市场研究部证券研究报告 2025 年 12 月 22 日 国内市场综述 震荡攀升 上涨延续 周五（12 月 19 日）大盘震荡攀升，上涨延续。截至 收盘，上证综指收于 3890.45 点，上涨 0.36%；深成 指收于 13140.21 点，上涨 0.66%；科创 50 上涨 0.2%； 创业板指上涨 0.49%，万得全 A 成交额共 17487 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 27 个上涨，其中消 费者服务、商贸零售及轻工制造涨幅居前，仅有银行、 煤炭及电子小幅收跌。概念方面，海南自贸港、乳业 及核聚变等指数表现活跃。 海外市场综述 美股三大指数全线收涨，英伟达涨近 4% 周五（12 月 19 日），美国三大股指全线收涨，道指 涨 0.38%，标普 500 指数涨 0.88%，纳指涨 1.31%。英 伟达涨近 4%，波音涨近 3%，领涨道指。万得美国科技 七巨头指数涨 1.2%，谷歌涨超 1%，苹果涨 0.54%。中 概股多数上涨，小马智行涨近 12%，禾赛科技涨超 7%。 新闻精要 1. 三部门联合发布《互联网平台价格行为规则》 2. 公募新发数量创近 4 年新高 总募集规模 ...

Group 1 - The core viewpoint of the article highlights the strong performance of A-shares, driven by three main themes: policy benefits, technology sector rebound, and the surge in precious metals [2][3][4] Group 2 - The Hainan Free Trade Zone sector experienced a significant surge, with a 9.59% increase, leading to a rare wave of limit-up stocks, with 22 out of 29 stocks hitting the limit [2] - The automotive industry chain strengthened, primarily due to the announcement of the first batch of L3 autonomous driving vehicle permits by the Ministry of Industry and Information Technology, marking a key step towards commercialization [2] Group 3 - The technology sector saw a broad rebound, with significant gains in the computing power, semiconductor, and consumer electronics industries, driven by improved sentiment regarding AI narratives [5][8] - Micron Technology reported better-than-expected earnings, with Q1 revenue reaching $13.64 billion, a 57% year-over-year increase, which contributed to the rise in the semiconductor sector [8] Group 4 - The precious metals sector saw spot gold and silver prices reach historical highs, indicating strong demand and market interest [3] Group 5 - The duty-free shop sector also saw gains, with leading stock China Duty Free Group hitting the limit-up, supported by strong sales figures from Sanya's duty-free market [11][14]

Core Insights - The report highlights the performance of major stock indices, indicating a mixed trend across different markets with notable movements in the US and Asia [6][13]. - The report emphasizes the growth in the aviation cargo sector in China, driven by international market demand, with a year-on-year increase of 13.6% in cargo and mail transport volume [16]. - The report discusses significant developments in the technology sector, including Samsung's launch of the first 2nm process smartphone application processor, which is expected to enhance performance significantly [19]. International Market Overview - The report notes that the Dow Jones Industrial Average increased by 0.38% to 48,134.89 points, while the S&P 500 rose by 0.88% to 6,834.50 points, and the Nasdaq Composite gained 1.31% to 23,307.62 points [13]. - European markets showed slight gains, with the DAX30 up by 0.37% and the FTSE 100 up by 0.61% [13]. - In the Asia-Pacific region, the Hang Seng Index rose by 0.75%, while the Nikkei 225 increased by 1.03% [13]. Domestic News - The report mentions the implementation of a "zero tariff" policy for imported vehicles in Hainan, aimed at businesses in transportation and tourism, marking a significant regulatory change [14]. - The establishment of the first L3-level autonomous driving license plate in Chongqing signifies a major advancement in China's autonomous vehicle regulations [15]. - The Central Economic Work Conference emphasizes the importance of innovation-driven growth and the establishment of a unified national market, addressing issues of competition and pricing in various industries [17][18]. Company-Specific Developments - The report indicates that Chinese concept stocks mostly rose, with the Nasdaq China Golden Dragon Index increasing by 0.86% [19]. - Key company announcements include the approval of an IPO for a semiconductor company by a subsidiary of Shengfeng Cement and the clinical trial approval for a new depression treatment by a subsidiary of Jiankangyuan [19]. - McDonald's has achieved full coverage in China's provincial administrative regions with the opening of its first store in Qinghai, reflecting its expansion strategy [19].

