国晟科技（603778）于1月9日晚间披露股票交易停牌核查结果，提示多项风险，并预告2025年年度经营业绩将出现亏损。公司股票将于2026年1月12日开 市起复牌。 公告称，经核查，公司未发现应披露未披露的重大信息。不过公司在复牌公告中提示了多项风险。 国晟科技表示，公司当前的估值水平已显著高于行业平均。根据中证指数有限公司数据，公司所属的电气机械和器材制造业最新市净率为3.27，而国晟科 技的市净率高达19.23，高于行业平均水平。公司提示，股价累计涨幅偏离基本面，存在市场情绪过热、非理性炒作风险，存在股价短期快速回落风险。 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌奖止日 复牌日 | | | | --- | --- | --- | | 603778 2026/1/9 | 国晟科技 A 股 复牌 | 2026/1/12 | 国晟科技最近4个月，股价从底部3元多一路高歌猛进，涨到最新21.3元，主要是市场热炒其跨界固态电池概念，以及它发布了收购孚悦科技等利好消息。 公告显示，自2025年10月31日至2026年1月6日，国晟科技股票先后5次触及股价异常波动、1次触及严重异常波动，其间累计涨幅高达37 ...

国晟科技（603778）于1月9日晚间披露股票交易停牌核查结果，提示多项风险，并预告2025年年度经营业绩将出现亏损。公司股票将于2026年1月12日开 市起复牌。 公告显示，自2025年10月31日至2026年1月6日，国晟科技股票先后5次触及股价异常波动、1次触及严重异常波动，其间累计涨幅高达370.20%。由于股价 短期内大幅上涨，为维护投资者利益，公司股票自1月7日起停牌核查。 公告称，经核查，公司未发现应披露未披露的重大信息。不过公司在复牌公告中提示了多项风险。 国晟科技表示，公司当前的估值水平已显著高于行业平均。根据中证指数有限公司数据，公司所属的电气机械和器材制造业最新市净率为3.27，而国晟科 技的市净率高达19.23，高于行业平均水平。公司提示，股价累计涨幅偏离基本面，存在市场情绪过热、非理性炒作风险，存在股价短期快速回落风险。 与火热股价形成鲜明对比的是公司低迷的业绩。根据2025年第三季度报告，公司前三季度归属于上市公司股东的净利润为-1.51亿元。国晟科技1月9日晚 还发布预亏公告，公司初步测算，预计2025年度归属于上市公司股东的净利润仍为负值。 公司正在推进的重大事项，也面临多重风 ...

消息面上，芬兰电动出行技术公司Donut Lab在1月5日宣布，将在美国当地时间6日举行的2026 CES电子 消费展上，首发其全球首款可商业化、具备量产条件的全固态电池，并强调"现已可投入生产"。（智通 财经） 【#固态电池概念异动拉升##金龙羽直线涨停#】早盘固态电池概念异动拉升，金龙羽直线拉升封涨停， 奥特维涨超10%，振华股份、滨海能源、纳科诺尔、中伟股份、利元亨跟涨。 ...

从估值维度看，这一领域的市场狂热已显现泡沫化特征。相关企业当前平均85倍PE、12倍PS的估 值，相较传统锂电池30倍PE、3倍PS的合理区间，溢价近3倍。如此估值水平，严重透支了未来数年的 技术突破预期与盈利增长空间，潜藏的市场风险值得各方高度警惕。 行业内这股概念炒作的虚火，亟需降温。我国锂电产业的坚实根基，从来不是靠概念炒作筑牢的， 也不是靠"大跃进"式发展夯实的，更不是以牺牲安全为代价换来的。 概念狂热背后是对技术落地的非理性认知。细究这场技术狂热的源头，此前业内争议颇大的"半固 态电池"概念，实则属于技术定义层面的伪命题，如今已被统一命名为"固液混合电池"。其与传统液态 电池的核心差异，不仅体现在电解质形态上，在底层生产工艺、核心设备体系、供应链配套逻辑等方面 也存在本质区别，并不是简单的升级或过渡关系。 部分主机厂及动力电池企业将固态电池相关概念作为营销噱头，以此撬动资本关注，维系自身股价 表现和市值体量，进而推动了市场对该技术的非理性追捧。此情此景下，行业极易陷入对固态电池量产 装车"一夜封神"的集体幻想。 与概念狂热形成鲜明对比的是宁德时代等头部企业的战略审慎。 以宁德时代为例，其在全固态电池 ...

