Market Overview - The A-share market experienced fluctuations, with the consumer sector showing strong performance, while the real estate sector rebounded from low levels. External factors, such as the Bank of Japan's interest rate hike, briefly boosted market sentiment, but the gains were not sustained, indicating that external factors can only cause short-term emotional fluctuations without altering the underlying market logic [1][4][14] - The recent market volatility is attributed to the uncertainty surrounding the strength of domestic economic recovery, the time required for policy effects to materialize, and seasonal liquidity pressures as the year-end approaches. Institutional rebalancing for annual performance also contributes to short-term disturbances [1][14] Sector Analysis Consumer Sector - The consumer sector has been active, with significant gains in retail, food and beverage, and other consumer stocks driven by favorable consumption policies. Recent government initiatives aim to stimulate consumption, indicating a structural rally in this sector [7][8][10] Real Estate Sector - The real estate sector has seen a rebound due to the implementation of supportive policies from both central and local governments. The focus on stabilizing the real estate market and addressing local debt risks is expected to improve the sector's fundamentals, providing short-term boosts to the market [10][11] Financial Sector - The financial sector, particularly insurance and brokerage stocks, has shown upward momentum. Recent regulatory adjustments have lowered risk factors for insurance companies, which is expected to enhance their performance. The overall market conditions, including liquidity and economic recovery, are favorable for the financial sector [11][12] Technology Sector - The technology sector, including semiconductor and AI-related industries, remains a focus for investment. The report suggests selecting stocks with strong earnings support while avoiding high-valuation stocks lacking performance backing [2][14] Automotive Sector - The autonomous driving sector has gained attention with the approval of L3 level autonomous driving vehicles for commercial use, marking a significant step towards commercialization in China. This development is expected to drive interest and investment in related stocks [12]

12月20日，美国旧金山市遭遇大范围停电，该市至少三分之一区域陷入黑暗。20日下午，太平洋天然气 和电力公司的一处变电站内部发生火灾，引发部分停电。约13万用户受到影响，导致交通拥堵。由于停 电导致交通信号灯失灵，无人驾驶出租车Waymo在十字路口"迷路"。报道称停电期间，至少有一人被困 在Waymo汽车内。20日晚，9.5万户居民恢复了供电，但许多居民不得不点蜡烛吃饭。 ...

Core Viewpoints - The market is expected to restart a volatile upward trend, with a favorable layout for mid-cap blue chips and strong thematic directions [9][13][14]. Market Analysis - The market is likely to experience a rebound after a period of hesitation, with the recent interest rate hike in Japan further reducing uncertainty. This sets the stage for a potential upward movement in the market [3][14]. Industry Comparison - From March 2023 to the present, the market has seen a consensus expectation for technology and dividend stocks. The report suggests that the trend of risk styles is nearing its end, with investment opportunities shifting towards mid-cap blue chips, which are expected to rise again after four years of dormancy [4][15]. Industry Allocation - Investment opportunities are identified in medium-risk stocks, focusing on three main lines to capitalize on mid-cap blue chips: 1. **Cyclical Sector**: Technology empowerment combined with supply constraints is leading to a re-evaluation of pricing. Attention is drawn to new materials, chemicals, and metals with improved supply-demand dynamics, as well as agricultural products [4][16]. 2. **Consumer Sector**: After years of stagnation, the consumer sector is at a turning point, with generally undervalued stocks and supply contraction suggesting potential price increases. Focus areas include technology-related consumption, new consumption trends, and traditional pharmaceutical consumption [4][16]. 3. **Manufacturing Sector**: The focus is shifting from mere "story speculation" to validating "orders and revenues." Key areas of interest include telecommunications, electronics, power equipment, and machinery with expected performance validation [4][16]. Thematic Investments - The report highlights several thematic investment areas to watch: - **Aerospace and Satellites**: The sector is expected to maintain strength, with potential catalysts from reusable rockets and accelerated IPO progress in satellite networks and commercial rockets [4][17]. - **Artificial Intelligence**: The AI theme is currently influenced by U.S. market narratives and may see short-term performance improvements following recent developments [5][17]. - **Service Consumption**: With significant recent gains, policies aimed at improving demand are expected to become a main theme by 2026, making service consumption a key area of focus [5][17]. - **Autonomous Driving**: Developments in domestic L3 licensing and profitability milestones for companies like Pony.ai, along with international validation phases for robotaxis, suggest a renewed focus on this sector [5][17]. - **Nuclear Fusion**: The nuclear fusion sector is anticipated to experience a series of industrial catalysts, transitioning from theoretical research to practical engineering, which is expected to generate substantial investment demand [5][18]. - **Semiconductor Expansion and Domestic Substitution**: Expectations for domestic wafer fabs to expand production next year, along with the capitalization of major domestic memory chip manufacturers, highlight opportunities in domestic chip manufacturing and related materials [5][19]. - **Upstream Price Increases**: The report notes a continuing trend of price increases in the short term, driven by supply constraints and structural demand growth, particularly in non-ferrous metals and the new energy sector [6][19].

