格隆汇12月15日丨金盾股份(300411.SZ)在投资者互动平台表示,公司前期已与中物院、中科院等单位有 紧密的合作，研发可控核聚变通风系统。 ...

Group 1: New Stock Offerings - Jiangtian Technology has a subscription code of 920121, with an issue price of 21.21 yuan per share and a subscription limit of 594,600 shares [1] Group 2: Economic and Regulatory Developments - The China Securities Regulatory Commission (CSRC) emphasizes enhancing market stability and promoting high-quality listed companies, including actions for corporate governance and encouraging dividend repurchases [2] - The State Administration of Foreign Exchange (SAFE) focuses on maintaining a stable foreign exchange market and ensuring the basic balance of international payments [2] Group 3: Industrial Performance - In November, the industrial added value of large-scale enterprises grew by 4.8% year-on-year, with a month-on-month increase of 0.44%. From January to November, the growth was 6.0% year-on-year [3] - The mining industry saw a year-on-year increase of 6.3%, manufacturing grew by 4.6%, and the production and supply of electricity, heat, gas, and water increased by 4.3% in November [3] Group 4: Real Estate Market - In November, the number of cities with rising new home prices increased, with Hefei and Xiangyang showing significant month-on-month price increases [3] Group 5: Technological Advancements - The Ministry of Industry and Information Technology has granted the first batch of L3 conditional autonomous driving vehicle permits, marking a significant step towards commercial application in designated areas [3] - Jingjia Microelectronics has completed key stages for its edge AI SoC chip, indicating progress in semiconductor technology [7] Group 6: Corporate News - Muxi Co., Ltd. will list its shares on the Sci-Tech Innovation Board on December 17 [5] - TCL Technology plans to acquire a 10.77% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan [9] - Zhongwen Online intends to issue H-shares and apply for listing on the main board of the Hong Kong Stock Exchange [11]

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]

作为中国实施创新驱动发展、提升全球科技竞争力的重要载体，国际科技创新中心的作用日益凸显。过去几年， 中国明确建设北京、上海、粤港澳大湾区三大国际科技创新中心，而今这一核心战略支点将迎来重大扩围。 近日，中央经济工作会议在北京举行。会议提出，要坚持创新驱动，加紧培育壮大新动能。建设北京（京津 冀）、上海（长三角）、粤港澳大湾区国际科技创新中心；强化企业创新主体地位，完善新兴领域知识产权保护 制度；深化拓展"人工智能+"，完善人工智能治理等。这意味着，除了粤港澳大湾区以外，中国另外两大城市群 ——北京所在的京津冀城市群和上海所在的长三角城市群，也将参与到三大国际科技创新中心的建设之中。 来源：@华夏时报微博 华夏时报记者 刘诗萌 北京报道 12月13日，中央财办分管日常工作的副主任、中央农办主任韩文秀在公开演讲中表示，党的十八大以来，党中央 先后部署了北京、上海、粤港澳大湾区三大国际科技创新中心建设，近年来已经取得明显进展。党中央决定将北 京国际科技创新中心扩围至京津冀，将上海国际科创中心扩围至长三角，目的是加快形成我国原始创新的主要策 源地，共同打造科技强国建设的战略支点。 扩围至三大城市群 近年来，随着我国政 ...

Group 1 - Falunsheng announced that it does not engage in "controlled nuclear fusion," "superconductors," or "commercial aerospace" related businesses [3] - Anner plans to acquire 22% equity of Shenzhen Innovation Technology Co., Ltd. for 440 million yuan, marking its initial foray into the big data industry [2] - Feiwo Technology stated that its business in the commercial aerospace sector is in the early stages, contributing less than 1% to its main business revenue [2] Group 2 - Transfar Zhilian is planning to spin off its subsidiary, Zhejiang Transfar Synthetic Materials Co., Ltd., for a separate listing on the Shenzhen Stock Exchange [4] - Fule New Materials clarified that it has no revenue or profit from "sensor" related businesses, focusing instead on industrial consumer products [5] - Anhui Heli's subsidiary plans to invest 600 million yuan in an intelligent manufacturing base for industrial vehicle axles [6] Group 3 - Tianyuan Co. announced the shutdown of its subsidiary Wuqiong Mining's yellow phosphorus facility, which will not impact its phosphate mining and sales [7] - Yinfei Storage confirmed it does not involve humanoid robots or artificial intelligence products [9] - Falan Tech's controlling shareholder plans to transfer 5.01% of the company's shares for 130 million yuan [10] Group 4 - Hongqi Chain's control change discussions are ongoing, leading to continued stock suspension [23] - Zhongwen Media is planning to purchase 100% equity of Jiangxi Education Media Group and 51% equity of Jiangxi Higher Education Press, leading to a stock suspension [24] - China Unicom's subsidiary plans to invest 1 billion yuan in the Chengtong Science and Technology (Jiangsu) Fund, focusing on new materials and nuclear-related fields [19]

