本次发布的52项轻工标准精准对接行业升级与消费需求。其中，以旧换新类标准38项。针对冰箱、洗衣 机、空调等家电产品，性能、品质及创新类标准为"以旧换新"政策落地提供技术依据。今年1-11月，全 国家电以旧换新总量已超1.28亿台，带动相关商品销售额突破2.5万亿元。此外，家具智能等级评定等标 准推动行业向中高端智能方向升级，相关市场规模已达百亿元以上，成为消费新增长点。 低碳转型类标准5项。日用陶瓷、照明电器、塑料制品等领域的碳足迹核算标准，帮助企业精准识别高 碳环节，优化减排路径。以景德镇集中产瓷区为例，当地依托标准定位减排关键问题，推动3500余座窑 炉实施设备与工艺升级，预计每年可减排二氧化碳约8.4万吨。 今年1-10月，轻工业实现营业收入19万亿元、利润1.14万亿元，以占全国工业13%的资产，贡献了全国 工业近20%的利润，展现出较强的发展韧性。 新京报讯（记者陈琳）12月26日，中国轻工业联合会副会长刘江毅在市场监管总局召开的"两新"标准提 升行动工作成效专题新闻发布会上介绍，轻工领域已完成52项重点推荐性国家标准的制修订工作，涵盖 家电、家具、陶瓷、照明等多个细分行业。这些标准的落地实施，正有 ...

证券日报网讯 12月25日，恒太照明发布公告称，公司2025年12月24日召开2025年第二次临时股东会， 审议通过《关于预计2026年日常性关联交易的议案》等多项议案。 （文章来源：证券日报） ...

标的公司主要从事智能照明控制产品的研发、生产及销售，为国内领先的照明控制系统高新技术企业。 核心研发团队拥有20余年照明工控领域工作经验，掌握通信应用的核心技术，产品应用于全国众多隧 道、路灯、机场，包括四座核电站在内的众多发电厂以及其它众多厂矿项目，在道路照明、工业照明、 场站照明、船舰照明等领域市场占有率较高。标的公司产品主要应用于LED照明领域，与公司主营业务 LED驱动电源属于同一行业，具备下游客户重叠特征。本次收购有助于强化公司在LED照明驱动领域的 竞争壁垒，双方实现资源及技术的互补，提升公司技术壁垒，强化公司软件控制能力。标的公司最近一 期净利润处于亏损状态，后期随着双方资源整合及赋能，标的公司盈利状况将得到扭转。 格隆汇12月23日丨崧盛股份(301002.SZ)公布，公司于2025年12月22日与广东芯神科技有限公司（简 称"标的公司"）、金海峰、金海诚、王宗友、田年斌签署《广东芯神科技有限公司股权收购协议》，公 司拟以自有资金人民币1,650.00万元购买金海峰、金海诚持有的标的公司合计55%股权，公司实际控制 人王宗友先生拟以自有资金人民币75.00万元购买金海峰、金海诚持有的标的公司合 ...

今日（12月23日）崧盛股份发布公告，拟以自有资金人民币1650万元收购广东芯神科技有限公司（以下 简称"芯神科技"）55%股权，本次交易完成后，芯神科技成为崧盛股份的控股子公司。此外，为彰显对 芯神科技未来发展的信心，崧盛股份实际控制人王宗友先生及田年斌先生以相同估值合计收购芯神科技 5%股份。收购完成后崧盛股份及其实际控制人合计持有芯神科技60%股份。 据悉，芯神科技主要从事智能照明控制产品的研发、生产及销售，为国内领先的照明控制系统高新技术 企业。核心研发团队拥有20余年照明工控领域工作经验，掌握通信应用的核心技术，产品应用于全国众 多隧道、路灯、机场，包括四座核电站在内的众多发电厂以及其它众多厂矿项目，在道路照明、工业照 明、场站照明、船舰照明等领域市场占有率较高。 芯神科技专注于智能照明控制，具有完备的网络架构技术，借助独有的自组网、动态路由技术，保证系 统产品的稳定、可靠、实时。芯神科技产品主要应用于LED照明领域，与崧盛股份主营业务LED驱动电 源属于同一行业，下游客户重叠，收购协同性较高。 据崧盛股份披露，本次收购有助于整合双方优势资源，通过技术和产品的互补，实现下一代智能化控制 电源的产品创 ...