Market Performance - On December 23, A-shares experienced a volatile rise, with the Shanghai Composite Index increasing by 0.34%, the Shenzhen Component Index by 0.65%, and the ChiNext Index by 0.78% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.25 trillion yuan, an increase of 52.3 billion yuan compared to the previous trading day [1] Sector Highlights - The lithium battery industry chain saw a significant surge, with stocks like Xianglu Tungsten (002842) and Zhangyuan Tungsten (002378) hitting the daily limit [4] - The semiconductor equipment sector continued its strong performance, with Shenghui Integration (603163) achieving a historical high [4] - The chemical sector also experienced a notable rise, with companies such as Wanrun Shares (002643) and Dongcai Technology (601208) reaching the daily limit [4] Lithium Market Insights - The lithium carbonate futures price has been rising, with the lithium mining index showing strong performance. Major stocks like Dazhong Mining (001203) and Tianhua New Energy (300390) saw increases of nearly 10% and over 8%, respectively [6][8] - The China Nonferrous Metals Industry Association reported that lithium companies' Q3 performance improved, and market expectations for future lithium prices are optimistic [8][9] Cybersecurity Sector Activity - On December 23, the A-share cybersecurity sector showed significant movement, with stocks like Jida Zhengyuan (003029) and Qiming Star (002439) rising by over 3% and 2%, respectively [11][15] - The sector's activity was triggered by a large-scale attack on Kuaishou, leading to a temporary drop in its stock price [15] Investment Outlook - Goldman Sachs is bullish on Chinese stocks, predicting a continued upward trend through 2026, driven by a shift from expectation-driven to profit-driven market dynamics [17] - The firm anticipates a 14% growth in corporate earnings next year, with a potential 38% increase in the stock market by the end of 2027 [17]

17日，两市主要股指午后全线走高，沪指涨超1%，深证成指涨逾2%，创业板指大涨超3%，全A超3600 股飘红。 华西证券近日指出，随着海外美联储议息会议和国内中央经济工作会议落地，后续多路增量资金入市可 以期待：一是保险和券商资金方面，近期监管层下调了保险资金股票投资风险因子，并提出将对优质证 券公司适度扩大资本空间及杠杆限制，有利于中长期资金流入和提升市场交易活跃度；二是美联储降息 叠加人民币汇率偏强运行，有利于外资增配中国资产。行业配置上，建议关注：1）受益产业政策支持 的成长方向，如国产替代、机器人、航空航天、创新药、储能等；2）受益于"反内卷"政策的周期方 向，如化工、能源金属、资源品等；3）促消费政策的深化或带来消费板块的阶段性催化机会。 截至收盘，沪指涨1.19%报3870.28点，深证成指涨2.4%，创业板指涨3.39%，科创50指数涨2.47%，沪 深北三市合计成交18345亿元。 从盘面上看，保险、券商板块拉升，半导体、有色、医药、锂矿等板块走强，CPO概念、苹果概念、固 态电池概念等活跃。 ...

