光刻机、先进封装等半导体产业链股23日盘中集体走高，截至发稿，美埃科技、同飞股份（300990） 20%涨停，安达智能涨超15%，珂玛科技（301611）涨近12%，波长光电（301421）、新莱应材 （300260）等涨超4%。 光大证券指出，AI算力与数据中心建设推动半导体销售和晶圆产能持续扩张，尤其是先进制程与HBM 等高端存储快速放量，显著抬升了对高纯度、低缺陷半导体材料的长期需求。在此背景下，半导体材料 行业的技术门槛和客户认证壁垒不断提高。建议重点关注在高端材料领域具备技术积累、产能规模，以 及与下游晶圆厂客户深度绑定的头部企业。这类企业有望在先进制程推进和国产替代趋势下实现份额提 升和盈利增长。 行业方面，2025年，得益于AI算力、数据中心、智能驾驶等终端需求的共同推动，全球半导体销售额 在2024年的复苏基础上实现进一步增长。根据美国半导体协会统计数据，2025年1-10月全球半导体销售 额约为6121亿美元，同比增长21.9%；中国内地半导体销售额约为1694亿美元，同比增长12.5%。同 时，根据世界半导体贸易统计组织2025年6月发布的预测，2025年全球半导体市场规模将达到7009亿 ...

2025 年 12 月 23 日星期二 【实时热点】 研 究 报 快手突发严重网络安全事件 智元机器人推出全国首个开放式机器人租赁平台"擎天租" 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 告 美国总统特朗普将在明年 1 月第一周指定美联储新主席人选 日本批准重启最大核电站 商务部：对原产于欧盟的进口相关乳制品实施临时反补贴措 施 国家医保局：开展泌尿介入类等医用耗材集中带量采购 上海：开展替代蛋白、人造肉、人造奶、3D 打印食品、藻 类等新食品研发 港交所：2025 年融资总额已达 2746 亿港元，位居全球第一 英伟达重组云团队 优步和 Lyft 将在伦敦试点百度自动驾驶出租车 2 年期美债收益率涨 2.32 个基点报 3.509% 5 年期美债收益率涨 2.64 个基点报 3.711% 10 年期美债收益率涨 2.35 个基点报 4.161% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- ...

本文摘录自《不断深化的地缘经济风险》一书，已获授权。 当"制造业回流"成为美国政客口中的高频词，当"供应链韧性"被写入多国战略文件，我们是否真的看清 了这场全球产业链重构背后的真相？ 高成本拖累、劳动力断层、技术脱钩、美元信用动摇……这一系列问题并非孤立发生，而是共同构成了 一场深刻的地缘经济变局。 制造业并未简单"回流"，而是在地缘政治的驱动下，变得"更贵、更慢、更脆弱"。 首先，劳工权益争议与劳动力市场结构断层构成了供应链区域再布局过程中的显性难题。在墨西哥等传 统外包地，根据墨西哥最低工资委员会调查，汽车制造等关键行业罢工率上升，其最低工资水平仅为美 国的四分之一。劳工的不满情绪和工会力量不断上升，严重干扰了产业链的连续性与稳定性。同时，在 主张制造业回流的经济体中，其制造业劳动力市场面临显著的结构断层，这种技能与产业需求之间的错 配，直接拖慢了制造环节的重构进度。 其次，制造业回流的高成本困境正在削弱政策激励的实际成效。尽管美国政府通过《芯片与科学法案》 试图打造本土半导体生态，但因为本地缺乏相应的供应链基础，还因规模经济效应不足和物流运输成本 激增，这种高投入与低产出之间的结构性矛盾使得制造业回流的 ...

