中央经济工作会议12月10日至11日在北京举行，为明年经济工作指明方向。 相比此前，会议在宏观政策取向、产业发展重点以及资本市场改革方向等方面都有不少新提法，为A股 市场投资提供了最新指引。 业内认为，新旧动能交替仍将是2026年的主要线索，科技板块如AI、半导体、机器人等值得关注，顺 应国家战略、具备真实技术壁垒的科技企业将是明年A股投资的重要主线。在政策红利与产业升级共振 下，A股市场长期稳健运行基础将进一步夯实。 会议在部署"改革攻坚"任务时强调"持续深化资本市场投融资综合改革"。 "2026年是'十五五'规划的开局之年，金融改革创新的重点领域仍在资本市场。"银河证券首席经济学家 章俊认为，新质生产力正成为经济高质量发展的强劲推动力和支撑力，需要加强资本市场改革，更好赋 能新质生产力。 在他看来，继"十五五"规划建议强调"健全投资和融资相协调的资本市场功能"之后，中央经济工作会议 使用"持续深化"这一表述，是对2026年资本市场开展投融资改革重要性的再次深化。 政策预期：积极、宽松 会议明确，继续实施更加积极的财政政策和适度宽松的货币政策，加大逆周期和跨周期调节力度，强调 政策协同性和集成效应。业内认为 ...

都有哪些新提法？ 中央经济工作会议12月10日至11日在北京举行，为明年经济工作指明方向。 相比此前，会议在宏观政策取向、产业发展重点以及资本市场改革方向等方面都有不少新提法，为A股 市场投资提供了最新指引。 业内认为，新旧动能交替仍将是2026年的主要线索，科技板块如AI、半导体、机器人等值得关注，顺 应国家战略、具备真实技术壁垒的科技企业将是明年A股投资的重要主线。在政策红利与产业升级共振 下，A股市场长期稳健运行基础将进一步夯实。 会议在部署"改革攻坚"任务时强调"持续深化资本市场投融资综合改革"。 "2026年是'十五五'规划的开局之年，金融改革创新的重点领域仍在资本市场。"银河证券首席经济学家 章俊认为，新质生产力正成为经济高质量发展的强劲推动力和支撑力，需要加强资本市场改革，更好赋 能新质生产力。 在他看来，继"十五五"规划建议强调"健全投资和融资相协调的资本市场功能"之后，中央经济工作会议 使用"持续深化"这一表述，是对2026年资本市场开展投融资改革重要性的再次深化。 政策预期：积极、宽松 会议明确，继续实施更加积极的财政政策和适度宽松的货币政策，加大逆周期和跨周期调节力度，强调 政策协同性和 ...

企业名称上海海思领航医疗科技有限公司法定代表人徐俊注册资本500万人民币国标行业制造业>计算 机、通信和其他电子设备制造业>电子器件制造地址上海市闵行区剑川路940号B幢3层（集中登记地） 企业类型有限责任公司(自然人投资或控股的法人独资)营业期限2025-12-11至无固定期限登记机关闵行 区市场监督管理局 序号股东名称持股比例1江苏正济药业股份有限公司100% 来源：市场资讯 天眼查显示，近日，上海海思领航医疗科技有限公司成立，法定代表人为徐俊，注册资本500万人民 币，由江苏正济药业股份有限公司全资持股。 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；人工智能理论与算法软 件开发；可穿戴智能设备制造；可穿戴智能设备销售；第一类医疗设备租赁；第一类医疗器械销售；互 联网销售（除销售需要许可的商品）；远程健康管理服务；信息系统集成服务；数据处理和存储支持服 务；计算机软硬件及辅助设备零售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） ...

谈及近期股债双双震荡背后的原因，他分析称，临近年底，股票行情短期存在回调压力。债市方面，近 期的震荡波折主要受到一些机构行为和资管机构负债端波动的影响。 展望明年，看好反内卷、医药、低估值传统行业、科技等四大方向的投资机会。反内卷板块中，关注光 伏、锂电、养殖、快递等；医药板块中，关注一些估值位于底部的细分领域，如耗材、原料药、医药流 通等；低估值传统行业板块中，关注零售、轻工、纺织服装等；科技板块关注非高位品种，如计算机、 电子(偏软件)等。债市方面，投资策略将以短久期、持有获取票息为主。 中证报中证网讯(记者张韵)12月11日晚间，大成元瑞诚利拟任基金经理苏秉毅在做客中国证券报"中证 点金汇"直播间时表示，长期来看，股债市场往往存在跷跷板效应，但短期看，受多种因素的影响，这 种效应可能阶段性失灵。 ...

