今天，沉寂一段时间的A股再度迎来爆发。两市交易量在时隔20个交易日后，重新站上2万亿元高峰，当日成交额达2.05万亿元，比前一个交易日放量3000 多亿元，一扫市场持续缩量的阴霾。 三大股指呈现高开高走的强势格局，截至收盘，沪指报3924.08点，涨0.54%；深成指涨1.39%，创业板指放量大涨2.6%。全市场3400多家公司上涨，78只 个股涨停，赚钱效应回升。 从板块来看，科技赛道继续领跑全场，多只CPO概念股创历史新高；素有"牛市旗手"之称的券商股同步崛起，个股集体走强。这种市场格局折射出乐观情 绪的全面升温，究竟发生了什么？ 科技、券商等板块爆发 今天，科技板块表现亮眼，CPO概念股全线上扬，涨幅5.36%。其中，龙头股东田微20%涨停，天孚通信一度20%涨停，源杰科技、景旺电子涨10%，长 光华芯、仕佳光子、中际旭创、新易盛、胜宏科技等均大涨，多只个股创股价历史新高。此外，AI算力、半导体等科技细分赛道也同步走强，形成板块 联动效应。 | 涨幅榜 | 跌幅榜 | 量比 | 换手率 成交额 | | --- | --- | --- | --- | | 东田微 | | 164.14 | +20.00% ...

经过多年的研发创新，公司发展出一条"种子源+光纤放大+非线性频率变换+稳频"的精准激光技术路 线，成功实现177-5000nm全波段覆盖的窄线宽、低噪声、高频率稳定性、大功率激光输出，相较于国 外传统半导体激光器和钛宝石激光器，该方案具备抗振动、可搬运、无跳模等显著优势，部分关键性能 指标超越国际同类产品。凭借精准激光器产品优越的性能指标和极高的可靠性稳定性，公司充分地满足 量子科技领域和半导体领域对精准光源的需求。 智通财经APP获悉，12月8日，上海频准激光科技股份有限公司(简称：频准激光)上交所科创板IPO已受 理。中信建投为其保荐机构，拟募资14.10亿元。 据招股书，公司主要面向量子计算、量子精密测量等量子科技领域，晶圆制造、晶圆量检测、晶圆隐切 等半导体领域，以及激光干涉曝光、激光遥感等前沿科研领域，发展了全新的精准激光技术路线，推出 波长、线宽、噪声、功率、脉冲等精准调控的激光器产品，助力我国量子科技和半导体产业链国产化进 程。 公司瞄准量子计算和量子精密测量对宽波段、窄线宽、低噪声、高功率精准激光器的需求，由光纤DFB 种子源或半导体种子源产生低噪声精准种子激光，经光纤放大器进行功率放大，再利 ...

Group 1 - The core viewpoint of the articles highlights a surge in the issuance of technology-focused ETFs, particularly those targeting the artificial intelligence (AI) sector, indicating a strong interest from public fund companies in this area [1][3][4] - Seven public fund companies have launched the first batch of "Double Innovation Artificial Intelligence ETFs," with one company ending its fundraising early due to reaching the 1 billion yuan limit [1][2][3] - The ETFs are designed to track the CSI Innovation and Entrepreneurship Artificial Intelligence Index, which includes 50 leading companies focused on AI technology development and its commercial applications across various sectors [3][4] Group 2 - A total of 19 new ETFs targeting the AI sector, including robotics and semiconductors, have been reported to the China Securities Regulatory Commission (CSRC) within a week, reflecting the growing trend in technology investments [2][3] - The influx of funds into these technology ETFs is expected to bring over 30 billion yuan in new capital to the AI and technology sectors if all funds reach their maximum fundraising targets [3] - Industry experts attribute the rapid growth in technology ETF offerings to supportive government policies, strong market performance, and a competitive landscape among fund companies [4][5] Group 3 - Investment managers express a strong belief in the long-term potential of AI, alongside other sectors such as semiconductors, biotechnology, and clean energy, viewing AI as a "golden track" for long-term investments [5][6] - Key investment opportunities within AI are identified as the computing power and algorithm sectors, with a particular focus on storage-related opportunities in the computing power segment [6] - Companies that can integrate AI into their business models to innovate products or services are also seen as valuable investment prospects [6]

