2026.01. 04 跨年之际，多家A股公司却突遭立案。披露显示，2025年12月31日晚间，铂力特、启迪设计均因涉 嫌信披违法违规被立案。在此之前，*ST熊猫（600599.SH）、ST长园（600525.SH）等公司也 被立案。 A股公司接连被调查，是2025年上市公司严监管的写照。第一财经据记者Wind数据梳理，截至 2025年年末，去年全年共有87家A股公司被立案，其中38家为ST公司，占比超四成。立案原因方 面，信披违规是"重灾区"。 从进度来看，38家公司的立案调查结果已出炉，其余49家仍处于被调查中；从行业来看，按Wind行 业分类，这些被立案公司扎堆硬件制造、机械、软件服务行业。 本文字数：2588，阅读时长大约4分钟 作者 | 第一财经 周楠 刚刚进入2026年，就有上市公司要被实施ST。 据得润电子（002055.SZ）最新公告，该公司被查明财务造假，两年半时间里虚构回款累计超5亿 元，导致其多份财报存在虚假记载。最终，公司及相关责任人被罚没逾2000万。 根据安排，得润电子将自1月6日开市起实施其他风险警示，股票简称变更为ST得润。另据披露，同 日，金通灵（300091.SZ）将"披星 ...

得润电子被查明财务造假，两年半时间虚构回款累计超5亿元，导致其多份财报存在虚假记载。 刚刚进入2026年，就有上市公司要被实施ST。 据得润电子（002055.SZ）最新公告，该公司被查明财务造假，两年半时间里虚构回款累计超5亿元，导 致其多份财报存在虚假记载。最终，公司及相关责任人被罚没逾2000万。 根据安排，得润电子将自1月6日开市起实施其他风险警示，股票简称变更为ST得润。另据披露，同 日，金通灵（300091.SZ）将"披星戴帽"，变更为*ST金灵。 在此之前，2025年年尾，多家A股公司密集披露被立案消息，多因涉嫌信披违法违规，如铂力特 （688333.SH）、启迪设计（300500.SZ）等。刚刚过去的2025年是上市公司监管大年，第一财经记者根 据Wind数据梳理，去年全年共有超80家A股公司、200余名相关责任人被立案调查，其中约四成是ST公 司。 随着立案调查结束，多家公司被查明长期财务造假，并因此吃下大额罚单，部分公司因此走向了退市。 中国政法大学商学院副教授胡历芳告诉第一财经记者，2025年，资本市场监管更趋严格，体现了自去 年"新国九条"以来，证监会所秉承的、一以贯之的严监管思路。 ...

Economic Policy and Trade - In 2025, the U.S. government is pushing conservative economic policies and nationalist trade protectionism, implementing large tax cuts and reducing federal spending [1] - The government announced "reciprocal tariffs" on April 2, causing significant fluctuations in global trade and investment markets [1] Economic Growth and GDP - The U.S. GDP growth rates for the first three quarters of 2025 are projected to be -0.5%, 3.8%, and 4.3%, indicating a trend of low growth initially followed by a recovery [1] - Consumer spending, which accounts for about 70% of GDP, grew by 2.9% year-on-year in the first three quarters, but real demand indicators are weak [1] Technology Sector Performance - Major tech companies like Apple, Microsoft, and Google are maintaining revenue growth rates of 8% to 12% due to AI model development and enterprise AI solutions [2] - Startups are facing challenges, with total financing down 28% in 2025 due to high financing costs and increased R&D investment thresholds [2] Manufacturing Sector Challenges - The manufacturing sector is struggling, with a projected Purchasing Managers' Index (PMI) average of 48.5, indicating contraction [2] - The automotive manufacturing sector is particularly affected, with production down 3.2% year-on-year due to supply chain disruptions and weak consumer demand [2] Employment and Labor Market - As of November 2025, the U.S. unemployment rate is at 4.6%, reflecting a cooling labor market [4] - The tech industry is experiencing significant layoffs, while low wage growth and a shrinking private sector may further dampen consumer spending [4] Inflation and Consumer Prices - Inflation pressures are easing, with the Consumer Price Index (CPI) rising by 2.7% year-on-year in November, down from 3.0% in September [3] - Tariff policies are exacerbating price pressures, impacting manufacturing investment and global supply chains [3] Future Economic Outlook - Economic growth in 2026 is expected to be supported by private consumption and AI-driven corporate investment, with a projected growth rate of around 2.5% [6] - The sustainability of economic growth will depend on various factors, including tax policies, AI application across industries, and the overall labor market [6][7]

