证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 26 日 浙商早知道 2025 年 12 月 26 日 市场总览 重要观点 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：周四上证指数上涨 0.47%，沪深 300 上涨 0.18%，科创 50 下跌 0.23%，中证 1000 上涨 0.97%，创业板指上 0.30%，恒生指数上涨 0.17%。 行业：周四表现最好的行业分别是国防军工（+2.91%)、轻工制造（+1.59%)、机械设备（+1.51%)、汽车（+1.46%)、 非银金融（+1.08%)，表现最差的行业分别是综合（-1.12%)、有色金属（-0.77%)、商贸零售（-0.47%)、煤炭（-0.24%)、 通信（-0.18%)。 资金：周四沪深两市总成交额为 19245 亿元，南下资金净流出 11.75 亿港元。 【浙商大制造中观策略 邱世梁/王华君/周向昉】机械设备 年度行业策略报告：可控核聚变：招标提速，设备先行 ——20251224 【浙商大消费中观策略 钟烨晨】酒店餐饮 年度行业策略报告：2026 年餐饮行业风险排雷手册—— ...

Core Insights - The Hangzhou Intermediate People's Court held a press conference to showcase the achievements of the bankruptcy court over the past six years, focusing on the theme of "Strengthening Judicial Protection Services for Sci-tech Enterprises and Talent" [1] - An action plan was released to provide comprehensive bankruptcy judicial protection for struggling sci-tech entities through institutional innovation, internal and external collaboration, and digital empowerment [1] Group 1: Bankruptcy Court Achievements - The court has directly resolved corporate debts amounting to nearly 3 billion yuan, stabilizing employment for over 2,100 employees and protecting the legal rights of more than 1,700 creditors and minority shareholders [1] - A specific case involving a large technology company highlighted the effective use of "pre-restructuring + restructuring" procedures, which included asset and liability investigations, creditor claims, and the development of a restructuring plan that ensured the rights of various stakeholders [1] Group 2: Support for Sci-tech Enterprises - The court has successfully rescued over 20 sci-tech enterprises in recent years, resolving debts exceeding 7 billion yuan through pre-restructuring and restructuring methods [2] - A new legal service workstation for sci-tech enterprises and talent was launched, providing professional consultation, out-of-court restructuring, mediation guidance, and legal education to assist debt-laden sci-tech companies [2]

Group 1 - The core view of the report indicates that the equity market is showing signs of upward momentum, with the total A-share index rising by 0.60% and trading volume increasing by 467 billion yuan compared to the previous day [1][2] - The report highlights that the market is attempting to establish new narratives, which historically accompany successful breakthroughs of previous highs at year-end [1][2] - The report suggests that the index is approaching previous highs, with the total A-share index breaking through 6400 points, nearing the highs of October and November [2] Group 2 - The report identifies strong performance in specific sectors, particularly defense, military, and communication industries, which have successfully broken through previous high points, indicating a positive market sentiment towards these sectors [2] - The commercial aerospace sector has led the market with a cumulative increase of 31.12% since November 24, and its trading volume has reached a historical high of 6.05% of total A-share trading volume [3] - The bond market is experiencing a mixed performance, with short-term bonds showing a downward trend while long-term bonds are under pressure due to rising yields influenced by equity market movements [4][5] Group 3 - The report notes that the commodity market has shifted from a broad rally to a more differentiated performance, with precious metals experiencing a decline while industrial metals remain resilient [6] - The report emphasizes that the long-term bullish logic for precious metals remains intact, but short-term volatility may arise due to profit-taking after significant price increases [7] - The report discusses the dynamics in the polysilicon industry, where price increases are being driven by supply-side adjustments, despite ongoing supply-demand imbalances [7]

Market Overview - The A-share market experienced an overall increase on December 25, with the Shanghai Composite Index closing at 3959.62 points, up 0.47%, the Shenzhen Component Index at 13531.41 points, up 0.33%, and the ChiNext Index at 3239.34 points, up 0.3% [1] - The total trading volume in the A-share market reached 19440.6 billion yuan, an increase of 466.79 billion yuan compared to the previous trading day [1] Capital Flow - The main capital in the A-share market saw a net outflow of 204.39 billion yuan for the day, with an opening net outflow of 128.96 billion yuan and a closing net outflow of 22.58 billion yuan [2] - The CSI 300 index recorded a net outflow of 79.88 billion yuan, while the ChiNext saw a net outflow of 51.51 billion yuan and the STAR Market a net outflow of 16.01 billion yuan [4] Sector Performance - The defense and military industry led the sectors with a net inflow of 61.72 billion yuan, followed by machinery equipment with 60.79 billion yuan and the automotive sector with 39.51 billion yuan [6][7] - The electronic sector experienced the largest net outflow of 81.47 billion yuan, followed by retail with 50.64 billion yuan and telecommunications with 44.44 billion yuan [7] Individual Stocks - Goldwind Technology saw the highest net inflow of 8.29 billion yuan among individual stocks [8] - Institutions actively participated in several stocks, with Hainan Development showing a net institutional buy of 288.69 million yuan, while Tianji Co. had a net institutional sell of 21.35 million yuan [10][11]