Core Viewpoint - The increase in shareholding by the controlling shareholder of Meili Xin reflects confidence in the company's development, with expectations that performance in the liquid cooling and semiconductor equipment sectors will exceed market expectations [1] Group 1: Company Performance and Strategy - The company's private placement will help accelerate capacity construction in key sectors, solidifying its leading advantage [1] - The company's "heat dissipation + die-casting" products are applicable in high-end heat dissipation areas such as 5G-A communication base station heat dissipation components, thermal management flow plates for new energy vehicles, and cold plates for intelligent driving controllers in new energy vehicles [1] - The company is one of the earliest and few enterprises in the global communication industry to achieve large-scale production of such products [1] Group 2: Future Outlook - The timing for the company's performance upgrade is approaching, with 2025 identified as a critical year for deepening transformation and solidifying the foundation [1] - The company has completed strategic layout in its core sectors, with confidence that these initiatives will translate into growth momentum by 2026, driving a return to rapid development [1] - Due to the company's increased focus on liquid cooling and semiconductors, along with the controlling shareholder's plan to increase holdings, the company's rating has been upgraded to "Buy" [1]

Core Insights - The development of Longgang Industrial Park in Shenzhen represents a transformation from low-end processing trade to a world-class industrial hub, showcasing its evolution into a diverse and high-end industrial cluster [1] Phase Summaries Initial Phase (1993 - 2000) - Longgang began its industrial journey by establishing early industrial parks to attract foreign investment, leading to the establishment of over 3,700 processing trade enterprises by 1997 [1] - The arrival of major companies like Huawei and BYD in 1998 marked a pivotal moment, laying the groundwork for future high-end industrial transformation [1] Upgrade Phase (2001 - 2017) - The focus shifted towards private and high-tech industries, with policies supporting private enterprises and the establishment of a robust electronic information industry [1] - The transformation of old industrial parks began, with significant developments like the Dawan Software Town and the integration of cultural and technological industries [1] Gathering Phase (2018 - 2021) - Longgang ranked first in the national industrial top 100 for the first time in 2018, maintaining this position for seven consecutive years [2] - The establishment of a digital creative industry corridor and the construction of the Huawei Industrial Internet Innovation Center were key initiatives during this period [2] High-Quality Phase (2022 - Present) - Longgang has developed a diverse industrial structure characterized by a "3 + 4" model, enhancing its role in empowering emerging industries [3] - The AI and robotics sectors have become core pillars, with over 350 companies in the AI industry chain and significant government support [4] - The semiconductor industry is also expanding, with a planned 138-hectare semiconductor industrial cluster expected to host 215 companies by mid-2025 [4] Emerging Sectors - The low-altitude economy is gaining momentum, with the establishment of the "Aerial High De" headquarters and the entry of multiple companies into the sector [5] - Traditional industries like eyewear are transforming through park empowerment, integrating fashion design elements [5] Spatial Expansion and Infrastructure - Longgang is continuously optimizing its industrial space, with significant projects like the second phase of the AI Town and the semiconductor industrial cluster providing high-quality office and production spaces [6] - The overall rental rate of the industrial parks remains above 70%, indicating strong demand [6] Investment and Business Development - In 2024, Longgang attracted 130 new enterprises, with a total new rental area of 127,500 square meters [7] - The establishment of a "Small and Medium Enterprises Overseas Reception Hall" in Fenglong Technology Park highlights the region's commitment to fostering international business collaboration [7] Ecosystem and Support Services - Longgang is enhancing its industrial ecosystem through various policies and services, including a three-year action plan for AI and a commitment of 10 billion yuan for AI product applications [8] - The establishment of partnerships between universities and enterprises is accelerating the commercialization of technological innovations [8]