格隆汇12月23日丨铭利达(301268.SZ)在投资者互动平台表示，公司的产品主要为硬件制造，为各类客 户提供结构件产品，不涉及软件类产品的运用。 ...

Group 1 - The core viewpoint of the article highlights that Xiechuang Data is actively engaged in hardware manufacturing through both Joint Development Manufacturing (JDM) and Original Design Manufacturing (ODM) models, providing support and services to clients [1] - The company has established long-term and stable partnerships with well-known technology enterprises, including Lenovo Group, Anker Innovations, Xiaomi ecosystem companies (such as Chuangmi Technology), China Mobile Group, 360 Group, and leading brands from developed countries like the United States and Japan [1]

2、公司的智能应用如何落地到银行柜台等服务场景，提 升工作人员效率？ 您好，公司杭州团队专门打造连锁门店场景的算力解决方 案，采用"摄像头 + 后台数据"的 AI 管理模式；已在烘焙、 餐饮、服装、零售等多个行业广泛应用。针对银行柜台等服务 场景，该方案可实现 24 小时不间断监控管理，基于不同场景 的实际需求通过公司的算法中台灵活自定义检测模型进行配 置，核心覆盖服务响应及时性、人员着装规范、操作合规性等 关键维度。同时，方案可输出服务场景效率监测报告和门店重 点事项预警，其次方案中的 AI 培训板块可帮助员工明确绩效 短板、激发工作成就感，最终实现服务质量与效率的双重提升。 3、公司港股上市的目前进度如何？ 您好，公司于 2025 年 10 月 22 日递交 A1 表，10 月 24 日 递交中证监国际司。目前国际司排队企业较多，根据公开信息 显示，当前排队企业 269 家，公司相关工作正在积极有序推进 中，具体进度以公司公告为准。 4、AI 智能眼镜的量产进度如何？在供应链、客户合作及 市场推广方面有哪些具体进展？ 您好，目前 Dreamworld AI（融梦 AI）的新款人工智能眼 镜正在按照原定计划 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 12 月 10 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 股指 | 市场全天震荡分化，三大指数涨跌互现。个股跌多涨少，沪深京三市超 4000 | 震荡 | | | 股飘绿，今日成交逾 1.91 万亿。截止收盘沪指跌 0.37%，深成指跌 0.39%， | | | | 创业板指涨 0.61%。随着 6 月以来的流动性行情告一段落，市场重新聚焦基 | | | | 本面逻辑，目前以 AI 为首的新质生产力题材普遍对未来三年的增长水平存 | | | | 在乐观预期，尤其是科技领域的上游硬件制造环节，供需错配下涨价预期明 | | | | 显，中期盈利能力可观。但是，对应题材自 6 月以来涨幅均较大，临近年底 | | | | 缺乏进一步事件性催化，自 11 月逐渐进入震荡行情。另一方面，以消费和 | | | | 周期题材为首的传统经济领域仍然处在震荡复苏的过程中，尽管存在一些补 | | | | 涨的逻辑，但短期很难进入基本面牛市。海外科技股同样存在预期分化，英 | | | | 伟达业绩指引继续强劲，谷歌也发布 ...

