证券研究报告 | 策略点评 2026 年 01 月 09 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260109 今日关注 指数涨跌情况：今日 A 股主要指数普遍上涨。截止收盘，沪指上涨 0.92%，收 报 4120.43 点；深证成指涨 1.15%，收报 14120.15 点；创业板指涨 0.77%， 收报 3327.81；科创 50 指数涨 1.43%，收报 1475.97 点。总体上，全天个股 涨多跌少，Wind 数据显示，全市场 3918 只个股上涨，1344 只个股下跌，201 只个股收平。沪深两市今日成交额合计 31227 亿元，较上个交易日放量 3224 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，传媒、综合、国防军工、计算 机、有色金属等行业领涨，涨幅分别为 5.31%、3.60%、3.29%、2.90%、2.78%， 银行、非银金融行业下跌，跌幅分别为 0.44%、0.20%。 概念板块涨跌情况：今日涨幅居前的概念板块为拼多多合作商、小红书平台、 Kimi、抖音豆包、WEB3. ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index slightly up by 0.09% closing at 3968.84 points, while the Shenzhen Component Index fell by 0.58% to 13525.02 points. The ChiNext Index decreased by 1.23% to 3203.17 points, and the STAR 50 Index dropped by 1.15% to 1344.20 points. Overall, 2470 stocks rose while 2768 stocks fell, with a total trading volume of 204.51 billion yuan, down by 9.72 billion yuan from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as defense and military, media, real estate, non-ferrous metals, and social services led the gains, with increases of 2.13%, 1.54%, 1.13%, 1.09%, and 1.04% respectively. Conversely, industries like telecommunications, agriculture, forestry, animal husbandry and fishery, electronics, comprehensive, and power equipment experienced declines, with drops of 1.35%, 1.10%, 1.02%, 0.93%, and 0.90% respectively [1]. Concept Sector Performance - The top-performing concept sectors today included satellite navigation, Xiaohongshu platform, commercial aerospace, Pinduoduo partners, satellite internet, Kimi, large aircraft, selected air transport, top ten military industrial groups, Douyin Doubao, virtual humans, military information technology, internet celebrity economy, 6G, and WEB3.0. In contrast, sectors such as cross-strait integration, GPU, high send and transfer, consumer electronics OEM, optical modules (CPO), and copper-clad laminates saw corrections [2].

证券研究报告 | 2025年12月03日 金融工程日报 沪指震荡下挫，AI 应用、锂电池题材领跌 市场表现：20251203 大部分指数处于下跌状态，规模指数中沪深 300 指数表 现较好，板块指数中北证 50 指数表现较好，风格指数中中证 500 价值指数 表现较好。交通运输、有色金属、煤炭、综合金融、家电行业表现较好，传 媒、计算机、房地产、商贸零售、综合行业表现较差。培育钻石、超硬材料、 锗镓锑墨、铝产业、铝空气电池等概念表现较好，WEB3.0、百度平台、小红 书平台、RCS、ChatGPT 等概念表现较差。 市场情绪：20251203 收盘时有 53 只股票涨停，有 16 只股票跌停。昨日涨停 股票今日收盘收益为 1.17%，昨日跌停股票今日收盘收益为-5.91%。今日封 板率 61%，较前日下降 7%，连板率 24%，较前日下降 0%。 市场资金流向：截至 20251202 两融余额为 24865 亿元，其中融资余额 24689 亿元，融券余额 176 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 9.7%。 折溢价：20251202 当日 ETF 溢价较多的是 G60 创 ...

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.51% to close at 3878.00 points, the Shenzhen Component Index down by 0.78% to 12955.25 points, the Sci-Tech 50 Index decreasing by 0.89% to 1308.37 points, and the ChiNext Index dropping by 1.12% to 3036.79 points [1][10] - Overall, there were 1442 stocks that rose while 3872 stocks fell, with 137 stocks remaining unchanged. The total trading volume in the Shanghai and Shenzhen markets reached 167 billion yuan, an increase of 765 million yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, transportation, non-ferrous metals, coal, home appliances, and light industry manufacturing showed the highest gains, with increases of 0.69%, 0.63%, 0.57%, 0.30%, and 0.25% respectively. Conversely, the media, computer, real estate, retail, and comprehensive sectors led the declines, with decreases of 2.86%, 2.26%, 1.53%, 1.40%, and 1.26% respectively [1][10] - The concept sectors that performed well included cultivated diamonds, superhard materials, industrial metal selection, and others, while sectors like WEB3.0, Baidu platform, and Xiaohongshu platform experienced declines [2][12]

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index slightly up by 0.05% closing at 3836.77 points, while the Shenzhen Component Index rose by 0.37% to 12585.08 points. The STAR 50 Index increased by 0.84% to 1296.6 points, and the ChiNext Index gained 0.31% to close at 2929.04 points. Overall, 4228 stocks rose while 1100 stocks fell, with a total trading volume of 17,406 billion yuan, a decrease of 2,379 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, sectors such as defense and military industry, media, computer, and social services saw significant gains, with increases of 4.31%, 3.49%, 2.41%, and 2.22% respectively. Conversely, industries like petroleum and petrochemicals, coal, banking, and food and beverage experienced declines, with decreases of 1.21%, 1.09%, 0.79%, and 0.56% respectively [1][2]. Concept Sector Performance - The leading concept sectors today included those related to the China Shipbuilding Industry, aircraft carriers, commercial aerospace, military information technology, and satellite internet, among others. Notably, sectors such as lithium mining and salt lake lithium extraction experienced a pullback [2].

