Group 1 - The core viewpoint is that the factors driving the appreciation of the RMB are increasing, and investors need to adapt their asset allocation in a continuously appreciating RMB environment. Historical data shows that while the exchange rate is not the decisive factor for industry allocation, certain industries may perform better in the early stages of appreciation expectations [2] - Approximately 19% of industries are expected to see profit margin improvements due to RMB appreciation, which will attract investor attention [2] - Industry allocation should focus on three clues: short-term muscle memory-driven sectors (such as aviation, gas, and paper), profit margin change-driven sectors (upstream resources, consumer goods, service-related products, and manufacturing equipment), and policy change-driven sectors (duty-free, real estate developers, brokerages, and insurance) [2] Group 2 - The market is expected to experience a classic "cross-year-spring" rally, with signals indicating that this rally is beginning to unfold. Key factors include accelerated central budget investments and significant institutional investors increasing their holdings in broad-based ETFs [4] - The main focus of the rally is likely to be on blue-chip indices represented by the CSI 300 and SSE 50, with particular attention to cyclical sectors such as industrial metals, non-bank financials, and hotel aviation [4] - The Hong Kong stock market is seen as having high value, with a recommendation to gradually build positions, especially in the Hang Seng Technology index [4] Group 3 - The A-share market is currently in a narrow fluctuation pattern, influenced by external factors such as the Fed's interest rate decisions and the Bank of Japan's policies. The market is expected to resonate upward with global stock markets [6] - Key industry allocation focuses include dividend value, cyclical recovery, and thematic hotspots, with specific attention to sectors like non-ferrous metals, high-dividend Hong Kong stocks, AI, new energy, and innovative pharmaceuticals [6] - The market is anticipated to enter a critical window for cross-year layout, with a focus on structural opportunities driven by policy guidance and industry prosperity [7] Group 4 - The current market structure reflects significant expectation gaps in consumption, non-bank finance, and technology sectors, with potential for structural outperformance in the first half of the year [12] - Key sectors to watch include robotics, nuclear power, commercial aerospace, and non-bank financials, which are expected to be important themes in the spring rally [12] - The market is nearing a phase bottom, making it an optimal time to position for the key rally window before the Spring Festival [12]

据观察，如此紧凑的新机组开工在史上并不多见，这一方面与中广核作为国内最大核电企业的项目储备 有关，2024年、2025年，中广核获得核准的核电新机组均领跑其他核电集团，另一方面也是国内核电建 设重回高峰的缩影。业内预测，"十五五"时期，中国有望成为全球唯一商运核电机组破百的国家。 本文源自：格隆汇 格隆汇12月22日｜港股核电股拉升上涨，其中，中广核矿业涨5.8%，中核国际涨2.28%，中广核电力涨 1%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01164 | 中广核矿业 | 3.100 | 5.80% | | 02302 | 中核国际 | 4.940 | 2.28% | | 01816 | 中广核电力 | 2.980 | 1.71% | 消息上，临近年末、满弓紧弦，核电开工潮再起。据澎湃获悉，中广核福建宁德核电站6号机组12月16 日完成核岛第一罐混凝土浇筑（FCD），标志着该机组主体工程正式开工。11月18日、19日，位于浙江 温州的三澳核电站3号机组和位于山东烟台的招远核电站1号机组相继FCD。 ...

本文源自：金融界AI电报 港股核电股拉升上涨，其中，中广核矿业涨5.8%，中核国际涨2.28%，中广核电力涨1%。 ...

12月22日，港股核电股拉升上涨，其中，中广核矿业涨5.8%，中核国际涨2.28%，中广核电力涨1%。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 据观察，如此紧凑的新机组开工在史上并不多见，这一方面与中广核作为国内最大核电企业的项目储备 有关，2024年、2025年，中广核获得核准的核电新机组均领跑其他核电集团，另一方面也是国内核电建 设重回高峰的缩影。业内预测，"十五五"时期，中国有望成为全球唯一商运核电机组破百的国家。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01164 | 中广核矿业 | 3.100 | 5.80% | | 02302 | 中核国际 | 4.940 | 2.28% | | 01816 | 中广核电力 | 2.980 | 1.71% | 消息上，临近年末、满弓紧弦，核电开工潮再起。据澎湃获悉，中广核福建宁德核电站6号机组12月16 日完成核岛第一罐混凝土浇筑（FCD），标志着该机组主体工程正式开工。11月18日、19日，位于浙江 温州的三澳核电站3号机组和位于山东烟台的招远核电站1号机组相继FCD。 ...

