（原标题：为何今天市场表现不佳！原因找到了） 【导读】为何今天市场表现不佳 今天市场明显跳水，一起找找原因吧。 A股下跌 12月15日，A股震荡调整，深成指、创业板指均跌超1%。截至收盘，沪指跌0.55%，深成指跌1.1%，创 业板指跌1.77%。 市场共2314个股上涨，65只个股涨停，2968只个股下跌。 大消费板块逆市爆发，阳光乳业、东百集团等十余股涨停。消息面上，商务部办公厅、中国人民银行办 公厅、金融监管总局办公厅发布《关于加强商务和金融协同更大力度提振消费的通知》，针对深化商务 和金融系统协作、加大消费重点领域金融支持、扩大政金企对接合作三个方面，提出11项具体举措。 商业航天概念股继续活跃，雷科防务、通宇通讯等多股涨停。 12月15日，国家统计局公布数据显示，11月份，社会消费品零售总额43898亿元，同比增长1.3%，前值 为2.9%。对于消费增速的回落，国家统计局新闻发言人付凌晖回应称，主要是因为去年同期基数较 高。从累计增速来看，今年的社会消费品零售总额增长好于去年。 另外，1—11月份，全国房地产开发投资78591亿元，同比下降15.9%；其中，住宅投资60432亿元，下 降15.0%。 ...

Market Overview - The Hang Seng Index fell by 0.92%, down 238 points, closing at 25,737 points, while the Hang Seng Tech Index dropped by 1.79% [1] - The trading volume in the Hong Kong stock market reached HKD 108.2 billion in the morning session [1] Gold Sector - Gold stocks rose against the market trend due to increased central bank purchases and growing investment demand, with Zijin Mining International up by 6.94% and Chifeng Jilong Gold Mining up by 3% [1] Resource Sector - Jiexin International Resources surged over 6% as tungsten prices hit a new high, with institutions expecting a continued upward trend across the entire industry chain [2] - Chinese brokerage firms, including Changjiang Securities and Dongwu Securities, announced increases in margin financing limits, leading to a rise in Chinese brokerage stocks, with China Merchants Securities up by 3.77% and Orient Securities up by over 2% [2] Insurance Sector - Domestic insurance stocks continued to rise, with expectations of double-digit growth in new policy premiums and NBV, as New China Life Insurance increased by nearly 4% and China Pacific Insurance rose by 2.6% [2] Sportswear Sector - The sportswear sector saw collective gains, attributed to improved textile and apparel exports in November, with Yue Yuen Industrial up by 6% and Li Ning up by 5% [2] Dairy Sector - Dairy stocks were active as three departments announced stronger measures to boost consumption, with You Ran Dairy up by over 6% and Modern Dairy up by over 5% [2] Technology Sector - Goldwind Technology rose over 4% as the market showed enthusiasm for commercial aerospace concepts, with institutions optimistic about the wind power equipment landscape [3] Pharmaceutical Sector - The pharmaceutical sector faced significant declines, with the Hang Seng Biotechnology Index down by 3.95% and the Hang Seng Innovative Drug Index down by 3.83%, highlighted by a drop of over 8% in Gilead Sciences [4] Optical Communication Sector - The optical communication sector experienced a broad decline, with Yangtze Optical Fibre and Cable falling by over 8% following Oracle's delay in OpenAI data center construction [5] Semiconductor Sector - Concerns over an AI bubble resurfaced, leading to declines in semiconductor stocks, with Hua Hong Semiconductor down by over 6% and SMIC down by over 2% [6]

Core Viewpoint - The article emphasizes the enduring entrepreneurial spirit of Zhang Jian, a patriotic industrialist from Nantong, and its influence on modern enterprises in the region, showcasing a legacy of innovation, education, and social responsibility that continues to inspire contemporary business practices [6][9][24]. Group 1: Historical Context and Legacy - Zhang Jian's contributions to Nantong include establishing China's first private cotton mill and the first museum run by Chinese nationals, which laid the foundation for a city that integrates industry, education, and culture [6]. - Over a century, Nantong has evolved into a "trillion-yuan city," with Zhang Jian's spirit becoming increasingly prominent through the efforts of modern entrepreneurs who continue to innovate and uphold his values [7][8]. Group 2: Entrepreneurial Spirit and Modern Practices - The essence of Zhang Jian's entrepreneurial spirit is characterized by patriotism, which drives contemporary business leaders to pursue industrial strength and innovation [9][10]. - Modern enterprises in Nantong, such as Tongfu Microelectronics and Zhongtian Technology, embody this spirit by focusing on technological advancements and contributing to national strategic goals, with Zhongtian Technology achieving over 100 billion yuan in revenue by 2024 [13][14][15]. Group 3: Social Responsibility and Community Impact - The commitment to social responsibility has evolved from Zhang Jian's individual efforts to a collective responsibility among modern entrepreneurs, emphasizing the importance of benefiting the community and promoting shared prosperity [24][25]. - Companies like Zhongtian Technology have significantly increased their charitable contributions, reflecting a long-term commitment to social welfare and community development [26][27]. Group 4: Globalization and Open Economy - The spirit of openness initiated by Zhang Jian continues to thrive, with Nantong's business community actively engaging in global markets, evidenced by the international expansion of companies like Tongfu Microelectronics [22][23]. - Nantong's strategic initiatives, such as the "Eight Dragons Crossing the River" plan, aim to enhance connectivity and foster economic growth, further solidifying its position in the global economy [22].