数据显示，截至2025年11月28日，上证科创板新能源指数(000692)前十大权重股分别为阿特斯 (688472)、天合光能(688599)、晶科能源(688223)、大全能源(688303)、容百科技(688005)、天奈科技 (688116)、厦钨新能(688778)、嘉元科技(688388)、孚能科技(688567)、派能科技(688063)，前十大权重 股合计占比47.84%。 截至2025年12月17日 13:19，上证科创板新能源指数(000692)强势上涨1.20%，成分股骄成超声(688392) 上涨11.11%，华盛锂电(688353)上涨9.04%，固德威(688390)上涨4.40%，厦钨新能(688778)，海目星 (688559)等个股跟涨。科创新能源ETF(588830)上涨1.24%，最新价报1.39元。 科创新能源ETF（588830），创业板新能源ETF（159261），光伏ETF基金（159863） 消息面上，中国一汽红旗品牌运营委员会副总裁蒋文虎近日透露，中国一汽联合27家单位联合攻关固态 电池研发，目前已完成66Ah电芯试制，正在向量产阶段加速迈进，"2027年底，中 ...

Market Overview - A-shares opened lower on November 28, with the Shenzhen Component Index and ChiNext Index showing gains [1] - Strong sectors included combustible ice, shale gas, superconductors, satellite navigation, and commercial aerospace, while coal, real estate, aquatic products, and organic silicon sectors experienced pullbacks [1] Commercial Aerospace Sector - The commercial aerospace concept saw significant strength, with stocks like Qianzhao Optoelectronics hitting the daily limit, and Tongyu Communication achieving two consecutive limit-ups [2] - Other companies such as Shunhao Co., Putian Technology, and Leike Defense also reached their daily limit [2] Data Center Development - Beijing plans to construct and operate large-scale data center systems with over 1 GW capacity in the 700-800 km dawn-dusk orbit to support AI computing in space [4] - The National Space Administration issued an action plan for the high-quality and safe development of commercial aerospace from 2025 to 2027, aiming for significant advancements in innovation, resource utilization, industry growth, management services, and safety regulation [4] Lithium Battery Sector - The lithium battery electrolyte concept gained traction, with companies like Haike New Source and Tianli Lithium Energy showing notable gains [4] - Battery-grade electrolyte prices rose by 13.5% from 5200 CNY/ton to 5900 CNY/ton this week, marking a cumulative increase of 25% for the month [4] Solid-State Battery Development - Solid-state batteries are identified as a key driver for the future of the electric vehicle industry, with the first large-capacity solid-state battery production line in China currently undergoing small-scale testing [5] - Solid-state batteries offer advantages over traditional lithium-ion batteries, including increased safety and longer range for electric vehicles [5] Stock Performance and Risk Alerts - Maoye Commercial achieved a four-day limit-up streak, with the company confirming normal operations and no significant changes in its main business [7] - Jinfeng Technology also reached a five-day limit-up, currently planning to acquire at least 51% of Lanyuan Technology's shares [7][9] - ST Asia Pacific received a court ruling for restructuring, marking its fourth consecutive limit-up [9]