| 博敏电子 | 72.68 | | --- | --- | | 广钢气体 | 89.10 | | 金宏气体 | 92.93 | | 至纯科技 | 112.78 | | 神工股份 | 115.02 | | 京仪装备 | 123.37 | 长鑫存储概念股 长鑫存储是国内规模最大、封 造）企业。公司已于2025年 | 美联类型 | 股票名称 | 流通市值 (亿元) | | --- | --- | --- | | | 朗迪集团 | 39.77 | | | 合百集团 | 58.89 | | 股权关系 | 合肥城建 | 82.16 | | --- | --- | --- | | | 上峰水泥 | 106.83 | | | 中山公用 | 142.70 | | | 兆易创新 | 1424.57 | | | 柏诚股份 | 23.27 | | | 兴福电子 | 27.31 | | | 雪迪龙 | 30.56 | | 雅创电子 | 37.23 | | --- | --- | | 泰永长征 | 42.62 | | 富乐德 | 51.72 | | 大为股份 | 54.75 | | 达实智能 | 55.18 | | 商络电子 | 59 ...

| 港股大盘宽基: 恒生中国企业ETF | | | 510900 | | --- | --- | --- | --- | | 跟踪恒生中国企业指数 | | | | | 该指数由在港上市中国内地企 | | | | | 业中50只市值大、成交活跃的 | 截至午间收盘 | 该指数 | 该指数自2002年 | | 股票组成,指数行业覆盖较为 | 该指数涨跌 | 滚动市盈率 | 以来估值分位 | | 广泛,可选消费、信息技术、 | | | | | 金融、能源行业合计占比近 | 0. 3% | 10. 4倍 | 63. 0% | | 85% | | | | 今日早盘，A股三大指数集体走强，沪指涨0.64%再次站上3900点，全市场近3500只个股飘红。板块题材上，海南、存储芯片、贵金属板块活跃，医药商 业、影视院线板块调整；港股表现分化，半导体概念股领涨，汽车、机器人、软件等板块涨幅居前，医药、高股息板块走弱。截至午间收盘，中证A500指 数上涨1.1%，沪深300指数上涨0.8%，创业板指数上涨1.8%，上证科创板50成份指数上涨2.0%，恒生中国企业指数上涨0.3%。 | 科创板大盘宽基:科创板50ETF 低费率 | ...

中信建投证券认为，当前市场仍处于窄幅震荡格局当中，随着美联储12月延续降息和中央经济工作会议 政策落地，市场中期政策和流动性预期已经明确。短期A股波动主要受外部环境影响，如美股AI泡沫疑 虑和日本央行加息，目前美股AI核心公司股价已经企稳，日本央行加息落地后续影响有限，A股有望和 全球股市一起共振上行。 从市场情绪角度进行分析，投资者情绪指数近期降至70以下水平，在本轮牛市中处于区间下沿，这也同 样反映出当前投资者悲观情绪已经得到了一轮较为充分的反应，考虑到仍然偏高的杠杆资金情绪，预计 投资者情绪也将小幅回升，带动市场波动上行。 22日早盘，两市股指盘中强势上扬，沪指重返3900点上方，创业板指、科创50指数涨近2%，全A近 3500股飘红。 截至午间收盘，沪指涨0.64%报3915.2点，深证成指涨1.36%，创业板指涨1.8%，科创50指数涨1.95%， 沪深北三市合计成交11991亿元。 盘面上看，保险、银行板块疲弱；半导体板块强势拉升，钢铁、化纤、汽车、石油等板块上扬，海南自 贸概念全线爆发，存储芯片、光刻机、CPO概念等活跃。 （文章来源：证券时报网） ...

不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 12月22日消息，在全球存储器持续紧缺、价格快速上涨的背景下，国际大厂正积极寻求产能合作。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 据报道，继闪迪传出与力积电洽谈后，业界最新消息指出，美光也与力积电就产能合作展开协商，使力积 电在这一波存储器热潮中成为备受关注的合作对象。 据悉，美光希望利用力积电位于铜锣的新建晶圆厂，快速导入自身技术与设备以扩充存储器产能。 该厂房已完工且尚有4万至5万片月产能的扩充空间，能大幅缩短新产能的开出时间。消息人士透露，双方 目前正就至少三种合作模式进行讨论。 美光此前已在财报会议中强调了扩大产能的紧迫性，并将2026财年的资本支出从原计划的180亿美元上调 至200亿美元。 公司执行长梅罗塔指出，当前存储器供应"远远跟不上客户需求"，短期内难以缓解，对部分关键客户仅能 满足约50%至三分之二的订单量，因此对新产能的需求十分迫切。 在产能建设周期较长的半导体行业，力积电铜锣新厂因其"即战力"特性而具有显著优势。 该厂厂房已建设完成，且厂区设计本就以存储器工艺为核心，洁净室与管线配置均符合量产要求，无需经 历漫长 ...