Core Viewpoint - Changfei Fiber Optics (06869) continues its recent upward trend, with a current increase of 4.24%, trading at HKD 45.74, with a transaction volume of HKD 920 million [1] Company Summary - Changfei Fiber Optics announced a placement of 70 million shares at a discount of approximately 14.93%, with a placement price of HKD 32.26 per share, compared to the closing price of HKD 37.92 on December 9, 2025 [1] - The net proceeds from the placement, after deducting expenses, commissions, and costs, are expected to be approximately HKD 31.85 per share [1] - The company plans to allocate about 80% of the net proceeds for the development of its overseas business and about 20% for general operating funds [1] Industry Summary - Changjiang Securities reported a surge in global AI computing power demand, with strong financial results from cloud service providers and rapid accumulation of cloud orders [1] - Capital expenditures have been adjusted upwards, with significant increases in investment; the delivery of computing power cards is accelerating [1] - The demand for data center interconnects continues to rise, leading to full capacity for optical chip production and a shortage of high-speed optical modules, prompting accelerated expansion [1] - There is an expansion in optical fiber, high-speed cables, and liquid cooling equipment to meet the growing needs of AI and computing power [1]

Core Viewpoint - The company and its subsidiaries expect to engage in daily related transactions with affiliated parties, specifically Changfei Fiber and its subsidiaries, amounting to no more than 480 million yuan by 2026, covering procurement of raw materials, labor services, and property leasing [1] Group 1 - The board of directors and the supervisory board approved the related party transactions on December 12, 2025, pending shareholder meeting approval [1] - In the first three quarters of 2025, Changfei Fiber reported total operating revenue of 10.275 billion yuan and a net profit of 541 million yuan [1] - The company believes that Changfei Fiber has good creditworthiness and performance capability, and that the related transactions will adhere to the principle of fairness without causing significant adverse effects on the company [1]

注：恒生指数的本周表现 值得注意的是，本周港股市场呈现V型走势。周三恒生指数一度急跌逾3%，科技指数同步下探近3%，市场情绪一度转冷；但随后两个交易日，两大指数均 逐级反弹，并收复部分跌幅。 市场研判：短期反弹与中期震荡并存 恒生指数与科技指数本周展现的V型走势，有力印证了机构对港股"短期波动与中期修复并存"的前瞻性判断。 震荡格局中的结构性机会 机构普遍认为，当前港股市场正处于复杂的结构性行情中。 中金公司最新研报指出，市场目前处于"青黄不接"的震荡阶段，缺乏明确的单边突破方向，预计在2026年基准情境下，整体仍将维持震荡格局。 中信证券在其最新策略报告中特别强调，当前互联网巨头企业估值水平与其基本面存在明显背离，投资者可重点关注两类机会：一是传统业务随宏观经济企 稳带来的估值修复；二是AI等创新业务驱动的长期价值重估，尤其是已实现商业化落地的AI应用场景。 个股亮点：长飞光纤光缆领衔涨幅榜 本周个股表现中，长飞光纤光缆(06869.HK)、圣诺医药-B(02257.HK)、东方电气(01072.HK)涨幅居前。 长飞光纤光缆以超34%的累计涨幅领跑市场。该股走强主要受益于国家发改委等部门近期推动新型基础设 ...

