今日（12月30日）揽尽有色金属行业龙头的有色ETF华宝（159876）场内价格从开盘下挫2%，迅速拉 升至水面以上，现涨0.52%，彰显韧性，值得关注的是，截至发稿，该ETF获资金实时净申购2880万 份，昨天亦吸金1536万元，反映资金看好有色金属板块后市表现，积极进场布局！ | 有色ETF华宝 | | 159876 | | --- | --- | --- | | 0.974 | +0.005 +0.52% | | | SZSE CNY 10:16:39 交易中 | | 1 . . + | | 净值走势 | 华宝中证有色金属ETF | | | 实时申购随回信息 | 申购 | 18-0 | | 笔数 | 31 | 0 | | 全额 | 0 | 0 | | 份额 | 2880万 | 0 | 成份股方面，天山铝业、云铝股份领涨超4%，江西铜业、中国铝业、洛阳钼业、神火股份涨逾2%，厦 门钨业、华友钴业等个股跟涨。 | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交額 | | --- | --- | --- | --- | --- | --- ...

内容概况：中高压变频器在工业生产中扮演着重要角色，主要用于调节电动机的转速和运行状态，以适 应不同的工艺需求。这类设备通常应用在风机、水泵、压缩机等负载场合，通过调整电机输入电压和频 率，实现节能和工艺控制的目的。中国中高压变频器行业的快速发展，主要由国家"双碳"战略驱动下的 产业升级与政策支持所拉动。在"双碳"目标背景下，电力、冶金、化工、石化等高耗能行业为达成节能 减排的硬性要求，集中开展了以产能置换、技术改造和绿色转型为核心的产业升级。这一过程极大地释 放了对中高压变频器这一核心节能设备的需求，例如在冶金行业，严格的环保限产与差异化电价政策直 接刺激了相关改造项目的投资。同时，大型炼化一体化等国家级重大项目的持续建设，也促进了中高压 变频器的需求增长。数据显示，中国中高压变频器行业市场规模从2017年的108亿元增长至2024年的216 亿元，年复合增长率为10.41%。在"双碳"背景下，传统重工业产业结构会持续优化，产业升级项目会持 续释放，叠加数字化需求的提升，中高压变频器市场需求仍然保持稳定增长态势。 相关上市企业：英威腾（002334）、汇川技术（300124）、合康新能（300048）、智光电 ...

Core Viewpoint - LinYong Energy's stock experienced a decline of 0.72% on December 29, with a trading volume of 66.79 million yuan, indicating a challenging market environment for the company [1] Financing and Margin Trading - On December 29, LinYong Energy had a financing buy-in amount of 6.74 million yuan and a financing repayment of 5.87 million yuan, resulting in a net financing buy of 872,100 yuan [1] - The total margin trading balance for LinYong Energy reached 605 million yuan, with the financing balance at 602 million yuan, accounting for 5.30% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low position [1] - In terms of securities lending, LinYong Energy had 78,000 shares repaid and 47,200 shares sold on December 29, with a selling amount of 260,500 yuan, while the securities lending balance stood at 3.04 million yuan, exceeding the 90th percentile level over the past year, indicating a high position [1] Company Overview - Jiangsu LinYong Energy Co., Ltd. was established on November 6, 1995, and listed on August 8, 2011, with its main business involving smart grids, renewable energy, and energy storage [1] - The revenue composition of LinYong Energy includes: 57.52% from electric meters and system products, 16.10% from power generation, 10.89% from other products, 8.35% from energy storage, 3.80% from intelligent services, and 3.34% from power station sales [1] Shareholder Information - As of September 30, the number of shareholders for LinYong Energy was 74,200, a decrease of 6.01% from the previous period, while the average circulating shares per person increased by 6.39% to 27,776 shares [2] - Cumulatively, LinYong Energy has distributed 3.499 billion yuan in dividends since its A-share listing, with 1.709 billion yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 20.32 million shares, an increase of 236,400 shares, while the Guangfu ETF and Southern CSI 1000 ETF saw reductions in their holdings [3]