从"耗电者"到"节能资产" 路灯作为城市基础设施的重要组成部分，其建设、维护以及电费支出通常会被纳入政府的财政预算，是 一笔不小的开销。如今，在一些城市，它成了一笔能产生收益的"活资产"，这种转变正是得益于晶和科 技的合同能源管理（EMC）模式。 合同能源管理就是用节约的能源费用来支付节能项目成本。它一般由专业节能服务公司先行投资，对原 有灯具进行节能改造并负责运营维护，项目产生的节能收益由政府和服务公司按比例分成，项目合同周 期越长，可享受的节能收益也就越多。 （来源：工人日报） 阅读提示 专注于LED节能照明及智慧照明的高新技术企业晶和科技,通过合同能源管理（EMC）等模式为城市提 供成套智慧照明解决方案，同时提供节能改造及运营维护服务。从这家企业出发，传统路灯正从孤立的 发光体演变为智慧城市的"神经末梢"。 深夜，在安徽合肥国家高新技术产业开发区，3万余盏路灯正经历一场"静默革命"：当人车开始变得稀 少，道路两旁的路灯如同约定好一般，亮度悄然降低20%。 这并非路灯故障，而是一次精准的"呼吸"。简单来说，这些路灯更"懂"行人需求，可以通过实时感知外 部环境变化，进行亮度与色温的智能调节。而赋予路灯这种" ...

证券日报网讯12月22日，阳光照明（600261）在互动平台回答投资者提问时表示，截至2025年12月19 日，股东总数为42284户。 ...

Group 1 - The core viewpoint is that the market is beginning to focus on the potential for a sustained appreciation of the RMB, which could influence asset allocation strategies [1] - Approximately 19% of industries may see profit margin improvements due to RMB appreciation, leading to increased investor interest in these sectors [1] - Key sectors to watch under a strengthening RMB include aviation, gas, and paper industries driven by short-term muscle memory, as well as upstream resources, consumer goods, and services influenced by profit margin changes [1] Group 2 - The 2026 spring market is anticipated to be active, with a focus on non-mainstream sectors such as policy themes and high-dividend stocks, while the mainline structure (AI industry chain, cyclical stocks) may have limited upward potential [2] - A classic "cross-year-spring" market is forming, with significant institutional investors increasing their holdings in broad-based ETFs, indicating stable incremental capital for the market [3] - The A-share market is expected to resonate upward with global markets, driven by clear mid-term policy and liquidity expectations following the Federal Reserve's interest rate decisions [4] Group 3 - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. AI bubble concerns and Japan's interest rate hikes, with a potential upward trend as investor sentiment improves [4] - The focus for A-share industry allocation includes dividend value, cyclical recovery, and thematic hotspots, particularly in metals, non-bank financials, and AI sectors [4] - The market is entering a critical window for cross-year layout, with attention on potential signals for a small rally around the New Year [5][6] Group 4 - The market is experiencing a structural trend change, with significant discrepancies in expectations for consumption, non-bank finance, and technology sectors as 2026 approaches [10][11] - Key investment themes include AI applications, commercial aerospace, and nuclear power, with a focus on sectors benefiting from domestic demand recovery and structural policy incentives [12] - The upcoming "15th Five-Year Plan" is expected to drive structural opportunities, particularly in AI, renewable energy, and quantum technology sectors [12]

Group 1 - The market is entering a critical window for cross-year layout, with expectations for A-shares to resonate upward with global markets by 2026, focusing on "technology + overseas expansion" as a continuing theme [1][2] - Current market conditions are characterized by narrow fluctuations, influenced by external factors such as concerns over the AI bubble in the US and interest rate hikes by the Bank of Japan [2][3] - Investor sentiment has recently dropped below 70, indicating a pessimistic outlook that may lead to a slight recovery in sentiment and upward market fluctuations [2] Group 2 - Industry allocation strategies include focusing on high dividend stocks, cyclical sectors, and thematic hotspots such as Hainan's duty-free shopping and nuclear power [2][4] - The anticipated "cross-year-spring" market rally is supported by early policy implementation and increased institutional investment in broad-based ETFs [4][5] - The potential for a structural outperformance in sectors like brokerage and technology is expected, driven by upcoming monetary policy changes and market liquidity improvements [7][8] Group 3 - The ongoing appreciation of the RMB is expected to influence asset allocation, with approximately 19% of industries likely to see profit margin improvements due to currency appreciation [3] - Key sectors benefiting from policy support include AI, aerospace, and innovative pharmaceuticals, while cyclical sectors like chemicals and energy metals may also see positive impacts [6][9] - The market is expected to experience a "spring rally" driven by favorable valuation levels, liquidity conditions, and catalysts that enhance risk appetite [6][12] Group 4 - The outlook for 2026 suggests a shift from a single narrative to a broader focus on physical demand and domestic policy benefits, with sectors like AI and consumer services poised for recovery [10][13] - Non-bank financials are highlighted as having significant earnings elasticity, while sectors like electric equipment and machinery are expected to benefit from AI investments and export demand [13][14] - The market is currently in a phase of adjustment before the anticipated cross-year rally, with a focus on structural opportunities aligned with policy directions and industry trends [11][14]

