2025年年底，公司进入新品收获期，多个重要单品获证。顺利取得胶体金平台呼吸道合胞病毒/肺炎支原体/腺病毒三联检 试剂盒的注册证；分子平台的WonNova 1600全自动核酸提纯及实时荧光PCR分析系统及配套呼吸道六联检试剂（覆盖甲型流感 病毒、乙型流感病毒、呼吸道合胞病毒、腺病毒、副流感病毒及肺炎支原体）获证，适配口咽拭子样本，满足临床高发呼吸道 感染的快速通量筛查需求；化学发光平台的MiniTLA LA-6400全自动生化免疫流水线正式上市，精准适配中小型实验室及急诊 场景需求，强化了公司在门急诊领域深耕的能力。 在投资和生态建设层面，公司直投的数字化和AI病理项目，在国家医疗卫生新政的引领下，迎来了业务的快速增长。公司 研发申报的"出凝血疾病智能辅助分析软件"成功入选由工业和信息化部主办的"2025年人工智能医疗器械创新任务揭榜挂帅单 位名单"，标志着公司在AI辅助诊疗领域的战略布局取得实质性突破，为后续满足临床需求及商业化应用奠定坚实基础。 2026年，国内市场，借助复苏，抓稳基层。以发光和分子产品线，实现医院中心实验室的持续渗透，收入迅速改善。海外 和北美市场，继续发挥品牌和渠道优势，扩大覆盖实现高 ...

我们来对科创200的权重行业景气度做进一步的拆分。 第一大权重行业是占比33%的电子。半导体自主可控与AI创新的双轮驱动，这两大因素使得我们对2026年电子行业的展望还是比较乐观的。 在政策端，政 策大力支持国家在电子包括芯片行业的自主可控，国家大基金三期募资超过3000亿，重点投向设备、材料等我们刚刚说到的"卡脖子"的环节。而二十届四中 全会强调高水平科技的自主自强，在人工智能底层技术、模型、芯片自主可控趋势日益明确。 整体的大逻辑大家也比较关注，就是AI算力的持续需求。我们说AI这个环境对于国内缺什么，国内缺的就是芯片，国外缺什么？国外缺的是算力。那么， 算力在国内的硬支撑是什么？还是由这些科创公司提供的算力支撑。也就是说，在海外整体资本支出大力投入，包括以全球的CSP资本开支按季度持续上 行，2025年Q3海外四大CSP的资本支出合计环比增速达到10%，这一点有望推动国产算力的业绩持续释放，利好科创板这部分的电子行业公司。 数据来源：医药魔方，ASCO，平安证券研究所，信达证券（601059）研发中心 还有学术会议端的数据，就是每年一度非常重要的ASCO会议。2023年，中国临床的ASCO会议的研究成果 ...

国产存储巨头长鑫科技IPO获受理，可以说是2025-2026存储大周期的明确信号。 虽然今天存储没有明确大涨，但是资金已经开始布局上游核心受益的半导体设备ETF（561980），连续四天净流入。 什么逻辑呢？ 长鑫科技IPO招股书显示，这次上市拟募集资金高达295亿元，计划重点投向"存储器晶圆制造量产线技术升级改造项目"和"DRAM存储器技术升级项目"。对 上游产业链而言，这意味着一轮确定性的设备采购潮即将开启。 2025年年初DeepSeek引爆的AI行情大家应该还历历在目，从GPT-4到千亿参数大模型，算力需求呈指数级增长，传统"存储墙"问题成为瓶颈。 目前场内主要半导体指数中，半导体设备ETF（561980）跟踪的中证半导，"设备"含量是比较高的，而且弹性也是同类最好的。 咱们复盘一下上一轮半导体周期，可以发现从2018年至今，中证半导的区间最大涨幅是几个主流半导体指数中最高的，最大回撤最低，而且2025年的年内涨 幅也是最高，绝对的弹性冠军。 | 证券代码 | 证券名称 | 2025 年 | 2018 年来 | 2018 年来 | | | --- | --- | --- | --- | --- | - ...