Core Viewpoint - Changfei Fiber Optics (06869) has seen its stock price increase by over 30% this week, with a current price of 47.5 HKD and a trading volume of 1.307 billion HKD, indicating strong market interest and confidence in the company's growth strategy [1] Summary by Categories Company Actions - The company announced the issuance of 70 million new H-shares at a placement price of 32.26 HKD per share, expecting net proceeds of approximately 2.229 billion HKD [1] - About 80% of the proceeds from the placement will be used to develop the company's overseas business, while approximately 20% will be allocated for general working capital [1] Strategic Development - Huatai Securities highlighted the company's commitment to a globalization strategy, enhancing international competitiveness through the establishment of eight overseas production bases [1] - Revenue from the Hong Kong, Macau, and Taiwan regions, as well as overseas markets, has rapidly increased from 398 million RMB (7.0% of total revenue) in 2014 to 4.115 billion RMB (33.7% of total revenue) in 2024 [1] Future Outlook - The company is expected to continue optimizing its capacity layout to respond to the global recovery in fiber optic demand and strengthen the global expansion of its diversified business, supporting long-term growth momentum overseas [1]

Core Viewpoint - Changfei Fiber Optics has seen its stock price increase by over 30% this week, with a current rise of 8.25% to HKD 47.5, driven by the announcement of a new share issuance [1] Group 1: Stock Performance - The stock price of Changfei Fiber Optics (601869) has risen over 7% recently, with a cumulative increase exceeding 30% for the week [1] - As of the latest update, the stock is trading at HKD 47.5 with a transaction volume of HKD 1.307 billion [1] Group 2: Fundraising and Utilization - The company plans to issue 70 million new H-shares at a placement price of HKD 32.26 per share, expecting net proceeds of approximately HKD 22.29 billion [1] - About 80% of the proceeds will be allocated to the development of overseas business, while 20% will be used for general operational funds [1] Group 3: Strategic Growth and Revenue - Huatai Securities has noted that the company is committed to advancing its globalization strategy by establishing eight overseas production bases to enhance international competitiveness [1] - Revenue from the Greater China region and overseas has grown significantly from HKD 398 million (7.0% of total revenue) in 2014 to an expected HKD 4.115 billion (33.7% of total revenue) in 2024 [1] - The company is positioned to continue optimizing its capacity layout to meet the recovering global demand for fiber optics and to strengthen its diversified global business expansion, supporting long-term growth [1]

Core Viewpoint - Changfei Fiber Optics has seen a significant stock price increase of over 30% this week, with a current price of 47.5 HKD and a trading volume of 1.307 billion HKD [1] Group 1: Company Actions - The company announced the issuance of 70 million new H-shares at a placement price of 32.26 HKD per share, with expected net proceeds of approximately 2.229 billion HKD [1] - About 80% of the proceeds from the placement will be used to develop the company's overseas business, while approximately 20% will be allocated for general working capital [1] Group 2: Strategic Outlook - Huatai Securities noted that the company is committed to advancing its globalization strategy by establishing eight overseas production bases to enhance international competitiveness [1] - Revenue from the Hong Kong, Macau, and Taiwan regions, as well as overseas markets, has rapidly increased from 398 million RMB (7.0% of total revenue) in 2014 to 4.115 billion RMB (33.7% of total revenue) in 2024 [1] - The company is expected to continue optimizing its capacity layout to respond to the global recovery in fiber optic demand and strengthen diversified business expansion globally, supporting long-term growth momentum overseas [1]

12月11日，特发信息（000070）公告，公司于近日收到广东省深圳市中级人民法院出具的《刑事判决书》。 针对公司因收购深圳特发东智科技有限公司(以下简称特发东智)被合同诈骗、职务侵占一案，公司于2022年7月18日收到深圳市公安局关于立案侦查的 《立案告知书》，并由深圳市公安局于后续移送本案件至广东省深圳市人民检察院起诉。 一审判决追缴被告人陈传荣合同诈骗的全部犯罪所得，包括其未售的特发信息股票和现金人民币144,962,570.45元(已扣减利润补偿款1.2亿元及王凌退缴的 1,654,994.42元)；判决追缴被告人陈传荣、刘冰职务侵占犯罪所得2,764,249.86元；判决追缴被告人易宗湘犯罪所得人民币21,550,629.41元，判决追缴被告 经依法审理，被告人陈传荣、易宗湘、刘颖、王凌以非法占有为目的，在签订、履行协议过程中，通过财务造假的方式，骗取特发信息财物，数额特别巨 大，其四人的行为均已构成合同诈骗罪；被告人陈传荣、刘冰还利用职务上的便利，将单位财物非法占为己有，数额巨大，其二人行为均构成职务侵占 罪。 二级市场上，截至12月11日收盘，特发信息下跌9.97%报13.37元/股，总市值约1 ...