本次询价转让的出让方厦门嘉德创信创业投资合伙企业(有限合伙)非佳缘科技控股股东、实际控制人， 部分董事通过厦门嘉德创信创业投资合伙企业(有限合伙)间接持有佳缘科技股份；厦门嘉德创信创业投 资合伙企业(有限合伙)非持有佳缘科技股份5%以上的股东。 根据佳缘科技披露的2024年年度报告，该公司控股股东、实际控制人为王进，尹明君、成都佳多吉商务 信息咨询中心(有限合伙)为实际控制人的一致行动人。 据每日经济新闻报道，记者以投资者身份致电佳缘科技，公司证券部人士称，成都佳多吉为佳缘科技的 一个员工持股平台，其2015年就成立了。该人士称："这个员工持股平台持股已经很久了，(公司)员工 们其实也需要用钱，他们也希望公司帮他们'转一下'，是员工提出来的(询价转让)。" 中国经济网北京12月18日讯佳缘科技（301117）(301117.SZ)昨日晚间发布股东询价转让计划书。 根据公告，拟参与佳缘科技首发前股东询价转让的股东为成都佳多吉商务信息咨询中心(有限合伙)、厦 门嘉德创信创业投资合伙企业(有限合伙)(以下合称"出让方")；出让方拟转让股份的总数为3,240,020 股，占佳缘科技总股本的比例为2.51%；本次询价转 ...

中金称，甲骨文股价下跌表明，单纯依靠讲资本开支故事的阶段或已过去，投资者现在需要看到真实的 回报，而不是永无止境的投入。浦银国际认为，流动性因素及美国AI板块回调令港股市场情绪承压。 在缺乏新催化剂的情况下，短期港股市场情绪或将进入震荡修复期，投资者无需盲目悲观，但或未到全 面抄底的时机。 消息面上，隔夜美股科技股集体下跌，甲骨文跌超5%，股价回落至178美元附近，至此甲骨文几乎抹去 年内大部分涨幅。据报道，甲骨文密歇根数据中心合作伙伴Blue Owl Capital，因担忧其债务与AI支出 问题，拒绝为其价值100亿美元的数据中心项目注资，相关谈判已陷入僵局。对此，甲骨文证实Blue Owl退出，但称项目的股权交易最终谈判进展按计划进行，整体推进符合预期。 科技股今早集体承压，截至发稿，阿里巴巴-W(09988)跌1.3%，报144.1港元；华虹半导体(01347)跌 1.32%，报67.3港元；腾讯(00700)跌0.41%，报602.5港元。 ...

来源：@中新经纬微博 【#甲骨文跌超5%带崩大盘#！#纳指跌近2%#】美东时间周三(17日)，美股三大股指跳水走低。截至收 盘，道指跌0.47%，标普500指数跌1.16%，纳指跌1.81%。大型科技股集体下跌，特斯拉跌超4%，英伟 达、谷歌跌超3%，苹果、META跌超1%，亚马逊、微软下跌。投资者继续从人工智能（AI）概念股中 撤出资金。甲骨文下跌5.4%。据报道，Blue Owl Capital原计划为该公司在密歇根州的100亿美元数据中 心项目提供融资，但该计划最终未能落地，原因在于市场对甲骨文债务水平和支出规模的担忧。甲骨文 否认了该报道，并表示该项目仍在推进中。但甲骨文的声明未能扭转市场情绪。#马斯克谈盖茨做空特 斯拉# ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Capital inflows are emerging, and the market sentiment is stabilizing. The inflow of funds further validates the market participation logic and strengthens the expectation of a long - term and slow - rising bull market. The Shanghai Composite Index generally maintains a box - shock pattern [1][2] 3. Summary of Each Section Market Analysis - **Macro - economy**: In the first 11 months of this year, the national fiscal revenue was 20.05 trillion yuan, a year - on - year increase of 0.8%, the same as that in the first 10 months. National tax revenue was 1.648 trillion yuan, a 1.8% increase, and the securities trading stamp tax revenue was 185.5 billion yuan, a 70.7% increase. Overseas, Fed Governor Waller said there is a 50 - 100 basis - point rate - cut space, but no drastic action is needed based on the current economic outlook [1] - **Stock market**: A - share indexes rebounded, with the Shanghai Composite Index rising 1.19% to 3870.28 points and the ChiNext Index rising 3.39%. Most sector indexes rose, with communication, non - ferrous metals, electronics, and basic chemicals leading the gains, while agriculture, forestry, animal husbandry, national defense and military industry, and coal sectors declined. The trading volume of the Shanghai and Shenzhen stock markets was 1.8 trillion yuan. Overseas, Oracle's sharp decline dragged down AI stocks, and the three major US stock indexes closed down, with the Nasdaq falling 1.81% to 22693.32 points [1] - **Futures market**: In the futures market, the basis of the current - month stock index futures contracts will converge tomorrow. The trading volume of the four major stock index futures increased, and the position of IC increased [1] Strategy - Domestically, capital inflows are emerging, and the market is rising. The Shanghai Composite Index maintains a box - shock pattern. The capital inflow validates the market participation logic and strengthens the long - term and slow - rising bull market expectation [2] Macro - economic Charts - The charts include the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share styles [1][9][11] Spot Market Tracking Charts - **Stock index performance**: On December 17, 2025, the Shanghai Composite Index rose 1.19% to 3870.28 points, the Shenzhen Component Index rose 2.40% to 13224.51 points, the ChiNext Index rose 3.39% to 3175.91 points, the CSI 300 Index rose 1.83% to 4579.88 points, the SSE 50 Index rose 1.25% to 2991.68 points, the CSI 500 Index rose 1.95% to 7137.83 points, and the CSI 1000 Index rose 1.49% to 7288.74 points [13] - Other charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [14] Futures Market Tracking Charts - **Position and trading volume**: The trading volume of IF was 189,590 (an increase of 39,510), the position was 289,623 (a decrease of 628); the trading volume of IH was 74,842 (an increase of 4,636), the position was 94,153 (a decrease of 1,896); the trading volume of IC was 184,831 (an increase of 21,520), the position was 271,976 (an increase of 2,748); the trading volume of IM was 290,120 (an increase of 35,895), the position was 392,878 (a decrease of 9,704) [15] - **Basis**: The basis data of different contracts of IF, IH, IC, and IM are provided, including the current - month, next - month, current - quarter, and next - quarter contracts [41] - **Inter - period spread**: The inter - period spread data between different contracts (such as next - month minus current - month, next - season minus current - month, etc.) of IF, IH, IC, and IM are provided [45][46][47]

