| 涨幅榜 | 资金净流入 | ５日涨幅を | | --- | --- | --- | | 发电设备 | 贵金属 | 银行 | | +2.54% | +0.51% | +0.339 | | 航天军工 | 酒类 | 化纤行」 | | +0.20% | +0.02% | -0.119 | A股三大指数今日高开后震荡下行，截至收盘，沪指跌0.7%报3873点，深证成指跌1.27%，创业板指跌1.41%，北证50指数逆市上涨3.84%。全市场成交额 1.89万亿元，较前一交易日增量936亿元，超4300股下跌。 盘面上，房地产板块走低，中国武夷跌停；福建板块回调，华映科技、厦门信达等多股跌停；免税概念下挫，广百股份跌近9%；水产养殖板块走弱，天马 科技跌停；小红书概念、商业百货及预制菜概念等跌幅居前。另外，可控核聚变板块爆发，天力复合30CM涨停、华菱线缆、雪人股份等多股涨停；风电设 备板块走高，金风科技涨停；超导概念拉升，永鼎股份涨停；商业航天、仪器仪表等少数板块涨幅居前。(格隆汇) | 上证指数 | 深证成指 | 北证5( | | --- | --- | --- | | 3873.32 | 13147.39 | ...

天眼查App显示，近日，东莞路卡仕科技有限公司成立，注册资本100万人民币，经营范围为一般项 目：机械设备研发；电子专用设备制造；智能车载设备制造；汽车零部件研发；计算机软硬件及外围设 备制造；通讯设备销售；机械电气设备制造；电气信号设备装置制造；智能无人飞行器制造；电子产品 销售；电子元器件批发；电子专用设备销售；智能车载设备销售；计算机软硬件及辅助设备零售；计算 机软硬件及辅助设备批发；电气设备销售；电气信号设备装置销售；汽车零部件及配件制造；汽车零配 件批发；汽车零配件零售；汽车装饰用品销售；音响设备销售；导航终端销售；摄像及视频制作服务； 互联网销售（除销售需要许可的商品）；人工智能应用软件开发；信息系统集成服务；网络技术服务； 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；货物进出口；技术进出口；进出口 代理。（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）。 ...

Core Viewpoint - Chlitina Technology (01478) experienced a decline of over 3%, currently trading at 8.73 HKD with a transaction volume of 22.76 million HKD [1] Sales Performance - In November, the sales volume of mobile camera modules was 38.05 million units, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - The total sales volume of camera modules was 41.75 million units, reflecting a month-on-month decrease of 11.9% but a year-on-year increase of 0.4% [1] - The sales volume of fingerprint recognition modules totaled 17.79 million units, showing a month-on-month decrease of 3.4% and a year-on-year decrease of 8.8% [1] Factors Influencing Sales - The decrease in camera module sales volume is primarily attributed to customer project cycles and seasonal factors [1] - There was a significant year-on-year increase in sales volume for camera modules in other sectors, driven by the growing consumer preference for handheld imaging devices and the increasing number of camera modules used in smart driving solutions [1] - The sales volume of camera modules applied in the Internet of Things (IoT) and smart automotive sectors saw substantial year-on-year growth [1]

