Company Research - 康方生物预计2025年每股收益（EPS）为-1.110港元，2026年为0.966港元，目标价提升至144.90港元，较现价有23.4%上升空间[7][9] - 滴滴出行2025年目标价为6.89美元，较现价有37%上升空间，预计2025年总营收为2235亿元人民币[3][16] - 高途预计2025年每股收益为-1.00人民币，目标价为4.20美元，较现价有77.1%上升空间[19][22] Financial Performance - 康方生物2025年上半年产品收入同比增长49.2%至14.0亿元，毛利率为79.4%[7] - 滴滴出行2025年上半年中国市场总交易额为1605.69亿元，同比增长10.8%[13] - 高途2025年第三季度收入同比增长30.7%至15.8亿元，经营亏损大幅减至1.69亿元[19][20] Market Trends - 康方生物的AK112药物预计在2025年第四季度递交美国BLA，潜在峰值销售额为80亿美元[8][9] - 滴滴出行在海外市场的GTV预计2025年达到1150亿元，按固定汇率计算同比增长34.8%[14][16] - 高途的非学科培训业务收入同比增长超过60%，显示出强劲增长势头[20]

策 华福证券 2025 年 12 月 14 日 略 研 究 策 略 定 期 报 美国 AI 泡沫风险可能与全球美元债务风险同步 释放——周观点 投资要点： 近期观点 1、 中美算力芯片博弈是全球科技长期通缩的重要标志。 2、 美国 AI 泡沫一旦破灭，全球美元债务风险有望同步释放。 3、 关注美元可能阶段性走强所指引的风险信号，随后可能出现 美元美债美股三杀。 4、 中国市场有望在海外风险释放过程中进行风格上的长期大切 换，同时伴随人民币持续大幅升值。 告 5、 长期看好保险，央国企红利，反内卷行业，中概互联网，军 贸。 团队成员 分析师： 李浩(S0210524050003) lh30530@hfzq.com.cn 分析师： 李刘魁(S0210524050006) llk30550@hfzq.com.cn 相关报告 1、医疗与消费周报——创新药行业研发突破与市 场演进并行——2025.12.14 2、迈向"十五五"：稳中求进，新质领航——中 央 经 济 工 作 会 议 政 策 解 读 与 投 资 展 望 — — 2025.12.12 3、锚定提质增效，聚力八大任务——2025.12.12 风险提示 全球制造 ...

2025年，"具身智能"首次写入政府工作报告。具身智能机器人加速迭代，逐步从生产车间步入生活场 景。根据《2025人形机器人与具身智能产业研究报告》，2025年中国具身智能市场规模预计达52.95亿 元，占全球约27％；人形机器人市场规模预计达82.39亿元，占全球约50％。 这只是一个缩影。回顾2025年，科技爆点、投融资热点、消费亮点……如同"活力拼图"上的璀璨星辰， 以"流量"汇聚激活发展增量。 ——科技爆点密集涌现，商业化进程持续加快。 转自：经济参考报 新华财经北京12月8日电（记者 班娟娟）回望2025年，面对国际风云变幻，中国坚定不移办好自己的 事，以高质量发展的确定性应对外部环境急剧变化的不确定性。 从热点赛道的"流量"汇聚，到产业链条的协同跃迁，再到区域协调的动能澎湃，中国经济以"点"筑基、 以"线"为脉、以"面"成势，拼接出一幅热点迸发、链脉强韧、全域共兴的"活力拼图"。 热点迸发："流量"汇聚激活发展增量 12月5日，四川成都。全国首个具身智能机器人生态平台核心载体——"机器人大世界"一期正式开门迎 客。这个集展示、销售、体验、服务于一体的"机器人4S店"，成为公众触摸"未来生活"的一扇 ...

回顾全年，深圳上市公司协会—香蜜湖CVC创新服务中心围绕深圳市委市政府"20+8"产业集群战略部 署，常态化举办了12期系列沙龙，逐步成为深圳汇聚"政策、研究、产业、资本、新质生产力"的核心品 牌活动，累计吸引参会上市公司近300余家次、投资机构超220家次、科创企业230余家次，总参与人数 突破1000人次，覆盖人工智能、机器人、医药医疗器械、算力芯片、新材料、智能网联汽车、军工、高 端装备与仪器、海洋科技、新型储能、大消费等十余个前沿领域。 人民财讯12月5日电，12月5日，香蜜湖金融+系列活动之"星耀鹏城"20+8产业沙龙——大消费投融资并 购专场在深圳福田国际创新中心成功举办。活动紧扣消费市场从"规模扩张"向"价值共创"转型的核心趋 势，搭建高效的产融对接平台，推动深圳大消费产业高质量发展。现场汇聚了境内外大消费行业头部上 市公司、投资机构及科创企业代表逾80人，共探消费发展新机遇。 ...