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沪指重回3900点，海南自贸港概念掀涨停潮；做多情绪高涨，期货市场贵金属掀涨停潮；多只CPO概念股获大额资金流入；中金公司：前期调整或已近尾 声，逢低布局成长风格。 【资金风向标】 多只CPO概念股获大额 【机构观点】 中金公司: 前期调整或 成长风格 华泰证券:"歇脚"后的 得 瑞银财富管理: 2026年 【市场回顾】 12月22日，A股放量上涨，沪指重回3900点。截至收盘，上证指数报3917.36点，涨0.69%；深证成指报13332.73点，涨1.47%；创业板指报3191.98点，涨 2.23%。沪深北三市全天成交18822亿元，较上个交易日放量1335亿元。 12月22日，日韩市场主要股指收盘上涨。日经225指数上涨1.81%，报50402.39点；韩国综合指数上涨2.12%，报4105.93点。 12月22日日间盘，国内商品期货主力合约多数收涨，其中贵金属板块强势上涨，沪银创新高，铂、钯涨停。 12月22日，30年期国债期货主力合约收跌0.28%。截至收盘，30年期国债期货（TL2603）报收111.980元，下跌0.310元，跌幅0.28%；10年期国债期货 （T2603）报收107.980元 ...

Group 1: Retail and Service Industry Insights - The report highlights a recovery in the hotel and duty-free sectors, suggesting that the hotel prices have gradually increased since the second half of this year, with a recommendation to focus on hotel stocks such as Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [6][12][17] - Duty-free sales are showing signs of bottoming out, with new policies implemented to expand the range of duty-free products and eligible consumers, leading to a significant increase in sales figures [12][15][16] - The report emphasizes the importance of service consumption policies, particularly in the context of the ice and snow economy, silver-haired economy, and sports events, recommending investments in companies like Changbai Mountain and Sanchuan Tourism [26][28][29] Group 2: AI Applications in Various Industries - The report discusses the acceleration of AI applications in the education and human resources sectors, with companies like Keri International and Beijing Renli leveraging AI to enhance recruitment efficiency [39][44] - AI's integration into 3D printing and e-commerce is highlighted, with a focus on companies like Huina Technology and Xiaogoods City, which are expected to benefit from cost reductions through full-chain penetration [6][39] - The report notes that AI applications are driving significant changes in operational efficiency and commercial opportunities across various sectors, particularly in human resources [39][44] Group 3: Beauty and Personal Care Sector - The beauty and personal care industry is experiencing a mild recovery, with domestic brands showing strong performance during the Double Eleven shopping festival, indicating a shift in competitive dynamics [6][32] - The report identifies key players in the beauty sector, recommending brands like Mao Ge Ping and Shanghai Jahwa, while also suggesting a focus on high-growth segments within the industry [6][32] - The medical beauty sector is under pressure but is seeing consolidation and innovation, with recommendations for companies like Jinbo Biological and Kedi-B [6][32] Group 4: Jewelry and Precious Metals - The jewelry sector is undergoing a transformation, with a focus on overseas expansion as a second growth curve, recommending companies like Laopu Gold and Chaohongji [6][32] - The report emphasizes the importance of high-value jewelry products and the impact of new tax regulations on the market dynamics [6][32] Group 5: Food and Beverage Industry - The food and beverage sector is witnessing a shift, with a focus on leading brands expanding their store counts and product categories, particularly in the tea and dining segments [32][38] - The report highlights the competitive landscape in the restaurant industry, noting the resilience of Western fast food and the growth of Chinese casual dining brands [32][38]