Core Viewpoint - The Central Economic Work Conference emphasizes a continuation of proactive macroeconomic policies, including more active fiscal policies and moderately loose monetary policies, to support economic recovery and stabilize the capital market [1] Market Environment - The overseas economy remains resilient with marginally easing liquidity, alongside rising expectations for interest rate cuts by the Federal Reserve, indicating an improving external environment [1] - Domestically, the "dual easing" policy is expected to continue, leading to a likely weak recovery in the economy, while "anti-involution" policies are set to optimize industry supply and demand dynamics, positively impacting listed company performance [1] Investment Themes - The technology growth sector remains the core focus for the medium to long term, with the AI industry chain expected to shift from hardware to application, particularly in media, computing, and internet sectors [2] - Four specific investment lines are highlighted: 1. High dividend assets are seeing increased accumulation by institutional investors, with sectors like white goods, banking, and telecommunications showing promising dividend strategies [2] 2. The "anti-involution" trend is entering a phase driven by fundamentals, with significant performance improvement expected in coal, steel, and photovoltaic industries [2] 3. Domestic demand expansion focuses on "matching effects," with new consumption areas like health consumption and pet economy, alongside travel and aviation sectors, presenting opportunities [2] 4. In the resource sector, strategic minor metals and industrial metals are anticipated to follow gold in price recovery, benefiting from the upward trend in commodity prices [2] Outlook for 2026 - With policy support, improving internal and external environments, and structural optimization, the A-share market is likely to continue its upward trend, with a focus on technology growth and advantageous niche sectors as the core logic for capturing market opportunities [2]

Core Viewpoint - Since its listing, Moores Threads (688795) has experienced a significant increase in stock price, prompting a risk warning announcement due to the rapid rise exceeding that of related indices [1][2]. Group 1: Stock Performance - Moores Threads' stock price surged by 425.46% on its listing day, December 5, and has seen increases of 5.73%, 16.98%, and 28.04% in the following three trading days [4]. - As of December 11, the stock price reached 941.08 CNY, with a market capitalization of 442.3 billion CNY, ranking 27th in the A-share market [4]. - The stock has increased by 723.49% compared to its issue price of 114.28 CNY within just five trading days [4]. Group 2: Financial Performance - For the period of January to September 2025, the company reported a revenue of 785 million CNY and a net loss attributable to shareholders of 724 million CNY [1]. - The projected net loss for the full year of 2025 is estimated to be between 1.168 billion CNY and 730 million CNY [1]. Group 3: Market Position and Risks - The static price-to-earnings ratio for the computer, communication, and other electronic equipment manufacturing industry is 59.34, while Moores Threads has a negative P/E ratio and a significantly high price-to-sales ratio of 1008.84 [2]. - The company is investing heavily in R&D based on its self-developed MUSA architecture, but it still lags behind international competitors in terms of R&D capabilities and product ecosystem [2]. - New products are still in the research phase, and revenue generation will take time, with potential risks related to market competition and product development [1][2].

Market Overview - On December 11, all three major indices declined, with total market turnover reaching 1.89 trillion yuan, an increase of 93.6 billion yuan compared to the previous trading day, and over 4,300 stocks fell [1] - Market focus shifted towards controllable nuclear fusion and wind power equipment sectors, while real estate and duty-free concepts weakened [1] Valuation Summary Overall Market Valuation - The overall market valuation as of December 11, 2025, shows the CSI All Share Index with a price-to-earnings (PE) ratio of 20.45, placing it in the 90.63 percentile, and a price-to-book (PB) ratio of 1.61, in the 46.53 percentile [1] Major Indices Valuation - The following are the valuations for major A-share indices: - Sci-Tech Innovation 50: PE 149.77 (80.7 percentile), PB 5.94 (91.97 percentile) [1] - CSI A500: PE 15.78 (78.72 percentile), PB 1.49 (80.07 percentile) [1] - CSI 1000: PE 45.84 (64.98 percentile), PB 2.35 (43.92 percentile) [1] - CSI 500: PE 31.94 (59.56 percentile), PB 2.11 (42.03 percentile) [1] - CSI 300: PE 13.2 (57.99 percentile), PB 1.27 (22.53 percentile) [1] - SSE 50: PE 11.12 (56.79 percentile), PB 1.13 (30.39 percentile) [1] - ChiNext Index: PE 40.35 (28.73 percentile), PB 5.18 (63.95 percentile) [1] Industry Indices Valuation - The following are the valuations for major industry indices: - Retail: PE 112.85 (93.35 percentile), PB 2.04 (35.87 percentile) [2] - Computer: PE 205.36 (92.86 percentile), PB 4.46 (65.65 percentile) [2] - Defense: PE 132.82 (88.32 percentile), PB 3.78 (73.63 percentile) [2] - Steel: PE 62.15 (85.97 percentile), PB 1.1 (15.18 percentile) [2] - Banking: PE 8.77 (84.55 percentile), PB 0.75 (34.28 percentile) [2] - Real Estate: PE 59.59 (72.21 percentile), PB 0.89 (7.12 percentile) [2] - Utilities: PE 19.49 (5.02 percentile), PB 1.62 (7.95 percentile) [2]

