投资心语 十连阳≠普涨 春季行情这样布局 各位投资者朋友： 昨天（12月30日）收盘后，沪指"十连阳"的消息刷屏市场，不少投资者望着红彤彤的指数，内心却难有 太多喜悦——盘面之下藏着另一面：低开高走的"假阳线"，以及超过3400只个股悄然下跌。一边是机器 人概念的涨停潮，一边是手中持仓的黯然调整，这般反差，想必让不少人倍感困惑与纠结：这连阳该追 还是减仓？春季行情还值得期待吗？ PART.01 十连阳的真相：不是普涨，而是少数赛道的"抱团" 小编想说，不必被"十连阳"的纪录裹挟，这并非全面牛市的信号，更像是一场结构性的局部行情。指数 能稳步走阳，核心是三重力量的支撑：央行释放稳市场信号、持续提供流动性补给，叠加人民币升值缓 解外资流出压力，多重利好推动权重股稳步上行，撑起了指数的稳健表象。 但身处市场的我们都清楚，指数的光鲜难以覆盖多数个股的疲态。昨日的"冰火两重天"，正是当前市场 的真实缩影：热门赛道个股涨幅凌厉，多数中小盘股却陷入调整。这本质并非市场增量资金全面进场后 的普涨，而是资金向少数政策支持、趋势明确的赛道集中"提前布局"，是存量博弈下的分化格局，也是 普通投资者需认清的核心现实。 来源：国金证券 ...

今天，先说很多人比较关心的几件事。 第一件事，人民币继续升值。截至15:30，离岸人民币兑美元盘中涨破6.99关口，最高至6.98555。此 外，在岸人民币兑美元升破7.0关口，创下2023年5月17日以来的最高水平。 有市场策略师指出，人民币可能进一步升值，主要受外资流入、经济增长复苏预期以及科技板块乐观情 绪支撑。 第二件事，在遭遇"黑色星期一"之后，部分金属期货今天大幅反弹。其中，COMEX白银一度大涨超 5%，COMEX铜一度上涨超3%，LME镍创下今年4月以来的新高，LME锡一度上涨超2%。此外，国际 金价有所止跌。 昨天，达哥提到，芝加哥商品交易所全面上调部分金属品种的期货履约保证金，这可能会影响金属期货 及A股有色板块的短期走势，但有色板块并不能轻言波段见顶。 今天，A股的有色板块指数盘中收复了昨天阴线实体的一半，核心股紫金矿业、洛阳钼业收盘收在昨天 阴线实体的中分位上方，表现均不错。 第三件事，Meta宣布收购AI智能体公司Manus。这是Meta成立以来的第三大收购，花费仅次于 WhatsApp和Scale AI。 对于此次收购，浙商证券指出，预计可继续强化市场对AI应用、智能体乃至算力行业 ...

Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor testing industry, particularly for companies like Huafeng Measurement and Control (688200), which is positioned to benefit from the increasing demand for simulation and digital testing machines driven by AI chip requirements [4][5][6] - Guoke Military Industry (688543) is noted for its transition from conventional ammunition to intelligent and information-based ammunition, which is expected to enhance its growth prospects in a high-demand industry [4][5] - Purtai (603659) is recognized as a leading global lithium battery materials platform, with its negative electrode and diaphragm businesses expected to show long-term improvement [4][5] Group 2: Company-Specific Analysis - Wanchen Group (300972) is projected to continue expanding its store count, currently exceeding 18,000, while improving net profit margins through scale effects and supply chain efficiencies [5][6] - Top Group (601689) is actively developing new products in collaboration with major clients, including liquid cooling solutions, which have already secured initial orders worth 1.5 billion [7][8] - Zhuoyue New Energy (688196) is expanding its production capacity in the biofuel sector, with a focus on biodiesel and bio-based materials, supported by favorable policies and a projected internal rate of return of 28.94% for new projects [8][9] Group 3: Industry Trends - The report indicates that the server liquid cooling market is expected to experience significant growth in 2026 and 2027, with companies like Yingweike (002837) poised to capture substantial market share [8][9] - The mechanical equipment sector, particularly companies like Binglun Environment (000811), is expanding its presence in various fields, including nuclear power and industrial heat control, which is expected to provide new growth opportunities [9][10] - The AI industry is driving demand for intelligent control systems, with companies like Zhiwei Intelligent (001339) developing products that cater to this emerging market [10]

