Group 1 - Meta's acquisition of the startup Manus has surprised the venture capital community, highlighting the rapid wealth creation in AI entrepreneurship and the potential energy of a new technological revolution [1] - The launch of the "AI Six Little Dragons" company, Zhiyuan AI, on the Hong Kong Stock Exchange, and the 1000% surge in the stock price of the newly listed optical component company, Hengtong Light, reflect the excitement surrounding technological advancements [1] - The release of the Deepseek-R1 in early 2025 ignited enthusiasm in China's tech sector, showcasing innovations such as exoskeleton robots and liquid rockets, indicating a shift towards a new era of technological exploration [2] Group 2 - The Nobel Prize in Economic Sciences awarded to economists including Joel Mokyr emphasizes the importance of innovation-driven economic growth, aligning with the optimistic view of technology's role in societal advancement [2] - The narrative of technological progress is intertwined with historical reflections on human aspirations, suggesting that optimism about technology can drive societal progress despite geopolitical and social challenges [3] - The focus for the future should be on technologies that enhance human courage and empathy rather than merely replacing human roles, advocating for a future that prioritizes human values alongside technological advancements [3]

2025年收官日，中国A股平稳落槌，主要股指涨跌互现；上证指数更以罕见的"十一连阳"为全年行情画上圆满句号。 截至收盘，上证指数报3968点，微涨0.09%，全年累计上涨逾18%；深证成指报13525点，跌0.58%，全年涨幅仍逾29%；创业板指报3203点，跌 1.23%，全年飙升逾49%。 受访人士指出，经历数月横盘震荡，筹码已充分沉淀，元旦后A股有望延续升势。一旦沪指突破4000点，"牛市下半场"将正式开启，机器人、AI应 用、商业航天等高景气赛道或成资金最强风口。 市场交投降温，今日成交额2.07万亿元，较前一交易日缩量约958亿元；杠杆资金依旧活跃，截至12月30日，沪深京两融余额升至2.56万亿元。 国防军工大爆发 今日指数多数收绿：沪指微涨0.09%，报3968.84点；创业板指跌1.23%，报3203.17点；深证成指下滑0.58%。沪深300、上证50、北证50均小幅走低， 科创50跌逾1%。 盘面上，板块跌多涨少。CPO概念、英伟达概念、F5G概念跌幅均超过2%，光通信模块、AI芯片、半导体、通信设备、消费电子设备、机器人等概 念跌幅靠前。贵金属、航空航天设备、通信运营、天基互联、北斗导航 ...

在汽车行业竞争日趋白热化的时候，长安汽车（000625.SZ）试图通过定增补充"弹药库"。 2025年12月29日，在长安汽车金融城会议室召开的董事会上，审议通过了《关于终止公司2024年度向特定对象发行股票事项的议案》和《关于公司2025年 度向特定对象发行A股股票涉及关联交易的议案》。 黄桷树财经注意到，对于长安汽车的定增，资本市场算得上是冷眼相待。2025年12月30日至12月31日，2025年版定增方案披露后的前两个交易日，长安汽 车股价累计下跌0.34%。 2025年版定增方案和2024年版定增方案相比，有三点变了。 一是发行价格，2025年版是"9.52元/股"，2024年版是"11.78元/股"。 三是限售期，2025年版增加了对发行前持股的限售要求，即中国长安汽车集团及其控制的企业在本次发行前所持有的公司股份在本次发行完成后十八个月 内不得转让，2024年版没有对发行前持股的限售要求。 2025年版定增方案和2024年版定增方案相比，有两点是未变的。 一是募集资金总额均不超过60亿元，核心投向均为"新能源车型及数智平台开发项目"与"全球研发中心建设及核心能力提升项目"。 二是发行数量，2025 ...

A股2025年本周三收官，沪指以红盘报收。截至收盘，沪指上涨0.09%报3968.84点，深成指下跌 0.58%，科创50、创业板均下跌逾1%。回顾全年，沪指上涨18.4%，深成指上涨29.9%，科创50上涨 36%，创业板指数上涨49.6%。数据显示，全年近八成个股上涨，逾500只个股翻倍。展望2026年，大多 业内人士认为，市场反弹将延续，可重点关注科技股和消费股。 通信、有色、电子涨幅居前 2025年注定载入中国资本市场发展史册：A股总市值首破百万亿元大关，实现历史性体量跨越。市值规 模居全球第二，仅次于美股。 纵观全年，A股主要指数均在4月初触底后一路高歌猛进，沪指从年内低位3040点起步，一度冲破4000 点大关，全年涨幅接近20%，创出近6年来最佳年度表现。 从市场风格来看，成长股呈现领涨态势。AI算力、新能源、半导体等科技主线成为2025年市场核心驱 动力。业内认为，这一轮科技成长行情并非偶然，背后是政策、技术、资金三重力量的共振。政策底与 产业底的叠加，为科技企业营造"天时"；关键技术突破打破"卡脖子"困境，构建"地利"；全球资金再配 置下的"中国资产重估"，带来"人和"。 根据统计，从行业来 ...

