科技成长股今日归来，CPO、光芯片、光通信等概念强势领涨。指数层面，国证成长100指数上涨3.8%，国证自由现金流指数下跌0.3%，国证价值100指数 下跌0.6%。资金持续布局，Wind数据显示，成长ETF（159259）此前连续4个交易日获资金净流入，合计约2700万元。 国证成长100指数聚焦A股成长风格突出的股票，紧扣经济转型脉搏，当前指数超七成权重集中于电子、通信、计算机板块，精准卡位AI算力核心环节，结 构锐度突出。成长ETF（159259）是市场唯一跟踪该指数的产品，可助力投资者把握成长风格投资机遇。 （文章来源：每日经济新闻） ...

Market Overview - On December 8, 2025, the A-share market experienced a significant surge with a trading volume exceeding 2.05 trillion yuan, marking a notable increase from the previous day. Major indices saw gains, with the Shanghai Composite Index rising by 0.54%, the Shenzhen Component Index increasing by 1.39%, and the ChiNext Index soaring by 2.6%. Over 3,400 stocks rose, indicating a clear recovery in market sentiment [1] Sector Performance - The telecommunications sector, driven by the CPO (optical module) concept, surged by 4.79%, while technology sectors such as electronics and computers also performed strongly. In contrast, traditional cyclical sectors like coal and oil & petrochemicals experienced slight pullbacks. The non-bank financial sector (brokerage) rose by 1.9%, with a significant increase in trading volume, reflecting the entry of new capital and an increase in risk appetite [1] Market Drivers - The core drivers of today's market performance were the resonance of "policy-driven" and "industry trends." Regulatory policies guided "patient capital" to support technological innovation, while the global AI computing power competition and the fundamental logic of optical module technology upgrades collectively propelled the explosion of the technology sector. The market is transitioning from liquidity recovery to a structurally driven dual-phase [1] Investment Philosophy - The article emphasizes the importance of shifting from a focus on specific annual return targets to a more robust risk management approach. It argues that setting unrealistic return expectations can lead to poor decision-making and unnecessary risks. Instead, investors should concentrate on managing risk and understanding potential losses, which is the true essence of investment [2][3] Risk Management Framework - A systematic risk management framework is essential for effective investment. Key components include: 1. **Asset Allocation**: Define risk ceilings based on personal financial cycles and risk tolerance rather than market predictions [3] 2. **Margin of Safety**: Invest only when prices are significantly below intrinsic value to account for potential errors and unforeseen events [3] 3. **In-depth Research and Diversification**: Conduct thorough research to avoid flawed companies and diversify across uncorrelated opportunities to mitigate individual company risks [3] 4. **Discipline and Position Management**: Adjust overall positions based on market valuations and adhere to pre-set investment criteria to maintain rational risk management [4] Long-term Investment Success - Long-term investment success relies on avoiding significant permanent losses, as the cost of recovering from losses is much higher than anticipated. The article highlights that the art of investing lies in systematically avoiding catastrophic downturns, which ultimately opens the door to potential gains [4][5]

Core Insights - Investors are increasingly pouring money into quantum technology startups, but they may want to consider established companies like IBM, which has a long history and extensive experience in the field [2] - IBM is focusing on developing a new type of quantum computer that could solve complex mathematical problems beyond the capabilities of classical computers, with the potential to revolutionize fields such as drug design and chemical products [2] Group 1: IBM's Quantum Computing Efforts - IBM has been involved in quantum technology research since the early 2000s, led by physicist Jay Gambetta, who manages a team of 3,000 researchers across six continents [3] - The company has chosen to focus on superconducting qubits, which require cooling to just above absolute zero to function properly, leveraging its expertise in microwave technology [4] - IBM has deployed operational quantum computers in various locations, collaborating with institutions like Moderna and the Cleveland Clinic to develop algorithms for future quantum systems [6][7] Group 2: Market Potential and Competition - The Boston Consulting Group predicts that by 2040, annual revenue from quantum hardware and software suppliers could reach between $90 billion and $170 billion [2] - While many startups claim breakthroughs in quantum technology, they face significant challenges in achieving commercial viability [5] - IBM's approach includes a roadmap for scalable error correction, which is crucial for the reliability of quantum computing, and it believes it has the most transparent technology roadmap in this area [7][8] Group 3: Practical Applications and Future Goals - IBM is working on a modular quantum computer that can perform 100 million quantum gate operations by 2029, aiming to provide practical services for clients like Vanguard [11] - The company has secured $1 billion in quantum service order commitments, indicating strong market interest in its quantum computing capabilities [11] - IBM's CEO, Arvind Krishna, has a technical background, which may help the company compete against more agile startups in the quantum space [11]