Investment Highlights - The controlling shareholder plans to increase its stake in the company by 50 to 100 million yuan within the next six months [1] - The company intends to raise no more than 1.2 billion yuan through a targeted issuance, with funds allocated for semiconductor equipment precision components (500 million yuan), communication and automotive parts for die-casting (500 million yuan), and working capital (200 million yuan) [2] - The company has officially entered the server liquid cooling market through a joint venture with Gigabyte Innovation Green Energy Co., Ltd., aiming to provide efficient water cooling plate designs and related server cooling kits for domestic and international clients [2][3] Business Potential - The company is expected to exceed market expectations in the liquid cooling and semiconductor equipment sectors, with the targeted issuance accelerating capacity construction and consolidating its leading position [2] - The semiconductor equipment precision components segment has already begun operations, supplying products to leading clients in Shanghai and Shenzhen [3] - The collaboration with Gigabyte Innovation is expected to leverage both parties' strengths in design and mass production, focusing on high-power GPU and AI server applications [3] Future Outlook - The company is set to expand its high-end applications, supported by major clients like Huawei and Tesla, with a North American factory expected to commence production by the end of the year [3] - The company is actively developing its robotics business, having supplied aluminum-magnesium alloys to Tesla since 2016 [4] - The company anticipates a turnaround in performance, with projected net profits of -140 million yuan, 200 million yuan, and 430 million yuan for 2025 to 2027, reflecting a significant recovery and growth trajectory [4]

来源：股市你金哥 4、国产GPU企业摩尔线程在科创板上市，首日涨幅惊人，极大地激发了市场对AI算力、半导体等科技板块的热情。同时，上海卫星互联网产业生态大会的 举行，以及特斯拉人形机器人取得新进展等消息，共同推动了商业航天、人形机器人等前沿科技主题的活跃，市场形成了"多点开花"的局面。 5、部分外资机构如摩根士丹利集体唱多中国资产，并上调了部分核心公司的目标价，这对提振市场情绪起到了积极作用。 6、可控核聚变板块表现强势，据Ignition Research预计，到2050年可控核聚变行业将成为一个至少1万亿美元的市场，对应超导磁体空间超千亿美元。 二、我对后市的观点： 一、这周A股复盘： 这周A股的表现，有惊无险，周五的表现很是惊艳！我认为有以下几点： 1、"央妈"在12月5日开展了大规模逆回购操作，向市场注入短期流动性，规模创近期新高。这一操作稳定了市场对年末资金面的预期，被市场解读为明确的 宽松信号。 2、金管局发布新规，下调了保险公司投资A股部分资产的风险因子。这一政策调整直接降低了险资的资本占用，引更多中长期资金入市，对保险板块自身 及整体蓝筹股都构成利好。 3、根据市场信息，美联储在12月降息25 ...

证券研究报告 | 公司点评 | 通信设备 美利信(301307) 报告日期：2025 年 12 月 07 日 控股股东增持彰显发展信心，公司"液冷+半导体"有望超预期 ——美利信点评报告 投资要点 ❑ 近期公司催化密集： 1）控股股东拟增持公司股份 0.5~1 亿元。2025 年 12 月 5 日，公司发布公告： 公司控股股东美利信控股有限公司计划在未来 6 个月内增持 0.5~1 亿元。 2）公司拟定向增发不超过 12 亿元，投入可钎焊压铸（液冷）、半导体等项目。 2025 年 12 月 4 日，公司发布公告，拟向特定对象募集资金总额不超过 12 亿 元，计划分别用于半导体装备精密结构件建设项目（5 亿元）、通信及汽车零部 件可钎焊压铸产业化项目（5 亿元）、补充流动资金（2 亿元）。 3）公司通过合资方式正式布局服务器液冷。2025 年 11 月 22 日，公司与钜量创 新绿能股份有限公司（中国台湾）签署合作协议，双方拟新设立合资公司，共同 开拓服务器液冷关键零部件市场，为国内、国际优质客户提供高效水冷板设计、 相关液冷服务器套件的开发量产服务。 ❑ 点评：未来公司在液冷、半导体设备板块的业绩释放均有望超 ...

