20251219当日大宗交易成交 ...

- The report discusses the market performance on December 22, 2025, highlighting that most indices were in an upward trend, with the CSI 500 Index performing particularly well among scale indices, and the ChiNext Index performing well among sector indices[2][7] - The market sentiment was high, with 104 stocks hitting the daily limit up and 8 stocks hitting the daily limit down at the close of trading[2][14] - The financing balance as of December 19, 2025, was 24,871 billion yuan, and the securities lending balance was 167 billion yuan, with the total margin balance accounting for 2.6% of the market's circulating market value[2][20][23] - The report also provides data on ETF premiums and discounts, noting that the Sci-Tech Growth ETF from Southern Fund had the highest premium at 1.49%, while the Creation 50 ETF from ICBC had the highest discount at 0.51% on December 19, 2025[3][24][26] - The report includes information on block trading, indicating that the average daily transaction amount of block trades in the past six months was 2.1 billion yuan, with a discount rate of 5.21% on December 19, 2025[3][27][29] - The annualized discount rates for the main contracts of stock index futures for the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices were 0.27%, 4.53%, 8.15%, and 12.34%, respectively, on December 22, 2025[3][29][32] - The report lists the top stocks in terms of net inflow and outflow from institutional seats and Northbound funds, with Sannong Seed Industry, Snowman Group, and Aisen Co., Ltd. among the top net inflow stocks[4][37][38]

证券研究报告 | 2025年12月22日 金融工程日报 沪指四连阳重上 3900 点，海南自贸港概念持续发酵 核心观点 金融工程日报 市场表现：20251222 大部分指数处于上涨状态，规模指数中中证 500 指数 表现较好，板块指数中创业板指表现较好，风格指数中中证 500 成长指数表 现较好。通信、有色金属、电子、消费者服务、综合金融行业表现较好，传 媒、银行、纺织服装、轻工制造、电力公用事业行业表现较差。海南自贸港、 海航系、钨矿、半导体设备、光通信等概念表现较好，SPD、降落伞、家纺、 银行精选、胶原蛋白等概念表现较差。 市场情绪：20251222 市场情绪较为高涨，收盘时有 104 只股票涨停，有 8 只股票跌停。昨日涨停股票今日收盘收益为 2.28%，昨日跌停股票今日收盘 收益为 1.06%。今日封板率 71%，较前日下降 2%，连板率 25%，较前日 下降 2%。 市场资金流向：截至 20251219 两融余额为 25038 亿元，其中融资余额 24871 亿元，融券余额 167 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 10.1%。 折溢价：20251219 当日 ...

科技成长板块今日走强，AI产业链多点开花，半导体设备、CPO、光通信等概念强势领涨。指数层面，中证人工智能主题指数上涨2.5%，上证科创板人工 智能指数上涨0.8%。相关ETF中，科创人工智能ETF（588730）上一交易日获超2000万元资金净流入。 消息面上，近日，火山引擎在2025冬季FORCE原动力大会上发布了面向多模态Agent场景优化的豆包大模型1.8，并同步更新了企业级Agent落地支持体系与 阶梯式成本方案。数据显示，截至今年12月，豆包日均tokens使用量突破50万亿，同比增长超10倍，该模型已服务超百家万亿级企业客户，表明模型已在生 产环境中实现规模化验证。 每日经济新闻 ...

中新网12月22日电(记者谢艺观)12月22日，A股三大股指集体上涨。 截至收盘，沪指涨0.69%报3917.36点，重回3900点上方；深成指涨1.47%报13332.73点；创业板指涨 2.23%报3191.98点。市场全天成交额约1.88万亿元，较前一交易日有所放量。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3917.36 | 13332.73 | 1449.28 | | +26.92 +0.69% +192.52 +1.47% | | +3.45 +0.24% | | 科创50 | 创业板指 | 万得全A | | 1335.25 | 3191.98 | 6319.09 | | +26.66 +2.04% +69.75 +2.23% +61.49 +0.98% | | | | 沪深300 | 中证500 | 中证A500 | | 4611.62 | 7255.66 | 5580.28 | | +43.45 +0.95% +86.11 +1.20% | | +64.11 +1.16% | | 中证1000 | 深证100 | 中证红利 | | 7408.3 ...

Market Overview - The A-share market indices all rose today, with the Shanghai Composite Index increasing by 0.69% to close at 3917.36 points, the Shenzhen Component Index rising by 1.47% to 13332.73 points, the Sci-Tech 50 Index up by 2.04% to 1335.25 points, and the ChiNext Index gaining 2.23% to 3191.98 points [1][10] - Overall, 2983 stocks rose while 2261 stocks fell, with 212 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets reached 18619 billion yuan, an increase from the previous trading day's volume of 17360 billion yuan [1][10] Industry Performance - Among the Shenwan first-level industries, the leading sectors included telecommunications, comprehensive, electronics, non-ferrous metals, and retail, with respective gains of 4.28%, 2.63%, 2.62%, 2.38%, and 1.37%. Conversely, the sectors that experienced declines included media, banking, beauty care, light industry manufacturing, and textile and apparel, with losses of 0.61%, 0.52%, 0.45%, 0.45%, and 0.40% respectively [1][12] Concept Sector Performance - The top-performing concept sectors today included Hainan Free Trade Port, semiconductor equipment, optical communication, optical modules (CPO), copper-clad laminates, HBM, semiconductor silicon wafers, high-speed copper connections, 6G, circuit boards, wafer industry, semiconductor materials, advanced packaging, fiberglass, and the SMIC industry chain [2][13]

市场早盘集体走强，沪指收复3900点关口，中证A500指数上涨1.06%。从板块来看，海南自贸概念集体爆发，商业航天概念反复走强，算力硬件概念表现 活跃，半导体设备股盘中拉升；下跌方面，AI医疗概念震荡回落。 截至上午收盘，场内跟踪中证A500指数的ETF小幅上涨。其中，有12只中证A500相关ETF成交额超1亿元，3只超63亿元。A500ETF华泰柏瑞、A500ETF基 金、中证A500ETF早盘成交额分别为76.37亿元、75.96亿元、63.17亿元。 有券商表示，随着外围不确定因素陆续明朗，短期影响A股的外部压力趋于消退。近期一系列重要会议所释放的政策利好，共同营造了有利于风险资产表 现的环境，跨年行情或将在市场共识凝聚中徐徐展开。 | 代码 | 名称 | 现价 | 涨跌幅 | IOPV 溢折率 换手率 成交金额 | | | --- | --- | --- | --- | --- | --- | | 563360 | A500ETF华泰柏瑞 | 1.245 | 0.97% | 1.2450 0.00% 18.35% 76.37亿 | | | 512050 | A500ETF基金 | 1.173 | 0 ...