Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [24]. Core Insights - The Ministry of Commerce has announced a countervailing policy against EU dairy imports, which is expected to accelerate domestic product substitution and stabilize raw milk prices. The policy will impose temporary countervailing measures on EU dairy products starting December 23, 2025, with subsidy rates ranging from 21.9% to 42.7% [2][8]. - The policy targets high-fat dairy products, particularly cheese and cream, which have a high dependency on imports. This is expected to significantly increase the cost of EU products, thereby enhancing the price advantage for domestic manufacturers [8]. - The domestic dairy processing industry has historically relied on imports due to high raw milk costs and immature technology. The report estimates that the domestic production of similar products accounted for only 14%-18% in 2023, indicating a substantial market opportunity for local producers [8]. Summary by Sections Industry Overview - The food and beverage industry comprises 126 listed companies with a total market capitalization of 46,266.30 billion and a circulating market value of 45,144.74 billion [5]. Market Performance - The absolute performance of the industry over the past month is -2.1%, with a 6-month performance of 2.7% and a 12-month performance of -4.9%. Relative performance shows a decline of -5.9% over one month, -17.1% over six months, and -22.4% over twelve months [6]. Policy Impact - The countervailing measures are expected to create a market space of approximately 20 billion for cream and 14 billion for cheese, accelerating domestic substitution. The report highlights that the production capacity of deep processing projects is expected to consume over 400 million tons of raw milk, potentially leading to a reversal in the raw milk cycle by the second half of 2026 [8]. Investment Opportunities - The report identifies three main investment opportunities: - Domestic substitutes that will directly benefit from the policy, with a focus on companies like Lihigh and Miaoke, which are positioned to capture high-end market segments [8]. - Dairy farms such as Youran and Modern Dairy, which are expected to benefit from a reversal in raw milk prices [8]. - Leading dairy companies like Yili and Mengniu, which are anticipated to strengthen their competitive edge through accelerated deep processing business and improved operational stability [8].

Industry Overview - The mechanical equipment industry has increased by 48.96% from the beginning of 2025 to November 30, 2025, outperforming the CSI 300 index, which rose by 15.04%, resulting in a relative return of 33.92%, ranking 7th among 31 primary industries [1] - Demand is under pressure, particularly in external markets, as indicated by the decline in manufacturing PMI and shrinking export orders, leading to an "active destocking" cycle [1] - Despite macroeconomic fluctuations, the structural trend of industrial upgrading is expected to continue driving the industry towards high-end and intelligent development [1] Growth Tracks Humanoid Robots - Investment logic indicates a reversal from a low point, with clear bottom characteristics; the industry is approaching a critical mass for mass production both domestically and internationally [2] - Investment suggestions include focusing on "certainty" and "new technologies," with recommended stocks being Hengli Hydraulic, Sanhua Intelligent Control, Lude Harmony, Dongmu Co., Haichang New Materials, and Lixing Co. [2] Gas Turbines - The core driving force is the historical opportunity created by the power gap in North America; AI computing power is igniting an "arms race" in electricity [3] - Investment suggestions focus on the complete machine segment (dominated by foreign capital) and core component segments (domestic support), with recommended stocks including Dongfang Electric, Shanghai Electric, Jereh, Yingliu, Haomai Technology, and Liande [3] Liquid Cooling - The core driving logic shifts from "air cooling limits" to "liquid cooling necessity," driven by the exponential growth in AI chip power consumption [4] - Investment suggestions include short-term focus on cold plate volume and long-term on technological changes and domestic replacements, with recommended stocks being Invec, Shenling Environment, Highland, Tongfei, Feirongda, Zhongshi Technology, and Juhua [4] Cyclical & Overseas Tracks Engineering Machinery - The core logic includes domestic demand recovery driven by policy support and renewal cycles, alongside significant growth potential in overseas exports [5] - Investment suggestions focus on leading manufacturers with global layouts and improved profitability, with recommended stocks including Sany Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, Hangcha Group, Anhui Heli, and Zhejiang Dingli [5] Mining Machinery - Investment logic highlights the global capital expenditure upturn and the shift from "import dependency" to "self-control," with significant growth potential [6] - Investment suggestions include short-term focus on equipment updates driven by global mining capital expenditure recovery and long-term focus on leading Chinese companies transitioning from equipment manufacturers to solution providers, with recommended stocks including XCMG, Zoomlion, Beifang, Shantui, and others [6] Investment Recommendations - The mechanical sector maintains a "recommended" rating, with aggressive investment directions in humanoid robots and AI infrastructure (gas turbines + liquid cooling) [7] - Stable investment directions include engineering machinery and mining machinery, characterized by low valuations and visible earnings growth [7]

