Core Viewpoint - The report from Industrial Securities indicates that the A-share market typically exhibits a balanced style from December to January, with large-cap, low-valuation, and cyclical styles being relatively dominant. This is influenced by expectations of strengthened growth policies and the preferences of major institutional investors for large-cap and dividend styles as the year ends and begins [1][4]. Market Dynamics - As the Spring Festival approaches, the market style shifts towards small-cap and technology growth sectors, driven by liquidity and risk appetite [1][19]. - The report emphasizes the importance of high prosperity sectors for investment, particularly those with a projected net profit growth rate exceeding 30% in 2026, including AI industry trends, advantageous manufacturing, "anti-involution," and structural recovery in domestic demand [1][20]. High Prosperity Sectors - **AI Industry Trends**: Focus on hardware (communication equipment, components, semiconductor industry chain, consumer electronics) and software applications (IT services, software development, gaming, advertising) [1][20]. - **Advantageous Manufacturing**: Includes the new energy industry chain (lithium batteries, lithium mines, wind power equipment, new energy vehicles), military industry (ground equipment, aerospace equipment, military electronics), machinery (robots, machine tools), and pharmaceuticals (innovative drugs) [1][20]. - **"Anti-Involution"**: Covers sectors such as steel, building materials (cement, glass fiber, renovation materials, plastics), chemicals (chemical raw materials, chemical fibers, rubber), new energy (photovoltaics, silicon materials), and aviation airports [2][20]. - **Structural Recovery in Domestic Demand**: Encompasses service consumption (film and television, education, retail, e-commerce, hotel catering, tourism, hospitals), new consumption (snack foods, cultural and entertainment products), and home textiles [3][20]. Market Conditions and Signals - The report notes that the recent increase in market volatility reflects a series of significant domestic and international events impacting liquidity and fundamental expectations. The conclusion of the policy verification window is expected to provide a solid foundation for a potential market rally [4][8]. - Historical patterns suggest that market rallies often begin following the resolution of uncertainty, the implementation of easing policies, or the validation of positive economic data [9][18]. Investment Strategy - The report advises focusing on sectors that benefit from the current favorable conditions, including cyclical sectors and those aligned with domestic recovery trends. The emphasis is on sectors that are likely to experience valuation recovery due to supportive policies and improving economic fundamentals [19][23]. - Technology growth is highlighted as a critical driver for the upcoming market rally, with a favorable environment for investments in technology sectors as liquidity expectations improve [25].

Group 1 - The market is experiencing increased volatility since December, reflecting a series of important events impacting liquidity and fundamental expectations, leading to a cautious and speculative sentiment among investors [1][27] - The recent Federal Reserve meeting and the domestic Central Economic Work Conference have set a more favorable overall tone than market expectations, laying a good foundation for a potential market rally [1][32] - The U.S. employment and inflation data released this week did not trigger further pessimism, instead providing more room for the Fed to consider further easing, with the November unemployment rate slightly rising and CPI data significantly below expectations [1][30] Group 2 - Japan's recent interest rate hike of 25 basis points did not lead to the anticipated liquidity shock from carry trade unwinding, as market expectations were already priced in [4][30] - The Bank of Japan's governor indicated that further data would be needed before making additional rate decisions, suggesting a cautious approach moving forward [4][30] - The convergence of various international events affecting liquidity expectations, combined with a supportive domestic policy environment, is expected to shift investor behavior from cautiousness to actively seeking opportunities [6][32] Group 3 - Historical patterns indicate that market rallies often require a catalytic event, with potential signals for the current rally categorized into three types: strong macro policy shifts, year-end market performance stabilization, and early-year market dynamics [7][33] - The current market conditions align with the second category, where strong performance throughout the year leads to a rally after year-end disturbances are resolved [7][33] - Key indicators to watch for potential rally signals include the possibility of interest rate cuts and improvements in fundamental data such as PPI, PMI, and corporate earnings forecasts [17][19] Group 4 - The investment strategy should focus on sectors benefiting from economic recovery and supportive policies, particularly in cyclical industries and new consumption trends [20][22] - High-growth sectors such as AI, renewable energy, and advanced manufacturing are expected to lead the market rally, supported by favorable liquidity conditions and risk appetite [24][22] - The market is anticipated to transition from a balanced style to favoring small-cap and technology growth sectors as the rally progresses [18][24]

通鼎互联公告称，公司股票于2025年12月17日至19日连续三个交易日收盘价格涨幅偏离值累计超20%， 属于异常波动。经核实，公司前期信息无需更正补充，经营正常，无应披露未披露重大事项，控股股东 及实控人未买卖股票。此外，公司此前披露持股5%以上股东吴企创基减持计划，12月17 - 18日，其已 通过集中竞价卖出592.48万股，占总股本0.4817%，与减持计划一致。 ...