Market Overview - The Hong Kong stock market opened high but experienced fluctuations, with the Hang Seng Index up 0.09% at 25,563.05 points, while the Tech Index fell 0.65% to 5,544.57 points [1] - Major tech stocks showed mixed performance, with Alibaba down 0.78%, Tencent down 0.08%, and JD.com down 0.44%, while Xiaomi rose 0.81% and Meituan increased by 0.8% [1] - Lithium battery stocks performed well, with CATL rising over 2%, while chip stocks weakened, with ZTE down over 9% [1] Company News - Sunny Optical Technology (02382.HK) reported November mobile lens shipments of approximately 119 million units, a month-on-month decrease of 2.3% but a year-on-year increase of 7.5% [2] - Q Technology (01478.HK) saw November mobile camera module sales of 38.05 million units, down 13.6% month-on-month and down 5.6% year-on-year [2] - Yuanyuan Group (00551.HK) reported a net operating income of approximately $660 million in November, a year-on-year decrease of 3.1% [2] - Baoshan International (03813.HK) reported a net operating income of 1.172 billion yuan in November, down 5.1% year-on-year [3] - Morning News Technology (02000.HK) reported unaudited revenue of 44.3 million HKD in November, up 48.4% month-on-month and 19.73% year-on-year [4] - Ocean Group (03377.HK) reported a cumulative contract sales amount of approximately 23.79 billion yuan for the first 11 months [5] - Jianye Real Estate (00832.HK) reported a total property contract sales amount of 7.168 billion yuan for the first 11 months, a year-on-year decrease of 16.3% [6] - Yuzhou Group (01628.HK) reported a cumulative sales amount of 6.196 billion yuan for the first 11 months [7] - COFCO Joycome (01610.HK) reported a pig slaughtering volume of 559,000 heads in November, a month-on-month decrease of 4.44% [8] - CSPC Pharmaceutical Group (01093.HK) received clinical trial approval in the U.S. for its fully human anti-ACTRIIA/IIB monoclonal antibody (JMT206) [9] - China Digital Technology (01796.HK) entered into a strategic cooperation agreement with Xinhua Pharmaceutical [10] - China Hongqiao (01378.HK) announced that the acquisition of Hongtu Industrial by Hongchuang Holdings was approved by the Shenzhen Stock Exchange's M&A Review Committee [11] - CICC (03908.HK) plans to issue perpetual subordinated bonds of no more than 3 billion yuan [12] Institutional Insights - Everbright Securities noted that compared to previous bull markets, the current index has significant upside potential, but the duration of the bull market may be more important than the magnitude of the increase [13] - Guosen Securities indicated that the recent adjustments in the Hong Kong market could open up space for a market rise in 2026, with over 110 billion yuan of net inflow from southbound funds in November [13] - CITIC Securities predicted a second round of valuation recovery for the Hong Kong market in 2026, emphasizing the need to focus on "earnings certainty + valuation elasticity" in sectors like technology, pharmaceuticals, resources, and essential consumption [13]

天眼查App显示，近日，信丰县鑫睿电子厂（个体工商户）成立，法定代表人为向伟兵，注册资本10万 人民币，经营范围为一般项目：音响设备制造，音响设备销售，乐器制造，乐器批发，乐器零售，乐器 零配件销售，电子专用材料制造，电子专用材料销售，电子产品销售（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）。 ...

约三成公募基金公司今年迎来新舵手 近期，多家公募基金公司出现董事长、总经理变更。类似变更在今年并不少见。Wind数据显示，截至12月10日，今年以来已有超过50家公募基金公司（不 含券商资管）出现董事长或总经理级别的高管变更，约占公募基金公司总数的三成。（智通财经） 超长债大幅调整 机构称债市震荡无碍银行营收稳增预期 近日，以30年期国债为代表的超长债大幅调整，利率显著攀升。多家券商研究机构认为，超长债单独调整系总量缺口与结构性压力共同作用，从银行的角度 看，债市震荡无碍营收稳增预期。数据显示，12月8日，30年期"25超长特别国债06"收益率攀升至2.26%，该券收益率12月以来已经上行8个基点。受现券收 益率上行拖累，国债期货市场承压。12月8日，30年期国债期货主力合约跌0.29%，报112.24元。（经济参考报） 美联储今年第三次降息25个基点 特朗普：幅度可以更大 当地时间10日，美国联邦储备委员会结束为期两天的货币政策会议，宣布将联邦基金利率目标区间下调25个基点到3.50%至3.75%之间。这是美联储继今年 第三次降息，也是自2024年9月以来第六次降息。经济前景不确定性较高，就业下行风险增加。 ...