市场沸腾之际，投资者发现高盛、摩根士丹利、瑞银等外资巨头早已潜伏其中——今年三季度，这些机构精准布局了7只无人驾驶概念股，今日3只涨停的股 票均在其列。 2025年12月19日，A股无人驾驶板块掀起涨停潮。 雷尔伟暴涨12.97%，万隆科技拉升11.82%，浙江世宝封死10%涨停板。 | 2025-12-03 | | | 2024-12-31 | | | --- | --- | --- | --- | --- | | 前十大流通股东累计持有:1119.45万股,累计占流通股比:15.01%,较上期增加217.83万股 | | | | | | 机构或基金名称 | 持有数量(股) | 持股变化(股) | 占流通股比例 | 变动比 | | 许泉海 | 345.17万 | 不变 | 4.63% | 不变 | | 张建飞 | 157.20万 | 新进 | 2.11% | 新进 | | 陈海华 | 137.73万 | 新进 | 1.85% | 新进 | | 高盛国际-自有资金 | 109.78万 | 新进 | 1.47% | 新讲 | | 张广东 | 90.58万 | 不变 | 1.21% | 不要 | | 金益红 | ...

《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①商业航天+存储芯片+无人驾驶+第三代半导体+CPO！这家公司芯片产品已应用于低轨卫星千帆星座 等；②可控核聚变+商业航天+卫星导航+军工+核电！这家公司产品已成功应用于载人航天工程（空间站 天和核心舱），核裂变核电站领域有订单落地；③无人驾驶+无人机！公司将供应人形机器人关节模组。 前言 ...

2025 年 12 月 21 日 主题活跃成交回升,关注? III -北交所策略周报（20251215-20251221） 本周策略观点: 本周市场行情: 北交所新股: 新三板动态: 目靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 A0230124070002 lvjh@swsresearch.com 本周新挂牌 2 家，摘牌 3 家，周新增计划融资 0.52 亿元，完成融资 3.14 亿元。 风险提示: 个股业绩李度波动过大风险，宏观经济下行的风险。 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 品 相关研究 本周北证 50 指数小幅下跌 0.13%,但成交量环比上升 16%。本周市场活跃度明显上升, ○ 强 ...

新 三 板 研 究 2025 年 12 月 21 日 主题活跃成交回升，关注蘅东光申 购 ——北交所策略周报（20251215-20251221） 本周策略观点： 北交所新股： 本周市场行情： ⚫ 本周新挂牌 2 家，摘牌 3 家，周新增计划融资 0.52 亿元，完成融资 3.14 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 新三板动态： 吕靖华 A0230124070002 lvjh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 专 题 研 ...