专题：2026年邮政金融论坛暨中邮证券策略报告会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年12月3日，"2026年邮政金融论坛暨中邮证券策略报告会"在北京举行。中邮证券副总裁、首席经 济学家黄付生作《中国市场：渐入佳境》专题报告。黄付生指出，上世纪中期以来美国经济逐步完成结 构性转型，科技产业取代制造业成为核心增长引擎，当前以人工智能为代表的数字科技产业再度兴起， 叠加渐进式的宽松政策，将为美国经济平稳运行提供新一轮支撑。 从经济结构看，制造业收缩与科技崛起形成鲜明对比。上世纪50年代初期，美国制造业利润占全部行业 比重高达60%，但受"铁锈地带"衰退、全球化离岸外包等因素影响，2010-2020年代这一比例已降至 17%，经济主导权正式让位于科技等产业。黄付生指出，美国科技企业正大力加码人工智能与算力基础 设施投入，推动数字科技军备竞赛，意图再次抢占全球科技制高点。数据显示，美国在建数据中心总价 值约400亿美元，2022年以来增幅超400%，规模预计将历史性首次超过同期写字楼，成为经济增长的核 心驱动力。 值得关注的是，美国科技股当前泡沫风险仍处于可控状态。黄付 ...

责任编辑：石秀珍 SF183 经过连续几周的调整之后，科技股重拾升势，本周出现连续上攻。周三，创业板指数收涨超过2%，算 力芯片、医药板块表现活跃，特别是算力板块继续大涨引领两市，医药板块也表现强势。这轮行情在四 季度出现了反复震荡的走势，由于前期科技股涨幅较大，累积了较多的获利盘，所以在上证指数突破 4000点之后，多空分歧加大，前期获利较多的资金出现获利了结，也使得科技股一度出现大幅的调整。 在大盘突破4000点出现震荡的时候，建议投资者通过适度的调仓换股或是减仓前期涨幅较大的科技股来 降低持仓成本。 我国综合实力正在逐步提升，对于全球稳定起到更大的作用。我国"十五五"规划建议内容已经公布，重 点强调的是科技创新领域，包括具身智能、芯片半导体、算力算法、低空经济、固态电池、深海装备 等，这些都是未来重点发展的方向，也预计是这轮牛市行情的重要主线。一般来说，一月份信贷投放往 往是全年最大的一个月份，一季度随着春季资金的回流，加上四月份之前处于业绩空窗期，A股市场有 望出现"春季攻势"。市场有望进一步向上实现突破，带来较强的赚钱效应。建议投资者保持信心和耐 心，抓住A股和港股这轮慢牛长牛的机会，争取实现较好的 ...

Market Overview - The Shenzhen Component Index and the ChiNext Index both opened lower but rose throughout the day, while the Shanghai Composite Index turned negative in the afternoon. By the close, the Shanghai Composite Index fell by 0.15%, the Shenzhen Component Index rose by 1.02%, and the ChiNext Index increased by 2.14%. Over 3,500 stocks in the market declined [1]. Pharmaceutical Sector - The pharmaceutical sector has seen a strong performance driven by two main catalysts: 1. A rapid increase in flu activity across the country since November, with sales of Oseltamivir surging by 237% and sales of other flu medications also seeing significant increases [2]. 2. A series of favorable policies aimed at promoting the high-quality development of the medical device industry, including 15 support measures released by Beijing's economic and information technology bureau [2][3]. Flu-Related Stocks - Flu-related stocks have been particularly active, with companies like Yunnan Baiyao and Huaren Health hitting their daily price limits. The demand for flu medications has reportedly increased by over 500% in recent weeks [5][6]. CPO and AI Chip Stocks - The CPO (Co-Packaged Optics) sector has seen significant gains, with companies like Changguang Huaxin and Saiwei Electronics experiencing substantial price increases. This is attributed to Meta's plans to rent TPU computing power from Google Cloud, indicating a strong demand for AI computing resources [7][8]. - AI chip stocks have also performed well, with companies like Aojie Technology and Cambricon Technologies seeing price increases. A report indicates that major cloud service providers are accelerating the development of AI ASICs, which is expected to drive significant capital expenditure in the coming years [9][10]. Robotics Sector - The humanoid robotics sector has gained traction, with companies like Sanwei Tiandi and World Robotics seeing price increases. The growth is supported by a 41.7% year-on-year increase in industrial robot sales, reflecting the accelerating integration of AI in manufacturing [11][12]. Market Sentiment and Future Outlook - Analysts from Dongwu Securities suggest that the market has limited room for further decline after recent adjustments, with expectations for a potential recovery starting in November. The focus is on AI applications and sectors benefiting from domestic policy support [13][15]. - Galaxy Securities notes that the current A-share valuations are relatively reasonable, with expectations for upward momentum in the market driven by improving fundamentals and supportive policies [14].