Macro Strategy - The report highlights a shift in policy focus from "preventing and mitigating risks in key areas and external shocks" to "better coordinating domestic economic work and international economic struggles," indicating a more proactive approach to external economic conditions [1][16] - There is a transition from stabilizing asset prices to stabilizing microeconomic entities, emphasizing the importance of employment, enterprises, markets, and expectations over real estate and stock markets [2][16] - The policy language has evolved from "extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts," reflecting a balance between short-term stimulus and long-term economic structure considerations [2][16] Economic Indicators - The report anticipates a continued decline in the growth rate of social financing in November, while export growth is expected to turn positive [3][17] - The ECI supply index is reported at 49.93%, indicating a slight decline, while the demand index is at 49.87%, showing a marginal increase [17] - The report notes that the financing demand remains low, with expectations for November's new loans to be between 450 billion to 500 billion RMB, reflecting a year-on-year decrease [17] Industry Insights - The semiconductor industry is expected to see structural opportunities driven by the explosion of AI computing power and accelerated domestic production [11] - In the electronics sector, the demand for AI-driven OS agents is anticipated to lead to a smartphone replacement wave, with AR glasses expected to see significant market entry in 2026 [11] - The report emphasizes the importance of domestic enterprises in the storage sector, which are benefiting from increased procurement by cloud service providers, leading to a "super cycle" in pricing [11] Investment Recommendations - The report suggests a balanced and proactive ETF allocation strategy in the A-share market, anticipating a period of range-bound trading with potential for sector rotation [7] - Specific recommendations include focusing on companies in the engineering machinery sector that have high export profitability, as well as those in the semiconductor and AI equipment sectors [12]

12月10日，蓝思科技公告拟战略收购PMG International Co.,LTD.（裴美高国际有限公司）100%股权，进 而获得元拾科技（浙江）有限公司95.11645%股权。通过本次收购，蓝思科技将获得国内外特定客户服 务器机柜业务（包括但不限于机架、滑轨、托盘、Busbar、其他组件）的成熟技术与客户认证，以及液 冷散热系统集成能力。蓝思科技方面表示，为支撑万亿级的力需求，蓝思将AI服务器确立为关键战略 赛道，在服务器机箱结构件已实现批量出货的基础上，快步向液冷模组、固态硬盘（SSD）组装等环节 拓展。 ...

王爷说财经讯：英媒爆猛料！关税博弈大反转！ 2025年12月10日，英媒《金融时报》突然抛出重磅消息：美国和印尼7月敲定的贸易协议已濒临破裂，美国贸易代表贾米森·格里尔正紧急奔赴印尼"救火"！ 这场涉及340亿美元订单、牵动两大经济体的贸易合作，为啥短短5个月就走到崩盘边缘？印尼敢直接反悔已达成的承诺，到底手握什么底气？美国急着"救 火"背后，是不是藏着更大的战略算盘？ 02、两大矛盾让美印协议难以为继？ 其实，美国和印尼的贸易协议崩解不是突然发生，而是两个核心矛盾的集中爆发，每一个都戳中了双方的利益要害。 第一个是"毒丸条款"的主权之争。 美国想在协议里加一个霸道条款：只要印尼和中国签了美国认定"损害其利益"的协议，美国就能立刻撕毁这份贸易协定。 01、美印一场"各取所需"的贸易约定！ 时间拉回今年7月，特朗普政府和印尼总统——普拉博沃通过电话敲定了这份"里程碑式"协议。 核心交易很简单：美国把对印尼商品的关税从32%降到19%，给印尼商品打开美国市场的绿色通道；作为交换，印尼要取消美国工业品、农产品的进口门 槛，还得一口气买下150亿美元美国能源、45亿美元农产品和50架波音飞机，总订单额高达340亿美元 ...

Group 1 - The article discusses the upcoming trend of RGB-OLED technology in mobile phone displays, highlighting its advantages over traditional OLED panels [4][12][36] - Xiaomi's 17 Pro Max is the first device to feature RGB-OLED, with other models like REDMI K90 and K90 Pro Max following suit [21][36] - Major panel manufacturers are expected to adopt RGB-OLED technology by 2026, indicating a significant shift in the mobile display market [4][36] Group 2 - RGB-OLED technology retains full RGB subpixels, eliminating the pixel density reduction seen in Pentile arrangements, thus enhancing clarity and display quality [8][27][32] - The complexity of manufacturing RGB-OLED panels, including the need for precise metal masks and advanced deposition techniques, has been a barrier to widespread adoption [27][30] - The introduction of Tandem structures in RGB-OLED aims to improve brightness, longevity, and energy efficiency, making it a promising technology for future devices [30][34] Group 3 - The mobile display market is evolving, with OLED technology reaching its limits in brightness and refresh rates, making RGB-OLED a potential breakthrough [12][32] - Companies like BOE and others are also exploring new LCD technologies, such as ADS Pro, which aims to enhance clarity and performance while maintaining LCD's advantages [36][37] - The competition in display technology is intensifying, with various manufacturers focusing on improving clarity and efficiency across both OLED and LCD platforms [36][38]