Core Viewpoint - Samsung has officially launched the world's first 2nm smartphone processor, Exynos 2600, which achieves significant advancements in performance and power efficiency [2][4]. Group 1: Performance and Technology - The Exynos 2600 chip utilizes Samsung's proprietary MBCFET technology based on GAAFET architecture, offering up to 12% performance improvement and up to 25% reduction in power consumption compared to the current mainstream 3nm process [4]. - It features a 1+3+6 octa-core CPU design based on the Armv9.3 architecture, with a main core clocked at 3.8GHz for heavy computing tasks, alongside performance and efficiency cores for various workloads [4]. - The chip includes the self-developed Xclipse960 GPU, which doubles the performance of its predecessor and enhances ray tracing capabilities by 50%, enabling smooth operation of AAA mobile games and high-quality real-time rendering [4]. Group 2: AI and Multimedia Capabilities - A key highlight of the Exynos 2600 is its AI capabilities, with a 32K MAC unit and a 113% increase in NPU performance compared to the previous generation, allowing for real-time responses to large models and high-performance AI applications [4]. - The chip supports up to 320 million pixel camera modules, 8K video recording at 30fps, and 4K display output at 120Hz, catering to high-end flagship device requirements [5]. Group 3: Product Application and Market Strategy - The Exynos 2600 is expected to debut in early 2026 with Samsung's flagship smartphones, followed by availability to partners like Google and expansion into high-performance computing and AI chip markets [5].

同花顺数据显示，海南自贸区板块爆发，掀起近期市场少见的涨停潮。板块上午上涨9.59%，居A股概念板块涨幅榜首位，板块内共有29只概念股，上午 全线上涨，其中，22只个股涨停。 今天上午，A股多点开花，三大指数齐涨。从上涨的驱动逻辑看，市场有三大主线： 一是受益政策利好催化，海南自贸区板块、汽车产业链走强。 汽车产业链走强，主要是受无人驾驶主题催化。12月15日，工业和信息化部正式公布我国首批L3级有条件自动驾驶车型准入许可，两款分别适配城市拥 堵、高速路段的车型将在北京、重庆指定区域开展上路试点，标志着我国L3级自动驾驶从测试阶段迈入商业化应用的关键一步。 二是科技股全线反弹，海外AI叙事逻辑的悲观情绪近期好转。中芯国际、新易盛等龙头股上涨。 三是有色金属板块，现货黄金、现货白银上午均创历史新高。 截至上午收盘，上证指数涨0.64%，深证成指涨1.36%，创业板指涨1.8%。 | 科技股全线反弹 | | --- | | 今天上午，科技股反弹，算力产业链、半导体产业链、消费电子等板块上涨。 | | 联动科技 | 135.65 | 9.05% | 49.3 乙 | | --- | --- | --- | --- ...

【导读】海南自贸港概念股掀涨停潮，半导体板块盘中拉升 中国基金报记者 李智 一起来看上午的市场情况及资讯。 12月22日上午，A股市场震荡拉升，沪指收复3900点关口，创业板指一度涨超2%，截至午间收盘，沪 指涨0.64%，深成指涨1.36%，创业板指涨1.8%。 | 上证指数 深证成指 | 北证50 | | --- | --- | | 3915.20 +24.75 +0.64% +178.59 +1.36% +9.05 +0.63% | 13318.80 1454.89 | | 科创50 创业板指 | 万得全A | | 1334.12 3178.51 | 6320.88 | | +25.53 +1.95% +56.27 +1.80% +63.28 +1.01% | | | 沪深300 中证500 | 中证A500 | | 4604.43 7265.85 | 5574.74 | | +36.25 +0.79% +96.30 +1.34% +58.57 +1.06% | | | 中证1000 深证100 | 中证红利 | | 7425.89 5814.77 | 5465.41 | | +96.09 +1.31% ...