红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至12月4日，该指数近1年股息率为 4.14%；红利低波ETF基金（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至12月03日，该指数近1年股息率为3.46%；红利质量ETF（159758）是 跟踪该指数的唯一ETF。 森赫股份：每10股派发现金红利2元（含税），股权登记日：2025-12-10，除息除权日：2025-12-11，数 据来源《森赫股份:2025年前三季度权益分派实施公告》；申万一级行业：机械设备，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 广州发展：每股现金红利0.10元（含税），股权登记日：2025-12-11，除息除权日：2025-12-12，数据 来源《广州发展:2025年前三季度权益分派实施公告》；申万一级行业：公用事业，非红利低波 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 一、公司披露诉讼进展 ST证通（维权）公告，截至2025年11月28日，公司收到深圳市中级人民法院向公司送达受理立案的投 资者索赔案件共计754件，涉案金额约6925.34万元。 公司表示，因该案件一审尚未判决，关于判决结果存在较大的不确定性，因此暂未计提预计负债，后续 将根据案件进展情况和会计准则的要求进行相应的会计处理。 （2）于2018年4月24日-2024年5月30日期间买入，并在2024年5月31日之后卖出或仍持有而亏损。 二、财务造假被严惩 据处罚决定书，需回溯到多年前收购的一家公司，2015年证通电子收购一公司70%股权，成为子公司， 将其纳入合并报表范围。2017年10月17日至12月4日，公司子公司与另一家公司签订6份采购合同，约定 向其采购存储设备等产品，合同金额合计2，177.4万元。2017年11月1日、2018年8月23日，子公司分别 与北京一点签订销售合同，约定将相应货物销售给北京一点，合同金额合计 2，648.14万元。上述采 购、销售业务涉及的货物未真实交付，最终导致公司2017年和2019年年报存在虚假记载。 责任编辑：韦子蓉 ...

证券研究报告 | 2025年12月05日 | 晨会纪要 | | --- | | 数据日期:2025-12-04 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3875.79 | 13006.71 | 4546.56 | 13937.07 | 3749.90 | 1326.16 | | 涨跌幅度（%） | -0.05 | 0.39 | 0.34 | -0.06 | 0.23 | 1.36 | | 成交金额（亿元） | 6237.12 | 9252.47 | 3487.67 | 3137.25 | 4117.28 | 487.47 | $\frac{\pi\alpha}{\pi\alpha}\pm\frac{\pi\alpha}{\pi\alpha}$ (1998) (200) 行业与公司 计算机行业 2025 年 12 月投资策略暨财报总结-2025Q3：海外大厂业绩均 超预期，资本开支持续上行 北交所 2025 年 11 月月报：北证 50 震 ...

Core Viewpoint - The domestic large-scale intelligent computing supercluster system is set to debut at the HAIC 2025 conference from December 17 to 19, showcasing significant advancements in technology [1] Group 1: Product Launch - The large-scale intelligent computing supercluster system will be based on the Shuguang scaleX640 super-node technology [1] - This system's scale can be enhanced to a level of ten thousand cards, marking a potential first for the domestic intelligent computing supercluster systems [1]

紫光股份（000938）(000938.SZ)公告，公司正在进行申请发行境外上市外资股(H股)并在中国香港联合 交易所有限公司主板挂牌上市的相关工作。根据本次发行并上市的时间安排，公司已于2025年12月3日 向中国香港联交所重新递交了本次发行并上市的申请，并于同日在中国香港联交所网站刊登了本次发行 并上市的申请资料。 ...

紫光股份(000938.SZ)公告，公司正在进行申请发行境外上市外资股(H股)并在中国香港联合交易所有限 公司主板挂牌上市的相关工作。根据本次发行并上市的时间安排，公司已于2025年12月3日向中国香港 联交所重新递交了本次发行并上市的申请，并于同日在中国香港联交所网站刊登了本次发行并上市的申 请资料。 ...

南财智讯12月3日电，紫光股份公告，公司及下属子公司拟使用不超过人民币20亿元的自有资金进行委 托理财，投资于安全性高、流动性好的短期低风险银行理财产品、无本金损失条款的结构性存款和货币 型基金。该事项已通过公司第九届董事会第十七次会议审议通过，无需提交股东会审议，资金来源合法 合规，投资额度在12个月内可循环滚动使用。 ...