Financial Data and Key Metrics Changes - Adobe reported record revenue of $23.77 billion for FY25, growing 11% year-over-year, with non-GAAP EPS of $20.94, reflecting a 14% increase [4][27] - In Q4, revenue reached $6.19 billion, a 10% year-over-year growth, with GAAP EPS of $4.45 and non-GAAP EPS of $5.50, increasing 17% and 14% year-over-year respectively [29][27] - Total Adobe ending ARR was $25.2 billion, growing 11.5% year-over-year, with digital media ending ARR at $19.2 billion, also growing 11.5% year-over-year [28][27] Business Line Data and Key Metrics Changes - Digital Media achieved revenue of $4.62 billion in Q4 and $17.65 billion for the full year, both growing 11% year-over-year [9][27] - Digital Experience segment revenue was $1.52 billion in Q4 and $5.86 billion for FY25, with subscription revenue growing 11% year-over-year [21][27] - The consumption of generative credits in Creative Cloud, Firefly, and Express increased approximately 3x quarter-over-quarter [32][78] Market Data and Key Metrics Changes - Monthly active users (MAU) for creative offerings surpassed 70 million in Q4, growing over 35% year-over-year [18][20] - The number of customers with over $10 million in ARR grew 25% year-over-year, exceeding 150 [32][27] - Digital Experience subscription revenue grew over 40% year-over-year, indicating strong market demand [22][27] Company Strategy and Development Direction - Adobe's strategy focuses on leveraging AI to enhance product offerings and customer engagement, with significant investments in AI-driven solutions [4][7] - The company aims to integrate AI deeply into its solutions, with a target of over 10% total Adobe ARR growth for FY26 [8][27] - The intent to acquire Semrush is part of Adobe's strategy to enhance brand visibility and address marketers' needs in the evolving digital landscape [23][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Adobe's ability to deliver industry-leading innovation and double-digit ARR growth, driven by strong global demand for AI solutions [36][37] - The company highlighted the importance of customer experience orchestration and the growing role of AI in marketing and content production [21][22] - Management noted that Q4 showed strong indicators of growth, setting a positive tone for FY26 targets [63][66] Other Important Information - Adobe's cash flows from operations reached $10.03 billion, with a strong ending cash and short-term investment position of $6.6 billion [28][27] - The company executed record share repurchases totaling nearly $12 billion, reducing shares outstanding by over 6% during the year [27][28] - The introduction of Firefly Foundry and other AI-driven products is expected to unlock significant economic potential for Adobe [41][46] Q&A Session Summary Question: Interest in Firefly Foundry and its economic potential - Management discussed the early stages of customer engagement with Firefly Foundry, emphasizing its ability to create customized AI models for enterprises, which could significantly enhance content production efficiency [41][42][46] Question: ROI focus on new productivity enhancements - Management highlighted the opportunity to optimize content creation and delivery, emphasizing the unique ability to track the effectiveness of marketing campaigns through integrated analytics [50][51][53] Question: Strategic rationale behind the Semrush acquisition - The acquisition aims to enhance brand visibility for marketers across various channels, including LLMs and search engines, providing a comprehensive solution for customer experience orchestration [55][57][59] Question: Future ARR growth stabilization - Management expressed confidence in the momentum across all customer groups, indicating that Q4 was an inflection point for future growth, with a strong outlook for FY26 [63][66][70]