Global Market Overview - The Hang Seng Index closed at 25,802, up 0.43% for the day and 28.62% year-to-date [1] - The Shanghai Composite Index closed at 3,917, up 0.69% for the day and 16.87% year-to-date [1] - The Shenzhen Composite Index closed at 2,493, up 1.13% for the day and 27.35% year-to-date [1] - The US Dow Jones closed at 48,363, up 0.47% for the day and 13.68% year-to-date [1] - The S&P 500 closed at 6,878, up 0.64% for the day and 16.95% year-to-date [1] Sector Performance - In the Hong Kong market, materials, consumer staples, and energy sectors led the gains, while healthcare, conglomerates, and telecommunications lagged [3] - The Hang Seng Financial Index closed at 48,788, up 0.52% for the day and 38.85% year-to-date [2] - The Hang Seng Industrial Index closed at 14,047, up 0.41% for the day and 24.87% year-to-date [2] - The Hang Seng Real Estate Index closed at 17,759, down 0.08% for the day and 19.08% year-to-date [2] Capital Flows - Southbound capital recorded a net inflow of 3.13 billion HKD, with notable net purchases in SMIC, Xiaomi, and Tencent [3] - Major net sell-offs were observed in China Mobile, Alibaba, and Pop Mart [3] Economic Indicators - The People's Bank of China (PBOC) has kept the Loan Prime Rate (LPR) unchanged for seven consecutive months, with expectations of two rate cuts totaling 20 basis points in Q1 and Q3 of next year [3] - The Ministry of Commerce announced temporary anti-subsidy measures on dairy products imported from the EU [3] International Market Insights - The US stock market saw gains in materials, financials, and industrials, while consumer staples, information technology, and utilities underperformed [3] - Nvidia made significant adjustments to its cloud business strategy, focusing on internal demand for chips rather than external sales [3] - Tesla reached a new historical high during trading [3] Interest Rates and Commodities - US Treasury yields rose, with weak demand observed in the two-year bond auction [3] - The dollar index retreated, while gold, silver, and copper reached historical highs [3] - Oil prices increased due to the US blocking Venezuelan oil exports [3]

Top Trends and High Conviction Themes Q1 2026 Building the Future: Navigating the Next Wave Contents 03 Welcome 04 Developing a Thematic Investment Strategy | 06 | Asia in the | 10 | Asia's Data Centre Boom | | --- | --- | --- | --- | | | New World Order | 12 | China's Innovation Champions | | | | 14 | Power Up Asian Shareholder Returns | | | | 16 | High Quality Asian Credit | | 18 | Disruptive Technologies | 21 | Aerospace and Security | | | | 23 | Evolving AI Ecosystem | | | Climate Action | 28 | Energy S ...

金融期货早评 宏观：静待新消息指引 【市场资讯】1）中国 LPR 连续七个月维持不变：12 月 5 年期以上 LPR 为 3.5%，1 年期 LPR 为 3%。2）中国央行：单笔逾期金额在 1 万元以下可一次性修复个人信用，明年 1 月 1 日 起正式实施。3）中国商务部：12 月 23 日起对原产欧盟的进口相关乳制品实施临时反补贴 措施。4）特朗普"钦点"理事米兰：美联储明年不继续降息就有衰退风险；美联储明年票委 放鹰：未来几个月内没必要降息，11 月 CPI 被低估。5）特朗普公布建同名军舰在内的"黄 金舰队"计划，首艘舰艇预计 2028 年完工，还将增加航母数量。6）日本高官发出迄今最严 厉警告，财相称针对汇市投机拥有"自由裁量权"，将采取大胆行动；副财相警惕汇率"剧烈 且单边"波动。 【核心逻辑】海外方面，美联储 12 月议息会议如期降息 25 个基点，基调较市场预期的"鹰 派降息"更为温和，不仅宣布短债购买计划，鲍威尔也释放鸽派信号。11 月非农虽小幅回 升，但失业率创四年新高，已进入警戒区，美国就业市场继续降温，而美国 CPI 超预期降 温强化了降息交易，但市场怀疑数据失真，仍需关注后续的 CPI ...

| 互联网服务 | -1.33 | -12.12亿元 | 神州信息 | | --- | --- | --- | --- | | 航空机场 | -0.96 | -11.06亿元 | 海控B股 | | 航天航空 | -0.39 | -10.93亿元 | 中天火箭 | | 汽车整车 | -1 | -10.67亿元 | 比亚迪 | *数据仅供参考，不构成投资建议 据交易所数据显示，截至12月23日开盘一小时，大盘主力资金净流出287.46亿元。主力资金流出前十大板块分别为： 通信设备（-35.06亿元）、 汽车零部件 （-17.22亿元）、商业百货（-15.80亿元）、 半导体（-15.34亿元）、旅游酒店（-14.85亿元）、 通用设备（-12.47亿元）、互联网服务（-12.12亿元）、航空 机场（-11.06亿元）、航天航空（-10.93亿元）、 汽车整车（-10.67亿元）。 | 板块名称 | | 涨跌幅(%) 板块资金流向 | 净流出最大 | | --- | --- | --- | --- | | 通信设备 | -0.47 | -35.06亿元 | 中光防雷 | | 汽车零部件 | -0.82 | -17. ...

