2025 年 12 月 09 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘熹 S0350523040001 | | | | liux10@ghzq.com.cn | | 联系人 | ： | 唐锦珂 S0350125070014 | | | | tangjk@ghzq.com.cn | 最近一年走势 [Table_Title] 2027 年订单能见度提高，业绩有望持续高增 ——工业富联（601138）公司点评 | 相对沪深 300 | 表现 | | 2025/12/09 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 工业富联 | -6.5% | 39.4% | 213.3% | | 沪深 300 | -1.7% | 3.7% | 15.9% | | 市场数据 | | | 2025/12/09 | | 当前价格（元） | | | 67.99 | | 52 周价格区间（元） | | | 14.58-83.88 | | 总市值（百万） | | | 1,350,157.92 | ...

成交集中度来到 45%，再次达到历史偏高经验值。结构风险在 11 月明显缓解，是行情能够持续修复的基础。 而科技仍然是 11 月 24 日以来修复的核心，其他板块尚未出现更强的叙事。受此影响，资金再次聚集到科技板块 （尤其是 AI 算力），推升成交集中度。例如，今日成交额前 10 的个股，基本与光模块、PCB 和半导体相关，尽 管还有商业航天、储能和机器人品种，但基本表现平平。而周期品种如有色、白酒、钢铁、煤炭等则大幅下跌， 可能受科技板块"虹吸"效应的影响。 [Table_Title] 资产配置日报：科技独树一帜 [Table_Title2] [Table_Summary] 12 月 9 日，股债呈现跷跷板行情，不过方向则变为债涨股跌。权益市场上演极致的分化行情，资金聚集于科 技板块，大部分非科技品种表现较弱；债市则在多空交织的背景下，在震荡中小幅下行。 权益市场缩量下跌。万得全 A下跌 0.55%，全天成交额 1.92 万亿元，较昨日（12 月 8 日）缩量 1339 亿 元。港股方面，恒生指数下跌 1.29%，恒生科技下跌 1.90%。南向资金净流入 5.31 亿港元，其中腾讯控股、小米 集团和阿里巴巴 ...

自12月8日以来公司已连续2日进行回购，合计回购1200.00万股，累计回购金额5.01亿港元。 其间该股 累计下跌3.55%。 （原标题：小米集团-W(01810.HK)12月9日回购2.97亿港元，已连续2日回购） 证券时报•数据宝统计，小米集团-W在港交所公告显示，12月9日以每股41.080港元至41.360港元的价格 回购720.00万股，回购金额达2.97亿港元。该股当日收盘价41.260港元，下跌3.10%，全天成交额75.91 亿港元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 今年以来该股累计进行23次回购，合计回购1.07亿股，累计回购金额44.45亿港元。（数据宝） 小米集团-W回购明细 | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.12.09 | 720.00 | 41.360 | 41.080 | 29711.89 | | 2025.12.08 | 480.00 | 42.720 | 42.14 ...

钛媒体App 12月9日消息，安克创新在机构调研时表示，关税政策波动是行业共同面临的挑战，这也在 一定程度上推动了公司加速进行全球化的战略升级。公司正持续推进全球柔性供应链布局，以应对关税 政策变化的影响，如通过东南亚等地产业链优化供应链配置。截至2025年9月，公司对美出口产品中约 三分之二已实现海外生产，公司将继续通过多元化布局平衡成本与抗风险能力。（公司公告） ...

Core Viewpoint - Anker Innovations is integrating AI technology across multiple key product lines to enhance smart experiences and product value [1] Group 1: AI Integration in Product Lines - In the smart security sector, the company is empowering its eufy NVR S4Max security system with AI for comprehensive protection [1] - In the smart audio sector, the AeroFit2 AI Assistant headphones feature a built-in AI assistant to help users integrate into global work and life [1] - The soundcore Work wearable AI recording pen, launched at IFA, supports real-time tagging and tactile feedback to help users capture key moments during meetings [1] - In the creative printing sector, the UV printer utilizes an AI material platform to assist users in quickly generating models and creative content, effectively enhancing design and printing efficiency [1]