Core Insights - During the "14th Five-Year Plan" period, China has made significant achievements in information technology development, transitioning from breakthroughs in key areas to comprehensive empowerment across various sectors [1]. Group 1: Information Infrastructure - The penetration rate of 5G users in China increased from 15% to 83.9% [3]. - The number of gigabit broadband users rose from 6.4 million to 239 million [3]. - Mobile IoT users expanded from 1.136 billion to 2.9 billion [3]. Group 2: Digital Economy - The value added by the core industries of the digital economy increased from 7.8% to 10.4% of GDP, maintaining China's position as the second-largest digital economy globally [5]. - Key technologies such as integrated circuits, artificial intelligence, and foundational software have seen accelerated breakthroughs, with over 1.19 billion products equipped with the open-source Harmony operating system [5]. - Research and standardization of 6G technology are progressing steadily, with the first phase of technical testing completed and over 300 key technology reserves established [5]. Group 3: E-Government Development - A national government service "one network" has been established, with 92.5% of provincial administrative licensing matters processed online and under the "one trip at most" policy [7]. - The informatization rate of agricultural production increased from 22.5% to over 30% [7]. - By 2024, the national rural online retail sales are expected to exceed 2.5 trillion yuan, representing a 43% increase compared to the end of the "13th Five-Year Plan" [7]. - Telemedicine service networks now cover all cities and counties, accelerating the bridging of the urban-rural digital divide [7].

截至发稿，科创新源市值为75亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 每经AI快讯，科创新源（SZ 300731，收盘价：59.42元）12月25日晚间发布公告称，本激励计划首次授 予的激励对象不超过19人，股票来源为公司从二级市场回购的公司A股普通股股票和/或公司向激励对象 定向发行的公司A股普通股股票；拟向激励对象授予的股票权益数量总计不超过126万股，约占本激励 计划公告时公司股本总额（即约1.26亿股，下同）的0.997%；第一类限制性股票的首次授予价格为 29.47元/股，即满足授予条件后，激励对象可以每股29.47元的价格购买公司从二级市场回购的A股普通 股股票和/或公司向激励对象定向发行的A股普通股股票，第一类限制性股票的有效期为自限制性股票首 次授予上市之日起至激励对象获授的限制性股票全部解除限售或回购注销完毕之日止，最长不超过60个 月；本激励计划第二类限制性股票的有效期为自限制性股票首次授予之日起至激励对象获授的限制性股 票全部归属或作废失效之日止，最长不超过60个月。 2025年1至6月份，科创新源的营业 ...

截至发稿，科创新源市值为75亿元。 2025年1至6月份，科创新源的营业收入构成为：新能源行业占比44.74%，汽车行业占比16.51%，电力 行业占比14.88%，传统家电行业占比11.97%，通信行业占比11.9%。 （记者 张明双） 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 每经AI快讯，科创新源（SZ 300731，收盘价：59.42元）12月25日晚间发布公告称，公司第四届第十三 次董事会会议于2025年12月25日在深圳市光明区新湖街道同富裕工业园富川科技工业园2号厂房3楼会议 室以现场方式召开。会议审议了《关于择机召开股东会的议案》等文件。 ...

Group 1 - The ChiNext Mid-Cap 200 Index rose by 1.2%, the ChiNext Growth Index increased by 0.4%, and the ChiNext Index gained 0.3%, marking a four-day winning streak [1] - Huashan Securities reports that price improvements will boost nominal GDP, leading to a sustained recovery in corporate profits, which will serve as a strong fundamental support for the market [1] - It is estimated that the overall profit growth rate for the entire A-share market will increase from 8.2% in 2025 to 10.3% in 2026, with the profit growth rate excluding financials reaching 7.7% [1] Group 2 - The ChiNext and Sci-Tech Innovation Board are expected to benefit from a new industrial cycle, maintaining high growth rates, with the ChiNext's profit growth rate projected to reach 31.7% in 2026 [1] - The ChiNext Growth ETF tracks the ChiNext Growth Index, which consists of 50 stocks characterized by strong growth, good profit expectations, and high liquidity, with the information technology sector accounting for over 40% [3] - The combined weight of the telecommunications, power equipment, electronics, non-bank financials, and pharmaceutical sectors in the ChiNext Growth Index is nearly 80% [3]