Group 1 - Since the release of ChatGPT on November 30, 2022, major US stock indices have experienced significant increases, with the Dow Jones, S&P 500, and Nasdaq rising by 40%, 73%, and 112% respectively by December 2, 2025 [1] - The AI sector has contributed significantly to the profits and gains in the US stock market, with the "Magnificent Seven" stocks rising approximately 280%, while other S&P components showed limited growth [2] - Concerns about an AI bubble have increased as US stocks reach historical highs, prompting discussions on how to identify and invest in potential bubbles [3][4] Group 2 - Bubbles can be categorized into two types: industrial investment bubbles and secondary market bubbles, each with distinct characteristics and identification methods [5] - The current investment in computer equipment and software in the US has increased from 2.9% to 3.3% of nominal GDP since 2023, contributing significantly to economic growth [6] - Historical trends indicate that while over-investment occurs during technological revolutions, it often lays the groundwork for long-term industry growth [7] Group 3 - Secondary market bubbles are characterized by significant deviations in asset prices from earnings, with historical experience guiding the identification of such bubbles [9] - Key indicators for identifying secondary market bubbles include profitability and debt levels, with the "Magnificent Seven" currently having a dynamic P/E ratio around 30, compared to 40-60 during the internet bubble [10][13] - The AI sector has driven substantial returns in the S&P 500, contributing 75% of total returns and 79% of profit growth since the release of ChatGPT [13] Group 4 - The current AI investment phase is characterized by large-scale investments and rising stock prices, with the commercialization of AI applications expected to occur in the next five years [15][21] - The US economy is experiencing a combination of AI innovation cycles, physical investment cycles, and a Federal Reserve easing cycle, which are expected to drive growth [20][25] - The focus on AI is driven by the need for efficiency in high-cost knowledge work, with AI poised to replace many traditional roles [23][24] Group 5 - Investors are encouraged to participate in the AI wave, as both US and Chinese tech companies are heavily investing in AI, making it a necessity for survival in the market [27] - Strategies for participating in the market include long-term investments in index ETFs and multinational companies, particularly in the tech sector [30] - The concentration of capital in tech stocks is attributed to the transition to a post-industrial economy, where time assets become increasingly valuable [31][32]

Core Insights - The company has made significant progress in the digital economy, particularly in digital currency and AI-driven data elements, positioning itself as a leader in these innovative fields [1] Digital Currency Developments - The company is one of the few in China capable of providing comprehensive digital currency technology services, having established regional platforms in cities like Guangzhou and Fangchenggang [1] - Notable implementations include the first digital currency metro transit scenario in Guangzhou and the first government closed application scenario in the city [1] Data Element Market Engagement - The company was among the first listed firms to enter the data element market, focusing on building operational capabilities in public data processing, development, and trading [1] - It has a stake in the Guangzhou Data Exchange and has successfully entered the secondary market for data elements [1] - In April, the company won a bid for a pilot project in digital data circulation infrastructure in Guangzhou, valued at 35.0187 million yuan, marking a significant milestone in urban data market configuration [1] Future Plans and Integration - The company aims to further integrate digital currency, data elements, and technologies like AI and big data to provide comprehensive digital solutions across various sectors, including finance, government, and transportation [1] - The strategy involves a dual-driven approach of "industry + capital" to empower the digital transformation of numerous industries [1]

Core Insights - The Chinese PC market is experiencing a slowdown in growth, with a year-on-year increase of only 2% in Q3 2025, influenced by reduced consumer subsidies [1][3] - Lenovo demonstrates strong resilience in this challenging market, achieving a 14% year-on-year growth in shipments, leading the industry with a 39% market share [3][8] - In contrast, major competitors like Huawei and Softcom show negative growth, with Huawei's shipments declining by 7% and Softcom's by 13% [3][4] PC Market Performance - Total PC shipments in China reached 11.3 million units in Q3 2025, marking a 2% increase from the previous year [3] - Lenovo's shipments amounted to 4.4 million units, significantly outpacing the overall market growth [3][4] - Other key players, including Huawei and Softcom, reported stagnant or declining shipments, with Huawei at 1 million units and Softcom also at 1 million units [3][4] Tablet Market Growth - The tablet market in China continues to thrive, with a 9% year-on-year increase in shipments, totaling 8.8 million units in Q3 2025 [4][5] - Lenovo's tablet shipments surged by 71% to 900,000 units, capturing a 10% market share, positioning it as a strong competitor in this segment [4][5] - In comparison, Apple experienced a 14% decline in tablet shipments, highlighting Lenovo's competitive edge [4][5] AI Integration and Future Outlook - The integration of AI technology is accelerating in both consumer and commercial markets, with Lenovo incorporating AI capabilities into its PC and tablet products [6] - Omdia forecasts that by 2025, 32% of PCs in Greater China will have AI capabilities, increasing to 46% by 2026 [6][8] - Despite anticipated declines in the PC and tablet markets in 2026, Lenovo's strong presence in the commercial sector and ongoing AI advancements are expected to help maintain its leading position [8]