科技摩擦背景下，信息安全、产业安全重要性凸显。AI作为核心技术，实现自主可控至关重要。科创 人工智能ETF（589520）及其联接基金（联接A：024560，联接C：024561）重点布局国产AI产业链、 具备较强国产替代特点，前十大重仓股权重占比逾七成，第一大重仓行业半导体占比超一半，集中度 高，具备较强进攻性。同时，该ETF是融资融券标的，是一键布局国产算力的高效工具。 今年以来，中国AI行业继续突飞猛进，特别是春节期间DeepSeek崛起后，众多国产AI大模型步入了"深 度思考"时代。目前，A股AI芯片行业三巨头寒武纪、摩尔线程、沐曦股份的市值加起来已经超过1万亿 元，但距4.4万亿美元（约30万亿元人民币）市值的英伟达，仍有巨大的差距。 业内人士指出在全球AI芯片格局重塑的背景下，中国本土企业正加速突围，寒武纪、摩尔线程与沐曦 股份的竞争态势日趋白热化，随着市场及政策红利的持续释放，这场"三国杀"或将催生中国AI芯片的领 军者。 东海证券建议重点关注国产供应链：①海外对中国大陆的半导体全面管制集中在先进逻辑与存储产业， 上游供应链国产化紧迫性急剧上升；②我国自主可控企业在设备、设备零组件、材料、EDA ...

这家成立于2015年的公司，于2018年正式启动通用GPU设计并完成A轮融资；2021年推出中国首款通用GPU产品并量产交付。彼时，上述近期 宣布上市的GPU公司均刚成立不久。 根据公司在港交所披露的资料集，其收入构成中，通用GPU产品中的训练系列一直是收入主要来源，也是公司毛利率的重要支撑；推理系列的 收入正在逐渐爬坡；公司也将业务进一步拓展到受综合因素影响更大的AI解决方案业务方面。 天数智芯也未避免AI芯片公司均要面临的亏损命题，不过资料集显示，公司近些年正在通过优化成本控制和产品组合、增强营运效率等方式来 降低净亏损率。 记者丨 骆轶琪 编辑丨骆一帆 12月19日，上海天数智芯半导体股份有限公司（下文简称为"天数智芯"）披露通过聆讯后的资料集，表明公司已通过港交所上市聆讯，国产 GPU上市公司或将再添一员。 12月17日壁仞科技正式通过港交所上市聆讯，二者仅隔两日，若进程顺利，天数智芯将与壁仞科技争夺香港资本市场的"国产GPU第一股"。 相对近期纷纷发起上市冲击的国产GPU公司来说，天数智芯在成立时间上，算是"大哥"。 业务扩围 2 0 2 2年至今累计亏损超2 8亿元 根据弗若斯特沙利文统计，在中国 ...