Group 1: Food and Beverage Industry - The EU's anti-subsidy measures on dairy products have been implemented, which is expected to accelerate the domestic substitution in deep processing of dairy products. The measures include temporary anti-subsidy deposits on EU dairy imports starting December 23, 2025 [3] - From 2020 to March 2024, EU dairy product imports accounted for 23.6% to 34.6% of China's total dairy imports. The imposition of anti-subsidy taxes is likely to drive the deep processing business to shift domestically [3] - Domestic dairy companies such as Miao Ke Lan Duo, Yili, Mengniu, and Li Gao are focusing on deep processing, with current domestic milk prices being lower than overseas prices, which may further accelerate domestic substitution [3] - The deep processing sector is expected to enhance the consumption of raw milk, thereby improving the supply-demand dynamics in the upstream raw milk industry [3] Group 2: Electronics Industry - Lingyi Technology (002600.SZ) plans to acquire a 35% stake in Limin Da for 875 million RMB, gaining control over 52.78% of voting rights. This acquisition will integrate Limin Da into the company's consolidated financial statements [5] - Limin Da specializes in thermal management solutions for enterprise-level servers, providing key hardware products such as liquid cooling connectors and modules. The company has established a strong customer base, including leading clients in the overseas computing industry [5] - For the first nine months of 2025, Limin Da reported revenues of 486 million RMB and a net profit of 21 million RMB, showing significant improvement in profitability compared to the previous year [5] - The acquisition is expected to enhance the company's capabilities in the server liquid cooling business, reduce development costs, and improve product validation cycles, thereby expanding the scale and profitability of the AI hardware server segment [5]

本文来源于：环球时报 风险提示及免责条款 12月9日，外交部发言人郭嘉昆在例行记者会上表示，已关注到美方相关动态。他说："中方一贯主张中 美通过合作实现互利共赢。" 业内有观点认为，在国产芯片崛起、政策也有意推动国产替代的大背景下，英伟达是否能在短期内重回 中国市场仍难有定论。尤其是今年7月底，国家网信办就H20算力芯片漏洞后门安全风险约谈了英伟 达。统筹发展与安全，中国或更倾向于依靠科技自立自强对核心关键技术进行攻关。 中关村信息消费联盟理事长项立刚23日告诉《环球时报》记者，白宫希望放开禁令，维持英伟达业绩预 期，提振美国股市；而一些国会议员站在反华立场上，希望继续在高科技上封锁中国。电信与互联网行 业专家马继华表示，美国政府和英伟达急于重返中国市场，怕因中国芯片技术崛起而丧失市场竞争力和 空间，也担心英伟达业绩下滑而刺破华尔街担心的AI泡沫。项立刚说，中国乐见美国在高科技出口上 采取更加开放与合作的立场，但要保证向中国出口的芯片安全、环保、符合中国AI发展的应用要求， 也要保持政策稳定性，为中国企业提供更加确定的市场预期。 据路透社报道，多位知情人士透露，英伟达已告知中国客户，计划于明年2月中旬，即中国 ...

距离2025年收官仅剩6个交易日，公募基金年终排名进入了关键的冲刺阶段。 展望2026年，永赢基金权益投资部联席总经理李文宾预计AI投资机会或将继续向新技术、新趋势、新 模式扩散。 基金年终排名战 2025年，主动权益基金业绩回归。 Wind数据显示，截至12月22日，全市场所有基金的收益中位数9.54%。主动权益类基金，包括普通股票 型、偏股混合型、平衡混合型和灵活配置型基金的年内平均收益则超过了20%，其中超九成基金实现正 收益。 在业绩头部阵营中，共有97只基金今年以来收益超过100%，其中主动权益基金89只，被动指数型基金7 只，QDII基金和商品型基金分别1只。 目前来看，冠军宝座已基本锁定，截至12月22日，永赢科技智选混合基金今年以来收益为231.72%，领 先第二名中航机遇领航混合基金近50个百分点。 今年A股市场整体呈现震荡上行的慢牛走势，上证指数一度突破4000点，市场活跃度显著提升。贯穿全 年的最强主线是科技成长板块，受益于AI技术突破、新能源产业链复苏等多重利好，相关领域上市公 司盈利预期显著改善，成为驱动市场上行的引擎。 统计数据显示，在这一轮行情中，九成以上主动权益类基金年内实现正 ...

