【 导读 】 下周5只新股可申购，优迅股份 专注 光通信前端收发电芯片 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，下周（12月8日至12日）有5只新股可申购。 12月8日可申购上交所科创板新股 优迅股份 、深交所创业板新股 纳百川 ，12月9日可申购深交所主板新股 元创股份 ，12月12日可申购 上交所主板新股 锡华科技 、深交所创业板新股 天溯计量 。 优迅股份专注光通信前端收发电芯片 优迅股份 的申购代码是787807，发行价为51.66元/股，发行市盈率为60.27倍，参考行业市盈率为58.09倍。 优迅股份 此次总发行数量为2000万股，包含网上发行 数量 480万股。 投资者参与网上申购 优迅股份 ，申购数量上限为0.45万股，顶格 申购需配沪市市值4.50万元。 优迅股份专注于光通信前端收发电芯片的研发、设计与销售，产品应用于光模组（包括光收发组件、光模块和光终端）中，应用场景涵盖 接入网、4G/5G/5G-A 无线网络、数据中心、城域网和骨干网等领域。 目前，中国是全球最大的光器件、光模块生产基地，但光通信电芯片作为光通信光电协同系统的"神经中枢"，发展相对不平衡，成为中国 ...

最近，离岸人民币兑美元汇率像头倔牛，一头撞破了7.06的关键关口，直接创下了过去14个月以来的新 高。你去银行换汇，柜员可能都会多瞅你两眼，那眼神仿佛在说："现在换？划算啊！" 朋友圈里更是炸了锅。做外贸的老同学发了个"流泪"的表情包，配文是"利润又被吃掉两成"；而准备年 底去欧洲扫货的几个闺蜜，已经在群里欢呼雀跃，恨不得把明年的年假都提前休了。大家都在问同一个 问题：这钱怎么突然就"值钱"了？这到底是一场泼天的富贵，还是咱们口袋里财富缩水的前兆？ 咱们今天不扯那些晦涩难懂的经济学模型，就搬把椅子，像老朋友唠嗑一样，把这事儿掰开了、揉碎了 讲讲。特别是对于咱们普通老百姓，这波大涨背后，到底藏着什么机会，又埋着什么雷。 这一波"疯涨"，底气到底从哪儿来的？ 很多人还在惯性思维里，觉得美元就是硬通货，人民币还得看美元脸色。但这回，剧本真不一样了。 现在的日历是2025年10月。回看过去这一年，美国那边的日子其实过得挺纠结。美联储折腾了许久，终 于扛不住经济下行的压力，降息的大闸一旦拉开，美元就像泄了气的皮球，强势周期算是走到头了。资 本这东西最势利，闻着味儿就知道哪儿更香。眼看着美元资产回报率往下掉，这帮国际热钱 ...

Core Viewpoint - The concept of "restructuring" has gained unprecedented strategic significance in the context of China's "14th Five-Year Plan," serving as a key driver for high-quality development and the formation of new productive forces in the face of global technological revolutions and industrial transformations [1][2]. Group 1: Strategic Necessity and Urgency of Restructuring - Restructuring is essential for addressing deep-seated developmental contradictions and creating new competitive advantages, as China's previous growth model based on factor input is no longer sustainable [2]. - In 2023, China's R&D expenditure exceeded 3.3 trillion yuan, accounting for 2.64% of GDP, indicating a strong commitment to innovation-driven development, although gaps remain in basic research investment and technology transfer efficiency compared to global leaders [2][3]. Group 2: Cultivating New Productive Forces - New productive forces characterized by high technology, efficiency, and quality are crucial for breaking away from traditional economic growth models, with a focus on significantly enhancing total factor productivity through technological innovation [3]. - Effective restructuring and optimization of new production factors such as knowledge, technology, capital, data, and talent are necessary for the development of future industries and strategic emerging sectors [3]. Group 3: Key Areas for Systematic Restructuring - Restructuring the industrial structure to build a modern, autonomous, and efficient industrial system is the main battlefield, emphasizing high-end, intelligent, and green development [4]. - The focus should be on enhancing strategic emerging industries and establishing a detailed industrial map and technology roadmap, particularly in critical areas like integrated circuits and biomedicine [4]. Group 4: Innovation System and Financial Support - Restructuring the innovation system to facilitate a virtuous cycle between technology, industry, and finance is vital, addressing the long-standing disconnect between academia and industry [5]. - Financial support mechanisms should be improved to encourage investment in hard technology, ensuring that financial resources effectively nurture innovation [5]. Group 5: Regional Economic Layout and Urban-Rural Integration - Restructuring regional economic layouts is essential for promoting urban-rural integration and coordinated regional development, requiring the implementation of various strategic initiatives [6]. - The focus should be on establishing mechanisms for cross-regional cooperation and resource allocation to foster a new pattern of integrated development [6]. Group 6: Role of Think Tanks - Think tanks are crucial for providing strategic insights and solutions for the complex restructuring process, transitioning from mere advisors to active participants in the entire cycle [7][8]. - They should facilitate communication among government, enterprises, academia, and the public to build consensus and support for restructuring initiatives [10].

