证券日报网讯 1月7日，中科软在互动平台回答投资者提问时表示，公司在高性能计算中心建设中主要 涉及系统集成及其服务业务，此类业务的毛利率相对较低。公司的软件开发业务主要聚焦行业应用软 件，处于算力产业链下游。依托保险、政务、医疗卫生等行业客户对算力的需求，公司已与多家算力平 台及算力基础设施厂商建立生态合作，共同向下游行业客户输出数智化解决方案。 （文章来源：证券日报） ...

Investment Rating - The report maintains an investment rating of "Outperform" for the communication industry, indicating a positive outlook compared to the broader market [5]. Core Insights - The communication industry has shown resilience with a 2.6% increase in the index over the past two weeks, ranking 11th among 31 sectors [2][23]. - Valuation levels are considered high, with a dynamic price-to-earnings ratio of approximately 24.35 times as of December 31, 2025, compared to a historical average of 20.50 times [29]. - Key segments such as BeiDou, military communication, and 5G have experienced significant growth, with increases of 43.3%, 16.2%, and 11.6% respectively over the past two weeks [30]. - Major companies in the sector have seen substantial stock price increases, with top performers like 蘅东光 and 通宇通讯 rising by 878.2% and 32.9% respectively [31]. Summary by Sections Industry Dynamics - North American tech giants are actively engaging in mergers and acquisitions, which is expected to sustain the high demand in the computing power chain [13]. - The fiber optic cable industry is entering a price upcycle, driven by AI computing demand and advanced technology applications [17]. Market Review - The communication sector has outperformed the market over the past year, particularly between June and August 2025, with a notable 2.6% increase recently [23]. - The sector's performance is highlighted by the significant stock price movements of individual companies, with 86 out of 129 stocks rising [31]. Configuration Recommendations - The report suggests focusing on various segments including optical modules, copper interconnects, switches, temperature control equipment, and IDC facilities, as well as operators like China Mobile, China Telecom, and China Unicom [3][36].

来源：互金咖 主动权益基金迎来业绩丰收年。 回顾2025，公募行业整体交出了一份亮眼的答卷。Wind数据显示，若不统计去年成立党的次新基金，全市场11292只基金（只统计主代码，剔除 联接基金，下同）中10717只产品均获得正收益，占比94.91%；仅有575只产品在年内出现亏损。 若只看成立超过1年的主动权益基金（包括偏股混合型、灵活配置型、普通股票型、平衡混合型，下同），则4369只产品中4222只产品均实现正收 益，占比96.64%；仅有147只产品亏损。与此同时，3419只产品在去年跑赢其基准收益，占比78.26%；剩余950只产品则在去年跑输基准。 据新经济e线了解，从业绩归因和收益特征来看，2025年主动权益基金的亮眼业绩与A股结构性行情深度绑定，业绩突出的基金多集中在科技细分 领域，如光模块、PCB、云计算、存储等，还有部分基金重仓创新药板块。 尽管主动权益基金在去年扬眉吐气，但也有观点指出，表现较好的产品持仓明显呈现高集中度，在公募基金20多年的发展中，投资者需要用平常 心看待这类现象。主动权益基金持续焕发生机，需有数量更多、占比更高、业绩良好且持续的基金，才能惠及更多持有人。 "翻倍基"浪潮 ...

Market Performance - A-shares major indices showed strong performance in 2025, with the CSI 300 index rising by 17.66%, the ChiNext index by 49.57%, and the SSE 50 index by 12.9% [1] - The North Stock 50 index increased by 38.8%, and the Sci-Tech 50 index rose by 35.92%, with the Shanghai Composite Index surpassing 4000 points for the first time in nearly a decade on October 28 [1] - In comparison, the S&P 500 index in the US recorded a 16.39% annual increase, while the Nasdaq managed a 20.36% rise, and the Dow Jones increased by 12.97% [2] Comparative Analysis - A-shares outperformed US benchmarks in 2025, with the CSI 300 index slightly exceeding the S&P 500 index, while indices focused on technology and growth, such as ChiNext and Sci-Tech 50, significantly outperformed the Nasdaq [5] - The A-share market exhibited a more balanced and diversified growth pattern, driven by multiple sectors including materials (+57.67%), information technology (+47.18%), and industrials (+30.03%) [8] Sector Dynamics - The A-share market's growth is characterized by a dual-engine structure focusing on advanced manufacturing and critical resource supply chains, contrasting with the US market's heavy reliance on a few tech giants [9] - The US market's growth is primarily driven by major tech companies, with the "Magnificent Seven" accounting for nearly 40% of the S&P 500's total market capitalization, indicating a concentrated market structure that poses risks [6] Notable Stocks - In 2025, two stocks in the A-share market achieved over tenfold increases, with Shangwei New Materials leading at 1689.13% and Tianpu Co. at 1645.4% [12] - Shangwei New Materials' surge was attributed to its transformation from traditional chemicals to humanoid robots, supported by a change in control to Zhiyuan Robotics [13] US Market Trends - The US tech sector saw significant differentiation among the "Magnificent Seven," with Google and Nvidia outperforming the market, while other giants like Microsoft and Meta lagged behind [21] - Data storage companies emerged as major winners in the S&P 500, with top performers like Western Digital and Micron benefiting from increased AI infrastructure investments [18] Investment Themes - The investment narrative in the US shifted from potential AI concepts to profit realization capabilities, impacting the valuation of tech companies based on their ability to demonstrate revenue growth and cost advantages [22] - Nvidia's strong performance is attributed to its dominant position in the AI computing supply chain, with consistent quarterly earnings exceeding market expectations [23]