Report Overview - Date: December 30, 2025 - Report Type: Commodity Research Morning Report - Green Finance and New Energy - Covered Commodities: Nickel, Stainless Steel, Lithium Carbonate, Industrial Silicon, Polysilicon 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core Views - **Nickel**: There is a game between capital and industrial forces, and attention should be paid to the emergence of structural opportunities [2][4] - **Stainless Steel**: The fundamentals constrain its elasticity, but attention should be paid to Indonesian policy risks [2][4] - **Lithium Carbonate**: The long - short game intensifies, and attention should be paid to the replenishment demand after the callback [2][9] - **Industrial Silicon**: Attention should be paid to the production reduction situation of upstream factories [2][12] - **Polysilicon**: It shows range - bound oscillations with amplified fluctuations [2][13] 3. Summary by Commodity Nickel and Stainless Steel - **Fundamental Data**: Various data such as closing prices, trading volumes, and price differences of nickel and stainless - steel futures and related products are presented. For example, the closing price of the Shanghai Nickel main contract is 125,710, down 1,040 from the previous day [4] - **Macro and Industry News**: Includes events like the Indonesian forestry working group taking over a nickel mine due to violations, China suspending non - official subsidies for Russian copper and nickel imports, and Indonesia implementing sanctions on mining companies [4][5][6] - **Trend Intensity**: Both nickel and stainless steel have a trend intensity of 0, indicating a neutral outlook [8] Lithium Carbonate - **Fundamental Data**: Data on contract closing prices, trading volumes, open interest, and basis of lithium carbonate futures are provided. For example, the closing price of the 2601 contract is 117,980, down 9,820 from the previous day [9] - **Macro and Industry News**: SMM battery - grade lithium carbonate index price increased, Longpan Technology's subsidiary will conduct production - line maintenance, and the demand for new - energy lithium batteries in early 2026 is expected to decline [10][11] - **Trend Intensity**: The trend intensity of lithium carbonate is - 1, indicating a slightly bearish outlook [11] Industrial Silicon and Polysilicon - **Fundamental Data**: Data on futures prices, trading volumes, open interest, basis, and spot prices of industrial silicon and polysilicon are presented. For example, the Si2605 closing price of industrial silicon is 8,715, down 165 from the previous day [13] - **Macro and Industry News**: An Indian photovoltaic company plans to invest $30 million to acquire shares of a polysilicon manufacturer and sign a long - term procurement agreement [13] - **Trend Intensity**: Both industrial silicon and polysilicon have a trend intensity of 0, indicating a neutral outlook [15]

证券之星消息，科锐国际(300662)12月29日在投资者关系平台上答复投资者关心的问题。 投资者提问：你好，十五五规划强调"人力资源开发投资"与"专才外包"，公司灵活用工业务中技术研发 类岗位占比超60%，且聚焦新能源、AI等新兴产业，请问当前面向高端制造、生物医药等赛道的"专才 外包"收入增速如何？针对残疾人就业等合规服务领域，公司是否已组建专业团队，相关业务的订单储 备及盈利模型是否成型？ 科锐国际回复：尊敬的投资者您好，今年上半年，公司灵活用工业务持续领跑，营业收入同比增长 29.31%，其中技术研发类岗位作为公司岗位外包业务的重点布局方向，整体趋势显著增长，在册灵活 用工人员结构占比超70%，凸显公司在高附加值岗位的人才配置能力不断增强，形成核心竞争优势。感 谢您的关注！ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

周末关于商业航天这周分歧的讨论有了结论，不是分歧，是分化。商业航天的票周一（12月29日）分为 两类，一类是别人手里的还在突突，一类是你手里的在分歧。 人家花7亿打板了航天发展，周一怒赚7000万，被称为跨年妖股的有力竞争者，我买了个卫星机构核心 被立案成了真雷科技。仿佛后面两天的剧本我已经看到了，手里的票达芬奇，人家的票玩穿越。 别叫我达芬奇，让我唱首melody。 商业航天这个位置选股如同做奥数题，好歹还是有人能赚到钱，AI那边赚钱的已经不是人。 都不是，是有色。如果在年初买入有色ETF （159876）并持有到现在，已经浮盈90%了。有色锁定年度 冠军的同时把AI打成了副goat。高位高波动是收益率的天敌，有色夺冠的秘诀是不搞轰轰烈烈的加速和 分歧，而是小碎步走趋势，这才叫闷声发大财。 这个走法也决定着，当你注意到期货价格凶猛的时候才想起来买有色股票，往往结局就是当天吃套，周 一冲了锂矿和白银股的朋友应该深有体会。 等到期货阶段性加速了再去掺和个股，往往是多空双杀、反复打脸，与之相比定投基金，做趋势投资就 豁然开朗。 上周日（12月28日）晚上昇腾喜获400亿字节订单的小作文尽管充满了浪漫主义的乐观精神 ...

Group 1 - The core viewpoint of the news is that the IPO market in 2025 experienced a robust growth driven by the registration system reform and supportive policies, leading to a significant increase in new stock listings and fundraising amounts, particularly in high-tech industries [1][2][3] - The number of new stock listings in 2025 increased by 12.12% year-on-year, with total fundraising amounting to 125.32 billion yuan, a 96.25% increase compared to 67.35 billion yuan in 2024 [2] - The Shanghai Stock Exchange maintained its position as the fifth largest stock exchange globally, with no new stocks experiencing a decline in value on their first trading day, averaging a first-day increase of 256.77% [1][2][6] Group 2 - High-tech industries, particularly the electronics sector, were the primary focus for IPOs, with 19 companies raising 33.74 billion yuan, accounting for a significant portion of total fundraising [4] - The main sectors contributing to fundraising included automobiles, public utilities, power equipment, and biomedicine, collectively accounting for over 70% of total fundraising [4] - The North Exchange played a crucial role in supporting small and medium-sized enterprises, with a total of 244 new IPO applications received, reflecting a growth of over 180% compared to 2024 [5] Group 3 - The average first-day increase for new stocks was exceptionally high, with 99 companies seeing increases over 100%, and one company achieving a first-day increase of over 1000% [7] - The significant rise in new stock profitability is attributed to multiple factors, including improved IPO review processes and enhanced investor confidence due to the quality control of listed companies [8] - The outlook for 2026 suggests that it will be a critical year for high-tech companies to go public, driven by policy support and the development of new economic sectors [8]

