核心能力跃迁 技术升级 紧抓AI算力基建与汽车神经网两大增量市场的机遇。1)AI侧：受益于全球光模块市场高增长 (CAGR>30%)，公司布局224G高速互联、800G/1.6T光模块及CPO解决方案，产品已导入北美核心客 户。2)EV侧：随800V平台普及与自动驾驶等级提升，连接器单车价值量跃升。公司通过并购整合 Voltaira与Auto-Kabel，构建"传感-连接-电源管理高压"垂直整合布局，并成功开拓了沙特等新兴蓝海市 场。 风险提示 实现从"精密零件"到"系统级互联解决方案"的升级。公司凭借四十年连接器技术积累，通过"铜到光、 有线到无线、元件到系统"迭代路径及战略性收购，形成覆盖光、电、车全产品线。凭借全球化研发制 造网络，公司已从单一元器件供应商升级为系统解决方案提供商，具备从概念到量产的一站式定制化能 力。 增长动能 AI和汽车业务已成为增长双引擎。公司实施"3+3"转型战略，取得显著成效。2025H1云端网络设施与汽 车业务以35.3%营收占比首超传统消费电子，驱动公司穿越消费电子周期。其中，AI和EV业务增速 (35.7%/102.3%)远超公司整体营收水平(11.53%)。 智通财经A ...

Core Viewpoint - The construction industry is expected to experience a shift in investment dynamics due to policy stimuli and emerging themes, with private enterprises showing significant returns compared to state-owned and central enterprises [1][2]. Group 1: Market Performance - As of November 30, 2025, the SW Construction Decoration Index increased by 8.88%, while the CSI 300 Index rose by 18.19%, indicating that the overall performance of the construction sector lagged behind the broader market [2]. - Private enterprises achieved a return of 35.6%, while local state-owned enterprises had a return of 14.96%, closely aligning with the CSI 300 Index. In contrast, central state-owned enterprises faced a significant decline with a return of -4.51% [2]. Group 2: Future Investment Outlook - The first year of the 14th Five-Year Plan is anticipated to open an investment uptrend, as historical patterns suggest that the initial years of a five-year plan typically see heightened investment intensity [2]. - Major planning and project packages are expected to be implemented in 2026, potentially leading to a new cycle characterized by "high initial growth followed by stabilization" [2]. Group 3: Value Investment Themes - Three main value investment themes are identified: 1. Key projects such as the Pinglu/Zhejiang-Jiangxi-Guangdong Canal (total investment approximately 621.1 billion), the Tibet Railway (expected total investment over 700 billion), and the Yaxi Hydropower Project (total investment around 1.2 trillion) are projected to generate long-term orders [3]. 2. High dividend yields are emphasized as regulatory measures strengthen dividend constraints, enhancing the investment appeal of low-valuation, high-dividend construction firms [3]. 3. Growth transformation opportunities in new sectors like clean rooms, AI computing infrastructure, and low-altitude economy are expected to surge, with cash-rich private enterprises likely to pursue mergers and acquisitions for rapid entry [3]. Group 4: Stock Recommendations - Specific stocks to watch include Sichuan Road and Bridge (600039), Jianghe Group (601886), Honglu Steel Structure (002541), Jinggong Steel Structure (600496), and Pudong Construction (600284) [3].

Group 1 - The core viewpoint of the news is that the global AIDC (Artificial Intelligence Data Center) energy storage market is expected to experience explosive growth, with lithium battery shipments projected to exceed 300 GWh by 2030, which is 20 times the 15 GWh expected in 2025 [1] - The report from GGII indicates a significant shift in the growth drivers of the global energy storage industry, moving from a focus on single renewable energy consumption to a tripartite driving force of "AI computing infrastructure + energy transition demand + grid congestion" [1] - The supply-demand relationship in the industry is improving, transitioning from a destocking phase to a replenishment boom period, with certain segments of the industrial chain expected to see simultaneous increases in both volume and price [1] Group 2 - The Chuangye Board New Energy ETF Huaxia (159368) is the largest ETF fund tracking the Chuangye Board New Energy Index, which covers multiple sub-sectors including batteries and photovoltaics [2] - As of November 30, 2025, the fund's scale reached 732 million yuan, and it has the highest trading volume, with an average daily transaction of 72.75 million yuan over the past month [2] - The fund has a high elasticity with a potential increase of up to 20%, and it has the lowest fee rate, with a combined management and custody fee of only 0.2% [2]