Group 1 - Zhongke Xingtu's stock increased by 5.67%, reaching 47.50 CNY per share, with a trading volume of 4.92 billion CNY and a turnover rate of 1.33%, resulting in a total market capitalization of 383.84 billion CNY [1] - Zhongke Xingtu, established on January 20, 2006, and listed on July 8, 2020, is located in the Beijing Shunyi District and primarily engages in software sales, data services, technology development, integrated machine products, and system integration [1] - The company's revenue composition includes: Geographic Information - Civil Sector 53.46%, Geographic Information - Special Sector 27.46%, Commercial Aerospace 14.34%, Low-altitude Economy 4.73%, and Others 0.01% [1] Group 2 - Bosera Fund's military industry theme fund (004698) holds 5.25 million shares of Zhongke Xingtu, unchanged from the previous period, representing 0.65% of the circulating shares, with an estimated floating profit of approximately 13.39 million CNY [2] - The Bosera military industry theme fund was established on July 4, 2017, with a current scale of 2.448 billion CNY, achieving a year-to-date return of 36.71% and a one-year return of 37.2% [2] - The fund manager, Zeng Peng, has a tenure of 12 years and 338 days, with a total asset scale of 7.493 billion CNY, achieving a best fund return of 264.15% during his tenure [3] Group 3 - The Bosera military industry theme fund holds Zhongke Xingtu as its seventh-largest heavy stock, with 5.25 million shares, accounting for 6.08% of the fund's net value, and an estimated floating profit of approximately 13.39 million CNY [4]

美东时间12月17日，美股遭遇"AI信任危机"重击——受甲骨文突发利空拖累，三大股指全线跳水， 纳斯达克指数暴跌1.81%，标普500跌1.16%，道指亦下 挫0.47%。更引人警觉的是， 英伟达、谷歌跌幅均超3%，特斯拉大跌逾4%，苹果、Meta、亚马逊、微软无一幸免，资金正以前所未有的速度撤离AI概念 股。 导火索直指甲骨文：据媒体报道，其密歇根州 100亿美元数据中心项目的关键融资方Blue Owl Capital突然退出，理由是担忧甲骨文债务高企与资本开支失 控。尽管公司紧急否认，称"项目仍在推进"，但市场毫不买账——投资者早已对其 自由现金流连续为负、全年资本支出飙升至500亿美元的激进扩张心生疑 虑。 当"故事"无法兑换成"利润"， 再耀眼的光环，也挡不住资本的无情出逃。 这场暴跌绝非孤立事件，而是AI狂热退潮的集中爆发。过去两年，科技巨头以"算力即未来"为名疯狂烧钱，却迟迟未能将GPU投入转化为可持续盈利。如 今，当甲骨文连基础融资都遭质疑，市场终于意识到： 再宏大的AI叙事，也扛不住现金流的持续失血。 高盛最新报告指出，部分AI企业债务规模三年激增300%，而OpenAI等头部玩家年亏损预计突 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The Fed's Waller advocates a moderate pace of interest rate cuts, causing the US dollar index to weaken; the A - share market on December 17 showed a significant volume - based recovery, indicating the national team's support for the long - slow bull market; the commodity market has different trends in various sectors, such as the sugar market being affected by production and export in Brazil and India, and the energy market being influenced by geopolitical events and inventory changes. [2][3][5] Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Fed's Bostic is more worried about inflation than employment; the US Senate passed a $900.6 billion defense authorization bill. Gold prices fluctuated and closed higher, and silver prices soared. In the short term, the Fed's rate - cut expectation is weak, and the market lacks incremental stimuli. [11][12] - Investment suggestion: The short - term trend of gold prices is volatile and has not broken through, and the sentiment for silver is high, so be aware of increased volatility. [13] 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US plans to sanction Russia's energy industry if Putin rejects the peace agreement; Treasury Secretary Bezant refutes concerns about Hassett as Fed chair candidate; Fed's Waller, a top candidate, advocates a moderate rate - cut pace. [14][15] - Investment suggestion: The US dollar is expected to weaken in the short term. [18] 1.3 Macro Strategy (US Stock Index Futures) - Oracle's $10 - billion data center financing faces obstacles, while Micron's performance and guidance exceed expectations. The Fed's Waller believes there is room for rate cuts but no need to rush. [19][20][21] - Investment suggestion: The short - term trend is weakly volatile, but maintain a generally bullish view. [22] 1.4 Macro Strategy (Stock Index Futures) - On December 17, A - shares had a significant volume - based recovery. The national team's support for the stock market is evident, which further boosts confidence in the long - slow bull market of A - shares. [23][25] - Investment suggestion: Allocate evenly in long positions of various stock indexes. [26] 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 46.