Core Viewpoint - The A-share market experienced fluctuations, particularly in the computing hardware sector represented by the Sci-Tech Chip 50 ETF (588750), which saw a decline of over 1% as of 13:13 on December 10, indicating active buying despite the downturn [1][3]. Market Performance - The Sci-Tech Chip 50 ETF (588750) faced a decline, with major component stocks like Langqi Technology and Huahong Semiconductor dropping over 3% due to the termination of the merger with Zhongke Shuguang [3]. - Haiguang Information's stock fell over 5% at one point but later narrowed its losses to around 1% in the afternoon session [3]. - The index's top ten component stocks predominantly showed negative performance, with declines ranging from 0.44% to 3.53% [3]. Industry Developments - The first MUSA Developer Conference by Moore Threads is scheduled for December 19-20, aiming to outline a comprehensive strategy centered on MUSA and introduce a new GPU architecture, which may boost confidence in domestic GPU chip technology [4]. - Despite short-term volatility in the semiconductor sector, the long-term growth drivers remain intact, with AI innovation and domestic substitution being the core catalysts [5]. Long-term Growth Logic - The semiconductor sector is witnessing a shift in growth momentum from consumer electronics to automotive applications, with analog chips expected to maintain a broad market space due to trends in smart and electric vehicles [5]. - AI computing chips are identified as the primary growth engine, with leading companies like Cambrian and Haiguang benefiting from the surge in AI server demand, leading to increases in both revenue and profit [5]. Index Characteristics - The Sci-Tech Chip 50 ETF (588750) focuses on the "high-end" upstream and midstream segments of the chip industry, showcasing strong growth potential under the current market conditions [6][8]. - The index is expected to achieve a net profit growth rate of 94% in the first three quarters of 2025, with an annual forecast of 100%, significantly outperforming its peers [8]. Comparative Analysis - The Sci-Tech Chip index is characterized by a higher "chip content" and greater elasticity compared to other semiconductor indices, reflecting its focus on core chip segments [6][9]. - The index has demonstrated a maximum increase of 187.69% since September 2024, with superior risk-adjusted returns compared to other indices in the sector [9].

12月5日，2025数智科技生态大会——中国电信现代产业链焕新升级供应链大会暨AI+智慧监管生态合作论坛在广州召开，国务院国有资产监督管理委 员会规划发展局二级巡视员孙鹏出席论坛并致辞。 本次论坛聚焦数实深度融合与数字科技生态共建共享，紧扣AI创新应用与产业合作主题。借此机会，孙鹏提出三点倡议：一是以AI创新为引擎，赋能 产业高质量发展，持续提升数字经济技术与产品供给能力，把AI创新放在核心位置，加快通用大模型、行业大模型迭代优化，针对性解决产业企业解决研 发、生产、运营等各方面的难点痛点。 二是以链长建设为纽带，推动产业链融通协同。链长建设是构建现代化产业体系的关键抓手，中央企业要充分发挥龙头作用，加强与各类所有制的产业 链、供应链合作，促进产业链上中下游、大中小企业协同发展，特别是发挥好链长企业的融通带动作用，助力提升产业链供应链韧性和安全水平。 三是以构建产业生态为抓手，共建开放数字新优势。数字生态建设是一个整体性、系统性、长期性的工程，需要各方齐心协力、优势互补。中央企业要 加大数字科技领域投资合作，带头加强与商业伙伴工商共享，要结合粤港澳大湾区等重点区域优势，强化区域产业与资源联动，打造国际化数字合 ...

Core Insights - Financial One Account and Italy's Generali Group held a strategic meeting in Singapore to explore collaboration opportunities in customer management, digital transformation, and AI applications [1] - Generali Group is advancing its "Lifetime Partner 2027" strategy, focusing on customer system development, large-scale AI application, and data-driven transformation [1] Company Overview - Financial One Account introduced Ping An Group's comprehensive financial model of "one customer, multiple products, one-stop service" [1] - As of September 30, 2025, Ping An has nearly 250 million individual customers, with an average of 2.94 contracts per customer and a retention rate of 97.5% for customers holding four or more contracts, showcasing strong customer management capabilities [1] Technology Application - Ping An Property & Casualty achieved 89% of its car insurance sales through a one-minute intelligent underwriting process, with AI service handling 1.292 billion interactions, covering 80% of customer service operations [1] - Financial One Account has established an AI capability system that covers the entire insurance process [1] Recognition and Future Collaboration - Generali Group highly recognizes Ping An's practices in big data governance, AI governance frameworks, and digital operations [1] - Financial One Account is actively promoting its technological capabilities in global markets, forming replicable global service capabilities, and both parties believe this exchange lays a solid foundation for future cooperation [1]