Core Viewpoint - Xiaomi is undergoing a series of personnel adjustments in its China operations, focusing on key operational roles in mobile, automotive, and home appliance sectors to address performance pressures and enhance ecosystem synergy [1][5][6]. Group 1: Personnel Adjustments - Wang Xiaoyan, Senior Vice President and President of Xiaomi China, will take over as General Manager of the Sales Operations Division [3]. - Guo Jinbao, General Manager of the Jiangsu Branch, will become General Manager of the Sales Operations Division II while retaining his current role [3]. - Zhang Jian, former General Manager of the Automotive Sales and Service Division, will now lead the New Retail Division [3]. Group 2: Performance Pressures - Xiaomi's China operations are facing performance challenges, prompting Wang Xiaoyan to personally oversee efforts to boost sales [5]. - The smartphone sector is under pressure due to rising component costs, with expectations of significant price increases for products next year [5]. - In the automotive sector, Xiaomi reported a revenue of 28.3 billion yuan in Q3, achieving its first quarterly operating profit of 700 million yuan, but anticipates a decline in gross margin due to reduced purchase tax subsidies next year [5][6]. Group 3: Ecosystem Synergy - The personnel changes aim to break down silos between the smartphone, automotive, and home appliance divisions, which have previously operated independently [6][8]. - The adjustments are expected to facilitate resource sharing and improve operational efficiency across the ecosystem, allowing for better customer experience and cost reduction through centralized procurement [6][9]. - There is a potential plan to close underperforming stores to focus resources on high-potential locations, which may impact some offline services [8][9].

Core Viewpoint - Apple has emerged as an unexpected winner in the market amid Wall Street's cautious investment in artificial intelligence (AI), with its stock price surging over 35% in the second half of the year, contrasting sharply with other tech giants that have faced declines [1][3]. Group 1: Stock Performance - Apple's stock price has dramatically reversed its earlier decline of 18% in the first half of the year, becoming a unique defensive choice for investors [3]. - The company's market capitalization has reached $4.1 trillion, surpassing Microsoft to become the second-largest component in the S&P 500 index, only behind Nvidia [1]. Group 2: Investment Strategy - Apple's cautious approach to AI investments is being reinterpreted as a strategic advantage, allowing it to benefit flexibly when AI technology matures [1][3]. - Glenview Trust Company's CIO Bill Stone describes Apple as a "anti-AI concept stock," emphasizing its avoidance of the current AI arms race and excessive capital expenditures [3]. Group 3: Valuation Concerns - The stock's strong performance has pushed its valuation to historical highs, with a forward P/E ratio of approximately 33, which is significantly above its long-term average of less than 19 [3][4]. - MoffettNathanson's Craig Moffett questions whether investors are paying too high a premium for Apple's defensive attributes, indicating potential concerns about future growth rates [4]. Group 4: Technical Analysis and Long-term Outlook - Technical analysis suggests that Apple's stock price has significantly diverged from its 200-day moving average, indicating potential short-term pullback pressure, especially entering January [6]. - Despite valuation concerns, the long-term trend for Apple remains upward, with the potential for increased hardware demand and growth in its high-margin services business as AI technology matures [6][7].

就"公司如何看待并处理今年以来的召回事件？"问题，安克创新在机构调研时表示，公司始终坚持"主 动负责、负责到底"的原则，认为对特定批次产品启动召回程序是对用户安全负责到底的处理方式。为 最大程度降低此类情况的发生率，公司已采取了对上下游供应链实施系统性升级、建设并完善电芯实验 室并配备专门团队、建立生产数据全程追溯平台等多项完善与升级措施，致力于构建更可靠的产品体 系，为公司的长期健康发展奠定坚实基础。（证券时报） ...

Core Viewpoint - Anker Innovations (300866) is accelerating its global strategy upgrade in response to tariff policy fluctuations, which are a common challenge faced by the industry [1] Group 1: Company Strategy - The company is continuously advancing its global flexible supply chain layout to mitigate the impact of tariff policy changes [1] - As of September 2025, approximately two-thirds of the company's products exported to the U.S. will be produced overseas [1] - The company aims to balance cost and risk resilience through diversified layout [1] Group 2: Industry Challenges - Tariff policy fluctuations are identified as a significant challenge for the industry as a whole [1]

京东 12.12 可领 200-20 元平台券，领券后可膨胀出 30～60 元超级补贴券：点此领券 家电数码好价 小米・米家全效空气净化器 Ultra 增强版发布于 2024 年 7 月 19 日，官方定价 5799 元。 今日 20:00 京东限量秒杀 3036 元，叠加上方 20 元平台券，仅需 3016 元即可入手。 福建等支持政府补贴 15%，实付低至 2563 元闭眼囤好价，每人限购 1 件： 华为 Mate 70 Air 手机上市价 4199 元，今日部分地区支持 8.5 折国补实付 3699 元。 淘宝年终好价节 / 京东 12.12 现已正式开启，全场年内好价。 淘宝无门槛红包每天抽一次，面额至高 8888 元，下单直接当钱花：点此抽红包。 大部分地区支持 9 折国补实付 3779 元也是好价： （更新 ing……） 网盘会员 百度网盘 SVIP 年卡官方定价 360 元，今日 12.12 大促价 188 元，低至 15.68 元 / 月： 夸克 SVIP 年卡官方定价 300 元，今日 11.11 双年卡 + 月卡仅需 230 元，低至 9.2 元 / 月、110 元 / 年，需到付款页 面 ...