爱建证券研报指出，东方精工是全球瓦楞纸装备龙头（全球市占率约15%，居国内第一、全球前二）， 水上动力装备业务推动新增长，并围绕"人工智能+机器人"与"可控核聚变及核电高端装备"两大方向外 延布局。市场仍偏重公司传统装备属性，但公司已通过出售Fosber等瓦楞纸装备相关资产，逐步将资源 配置向水上动力等高端制造领域转型。随着业务结构与增长来源的调整，新业务对中长期业绩的贡献仍 处于逐步释放阶段，相关影响尚未在当前定价中充分反映。公司机器人及核电与可控核聚变项目在订 单、交付或产业合作方面取得进展；瓦楞纸装备业务盈利能力修复、海外订单超预期；水上动力业务中 大马力舷外机放量及海外渠道拓展，推动收入与毛利率改善。首次覆盖，给予"买入"评级。 ...

开源证券研报指出，领益智造拟收购立敏达，AI服务器"散热+电源"打开远期空间，维持"买入"评级。 公司公告称已与立敏达11位股东签订股权转让协议，将以8.75亿元自筹现金收购立敏达35%股权，并通 过表决权委托的形式取得张强持有的17.78%表决权，合计控制立敏达52.78%表决权，从而取得其控制 权。公司在AI服务器领域"散热+电源"布局，公司"消费电子+机器人+AI服务器"三块业务资源互补，有 望打开远期增长空间，该行上调公司盈利预测。 ...

Market Performance - On December 26, the Shanghai Composite Index experienced a slight decline of 0.19%, while the ChiNext Index fell by 0.15%. In contrast, the Shenzhen Component Index rose by 0.17% [1] - The total market turnover reached 1.4648 trillion yuan, an increase of 252.9 billion yuan compared to the previous day [1] Sector Performance - The AI industry chain saw a collective pullback, with CPO, liquid cooling, and high-speed copper concepts leading the declines. Technology themes such as robotics and photolithography also underwent a general correction [1] - Conversely, the lithium battery industry chain surged, with the non-ferrous metals sector accelerating. Companies like Luoyang Molybdenum and Zijin Mining reached historical highs in stock prices [1] - The commercial aerospace concept began to show signs of differentiation in performance [1] ETF Performance - Mini-sized Hong Kong stock ETFs continued to rise, with GF Fund's Hang Seng ETF and Cathay Fund's Hong Kong Stock Connect 50 ETF increasing by 7.11% and 2.84%, respectively. Their latest premium/discount rates are 16.96% and 12.35% [1] - The non-ferrous and photovoltaic sectors strengthened, with Southern Fund's Non-Ferrous Metals ETF, Huatai-PineBridge Fund's Non-Ferrous 50 ETF, and Yinhua Fund's Non-Ferrous Metals ETF all rising by 3%. Additionally, Harvest Fund's New Energy ETF and Bosera Fund's New Energy Theme ETF increased by 2% [1] - The semiconductor and CPO sectors declined, with chip equipment ETFs, semiconductor equipment ETFs, and semiconductor device ETFs dropping by 1.6%. Communication ETFs and 5G communication ETFs fell by 1.6% and 1.43%, respectively [1]

风险提示：本文为财报教学文章，不包含推荐行为，请勿据此操作，注意安全。 各位，我是财官。今天，我们接到一个"案子"：一家公司的股东名单里，赫然出现了国际顶级投行的名字，而它的业务正贴着"机器人"与"军工"这两个火热 的标签。 这究竟是确有其事，还是一个精心设计的叙事？让我们从财报的蛛丝马迹开始调查。 神秘的"来信"：股东名单里的国际身影 卷宗的第一页，迈赫股份的股东名单栏位就投下了一道意味深长的影子：BARCLAYS BANK PLC（巴克莱） 和 J. P. Morgan Securities PLC（摩根大通证 券） 的自有资金席位，静静躺在前十大流通股东之中。 | 2025-09-30 2025-06-30 | 2025-03-31 | 2024-12-31 | | | --- | --- | --- | --- | | 前十大流通股东累计持有:2397.61万股,累计占流通股比:33.44%，较上期 | | | | | 机构或具全名称 | | 持有数量(股) | 排 | | 潍坊赫力投资中心(有限合伙) | | 1120.00 - | + | | 王绪平 | | 480.00 円 | 新 | | 徐暦 ...

| 关公司股票组成。 | -1.1% | 58.2倍 | 95.5% | | --- | --- | --- | --- | | 物联网ETF易方达 | | | 159895 | | 跟踪中证物联网主题指数 | | | - . . . ///////// | | 该指数聚焦的物联网是智能 终端实现万物互联的重要基 础,由业务涉及信息采集、 | 截至午间收盘 该指数涨跌 | 该指数 滚动市盈率 | 该指数自2015年 发布以来估值分位 | | 信息传输、物联网应用领域 的公司股票组成。 | -0.7% | 32.9倍 | 49.4% | 截至午间收盘，国证机器人产业指数下跌0.9%，中证智能电动汽车指数上涨0.9%，中证消费电子主题指数下跌1.1%，中证物联网主题指数 下跌0.7%，相关ETF中，机器人ETF易方达（159530）半日净申购超1.4亿份，此前已连续4个交易日"吸金"，合计5亿元。 每日经济新闻 ...

