Core Insights - The A-share market showed mixed performance on Monday, with the Shanghai Composite Index rising by 0.04% while the Shenzhen Component Index and the ChiNext Index fell by 0.49% and 0.66% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 21,392.07 billion yuan [2][7] - In terms of industry performance, sectors such as oil and petrochemicals, national defense and military industry, and banking led the gains, while non-ferrous metals, public utilities, and electric equipment lagged behind [2][7] - Concept sectors that performed well included PEEK materials, carbon fiber, and military equipment restructuring, whereas dairy, lithium from salt lake, and DRG/DIP concepts faced declines [2][7] Domestic Market Performance - The closing figures for major indices are as follows: Shanghai Composite Index at 3,965.28 (up 0.04%), Shenzhen Component Index at 13,537.10 (down 0.49%), CSI 300 at 4,639.37 (down 0.38%), and ChiNext Index at 3,222.61 (down 0.66%) [4] - The Shanghai 50 Index closed at 3,034.63 (down 0.35%), while the Shanghai 180 Index ended at 10,018.94 (down 0.38%) [4] International Market Performance - The international market saw declines across major indices, with the Dow Jones Industrial Average falling by 0.51% to close at 48,461.93, the S&P 500 down by 0.35% to 6,905.74, and the Nasdaq Composite down by 0.5% to 23,474.35 [4][7] - The Nikkei 225 index closed at 50,526.92 (down 0.44%), and the Hang Seng Index ended at 25,635.23 (down 0.71%) [4]

朝鲜劳动党总书记、国务委员长金正恩28日视察重要军工企业，了解了武器生产情况。金正恩了解了将 列装朝军主要部队的火箭炮车生产情况，并满意地说，这一火箭炮武器系统将成为朝军主力打击手段， 完全改变朝鲜炮兵武力的架构。金正恩指出，不仅是该企业，整个军工部门都要持之以恒地抓好推进发 达的工业结构建立、不断扩大产能和创新技术升级，根据需求生产更多武器装备。（央视新闻） ...

Core Insights - The article emphasizes the importance of new quality productivity in driving economic growth, particularly in sectors like commercial aerospace and embodied intelligence, as highlighted by recent government policies and technological advancements [1][2][3] Group 1: Emerging Sectors - The concept of new quality productivity is expanding, with significant focus on commercial aerospace and embodied intelligence as key emerging sectors [2][3] - The government has elevated the status of embodied intelligence and commercial aerospace, indicating their strategic importance in future economic development [2][3] - Technological breakthroughs in embodied intelligence and commercial aerospace are facilitating their application in various industries, enhancing their relevance [2][3] Group 2: Investment Directions for 2026 - Analysts predict that 2026 will mark a transition from strategic planning to practical implementation of new quality productivity, becoming a core engine for economic advancement [3][4] - Recommended investment areas include: - Power equipment, particularly lithium batteries and energy storage, driven by global infrastructure demands and policy support [4] - The electronics sector, focusing on AI supply chains, storage, and self-sufficiency, with expected growth in demand for ASIC chips and storage solutions [4] - The military industry, including commercial aerospace and aviation engine sectors, benefiting from increased policy focus and new equipment orders [4] Group 3: Long-term Growth Potential - The investment opportunities in 2026 are expected to arise from sectors that integrate cutting-edge technology with the domestic market, aligning with national strategic goals [5] - Key areas identified for significant potential include the AI supply chain, new energy and advanced manufacturing, and sectors benefiting from the "anti-involution" trend in manufacturing [5]