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A - share market shows a trend of rising and then falling, with the stock index facing issues such as insufficient trading volume and weak short - term technical trends. The bond market is affected by factors like Vanke's bond default and new regulations on public fund sales, and is expected to maintain a wide - range oscillation. [9][10] - In the black metal market, steel and ore are expected to oscillate in the short - term and remain bearish in the medium - to - long - term. Coal and coke prices may continue their weak oscillation in the short - term. For ferroalloys, there are opportunities to go long on ferrosilicon and engage in the "long ferrosilicon, short manganese silicon" arbitrage. [12][14][15] - In the non - ferrous and new materials market, zinc and lead prices are in a downward oscillation trend, with suggestions to hold short positions cautiously. Lithium carbonate shows wide - range oscillations, while industrial silicon and polysilicon continue to oscillate. [19][20][22] - In the agricultural products market, cotton oscillates and rebounds, sugar is under pressure but with cost support, eggs are expected to oscillate, apples are expected to be slightly bullish, and corn, dates, and live pigs have their own market characteristics and trends. [27][28][31] - In the energy and chemical market, crude oil is in a long - term downward trend, fuel oil follows oil price fluctuations, plastics are in a weak oscillation, and other energy and chemical products also have their own market outlooks. [40][41][43] Summaries by Directory Macro News - The State Council executive meeting chaired by Premier Li Qiang discussed multiple important matters, including promoting high - quality development, medical insurance, and relevant regulations. Vanke's stocks and bonds declined sharply. China and Malaysia communicated on the "Malaysia - US Equivalent Trade Agreement". The China Council for the Promotion of International Trade will organize a business delegation to visit the US in early December. From January to October, the national industrial enterprise profits increased year - on - year, but decreased in October. The NDRC studied price - related work. Putin stated that the US delegation will visit Moscow, and the ECB strengthened the expectation of the end of the interest - rate cut cycle. [6][7] Macro Finance Stock Index Futures - Adopt an oscillation strategy and temporarily wait and see. The A - share market rose and then fell, with issues such as insufficient trading volume. The selection of the Fed chairman is in the final stage. The short - term decline may lead to a rebound, but the market's anti - fragility is insufficient. [9] Treasury Bond Futures - The bond market is affected by Vanke's bond default and new regulations on public fund sales. The current capital situation is generally loose, and the bond market is expected to maintain a wide - range oscillation. [10] Black Metal Steel and Ore - In terms of policy, pay attention to the impact of the Politburo meeting and the Central Economic Work Conference on the macro - expectations of the market next year. On the fundamental side, the demand for building materials is weak, while the demand for coils is good. The supply side may see a decline in molten iron production, and the inventory is still at a high level compared to last year. The valuation of iron ore is relatively strong, and steel prices are likely to remain weak. In the short - term, it is expected to oscillate, and in the medium - to - long - term, it is bearish. [11][12] Coal and Coke - Prices may continue their weak oscillation in the short - term. Pay attention to the impact of coal mine production, safety supervision, and changes in molten iron production. [14] Ferroalloys - The ferrosilicon market has opportunities to go long in the medium - to - long - term, and pay attention to the "long ferrosilicon, short manganese silicon" arbitrage. In the short - term, pay attention to the impact of electricity settlement in Ningxia and Inner Mongolia on the market. [15] Non - ferrous and New Materials Zinc - The domestic zinc inventory has decreased. It is recommended to hold short positions at high levels or take profits temporarily and operate cyclically. The zinc price is in a downward oscillation trend with the possibility of a phased rebound. [19] Lead - The domestic lead inventory has decreased, and it is recommended to hold short positions cautiously. The lead price has a slight rebound, and the import lead trading activity is not high. [20][21] Lithium Carbonate - The short - term trend is in wide - range oscillations, with a game between short - term bearishness and long - term optimism. The recent demand shows signs of weakening, but the long - term demand is still promising. [22] Industrial Silicon and Polysilicon - Industrial silicon has limited downward adjustment space and continues to oscillate. Polysilicon also continues to oscillate, and it is necessary to be cautious when chasing long positions. [23] Agricultural Products Cotton - Affected by factors such as large supply pressure and weak demand, it oscillates and rebounds. The USDA report is bearish, and the domestic supply pressure remains. The valuation of Zhengzhou cotton futures is lower than the spot price, supporting its rebound. [27][28] Sugar - The domestic and international sugar markets are under pressure from supply surplus, but cost support limits the decline. It is recommended to wait and see. [28][29] Eggs - The inventory of laying hens is high, and consumption has not improved significantly. The spot price is expected to be weak. The 01 contract is expected to oscillate, and it is recommended to short at high levels with proper position control. [31] Apples - The apple market is expected to be slightly bullish. The apple storage is nearly finished, and the出库 has started. The inventory is lower than last year, and attention should be paid to consumption dynamics. [33] Corn - Pay attention to the upper pressure on the futures price. The current price increase is due to "supply - demand mismatch", and the spot price may回调, but the decline space is limited. [35] Dates - It is recommended to wait and see. The prices in production and sales areas are stable at a low level, and the futures price is weak. [36][37] Live Pigs - In the short - term, the supply pressure increases, and the demand is limited. It is recommended to short at high levels for near - month contracts. In the long - term, the decline in the number of breeding sows is beneficial to future pig prices. [38] Energy and Chemical Crude Oil - The oil price is in a long - term downward trend, affected by factors such as EIA inventory accumulation and geopolitical negotiations. It is recommended to short at high levels. [40] Fuel Oil - It follows the oil price fluctuations. The supply is loose, and the demand is weak. Pay attention to the impact of sanctions on Russia and the OPEC+ meeting. [41] Plastics - The supply pressure is large, and the demand is weak. It is recommended to adopt a weak - oscillation strategy. [43] Rubber - It is recommended to take profits appropriately for the ru - nr spread. It is short - term bullish due to weather factors, and it is necessary to be cautious when chasing high prices. [44] Synthetic Rubber - It may still have downward space. It is recommended to short at high levels. The restart of maintenance devices at the end of the month and in December may put further pressure on the price. [45] Methanol - The near - month and far - month contracts are recommended to adopt an oscillation strategy. If the inventory reduction is smooth, a slightly long - position configuration can be considered. [46] Caustic Soda - The spot price is weak, and it is recommended to adopt an oscillation strategy. [47] Asphalt - The price fluctuation is expected to increase, and attention should be paid to the price bottom after the winter storage game. [48] Polyester Industry Chain - It is expected to continue the oscillation adjustment in the short - term, affected by factors such as the decline in blending oil sentiment and weakening terminal demand. [50] Liquefied Petroleum Gas (LPG) - It may turn from strong to weak. The supply is abundant, and the demand is limited. The weakening of oil prices may accelerate its decline. [50] Pulp - The fundamentals are stable, and it is expected to enter an oscillation stage. It is recommended to wait and see. [51] Logs - The fundamentals are weakly bearish, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season. [52] Urea - The现货 price may oscillate strongly, and the futures market may have short - term emotional trading. It is recommended to adopt a wide - range oscillation strategy. [53]