本周，市场继续反弹。从12月17日开始，上证指数日K线八连涨，追平了今年4月8日-17日的八连 涨纪录。 当前已是牛市，且慢牛特征明显，看多做多是主旋律，仅需要在不同的行情阶段适当控制一下节奏 及注意策略即可。 从全周的表现来看，市场呈现"中间更强"的特征，中证500指数、创业板指数周涨幅位居前两位， 涨幅均超过3.9%；微盘股指数涨幅最小，全周仅涨0.7%。 那么，八连涨之后，市场会再创新高吗？后市机会在哪里？今天，达哥和牛博士就大家关心的话题 进行讨论。 牛博士：达哥，你好，又到周末我们聊行情的时间。虽然本周大盘涨幅很小，但大盘五连阳以及热 点发力确实让市场暖意明显。对于后市，你是如何看待的？ 道达：对于大市及市场风格，除了宽基指数之外，我平时也观察一些风格指数。 就在本周，平均股价指数创下了本轮牛市以来的新高，这是市场对后续行情看好的表现。 此外，主要指数中，上证指数、深证成指、创业板指数距离年内高点还有不到2%的差距。 就上证指数来看，目前距离9-10月的上升趋势线已经非常近了，下周一很有可能突破这条趋势线。 12月8日，上证指数反弹到该趋势线附近时遇阻，并展开调整。另外，达哥本周也提过，年内上证 指 ...

今天，A股三大指数集体小幅上扬。截至收盘，上证指数上涨0.47%，深证成指、创业板指数分别上涨0.33%、0.30%。沪深两市成交额达到19245 亿元，较昨日放量443亿元。 整个市场有3773只个股上涨，1473只个股下跌，个股涨跌幅的中位数为上涨0.54%。 大盘方面，没有太多要说的，达哥在最近两三天的文章中都阐述过，即观察上证指数反弹至9-10月上升趋势线附近时的情况。 今天，上证指数日K线七连涨，年内仅次于4月8日-17日的八连涨，未来两天，该纪录会被打破吗？值得观察。 资金层面，有不少积极因素出现。 其次是大资金持续流入股市。据Wind数据，主要宽基指数整体资金申赎净流入统计显示，最近一个月中证A500净流入872亿元。 因此，资金层面对市场有一定的托底作用。 首先是人民币持续升值。今天离岸人民币兑美元盘中破"7"，截至16：00，最高至6.996。 人民币升值，利好哪些板块呢？达哥认为，大致有几类。 一是外资扫货、外资偏好及外资配置类，包括金融、食品饮料、医药生物、家电、科技成长等； 二是进口依赖型行业，包括造纸、有色金属（矿）、石油炼化、基础化工等； 三是减轻债务压力类，包括航空运输等； 四是 ...

Group 1: AI Hardware Industry Trends - The AI hardware industry continues to thrive, with significant investments and developments occurring throughout 2025, including OpenAI's acquisition of io Products for $6.5 billion and the emergence of companies like YingShi Innovation, which reached a market cap of over 100 billion [1] - In the first half of 2025, there were 114 financing events in China's embodied intelligence and AI hardware sector, totaling over 14.5 billion yuan, with May alone seeing over 50% of all funding directed towards AI hardware [1] - Major companies like Alibaba, ByteDance, and Meituan have launched their own hardware products, marking the beginning of a competitive landscape in China's AI hardware industry [1] Group 2: DingTalk's AI Hardware Launch - DingTalk held its second product launch in six months, introducing Agent OS and the DingTalk Real hardware, which enables AI agents to perform tasks securely in enterprise environments [2] - The DingTalk A1 has quickly gained popularity, becoming a leading product in the domestic AI hardware market, challenging the notion that internet companies cannot successfully produce hardware [2][4] - The A1's development was rapid, with the team identifying the recording card product within a week, aiming for a successful transition to AI hardware [5] Group 3: Market Competition and Product Development - The recording card market is competitive, with players like Plaud dominating overseas and other companies like iFlytek and 360 entering the domestic market [6] - DingTalk must address key questions regarding the unique characteristics of AI hardware, the value of data generated, and the reasons for consumers to choose their products [6] - The A1 product faced initial criticism as a "half-finished product," prompting the team to engage in rapid iterations and user feedback to improve its reputation [7] Group 4: AI Integration and Data Utilization - The A1 is positioned as a data collection device within DingTalk's AI ecosystem, transforming recorded data into valuable assets for enterprises [10][11] - The integration of AI into business workflows allows for real-time data analysis and actionable insights, enhancing operational efficiency [11] - The A1's design includes a physical button for easy access to AI capabilities, indicating a strategic move towards seamless user interaction with AI agents [12][13] Group 5: Future Outlook and Industry Impact - DingTalk's AI hardware initiative represents a significant step towards making AI accessible for all, particularly for small and medium enterprises [17] - The competitive landscape is shifting, with major companies focusing on hardware that aligns with their core business strengths, as seen with DingTalk's approach [18] - The success of DingTalk A1 and similar products may redefine user interactions with AI in office environments, leading to a potential reshaping of the industry [16][19]

