风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 中泰证券指出，AI应用正在加速兴起，伴随基础大模型能力提升和成本下降，越来越多的AI应用 场景被解锁，通用场景的泛ERP领域和生产力工具，以及垂直场景的金融AI、医疗IT、物理AI等领域均 有显著进展。AI算力需求持续旺盛，基础大模型厂商加速提升能力天花板，推理算力需求随之增长。 同时，信创板块在政策驱动下有望加速，党政、行业信创均将受益于自主可控战略推进。出海方面，东 南亚、中东等市场数字化需求为中国软件企业提供增长机遇，海外业务成为重要驱动力。新质生产力领 域如机器人具身智能、智能驾驶和商业航天等技术进步明显，智能驾驶L3试点加速推进，卫星互联网 建设加快。整体来看，计算机行业基本面呈现温和复苏迹象，AI应用落地和信创、出海等高景气领域 有望推动行业持续向好。 ...

在数字化浪潮下，数据已成为企业核心资产，但数据同步滞后、 跨库传输受阻、安全合规承压、维护成本高企等问题，严重制约数据 价值释 放。上海常闻信息科技 DStream 产品系列之超维数据实时同步分发平台（Hyper DSync），以业务需求为核心，凭借 "高效、安全、 兼容、智 能" 四大优势，为企业及数据服务商提供一体化数据流转 解决方案，让数据成为业务增长的强劲引擎。 无论是金融机构的实时行情分发、政务部门的跨系统数据协同，还是互联网企业的多端数据同步，亦或是数据服务商的规模化数据输出，超维 同步平台都能提供定制化解决方案。数据服务商可通过平台构建互联网化分发通道，为下游客户开通专属账户，客户自主管控同步节奏， 实 现数据获取 " 自主化、轻量化 " ；企业内部可通过平台打破数据孤岛，实现各业务系统数据高效流转，为决策分析、业务运营提供实时数据支 撑。 超维数据实时同步分发平台，以信创为基、以效率为核、以安全为盾，重构数据流转生态，助力企业在数据驱动时代抢占先机，加速数字化转 型进程，释放数据最大价值。 官网链接：上海常闻信息科技有限公司 - Dstream.数据实时同步分发平台 平台精准直击四大业务痛点， ...

Core Viewpoint - The article discusses the performance and business operations of Wuhan Gangdi Technology Co., Ltd., highlighting its focus on industrial automation and recent market activities [1][2]. Company Overview - Wuhan Gangdi Technology Co., Ltd. specializes in the research, production, and sales of products in the industrial automation sector, with main products including automation drive products and intelligent control systems [2][8]. - The company was established on September 28, 2015, and is located in the East Lake Development Zone of Wuhan, Hubei Province [7]. Business Operations - The company's intelligent control systems are integrated hardware and software products, with hardware components primarily sourced externally and software developed in-house [2]. - The revenue composition of the company includes 63.66% from intelligent control systems, 35.26% from automation drive products, and minor contributions from management system software and other sources [8]. Market Position and Recognition - Gangdi Technology has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title for small and medium enterprises in China, indicating strong innovation capabilities and market share [3]. - The company operates within the strategic emerging industries as defined by the National Bureau of Statistics, aligning with national technology innovation development strategies [3]. Financial Performance - For the period from January to September 2025, the company reported revenues of 361 million yuan, a year-on-year decrease of 3.30%, and a net profit attributable to shareholders of 43.39 million yuan, down 25.24% year-on-year [8]. - As of December 19, 2025, the number of shareholders was 8,649, a decrease of 1.37% from the previous period, with an average of 2,949 circulating shares per person, an increase of 1.39% [8]. Stock Market Activity - On December 26, the stock price of Gangdi Technology fell by 1.19%, with a trading volume of 37.13 million yuan and a turnover rate of 2.14%, resulting in a total market capitalization of 3.79 billion yuan [1]. - The stock has seen a net outflow of 2.00 million yuan from major investors today, with a ranking of 32 out of 85 in its industry [4][5].