Market Performance - The Shanghai Composite Index experienced a slight decline of 0.19% in the morning session, while the ChiNext Index fell by 0.15%. In contrast, the Shenzhen Component Index rose by 0.17% [1] - The total market turnover reached 1.4648 trillion yuan, an increase of 252.9 billion yuan compared to the previous day's trading volume [1] Sector Performance - The AI industry chain saw a collective pullback, with CPO, liquid cooling, and high-speed copper concepts leading the declines. Technology sectors such as robotics and photolithography machines also underwent a general correction [1] - Conversely, the lithium battery industry chain surged, with the non-ferrous metals sector accelerating. Companies like Luoyang Molybdenum and Zijin Mining reached historical highs [1] - The commercial aerospace concept began to show signs of differentiation [1] ETF Performance - Mini-sized Hong Kong stock ETFs continued to rise, with GF Fund's Hang Seng ETF and Cathay Fund's Hong Kong Stock Connect 50 ETF increasing by 7.11% and 2.84%, respectively. Their latest premium/discount rates are 16.96% and 12.35% [1] - The non-ferrous metals sector remained strong, with Southern Fund's Non-Ferrous Metals ETF, Huatai-PineBridge Fund's Non-Ferrous 50 ETF, and Yinhua Fund's Non-Ferrous Metals ETF all rising by 3% [1] - The photovoltaic sector also showed strength, with Harvest Fund's New Energy ETF and Bosera Fund's New Energy Theme ETF both increasing by 2% [1] - The semiconductor sector declined, with chip equipment ETFs and semiconductor equipment ETFs falling by 1.6%. The CPO sector also saw a pullback, with communication ETFs and 5G communication ETFs dropping by 1.6% and 1.43%, respectively [1]