文/陈妙盈 在无人驾驶货运领域，单纯的技术堆叠已不再是壁垒，真正的竞争在于数据闭环与场景适配。菜鸟拟入 股九识智能，从技术层面看，是一次极具想象力的"优势互补"。 双方在技术栈上呈现出高度的互补性： 1，九识的"硬核"底座： 九识智能拥有L4级自动驾驶的全栈自研技术，特别是在感知决策算法、多传感 器融合以及VLA大模型研发上具备先发优势。其积累的数千万公里真实道路数据，是算法迭代的宝贵 资产。 2，菜鸟的"AI"赋能： 菜鸟背靠阿里巴巴，在人工智能、机器视觉以及物流调度算法方面积淀深厚。其 自研的菜鸟GT系列无人车已在公开道路大规模运营，具备了极强的场景理解能力。 此次整合后，九识的"车辆端"能力与菜鸟的"云端"AI调度能力将实现深度融合。双方的智驾端到端模型 有望进行数据互通，这将极大加速"车路云一体化"的落地进程。例如，菜鸟的物流调度系统可以更精准 地指挥九识的无人车矩阵，实现快递、商超、冷链等多场景的灵活切换。这种技术共振，将把无人货运 的运营效率推向一个新的高度，构建起难以被单一创业公司复制的竞争壁垒。 ...

Core Insights - The article highlights the rapid integration of autonomous delivery vehicles in Shenzhen, indicating a significant milestone in the commercialization of autonomous driving technology, with a monthly operational mileage of 240,000 kilometers and approximately 1.29 million completed orders by November 2025 [2] Group 1: Economic Impact and Ecosystem - Shenzhen has transitioned from merely having the most testing vehicles to creating a robust ecosystem that fosters industry maturity, emphasizing the importance of a comprehensive system that supports technological validation and commercial expansion [2] - The city has established itself as a "chief architect" and "risk partner" in the autonomous vehicle sector, launching the first functional management service platform for autonomous vehicles in China, which streamlines compliance processes and enhances operational space for businesses [4] - This platform not only provides operational permissions but also institutionalizes and marketizes road rights and data resources, creating a predictable business environment that attracts long-term capital investment [4] Group 2: Integration with Urban Infrastructure - Shenzhen's autonomous vehicles are designed as integral components of the existing logistics and transportation systems, exemplified by the innovative "autonomous small vehicle + subway" model, which optimizes last-mile delivery by leveraging the strengths of subway transport [6] - The integration of autonomous vehicles with public transport systems enhances the efficiency of urban assets, shifting the evaluation of their value from mere cost savings to the activation and enhancement of existing urban resources [6][7] Group 3: Capital and Standards Development - The city has successfully created a virtuous cycle between capital and standards, attracting significant investments from major companies like Meituan and JD.com, and fostering a cluster of unicorns in the sector [9] - Shenzhen is actively promoting the establishment of national standards for the autonomous logistics industry, which will serve as a benchmark for technology and market entry, thereby influencing the distribution of value within the industry [9] - The influx of capital accelerates technological maturity and scale expansion, while authoritative standards reduce transaction costs and enhance investor confidence, further attracting more capital [9]

Core Insights - The conference "2026 Annual Dialogue and Global Wealth Management Forum" focuses on the theme "China's Determination in Changing Circumstances" and highlights the advancements in embodied intelligence as a means to liberate productivity and improve living standards [1][3] Group 1: Industry Trends - The embodied intelligence sector is rapidly evolving, transitioning from experimental phases to real-world applications in various settings such as hotels and factories [3] - There is a competitive dynamic between China and the U.S. in the field of embodied intelligence, with China aiming to lead rather than follow in technological advancements [5] - Concerns about potential market bubbles and overvaluation in the embodied intelligence sector have been raised, prompting discussions on regulatory measures [4][6] Group 2: Investment Perspectives - Investment in embodied intelligence is driven by the belief in human capital, with varying opinions on the timelines for technological advancements [2][9] - The importance of storytelling and imagination in technology development is emphasized, as successful companies often need to present compelling narratives to attract investment [7][8] - The investment strategy focuses on identifying companies that genuinely contribute to embodied intelligence rather than those merely adopting trendy labels [6][10] Group 3: Future Outlook - The development of embodied intelligence is viewed as a long-term journey, requiring patience and sustained investment in talent and resources [5][10] - The industry is expected to see significant advancements over the next decade, with the potential for China to emerge as a leader in various technological fields, including embodied intelligence [5][10]