格隆汇12月15日丨法尔胜(000890.SZ)公布，公司主营业务为金属制品及环保业务，公司不涉及"可控核 聚变"、"超导"、"商业航天"等相关业务，也未开展相关研发和投入。敬请广大投资者理性投资，注意 投资风险。 ...

Investment Rating - The report suggests a positive outlook for the electric power equipment industry, indicating potential investment opportunities in sectors such as renewable energy, AI-driven technologies, and energy storage [4]. Core Insights - The Central Economic Work Conference highlighted the establishment of a national energy strategy, marking a shift from energy security to energy leadership, which is expected to drive growth in the energy sector [4]. - Key areas of focus include the promotion of new energy sources, green transformation, and the integration of AI technologies into energy systems [4]. - The report anticipates a recovery in profitability for wind, solar, and lithium battery sectors due to policy support aimed at reducing excessive competition [4]. - The demand for AI and energy-efficient technologies is expected to rise, with significant investments in infrastructure to support these advancements [4][5]. Summary by Sections Energy Strategy - The conference proposed a national energy strategy to enhance energy security and promote leadership in energy development, emphasizing the importance of renewable energy and green technologies [4]. Renewable Energy - The report forecasts an annual increase of 120 GW in new wind installations and 230-250 GW in solar installations by 2026, driven by domestic demand and supportive policies [4]. - The lithium battery sector is expected to see a resurgence in demand and profitability as market conditions stabilize [4]. AI and Infrastructure - The integration of AI in energy systems is projected to create high demand for advanced power distribution systems, with a shift towards high-voltage direct current (HVDC) technologies [4]. - The report highlights the need for modernized infrastructure to support the growing energy demands associated with AI applications [4]. Storage Solutions - The energy storage market is transitioning from policy-driven growth to market-driven profitability, with a projected compound annual growth rate of 30% during the 14th Five-Year Plan [5]. - The report identifies significant growth potential in both domestic and international energy storage markets, particularly in commercial and industrial sectors [5]. Innovation and Future Technologies - The report emphasizes the importance of innovation in driving future growth, particularly in areas such as embodied intelligence, hydrogen energy, and controlled nuclear fusion [5]. - The development of hydrogen energy is being accelerated by government policies, with a focus on green hydrogen and ammonia production [5].

法尔胜（000890）(000890.SZ)公告称，公司于2025年12月12日、2025年12月15日连续2个交易日收盘价 格涨幅偏离值累计达到21.09%，属于股票交易异常波动的情况。公司主营业务为金属制品及环保业 务，公司不涉及"可控核聚变"、"超导"、"商业航天"等相关业务，也未开展相关研发和投入。 ...

Group 1 - The company, Far East (000890.SZ), announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of 21.09% over two consecutive trading days on December 12 and December 15, 2025 [1] - The main business of the company includes metal products and environmental protection services [1] - The company does not engage in or invest in research related to "controlled nuclear fusion," "superconductors," or "commercial aerospace" [1]

格隆汇12月15日｜法尔胜公告，公司于2025年12月12日、2025年12月15日连续2个交易日收盘价格涨幅 偏离值累计达到21.09%。根据《深圳证券交易所交易规则》的相关规定，属于股票交易异常波动的情 况。公司主营业务为金属制品及环保业务，公司不涉及"可控核聚变"、"超导"、"商业航天"等相关业 务，也未开展相关研发和投入。敬请广大投资者理性投资，注意投资风险。 ...