● 本报记者赵中昊 从技术端看，今年以来具身智能领域取得了一系列重要的技术突破，涵盖了从核心算法、模型架构到关 键数据生态等多个层面，并已开始在工业、特种作业等场景中落地应用；商业航天领域近期迎来可复用 箭型密集首飞，卫星批量化智能制造与商业航天发射场常态化运行。此外，政策亦催生出以深海科技、 深地科技为典型代表的一系列前期未获重点关注的行业方向，随着技术突破和战略价值提升，后续有望 走向新质生产力的核心。 华福证券研究所所长助理、策略首席分析师周浦寒表示，在宏观政策定调与技术演进的双重驱动下，新 质生产力的内涵不断拓展，部分细分赛道的重要性显著提升：一是政策明确支持的商业航天、低空经济 等新兴产业与生物制造、量子科技、具身智能、6G等未来产业赛道；二是因技术突破与市场认知深化 而"催生"或重点关注的行业方向，2025年市场对新质生产力的投资逻辑从泛主题炒作向细分景气度和真 实技术壁垒深化，催生了对"反内卷"主题、AI全产业链国产化突破和"科创成长层"引领的资本市场服务 前移等方向的聚焦。 2026年锚定新质生产力落地方向 党的二十届四中全会提出，加快高水平科技自立自强，引领发展新质生产力。中央经济工作会议也 ...

【导读】景林、星石、重阳等知名私募展望2026年市场投资机会 临近年末，多家明星私募机构陆续发表新一年的投资展望和策略。 景林资产总经理高云程致信投资者，总结去年投资的同时对2026年进行了展望。高云程认为，AI对各 行各业的渗透和改造才刚刚开始，2026年很可能是AI Agent真正普及的元年。 星石投资认为，2026年泛科技产业需求将保持旺盛，但传统行业价格趋势也有望迎来改善。 重阳投资对A股市场依然持积极态度，但提出投资者需要降低收益预期，在策略上立足于保住2025年牛 市的胜利果实，再寻找进一步扩大收益的机会。 高云程也指出，在AI突进式发展的同时，也出现越来越多质疑的声音。"确实有一些公司的市值建立在 对未来特别乐观的预期之上，但我们的核心持仓公司估值都在历史合理区间内，而且生意模式具备定价 权，竞争格局处于有利地位，管理层也足够清醒理性。" 他表示，景林资产核心持仓中的公司都有一个共同特点：这几家公司都对他们的客户有强黏性和定价 权、产品差异化明显、他们都能够按照自己的节奏控制合意利润率水平。 "绝大部分公司都是在市场竞争中舍命狂奔的状态，没有控制节奏的从容。只有商业模式极好和竞争格 局特别的企业 ...

【导读】景林、星石、重阳等知名私募展望2026年市场投资机会 中国基金报记者 孙越 景林资产总经理高云程致信投资者，总结去年投资的同时对2026年进行了展望。高云程认 为，AI对各行各业的渗透和改造才刚刚开始，2026年很可能是AI Agent真正普及的元年。 星石投资认为，2026年泛科技产业需求将保持旺盛，但传统行业价格趋势也有望迎来改善。 重阳投资对A股市场依然持积极态度，但提出投资者需要降低收益预期，在策略上立足于保住 2025年牛市的胜利果实，再寻找进一步扩大收益的机会。 景林资产高云程： 没有AI船票的企业，是要被边缘化的 "我们清晰地看到AI对各行各业的渗透和改造才刚刚开始。未来的巨头现在可能还是刚起步的 AI原生公司。"景林资产管理合伙人、基金经理高云程说。 他认为，2025年AI行业兴起始于DeepSeek的横空出世，让世界认识到中国在生成式人工智 能的竞争浪潮中是有竞争力和性价比优势的。除DeepSeek外，Qwen在开源模型中的全球采 用度也证明了即使在缺乏最先进GPU的条件下，国产模型依然可以利用现有可用资源让领先 者焦虑，也让全球有美国以外的选择。 高云程也指出，在AI突进式发展的同 ...

