证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-08 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观点评 20260107：2026 年，财政会靠前发力吗？ 整体看来，2026 年 Q1"政府债增量"有望实现不低于 3%的同比增长， 虽然低于 2025 年 Q1 的 104%，但高于 2024 年 Q1 的-33%，体现了"财 政适度前置发力"的积极财政政策取向。 固收金工 [Table_FixedGain] 固收深度报告 20260107：城投挖系列（十六）之潮兴闽岸，债稳业长： 福建省城投债现状 4 个知多少 根据城投债板块投资策略思路，板块供给端或继续保持高压监管态势以 巩固当前取得的化债成果，因而"资产荒"形势预计延续，较低的利率水 平或将维持以保障债务成本压降这一重要化债举措仍可顺利实施，相应 带来静态收益或仍处于低位水平，信用利差进一步收窄可能需等待下一 轮"降准降息"打开下行空间。鉴于区域间利差分化趋弱，区域内等级利 差明显收窄，意味着信用下沉策略性价比一般，而期限利差仍有波动，意 味着久期策略或更有效。因此，结合"区域挖掘→久期选择→评级下 ...

智通财经APP讯，罗博特科(300757.SZ)公告，公司全资子公司 ficonTEC Service GmbH(简称"ficonTEC") 近日与交易对手方瑞士某头部公司C的子公司签署的单笔合同金额约为770.00万欧元，该合同系 fconTEC与该客户签订的第二条全自动OCS(光交换机)封装整线订单。 ...

文/瑞财经 程孟瑶 当光模块企业中际旭创（300308.SZ）用低功耗高性能产品收割AI时代红利，为亚马逊、英伟达、阿里 巴巴、谷歌、微软等算力大厂供货，稳坐全球光模块核心供应商龙头之位时，其上游供应链的一家设备 商悄然加速IPO进程。 来源：预审IPO 这家名为苏州猎奇智能设备股份有限公司（简称：猎奇智能）的供应商成立于2015年底，2016年开始与 中际旭创展开合作。中际旭创的增长快车，是支撑其业绩增长的核心动力。 2022年-2024年及2025年上半年（简称：报告期），猎奇智能收入中有57.12%、62.19%、58.85%、 65.55%来自中际旭创。 与此同时，其在高精度贴片、自动化检测等设备领域持续研发，又反过来支撑了中际旭创的产能扩张与 技术领先性。2022年-2024年，猎奇智能研发投入复合增长率达90.71%，满足了中际旭创对光模块传输 速率从100G向400G、800G升级的需求。 据LightCounting、弗若斯特沙利文统计，2024年中际旭创光模块全球市场份额排名第一，其中800G及 以上光模块市场份额超过40%，市场领先地位显著。 同期，猎奇智能光模块贴片设备市场份额排名全球第 ...

Core Viewpoint - Zhongji Xuchuang experienced a decline of 1.44% on December 29, with a trading volume of 14.961 billion yuan, indicating significant market activity and investor interest [1] Financing Summary - On December 29, Zhongji Xuchuang had a financing buy amount of 2.133 billion yuan and a financing repayment of 1.840 billion yuan, resulting in a net financing purchase of 293 million yuan [1] - The total financing and securities balance reached 21.416 billion yuan, with the financing balance at 21.348 billion yuan, accounting for 3.11% of the circulating market value, which is above the 90th percentile of the past year [1] - In terms of securities lending, 9,700 shares were repaid and 1,200 shares were sold on December 29, with a selling amount of 741,600 yuan, while the securities lending balance was 68.2396 million yuan, also above the 80th percentile of the past year [1] Business Performance - As of September 30, Zhongji Xuchuang reported a total revenue of 25.005 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 44.43%, and a net profit attributable to shareholders of 7.132 billion yuan, up 90.05% year-on-year [2] - The company has distributed a total of 1.943 billion yuan in dividends since its A-share listing, with 1.512 billion yuan distributed over the past three years [2] Shareholder Information - As of September 30, the number of shareholders increased to 132,300, a rise of 3.11%, while the average circulating shares per person decreased by 3.02% to 8,353 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest with 59.2726 million shares, an increase of 17.9674 million shares from the previous period [2]