黄白线背离明显，今日题材股集体走强。 题材方面，商业航天板块大幅爆发反包，神剑股份5连板，再升科技（20CM）、大业股份、中超控股、博云新材、九丰能源、上海港湾、超捷 股份（20CM）、星网宇达、瑞华泰、国机精工、中国卫星、钧达股份、航天动力等先后涨停； 福建板块也迎来反弹，合兴包装3连板，欣贺股份、三木集团、瑞达期货、厦门国贸、东百集团等先后涨停； AI硬件板块携手局部走强，麦格米特、生益科技、天津普林涨停，嘉元科技、东材科技、德明利、英维克等集体走强； 1、行情 此外，存储、PTA、核聚变等有局部异动表现，有色钨、养殖、白酒等消费股跌幅居前。 截至收盘，沪指、深成指、创业板指分别收涨0.53%、0.88%、0.77%，市场超4100股上涨，1100余股下跌。 2、商业航天 昨日大跌的航天板块，今日开盘集体爆炸反弹。 神剑股份5连板，再升科技（20CM）、大业股份、中超控股、博云新材、九丰能源、上海港湾、超捷股份（20CM）、星网宇达、瑞华泰、国机 精工、中国卫星、钧达股份、航天动力等先后涨停； 信维通信、天银机电、飞沃科技、广联航空等涨超10%； 亚光科技、斯瑞新材、航天发展、西部材料、北斗星通、霍莱沃、 ...

AI硬件产业链股早盘表现活跃，截至年间收盘，珂玛科技20%张停，长芯博创张超13%，新易盛涨超6%，中际旭创涨超5%，指数方面，创业板成长指数上 涨2.4%，创业板指数上涨1.8%，创业板中盘200指数上涨1.3%，创业板ETF（159915）早盘成交额近25亿元。 创业板系列指 创业板ETF 低费率 跟踪创业板指数 该指数由创业板中市值大、流 动性好的100只股票组成,战 略新兴产业占比较高,电力设 备、通信、电子行业合计占比 沂60% 截至午间 该指数; 每日经济新闻 跟踪创业板中盘200指数 该指数由创业板中市值中等、 流动性较好的200只股票组成, 二 n十 人 | , 11 , 4 二 = 1 = 六 / 十 , 1 = 1 / 十 , 1 / 十 , 1 / 十 / / 十 / / + / / 截至午间 该指数 1.8 创业板200ETF易方达 低费率 ...

专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 上周A股市场呈现先抑后扬的震荡修复格局，指数表现分化，结构上"沪强深弱"。在"扩大内需"政策预 期及高股息避险属性驱动下，消费、非银金融成为领涨主线，而此前活跃的AI应用、AI硬件有所回 调。周内A股交投活跃度有所下降，日均成交额降至1.76万亿元。市场风格方面，消费行业领涨而科技 板块有所回调，整体表现为：消费>金融>周期>成长。 金鹰基金表示，在国内年末资金调仓与政策催化背景下，资金在市场调整期向防御性与政策支持方向迁 移。数据方面，11月消费受高基数和政策透支影响明显放缓，固定资产投资延续负增长，房地产市场持 续低迷，外需则是少数亮点。但往明年年初看，货币发力和财政前置有望带动国内经济环比改善，两会 窗口亦会明确"十五五"规划重点工程项目和远期经济动能抓手。 本资料所引用的观点、分析及预测仅为个人观点，是其在目前特定市场情况下并基于一定的假设条件下 的分析和判断，并不意味着适合今后所有的市场状况，相关指数、行业等的过往表现不代表未来表现， 也不代表本公司旗下基金的业绩表现，不构成对阅读者的投资建议。基金过往业 ...

Market Overview - The Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index fell by 1.29%, the ChiNext Index decreased by 2.17%, and the North Star 50 dropped by 0.51% [1] - The total market turnover was 1.672 trillion yuan, a decrease of 162.1 billion yuan compared to the previous day [1] Sector Performance - The medical commerce and commercial aerospace sectors were active, while the banking sector strengthened in the afternoon [1] - The PCB and battery sectors experienced adjustments [1] ETF Highlights - The satellite internet sector saw significant gains, with the satellite ETFs from E Fund, Fuguo Fund, and Guangfa rising by 3.8%, 3.69%, and 3.69% respectively [1] - The banking sector ETFs also saw afternoon increases, with the Bank ETF from Bosera rising by 2.28% and the Bank ETF from Fuguo Fund increasing by 2.04% [1] - The energy sector's gains expanded in the afternoon, with the Guangfa Energy ETF and the Guotai Fund Coal ETF rising by 1.9% and 1.86% respectively [1] Declines in Specific Sectors - The battery sector faced a pullback, with the Deep Growth ETF and ChiNext Growth ETF both dropping over 3%, and the battery ETF declining by 2.7% [2] - The AI hardware sector also saw declines, with the 5G communication ETF falling by 2.2% [2]