首创证券（601136）认为，1)北美算力：AI大模型算力需求持续刚性扩张，北美算力产业链在服务器组 装、高端PCB、光模块等环节具备成熟产能与技术壁垒，是算力基础设施建设的核心支撑环节；2)国产 算力：AI大模型与国内芯片厂已逐步形成技术协同的完整生态，叠加国产芯片厂产能持续扩张，国产 算力芯片在自主可控+供应链安全的双重逻辑下，有望加速打入国内算力基础设施供应链。 中泰证券（600918）认为，AI算力成为通信行业主要增长引擎，看好算力产业链投资机会，头部光模 块厂商交付能力将成为成长关键，重视光芯片、OCS、空芯光纤、液冷、电源等细分方向。国产算力重 视芯片进展，以及国产模型追赶变化，将影响AIDC景气节奏。 中信证券认为，2025年以来中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出现 局部爆发机会。展望2026年，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年以 来的长牛行情。一方面，半导体设备、AI芯片等在海外管制下发展紧迫性增强，国产替代是大势所 趋；另一方面，国内芯片厂已初步探索出超节点等解决方案，以多卡数量优势补足单卡性能劣势，实现 算力突围。多卡集群的建 ...

一是商业航天产业链全线反弹，18只名称中含有"航天"的个股中，有17只上涨，其中，航天工程涨停， 迎来"4天3板"。 二是算力产业链继续轮动，前两天是光模块、PCB板块上涨，昨天是液冷板块大涨。今天上午轮动到电 源设备板块，午后PCB则再度爆发。 12月24日，市场早盘窄幅震荡，午后有所回升，创指、深成指一度涨近1%。截至收盘，上证指数涨 0.53%，深证成指涨0.88%，创业板指涨0.77%。全市全天成交1.86万亿元，较上一日缩量成交332亿元。 三是金融概念股午后走强。那么究竟发生了什么？分析人士认为，一方面，2025年年报预期可能已经开 始发酵，而非银板块的业绩无疑有较高的确定性。另一方面，虽然12月并没有调降LPR，但降准预期依 然存在，市场可能开始预期1月份资金面宽松的情形。 四是半导体产业链，存储芯片板块和中芯国际关注度较高。 其他板块方面，福建板块再度活跃，海南自贸板块陷入分化。下跌方面，乳业等消费股集体调整，庄园 牧场跌停；贵金属板块走弱，国城矿业跌近5%，山金国际、西部黄金跌超2%。 光大证券指出，指数层面继续延续区间震荡，市场热点继续轮动，缺乏持续性主线。不排除后续仍有大 幅波动的可能性 ...

金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 国际金银价格齐创历史新高，四大动因推动市场火热 12月22日，国际金银价格齐创历史新高，现货黄金报4412.62美元/盎司，日内涨1.33%，白银也创新 高，年内涨幅超139%。贵金属市场火热传导至A股和港股市场，相关企业个股纷纷跟涨。专家认为黄 金再创新高有四大动因：美元处于降息周期致贬值，推动黄金价格上升；美联储降息预期使黄金投资价 值凸显；黄金保值抗通胀功能在财政收支失衡背景下更受关注；国际局势紧张增加了黄金的对冲风险需 求。详情>> 港交所四新股首挂齐潜水，多行业企业上市遇冷 12月22日，印象大红袍、华芢生物 - B、明基医院、南华期货4只新股在港交所首日挂牌均逆市破发。华 芢生物是未盈利的生物制药公司，明基医院是华东地区大型民营营利性综合医院集团，印象大红袍主要 经营文旅服务，南华期货是A股主板上市的金融服务公司。各公司均有不同程度的股价下跌，投资者账 ...