Group 1 - The core point of the news is that Zhongji Xuchuang's stock price increased by 5.74% to 604.50 CNY per share, with a trading volume of 6.2 billion CNY and a turnover rate of 0.94%, resulting in a total market capitalization of 671.67 billion CNY [1] - Zhongji Xuchuang Co., Ltd. is located in Longkou City, Shandong Province, established on June 27, 2005, and listed on April 10, 2012. The company's main business involves the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment [1] - The revenue composition of Zhongji Xuchuang is as follows: optical communication transceiver modules account for 97.58%, automotive electronics 1.74%, and optical components 0.67% [1] Group 2 - From the perspective of the top ten holdings of funds, Hengyue Fund has one fund heavily invested in Zhongji Xuchuang. The Hengyue Advantage Select Mixed Fund (011815) reduced its holdings by 18,200 shares in the third quarter, holding 26,100 shares, which accounts for 4.29% of the fund's net value, ranking as the ninth largest holding [2] - The Hengyue Advantage Select Mixed Fund (011815) was established on March 30, 2021, with a latest scale of 246 million CNY. Year-to-date returns are 132.71%, ranking 10th out of 8,170 in its category; the one-year return is 135.15%, ranking 7th out of 8,139; and since inception, the return is 38.6% [2] - The fund manager of Hengyue Advantage Select Mixed Fund (011815) is Wu Haining, who has been in the position for 2 years and 261 days, with a total asset scale of 262 million CNY. The best fund return during his tenure is 77.74%, while the worst is -42.19% [2]

创新药概念再度走低，下半年来医药BD交易短暂真空。诺诚健华(09969)跌超3.62%；信达生物(01801) 跌2.39%。 黄金股全线走低。BOCM指数权重即将再平衡，小摩称金银面临巨量技术性抛压。紫金黄金国际 (02259)跌5.93%；紫金矿业(02899)跌4.5%。 光伏股再度走弱。光伏协会确认收储平台成立，光伏玻璃价格仍然承压。新特能源(01799)跌2%；信义 光能(00968)跌3.6%。 智通财经获悉，港股恒生指数跌1.91%，跌490点，报25138点；恒生科技指数跌2.41%。港股早盘成交 1072亿港元。 12月15日，工业和信息化部正式公布我国首批L3级有条件自动驾驶车型准入许可名单，标志着中国智 能网联汽车发展迈入实质性应用阶段。智能驾驶概念股逆市走高。浙江世宝(01057)涨13.9%、佑驾创新 (02431)涨9.88%。 甲骨文发布2026财年第二财季业绩，远逊于市场预期。光通信板块延续昨日下跌。剑桥科技(06166)、 长飞光纤光缆(06869)均跌超5%。 中兴通讯(00763)再跌超4%，豆包手机助手调整部分AI能力，公司近期宣布大额回购。 拨康视云-B(02592) ...

Group 1: Gold Stocks Performance - Gold stocks rose against the market trend, with Zijin Mining International (02259) up 6.73%, Chifeng Jilong Gold Mining (06693) up 3.16%, and Tongguan Gold (00340) up 0.35%. As of the end of November, China's gold reserves reached 74.12 million ounces, an increase of 30,000 ounces from the previous month [1]. Group 2: Company Announcements - Luoyang Molybdenum (03993) increased by 1.43%. On December 15, the company announced a deal with Equinox Gold Corp. and its subsidiary for a transaction set for December 14, 2025 [1]. - Energy and Energy Global (01142) saw a midday rise of over 10%, currently up 1.25%. The company received a summons from Daily Loyal Limited regarding a breach of a global settlement agreement dated October 25, 2024 [2]. - Yihua Tong (02402) rose nearly 4%. On December 12, the company announced the successful delivery of its 100kW fuel cell generator set to a customer in Australia for a distributed generation project in Brisbane [2]. - Chinese dairy stocks were active, with YouRan Dairy (09858) up 9.07%, Modern Dairy (01117) up 5.07%, China Feihe (06186) up 2.18%, and Mengniu Dairy (02319) up 1.64%. The National Medical Insurance Administration released several data and measures during a meeting on December 13 [2]. Group 3: Securities Firms and Technology - Chinese securities firms rose against the market, with China Merchants Securities (06099) up nearly 4%, Dongfang Securities (03958) up 2.47%, and Shenwan Hongyuan (06806) up 1.96%. Recent announcements indicated an increase in margin trading business limits [3]. - UBTECH Robotics (09880) increased by 0.7%. A strategic partnership was formed with Texas Instruments, which has procured UBTECH's Walker S2 industrial humanoid robot for deployment on its production line [3]. Group 4: Market Trends and Stock Movements - The optical communication sector fell across the board, with Yangtze Optical Fibre and Cable (06869) down 8.33%, Hongte Precision (06088) down 5%, and Cambridge Technology (06166) down 4.49%. Reports indicated delays in Oracle's OpenAI data center projects due to labor and material shortages [3]. - Via Biotechnology (01873) initially surged over 13% but later fell 1.03%. On December 13, Sobi announced an acquisition agreement with Via Biotechnology's incubated company Arthrosi [3]. Group 5: Energy Sector Developments - China Energy Storage (02399) rose nearly 2%. The company announced plans to issue a total of 524 million subscription shares to 31 subscribers, representing approximately 14.68% of the expanded issued share capital [4]. Group 6: US Market Overview - Major tech stocks in the US mostly declined, with Broadcom (AVGO.US) down 11.43%, Micron Technology (MU.US) down 6.7%, and Oracle (ORCL.US) down 4.47%. The US Supreme Court is set to rule on the legality of comprehensive tariffs introduced by Trump, which could impact the stock market [5]. - Storage-related stocks fell, with SanDisk (SNDK.US) down 14.66% and Western Digital (WDC.US) down 5.8%. Concerns over AI investments led to a market pullback [5]. - Electric vehicle stocks rose, with Tesla (TSLA.US) up 2.7% and Rivian Automotive (RIVN.US) up 12.11%. Rivian announced the development of its AI chip "RAP1" for its R2 SUV [6]. - Lululemon Athletica (LULU.US) rose 9.6% after reporting a 7% increase in revenue to $2.6 billion for Q3 of fiscal 2025, with same-store sales up 1% [6].

