Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in China, with a focus on their commitment to return profits to shareholders through substantial cash distributions over the next three years. Group 1: Cash Dividend Trends - Listed companies in China have shown a significant increase in cash dividend intentions, with the total cash dividends exceeding 2.47 trillion yuan this year, surpassing the total for the entire previous year [2][4] - Major companies like BYD, Hikvision, and Zijin Mining have reported cash dividends exceeding 10 billion yuan for the first time this year, with many traditional "dividend giants" increasing their payouts [4][5] Group 2: Future Dividend Plans - Nearly 40 companies have established shareholder return plans for the next three years (2026-2028), with most committing to distribute at least 10% of their annual distributable profits in cash [7] - Specific companies have set higher targets, such as Qibin Group, which plans to distribute over 50% of its annual distributable profits in cash, and China Merchants Shekou, which aims for a minimum of 40% [7][9] Group 3: Market Performance and Institutional Interest - Companies that announced shareholder return plans have seen an average stock price increase of over 4.5%, outperforming the average increase of the CSI 300 index [10] - Notably, companies like Wangzi New Materials and Aibison have experienced stock price increases exceeding 50% since their announcements [10][12] Group 4: Institutional Research Activity - Among the 37 companies with announced return plans, 17 have received significant institutional interest, with some receiving over 350 institutional research inquiries [11][12] - Companies like Baiwei Storage and Shiji Information have also reported substantial stock price increases alongside their active engagement with institutional investors [12][13]

每经AI快讯，A股12月12日共有3744只个股获融资资金买入，有381股买入金额超亿元。其中，新易 盛、中际旭创、胜宏科技融资买入金额排名前三，分别获买入46.95亿元、34.63亿元、20.39亿元。 从融资净买入金额来看，有21只个股获融资净买入超亿元。其中，新易盛、东山精密、特变电工融资净 买入金额排名前三，分别获净买入17.02亿元、5.64亿元、3.45亿元。 （文章来源：每日经济新闻） 从融资买入额占当日总成交金额比重来看，有2只个股融资买入额占比超30%。其中富淼科技、华设集 团、华星创业融资买入额占成交额比重排名前三，分别为41.39%、34.71%、29.41%。 ...

1. Report Industry Investment Rating No relevant content is provided in the report. 2. Core View of the Report - The overall macro - policy aims to stabilize the macro - leverage ratio. The liability growth rate of the real - sector is expected to decline in December 2025, and the government debt growth rate is also expected to continue to fall. - The economic situation on the asset side is weak, with the physical quantity data in October weaker than that in September. It is necessary to focus on when the economy will stabilize and pick up. - The stock - bond ratio is in an interval - shock state, currently with risk - preference at the upper limit of the interval and trending downward later. The stock - bond ratio is in favor of bonds, and the equity style is in favor of value [17][19][22]. 3. Summary According to Relevant Catalogs 3.1 National Asset Balance Sheet Analysis - **Liability Side**: In November 2025, the liability growth rate of the real - sector was 8.7%, the same as the previous value, and it is expected to drop to around 8.5% in December. The government debt growth rate was 13.1% at the end of November, and is expected to fall to around 12.5% in December. The capital market was basically stable last week, mainly due to the renewal of 750 billion special treasury bonds on the 12th, with a high probability of subsequent marginal convergence [17][18]. - **Fiscal Policy**: The net increase of government bonds last week was 298.1 billion yuan, higher than the planned net decrease of 510.2 billion yuan. It is planned that the government bonds will have a net decrease of 119.2 billion yuan next week [2][18]. - **Monetary Policy**: Last week, the capital trading volume and price increased on a weekly average basis, and the term spread was stable. The one - year treasury bond yield fluctuated narrowly, closing at 1.39% on the weekend. The term spread between the ten - year and one - year treasury bonds was stable at 45 basis points. The yield fluctuation ranges of the ten - year and thirty - year treasury bonds are expected to be around 1.6% - 1.9% and 1.8% - 2.3% respectively [2][18]. - **Asset Side**: The physical quantity data in October was weaker than that in September. The annual real economic growth target in 2025 is about 5%, and the nominal economic growth target is about 4.9%. It is necessary to observe whether 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [3][19]. 3.2 Stock - Bond Ratio and Stock - Bond Style - **Economic Cycle**: Since 2011, China has entered a period of declining potential economic growth, which seems to have ended in the fourth quarter of 2024. The government put forward three policy goals in 2016, and currently the liability - side convergence has not ended but the space is limited [6][20]. - **Overseas Situation**: China and the US are in a state of equal - power competition. If the valuation of the US technology field is re - evaluated, global funds may flow to China. It is necessary to focus on whether the RMB exchange rate will enter an appreciation channel [6][21]. - **Market Performance**: Last week, the capital market was stable, with stocks and bonds rising slightly, and the equity style shifting to growth - dominance. The bond yields at both long - and short - ends declined slightly, and the stock - bond ratio was in favor of bonds [7][21]. - **Investment Recommendation**: It is recommended to allocate long - term bonds and value - type equity assets. This week, it is recommended to allocate the Shanghai Composite 50 Index (80% position) and the 30 - year treasury bond ETF (20% position) [8][22]. 3.3 Industry Recommendation - **Industry Performance Review**: This week, A - shares fell on heavy volume. Among the Shenwan primary industries, communication, national defense and military industry, electronics, machinery, and power equipment had the largest increases, while coal, petroleum and petrochemicals, steel, real estate, and textile and clothing had the largest declines [30]. - **Industry Crowding and Trading Volume**: As of December 12, the top five crowded industries were electronics, power equipment, communication, machinery, and computers, while the bottom five were beauty care, comprehensive, petroleum and petrochemicals, steel, and coal. The trading volume of the whole A - shares rebounded this week, with the trading volume of some industries increasing and that of some industries decreasing [31][34]. - **Industry Valuation and Earnings**: This week, among the Shenwan primary industries, the PE (TTM) of communication, electronics, national defense and military industry, machinery, and comprehensive increased the most, while that of coal, petroleum and petrochemicals, steel, real estate, and textile and clothing decreased the most. Industries with high 2024 full - year earnings forecasts and relatively low current valuations include banks, securities, insurance, etc. [37][38]. - **Industry Prosperity**: Externally, the demand is declining marginally, with the global manufacturing PMI falling and the export growth rates of some countries fluctuating. Domestically, the second - hand housing price fell last week, and quantity indicators showed mixed trends [42]. - **Public Offering Market Review**: In the second week of December, most active public - offering equity funds outperformed the CSI 300. As of December 12, the net asset value of active public - offering equity funds increased slightly compared with that in Q4 2024 [60]. - **Industry Recommendation**: In the de - leveraging cycle, the stock - bond ratio is only slightly in favor of equities, and the value style is more likely to dominate. A recommended A + H dividend portfolio includes 13 stocks, and the A - share portfolio includes 20 stocks, mainly concentrated in industries such as banks, telecommunications, petroleum and petrochemicals, and transportation [9][65].