Report Summary 1. Overnight Night Market Trends - Most domestic futures main contracts rose at the 23:00 close, with fuel oil and rapeseed meal up nearly 2%, and PX and PTA up over 1.5%. Jiao coal, coke, LPG, and glass fell over 1% [5]. - At the 1:00 close, Shanghai copper, aluminum, zinc, nickel, tin, and international copper main contracts rose, while the alumina main contract fell [5]. - At the 2:30 close, Shanghai gold, silver, and SC crude oil main contracts rose [6]. 2. Important News Macro News - China has lodged solemn representations with the US over its plan to impose 301 tariffs on some Chinese semiconductor products [9]. - Ukrainian President Zelensky had a good call with US representatives, emphasizing efforts to end the conflict [9]. Energy and Chemical Futures - As of December 25, 2025, the total inventory of national float glass sample enterprises increased slightly, while domestic soda ash manufacturers' inventory decreased [11]. - Russia's plan to produce 100 million tons of LNG annually has been postponed due to sanctions [11]. - Iraq has lost power - generation capacity due to the interruption of Iranian natural - gas supply [11]. - China will take measures to ensure the supply and price stability of fertilizers [13]. Metal Futures - The Guangzhou Futures Exchange has adjusted trading rules for platinum, palladium, and polysilicon futures contracts [15][16]. - Tianqi Lithium will change its spot - trading settlement price starting from January 1, 2026 [16]. - Wanrun New Energy will conduct production - line maintenance, reducing its lithium iron phosphate output [16]. - Four leading silicon - wafer companies have significantly raised their quotes [17][35]. - CSPT decided not to set a reference price for spot copper concentrate processing fees in Q1 2026 [17]. Black - Series Futures - The Dalian Commodity Exchange will adjust the daily price limit for coke and coking coal futures contracts [19]. - China will strengthen the construction of infrastructure and energy reserves [19]. - The average profit per ton of independent coking plants varies by region [19]. - The output, inventory, and demand of rebar have changed in the week of December 25 [20]. - Coal - mine production in Zhaotong, Yunnan, has been temporarily suspended [22]. Agricultural Futures - Malaysia's palm - oil exports from December 1 - 25 increased by 1.6% compared to the same period last month [24]. - Sugar - mill operations and inventory in Guangxi have changed [24]. - Argentina's 2025/26 corn production is expected to be slightly lower due to drought risks [24]. 3. Financial Markets Financial - A - shares continued to rise, with the Shanghai Composite Index up 0.47% and achieving a 7 - day winning streak [26]. - A - share listed companies' private placements have been active this year [28]. - The net inflow of the CSI A500ETF in December has been significant [29]. - Most private multi - asset strategy products have achieved positive returns this year [29]. - Analysts are optimistic about the A - share market in 2026 [29]. - The IPO application of Dapu Micro has been approved [31]. Industry - China has cracked down on financial "black - gray industries" [32]. - New regulations have been issued for the information disclosure of bank and insurance asset - management products [32]. - China will regulate the e - cigarette market [32]. - The government will strengthen the supervision of entrusted food production [32]. - Many game version numbers have been approved in December [33]. - Silicon - wafer prices have increased [35]. - China has made a breakthrough in the super - high - speed maglev field [35]. - Mobile phone shipments in China have increased [35]. - Shanghai will support the construction of the G60 Science and Technology Innovation Corridor [35]. Overseas - Israel may have another military conflict with Iran [36]. - Hungary's Prime Minister believes the root of the Russia - Ukraine conflict lies in the decline of Western Europe [36]. - Japan's 2026 fiscal - year initial budget has reached a record high [36]. - Japan has raised its economic forecast for the 2025 fiscal year [38]. - The Bank of Japan may raise interest rates [39]. - The Bank of Korea may cut interest rates in 2026 [40]. International Stock Markets - Japanese stocks rose slightly, while Vietnamese stocks tumbled [41]. - Morgan Stanley warns of three potential "surprises" in the US stock market in 2026 [41]. Commodities - Most domestic commodity futures closed higher, with new - energy materials leading the gains [42]. - The trading rules of platinum, palladium, and polysilicon futures on the Guangzhou Futures Exchange will be adjusted [42]. - Russia's oil production is expected to increase slightly in 2026 [42]. Bonds - China's bond market continued to fluctuate narrowly, and Japanese 2 - year bond auctions were weak [43]. Foreign Exchange - The on - shore RMB against the US dollar rose on Thursday [45]. 4. Upcoming Events - The People's Bank of China has 562 billion yuan of reverse repurchases maturing at 09:20 [47]. - The National Development and Reform Commission will hold a press conference at 10:30 [47]. - The 2025 Embodied Intelligence Development Frontier Conference and the 2025 Greater Bay Area Digital Chain Ecosystem Conference will be held on December 26 [47].

Core Viewpoint - The non-ferrous metal sector is leading the market, with the largest non-ferrous ETF, Huabao (159876), reaching a new high since its listing, reflecting strong investor confidence in the sector's future performance [1][10]. Fund Performance - As of the report, Huabao ETF (159876) has seen a net subscription of 3 million units, with a total inflow of 56.11 million yuan over the past two days, indicating positive market sentiment towards the non-ferrous metal sector [1][10]. Stock Performance - Key stocks in the sector include Guocheng Mining and Yongxing Materials, both rising over 6%, while Baotai Co. increased by more than 5%. Other notable stocks include Lichong Group, Baiyin Nonferrous, and Hunan Baiyin, which also saw gains [3][12]. - Major weighted stocks such as Luoyang Molybdenum and Zijin Mining rose over 2% and 3%, respectively, while Shandong Gold increased by over 1% [3][12]. Market Outlook - Looking ahead to 2026, Huabao Fund identifies three main themes that may drive non-ferrous metal prices higher: 1. "Green Inflation" related to basic metals like copper and aluminum, driven by the growth of new economies such as AI and renewable energy, which are expected to outpace traditional sectors [5][14]. 2. "Anti-Overcapacity" policies affecting lithium and other new energy metals, which may lead to a balance in supply and demand, with lithium prices projected to rise from a base of 90,000-100,000 to 120,000 [15]. 3. "Interest Rate Cuts" impacting precious metals like gold, with expectations of accelerated rate cuts by the Federal Reserve, enhancing gold's appeal as a monetary asset [6][15]. Industry Sentiment - Analysts generally believe that the non-ferrous metal sector is likely to continue its bullish trend, with firms like Zhongtai Securities and CITIC Securities expressing optimism about the ongoing commodity investment enthusiasm [6][16]. Investment Strategy - For investors looking to capitalize on the non-ferrous metal sector, a diversified approach through the Huabao ETF (159876) and its associated funds is recommended, as it covers a broad range of metals, reducing risk compared to investing in single metal sectors [8][17].

