【重要事项】 中国神华：拟向国家能源集团财务有限公司增资60亿元，拟购买国家能源集团及其全资子公司西部能源 持有的相关资产，交易价格1335.98亿元 盛新锂能：中创新航2026年至2030年期间向公司采购20万吨锂盐产品 鹏辉能源：目前大储产品基本满产，主要产品排产预计到明年上半年 士兰微：拟向国开新型政策性金融工具有限公司申请不超过15亿元新型政策性金融工具借款 【投资经营】 复旦微电：在低轨卫星通信等领域，FPGA是较为理想的解决方案 东方电缆：公司及子公司中标合计31.25亿元深海科技等项目，占2024年营收34.37% 中瓷电子：1.6T光模块陶瓷产品已稳定量产出货 青岛港：拟合计157亿元投资建设董家口港区两个码头工程 恒瑞医药：SHR-2906注射液临床试验获批准，目前国内外尚无同类药物获批上市 健康元：控股子公司NS-041片新增适应症获批开展临床试验，国内尚无新一代靶向KCNQ2/3的药物上 市 国科军工：已与四川凌空天行科技有限公司围绕固体发动机核心技术开展合作 经纬恒润：L4系统在架构设计上具备向Robotaxi延伸的潜力 精工科技：拟投资4.26亿元建设智能制造基地项目，形成年产航空航 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 据摩根大通北美分析师团队的一份报告，尽管市场存在对人工智能泡沫的担忧，但一些领先的半导体和 网络公司仍有可能在2026年再次跑赢大盘。一个由HarlanMa领导的分析师团队估计，2026年用于数据 中心资本支出的业务支出可能会再增长50%。 华鑫证券分析指出，英伟达CEO黄仁勋近期预警AI能源危机，指出算力需求爆发将挑战传统能源供 应。美国电力短缺已制约其AI发展，而中国电力装机规模领先，国内电力设备产业链完整，有望同时 受益于国内电网稳健投资与全球（尤其是北美）AI数据中心扩容带来的增量机遇。 ...

12月22日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻 1、今日09：00公布12月一年期、五年期贷款市场报价利率（LPR） 2、国务院总理李强12月19日主持召开国务院常务会议，深入学习贯彻习近平总书记在中央经济工作会 议上的重要讲话精神，对贯彻落实中央经济工作会议决策部署作出安排。 3、商务部党组扩大会议提出，做强国内大循环、畅通国内国际双循环、拓展国际循环，为经济实现质 的有效提升和量的合理增长贡献商务力量。大力提振消费，扩大优质商品和服务供给，释放服务消费潜 力。 4、世界贸易组织发布《2025年世界贸易报告》指出，在配套政策到位的情况下，人工智能有望通过提 升生产率、降低贸易成本，到2040年将跨境货物和服务贸易额提高34%至37%，全球GDP增长12%至 13%。报告强调，需弥合数字基础设施差距、加强技能培训，并保持开放、可预期的贸易环境，确保增 长更具包容性。 5、国家发展改革委、市场监管总局、国家网信办制定了《互联网平台价格行为规则》。平台内经营者 在不同平台销售商品或者提供服务的，依法自主定价。平台经营者不得违反《中华人民共和国电子商务 法》第三十五 ...

近日，半导体设备龙头中微公司披露公告，公司正在筹划发行股份收购杭州众硅电子科技有限公司控股 权并募集配套资金。这是科创板头部企业进行产业整合的缩影。 在设计、IP与EDA等领域，企业并购需求迫切，高度关注标的"含科量"与"稀缺性"。上述领域市场被海 外全品类龙头垄断，国内专精型小企业居多。以模拟芯片行业为例，国内有超过400家企业，但本土企 业与国外大厂在规模、体量和核心能力上存在明显差距，外延并购无疑已成为企业补全产品矩阵的关键 路径。为达成预期整合效果，相关企业开展并购时也更注重研发资源、客户渠道、供应链的实质性协 同。如晶丰明源拟收购国内无线充电领域的头部企业易冲科技，夯实公司在消费领域的市场地位和技术 能力；概伦电子拟收购锐成芯微、纳能微两家IP公司，构建"EDA工具+半导体IP"双引擎。 理性看待交易终止 繁荣背后彰显产业定力 近期，半导体领域部分并购交易终止引发市场关注，但这并非产业整合遇冷，而是市场化并购回归理性 的必然表现。 结合实际数据看，"科八条"发布以来，科创板公司累计新披露并购交易150余单，超七成已顺利完成， 另有20余单正在积极推进。业内人士指出，随着披露案例基数扩大，终止案例自然 ...

| | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 | | | | | | | | (未經審核) | | | 收益 | 167,309 | 113,051 | 121,656 | 81.466 | 105,165 | | 销售成本 | (74.023) | (50.904) | (52.444) | (35,242) | (45.084) | | 毛利 | 93,286 | 62,147 | 69.212 | 46,224 | 60.081 | | 其他收入及收益淨額 | 2,916 | 2,062 | 2,276 | 1,753 | 1,702 | | 銷售及分銷開支 | (14,360) | (13.427) | (15,540) | (10,061) | (12,350) | | 行政開支 | (18,143) | (14,301) | (13 ...

证券研究报告 | 2025年12月22日 (1998) (200) 资料来源：Wind、国信证券经济研究所整理 宏观与策略 宏观快评:美国 11 月 CPI 点评-通胀回落，指引失真 宏观周报:宏观经济周报-年末放缓，质量上扬 固定收益专题研究:资金观察，货币瞭望-跨年资金需求季节性抬升，预 计 12 月市场利率上行 固 定 收 益 快 评 : 可 交 换 私 募 债 跟 踪 - 私 募 EB 每 周 跟 踪 （20251215-20251219） 固定收益周报:转债市场周报-弱资质及临期个券出现扰动 | 晨会纪要 | | --- | | 数据日期:2025-12-19 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3890.44 | 13140.21 | 4568.17 | 14068.19 | 3805.90 | 1308.58 | | 涨跌幅度（%） | 0.36 | 0.66 | 0.33 | 1.14 | 0.73 | 0.20 | ...

国产通用GPU龙头企业先后跻身资本市场赛道，自主算力突围正式进入资本赋能的关键阶段。 12月19日，根据港交所官网显示，上海天数智芯半导体股份有限公司(简称"天数智芯")披露聆讯后资料 集，这就意味着该公司已通过港交所上市聆讯。 四家企业中，摩尔线程与沐曦股份高度聚焦国产GPU领域布局。其中，摩尔线程以全功能GPU为核心， 构建了覆盖芯片、板卡、集群及软件生态的全链条体系，产品矩阵涵盖AI智算、专业图形、桌面级 GPU与智能SoC四大类。沐曦股份聚焦异构计算，推出曦思N系列(智算推理)、曦云C系列(通用计算)、 曦彩G系列(图形渲染)全栈GPU产品，凭借自主架构、高速互联技术及兼容主流生态的软件栈，适配智 算、数据分析、云游戏等多场景需求。 资料显示，公司是中国领先的通用GPU芯片及AI算力解决方案提供商，天数智芯通用GPU产品涵盖天 垓及智铠系列，具有优效能、易迁移、高通用等领先优势，全面兼容国内外主流AI生态以及各类深度 学习框架。从系统架构、指令集，到核心算子、软件栈，均为自主研发，可独立发展演进。 国产GPU龙头企业上市集结中 国产算力芯片产业正迎来资本市场的"高光时刻"。 在摩尔线程、沐曦股份登陆科 ...

Group 1 - Guanshang Technology plans to issue shares for asset acquisition and will suspend trading from December 22, 2025, with a disclosure of the transaction plan expected within 10 trading days [1][15][16] - *ST Dongyi's restructuring plan has been approved by the Beijing First Intermediate People's Court, entering the execution phase, which may improve the company's financial structure and affect its 2025 financial data [2][17] - Victory Energy's stock has hit the limit up for six consecutive trading days, with a total increase of 77.22%, indicating a significant deviation from market trends and a potential risk of rapid decline [3][18] Group 2 - Shangfeng Cement's investee, Yuexin Semiconductor, has received approval for its IPO application on the ChiNext board, with the company holding approximately 1.4957% of the equity before the public offering [4][19] - Jindalai plans to invest 30 million yuan in Zhongke Hongtai Medical Technology Co., acquiring a 10% stake in the company, which specializes in medical robotics [5][20] - Lianchuang Electronics is planning a change of control, leading to a continued suspension of its stock from December 22, 2025, for no more than three trading days [6][21] Group 3 - Health元's subsidiary has received approval for clinical trials of NS-041 tablets for treating depression, making it the only drug in China approved for both epilepsy and depression clinical studies [7][22] - Xihua Technology will be listed on the Shanghai Stock Exchange main board on December 23, 2025, with an initial public offering of 100 million shares [8][23] - *ST Mingjia has completed the capital reserve transfer to increase its share capital, resulting in an increase from 696 million shares to 1.426 billion shares, with stock resuming trading on December 22, 2025 [9][24][25]