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 143 billion yuan. The market for treasury bond futures rose, but the long - end bonds are volatile. [27] - Investment suggestion: Be cautious about the rise of TL, and be careful when chasing the rise. [28] 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia lowered the reference price of crude palm oil for January and the export tariff. The reduction in export tax and approaching Ramadan may boost exports in January. [29] - Investment suggestion: The price is expected to stabilize, waiting for the release of subsequent high - frequency data. [29] 2.2 Agricultural Products (Soybean Meal) - There will be an auction of 550,000 tons of imported soybeans on December 19. The market is worried about US soybean exports, and domestic soybean supply is sufficient with high soybean meal inventory. [30] - Investment suggestion: The futures price of soybean meal is expected to be weak, and it is recommended to short on rallies. [30] 2.3 Black Metals (Rebar/Hot - Rolled Coil) - The drafting of the "Guidelines for the Construction of the Carbon Emission Data Factor Library in the Steel Industry" started. The steel price is slightly stronger in a volatile pattern, but the upward space is limited due to demand constraints and export issues. [31][33] - Investment suggestion: Adopt a volatile trading strategy for steel prices. [34] 2.4 Agricultural Products (Corn Starch) - The inventory of starch enterprises has increased, with stable production and weak downstream demand. However, the approaching holiday season may bring some demand growth. [35] - Investment suggestion: In the short term, the price difference between corn starch and corn may not deviate significantly from the processing cost, and it may widen after approaching the previous low. [36] 2.5 Agricultural Products (Corn) - The inventory in the northern ports has increased slightly, and the grain inventory in the southern ports has stopped falling and rebounded. The spot price has stabilized, and the futures price has shifted from a decline to a narrow - range fluctuation. [37] - Investment suggestion: The futures contracts 03 and 05 are expected to be weakly volatile in the near term. [37] 2.6 Agricultural Products (Sugar) - Brazil exported 1.6 million tons of sugar in the first two weeks of December. In mid - November, sugar production in southern Brazil decreased due to factors such as early harvest and low sugar - making ratio. India's sugar production in the 2025/26 season increased. The international sugar market may be in short supply in the first quarter, but the overall supply is expected to be loose this season. [38][40][41] - Investment suggestion: The downward space of Zhengzhou sugar is expected to be limited. [42] 2.7 Black Metals (Coking Coal/Coke) - The price of coking coal in the East China market is weakly stable. The supply has decreased, and the demand is weak. The price of coking coal futures has fallen, and it is necessary to pay attention to whether subsequent restocking can support the price. [43][44] - Investment suggestion: Pay attention to whether subsequent restocking can support the price. [45] 2.8 Non - ferrous Metals (Polysilicon) - The winning bid price of Three Gorges' 2.5GW component procurement is 0.75 - 0.763 yuan/W. Some polysilicon enterprises have raised their quotes. The establishment of a polysilicon capacity integration and acquisition platform is expected to support the price, but the upward space is limited considering downstream losses. [46][47][48] - Investment suggestion: For existing long positions, gradually take profits. Consider buying put options. [48] 2.9 Non - ferrous Metals (Industrial Silicon) - A 