Core Viewpoint - The A-share market experienced significant growth in 2025, with major indices showing impressive gains and a total market capitalization increase of 25.30 trillion yuan, reflecting a robust performance driven by high-tech industries and emerging sectors [2][3][5]. Market Performance - The major indices for 2025 recorded the following gains: - Sci-Tech 100: +54.63% - ChiNext Index: +49.57% - Shenzhen Component Index: +29.87% - Shanghai Composite Index: +18.41% [4][6]. - The total market capitalization of A-shares reached 118.91 trillion yuan, up from 93.61 trillion yuan at the beginning of the year, marking a 27.03% increase [5][6]. Sector Contributions - High-tech industries contributed significantly to the market capitalization increase, with the information technology, materials, and industrial sectors accounting for over 60% of the total market value growth [6]. - The electronics, instruments, and components sector saw its market capitalization rise from 5.26 trillion yuan to 8.82 trillion yuan, an increase of 3.55 trillion yuan, making it the sector with the highest market value growth [6]. Individual Stock Performance - The stock with the highest increase in 2025 was Shangwei New Materials, which surged by 1820.29%, earning the title of "King of Gains" for the year [6]. - Other notable performers included Tianpu Co., which rose by 1645.35%, and *ST Yushun, which increased by 719.38% [6]. Future Market Outlook - Institutions are optimistic about the market's performance in 2026, with expectations of a "slow bull" market and continued upward momentum [7][8]. - Analysts predict that the overall performance of listed companies will improve, supported by favorable economic policies and liquidity conditions [8][9]. - The technology sector is expected to remain a key focus, with ongoing trends in AI and other high-tech industries driving growth [9].

来源：上海证券报·中国证券网 2025年已经圆满收官。回顾全年资本市场，在震荡与机遇的交织中，走出了一条清晰的慢牛上行轨迹。 权益市场多点开花，核心指数悉数飘红，截至12月31日，上证指数全年累计上涨18.41%，深证成指涨 幅达29.87%，创业板指劲升49.57%，科创综指亦录得46.30%的亮眼涨幅。债券市场则呈现N型震荡格 局，10年期国债收益率全年运行于1.6%—1.9%区间。 岁末已至，2026年的市场大幕即将拉开。新一年市场将如何演绎？又有哪些核心主线值得布局？鑫元基 金为您深度展望！ 【鑫元基金市场研究部】 2025年，A股市场在政策驱动与流动性充裕的双重作用下，整体呈现出震荡上行的格局。年初，随 着"9·24"政策组合拳的出台，市场信心得到显著提振，A股从低位开启了一轮强劲反弹。二季度初，市 场由于地缘政治因素出现一定快速调整后，整体趋势依然向上。全年来看，A股主要指数均实现正收 益，结构性机会层出不穷。 从市场驱动因素看，2025年A股的上涨主要由估值修复和资金推动所驱动。一方面，经历前期调整后， A股整体估值处于历史低位，政策利好催生了显著的估值重估行情。另一方面，充裕的流动性为市场提 ...

Investment Rating - The report suggests a structural market outlook for the North Exchange, with a focus on sectors benefiting from policy support and strong growth potential, such as robotics, commercial aerospace, artificial intelligence, and smart driving [3]. Core Insights - The North Exchange A-shares trading volume reached 19.08 billion yuan on December 30, 2025, an increase of 610 million yuan from the previous trading day, with the North Exchange 50 Index closing at 1450.64, down 0.40% [7][3]. - The report highlights the upcoming listing of Hengtong Light, a national-level specialized and innovative company in the optical communication sector, which is expected to attract market attention due to its strong performance and applications in AI data centers [3]. - The report emphasizes the importance of structural opportunities in the market, driven by policy dividends, expectations of new capital inflows, and the supply of quality new stocks [3]. Summary by Sections Market Review - On December 30, 2025, the North Exchange A-shares trading volume was 19.08 billion yuan, with 287 companies listed, of which 106 rose, 6 remained flat, and 175 fell [7][16]. - The top five gainers included Tianming Technology (30.0%), Fengguang Precision (17.6%), and Chunguang Intelligent (11.0%), while the top five losers included *ST Guandao (-29.5%) and Tianli Composite (-11.7%) [16][17]. Important News - The Ministry of Industry and Information Technology and three other departments issued a plan for the digital transformation of the automotive industry, aiming to enhance the maturity level of intelligent manufacturing capabilities by 2027 [18]. - Several eVTOL products are expected to obtain certification in 2026, indicating a burgeoning low-altitude economy market [19]. Key Company Announcements - Ainanju plans to reduce its shareholding by up to 1,471,700 shares, accounting for 1.1309% of the total share capital [22]. - Qilu Huaxin announced the lifting of restrictions on 1,352,000 shares, representing 0.97% of the total share capital, effective January 8, 2026 [20].