Group 1 - The Ministry of Commerce emphasizes boosting consumption and expanding the supply of quality goods and services to unleash the potential of service consumption [1] - Shanghai Jiao Tong University researchers achieved a breakthrough in all-optical computing chips, supporting large-scale semantic media generation models, published in the journal "Science" [2] - The National Internet Information Office and the China Securities Regulatory Commission are intensifying efforts to address false information related to the capital market, with legal consequences for those spreading such information [3] Group 2 - The National Development and Reform Commission, the State Administration for Market Regulation, and the National Internet Information Office have established rules for internet platform pricing behavior, prohibiting forced price reductions or promotional tactics [4] - Moore Threads announced a new GPU architecture, "Huagang," with a 50% increase in computing density and a 10-fold improvement in energy efficiency, supporting large-scale intelligent computing clusters [5] - Alibaba's DingTalk has initiated a secret project called "D Plan," potentially entering the AI hardware sector [6] Group 3 - The People's Bank of China and other departments released a work plan to enhance financial support for technological innovation and strategic emerging industries in Fujian Province [7] - The Dalian Commodity Exchange announced trading limits for lithium carbonate futures contracts starting December 23, 2025, with specific daily opening limits for various contracts [8] - China Shenhua plans to acquire assets from the State Energy Group and its wholly-owned subsidiary for a transaction price of 133.598 billion yuan [11] Group 4 - Guizhou Bai Ling faces risk warnings due to false records in annual reports from 2019 to 2021 and 2023, leading to a name change to "ST Bai Ling" [12] - Qingdao Port plans to invest a total of 15.7 billion yuan in the construction of two terminal projects at Dongjiakou Port [15] - YD Group has terminated its share reduction plan, having reduced 18.967 million shares, with 24.8927 million shares remaining [18] Group 5 - The IPO of Yu Chip Semiconductor has been accepted by the Shenzhen Stock Exchange, with an expected fundraising amount of 7.5 billion yuan [19] - MiniMax and Beijing Zhiyu Huazhang Technology have passed the Hong Kong Stock Exchange hearing for their IPOs [21] - Wall Street's three major indices collectively rose last Friday, with the Dow Jones up 0.38%, the Nasdaq up 1.31%, and the S&P 500 up 0.88%, driven by gains in major tech stocks [23]

International News - WTI crude oil prices have surpassed $57 per barrel, with a daily increase of 0.85% [1][5] - Palladium futures prices have also exceeded $1,800 per ounce, reflecting a daily rise of 0.85% [1][5] - U.S. Secretary of State Rubio emphasized the importance of maintaining a strong partnership with Japan while seeking constructive cooperation with China, which he described as a key element in the "balancing dynamic factors" of the Asia-Pacific region [1][5] - White House National Economic Council Director Hassett indicated that there is still ample room for interest rate cuts in the U.S., with a core inflation rate averaging 1.6% over the past three months. He also announced a significant housing policy proposal to be revealed in early next year [1][5] Domestic News - The People's Daily highlighted several national strategic deployments, including optimizing regional economic layouts, promoting comprehensive green transformation in economic and social development, and fostering new growth drivers through education and technology in Beijing [3][7] - The yield of money market funds continues to decline, with over 100 products having a seven-day annualized yield below 1% as of December 17. Industry insiders noted that short-term yield fluctuations may be related to profit-taking and large redemptions, while emphasizing the core value of liquidity management tools remains unchanged [8] - Wall Street's first GPU stock, Birun Technology, announced a maximum IPO price of HKD 19.60 per share, with a pricing range of HKD 17 to 19.60 per share, and plans to issue 247,692,800 H-shares, expected to begin trading on January 2 [8] - The Deputy Secretary-General of the State-owned Assets Supervision and Administration Commission, Li Bing, met with the President of the Hong Kong Monetary Authority, Yu Weiwen, to discuss deepening cooperation between state-owned enterprises and Hong Kong, as well as supporting Hong Kong's status as a financial center and the Belt and Road Initiative [8]