2.5GW solar cell joint - venture project is planned. Some silicon factories may have production cuts, but the inventory may still accumulate in the first quarter of next year if the production cuts are not sustained. [49][50] - Investment suggestion: Look for short - selling opportunities on rallies. [50] 2.10 Non - ferrous Metals (Nickel) - A new nickel - containing mineral, Jinxiuite, was discovered. The planned nickel ore production in 2026 is expected to be 250 million tons, which may cause a supply shortage. The current production of NPI and pure nickel has decreased, and it is advisable to short on rallies next year without supply disruptions. [51][52] - Investment suggestion: Pay attention to whether the quota reduction can be implemented. [53] 2.11 Non - ferrous Metals (Lead) - Shandong launched a Level II emergency response for heavy pollution weather, which has limited impact on the lead recycling industry. The LME will set position limits for six metals from July 2026. The lead market is weakly stable, and short - selling opportunities on rallies can be considered. [54][55] - Investment suggestion: Short on rallies in the short term; wait and see for arbitrage. [56] 2.12 Non - ferrous Metals (Zinc) - The LME will set position limits for six metals from July 2026. The LME zinc inventory has increased, and the domestic refinery production cuts are being implemented. The zinc demand is strong, and positive spreads in monthly contracts are expected to perform well. [57] - Investment suggestion: Look for buying opportunities on mid - term pullbacks; hold positive spread positions in monthly contracts; maintain the reverse spread strategy between domestic and foreign markets. [58] 2.13 Non - ferrous Metals (Lithium Carbonate) - Yichun plans to cancel 27 mining rights, which has increased market expectations for fundamental improvement. The social inventory is decreasing, but the price may decline after the resumption of production. [59][60] - Investment suggestion: In the short term, the bullish sentiment is supported, but consider buying on pullbacks in the medium - to - long term. [60] 2.14 Non - ferrous Metals (Tin) - The LME tin inventory and the SHFE tin futures warehouse receipts have increased. Indonesia's tin export in November increased significantly. The supply from Myanmar is increasing, and the demand remains weak. [61][62][63] - Investment suggestion: The tin price is expected to be volatile at a high level in the short term, and beware of price drops due to geopolitical easing or capital outflows. [63] 2.15 Energy Chemicals (Crude Oil) - The EIA commercial crude oil inventory decreased. Geopolitical tensions in Venezuela may cause short - term supply disruptions, but the long - term supply risk is relatively small. [64][65] - Investment suggestion: The short - term price will be affected by geopolitical changes. [66] 2.16 Energy Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt has decreased. The demand is weak, but the supply is at a seasonal low, and the price is expected to be stable. Geopolitical risks may increase the cost of asphalt raw materials. [66] - Investment suggestion: The asphalt price is strongly supported by geopolitical factors in the short term. [67] 2.17 Energy Chemicals (Styrene) - The inventory of styrene in East China ports has decreased slightly. The styrene price is weakly volatile, and it may enter a inventory - building phase in early next year, but the cost may provide some support. [68][69][70] - Investment suggestion: Consider the price to be volatile in the short term. [70] 2.18 Shipping Index (Container Freight Rate) - MSC's annual container volume at Qingdao Port exceeded 3 million TEUs. The opening price of MSK's Shanghai - Rotterdam route was lower than expected, and the market may focus on the high - point and decline slope. [71] - Investment suggestion: Hold existing short positions and pay attention to whether other shipping companies will lower their quotes. [71]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 18.54 CNY and a fair value of 22.26 CNY [6]. Core Insights - The company is a leading provider of cleanroom technology services and is actively expanding its cloud and data services, which are expected to benefit from the increasing demand for government and enterprise