明日主题前瞻 1、商业航天 | 据IT之家报道，国内唯一采用"不锈钢火箭 + 捕获臂回收"方案的团队宇石空间宣布，近日完成了国内首个百吨级全尺寸"筷子"捕获臂地面验 证试验，标志着我国首个对标 SpaceX星舰回收模式的捕获臂全尺寸原型机正式交付，进入地面联合试验阶段。宇石空间核心产品 AS-1火箭采用不锈钢结构 +液氧甲烷动力+捕获臂回收，目标将发射成本降至2万元/千克（回收后低至1万元/千克），仅为传统火箭的1/6。 点评：分析认为，中国可回收火箭技术的突破，不仅是航天产业内部的成本革命与技术升级，更是国家战略安全、高端制造升级与全球竞争格局重塑的重要 支点。短期来看，将利好航天制造、新材料、卫星应用等产业链相关企业；长期来看，将推动我国从航天大国向航天强国跨越，为我国在新一轮科技革命与 产业变革中抢占先机提供重要支撑。 2、大模型 | 据新浪财经报道，近日，中国电信研究院联合中科院计算所、华为昇腾、沐曦等产业伙伴，依托中国电信云网融合技术中试验证平台，成功完 成业界首个面向国产算力的跨架构大模型推理技术验证。此次突破构建了基于Triton的异构大模型推理框架，实现"一套框架代码、三芯透明迁移"的核心目 ...

证券日报网讯 12月16日，朗科科技在互动平台回答投资者提问时表示，公司存储产品具有随原材料涨 跌而产生价格波动的特性，公司密切关注政策、客户需求及存储市场行情变化灵活调整销售策略。截至 2025年前三季度，公司实现营业收入7.95亿元，同比上升35.19%，产品销售有所回升。 （文章来源：证券日报） ...

Core Viewpoint - The company emphasizes a diversified supply strategy for raw materials, ensuring stable supply through long-term agreements with major storage wafer manufacturers and foundries [1] Group 1 - The company collaborates with global leading storage wafer manufacturers and foundries to deepen partnerships [1] - Long-term supply agreements (LTA) have been signed with key storage wafer manufacturers to secure the supply of critical raw materials [1] - This strategy provides a solid foundation for the company's ongoing business expansion [1]

证券日报网讯12月16日，朗科科技（300042）在互动平台回答投资者提问时表示，公司存储产品具有随 原材料涨跌而产生价格波动的特性，公司密切关注政策、客户需求及存储市场行情变化灵活调整销售策 略。截至2025年前三季度，公司实现营业收入7.95亿元，同比上升35.19%。产品销售有所回升，同时公 司持续推进降本增效、优化销售策略等举措，进一步提升盈利能力，努力为全体股东创造价值回报。 ...

Core Viewpoint - The article discusses the upcoming IPO wave in the technology sector, particularly focusing on AI and related industries, predicting a significant shift in the market dynamics towards a few leading companies rather than a broad-based IPO market [4][14][22]. Group 1: IPO Market Trends - The IPO market in 2026 is expected to be drastically different, with potentially only one-tenth the number of companies compared to 2021, but with a record fundraising scale of $450-500 billion [21][22]. - In the first three quarters of 2025, only 13 AI expansion-stage companies went public, contributing 87% of the total exit value, indicating a concentration of capital towards a few leading firms [15][16]. - The average exit value for AI companies is 50-100 times that of ordinary companies, highlighting the high growth potential and market interest in these firms [17][19]. Group 2: Key Players in the Market - Major players like SpaceX, OpenAI, and Anthropic are set to dominate the IPO landscape, with combined valuations reaching $1.65 trillion, significantly surpassing previous records [26][28][42]. - OpenAI, despite substantial losses, has achieved a valuation of $500 billion due to its rapid revenue growth, projected to reach $600 billion by the end of 2026 [30][32]. - SpaceX holds a monopoly in the rocket launch market, planning to raise over $30 billion through its IPO, which could account for more than half of the total global IPO fundraising in 2025 [38][42]. Group 3: China's Technology Sector - China's technology sector is witnessing a collective push towards IPOs, with companies across the entire supply chain, including AI, chips, and robotics, preparing for public offerings [45][61]. - Companies like Yushun Technology and Zhiyuan Robotics are pursuing IPOs, with Yushun expected to submit its application soon, showcasing the market's readiness for innovative technology firms [48][49]. - The storage chip sector is represented by Changjiang Storage and Changxin Storage, both of which are positioned as strategic assets in China's semiconductor landscape, with valuations potentially exceeding one trillion RMB combined [60][61].

凤凰网财经讯 12月15日，美股三大指数集体高开，道指涨0.31%，纳指涨0.58%，标普500指数涨 0.47%。 热门中概股多数下跌，纳斯达克中国金龙指数跌0.56%，百度跌超2%，阿里巴巴、理想汽车跌超1%。 存储概念股普涨，美光科技涨逾2%，西部数据、希捷科技涨超1%。 【甲骨文单季度新增1500亿数据中心租赁承诺】 其他市场消息 【扫地机器人鼻祖iRobot宣布破产重组】 截至发稿，知名扫地机器人开发商iRobot盘前重挫73%。公司上周日宣布提交破产保护申请并披露，将 退市并成为中国代工厂的全资子公司。公司预计，若破产程序获批，公司普通股持有人将不会获得重组 后公司的股权。 当地时间上周五（12月12日），纳斯达克公司公布了纳斯达克100指数年度成分股调整结果，宣布将有 六家公司加入该指数，存储牛股希捷科技和西部数据在列，另外4家为阿尔尼拉姆制药、法罗里奥集 团、因斯梅德公司和芯源系统。调整将于2025年12月22日（周一）开盘前生效。 【赛诺菲多发性硬化症新药遇挫】 周一美股盘前，法国跨国制药企业赛诺菲股价一度下挫逾4%，因其一款用于治疗多发性硬化症的实验 性药物遭遇双重打击：一项后期临床试验未 ...