以最新收盘价计算，A股平均股价为13.80元，其中股价超过100元的有160只，相比上一个交易日增加7 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至12月8日 收盘，沪指报收3924.08点，上涨0.55%，A股平均股价为13.80元，个股股价分布看，股价超过100元的 有160只，股价在50元至100元的有431只，股价在30元至50元的有762只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1418.22元，下跌0.82%，其次是寒武纪、源杰 科技等，最新收盘价分别为1417.80元、668.00元。 市场表现方面，收盘股价超百元股中，今日平均上涨3.13%，跑赢沪指2.58个百分点。今日上涨的有123 只，涨停的有德明利、东田微等，下跌的有35只，跌幅居前的有匠心家居、佰仁医疗等。 追溯发现，最新百元股近一个月平均上涨3.72%，其间沪指下跌1.84%，涨幅居前的有长光华芯、光库 科技、天普股份等，涨幅分别为69.69%、57.83%、57.24%，今年以来平均涨幅为123.61%，强于沪指 106.54%，累计涨幅居前的有上纬新材、天普股份、品茗科 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) index rose by 1.86%, closing at 1350.80 points, with a total trading volume of 3.826 billion shares and a turnover of 206.755 billion yuan, reflecting an average turnover rate of 1.99% [1] Trading Performance - Among the tradable stocks on the STAR Market, 476 stocks closed higher, with 12 stocks experiencing a rise of over 10%, including Aikesaibo and Ruikeda, which hit the daily limit [1] - The distribution of turnover rates shows that 3 stocks had turnover rates exceeding 20%, 23 stocks between 10% and 20%, and 63 stocks between 5% and 10% [1] - C-More, a newly listed stock, had the highest turnover rate at 34.97%, despite a decline of 1.04%, with a trading volume of 6 billion yuan and a net outflow of 156 million yuan in main funds [1][2] Sector Analysis - In the high turnover stocks, the electronics sector had the most representation with 29 stocks, followed by the computer and power equipment sectors with 14 and 12 stocks, respectively [2] - The stocks with the highest net inflows included GuoDun Quantum, DeKeLi, and Tengjing Technology, with net inflows of 406 million yuan, 325 million yuan, and 257 million yuan, respectively [2] Leverage Fund Movements - A total of 44 stocks in the high turnover category received net purchases from leveraged funds, with C-More, Baiwei Storage, and Weidao Nano seeing significant increases in financing balances of 1.701 billion yuan, 239 million yuan, and 8.610 million yuan, respectively [3] Notable Stocks - The top stocks by turnover rate on December 8 included C-More, which closed at 594.25 yuan with a turnover rate of 34.97% and a net outflow of 156.30 million yuan, and Aikesaibo, which rose by 20% to 49.37 yuan with a net inflow of 63.08 million yuan [4][5]

Policy Trends - Some leading brokerages are expected to benefit from the appropriate easing of capital space and leverage restrictions, which may strengthen the brokerage sector and further boost market sentiment [5][4] - The insurance sector is rebounding due to the adjustment of related business risk factors, with the non-bank sector likely to lead the market sentiment recovery during the year-end period [5][4] - The National Financial Regulatory Administration has announced adjustments to the risk factors for insurance companies' stock investments and overseas investment insurance, aiming to enhance long-term investment management capabilities [4][5] Overseas Macro - The U.S. job market is currently in a state of mild slowdown, with the ADP employment figure for November dropping significantly to -32,000, far below the expected 10,000 [6] - The likelihood of a rate cut by the Federal Reserve in December is approximately 87%, as high interest rates are suppressing employment in interest-sensitive sectors [6] Bond Market - After a rapid rise in long-term yields, the 30-10Y government bond yield spread has gradually returned to a historically reasonable range, indicating initial signs of value for allocation after a significant drop [7][15] - The central bank has continued to net withdraw funds, with a total net withdrawal of 848 billion yuan through reverse repos during the first week of December [7][9] Equity Market - The market style continues to favor resource products and AI, with non-bank sectors gaining momentum, particularly in commercial aerospace and robotics, which have strengthened the military and machinery sectors [16][21] - The Shanghai Composite Index rose by 0.37%, while the Shenzhen Component Index and the ChiNext Index increased by 1.26% and 1.86%, respectively [16] Investment Strategy - The company is optimistic about technology, brokerages, and consumer sectors as the market approaches the year-end offensive [2][22] - The upcoming Central Economic Work Conference is expected to lead to more proactive economic policies, with a focus on stabilizing the short-term macro economy and further easing monetary policy [22][24]