cloud adoption [2][6]. - The company has undergone several asset restructurings, focusing on digital information services and industrial services, with significant ownership by China Electronics [12][15]. - The cleanroom market is projected to grow significantly, with the company positioned to benefit from the expansion of the domestic electronics industry [6][19]. Summary by Sections Company Overview - The company was established in 1987 and has transformed through multiple acquisitions, including the purchase of China System in 2020, which shifted its focus to information and industrial services [12][15]. - As of Q3 2025, China Electronics holds a 42.25% stake in the company, which is a key player in the cleanroom engineering sector [15][19]. Financial Performance - Revenue has shown a compound annual growth rate (CAGR) of 16.4% from 2021 to 2024, increasing from 427.04 million CNY to 673.89 million CNY [22][24]. - The company reported a net profit of 3.30 million CNY in 2023, with expectations of maintaining similar levels in 2024 [22][24]. - The gross profit margin for the high-tech industrial engineering service segment has been stable, while the digital and information services segment has seen fluctuations [19][22]. Cloud and Data Services Market - The cloud services market is experiencing high growth, driven by government policies and the increasing need for digital transformation across various sectors [37][39]. - The company focuses on three main product lines within its cloud services: cloud computing and storage, data innovation, and digital government services [6][35]. - The government has set ambitious targets for the digital economy, which is expected to further boost the demand for cloud services [37][39]. Cleanroom Engineering Services - The cleanroom market is projected to reach 1,157 billion CNY in the electronics sector by 2025, with the company being a leading player in this space [6][19]. - The company has established strong partnerships with major clients in the semiconductor industry, enhancing its competitive position [6][19]. Profitability Forecast and Investment Recommendations - The report forecasts net profits of 238 million CNY, 278 million CNY, and 307 million CNY for the years 2025 to 2027, respectively [5][6]. - The company is valued at 253 billion CNY based on segment valuations, leading to a fair value estimate of 22.26 CNY per share [6].

责任编辑：栎树 财经频道更多独家策划、专家专栏，免费查阅>> 格隆汇12月18日丨榕基软件(002474.SZ)在投资者互动平台表示，公司开发的产品目前未运用到商业航 天领域。 ...

Core Viewpoint - The stock of Yingfang Software has shown significant trading activity, with a notable increase in share price and fluctuations in financing and margin trading, indicating investor interest and potential volatility in the company's stock performance [1][2]. Financing Summary - On December 17, Yingfang Software's financing buy amounted to 8.65 million yuan, while financing repayment was 13.84 million yuan, resulting in a net financing outflow of 5.19 million yuan [1]. - As of December 17, the total financing and margin trading balance for Yingfang Software was 182 million yuan, accounting for 7.94% of its market capitalization, which is above the 80th percentile of the past year [1]. - The company had no short selling activity on December 17, with a short selling balance of 0, indicating a lack of bearish sentiment among investors [1]. Company Profile - Yingfang Software, established on August 12, 2011, and listed on January 19, 2023, is located in Shanghai and specializes in providing data replication software, integrated hardware and software solutions, and related services [1]. - The company's revenue composition includes software products (60.37%), software-related services (20.57%), integrated hardware and software products (15.97%), and other services (3.09%) [1]. Financial Performance - For the period from January to September 2025, Yingfang Software reported a revenue of 132 million yuan, reflecting a year-on-year growth of 11.26% [2]. - The company experienced a net loss attributable to shareholders of 14.71 million yuan, which represents a year-on-year increase in losses of 53.56% [2]. - As of September 30, the number of shareholders increased to 6,509, a rise of 0.91%, with an average of 7,248 circulating shares per shareholder, up by 1.32% [2].