11月20日晚，品高股份发布公告称，公司控股股东北京市尚高企业管理有限公司与江原聚芯、江原创芯 分别签署股份转让协议，合计转让公司无限售流通股1356.66万股，占总股本的12%，交易总价约4.99亿 元。与此同时，品高股份宣布将向江原科技增资4亿元，增资完成后预计持有江原科技15.4182%股权。 这一系列动作标志着品高股份与国产算力芯片企业江原科技从业务合作走向了资本深度绑定。 上证报中国证券网讯（记者 李五强）11月25日，品高股份开盘继续涨停，报70.58元/股，上涨19.99%， 截至10时12分，该股成交额6.65亿元，换手率8.33%。品高股份已连续三个交易日涨停，累计涨幅达 72.78%。 ...

Group 1 - The report outlines the "A-share high-low cut index" as a tool to track the pricing patterns in the A-share market, indicating that an increase in the index suggests a rise in the differentiation of returns among industries, while a peak followed by a decline indicates the emergence of high-low cut phenomena [1][2] - The report notes that typically, the A-share market experiences 2-3 significant high-low cut pricing cycles within a year, each lasting approximately 2-3 months. When the index exceeds the upper range (around 60%), it often signals an overheated high-position sector, while a drop to the lower range (around 30%) suggests the end of a low-position rebound or the brewing of a new differentiation cycle [1][3] - The report explains that high-low differentiation in the A-share market is driven by chip differentiation and fundamental divergence, particularly when there is a significant influx of capital and stark growth differences between high and low sectors [2][3] Group 2 - The report discusses the relationship between the high-low cut index and market structure, indicating that when the index peaks and declines, it often signals a recovery in low-position sectors, but the clarity of style switching depends on the logic signals from low-position sectors [3][4] - The report highlights that the high-low cut index often correlates with the overall market index, particularly when the index peaks and declines, which can signal a transition from a bull to a bear market [3][4] - The report emphasizes that since late October, the outperformance of overseas and low-position cyclical sectors has begun to manifest, with the report suggesting that true style switching will occur when liquidity transitions to a fundamental-driven market [4][5] Group 3 - The report provides a historical review of high-low cut phenomena, detailing significant transitions in market styles from 2017 to 2025, including shifts from cyclical sectors to consumer and technology sectors, and from high-dividend defensive sectors to low-position rebounds [6][10] - The report notes that the high-low cut phenomenon in 2023 was characterized by a shift from technology-driven sectors to low-position cyclical sectors, driven by policy catalysts in the real estate market [19][22] - The report indicates that the most recent high-low cut in October 2025 reflects a transition from high-position technology sectors to low-position cyclical resources, influenced by macroeconomic factors and policy expectations [27][28]

Core Viewpoint - Jinglin Asset Management Hong Kong Company has shown a significant increase in its US stock holdings, with a total market value of $4.44 billion as of September 30, 2025, representing a 54.52% increase from the previous quarter [1][2]. Summary by Category Portfolio Activity - The company held 30 securities in the US market at the end of Q3 2025, with a notable active adjustment in its portfolio [1][3]. - In Q3, Jinglin made 9 new purchases, added to 8 existing positions, sold out of 7 stocks, and reduced holdings in 6 stocks [3][6]. Key Holdings - The top ten holdings accounted for 81.9% of the total US stock portfolio, with a slight decrease in concentration compared to the previous quarter [2][3]. - Major increases included Meta (23.46 million shares), Nvidia (174.83 million shares), and significant stakes in Pinduoduo and Alibaba [4][5]. Sector Focus - The company has actively invested in the autonomous driving sector, acquiring 2.68 million shares of WeRide, a leading player in China's autonomous driving market [7]. - Continued investments were made in the hotel and e-commerce sectors, with increased stakes in Atour and Huazhu Group [3][4]. Market Outlook - Jinglin Asset Management maintains a positive outlook on quality Chinese assets, emphasizing structural "alpha" opportunities amid ongoing market fluctuations [9]. - The firm believes that China's competitive advantages, such as cost efficiency and talent reserves, will continue to attract overseas capital, with potential inflows into A-shares and Hong Kong stocks [9].