Core Viewpoint - The A-share market experienced a rebound on December 8, with the financial technology ETF Huatai (159103) opening higher and achieving a three-day consecutive increase, closing up by 1.03% after rising over 2% at one point [1]. Group 1: Financial Technology ETF Performance - The financial technology ETF Huatai (159103) showed strong performance, with significant gains in its component stocks, including Sifang Jingchuang and Yinzhijie, which rose over 3%, and Hengsheng Electronics, which increased over 2% [6]. - The index of the financial technology ETF covers various sectors, including internet brokerage, financial IT, AI applications, and cross-border payments, highlighting its high elasticity and growth potential in a favorable liquidity environment [7]. Group 2: Regulatory Changes Impacting Insurance Companies - Recent adjustments to the risk factors for insurance companies' stock investments aim to enhance their solvency and encourage long-term capital investment in the equity market. The risk factor for stocks held over three years has been reduced from 0.3 to 0.27, and for stocks held over two years, it has been lowered from 0.4 to 0.36 [4]. - The adjustments are expected to release a minimum of 326 billion yuan in capital, with potential market inflows of 1,086 billion yuan if the insurance funds increase their allocation to the CSI 300 index stocks [5].

计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -17% -11% -4% 2% 8% 15% 21% 28% 2024.12 2025.04 2025.08 2025.12 计算机 沪深300 相关报告 《计算机行业年度策略：AI 应用加快，全球格 局重塑中》 2025-12-01 《计算机行业分析报告：十五五规划建议的信 息科技领域内容解读》 2025-10-31 《计算机行业月报：鸿蒙迎来重要升级，AI 算 力需求多元化趋势明显》 2025-10-23 联系人：李智 预训练规模 ——计算机行业月报 发布日期：2025 年 12 月 08 日 风险提示：国际局势的不确定性；海外 AI 产业竞争格局变化带来市 场调整风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共50页 手机端 AI 应用加速，DeepSeek 将加大 投资要点： 电话： 0371-65585629 ...

资金流向方面，今日主力资金净流入4035.40万元，占比成交额2.31%。其中，超大单净流入343.19万 元、占成交额0.2%，大单净流入3692.21万元、占成交额2.11%，中单净流出流入2461.44万元、占成交 额1.41%，小单净流出6496.84万元、占成交额3.72%。 中富电路最新一期业绩显示，截至2025三季报，公司营业总收入13.55亿元、同比增长29.80%，归属净 利润2785.39万元，同比减少10.64%，扣非净利润2514.74万元，同比减少0.81%，流动比率1.275、速动 比率0.936、资产负债率48.34%。 天眼查商业履历信息显示，深圳中富电路股份有限公司，成立于2004年，位于深圳市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本19143.0132万人民币，实缴资本2000万人 民币。公司法定代表人为王昌民。 据交易所数据显示，截至2025年12月8日收盘，中富电路（300814）报收于87.27元，上涨7.99%，换手 率10.79%，成交量20.66万手，成交金额17.47亿元。 来源：市场资讯 通过天眼查大数据分析，深圳中富电路股份 ...

Group 1 - The core viewpoint of the news is that Yangjie Technology (300373) has shown positive financial performance and significant market activity as of December 8, 2025, with a stock price increase and notable net inflow of funds [1] - As of the latest quarterly report, the company reported total revenue of 5.348 billion yuan, a year-on-year increase of 20.89%, and a net profit attributable to shareholders of 974 million yuan, up 45.51% year-on-year [1] - The company's liquidity ratios are strong, with a current ratio of 1.700 and a quick ratio of 1.426, while the debt-to-asset ratio stands at 41.18% [1] Group 2 - Yangjie Technology has made investments in 28 companies and participated in 197 bidding projects, indicating active engagement in business expansion [2] - The company holds 5 trademark registrations and 773 patents, showcasing its commitment to innovation and intellectual property [2] - Additionally, Yangjie Technology possesses 234 administrative licenses, reflecting its compliance and operational capabilities [2]