中国经济网北京12月14日讯 宝明科技(002992.SZ)近日披露2025年第三季度报告。前三季度公司实现营业收入9.99亿元，同比下降7.55%；归属于上市公 司股东的净利润为-502.44万元，上年同期为-7345.43万元；归属于上市公司股东的扣非净利润为-549.9万元，上年同期为-8277.20万元；经营活动产生的现金 流量净额为2946.93万元，同比增长69.38%。 宝明科技首次公开发行股票募集资金总额为7.71亿元，扣除不含税发行费用后的募集资金净额为7.07亿元。宝明科技于2020年7月22日披露的招股说明书 显示，该公司拟募集资金7.07亿元，分别用于LED背光源扩产建设项目、电容式触摸屏扩产建设项目、研发技术中心建设项目。 宝明科技首次公开发行股票的发行费用6414.17万元（不含增值税），其中，承销及保荐费用4716.98万元。 宝明科技2020年年度权益分派方案为：以2020年12月31日的公司总股本137,960,950股为基数，按每10股派发现金红利3.7元（含税），共计派发现金红 利人民币51,045,551.50元。同时以资本公积金向全体股东每10股转增3股，共计转增41 ...

荣昌区把加快推动科技创新与产业创新作为重要着力点，通过实施科技赋能企业行动、科技领军型企业 培育行动计划，以政府侧、社会侧、产业侧、企业侧"四侧"协同，推动创新链、产业链、资金链、人才 链"四链"融合，全面提升产业发展能级。目前，该区已累计培育重庆市级科技型企业827家、国家级高 新技术企业98家。 日前，重庆市荣昌区集中开工、投产了30个项目，总投资67.8亿元，项目涵盖消费品、电子信息、汽车 零部件、智能装备、生物制药等多个领域，建成达产后将新增产值80亿元，为当地现代化产业集群注入 新动能。 作为重庆新型工业化的主战场，荣昌区近年来锚定"工业强区"战略不动摇，突出大抓制造业、大抓科技 创新、大抓民营经济、大抓招商引资、大抓项目建设、大抓数字经济的"六大抓手"，不断优化提升传统 产业，培育壮大新兴产业和未来产业，以先进制造业为骨干的现代化产业集群体系加快构建。 在荣昌高新区，鑫胜华铜业等一批项目正加速建设。聚焦智能网联新能源汽车零部件及智能制造、新材 料等战略性新兴产业和未来产业，荣昌高新区构建起了产业集群发展格局，形成了"龙头企业引领、中 小企业协同、创新生态支撑"的良性发展模式。"以重点项目引领支撑新 ...

天眼查App显示，近日，鑫熔仪精工设备（深圳）有限公司成立，法定代表人为廖福华，注册资本100 万人民币，经营范围为电子产品销售；电子专用材料研发；机械设备研发；机械设备销售；专用设备制 造（不含许可类专业设备制造）；电子元器件与机电组件设备销售；仪器仪表制造；电工仪器仪表销 售；智能仪器仪表销售；工业自动控制系统装置销售；通用设备修理；第一类医疗器械销售；第二类医 疗器械销售；教育咨询服务（不含涉许可审批的教育培训活动）；广告制作；广告发布；广告设计、代 理；咨询策划服务；数字广告发布；数字广告设计、代理；国内贸易代理；货物进出口。（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）在线数据处理与交易处理业务（经营类电子商 务）。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文 件或许可证件为准）。 ...