Macro Dynamics - In the first eleven months, state-owned enterprises reported total operating revenue of 7,562.576 billion yuan, a year-on-year increase of 1.0% [2] - Total profit for state-owned enterprises during the same period was 371.945 billion yuan, showing a year-on-year decrease of 3.1% [2] - Taxes and fees payable by state-owned enterprises amounted to 528.03 billion yuan, with a year-on-year increase of 0.2% [2] Regulatory Changes - The Ministry of Finance and the State Taxation Administration announced that tobacco companies cannot deduct advertising and business promotion expenses from taxable income [3] - For cosmetics, pharmaceuticals, and beverage manufacturers, advertising and business promotion expenses can be deducted up to 30% of annual sales revenue, with excess amounts allowed to be carried forward to future tax years [3] Financial Institutions - Zhejiang Mintai Commercial Bank increased its registered capital from approximately 5.3 billion yuan to about 5.7 billion yuan, marking an increase of approximately 8% [7] - The former Party Secretary and President of the Yunnan branch of the Industrial and Commercial Bank of China, Xu Hai, was expelled from the Party due to serious violations of discipline and law [8] Market Data - On December 29, the A-share market showed mixed results, with the Shanghai Composite Index rising by 0.04% and the ChiNext Index falling by 0.66% [10] - The total trading volume in the Shanghai and Shenzhen markets was approximately 2,139.338 billion yuan, a decrease of about 20.854 billion yuan from the previous trading day [10] Company Dynamics - *ST Panda was investigated by the China Securities Regulatory Commission for suspected violations of information disclosure [12] - China Satellite's stock price has increased by 106.19% since December 3, 2025, significantly outpacing the industry and market indices, indicating potential overvaluation risks [13] - 吉祥航空 announced plans to purchase 25 Airbus A320 series aircraft for a total of 4.1 billion USD, with deliveries scheduled between 2028 and 2032 [14]

公告显示，天箭科技相关军品2025年度进行了价格审核，公司与相关客户根据审核情况于2025年12月协 调签订了《军品价格调整补充协议》，对以前年度销售合同进行了调整，根据会计政策需对已确认营业 收入进行调整。经公司财务部门初步测算，预计调减当期营业收入约为2.56亿元，预计影响当期归属净 利润约为-2.09亿元。公司预计本期非经常性损益影响当期归属净利润约为-2.09亿元。 交易行情显示，12月29日，天箭科技收涨0.09%，收于43.59元/股，总市值52.36亿元。 北京商报讯（记者 马换换 李佳雪）12月29日晚间，天箭科技（002977）披露公告称，根据规定，公司 预计2025年度扣非后归属净利润为负值且扣除后营业收入低于3亿元，在公司2025年年度报告披露后， 公司股票交易可能被实施退市风险警示。 ...

根据《深圳证券交易所股票上市规则》第9.3.1条规定，公司预计2025年度归属于上市公司股东的扣除非 经常性损益的净利润为负值且扣除后营业收入低于3亿元，在公司2025年年度报告披露后，公司股票交 易可能被实施退市风险警示(股票简称前冠以"*ST"字样)。 智通财经APP讯，天箭科技(002977.SZ)发布公告，公司相关军品2025年度进行了价格审核，公司与相关 客户根据审核情况于2025年12月协调签订了《军品价格调整补充协议》，对以前年度销售合同进行了调 整，根据会计政策需对已确认营业收入进行调整。经公司财务部门初步测算，预计调减当期营业收入约 为25,629万元，预计影响归属于上市公司股东的当期净利润约为-20,889万元。公司预计本期非经常性损 益影响归属于上市公司股东的当期净利润约为-20,889万元。 ...

格隆汇12月29日丨天箭科技(002977.SZ)公布重大风险的提示公告，公司相关军品2025年度进行了价格 审核，公司与相关客户根据审核情况于2025年12月协调签订了《军品价格调整补充协议》，对以前年度 销售合同进行了调整，根据会计政策需对已确认营业收入进行调整。经公司财务部门初步测算，预计调 减当期营业收入约为25,629万元，预计影响归属于上市公司股东的当期净利润约为-20,889万元。公司预 计本期非经常性损益影响归属于上市公司股东的当期净利润约为-20,889万元。 根据《深圳证券交易所股票上市规则》第9.3.1条规定，公司预计2025年度归属于上市公司股东的扣除非 经常性损益的净利润为负值且扣除后营业收入低于3亿元，在公司2025年年度报告披露后，公司股票交 易可能被实施退市风险警示（股票简称前冠以"*ST"字样），现对相关风险进行提示，敬请广大投资者 注意投资风险。 ...