公司股价一度收获20多个涨停，又经历多个跌停，12月19日封涨停。 公告显示，此前于11月19日，公司收到北京一中院送达的（2024）京01破申1179号《民事裁定书》和（2025）京01破501号《决定书》，裁定受理债权人 北京鹏元兴达商贸有限公司对公司的重整申请，并指定北京大成律师事务所担任公司管理人。 经营方案显示，重整完成后，东易日盛将继续聚焦家装主业，保留核心资产，重启并升级数字化家装业务。同时，产业投资人将提供增量资源，利用产业 投资人在算力产业链的资源优势、项目实施经验及技术积累助力东易日盛拓展算力中心集成服务业务及算力中心运营服务业务，实现双轮驱动。 12月19日，公司出资人组会议表决通过了《东易日盛家居装饰集团股份有限公司重整计划（草案）之出资人权益调整方案》；12月21日，公司重整案第一 次债权人会议表决通过了《东易日盛家居装饰集团股份有限公司重整计划（草案）》《东易日盛家居装饰集团股份有限公司后续债权人会议召开及表决形 式的方案》。 *ST东易表示，公司进入重整计划执行阶段，公司负责执行重整计划，管理人负责监督重整计划的执行。若重整计划顺利执行，将有利于改善公司资产负 债结构，推动公司健 ...

Core Viewpoint - The company *ST Dongyi has entered a restructuring plan approved by the Beijing First Intermediate Court, which aims to improve its financial health and sustainability, impacting its financial data for 2025 [3][4]. Group 1: Restructuring Process - On December 21, the company received a civil ruling from the Beijing First Intermediate Court approving its restructuring plan and terminating the restructuring process [3]. - The restructuring plan was approved by the company's investor meeting on December 19, and the first creditors' meeting on December 21 also approved the plan [4]. - The company will execute the restructuring plan while a designated management team will supervise its implementation, which is expected to improve the company's asset-liability structure [4]. Group 2: Risks and Challenges - The company has highlighted multiple risks, including the potential for bankruptcy if the restructuring plan is not executed, and the risk of stock delisting due to negative net assets and uncertain operating capabilities [5]. - Even if the restructuring is completed successfully, the company may still face delisting risks if it fails to meet the Shenzhen Stock Exchange's requirements [5]. Group 3: Capital Increase and Investment - The restructuring plan includes a capital increase where existing shareholders will not receive new shares, with a total of 5.32 billion shares to be issued, raising the total share count to 9.51 billion [5]. - The restructuring investors, including Beijing Huazhu Technology Co., Ltd. and Yunnan International Trust Co., Ltd., will provide an investment of 1.412 billion yuan [6]. - Huazhu Technology, controlled by Zhang Jianhua, will not transfer its shares for 36 months, while financial investors will not transfer theirs for 12 months [6]. Group 4: Business Strategy Post-Reconstruction - After the restructuring, the company will focus on its core home decoration business and upgrade its digital home decoration services [7]. - The restructuring investors will leverage their resources in the computing power industry to assist the company in expanding its integrated service and operation services for computing power centers [7]. - Zhang Jianhua will remain the actual controller of the company post-restructuring, with plans to inject equity from a computing center into the company to facilitate business transformation [7]. Group 5: Market Performance - Since the announcement of the restructuring investor selection on September 26, the company's stock has experienced significant volatility, achieving 24 trading limits in 29 days, with a peak price of 18.6 yuan on November 20 before a subsequent decline [7].

来源：粤股8 连年亏损的局面下，曾经的"高端家居第一股"美克家居（600337）抛出跨界收购计划。 昨日晚间，美克家居发布公告称，公司正在筹划以发行股份及支付现金的方式收购深圳万德溙光电科技 有限公司控制权，并募集配套资金。目前，公司已经与部分主要交易对方签署了《股权收购意向性协议 书》，初步达成购买资产意向。公司股票将于12月18日开市起停牌，预计停牌时间不超过10个交易日。 昨日晚间，美克家居发布公告称，公司正在筹划以发行股份及支付现金的方式收购深圳万德溙光电科技 有限公司控制权，并募集配套资金。目前，公司已经与部分主要交易对方签署了《股权收购意向性协议 书》，初步达成购买资产意向。公司股票将于12月18日开市起停牌，预计停牌时间不超过10个交易日。 双方在增资协议中约定，若万德溙光电发展达到预期，露笑科技"可能对其控股权进行收购"。根据公 告，若万德溙2025年1-6月母公司合并报表，扣除非经常性损益前后孰低净利润达到1500万元以上，或 2025年度业绩达到协议约定相应年度的承诺业绩，露笑科技有权（但无义务）按照约定通过增资或者受 让原股东股权的方式成为万德溙的控股股东。增资或者股权受让价格为投前估值 ...