Core Insights - The article highlights the active performance of the AI-focused ETF (589520) amid market fluctuations, indicating strong investor confidence in the domestic AI industry chain [1] - The ByteDance Volcano Engine FORCE conference is set to unveil new AI models and tools, emphasizing advancements in video generation and the expansion of the AI application ecosystem [3] - The current strategic "golden window period" for AI innovation is driven by policy support, strong earnings validation, external pressures for self-sufficiency, and significant potential for domestic AI applications to catch up with international counterparts [6] Group 1: ETF Performance and Market Sentiment - The AI-focused ETF (589520) has seen a net inflow of 13.46 million yuan over the past three days, reflecting positive market sentiment towards the domestic AI industry [1] - Key stocks within the ETF, such as Zhongke Xingtu and Xinghuan Technology, have shown significant gains, with increases of over 11% and 7% respectively [1] Group 2: Industry Developments and Innovations - The FORCE conference will introduce new members to the Doubao model, aiming for performance enhancements and cost reductions, particularly in video generation [3] - The focus on upgrading Agent development tools and expanding the Agent ecosystem is expected to facilitate the practical application of AI in business settings [3] Group 3: Strategic Importance of AI - The new five-year plan emphasizes "technological self-reliance," providing robust support for AI and domestic alternatives [6] - As of Q3 2025, 20 out of 30 companies in the ETF's portfolio reported profitability, with 22 showing year-on-year net profit growth, indicating strong industry performance [6] - The need for self-sufficiency in AI technology is underscored by geopolitical tensions, making domestic AI development crucial [6] Group 4: Investment Opportunities - The AI application sector is seen as having significant room for growth compared to its international counterparts, suggesting a potential for price corrections and increased investment attractiveness [6] - The ETF's index includes a substantial proportion of AI application stocks, with a weight of 30.94% in AI applications and 33.66% in the ByteDance industry chain as of the end of November [5]

智通财经APP获悉，12月23日，深圳汉诺医疗科技股份有限公司(简称：汉诺医疗)上交所科创板IPO已受 理。中信证券为其保荐机构，拟募资10.62亿元。 据招股书，汉诺医疗是一家具有全球竞争潜力的高端创新医疗器械企业，专注于体外生命支持(ECLS)领域 的技术创新，致力以前瞻性的医学工程技术向全世界提供稳定、可靠的循环支持与氧合技术产品。 公司聚焦于体外生命支持(ECLS)这一平台型关键技术。公司核心产品Lifemotion®体外膜肺氧合(ECMO)系统 于2023年上市，是国内首家成功研制体外膜肺氧合(ECMO)系统并获批上市的国产企业，实现了我国在该领 域"零的突破"。在此之前，全球仅美、德、意等少数国家具备该产品产业化能力。公司亦立足全球竞争，是 全球少数同时完成ECMO设备与耗材完整布局的厂商，核心产品Lifemotion®ECMO系统作为我国进入国际 市场的首台套国产ECMO系统，在2025年初获得欧盟CEMDR认证，在国内及海外均实现了ECMO系统的商 业化，充分彰显了中国医疗器械新质生产力的发展水平，标志着国产高端医疗器械已具备国际化竞争力。 ECMO系统的成功研发，已验证了公司提供高流量心肺支 ...