行业评级：看好（维持） 证券研究报告|行业专题报告 建筑装饰 2025年12月31日 寻重大工程"足迹"，挖产业转型"宝藏" ——建筑行业2026年度策略报告 证券分析师 证券分析师 姓名：王彬鹏 资格编号：S1350524090001 姓名：戴铭余 资格编号：S1350524060003 邮箱：wangbinpeng@huayuanstock.com 邮箱：daimingyu@huayuanstock.com 证券分析师 姓名：郦悦轩 资格编号：S1350524080001 邮箱：liyuexuan@huayuanstock.com 联系人 姓名：唐志玮 邮箱：tangzhiwei@huayuanstock.com 联系人 姓名：林高凡 邮箱：lingaofan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 报告要点 4 2 ◼ 2025年建筑板块市场回顾：截至2025年11月30日，SW建筑装饰指数与沪深300指数涨跌幅分别为+8.88%、+18.19%，板块整体收益弱于沪深300， 但行业内部分化明显。民营企业凭借跨界转型收益率达35.6%，地方国企收益率为14.96%与 ...

消息面上，近日，国家国防科工局党组理论学习中心组召开扩大会议。会议提出，要促进商业航天发展，推动航天产业 化。此前2025年12月26日，上交所发布《商业火箭企业适用科创板第五套上市标准指引》，标志着商业火箭企业登陆资本市场 的通道正式打通、标准全面明确。 盘面上，小红书概念、军工电子、机场航运板块涨幅居前，化学纤维、医药商业、种植业与林业板块跌幅居前。 2025年A股市场呈现"结构性牛市"特征。创业板指以49.57%的年度涨幅强势领跑，沪指于10月28日一举突破4000点大关， 创下近十年新高，全年上涨18.41%，深证成指涨幅达29.87%。个股同样表现亮眼，胜宏科技、新易盛、中际旭创等多只科技龙 头全年涨幅超过3倍。 板块方面，科技成长成为贯穿全年的核心主线，以CPO（共封装光学）为核心的AI算力基建板块全面领涨，全年涨幅高达 304.91%；与此同时，市场流行语"AI的尽头是能源"巧妙串联起电子与有色金属两大热门领域，凸显了算力需求对上游资源的 拉动，小金属、贵金属板块分别上涨99.88%和97.19%，金属锌、金属铅涨幅分别达85.40%和83.32%。 12月31日消息，三大股指涨跌不一，深成指、 ...

Core Viewpoint - The global technology giants, represented by Google, are systematically expanding AI computing power infrastructure through models, chips, and ecosystem initiatives, which provides strong long-term support for the demand for upstream high-speed optical modules [2]. Group 1: AI Computing Power Infrastructure Expansion - The model side is lowering the application threshold for enterprises by launching low-cost, high-performance inference models like Gemini 3 Flash, stimulating the demand for large-scale inference computing power [2]. - On the hardware side, the acceleration of computing cluster deployment is driven by increased orders for self-developed TPUs and collaboration with the industry chain, directly boosting the demand for high-speed internal interconnects in data centers [2]. - The ecosystem side is attracting a broader developer base through initiatives like "TorchTPU," expanding the customer base for computing power services [2]. Group 2: Market Trends and Predictions - The expansion of AI computing infrastructure is expected to lead to a surge in data center traffic, making 800G/1.6T high-speed optical modules essential components [2]. - According to industry research firm LightCounting, the global optical module market is projected to exceed $37 billion by 2029, with 1.6T optical modules expected to enter commercial use in 2025, with initial global demand estimated at 2.5 million to 3.5 million units [2]. - The transition between technology generations is anticipated to concentrate industry value in high-end segments [2]. Group 3: Investment Opportunities - The ChiNext AI ETF (159382.SZ) is highly focused on key segments like optical modules, with the top three constituent stocks accounting for nearly 39% of the index weight, positioning it to benefit directly from hardware upgrades and demand surges driven by AI computing infrastructure [2].

多重因素下的铜矿"紧平衡" 在宏观宽松预期、供给刚性约束与结构性短缺加剧的多重驱动下，2025年沪铜期货价格强势震荡上行， 并于年末历史性地站上每吨10万元关口，以突破性涨势实现全年强势收官。 当前中国宏观经济在"十四五"收官与"十五五"启航的关键节点上，2026年政策定调"稳中求进、以进促 稳、先立后破"，宏观政策将协同发力以扩大内需、优化结构。这一演变将通过流动性、产业政策与需 求结构的变化，与铜市基本面共振。适度宽松的货币政策从金融条件上形成支撑，而更加积极的财政政 策，通过扩大支出、发行特别国债等方式重点投向"十五五"重大工程及城市更新等领域，直接稳定并提 振传统基建与新能源领域的用铜需求，托住宏观需求底线。同时，产业层面的创新驱动与绿色转型正重 塑铜的中长期需求结构。 海外宏观经济环境则呈现"稳定但脆弱"的格局。全球经济增长虽保持一定韧性，但主要经济体的政策转 向、地缘冲突与保护主义共同推高了不确定性，这将通过需求、金融与供应链渠道影响铜价。作为核心 变量，美联储政策重心转向，并于2025年9月开启降息周期。这一流动性趋向宽松的预期令美元指数承 压，从金融属性上支撑铜价。同时，美国推行的"美国优先" ...