- The report does not contain any information about quantitative models or factors.

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 0.81% to close at 3939.81 points, and the Shenzhen Component Index dropping by 0.92% to 13080.49 points. The ChiNext Index decreased by 1.16% to 3069.22 points. Overall, there were 1274 stocks that rose while 4103 stocks fell, with a total trading volume of 19261 billion yuan, an increase of 153 billion yuan compared to the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, the media, computer, and electronics sectors showed positive performance with increases of 1.60%, 0.93%, and 0.12% respectively. Conversely, the coal, electric equipment, steel, non-ferrous metals, and basic chemicals sectors faced declines, with decreases of 3.17%, 2.97%, 2.85%, 2.80%, and 2.67% respectively [1][10]. Concept Sector Performance - The concept sectors that performed well today included Pinduoduo partners, Xiaohongshu platform, WEB3.0, Kimi, Douyin Doubao, multimodal models, internet celebrity economy, operating systems, virtual humans, intelligent entities, ChatGPT, AIGC, medical payment reform, live streaming sales, and Chinese corpus. In contrast, the lithium battery positive electrode, lithium battery negative electrode, and lithium iron phosphate battery sectors experienced a pullback [2][12].

Group 1 - The company reported a revenue of 2.6775 billion RMB for the first half of 2025, a year-on-year decrease of 24.2% [1] - Profit attributable to the company's owners was 244 million RMB, representing a year-on-year increase of 102.5% [1] - Basic earnings per share were 0.13 RMB [1] Group 2 - The decline in revenue was primarily due to strategic adjustments and the early development stage of some innovative business lines [1] - The live social business remains a cornerstone for the company, showing steady development despite a complex market environment [1] - The company is focusing on enhancing the ecosystem of hosts and guilds, improving product technology and operational barriers, and increasing overall user engagement [1] Group 3 - The innovative business segment experienced rapid growth in the first half of 2025, with a focus on enriching the product system and business layout [2] - The short drama business demonstrated the company's innovation capabilities, achieving improvements in both production scale and content quality [2] - The company is strategically expanding its overseas business, particularly in Southeast Asia and the Middle East, while also exploring other emerging markets [2] Group 4 - The company maintains an optimistic outlook on the development of WEB3.0 and the blockchain industry, continuously expanding its cryptocurrency reserves [2] - AI technology is being integrated into the business to enhance user experience and innovate business models, providing new growth momentum for long-term development [2]

Core Viewpoint - New City Development Holdings Limited has established a Digital Asset Research Institute to integrate online digital assets with offline physical commerce, aiming to drive business transformation and upgrade in response to national policies and the digital economy era [1][5]. Group 1: Establishment of Digital Asset Research Institute - The Digital Asset Research Institute is led by Executive Director and President Lv Xiaoping, with a team of experts from various fields to provide strategic guidance and decision-making support for the company's digital business [2]. - The institute aims to continuously research the digital asset market and policy changes, developing relevant business strategies and implementation paths [2]. Group 2: Business Focus Areas - New City Development plans to establish a digital asset management company to promote the tokenization of quality IP resources and asset revenues, focusing on three main business areas: 1. Issuing NFT digital collectibles based on the unique IP of Wuyue Plaza, which has a total asset value exceeding 120 billion yuan and attracts over 1.76 billion visitors annually [2][3]. 2. Exploring the issuance of RWA products based on the asset revenues of Wuyue Plaza, leveraging the Hong Kong government's supportive policies for the digital asset industry [3][4]. 3. Issuing financial RWA products based on the company's listed financial assets to broaden financing channels and support business transformation [4]. Group 3: Offline Business Strategy - The company plans to enhance its offline business through self-operated incubation and national agency models, aiming to create proprietary brands in various sectors and improve the richness of Wuyue Plaza's offerings [4]. - The company anticipates that once all 200 Wuyue Plazas are operational, the annual merchant sales will reach 150 billion yuan, contributing 20% to the company's revenue, thus providing stable cash flow and transforming the existing profit model [4]. Group 4: Future Outlook - The establishment of the Digital Asset Research Institute marks the first step in the company's business transformation, with expectations for continuous stable operating cash flow from its offline business and significant potential value release from NFT and RWA products [5]. - The company aims to leverage the WEB3.0 technology wave and capitalize on the policy window for the digital asset industry to enhance the value of its IP resources and asset revenues, facilitating the interconnection of online digital assets and offline physical commerce [5].

Group 1 - The stock of Zhongke Jincai experienced a 10.0% limit-up on August 22, reaching a price of 48.28 yuan per share, with a trading volume of 1.687 billion yuan and a turnover rate of 10.88%, resulting in a total market capitalization of 16.418 billion yuan [1][1][1] - Zhongke Jincai is based in Haidian District, Beijing, and focuses on AGI, WEB3.0, digital RMB, and core technology research in data elements, providing fintech solutions and data center solutions to promote industrial digital transformation [1][1][1] - The company has a strong technical foundation in artificial intelligence, having successfully implemented multiple projects in the banking sector, and plans to further advance innovations in AI, blockchain, and privacy computing to create a leading digital economy technology empowerment platform [1][1][1] Group 2 - As of June 30, Zhongke Jincai had 95,800 shareholders, with an average of 3,510 circulating shares per shareholder [1][1][1] - For the first half of 2025, Zhongke Jincai reported operating revenue of 345 million yuan, representing a year-on-year increase of 14.36%, while the net profit attributable to shareholders was -84.946 million yuan, a decrease of 71.51% year-on-year [1][1][1]