天眼查App显示，近日，宣城庆睿轩电子有限公司成立，法定代表人为许利辉，注册资本50万人民币， 经营范围为一般项目：电子产品销售；电子元器件批发；电子专用设备销售；机械设备销售；电子测量 仪器销售；电力电子元器件销售；电力电子元器件制造；电子专用设备制造；电子元器件制造；电子真 空器件制造；五金产品批发；五金产品零售；五金产品制造；五金产品研发；金属包装容器及材料销 售；金属包装容器及材料制造；办公用品销售；文具用品零售；塑料制品销售；家用电器销售；日用家 电零售；日用品销售；日用杂品销售；日用陶瓷制品销售；日用木制品销售；金属制日用品制造；货物 进出口；技术进出口；进出口代理；食品进出口（除许可业务外，可自主依法经营法律法规非禁止或限 制的项目）许可项目：包装装潢印刷品印刷；文件、资料等其他印刷品印刷（依法须经批准的项目，经 相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

金吾财讯 | 中邮证券发研报指，丘钛科技(01478)无人机光学模组持续升级，激光雷达前景广阔。针对不 同级别无人机，其配套的相机模组(拍摄功能)数量有差异，旗舰无人机通常配备约3颗相机模组，中端 约2颗，入门级约1颗。视觉模组(机器视觉)方面，旗舰无人机通常配备约9颗视觉模组，中端约5颗，入 门级约3颗。除光学模组外，公司还为无人机提供激光雷达，为无人机提供感知、避障等功能，无人机 单台配置1-2颗激光雷达。根据Valuates Report数据，2023年全球航拍无人机市场规模约为71亿美元，预 计2030年将达到122亿美元。根据Global Market Insights Inc.于2024年8月发布的报告显示，无人机越来 越多地用于农业、建筑、能源和物流等不同领域，用于执行作物监测、现场检查、送货服务和资产管理 等任务，预计2024年至2032年的CAGR将超过10%，2032年的市场规模将达到785亿美元。 金吾财讯 | 中邮证券发研报指，丘钛科技(01478)无人机光学模组持续升级，激光雷达前景广阔。针对不 同级别无人机，其配套的相机模组(拍摄功能)数量有差异，旗舰无人机通常配备约3颗相机模组， ...

河南商丘：耳机企业赶制海外订单忙 临近年终，河南商丘梁园区商丘集美数智产业园，工人在蓝牙耳机生产线上赶制出口海外的订单。图为 12月11日工人在生产线上组装耳机。 李恒 摄 临近年终，河南商丘梁园区商丘集美数智产业园，工人在蓝牙耳机生产线上赶制出口海外的订单。图为 12月11日工人在生产线上组装耳机。 李恒 摄 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 临近年终，河南商丘梁园区商丘集美数智产业园，工人在蓝牙耳机生产线上赶制出口海外的订单。图为 12月11日工人在生产线上组装耳机。 李恒 摄 临近年终，河南商丘梁园区商丘集美数智产业园，工人在蓝牙耳机生产线上赶制出口海外的订单。图为 12月11日工人准备为组装完成的耳机充电。 李恒 摄 临近年终，河南商丘梁园区商丘集美数智产业园，工人在蓝牙耳机生产线上赶制出口海外的订单。图为 12月11日工人为组装完成的耳机充电。 李恒 摄 ...

★ 宏观动态 ★ 美国与日、韩、澳等八国签署加强稀土供应链协议，外交部回应 12月12日，外交部发言人郭嘉昆主持例行记者会。法新社记者提问，昨天，美方同日本、韩国、澳大利亚等8 国就加强稀土供应链签署了协议，并且提出将会同中方竞争AI方面的技术。中方对此有何评论？对此，郭嘉 昆表示："我们注意到有关报道，各方应该遵守市场经济和公平竞争原则，共同维护全球产供链稳定。" 上交所：债券借贷业务的逐笔成交行情、汇总行情暂不公布，具体公布时间另行通知 12月12日，据上交所网站，为了进一步便利市场主体开展债券交易，上海证券交易所对《上海证券交易所债券 交易业务指南第1号——交易业务》进行了修订，进一步明确应急成交、非交易过户等业务办理方式和要求。 现予以发布，并就有关事项通知如下：一、修订后的《指南》自发布之日起实施；二、债券借贷业务的逐笔成 交行情、汇总行情暂不公布，具体公布时间另行通知。 央行：前十一个月人民币存款增加24.73万亿元 央行发布数据显示，11月末，本外币存款余额334.46万亿元，同比增长8%。月末人民币存款余额326.96万亿 元，同比增长7.7%。前十一个月人民币存款增加24.73万亿元。其中， ...