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]

国务院国资委副秘书长李冰12月20日会见香港金融管理局总裁余伟文时表示，国资央企将深化对港合 作，助力巩固香港金融中心地位，余伟文则称愿支持央企利用香港优势共建"一带一路"。 二、市场动态与资金面 一、宏观经济与市场分析 12月22日《人民日报》头版关注区域经济协调发展、绿色转型、教育科技人才发展等议题，提及前11月 全国民航完成货邮运输量同比增长13.6%。 当前货币基金收益率持续走低，截至12月17日，逾百只货基7日年化收益率跌破1%，部分产品短期收益 率"逆势跃升"被业内人士认为与浮盈兑现、大额赎回等短期因素相关，不具可持续性。 三、外围市场与关联资产 国际大宗商品方面，WTI原油突破57美元/桶，日内涨0.85%；钯金期货突破1800美元/盎司，日内同样 上涨0.85%。 美国政策动态方面，白宫国家经济委员会主任哈塞特称当前存在充足降息空间，核心通胀率三个月平均 值为1.6%，并计划明年初公布"重磅"住房政策方案。 四、国际政经与外交 美国国务卿鲁比奥19日在年末新闻发布会上表示，美国将继续巩固与日本的同盟关系，同时寻求与中国 进行建设性合作，以平衡亚太地区动态。 法国总统马克龙则确认法国将建造新一代 ...

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 泽连斯基：乌美新一轮磋商取得建设性进展 当地时间12月21日，乌克兰总统泽连斯基通过社交媒体透露，乌方团队正在美国佛罗里达州与美方代表团就结束俄乌冲突、乌克兰安全保障及战后重建相关 文件条款逐条审议，并探讨决议落地时间框架。泽连斯基表示，双方磋商取得建设性进展，相关成果对和平进程与乌克兰长远稳定意义重大，他期待乌方相 关官员汇报会谈细节。 以色列外长：只有哈马斯解除武装 加沙才能重建 当地时间12月21日，以色列外交部长萨尔在社交媒体上发布消息称，他当天与美国参议员林赛·格雷厄姆举行会面。萨尔称，双方在会谈中重点讨论了加沙 局势。他强调，只有在巴勒斯坦伊斯兰抵抗运动（哈马斯）解除武装的情况下，加沙地带才能得以重建。他还表示，哈马斯并未解除武装，反而正试图巩固 其在加沙的权力，对此以色列不会接受。 美国"星链"一颗卫星或爆炸失联 美国太空探索技术公司旗下"星链"计划的一颗卫星日前在太空中发生异常，产生了少量碎片并与地面失去联系。"星链"19日在社交媒体账号上发文称，17 日，这颗卫星的轨道高度迅速下降4000米。目前卫星大致保持完整，正在翻 ...

1.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》第三十五条规定，采取提高收费标准、增加收费项目、扣除保证金、削减补贴或者优惠、限制流 量、搜索降序、算法降权、屏蔽店铺、下架商品或者服务等措施。 2.12月20日，商务部党组扩大会议在京召开。会议强调，要大力提振消费，扩大优质商品和服务供给，释放服务消费潜力。 3.12月20日，首块L3级自动驾驶专用正式号牌"渝AD0001Z"在重庆诞生，标志着长安汽车开启L3级自动驾驶时代。 4.山西省人民政府宣布废止《山西省人民政府关于禁止生产、经营、储存、运输和燃放烟花爆竹的通告(2020年8月17日)》。对此，中国烟花爆竹协会称， 协会将积极支持和协助山西调整烟花爆竹燃放政策的相关工作实施，助力科学精准施策，推动行业健康有序发展。 5.《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%。 6.2025年全 ...

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].

来源：光大证券微资讯 热点聚焦 1、12月20日，美股三大指数集体收涨，纳指一周累涨0.48%；标普500一周累涨0.1%；道指一周累跌 0.67%；纳斯达克中国金龙指数一周累跌1.43%。美银指出，投资者正以接近纪录的速度向美国股市注 入资金。EPFR Global数据显示，截至12月17日当周，美股流入近780亿美元资金。这是自一年前创纪录 的822亿美元流入以来的最大单周流入规模。科技股三周来首次为资金流入做出贡献，暗示市场对AI估 值可能过高的担忧已有所缓解。 2、12月18日，海南自贸港封关首日，全市免税销售额达1.18亿元。三亚国际免税城客流超3.6万人次， 同比增长逾60%；销售额同比增长85%。在即将到来的元旦假期，国内前往海南的机票预订量超72万 张，同比增长约10%。海口入境国际机票增长40%以上。2026年春节期间，飞往海口的国际机票量同比 增长1倍以上。12月21日，三亚飞往捷克布拉格的DV481航班起飞，成为海南自贸港首条投入运营的第 七航权航线。 3、摩尔线程发布新一代GPU架构花港，具备新一代指令集，算力密度提升50%，能效提升10倍，集成 全精度端到端加速技术，支持10万卡以上 ...

转自：新华财经 新华财经北京12月22日电 近日，深圳市尚鼎芯科技股份有限公司（以下简称 "尚鼎芯科技"）再次向港交所递 交招股书，其独家保荐人为金联资本。此前，尚鼎芯科技于2025年4月首次递表。 尚鼎芯科技主要从事定制化功率器件产品的开发及供应。根据招股书，近年来公司MOSFET产品的收入占比 超过99%。 此次赴港IPO，尚鼎芯科技拟募资用于增强晶体管产品的研发及产业化能力等。 近年来业绩回暖 尚鼎芯科技成立于2011年，是一家无晶圆厂功率半导体供应商，专门从事定制化功率器件产品的开发及供 应。公司主要产品为MOSFET，其次是IGBT、GaN MOSFET及SiC MOSFET等，应用场景覆盖消费电子、工 业控制、汽车电子、新能源及储能、医疗设备等。 | | | 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 ...

重要的消息有哪些 1.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》第三十五条规定，采取提高收费标准、增加收费项目、扣除保证金、削减补贴或 者优惠、限制流量、搜索降序、算法降权、屏蔽店铺、下架商品或者服务等措施。 2.12月20日，商务部党组扩大会议在京召开。会议强调，要大力提振消费，扩大优质商品和服 务供给，释放服务消费潜力。 4.山西省人民政府宣布废止《山西省人民政府关于禁止生产、经营、储存、运输和燃放烟花爆竹 的通告（2020年8月17日）》。对此，中国烟花爆竹协会称，协会将积极支持和协助山西调整 烟花爆竹燃放政策的相关工作实施，助力科学精准施策，推动行业健康有序发展。 5.《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%。 6.2025年全年动画电影票房突破250亿元，成为中国影史动画电影票房最高一年。《哪吒之魔 童闹海》《疯狂动物 ...