Summary of 2025: "The End of the 14th Five-Year Plan" and Foundation Building - In 2025, the Beijing Stock Exchange (BSE) achieved multiple breakthroughs, with total market capitalization exceeding 820 billion yuan, number of accounts reaching 9.5 million, and average daily trading volume approaching 30 billion yuan, indicating a significant improvement in liquidity [4] - The market's "specialized, refined, distinctive, and innovative" characteristics became more pronounced, with national-level "little giants" accounting for 61%, fostering a group of high-growth, scarce enterprises in sectors such as new energy, robotics, and AI [4][10] - The quality of enterprises continued to improve, with the average net profit of newly listed companies increasing from 30 million yuan to 110 million yuan over three years [4] - As of the first three quarters of 2025, the median revenue and net profit of BSE companies were 293 million yuan and 22 million yuan, respectively, while the BSE 50 component stocks reached 508 million yuan and 46 million yuan, indicating stable business operations [4] Outlook for 2026: "The Beginning of the 15th Five-Year Plan" - The BSE will focus on "scarcity" and "new quality productivity" as dual main lines for deepening its layout, with policies expected to continue along the path of "Deep Reform 19 Articles" [4] - The average first-day increase of IPOs in the first 11 months of 2025 was 356%, with average subscription funds exceeding 640 billion yuan, suggesting a continuation of active performance in the new share market in 2026 [4] - The BSE will emphasize sectors such as technology manufacturing (AI supply chain, solid-state batteries, humanoid robots, intelligent driving), new materials (semiconductor materials, specialty fibers), and distinctive consumption (health, beauty, emotional consumption) [4] Market Characteristics and Investment Opportunities - The BSE has a unique market structure, with 65% of companies having a market capitalization of less than 2.5 billion yuan, while over 40% of BSE 50 companies exceed 5 billion yuan, indicating a small-cap characteristic [4][19] - The BSE's PE ratio reached 44 times as of November 21, 2025, with a valuation discount disappearing, and the PE ratio compared to the Sci-Tech Innovation Board has decreased to about 60%, highlighting investment value [4][29][34] - The BSE's industry distribution is more concentrated in mechanical equipment, power equipment, and basic chemicals compared to the ChiNext and Sci-Tech Innovation Board, aligning with its "specialized, refined, distinctive, and innovative" positioning [4][24][25] Performance and Growth Trends - The BSE's specialized and innovative component stocks showed the fastest revenue growth, with a year-on-year increase of 13% in the first three quarters of 2025 [35] - The median net profit of BSE 50 component stocks has surpassed that of the Sci-Tech Innovation Board and ChiNext, indicating a positive trend in profitability [40] - The overall profit growth rate of BSE companies is under pressure, but the specialized and innovative enterprises exhibit resilience, making them worthy of attention [40][41]