2025.12. 29 本文字数：2939，阅读时长大约5分钟 作者 | 第一财经 齐琦 封图 | AI生成 2025年迎来最后一个交易周，金属市场"终极狂欢"暂得喘息。 12月29日，贵金属市场上演"惊魂一日"。暴涨五个交易日的国际白银价格盘中出现两次跳水。截至 北京时间16时55分，伦敦现货白银日内跌超6%，最低触及74.2美元/盎司，日内高位回落10美元/盎 司。伦敦金现货价格冲上4550美元/盎司的历史高位后掉头向下，最低触及4444美元/盎司。 回顾贵金属市场全年的行情，先后经历了关税驱动、降息预期，以及技术回调等几个主要阶段，就在 市场认为全年行情将在高位震荡中收官之际，金、银、铂近日又携手掀起新一轮涨势，价格再创历史 新高。就连铜、镍、铝等有色金属价格也跟着大幅上涨。 中金公司近日发布的报告指出，黄金价格已经脱离基本面指标，2026年不太可能继续走出单边牛 市，会跟随美联储政策与美国经济动向出现波动。 对于其他金属的跟涨，一位贵金属交易人士对第一财经记者表示，除了宏观因素扰动，市场对于"超 级周期"的叙事有所共识，"绿色能源转型、AI算力基建对于工业金属和贵金属的需求出现大幅增 长，而供应端又受 ...

存储产品涨价潮仍在延续，多机构数据显示当前存储产品现货价格坚挺，但涨幅略放缓，行业看涨情绪 蔓延。 现货价格坚挺 12月25日，TrendForce集邦咨询最新发布的存储现货价格趋势报告显示，DDR4、DDR5与模组价格仍连 日上扬，虽然价格涨幅较先前略有收敛，但观察后研判并非缺货现象舒缓，比较倾向为部分中间交易商 为了年底结账而释出较多库存的短期现象。作为顶级模组供应商，金士顿本周大幅提高了DRAM（内 存）价格，整体现货价格未见疲软迹象。与此同时，NAND Flash（闪存）现货市场在合约价格上涨的 预期下呈现看涨情绪。 TrendForce集邦咨询指出，在合约价格被看好将上调的预期影响下，NAND闪存现货市场反映出偏多的 市场氛围。部分现货供应商基于对后续价格走势的乐观判断，选择延后释出库存、采取惜售策略，使得 市场可流通货源进一步收紧，最终带动Wafer（晶圆）现货价格持续攀升，上行压力仍然存在。 至于存储价格对消费电子行业的影响，德明利方面表示，消费电子产品已经成为现代化生活中不可或缺 的一部分，而存储产品是消费电子产品核心部件之一，长期来看，在科技创新推动下消费电子整体需求 将不断提升，同时带动存 ...

｜2025年12月25日 星期四｜ NO.1国金证券：全球储能行业正开启增长新周期 国金证券指出，全球储能行业正开启增长新周期，预计2026年全球储能新增装机将达438GWh，同比增 长62%。增长动力由过去的单一新能源消纳，转变为"AI算力基建+能源转型刚需+电网阻塞"的三重驱 动。行业供需关系显著改善，由去库周期转入补库繁荣期，部分产业链环节将迎来量价齐升。 每日经济新闻 中信建投研报称，低空经济作为国家战略性新兴产业，需强化政策体系的系统性与前瞻性，破解空域管 理碎片化、审批效率需提高等核心矛盾。低空经济基础设施建设层面，需要加速硬基础设施网络布局、 推进低空数字基础设施与智慧化管理等。以eVTOL为核心的新型飞行器作为行业发展的关键载体，需 突破技术壁垒、完善产业链并加速商业化落地。展望未来，随着制度与技术创新的进一步深化，基础设 施的不断完善，应用场景的持续丰富拓展，低空经济产业有望实现良好增长，为新质生产力发展注入新 动能。 NO.3中信建投：聚焦核聚变产业中上游投资机会 12月25日，中信建投研报称，可控核聚变因燃料充足、清洁环保、能量密度高且相对安全等优势，被认 为是能源革命的终极解决方案，也 ...