Core Viewpoint - The decline in electricity prices is primarily affecting the industrial sector, creating significant investment opportunities, particularly in the electrolytic aluminum industry, which benefits the most from lower electricity costs [1][2]. Group 1: Impact on Industries - The electrolytic aluminum industry is the most positively impacted, as electricity accounts for approximately 30% of production costs, with about 13,500 kWh required to produce one ton of aluminum. The industry's electricity consumption represents about 7-8% of total social electricity usage [2]. - The chemical industry is also positively affected, as it requires substantial electricity for production, such as 14,000 kWh for one ton of yellow phosphorus and 6,000 kWh for one ton of PVC. However, unlike electrolytic aluminum, the chemical industry's capacity is not strictly limited, which may lead to profit dilution as costs decrease [4]. - The steel industry faces challenges despite lower electricity costs, primarily due to weak demand from the real estate sector, which constitutes about 25% of steel demand. The decline in new housing starts has significantly reduced steel consumption [4]. Group 2: Market Reactions and Trends - The recent drop in electricity prices has led to a continued sell-off in power stocks, with companies like Huaneng International, Huadian International, and Guodian Power experiencing declines of 3.8%, 2.4%, and 3% respectively [1]. - The robot industry is gaining traction, with suppliers meeting Tesla to discuss production capacity and pricing, indicating a shift from speculative interest to tangible orders, which has resulted in a 4.3% increase in the robot ETF [6]. - The precious metals market has seen significant volatility, with gold and silver prices dropping 4.4% and 10% respectively due to increased margin requirements on futures contracts, leading to a withdrawal of speculative positions [7].

（原标题：大众汽车近90年来首度关闭德国工厂） 智利比奥比奥电台（biobiochile）12月19日报道，大众汽车本周关闭了Gl?serne Manufaktur工厂，这是近88年来其首次在德 国关停生产设施。该工厂自2001年运营至今，24年间累计生产了165508辆汽车。此次关停是大众集团为应对严峻财务危 机、实施产能重组计划的一部分。根据规划，公司将在2028年前将德国本土产能削减超过73万辆/年，并在2030年前通过自 然减员、内部转岗、提前退休或协议解约等方式减少3.5万个工作岗位，但承诺不进行强制裁员。原工厂将被改造为专注于 人工智能、机器人、微电子和芯片设计等领域的创新中心，明年起将有约230名员工在此工作，未来人数将随年长员工逐步 退出而减少。此次关停也折射出德国汽车行业的整体困境，大众、奥迪和奔驰总部所在城市因企业利润下滑导致税收锐 减，正面临预算缺口扩大、被迫举债或削减支出的财政压力。行业危机被归因于国际竞争加剧、外部需求下降以及国内成 本高企等多重挑战。 ...

■张敏 2025年，A股市场交易活跃度持续提升。截至12月30日，全年累计成交金额达417.8万亿元，同比增长超 60%。在此之前，上证指数连续9个交易日上涨，引发市场广泛关注。 在政策护航下，2025年，多个高科技领域迎来了从技术突破到产业落地的关键跨越，生动印证了市场正 在实践的科技叙事。 今年以来，以DeepSeek为代表的国产大模型取得关键突破，推动行业重心从技术攻坚转向真实场景落 地；机器人领域加速从"技术展示"到"商业闭环"的快速演进，以宇树科技为代表的企业不仅产品亮 相"惊艳全场"，更凭借亿元级商业订单，完成了从实验室到规模化赋能产业的进阶；国产创新药全年对 外授权(licence-out)金额突破1000亿元大关，凸显行业全球竞争力提升；商业航天领域，朱雀三号、长 征十二号甲先后发射，不仅实现了技术上的重大突破，更进一步推动可重复使用火箭技术从试验阶段迈 向工程化应用。 这些高新科技产业的崛起，不仅展现了各自鲜明的演进路径，更强劲拉动了上下游产业链的订单增长与 整体价值提升。 制度护航与产业突破形成合力，正深刻改变A股市场的整体生态。 这种变化最直观的体现是A股行业结构的优化。十年前，金融、地 ...