周一，存储概念股盘前普涨，Sandisk(SNDK.US)涨4%，美光科技(MU.US)、希捷科技(STX.US)涨逾 2%，西部数据(WDC.US)涨近2%。消息面上，美光科技将于美东时间12月17日美股盘后(北京时间12月 18日早间)公布2026财年第一季度财报。华尔街预计，美光本季度每股收益将达3.93美元，较上年同期 的1.79美元大幅增长。营收预计将达到128.2亿美元，同比增长超过45%。 ...

智通财经APP获悉，周一，存储概念股盘前普涨，Sandisk(SNDK.US)涨4%，美光科技(MU.US)、希捷 科技(STX.US)涨逾2%，西部数据(WDC.US)涨近2%。消息面上，美光科技将于美东时间12月17日美股 盘后(北京时间12月18日早间)公布2026财年第一季度财报。华尔街预计，美光本季度每股收益将达3.93 美元，较上年同期的1.79美元大幅增长。营收预计将达到128.2亿美元，同比增长超过45%。 ...

Industry News - Moutai's new control policy has led to a significant price increase, with the price of Flying Moutai in Tianjin rising to 1630 yuan per bottle, an increase of over 150 yuan in two days [3] - Three departments have issued a notice to strengthen the collaboration between commerce and finance to boost consumption, emphasizing the need to determine loan issuance ratios, terms, and interest rates based on customer repayment ability and credit status [4] - Multiple listed companies are planning to raise prices for lithium iron phosphate products, indicating a trend of price adjustments in the industry [5] - The automotive market is experiencing a clear differentiation between passenger and commercial vehicles, with passenger vehicle consumption improving and expected to grow by 11% in 2025 due to policy factors [5] - The National Medical Insurance Administration plans to reasonably increase the coverage level of prenatal examination medical expenses by 2026, aiming for "no out-of-pocket" expenses for childbirth within the policy scope [5] Company News - Vanke's "22 Vanke MTN004" holder meeting saw all three extension proposals fail to pass, with a grace period of five working days remaining [7] - Moer Technology announced plans to use no more than 7.5 billion yuan of idle fundraising for cash management, clarifying that this will not affect the implementation of fundraising projects [7] - Chip Origin Technology has terminated the acquisition of a 97% stake in Chip Lai Zhihong [8] - Enjie Co. plans to acquire 100% of Zhongke Hualian's shares, with stock resuming trading [9] - Leisai Intelligent plans to raise no more than 1.144 billion yuan through a private placement [10] - Junshi Biosciences announced that its JS212 clinical trial has received FDA approval for the treatment of advanced malignant solid tumors [12]

Key Insights - The report indicates that the central economic work conference and the Federal Reserve's interest rate meeting have concluded smoothly, with overall policy coherence and limited marginal changes, suggesting that the market will continue to experience high-level fluctuations [1] - The report emphasizes that industry rotation remains the main theme, but the difficulty of grasping this trend is increasing, recommending careful positioning for the next phase of the market, particularly focusing on the AI industry chain as a core direction [1][4] - Additionally, sectors experiencing supply-demand recovery and upward economic trends, such as storage and energy chains, are also highlighted as areas of importance [1] Market Data Analysis - The economic data released for November shows a continuation of the previous trend of marginal slowdown, with exports maintaining a high level of prosperity, while financial data indicates weak domestic demand [3][10] - The Consumer Price Index (CPI) shows a strong trend primarily driven by fresh vegetable prices, while the Producer Price Index (PPI) has not shown a significant narrowing of decline, indicating a stable low price level [14][16] - The report notes that the social financing increased by 24,885 billion yuan in November, with a year-on-year increase of 1,597 billion yuan, while the increase in RMB loans was 3,181 billion yuan, which is a year-on-year decrease of 917 billion yuan, mainly due to the weak performance in the household sector [11][14] Industry Configuration - The report suggests continuing to focus on the AI industry chain for investment opportunities, indicating that the current growth style and communication sector are at relatively low turnover rates, implying a significant potential for short-term price increases [24][35] - The analysis of turnover rates indicates that during the first phase of the growth industry cycle, turnover rates can serve as an effective auxiliary indicator for observing the growth style and strong main lines, with high turnover rates often preceding market corrections [24][35] - The report outlines a three-phase framework for the growth industry cycle, emphasizing that the current market is still in the early stages of this cycle, with significant room for growth remaining [25][35] Specific Sector Insights - The AI industry is identified as a core main line with a clear upward trend, and the report suggests that adjustments in this sector provide good opportunities for future positioning [37] - The report also highlights the importance of sectors experiencing supply-demand improvements, particularly in storage and energy chains, which are expected to benefit from AI-driven demand and other market dynamics [37][39]