12月9日晚，海光信息与中科曙光相继宣布，公司于2025年12月9日召开董事会，审议通过了《关于公司 终止重大资产重组的议案》，同意终止海光信息通过向中科曙光全体A股换股股东发行A股股票的方式 换股吸收合并中科曙光并募集配套资金，并授权公司管理层办理本次终止的相关事宜。 两家公司均表示，本次终止主要原因是交易规模大、涉及相关方多，导致方案论证历时较长，且目前市 场环境较筹划之初发生较大变化，实施条件尚不成熟。公司与交易各相关方协商后决定终止该事项。此 次交易终止不会对公司生产经营和财务状况造成重大不利影响。 海光信息还表示，与中科曙光的产业协同与合作不受影响。公司承诺至少1个月内不再筹划重大资产重 组事项。 海光信息与中科曙光表示，将于2025年12月10日15:00—16:00召开终止重大资产重组投资者说明会，会 议将以网络互动形式进行，旨在与投资者交流并解答相关问题。 此前6月9日晚间，海光信息与中科曙光正式公布了《重组预案》。据当时公告，海光信息拟购买资产的 交易金额为1159.67亿元。21世纪经济报道记者当时从业内获悉，在资本市场，芯片设计企业与整机制 造企业的估值逻辑存在显著差异。海光信息作为芯片 ...

光大期货金融期货日报 | 品种 | 点评 昨日，市场今日高开高走，创业板指盘中涨超 3%，尾盘涨幅有所回落。个股 | 观点 | | --- | --- | --- | | | 涨多跌少，沪深京三市超 3400 股飘红，今日成交突破 2 万亿。截止收盘沪 指涨 0.54%，深成指涨 1.39%，创业板指涨 2.6%。随着 6 月以来的流动性行 | | | | 情告一段落，市场重新聚焦基本面逻辑，目前以 AI 为首的新质生产力题材 | | | | 普遍对未来三年的增长水平存在乐观预期，尤其是科技领域的上游硬件制造 | | | | 环节，供需错配下涨价预期明显，中期盈利能力可观。但是，对应题材自 6 | | | 股指 | 月以来涨幅均较大，临近年底缺乏进一步事件性催化，自 11 月逐渐进入震 | 震荡 | | | 荡行情。另一方面，以消费和周期题材为首的传统经济领域仍然处在震荡复 | | | | 苏的过程中，尽管存在一些补涨的逻辑，但短期很难进入基本面牛市。海外 | | | | 科技股同样存在预期分化，英伟达业绩指引继续强劲，谷歌也发布了升级版 | | | | 大模型，但 AI 应用层持续盈利能力受到质疑。随着美联 ...

Market Overview - The market opened higher and saw the ChiNext Index rise over 3% during the day, closing with a gain of 2.6% [1] - The total trading volume exceeded 2 trillion, with over 3,400 stocks in the Shanghai, Shenzhen, and Beijing markets showing gains [1] - The Shanghai Composite Index rose by 0.54% and the Shenzhen Component Index increased by 1.39% [1] Economic and Sector Insights - The market is refocusing on fundamental logic as liquidity conditions since June have stabilized, with optimistic growth expectations for AI and technology sectors [1] - Hardware manufacturing in the tech sector is experiencing significant price increase expectations due to supply-demand mismatches, indicating strong mid-term profitability [1] - Traditional economic sectors, particularly consumption and cyclical themes, are still in a recovery phase, making it difficult for them to enter a bull market in the short term [1] International Market Dynamics - Overseas tech stocks show mixed expectations, with Nvidia providing strong earnings guidance while Google's upgraded model raises questions about the profitability of AI applications [1] - The upcoming change in the Federal Reserve chairmanship and potential unexpected interest rate cuts in 2026 could continue to support the tech sector [1] Bond Market Analysis - The 30-year bond futures contract fell by 0.29%, while the 10-year contract rose by 0.02% [2] - The People's Bank of China conducted a 122.3 billion yuan reverse repurchase operation with a stable interest rate of 1.4% [2] - The overall funding environment remains loose, but expectations for interest rate cuts are low, leading to a slight upward trend in bond yields [2] Precious Metals Market - Gold and silver prices in London showed weak fluctuations, with the gold-silver ratio around 72.2 [3] - The market is cautious ahead of the Federal Reserve's meeting, with a consensus forming around a potential rate cut in December [3] - There are concerns about technical pullback risks in silver, platinum, and palladium due to crowded long positions, which may lead to larger price adjustments compared to gold [3]