Investment Operations - Unisoc plans to jointly invest with a subsidiary of CATL to establish a company focused on automotive domain control chips [1] - Kede CNC's Shenyang factory is expected to achieve an annual production capacity of approximately 60 units upon reaching full capacity [1] Contracts and Collaborations - Hengsheng Energy's subsidiary has signed a sample testing agreement with chip technology developer H Company for diamond heat dissipation products [1] - Xinwanda and Zhongwei Co. have signed a strategic cooperation framework agreement for solid-state batteries [1][1] - Ruisheng Intelligent has secured a procurement project for domestic computing power equipment and supporting services worth 152 million yuan [1] - A consortium including Zhongyou Engineering has signed a 424 million USD EPC contract with Kazakhstan's national oil and gas chemical company [1] Capital Operations - Banachian plans to acquire 100% of Zhonglian Century, which is expected to constitute a major asset restructuring, with stock resuming trading on December 26 [1] - Jinlongyu intends to establish a 1.5 billion yuan industrial merger and acquisition fund, focusing on investments and acquisitions in the solid-state battery industry chain [1] - ST Jianyi's controlling shareholder has waived the company's 1.4 billion yuan principal debt and 8.8967 million yuan interest, and donated 400 million yuan in cash assets [1] Industry Developments - Shaanxi Huada reports that revenue from commercial satellites is increasing year by year [1] - Zhaochi Co. expects to achieve small batch shipments of 400G/800G high-speed optical modules by the second quarter of 2026 [1] - Zhongding Co. plans to establish a joint venture to assemble joints for robotic products to support complete machine assembly [1] - Changsheng Bearing's products can be applied to satellite platform solar wing deployment mechanisms and antenna pointing mechanisms [1] - Hunan Youneng plans to conduct maintenance on some production lines, expecting a reduction in phosphate positive electrode material production by 15,000 to 35,000 tons [1] - Wanrun New Energy anticipates a reduction in lithium iron phosphate production by 5,000 to 20,000 tons due to maintenance on some production lines [1] - Cangge Mining plans to produce 11,000 tons of lithium carbonate in the fiscal year 2026 [1] Additional Contracts - Senyuan Co. has signed a 26.78 million yuan contract for the integration construction of a computing power cluster with an affiliated party [2] - Haike New Source has signed a strategic cooperation agreement with Fainlight, expecting a supply of 270,000 tons of electrolyte solvents and additives [2]

Macroeconomic Dynamics - The offshore RMB/USD exchange rate has surpassed the 7.0 mark, benefiting industries reliant on raw material imports and those with high dollar-denominated debt costs [1] Satellite Internet - Shanghai has introduced measures to support the aerospace industry [1] - Blue Arrow Aerospace plans to successfully recover reusable boosters by mid-2026 [1] - The Ministry of Defense has expressed concerns over Japan's implementation of an offensive space policy [1] - Related ETF: Satellite Industry ETF (on-market: 159218) [1] Robotics - Sell-side views indicate an improvement in the sector's chip structure, with leading sentiment catalysts suggesting a potential breakout phase in January [1] - Related ETF: Robotics Index ETF (on-market: 560770, off-market link: 020482) [1] New Energy - Leading silicon wafer companies have jointly raised their prices significantly [1] - Reports suggest that Tianqi Lithium's spot trading settlement prices will no longer reference SMM prices [1] - Hunan Youneng and Wanrun New Energy have announced production halts for maintenance [1] - CATL has signed a five-year contract with South Korea's Enchem for an average annual supply of 70,000 tons of electrolyte [1] - Related ETF: Battery ETF (on-market: 561910, off-market link: 016020) [1] Artificial Intelligence - Sell-side analysts note a muted market reaction to high growth demand guidance for 2027 from giants like Google and Nvidia [1] - Nvidia is strengthening its moat in the AI inference market through technology licensing [1] - Samsung Electronics plans to develop its own GPUs for edge AI products by 2027 [1] - Related ETFs: Cloud Computing ETF (on-market: 159890, off-market link: 021716), Semiconductor Equipment ETF (on-market: 561980, off-market link: 020464) [1] Semiconductors - Shanghai Micro Electronics has won a bid for a stepper lithography machine valued at approximately 110 million yuan [1] - Sell-side analysts believe there is an upward trend in SiC demand, with power foundries beginning to raise prices [1] - Related ETF: Semiconductor Equipment ETF (on-market: 561980, off-market link: 020464) [1] Market Observation - On December 25, trading volume reached 1.9245 trillion yuan, an increase of 44.3 billion yuan [1] - The market has experienced seven consecutive days of gains, with sectors such as military, light industry, and machinery leading the rally [1] - Key sectors including satellites, robotics, AI liquid cooling, and lithium batteries have shown active performance, while low-position sectors like solid-state and nuclear fusion are starting to rotate [1] - Market sentiment is high, with the index potentially challenging the 4000-point mark, but attention is needed on potential pullback risks after consecutive gains [1]