智通财经APP获悉，受益于云服务商需求攀升及人工智能(AI)基础设施领域日益增长的市场机遇，光通 信设备制造商Ciena(CIEN.US)公布了超预期的第四财季业绩。 财报显示，在截至11月1日的该季度内，Ciena调整后每股收益达0.91美元，显著高于市场普遍预期的 0.77美元;营收同比增长20%至13.5亿美元，也超出分析师预期的12.9亿美元。这一强劲表现主要得益于 其光网络业务的高速增长——该业务营收从上年同期的7.796亿美元增至9.292亿美元。 Smith补充道："展望未来，我们对公司增长轨迹充满信心，这种信心源自云服务与运营商客户持续稳定 的需求，以及数据中心内外不断涌现的新机遇。" 2025财年全年方面，Ciena营收达47.7亿美元，较2024财年的40.1亿美元增长19%;调整后每股收益从上一 财年的1.82美元增至2.64美元。 Ciena总裁兼首席执行官Gary Smith表示："创纪录的第四财季及全年业绩，巩固了我们作为全球高速连 接领导者的地位，同时我们在AI生态系统中扮演的角色正日益扩大。" 财报公布后，该股周四盘前大涨逾9%。截至周三收盘，受强劲业绩以及AI与云计算带宽需求 ...

龙虎榜机构热股 今天机构龙虎榜上榜41只个股，净买入23只，净卖出18只。当日机构买入最多的个股前三位是：雪人股份（1.82亿）、国际复材（1.45亿）、瑞康医药（1.4 亿）。 | 上榜热股 | 实时涨跌幅♀ 买/卖家数↕ | | | --- | --- | --- | | 雪人集团 002639.SZ | +0.85% | 4/0 | | 国际复材 | | | | 301526.SZ | +6.48% | 3/1 | | 3日 | | | | 瑞康医药 | | | | 002589 57 | +10.09% | 4/0 | 瑞康医药 龙虎榜显示，今日4家机构净买入1.4亿。 中医药全产业链精准服务型企业，拥有种植、中药饮片加工业务，控股子公司马鞍山井泉中药主要从事中药饮片生产和销售 龙虎榜知名游资 一、福建自贸 榕基软件 公司为唯一一家海峡两岸市场"双上市"的医疗企业，其母公司合富医疗控股在台湾上市，公司实际控制人为台湾企业家王琼芝，在两岸医疗流通领域有深度 合作 据证券时报报道，12月8日，《中共厦门市委关于制定厦门市国民经济和社会发展第十五个五年规划的建议》发布，其中提出，探索建设具有自由港特征的 经 ...

格隆汇12月8日丨剑桥科技(603083.SH)公布，为有效利用公司发行境外上市外资股（H股）募集资金， 提升股东回报；加强对光器件、芯片及核心IC企业的布局，提升公司的技术能力和供应链韧性；提高下 游市场覆盖率，扩大市场影响力，多样化公司的投资组合及最大化战略及经营协同效应，公司拟与陈璐 签订《关于扬中幸福家园创业投资合伙企业（有限合伙）之财产份额转让协议》（以下简称"《财产份 额转让协议》"），以发行境外上市外资股（H股）募集资金人民币500万元受让陈璐持有的扬中幸福家 园创业投资合伙企业（有限合伙）99.99%的财产份额（对应认缴份额10,000万元，已实缴出资500万 元），并作为有限合伙人以发行境外上市外资股（H股）募集资金增加认缴份额30,000万元。公司拟与 上海知风之自私募基金管理有限公司签订《扬中幸福家园创业投资合伙企业（有限合伙）之合伙协议》 （以下简称"合伙协议"），作为有限合伙人增加认缴出资人民币30,000万元。本次交易完成后，合伙企 业认缴出资总额变更为人民币40,001万元，其中，公司认缴出资人民币40,000万元，认缴出资比例为 99.9975%。本次交易完成后，合伙企业将纳入 ...