Market Performance - The main board saw significant gains with notable stocks such as Sanwei Communication (+10.03%), Changjiang Communication (+10.02%), and Zhizhen Technology (+10.01%) [1] - The ChiNext board led with stocks like Zhongyi Technology (+13.52%) and XW Communication (+13.35%) [1] - The Sci-Tech Innovation board experienced substantial increases, highlighted by Gaohua Technology (+18.90%) and Zhenlei Technology (+16.90%) [1] - Active sub-industries included SW Robotics (+4.80%) and SW Other Communication Equipment (+3.44%) [1] Domestic News - Aibang's ARAI glasses have established a pilot production line in Ji'an, Jiangxi, with an annual capacity of 50,000 pieces and a current yield rate of approximately 60%, potentially reaching over 80% with secondary utilization [1] - Shanghai Micro Electronics Equipment Co., Ltd. won a bid for a stepper scanning lithography machine with a transaction amount of approximately 109.99 million yuan [1] - Taiwanese chip resistor manufacturer Guangjie announced a production cut of 10-20% due to the entry of mainland capital, which is expected to improve the supply-demand structure for chip resistors by 2026 [1] - Hezhima Intelligent's self-developed AI toolchain has received ISO 26262:2018 TCL3 certification, indicating compliance with the highest international automotive functional safety standards [1] Company Announcements - Parallel Technology announced a procurement contract for CPU computing servers with a total estimated amount not exceeding 28 million yuan [3] - Daway Co., Ltd. reported that its subsidiary obtained four utility model patents related to semiconductor testing and production [3] - Fuguang Co., Ltd. received a government subsidy of 4.5 million yuan, which accounts for 47.40% of the company's audited net profit attributable to shareholders for 2024 [3] - Yongxi Electronics reported an increase in loan principal balance to approximately 718.01 million yuan, up by 177.13 million yuan compared to the end of 2024 [3] International News - Groq announced a non-exclusive licensing agreement with Nvidia to use Groq's inference technology, reflecting a commitment to expand high-performance, low-cost inference technology applications [1] - Honda plans to acquire LG Energy Solution's joint battery plant facilities in Ohio for $2.9 billion, aiming to strengthen its North American EV supply chain [1] - Alphabet will acquire data center and energy infrastructure company Intersect for $4.75 billion in cash and debt, marking a strategic shift towards foundational energy and power infrastructure in the AI race [1] - Samsung Electronics is developing low-power LPDDR server memory modules specifically for AI data centers and has provided samples to clients like Nvidia [1]

Market Performance - The Shanghai Composite Index closed at 3959.62 points, up 0.47%, with a trading volume of 785 billion yuan [1] - The Shenzhen Component Index closed at 13531.41 points, up 0.33%, with a trading volume of 1139.5 billion yuan [1] - The ChiNext Index closed at 3239.34 points, up 0.3%, with a trading volume of 532.66 billion yuan [1] - The STAR 50 Index closed at 1349.06 points, down 0.23%, with a trading volume of 44.8 billion yuan [1] - Total trading volume for both markets reached 1924.5 billion yuan, an increase of 44.26 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included defense and military, light industry manufacturing, machinery equipment, insurance, automotive, textiles and apparel, computing, and food and beverage [3] - Active concepts included satellite internet, space stations, commercial aerospace, synchronous reluctance motors, humanoid robots, antibacterial fabrics, industrial mother machines, and PEEK materials [3] - Weak sectors included non-ferrous metals, precious metals, commercial retail, coal, and telecommunications [3] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 20.439 billion yuan [4] - The automotive sector saw the highest net inflow of main funds, amounting to 1.158 billion yuan [5] - Other sectors with significant net inflows included machinery equipment and food and beverage, with net inflows of 504 million yuan and 228 million yuan, respectively [5] - The electronics sector experienced the largest net outflow, totaling 5.068 billion yuan [5] Individual Stock Performance - A total of 1969 stocks saw net inflows, with 93 stocks receiving over 100 million yuan in net inflows [6] - Jin Feng Technology had the highest net inflow at 829 million yuan, followed by Yangguang Electric, Sanhua Intelligent Control, and others [7] - Conversely, 3196 stocks experienced net outflows, with 105 stocks seeing over 100 million yuan in net outflows [8] - Shenghong Technology had the largest net outflow at 1.651 billion yuan [9] Institutional Activity - Institutions had a net sell of approximately 108 million yuan, with 12 stocks seeing net purchases and 17 stocks net sold [10] - The stock with the highest net purchase by institutions was Hainan Development, with a net purchase amount of approximately 289 million yuan [10]