针对本次警示函所提及的问题，超讯通信对GPLP犀牛财经表示，目前管理层已着手完善客户信息收集与评估机制，并加强催收策略与执行力度等措施，以 进一步强化内部控制。目前，超讯通信正对相关事项进行全面整改，计划在收到决定书之日起30日内完成整改工作，并向证监局报送整改报告，同时抄报上 海证券交易所。超讯通信将持续关注上述事项的后续进展情况，并及时履行信息披露义务。 12月12日，超讯通信股份有限公司（603322.SH，以下简称"超讯通信"）发布公告称，收到广东证监局出具的警示函，超讯通信因收入核算不准确、内部控 制不规范等问题被采取责令改正措施，董事长梁建华、总经理钟海辉等3名相关责任人同步收到警示函。 公告显示，超讯通信的违规问题主要涉及两方面：一是收入核算存在双重偏差，2023年至2024年前三季度，超讯通信将定制算力服务器业务按总额法确认收 入，但实际仅承担代理人角色，应采用净额法核算，导致多份定期报告信息披露不准确；2024年7-8月交付的两批算力服务器因业务人员未及时录入数据， 出现跨期核算问题，造成前三季度营收和利润少计。二是内部控制存在明显缺陷，一方面对GPU购销等业务的客户授信额度过大，应收账款账 ...

12月LPR报价即将公布；成品油将迎调价窗口；下周解禁市值近1900亿元。 【重磅新闻】 12月LPR报价即将公布 12月22日，1年期和5年期以上LPR将公布最新值。11月20日，央行公布的1年期LPR为3.0%，5年期以上LPR为3.5%。至此，LPR已连续6个月保持不变。 东方金诚首席宏观分析师王青认为，6月以来LPR报价一直按兵不动，背后的根本原因是受年初以来出口超预期、国内新质生产力领域较快发展等推动，宏 观经济走势稳中偏强，逆周期调节需求相应下降，货币政策保持较强定力。 成品油将迎调价窗口 根据"十个工作日"原则，本轮调价窗口为12月22日24时。据金联创测算，截至12月19日第九个工作日，参考原油品种均价为59.05美元/桶，变化率 为-3.21%，对应的国内汽柴油零售价应下调165元/吨。 下周解禁市值近1900亿元 Wind数据统计显示，下周（12月22日-12月26日）共有47只限售股解禁，按最新收盘价计算，解禁总市值近1900亿元。 17只个股解禁市值超10亿元，7股解禁市值超百亿元，其中首创证券、三一重能、微导纳米解禁市值居前，分别为423.12亿元、248.75亿元、225.36亿元 ...

策略专题 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 陈梦洁 资格编号：S0120524030002 邮箱：chenmj3＠tebon.com.cn 证券研究报告 | 策略专题 2025 年 12 月 20 日 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛威 资格编号：S0120523080002 邮箱：xuewei＠tebon.com.cn 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 徐宇博 资格编号：S0120525090001 邮箱：xuyb5＠tebon.com.cn 周天昊 资格编号： S0120525040002 邮箱：zhouth＠tebon.com.cn 徐梓煜 资格编号：S0120524080004 邮箱：xuzy＠tebon.com.cn 潘云鹤 资格编号：S0120525070001 邮箱：panyh3＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 谭诗 ...