Company Movements - Wahaha Group has completed a core personnel change, with Zong Fuli officially stepping down as legal representative, chairman, and general manager, succeeded by Xu Simin [8] - DeepSeek launched a new mathematical reasoning model, DeepSeekMath-V2, which utilizes a self-verifying training framework and continuously optimizes performance through high-difficulty samples [8] - After 12 years of listing, Joy City Property officially delisted from the Hong Kong Stock Exchange on November 27, due to its privatization plan [8] - Jinfutech announced that its existing business and Blue Origin Technology's business belong to different industries, presenting certain industry integration risks [8] - Toyota reported a 2.1% year-on-year increase in global sales for October, reaching 922,700 units, with a significant 26.4% increase in U.S. sales, while sales in China declined by 6.6% to 160,900 units [8] - Avita Technology (Chongqing) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being CITIC Securities and CICC. The prospectus shows that Avita's revenue for the first half of this year was 12.208 billion yuan, a year-on-year increase of 98.52%, with vehicle sales revenue of 11.49 billion yuan [8] Investment News - On November 27, the A-share market experienced a pullback, with the Shanghai Composite Index closing up 0.29% at 3,875.26 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44%, respectively, with a market turnover of 1.72 trillion yuan [7] - Vanke's stock and bonds saw further declines, with "21 Vanke 02" closing down over 57%, "21 Vanke 06" down over 46%, and "22 Vanke 02" down over 42%, leading to temporary suspensions of six Vanke bonds due to significant declines. H-shares of Vanke fell nearly 8%, hitting a historical low, while Vanke A shares dropped over 7%, marking an 11-year low [7] - JPMorgan has upgraded its investment rating for the Chinese stock market to "overweight," suggesting a greater likelihood of substantial gains next year due to multiple supporting factors, including the implementation of AI applications, consumer stimulus measures, and governance reforms [7] - The Asset Management Association of China reported that by the end of October, the scale of private equity funds reached 22.05 trillion yuan, an increase of 1.31 trillion yuan from the end of September, setting a historical high. In October, 1,389 new private equity funds were registered, with a new registered scale of 67.01 billion yuan [7]