Core Viewpoint - The article discusses the release of the procurement document for high-value medical consumables, specifically drug-coated balloons and urological intervention materials, by the National Organization for High-Value Medical Consumables Joint Procurement Office, outlining the requirements and timelines for the sixth batch of centralized procurement [4]. Group 1: Procurement Details - The procurement cycle will run from the effective date until December 31, 2028, with products needing to obtain valid medical device registration certificates by December 26, 2025 [4]. - The procurement covers two main categories: drug-coated balloons and urological intervention materials, with a total annual demand exceeding 3.4 million sets across 12 subcategories [4]. - The procurement will be implemented by the Tianjin Pharmaceutical Procurement Center, which will handle daily operations [4]. Group 2: Product Categories and Demand - The drug-coated balloon category includes four subcategories, with an annual demand of 690,000 units, where the coronary drug-coated balloon has the highest demand at 614,800 units [9]. - Major domestic companies such as Yinyi Biological, Lepu Medical, and Shenqi Medical lead in demand for coronary drug-coated balloons, with respective demands of 113,300, 97,100, and 86,900 units [9]. - The urological intervention category focuses on key surgical pathways, with an annual demand exceeding 2.75 million sets, where the ureteral intervention guide wire is the largest single item with a demand of 1,372,400 units [9]. Group 3: Market Share and Domestic Replacement - In the procurement, domestic companies account for approximately 80% of the market share for both coronary and peripheral drug-coated balloons, while foreign companies hold about 20% [10]. - The demand for ureteral intervention guide wires is also dominated by domestic products, indicating a trend towards accelerated domestic replacement [10]. - The introduction of the "anchor price" concept aims to rationalize prices and reduce vicious competition in the industry, benefiting more patients [7][19]. Group 4: Pricing and Competitive Rules - The procurement document introduces an "anchor price" based on the arithmetic average of the effective bidding prices of participating companies, set at 65% of the average price [19]. - The maximum effective bidding prices for various products have been established, with significant reductions compared to previous prices, such as the maximum effective bidding price for a non-target pressure measurement ureteral soft mirror being set at 1,860 yuan [11]. - The rules for selection and competition have been optimized, allowing non-selected companies to adjust their bids for a chance to qualify, which may enhance participation rates [20]. Group 5: Industry Impact - The changes in procurement rules are expected to reshape the competitive landscape, with leading domestic companies likely to benefit the most, while foreign companies may face pressure to localize [20]. - Smaller companies may exit the market, leading to increased industry concentration [22].

Core Viewpoint - The successful listing of Wallen Technology on the Hong Kong Stock Exchange marks a significant milestone for the domestic GPU industry, positioning it as the first domestic GPU stock in Hong Kong and the first company to be listed in 2026 [1][3]. Group 1: Company Overview - Wallen Technology, established in 2019, focuses on the design of GPU chips and the development of general-purpose graphics processing units (GPGPU) and intelligent computing solutions for AI [4]. - The company has entered the first tier of domestic GPU manufacturers, alongside other notable firms such as Moer Technology and Muxi Technology [1][4]. Group 2: Financial Performance - Wallen Technology's revenue is projected to grow rapidly, increasing from 499,000 yuan in 2022 to 337 million yuan in 2024, with a 50% year-on-year growth in the first half of 2025 [4]. - Despite this growth, the company has not yet achieved profitability, with expected net losses of 1.538 billion yuan in 2024 and 1.6 billion yuan in the first half of 2025 [4]. Group 3: IPO Details - Wallen Technology plans to issue approximately 247.69 million H-shares, with 95% allocated for international offering and 5% for public offering, potentially raising up to 6.42 billion HKD if the overallotment option is fully exercised [3]. - The IPO will utilize the 18C mechanism, allowing companies with significant investments and long development cycles to list even if they are not yet profitable [4]. Group 4: Market Context - The domestic GPU industry is experiencing a surge in interest and investment, with multiple companies like Moer Technology and Muxi Technology also entering the capital markets [5]. - The demand for computing power is rapidly increasing, driven by the early stages of AI technology development, with significant growth expected in semiconductor equipment sales [5]. Group 5: Industry Trends - The market penetration of domestic AI chips has been rising due to the U.S.-China tech rivalry and domestic substitution policies, although the industry is still in its early development stage [6]. - Domestic GPU manufacturers face challenges in performance and software ecosystem compared to international giants but have advantages in localized services and cost control [6].

芯东西（公众号：aichip001） 作者 | 程茜 编辑 | Panken 芯东西12月23日报道，12月19日，深圳北斗导航定位芯片提供商华大北斗正式递表港交所。 | [编纂]項下的[编纂]數目 | : | [编纂]股H股(視乎[编纂]與否而定) | | --- | --- | --- | | [编纂]數目 | .. | [编纂]股H股(可予[编纂]) | | [编纂]數目 | : | [编纂]股H股(可于[編纂]及視乎[編纂]與否而定) | | 最高[编纂] | .. | 每股H股[編纂]加1.0%經紀佣金、0.0027％證監會交易徵 | | | | 費、0.00565%聯交所交易費及0.00015%會財局交易徵 | | | | 費(須於申請時以港元繳足,多繳股款可予退還) | | 面值 | : | 每股H股人民幣1.00元 | | [编纂] : | | [编纂] | 2016年成立的华大北斗，提供支持北斗及其他主要GNSS（全球导航卫星系统）的芯片、模组及相关解决方案，专供GNSS技术领域的一体化SoC芯片设计、 芯片级双频高精度定位技术、超低功耗技术及多源融合导航技术，是国家级专精特新"小巨人"企业 ...