Core Viewpoint - The overall market performance in the current year has been positive, with most stocks experiencing an increase, but there is significant differentiation based on fundamentals [4] Group 1: Market Performance - The cyclical industries are facing weak overall demand, while some sectors benefit from positive changes on the supply side, showing signs of profit recovery [4] - The real estate sector continues to see both volume and price declines, with over half of the companies reporting losses in the first three quarters [4] - The liquor industry is also experiencing structural demand decline, with many companies reporting rare negative profit growth in a single quarter [4] - Banks are showing weak cyclical characteristics, but have achieved positive returns this year due to a favorable interest margin [4] Group 2: Investment Strategy - The differentiation in the stock market has led to varied performance among fund managers, with the current portfolio showing slower growth [5] - The focus has been on learning about sectors like AI, semiconductors, and innovative pharmaceuticals, which occupy a significant portion of research time [5] - The portfolio has not changed much, indicating a low turnover rate, suggesting that new knowledge has not been effectively integrated into investment decisions [5] Group 3: Investment Philosophy - Understanding the valuation of a stock is complex and can be both quantitative and qualitative [6] - The concept of "weight" in stocks is emphasized, where long-term dividend discounting plays a crucial role in valuation [6] - The distinction between "derivative" and "integral" investment philosophies is highlighted, with each having its own merits and challenges [6] Group 4: Risk Assessment - The value of an investment can be compared to a chicken's ability to lay eggs, where various uncertainties exist regarding its future productivity [7] - The importance of negative imagination in investment decisions is stressed, as it can help mitigate potential losses [7] Group 5: Long-term Perspective - The overall returns for investors in the secondary market are derived from total dividends minus transaction costs, emphasizing the competitive nature of investment returns [8] - The company has achieved a mixed performance over the past seven years compared to the CSI 300 Total Return Index, with a goal of navigating through market cycles successfully [8]

Group 1: Deposit Rate Adjustments - Some banks, including Hangzhou Bank, have raised deposit rates despite major state-owned banks lowering rates and withdrawing certain large-denomination time deposits [1] - Hangzhou Bank's new 3-year fixed deposit rate for new funds starting from 200,000 yuan is 1.9%, while for non-new funds it is 1.8% [1] - Other banks like Ningbo Bank and Shengjing Bank have also increased rates on certain deposit products, indicating a trend to attract deposits [1] Group 2: Insurance Fund Risk Factor Adjustment - The regulatory body has lowered risk factors for insurance companies, particularly for investments in the CSI 300 index and other specified stocks, which is expected to bring in significant incremental funds [4] - The adjustment is seen as beneficial for the A-share market, potentially supporting a long-term bullish trend [4] Group 3: Central Bank Gold Reserves - The central bank has increased its gold reserves for the 13th consecutive month, with November reserves reported at 7.412 million ounces, an increase of 30,000 ounces [5] Group 4: Public Fund Growth - The total net asset value of public funds in China reached a record high of 36.96 trillion yuan by the end of October, marking an increase of over 200 billion yuan from the end of September [6] - The popularity of equity funds has surged, with several funds exceeding 3 billion yuan in issuance since November [7] Group 5: Bond Fund Redemption Trends - A significant number of bond funds have faced large redemptions, with over 60 funds announcing redemptions since the fourth quarter began [8] Group 6: Consumer Fund Performance - Consumer-themed funds have seen declines, with some funds dropping over 10% this year, particularly in sectors like liquor and home appliances [9] Group 7: Public Fund Participation in Private Placements - Public funds have participated in private placements with a total allocation of 17.3 billion yuan in 2025, a 140% increase compared to the previous year [10] - The focus of these investments has been on sectors such as semiconductors, artificial intelligence, and innovative pharmaceuticals [11]