Group 1 - The leverage funds have significantly increased their positions in A-shares this year, with the margin financing balance exceeding 2.54 trillion yuan, marking a historical high [1][2] - A-shares have seen a net financing inflow of over 6723 billion yuan in the past year, with a notable increase in the last month [2] - The technology sector has become the core allocation direction for leveraged funds, with significant net inflows in the electronics, power equipment, and communication industries [2][3] Group 2 - Individual stocks in the AI industry chain and leading new energy companies have attracted the most leveraged funds, with New Yisheng and CATL receiving substantial net inflows [3] - In the past month, CATL and other key players in the technology sector have continued to see strong net financing inflows, while several companies faced net outflows [3] - The current margin financing balance accounts for 2.58% of the A-share market's circulating market value, which is lower than the historical peak of 4.73% in 2015, indicating a more stable and mature market [4]

近期，多部门召开工作会议，梳理总结2025年工作，研究部署2026年重点任务。2026年收入、消费、住 房、生育等方面将有哪些变化，一起来看。 明年继续实施更加积极的财政政策 根据全国财政工作会议，2026年继续实施更加积极的财政政策。 一是扩大财政支出盘子，确保必要支出力度。 二是优化政府债券工具组合，更好发挥债券效益。 三是提高转移支付资金效能，增强地方自主可用财力。 四是持续优化支出结构，强化重点领域保障。 五是加强财政金融协同，放大政策效能。 明年财政将促进居民就业增收 根据全国财政工作会议，2026年，将进一步强化保基本、兜底线，切实加强民生保障。明年将促进居民 就业增收：统筹就业补助资金、失业保险基金等各类资金，引导支持企业稳岗扩岗、重点群体就业创业 等；积极发挥税收、社会保障、转移支付等调节作用，多渠道增加居民收入。 明年继续安排资金支持消费品以旧换新 根据全国财政工作会议，2026年，财政将大力提振消费。深入实施提振消费专项行动，继续安排资金支 持消费品以旧换新，调整优化补贴范围和标准。 根据全国发展和改革工作会议，2026年，优化实施消费品以旧换新政策，积极扩大服务消费，加快清理 消费领域不 ...

Core Insights - The private equity fund industry is experiencing a structural transformation, marked by a focus on compliance and value, leading to high-quality development by 2025 [1] - Key data points illustrate the industry's growth trajectory, emphasizing both scale and quality, as well as the importance of innovation and regulation [1] Industry Scale - As of November 2025, the total size of private equity funds in China reached a record high of 22.09 trillion yuan, up from 19.91 trillion yuan at the beginning of the year, reflecting a robust growth trend [2] - The growth is driven by policies favoring strong performers and restoring market confidence, with both private securities and private equity funds expanding in tandem [2] Institutional Landscape - The number of private equity institutions has stabilized at 19,314, down from historical peaks, indicating a market cleansing process under the "扶优限劣" policy [3] - The reduction in institutions reflects improved compliance awareness and the exit of non-viable firms, contributing to a healthier industry ecosystem [3] Product Registration - By December 23, 2025, the number of registered private equity products reached 12,200, nearly doubling from the previous year, signaling strong market confidence and liquidity [4] - Over 90% of private securities products reported profits, with an average return of 22.61%, enhancing investor confidence and creating a positive feedback loop for market activity [5] High-Performing Institutions - The number of private equity institutions managing over 10 billion yuan increased to 113, with quantitative funds leading the charge, achieving an average return of nearly 30% [6] - Quantitative strategies outperformed subjective strategies, with average returns of over 33% compared to 24% for subjective strategies [7] Private Equity Investment - The private equity sector saw a 3.15% increase in total assets, reaching 14.75 trillion yuan by November 2025, reflecting a healthy growth in both scale and operational efficiency [8] - Policies are facilitating the entry of long-term capital into the private equity market, enhancing funding sources and supporting industry growth [9][10] Mergers and Acquisitions - Private equity funds are increasingly acquiring stakes in publicly listed companies, with notable transactions including a 25% stake acquisition in Honghe Technology [11][12] - The regulatory environment is evolving to support these acquisitions, allowing private equity to play a significant role in industry consolidation [12] Regulatory Environment - The industry is under stringent regulatory scrutiny, with a focus on compliance and the elimination of non-compliant firms, evidenced by significant penalties imposed on violators [14][15] - The introduction of a "double penalty" system enhances accountability for individual violators, thereby strengthening the overall regulatory framework [15] Dividend Distribution - In the first eleven months of 2025, private equity funds executed 1,658 dividend distributions totaling 17.34 billion yuan, a 236.59% increase from the previous year [16][17] - The strong dividend performance reflects the industry's maturation and the ability of funds to deliver tangible returns to investors [17] Research Activity - Over 4,400 private equity institutions conducted more than 70,000 company research sessions in 2025, focusing primarily on technology firms [19][20] - This high level of engagement indicates a strategic focus on sectors with strong growth potential and aligns with the industry's investment strategies [20]