2025年12月26日，国内病房智能通讯交互领域龙头企业山东亚华电子（301337）股份有限公司(证券简 称：亚华电子，证券代码：301337)全资子公司暨深圳第二总部——深圳亚华医鸿科技有限公司，在深 圳中粮前海创新中心正式启幕。本次活动以"致敬奋斗创新共建医鸿未来"为主题，同步举办开源鸿蒙战 略宣讲会，行业同仁、专家学者齐聚一堂，共同见证这一智慧医养产业发展的重要时刻。 亚华电子深圳第二总部深圳亚华医鸿科技有限公司开业。 作为国家级专精特新"小巨人"企业、国家知识产权示范企业，亚华电子深耕医疗智能交互领域多年，始 终以技术创新为核心驱动力，构建起覆盖病房智能通讯、医护协同管理等多场景的产品体系。截至目 前，公司产品已服务全国约510万张病床，深度赋能80家复旦版百强医院，凭借稳定的产品性能与创新 的技术方案，成为国内病房智能通讯交互领域的标杆企业。 亚华电子董事长耿斌在开业活动中致欢迎词。 亚华电子董事长耿斌在致辞中表示，亚华电子与亚华医鸿同根同源、协同发展，前者承担"守住系统、 夯实底座"的责任，后者肩负"推动系统向前、面向未来"的使命，是同一使命下的时代分工。未来，亚 华医鸿将依托深圳的创新优势，持续 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the computer sector, with the CSI Computer Theme Index rising by 1.07% as of the report, driven by significant gains in stocks such as Jiangbolong, which increased over 4% [1] - The Computer ETF (159998) saw a trading volume exceeding 45 million yuan, ranking first among similar ETFs in the Shenzhen market, with a net subscription of 9.6 million units during the session [1] - On December 24, iFlytek announced a second employee stock ownership plan, targeting core personnel with a maximum of 839.41 million shares, representing 0.36% of the total share capital, with a buyback price of 24.59 yuan per share [1] Group 2 - According to招商证券, the computer sector is expected to reach a bottom in fundamentals by Q3 2025, with a turning point in efficiency, and a stronger upward trend anticipated for 2026 [2] - The report emphasizes a focus on clear industry trends in AI, policy-driven confidence in trusted computing, and financial technology benefiting from a bullish market [2]

Group 1 - The focus on the information technology self-controllable sector is highlighted by the active performance of the Xinchuang ETF fund (562030), which saw an intraday increase of 1.55% and is currently up 1.16%, marking a potential three-day winning streak [1] - Among the constituent stocks, Axin Security showed the strongest performance with a rise of 9.86%, followed by Jiangbolong and Geer Software with increases of 5.69% and 4.27% respectively [1] - Chengdu Huami experienced the largest decline at 1.63%, while Yonyou Network and Yuntian Lefeiy showed relatively weaker performances with drops of 0.38% and 0.21% respectively [1] Group 2 - The 8th GAIR Global Artificial Intelligence and Robotics Conference recently held in Shenzhen focused on the new decade of AI computing power development, emphasizing the critical role of heterogeneous computing software ecosystems in releasing computing power [3] - According to招商证券, the computer industry saw a performance turning point in Q3 2025, with a significant increase in per capita non-net profit, indicating a trend of improving industry efficiency [3] - The Xinchuang sector continues to exceed expectations, with its replacement scope extending from party and government to core government systems and key industry applications, further expanding the industrial chain [3] Group 3 - The Xinchuang ETF fund and its linked funds track the CSI Xinchuang Index, covering core segments of the Xinchuang industry chain, including basic hardware, software, application software, information security, and external devices, characterized by high growth and elasticity [5] - The investment logic for the Xinchuang industry is driven by four key factors: international geopolitical disturbances, urgent demand for self-controllability, government support, and accelerated corporate development [5] - The macroeconomic environment is seeing increased local debt efforts, with government procurement in the Xinchuang sector expected to recover [7] Group 4 - Key investment lines in the Xinchuang sector include leading players in the mainstream Xinchuang ecosystem, urgent demand in specific fields like domestic computing ecology and industrial software, and core participants in the Huawei supply chain benefiting from the expansion of Xinchuang logic [6] - The technological advancements represented by domestic manufacturers like Huawei are expected to lead to an increase in market share for domestic software and hardware [7] - The Xinchuang sector is at a critical time point for advancement, with procurement standards becoming more refined [7]

展望后市，东兴证券指出，信创板块投资可把握三条主线： 今日（12月26日）聚焦信息技术自主可控领域的信创ETF基金（562030）继续活跃，场内涨幅一度上探 1.55%，现涨1.16%，冲击日线3连阳！ 成份股方面，截至发稿，亚信安全表现最为强劲，涨幅达到9.86%，江波龙和格尔软件紧随其后，涨幅 分别为5.69%和4.27%。另一方面，成都华微跌幅最大，下跌1.63%，用友网络和云天励飞表现相对较 弱，跌幅分别为0.38%和0.21%。 消息面上，第八届GAIR全球人工智能与机器人大会近日在深圳举行，聚焦AI算力新十年发展，海光信 息出异构计算中软件生态对算力释放的关键作用。同期，摩尔线程在MDC 2025大会上发布MUSA 5.0架 构及PyTorch扩展库，推动国产GPU深度学习生态建设。 招商证券指出，计算机行业2025Q3出现业绩拐点，人均扣非净利润大幅增长，行业人效水平提升趋势 有望延续。AI领域重点关注三类方向：提升生产效率的通用工具、垂直场景AI应用及端侧AI硬件。信 创板块景气度持续超预期，替换范围从党政延伸至政务核心系统及行业关键应用，产业链环节进一步拓 展。 中信证券指出，科技博弈背景下 ...