重要性紧迫性日益凸显 近年来，新一轮科技革命和产业变革加速突破，国际力量对比深刻调整，大国博弈更加复杂激烈， 国际经济贸易秩序遇到严峻挑战，全球产业链供应链格局面临深刻调整。一个典型表现是，许多国家和 跨国企业的产业链供应链布局逻辑发生重大变化，即从过去更加注重成本和市场效率逐步转向更加注重 国家利益和安全可控，从全球化、区域化加速向本土化、近岸化、友岸化转变。在此背景下，确保我国 产业链供应链安全稳定的重要性和紧迫性凸显。 一方面，产业链供应链韧性和安全水平直接关系到经济韧性和抗风险能力。观察一国的经济发展韧 性和经济安全水平，一个重要切入点，就是看这个国家的产业链供应链在遭遇内外部风险冲击时，能否 保持不中断、可替代、能修复的运行状态。目前，我国拥有完备的产业体系、强大的动员组织和产业转 换能力，具有的超大规模市场优势亦能为增强产业链供应链韧性提供支撑。面对不确定难预料因素增多 的形势，我们必须立足优势、巩固优势、用好优势，既要积极参与全球产业分工，有效利用国内国际两 个市场、两种资源，又要高度重视产业链供应链的自主可控、安全可靠，着力突破"卡脖子"环节，力争 重要产品和供应渠道都至少有一个替代来源，形成 ...

Core Insights - The 2025 Deloitte Shenzhen High-Tech High-Growth Top 20 and Rising Stars list was released, highlighting the top three companies: Shenzhen Qiyu Innovation Technology Co., Ltd., Urban Light (Shenzhen) Unmanned Driving Co., Ltd., and Shenzhen Huixin Biomedical Technology Co., Ltd. [1] - The evaluation aims to discover and recognize local high-growth and innovative companies, with a focus on breaking technological boundaries and cross-domain integration [1][2]. Group 1: Company Performance - The average cumulative revenue growth rate of the Shenzhen Top 20 companies exceeded 350% over the past two years, with the number of companies generating over 100 million yuan in revenue doubling from 4 in 2022 to 8 in 2023 [1]. - The 46 companies on the list are primarily focused on software, hardware, high-end equipment, and life sciences, with software companies making up 30% and hardware companies 24% of the total [1]. Group 2: R&D and Innovation - Shenzhen continues to lead the nation in technology R&D investment and intellectual property, reflecting the city's ongoing innovation strength [2]. - According to the "Shenzhen High-Tech Enterprises CEO Survey," 19% of surveyed companies allocate over 80% of their budget to R&D, with significant investments directed towards artificial intelligence and machine learning (57%) and cloud computing and big data (50%) [2]. Group 3: Sustainable Development and Challenges - Over half of the companies find it challenging to balance short-term profits with long-term sustainable development, with 47% facing regional standard discrepancies and 24% hindered by funding and technology bottlenecks [3]. - Nearly 40% of companies prefer to establish headquarters or branches in the Yangtze River Delta and Greater Bay Area, prioritizing market access, talent supply, and business environment [3]. Group 4: Financing and Expansion - Companies in Shenzhen maintain an optimistic outlook regarding financing, with over 40% expecting to raise more than 100 million yuan in the future, and the A-share market being the preferred listing destination for 40% of these companies [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ■ 李 文 上交所官网最新数据显示，2025年11月份，A股新增投资者开户数达到238.14万户，环比增长3.1%。在 11月份市场整体震荡盘整的背景下，A股开户数保持了相对稳定且略有增长的态势，这背后是普通投资 者、专业机构乃至敏锐的国际资本，对中国经济长期基本面与资本市场改革方向投下的信任票。笔者认 为，这份信心共识，扎根在政策预期明确、市场资金生态优化、企业盈利改善这三大日益稳固的基础之 上。 第一，政策定力为市场注入长期确定性。 市场信心的首要支撑，源于清晰、连贯且坚定的政策预期。"加快建设金融强国"已上升为国家战略，资 本市场作为金融体系的重要组成部分，在金融强国建设中承担着重要的使命。政策层面也展现出维护市 场平稳运行、切实保障投资者合法权益等鲜明导向。一系列制度改革精准发力，均指向构筑一个更加规 范、透明、开放、有活力的良性市场生态。 2026年作为"十五五"开局之年，各项政策的逐步落地与推进和政策红利全方位、多层次的释放，令市场 满怀憧憬与期待。市场普遍预期，围绕现代化产业体系建设、科技自立自强等战略方向，将有一系列具 ...

