1月4日，成都星拓微电子科技股份有限公司正式启动上市辅导备案。这家来自成都的互联芯片领域"潜力股"，正式踏上了冲击资本市场的新征程。 | | | 公开发行辅导公示 | | 辅导对象 | 辅导机构 | 备客时间 辅导状态 | 派出机构 | 报告类型 | 报告标题 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | - | 北京 | 天津 | | 天津七一二移动通信股份有 順公司 | 中国银河证券股份有限公司 | 2026-01-04 博导演室 | 天津证监局 | 第三章案报告 | 关于大津七一二移 ... | | - | 河北 | - | шта | | | | | | | | | 内蒙古 | - | 辽宁 | 无锡市晶源微电子股份有限 公司 | 中信证券股份有限公司 | 2024-01-11 辅导备宽 | 江苏证监局 | | 辅导进展情况报告 关于无锡市晶源微 ... | | - | 吉林 | 黑龙江 | | 成都星拓微电子科技股份有 | | | | | | | - | 奥 | | 江苏 | 增√自 | 中国国际金融股份有限公司 ...

Investment Rating - The report maintains a non-pessimistic outlook on the US stock market, with an adjusted target for the S&P 500 index set at 6,700 points, despite high valuations and strong earnings growth [1][9]. Core Insights - The Federal Reserve's interest rate cut is primarily a response to unexpectedly low non-farm employment data, with a cautious approach reflecting a balance between short-term stimulus and long-term stability [3][4]. - The cessation of balance sheet reduction by the Federal Reserve is aimed at alleviating liquidity tensions in the financial system, which is beneficial for overall market liquidity [6]. - The anticipated interest rate cuts are expected to positively impact the real estate and manufacturing sectors, with new home sales reaching a three-year high and manufacturing PMI showing signs of recovery [1][7][8]. - The new Federal Reserve chairperson's policies will significantly influence future monetary policy directions, with potential for slight increases in easing measures without losing independence [5]. Summary by Sections Federal Reserve Actions - The Federal Reserve's decision to stop balance sheet reduction is intended to prevent liquidity shortages and maintain financial stability [4][6]. - The cautious stance of the Federal Reserve reflects a need to balance economic stimulus with financial stability, especially in light of recent employment data [3]. Market Reactions - The market's recent pullback following the Federal Reserve's interest rate cut and US-China tariff negotiations is attributed to profit-taking and a strong dollar, which has increased liquidity tensions [2][11]. - The anticipated increase in liquidity from the cessation of balance sheet reduction and government funding releases is expected to support market stability [6]. Sector-Specific Insights - The real estate sector is benefiting from lower interest rates, with significant increases in new home sales and a recovering manufacturing PMI, indicating positive trends in related sectors [1][7][8]. - The semiconductor industry is poised for growth due to China's focus on technological self-reliance, despite existing gaps in advanced manufacturing capabilities [19][22]. Future Outlook - The report suggests that the US stock market remains a viable investment opportunity, with strong earnings growth mitigating risks associated with high valuations [9]. - The anticipated growth in the semiconductor and AI sectors is expected to create substantial investment opportunities, particularly as domestic capabilities improve [20][22].