Group 1 - Dongjie Intelligent has decided to terminate the planning of a major asset restructuring involving the acquisition of control over Aobo Intelligent Technology, with no adverse impact on its business operations or financial status [2] - Aobo Intelligent's stock will resume trading on December 31, 2025, after a one-month commitment not to plan any major asset restructuring [2] - Aoyuan Ceiling announced a change in its actual controller to Shi Qiming, following a share transfer agreement involving significant shareholders [3] - The share transfer price is set at 29.41 yuan per share, with the new controller acquiring a total of 29.99% of the voting rights [3] Group 2 - Mingde Bio plans to acquire 100% of Wuhan Bikaier Rescue Supplies Co., Ltd. for cash, which is expected to constitute a major asset restructuring [4] - The acquisition will enhance Mingde Bio's emergency rescue business, extending its services from medical institutions to industrial and household scenarios [4] - China National Airlines intends to purchase 60 Airbus A320NEO aircraft for a total catalog price of approximately $9.53 billion, with deliveries scheduled between 2028 and 2032 [6] Group 3 - Guotou Zhonglu plans to issue shares to acquire 100% of China Electronic Engineering Design Institute for a transaction price of 6.026 billion yuan [7] - Jiangmei Packaging has experienced significant stock price fluctuations, with a potential application for suspension of trading if prices continue to rise abnormally [8] - Shichuang Energy's actual controller has undergone a divorce, resulting in a transfer of shares valued at approximately 446 million yuan [9] Group 4 - Shengxin Lithium Energy intends to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan, aiming for full ownership post-transaction [10] - Yanshan Co. plans to acquire a 51% stake in Wukuang Yanshan for 4.605 billion yuan, with the transaction subject to shareholder approval [11] - Enjie Co. plans to use up to 3 billion yuan of idle funds to purchase bank wealth management products [12] Group 5 - Zijin Mining expects a net profit increase of 59%-62% for 2025, driven by higher production and sales prices of key mineral products [17] - Zhongju High-tech plans to repurchase shares worth between 300 million and 600 million yuan for capital reduction purposes [19] - Baili Tianheng intends to repurchase shares for 100 million to 200 million yuan, with a maximum price of 546 yuan per share [20] Group 6 - Shenxin Technology's major shareholder plans to reduce its stake by up to 3% due to funding needs [23] - Chaojie Co. has completed its previously disclosed share reduction plan, with a total reduction of 3.00% of the company's total shares [24] - Youbo Technology's major shareholder plans to reduce its stake by up to 2.96% for operational needs [25] Group 7 - Shensi Electronics has won a bid for a 200 million yuan project related to low-altitude flight management services [29] - Zhejiang Construction's subsidiary has signed an 1.8 billion yuan construction contract for a university campus project [30] - Jinpan Technology has signed a contract for an overseas data center project worth approximately 696 million yuan [31]

Core Viewpoint - The company has achieved significant revenue and profit growth in the first three quarters of 2025, focusing on emerging businesses such as industrial AI and robotics, which are expected to drive future development [1] Financial Performance - In the first three quarters of 2025, the company reported a revenue of 5.654 billion yuan and a net profit attributable to shareholders of 432 million yuan [1] - The industrial AI product TPT generated a revenue of 154 million yuan, while the robotics business contributed 122 million yuan [1] Strategic Focus - The company is actively shifting its strategic focus towards high-potential emerging businesses, particularly in industrial AI and robotics, and has made positive progress in these areas [1] - The company aims to continue investing in and industrializing emerging businesses, integrating artificial intelligence deeply into its product and technology systems to create new development opportunities [1]

Core Viewpoint - The mining industry is a crucial pillar of national economic development, and the implementation of intelligent construction is essential for promoting safe mining operations and ensuring national energy resource security [1] Group 1: Policy and Direction - On November 7, the State Council issued an implementation opinion aimed at accelerating the cultivation and large-scale application of intelligent mining safety production scenarios [1] - The National Mine Safety Administration emphasized that the new policy provides clear direction and focus for the intelligent construction in the mining safety sector [1] Group 2: Technological Integration - The National Mine Safety Administration plans to enhance collaboration with relevant departments and increase policy and financial support for the integration of new technologies such as industrial internet, artificial intelligence, unmanned driving, and robotics with traditional mining techniques [1] - The focus will be on building intelligent application scenarios across the entire mining production, safety, and management processes, fostering new productive forces in mining [1]

此外，市场的积极变化还体现在市场信心的提升上。沪指"十连阳"向市场传递了积极的信号，增强了投 资者对A股市场的信心。随着市场生态的改善，越来越多的投资者愿意将资金投入到股市中，为A股市 场提供了充足的资金支持。同时，信心的提升也吸引了更多的长期资金，如社保基金、养老金等，这些 资金的入市将进一步优化市场的投资者结构，促进市场的健康发展。 不过，连续的小阳线不可能永远持续下去，当投资者集中认可了未来的慢牛走势，可能会引发买入力量 的集中爆发，并形成后续的买入力量短期枯竭，从而引发股市短期回调走势，这都属于正常现象。毕竟 没有只涨不跌的股市，但从长期来看，小阳线、多阳线走势的持续性显然更好。 值得注意的是，"十连阳"之下并非所有的投资者都能赚到钱，毕竟小阳线、多阳线行情利好的是中长期 持股的价值投资者，频繁交易的投机者反而可能更容易亏钱。 总之，沪指"十连阳"是A股市场积极变化的一个缩影。板块轮动合理、投机情绪下降等变化，为A股市 场的长期稳定发展奠定了坚实的基础，这也是价值投资型股市的基本特征。 北京商报评论员 周科竞 沪指K线出现"十连阳"，创年内新纪录。指数的多阳、小阳远好于单次的大阳，"十连阳"的走势也意 ...