Core Viewpoint - The A-share market is experiencing a stable increase in new investor accounts, reflecting confidence in China's economic fundamentals and capital market reforms [1] Group 1: Policy Stability - Clear and consistent policy expectations are providing long-term certainty to the market, with the goal of building a financial powerhouse as a national strategy [2] - The gradual implementation of various policies is expected to release dividends across multiple levels, creating growth opportunities for industries and listed companies [2] - The long-term commitment conveyed by policy stability is essential for nurturing market confidence [2] Group 2: Optimized Capital Ecosystem - The capital structure of the A-share market is undergoing significant positive changes, with both domestic and foreign investments improving [3][4] - Foreign capital inflow into the Chinese stock market reached $50.6 billion in the first ten months of the year, significantly surpassing the previous year's total [4] - The increase in institutional investors, with a 35% year-on-year rise in new accounts, is enhancing market stability and rational investment behavior [4] Group 3: Profit-Driven Growth - The core logic driving the A-share market is shifting from liquidity and valuation recovery to expectations of substantial improvements in corporate profitability [5] - The macroeconomic recovery supports revenue growth and profit margin improvements for companies [5] - Emerging industries such as AI, semiconductors, and renewable energy are producing competitive Chinese companies, translating technological innovation into growth momentum [5]

GDP（国内生产总值）即将跨过5万亿元门槛的河北，正显露出迈向"经济大省"的雄心。 近日，《中共河北省委关于制定河北省国民经济和社会发展第十五个五年规划的建议》（以下简称河 北"十五五"规划建议）发布，提出"十五五"期间河北"主要经济指标年均增速高于全国平均水平，经济 总量迈上新的大台阶"；"到2035年实现河北经济实力、科技实力、综合实力大幅跃升，经济总量跻身经 济大省行列"。 目前，"经济大省"并无明确界定。 2022年7月召开的中央政治局会议首次提出，"经济大省要勇挑大梁"；次月的经济大省政府主要负责人 座谈会，参会省份包括广东、江苏、浙江、山东、河南及四川。 不过，在很多时候，经济大省范围会进一步扩大至GDP前十省份，包括广东、江苏、山东、浙江、四 川、河南、湖北、福建、上海及湖南。其中，仅山东、河南是北方省份。 此前，国家"十五五"规划建议提出，"促进东中西、南北方协调发展"。河北的最新目标，无疑有着促进 南北方协调发展之义。 2024年，河北GDP达到4.75万亿元，排在全国第13位。但往前回溯，凭借钢铁、煤炭等重化工业支撑， 河北在全国经济版图上一度高居第六，近些年才逐渐滑落。如今将目光锁定"经 ...

就在热门板块纷纷回调，全球市场相继陷入调整之际，如何平衡风险和收益，再次成为市场热议的话 题。 很多投资者，也在寻找可以兼顾进攻和防守的工具，以期望能够在波动行情中行稳致远。 回顾2025年的行情表现，发现有一个指数，大幅跑赢同类。 它就是中证A500，今年以来涨幅达到18.5%，超越同期沪深300(15.5%)和上证50(10.8%)。 能够取得这样的表现，中证A500凭什么？未来又有没有继续这样的表现？ 01 新核心资产崛起 众所周知，今年是中国经济增长引擎，全面向高技术制造、绿色能源、数字化服务等领域切换的关键一 年。 具体看，高端装备、新能源、新材料、生物医药、信息技术等，不仅与国家"新质生产力"发展方向高度 契合，同时也代表了全球科技发展的大方向。国家的发展战略，正不断向科技创新和产业升级倾斜，相 关财政、产业及金融政策，更是直接为这些新兴行业提供了明确的支持。 都说资本的嗅觉最敏感，它们正用实际行动验证着这一大趋势。 随着今年中国资产的重估，北向资金也积极买入，扭转了前两年的波动格局。然而，资金并非均匀流向 所有行业，而是高度集中于其认可的、符合中国经济长期转型方向的"新核心资产"领域。 显著净流 ...