2025年，华为"见非凡"品牌计划全新一季携手深度纪实访谈节目《十三邀》团队，再次开启了对"非凡精神"的深度探索之旅。这一季节目邀请了多位来 自不同领域的杰出人物，包括惠英红、梁家辉、徐颖、汪顺等，他们与许知远展开了一场场深刻而真诚的对谈。通过这些嘉宾各自独特的人生轨迹和心路历 程，不仅展现了非凡精神的多元面貌，更引发了大众对于"何为非凡"的深入思考。 视频中，汪顺分享了许多令人动容的经历。为了改进一个微小的技术动作，他愿意"花三四周时间去完成一个新的肌肉记忆"。这种对毫厘之差的极致较 真，正是非凡的底色。特别是在东京奥运会延期的那一年，对于一名老将而言，这无疑是巨大的打击。然而，汪顺没有将其视为遗憾，而是笃信"机会不是 等来的风，而是在风停下时为自己造的那艘船"。他将这段停滞的时光视为"重生的机会"，以身体的每一块肌肉、每一个线条，铭刻了天分与勤奋结合的产 物。 正如视频中所提炼的金句："非凡是天分与勤奋在时间里雕刻出的痕迹"。汪顺用25年的坚持证明了，"所谓非凡是在与时间较量中那个咬牙坚持、不断 强大的自己"。他坦言"顶级的快乐一定是通过煎熬的"，并感悟"对未来最好的计划就是尊重时间、专注当下"。这种在漫 ...

向上向善向绿 出海出新出彩 适应ESG趋势，企业出海大有可为 商务部国际贸易经济合作研究院学术委员会副主任、区域经济研究中心主任，中国社会经济系统分析研 究会副理事长张建平在主旨演讲中表示，如今"中国投资"遍布全球，据商务部、外汇局统计，2024年， 国内全行业对外直接投资11592.7亿元，同比增长11.3%；"中国建设"享誉全球，2024年，对外承包工程 业务完成营业额11819.9亿元，同比增长4.2%；"中国劳务"同样也是服务全球，这显示了广阔的发展空 间。 "从ESG的视角来看，目前我们的企业在出海的过程中，在环境和社会方面的表现十分突出。"张建平建 议，将企业走出去与对外贸易和对外援助有机结合；培育一批中国全球知名跨国公司，凭借ESG建设积 淀的品牌美誉度，实现品牌溢价；支持企业合规经营和本土化发展；用好香港、澳门、海南自贸港等地 的作用与角色，支持企业更好地走出去。 在"湾区企业出海，如何将ESG打造成为一张新牌"的圆桌对话环节，与会人员认为，湾区企业出海布局 ESG需内外融合、多方协同——向内，要将ESG理念上升为企业核心商业战略，推动其与业务发展深度 融合；向外，则需对标国际先进标准，推进本 ...

"虽然'万物智能互联'的愿景在5G时代已经被提出，但在6G时代这一概念还将得到不断深化和推广。"徐 晧表示，边缘计算、智能体、机器人等技术的持续融合，将成为推动6G向前发展的核心动力，也将重 塑未来网络的能力边界。 02 智能体AI的兴起正在改变交互方式 随着6G标准化元年的到来，通信行业正从频谱、架构、算力等多个维度重新审视下一代网络的底层逻 辑。在近期的一次产业分享中，高通全球副总裁、高通中国研发负责人徐晧系统阐述了6G的技术演进 方向，并分析了AI、智能体等新技术对未来网络形态的深远影响。他从技术路径、流量结构、终端演 进等关键角度提出了一系列重要观察，为行业理解6G的发展趋势提供了更具现实意义的视角。 01 技术演进与应用趋势交织 为6G奠定演进逻辑 徐晧指出，回顾移动通信过去几十年的演进可以发现，每一次代际升级都由两条主线共同推动——一条 是技术本身的持续演进，另一条则是行业应用趋势的变化。从技术层面看，通信系统经历了从1G、2G 的模拟到数字，从3G的CDMA，到4G及之后的OFDM、大规模MIMO、先进编码等一系列技术突破， 使新的应用场景成为可能。而另一方面，技术的发展同样受到应用需求的牵引： ...

证券日报网讯12月19日，共进股份（603118）在互动平台回答投资者提问时表示，公司在交换机领域有 多年的经验积淀，已覆盖园区、SMB交换机，以及100G、400G、800等多种数据中心交换机产品。未 来公司也将持续夯实在重点客户服务器业务量产制造上的核心优势，拓宽客户半径与产品规模。 ...