【解剖大盘】 今天是港股期结日，午后出现一波拉升，显示多头情绪占优，收盘涨 0.86%。 外交部发言人宣布：韩国总统李在明将于 2026 年 1 月 4 日至 7 日对中国进行国事访问。从泰柬边境冲 突缓和到韩国来访，亚太地区依旧稳定。 资金涌入拉升汇率，12 月 30 日，在岸人民币兑美元升破 7.0 关口，最高触及 6.9960，涨幅达 0.1%，创 2023 年 5 月 17 日以来最高水平。主要受外资流入、经济增长复苏预期以及科技板块乐观情绪支撑。汇 率拉升同时，股市也同步跟进。 对于解放军东部战区"正义使命-2025"演习，特朗普在美国佛罗里达州对记者表示，他并不担心台海周 边局势，自己与中方关系很好，相信中方不会对台开展军事行动。 这种表态已经很明确，美国收缩回北美，亚太已经无暇顾及，重点方向在于自家后花园。当地时间 12 月 30 日，媒体援引知情人士消息称，受特朗普政府封锁施压，委内瑞拉国有炼油厂陷入储油空间耗 尽、库存持续积压的困境，该国国家石油公司(PDVSA)已于 12 月28 日启动境内部分油井的关停工作。 这势必引发石油供给的紧张，中海油(00883)、上海石油化工(00338)、中 ...

Group 1: Business Overview - The company achieved a revenue of 1,143.20 million CNY in the first three quarters of 2025, representing a year-on-year growth of 18.10% [5] - The net profit attributable to shareholders was 121.58 million CNY, with a year-on-year increase of 50.40% [6] - The net profit after deducting non-recurring gains and losses was 97.07 million CNY, showing a significant growth of 102.52% [6] Group 2: Product Performance - The spindle products generated a revenue of 758.00 million CNY, accounting for 66.31% of the main business income, with a year-on-year growth of 30.32% [7] - Revenue from functional components such as rotary tables, reducers, and linear motors was 168.34 million CNY, representing 14.73% of total revenue, with a growth of 15.69% [7] - Infranor group's motion control products saw a revenue decline of 14.20%, totaling 201.42 million CNY [7] Group 3: PCB Market Position - The company holds over 60% market share in the mechanical drilling spindle market and over 80% in the forming machine spindle market [9] - The growth in PCB-related sales is driven by the increasing demand for AI computing infrastructure and the ongoing upgrade of consumer electronics [8] Group 4: Robotics Business Development - The robotics segment is structured as "N+1+3," focusing on core components and three business scenarios: beauty, factory loading/unloading, and electric vehicle charging [10] - Revenue from robotics-related components is currently small and does not significantly impact overall performance [11] - The company has achieved significant advancements in robotics components, with precision metrics surpassing international standards [11] Group 5: Commercial Aerospace Sector - The company has initiated business cooperation with Blue Arrow Aerospace in the commercial aerospace sector, although specific details are confidential [3] - As of September 30, 2025, revenue from commercial aerospace-related business accounted for approximately 1% of the main business income [3] - The commercial aerospace industry is expected to enter a phase of scaled development around 2026-2027, presenting new market opportunities [2]

明天是今年最后一个交易日，到底是持股还是持币过节，如果持股到底该拿什么？咱们先用数据说话， 从股指期货多空持仓来看，今天多空都在加仓，但是空头加仓动作更为明显，说明经历了九连阳之后， 市场心理层面开始承压，空头就是想抓住这个机会制造调整机会，不过咱们前面也讲过，历史上九连阳 后即便有调整也改变不了上涨趋势，所以明天即便有回踩也应该是低吸的机会，鉴于市场做多意愿强 烈，可以保持一定的仓位持股过节，但是仓位不宜过重，节后如有更低的点位可以考虑适当加仓。 情绪今天依然是分歧状态，从26号开始连续三天，下跌家数都在3300家以上，既然今天是出金日，那么 该走的都走的差不多了，明天情绪这边存在修复机会，但是今晚出了两个消息，一个是平潭再度触发异 动，晚间还有可能延长监管，另一个是天普遭遇停牌核查，这样的话，明天情绪修复的预期就得降低， 而且还得看指数的脸色行事，指数好那就修复力度大些，指数差那就修复力度小些甚至直接走成修复转 分歧，此外修复方向也需要甄别对待，要么选择近期资金集中攻击的方向择机低吸，要么寻找低位补涨 空间大的做个潜伏。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 说到资金集中攻击的方向，节前基 ...