港股核电股拉升上涨，其中，中广核矿业涨5.8%，中核国际涨2.28%，中广核电力涨1%。 据观察，如此紧凑的新机组开工在史上并不多见，这一方面与中广核作为国内最大核电企业的项目储备 有关，2024年、2025年，中广核获得核准的核电新机组均领跑其他核电集团，另一方面也是国内核电建 设重回高峰的缩影。业内预测，"十五五"时期，中国有望成为全球唯一商运核电机组破百的国家。 | 代码 | 名称 | 最新价 | 涨跌幅 × | | --- | --- | --- | --- | | 01164 | 中广核矿业 | 3.100 5.80% | | | 02302 | 中核国际 | 4.940 2.28% | | | 01816 | 中广核电力 | 2.980 1.71% | | 消息上，临近年末、满弓紧弦，核电开工潮再起。据澎湃获悉，中广核福建宁德核电站6号机组12月16 日完成核岛第一罐混凝土浇筑（FCD），标志着该机组主体工程正式开工。11月18日、19日，位于浙江 温州的三澳核电站3号机组和位于山东烟台的招远核电站1号机组相继FCD。 ...

公用环保-2026 年年度策略：聚焦优质标的基本面优化与 分红提升，"精挑细选"正当时 20251221 摘要 垃圾焚烧发电板块投资建设高峰期已过，自由现金流转正并有望提升分 红能力。市场对补贴拖欠、应收账款和产能过剩的担忧正在缓解，通过 提高垃圾处理费和拓展新业务模式（如直供绿电和对外供热）来提高收 益率。 生物航煤（SAF）产业链进入放量元年，供需偏紧，量价齐升趋势预计 延续至 2026 年。欧盟已落实 2%的参混比例要求，推动需求增长。关 注掌握稀缺 Yoko 资源并具备明确产能扩张规划的企业，如山高环能与 嘉澳环保。 绿电运营商取消增值税退税政策后，资本开支将趋于审慎，精选项目建 设。经营性现金流因国补回款得到改善，但整体建设速度可能放缓，从 而改善绿电公司的现金流状况。关注港股低估值绿电运营商，如大唐新 能源、龙源电力 H 股、晋能清洁能源和新天绿色能源。 交易电价承压。预计新增投产的火电机组将在 2025-2026 年达到高峰期，每 年新增约 70 吉瓦，而之前平均每年仅四五十吉瓦。此外，由于绿电装机量增 加，收入端压力加大。 成本端方面，今年市场煤价下行幅度接近 20%，但三 季度后有所反弹。预 ...

Core Viewpoint - Energy investment in China has shown strong growth this year, focusing on safety and transformation, with a projected completion investment of 3.54 trillion yuan, representing an 11% year-on-year increase [2] Investment Trends - Significant investments are observed in nuclear power, onshore wind power, distributed photovoltaic, and power grids, with rapid growth in new energy storage, charging infrastructure, and hydrogen energy [2] - Private enterprises have actively participated, with their investment completion amount increasing by 15% year-on-year [2] Policy and Mechanisms - The National Energy Administration has established mechanisms to facilitate private enterprise participation in nuclear power projects, with all 10 newly approved nuclear units this year involving private capital, with the highest share reaching 20% [2] - Support for private enterprises to invest in hydropower projects and oil and gas pipeline projects is being promoted under market principles, along with the approval of four large private coal mine projects [2]

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 article highlights significant announcements in the stock market, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - The company is involved in commercial aerospace, storage chips, autonomous driving, third-generation semiconductors, and CPO, with its chip products already applied in low-orbit satellite constellations [1] - Another company focuses on controllable nuclear fusion, commercial aerospace, satellite navigation, military industry, and nuclear power, with successful applications in manned space engineering (Tianhe core module of the space station) and orders in the nuclear fission power plant sector [1] - The company is also engaged in autonomous driving and drones, supplying humanoid robot joint modules [1]