12月31日，科技方向集体承压。指数层面，中证人工智能主题指数下跌1.0%，上证科创板人工智能指数下跌0.04%。资金逆势布局，人工智能ETF （159819）全天净申购达5000万份。 回顾2025年，科技方向表现亮眼，人工智能是市场一大主线，CPO、存储芯片、机器人等细分概念轮番活跃，指数层面，人工智能ETF（159819）跟踪的中 证人工智能主题指数年内涨超67%，科创人工智能ETF（588730）跟踪的上证科创板人工智能指数年内涨超50%。 每日经济新闻 ...

Core Viewpoint - Leapmotor aims to achieve an annual sales target of 4 million vehicles in the next decade, following its previous goal of 1 million by 2026, positioning itself among the top players in the automotive industry [2][15]. Group 1: Sales and Market Position - Leapmotor's CEO, Zhu Jiangming, stated that the current top ten automotive companies are achieving around 4 million units in sales, and Leapmotor aspires to join this group [2][18]. - The company currently ranks sixth or seventh among all automotive manufacturers in terms of sales volume, including traditional and new energy vehicle makers [3][16]. - Leapmotor aims to improve its ranking by 1-2 positions annually to enhance its market position [3][16]. Group 2: Product Development and Pricing Strategy - The launch of the D series, including the D19 and D99 models, marks Leapmotor's entry into the high-end market, with a pricing strategy based on cost rather than luxury [3][16]. - The D series is priced between 250,000 to 300,000 yuan, which is higher than previous models but is positioned to compete with vehicles priced between 500,000 to 1 million yuan in terms of quality and value [3][16]. Group 3: Strategic Partnerships - The recent investment from FAW (First Automobile Works) represents the first time a state-owned enterprise has invested in a new energy vehicle startup, enhancing Leapmotor's brand recognition and trust in the market [4][17]. - The partnership with FAW is expected to provide advantages in manufacturing, capacity, and alignment with national policies, creating opportunities for mutual benefit [4][21]. - Leapmotor emphasizes maintaining control by its founding team despite the new investment, ensuring stability and governance [4][22]. Group 4: Technology and Innovation - Leapmotor is cautious about investing in emerging technologies like robotics and AI, focusing on practical applications that deliver value to users within a three-year return on investment framework [3][19]. - The company aims to balance efficiency and investment in automation, ensuring that any new technology implemented can yield tangible benefits [3][19]. Group 5: Future Outlook and Market Perception - Leapmotor's leadership believes that the company's true value is not reflected in its current market performance, indicating potential for growth and increased investor confidence [10][24]. - The company plans to enhance market understanding of its long-term vision and product quality to align its market valuation with its operational achievements [10][24].

Group 1 - The chemical sector experienced fluctuations on December 31, with the chemical ETF (516020) closing down 0.23% [1][10] - Key stocks in the petrochemical, lithium battery, and modified plastics sectors saw significant declines, with Dongfang Shenghong down 4.22% and several others dropping over 2% [1][10] - The chemical ETF (516020) has shown a remarkable annual increase of 41.09%, outperforming major indices like the Shanghai Composite Index (18.41%) and the CSI 300 Index (17.66%) [3][12] Group 2 - The chemical sector has been a popular investment tool, with the chemical ETF (516020) attracting significant net inflows, totaling 246 million yuan over the last five trading days [4][13] - The lithium battery supply chain has seen a rise in both volume and price, with industrial-grade lithium carbonate reaching 116,000 yuan per ton and lithium iron phosphate prices increasing by over 15% [6][14] - Looking ahead to 2026, the chemical sector is expected to benefit from macroeconomic recovery and supply-side policy advancements, leading to improved profitability [15] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, with nearly 50% of its holdings in large-cap leading stocks, providing investors with opportunities in various chemical sub-sectors [7][15] - Investors can also consider the chemical ETF linked funds (Class A 012537/Class C 012538) for exposure to the chemical sector [15]