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report comprehensively presents the overnight performance of global financial and commodity markets, along with significant macro - economic, industrial, and policy news, offering a multi - faceted view of market trends and potential investment opportunities [3][7][35] 3. Summary by Relevant Catalogs Overnight Night - market Market Trends - International precious metal futures generally rose, with COMEX gold futures up 2.13% at $4480.60 per ounce and COMEX silver futures up 2.37% at $69.09 per ounce [4] - US oil and Brent crude oil futures both increased, with US oil up 2.53% at $57.95 per barrel and Brent crude up 2.45% at $61.52 per barrel [5] - London base metals showed mixed results, with some rising and some falling [5] - Most domestic futures contracts closed higher, with PVC, fuel oil, etc. rising, while ethylene glycol (EG) fell nearly 1% [5] Important News Macro News - Li Qiang emphasized planning major projects in the '15th Five - Year Plan' to boost future development and current economic stability [8] - The PBOC kept the one - year and five - year LPR unchanged for seven consecutive months [9] - Multiple futures exchanges will adjust fee policies from January 1, 2026 [9] - Fed Governor Milan said the need for a 50 - basis - point rate cut has weakened [10] - Trump will meet with national security officials, and Russia is evacuating diplomats' families from Venezuela [11] - The Shanghai Export Container Settlement Freight Index (European route) rose 5.2% [13] - LME plans to introduce option auto - expiration and e - option trading in 2026 [13] Energy and Chemical Futures - Domestic gasoline and diesel prices were cut on December 22 [15] - Jiangsu's styrene port inventory increased [15] - Domestic soda ash manufacturers' total inventory rose slightly [15] - Qingdao's natural rubber inventory increased [16] Metal Futures - The SHFE adjusted trading rules for silver futures [18] - The first - quarter long - term price of a large Guinean mine decreased [18] - Global and Chinese primary aluminum production data were released [20] - The non - ferrous metal industry maintained growth [20] - Australian lithium concentrate shipments to China decreased [20] - The GZEX adjusted the delivery rules for lithium carbonate and polysilicon futures [21] - The holdings of major gold and silver ETFs increased [21] Black - series Futures - Multiple departments launched inspections on illegal mining [23] - Global and Australian - Brazilian iron ore shipments decreased [25] - China's port arrival volume of iron ore decreased [25] - Coke purchase prices in Shandong and Hebei markets were cut [25] - A silicon - manganese alloy plant in Inner Mongolia plans to expand production [26] Agricultural Product Futures - US soybean export data showed growth [28] - Malaysia's palm oil market is expected to stabilize in 2026 [30] - Domestic soybean crushing volume increased [30] - Malaysian palm oil export and production data for December showed changes [31] - Sugar production data in Guangxi and India were reported [31] - Brazil's soybean production forecast was raised [33] - Brazil's soybean sowing rate and shipping data were updated [34] Financial Market Finance - A - shares rose with increased trading volume, and the HSI also increased [36] - The exchanges announced holidays for 2026 [37] - Shenzhen's M&A market and Shanghai's refinancing market showed good performance [38] - Goldman Sachs analysts expect Chinese stocks to continue rising [38] - But Bin is optimistic about the A - share AI industry [39] Industry - China and relevant parties negotiated on the semiconductor supply chain [40] - China imposed anti - subsidy measures on EU dairy products [40] - Guangzhou proposed plans for horse - racing and e - sports industries [42] - Many Sino - Japanese flights were cancelled [42] - Shenzhen expanded the housing voucher resettlement pilot [42] - Some land auctions in Guangzhou failed [42] - Domestic refined oil prices dropped for the third consecutive time [43] - A 70 - billion financial product of Jinyafu defaulted [43] - The market regulator reformed the CCC certification [43] Overseas - Ukraine and the US completed the initial draft of a 'peace plan' [45] - Trump will appoint a new Fed chair [45] - Fed Governor Milan warned of recession risks without rate cuts [45] - The Trump administration increased cash subsidies for illegal immigrants' voluntary departure [45] - The EU extended sanctions against Russia and introduced anti - circumvention measures [45] - India and New Zealand reached a free trade agreement [46] Commodity - The SHFE adjusted trading fees for silver futures to cool the market [50] - International precious metal futures rose due to policy expectations and geopolitical risks [50] - Crude oil futures prices rose due to supply concerns in Venezuela [51] - London base metals showed mixed trends [52] Bond - China's bond market weakened, and institutions adjusted their bond allocations [53] - Insurance companies accelerated bond issuance [53] - US bond yields rose [54] Foreign Exchange - The on - shore RMB rose against the US dollar, and the US dollar index fell [56] - Japan and South Korea warned against currency speculation [56] Upcoming Events - The RBA will release its December monetary policy meeting minutes [58] - The PBOC will have 1353 billion yuan of reverse repurchases due [58] - The State Council Information Office will hold a press conference [58] - Multiple conferences and events will take place [58] - New stocks will be listed and申购 [58] - The Bank of Canada will release its monetary policy meeting minutes [58]