Core Viewpoint - The company is facing significant challenges due to its reliance on a low-margin, high-turnover business model, particularly in its IT distribution and real estate sectors, which has led to a decline in profitability despite revenue growth [2][5][7]. Group 1: Financial Assistance and Debt - The company announced a shareholder loan of up to 150 million yuan at an interest rate of 4.52% to its subsidiary, which has historically received annual loans since its establishment in 2016 [1]. - The total amount of external guarantees provided by the company and its subsidiaries has reached 65.245 billion yuan, with 60.5 billion yuan guaranteed for subsidiaries with over 70% debt-to-asset ratios [1]. Group 2: Business Model and Profitability - The company's traditional IT distribution business has a net profit margin consistently below 1%, indicating a clear trend of revenue growth without corresponding profit increases [3][5]. - Despite a significant increase in revenue from 40.531 billion yuan in 2016 to 128.166 billion yuan in 2024, the net profit has remained below 1 billion yuan for most years, with only slight increases in 2022 and 2023 [4][5]. Group 3: Inventory and Financing - The company's inventory has increased from 4.6 billion yuan to 17.3 billion yuan since its listing, leading to a significant rise in short-term liabilities, which have nearly tripled [5]. - The cash on hand is only 6.574 billion yuan, creating a substantial gap between cash and short-term debt [5]. Group 4: Real Estate Investment Impact - The company's investment in the Shenzhen Bay headquarters project, totaling over 7 billion yuan, has negatively impacted its financial statements, particularly with a fair value change of -386 million yuan in 2024 [6]. Group 5: Transition to New Business Models - The company is attempting to shift its business model by increasing R&D investments, which have grown at over 20% annually since 2019, and expanding its workforce in this area [8][9]. - The revenue contribution from self-branded and cloud services remains low, at around 7%, despite these segments showing high growth potential [9][10]. Group 6: Strategic Outlook - The management has identified key areas for growth, including the domestic PC market and AI applications, indicating a strategic pivot towards higher-margin business opportunities [10][11].

今日（12月25日）聚焦信息技术自主可控领域的信创ETF基金（562030）逆市活跃，场内价格一度涨近1%，现涨0.78%，盘中收复20日线、年线，冲击日 线2连阳！ 成份股方面，成都华微领涨超10%，南天信息涨逾5%，亚信安全、信安世纪涨逾2%，卓易信息、天融信、恒生电子等个股跟涨。 3、华为产业链核心参与者：受益于信创逻辑向华为生态的扩散。 1、主流信创生态龙头：在党政和央国企信创中积累了行业经验与产品迭代优势，形成护城河； 2、自主可控需求紧迫的细分领域：包括国产算力生态以及工业软件领域，国内竞争格局较优； 【扎根自主可控，护航国家安全】 聚焦信息技术自主可控领域的信创ETF基金（562030）及其联接基金（A类：024050；C类：024051）被动跟踪的中证信创指数，覆盖基础硬件、基础软 件、应用软件、信息安全、外部设备等信创产业链核心环节，指数具备高成长、高弹性特征，当前形势下，重点关注信创产业的四重投资逻辑： 图：信创ETF基金标的指数涨幅前10大成份股 | 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 | 成交额 | | --- ...

[Table_Reportdate] 2025年12月25日 [table_summary] ➢ 1.美国经济展现超预期韧性——海外观察：美国2025年三季度GDP数据点评 ➢ 2.海光信息（688041）：国产CPU领军企业，DCU卡位算力芯片千亿蓝海——公司深度报 告 [证券分析师： Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251225 重点推荐 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 纪 要 ➢ 1.北京调整住房限购政策：放宽非京籍家庭购房条件 支持多子女家庭住房需求 ➢ 2.人民银行：将开展4000亿元MLF操作 ➢ 3.央行重要会议发声：维护资本市场稳定 ➢ 4.央行等多部门联合发布《关于金融支持加快西部陆海新通道建设的意见》 ➢ 5.《鼓励外商投资产业目录(2025年版)》发布 | 1. 重点推荐 | ...