Group 1 - The core viewpoint is that a classic "cross-year-spring" market trend is brewing, with significant signals indicating its commencement [3] - Factors driving the appreciation of the RMB are increasing, and investors should adapt their asset allocation accordingly, focusing on industries that may benefit from this trend [1] - The market is expected to see a structural shift with a focus on cyclical sectors, particularly industrial metals, non-bank financials, and sectors related to domestic consumption [3][4] Group 2 - The investment strategy should consider three key clues: dividend value, layout of prosperous industries, and thematic hotspots [4] - The anticipated spring market in 2026 is expected to be driven by a combination of fundamental cyclical improvements and new technological trends [2] - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. monetary policy and investor sentiment [4][6] Group 3 - The focus on AI and advanced manufacturing is expected to dominate the market, with a potential shift towards value and cyclical styles in the first half of 2026 [2] - The market is likely to experience a "value on stage, growth in action" dynamic, particularly as the Lunar New Year approaches [9] - There is a notable expectation for structural opportunities in sectors like AI, new energy, and controlled nuclear fusion, which are aligned with the "14th Five-Year Plan" [6][10]

Group 1 - The market status indicates an increased correlation between the US and Chinese markets, with the 20-day rolling correlation of the CSI 300 and S&P 500 rising above the 90th percentile, reflecting a new normal of "overnight alignment and intraday reversal" [2][10][13] - The US core CPI has decreased to 2.6%, the lowest in three and a half years, while the unemployment rate has risen to 4.6%, primarily due to increased labor participation and temporary unemployment, indicating a stable economic environment without significant inflationary pressures [2][10][13] - China's economic fundamentals show a combination of corporate profit bottoming out and a decline in domestic demand, which opens a window for further policy support [2][10][13] Group 2 - The AI industry chain is experiencing a divergence, with broader AI-related assets (copper, lithium, aluminum, energy storage, and electrical equipment) performing better than core AI assets (computing chips, optical modules, PCB) [3][24][25] - Investors are becoming less tolerant of the contradiction between aggressive capital expenditures and the lack of revenue growth in companies within the AI industry chain, leading to a negative correlation between stock performance and capital expenditure as a percentage of revenue [3][24][25] - Commodity prices for copper, aluminum, tin, and lithium carbonate have been rising since late October, driven by demand from AI investments, with near-term contracts for copper and tin outperforming longer-term contracts [3][24][25] Group 3 - The concept of "expanding domestic demand" is emphasized as a strategic move, with a focus on increasing consumer demand supported by income growth and effective investment [4][31][32] - The government plans to enhance the second distribution of income by increasing minimum pension standards and implementing childcare subsidies, while future efforts may focus on optimizing the first distribution through wage reforms [4][31][32] - Historical examples from Japan and the US illustrate that income growth leads to increased service and new-type consumption, suggesting that China's current income growth initiatives could similarly boost consumer spending [4][31][32] Group 4 - The current market environment, characterized by limited macro elasticity and increased industry differentiation, suggests a shift in investment strategy towards tangible demand and domestic policy benefits as the new focus for 2026 [5][42][43] - Recommendations include investing in industrial resource products (copper, aluminum, tin, lithium, crude oil) that benefit from AI investment and global manufacturing recovery, as well as sectors poised for recovery in consumer spending (airlines, hotels, duty-free, food and beverages) [5][42][43] - Non-bank financial institutions (insurance, brokerage) are expected to benefit from capital market expansion and a rebound in long-term asset returns, alongside opportunities in China's equipment export chain and manufacturing sectors [5][42][43]