Core Viewpoint - The company has experienced a significant stock price increase, which raises concerns about potential short-term volatility and risks for investors [1][4]. Group 1: Financial Performance - For the period of January to September 2025, the company's revenue was 785 million yuan, with a net loss attributable to shareholders of 724 million yuan [1]. - The company projects a net loss for 2025 to be between 1.168 billion yuan and 730 million yuan [1]. - There is a risk of slow revenue growth or inability to sustain growth, leading to continued losses in the near future [1]. Group 2: Market Position and Valuation - The static price-to-earnings (P/E) ratio for the industry (C39) is 59.34 times, while the company's latest static P/E ratio is negative, indicating a challenging valuation environment [2]. - The company's static price-to-sales (P/S) ratio is significantly higher than the industry average at 1008.84 times [2]. - The company is investing heavily in R&D based on its self-developed MUSA architecture, but it still lags behind international competitors in terms of R&D capabilities and technology accumulation [2]. Group 3: Product Development and Market Risks - The company is in the process of developing new products, which have not yet generated revenue and face uncertainties in certification, customer onboarding, and mass production [1][2]. - There are potential risks related to market competition, technological obsolescence, and challenges in securing key customers, which could adversely affect overall business performance [1].

股价突破900元大关，公司提示风险。 摩尔线程（688795）12月11日发布关于股票交易风险提示公告。公告称，近期，公司股票涨幅较大，显著高于科创综指、科创50 等相关指数涨幅。股票价格可能存在短期上涨过快出现的下跌风险，投资者参与交易可能面临较大风险。公司基本面未发生重大 变化，也不存在其他应披露而未披露的重大信息。 盘面上， 摩尔线程今日大涨28.04%，最新股价报941.08元/股，总市值为4423亿元。上市仅5个交易日，该股已累计大涨超700%。 如果投资者中签摩尔线程新股且能持有至今，按收盘价计算，单签浮盈将超过40万元。 根据中证指数有限公司发布的数据，公司所处的C39计算机、通信和其他电子设备制造业最新静态市盈率为59.34倍。根据Wind资 讯数据，公司所处的C39计算机、通信和其他电子设备制造业最新静态市销率为11.76倍。截至2025年12月11日，公司最新静态市 盈率为 负，市销率为1008.84倍。公司静态市销率显著高于行业水平。 12月9日，摩尔线程发布消息称，12月19日至20日，摩尔线程首届MUSA开发者大会（MUSA Developer Conference）将在北京中关 村 ...

东软集团(600718.SH)今日公告称， 公司高级副总裁陈宏印因突发疾病于2025年12月10日辞世。 陈宏印于1996年加入公司，为公司发展做出了重要贡献。董事会对陈宏印的辞世表示沉痛哀悼，并向其家人致以深切慰问。公司生产经营活动不会因此受 到影响。 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 | 东软集团(600718) | | --- | 12-11 17:23:53 沪 融 | 所属行业:计算机-1.60%> 9.84 | | | | | | 查看所属板块 > | | | --- | --- | --- | --- | --- | --- | --- | --- | | -0.17 -1.70% | | 工业互联网 | | | 区块链 | | | | -1.81% 最相关 | | | | | -2.19% | | | | 4个 ਸ 10.04 | | 良 름 | | 10.04 | 成交量 | 13.8万手 | | | 昨 收 | 10.01 | 最 低 | | 9.83 | 成交额 | | 1.36亿 | | 厂家公司 172.26 | | 换手率 | | 1.16% ...