近期，外资纷纷看好中国、纷纷加仓，居民存款搬家、跑步进场，基金销售再现火爆，券商开户大幅增长，00后也开始现身股海。 去年924之前市场一片悲歌之中，笔者鲜明提出"信心牛"和"东升西落"， 预判未来将启动新一轮大牛市，引发广泛关注和讨论。时隔一年，牛市气贯长 虹，在争议中迭创新高。这是继2014年"5000点不是梦"之后，再次从宏观层面成功预测牛市。 股市总是在绝望中重生，在争议中上涨，在狂欢中崩盘。 此牛市十年一遇，有三大驱动力、三大使命和两大前景。 一、此轮牛市将是十年一遇，堪称史诗级别 自2000年以来，我们经历了三轮量级较大的牛市，带来了史诗级的机遇，分别是：2004-2007年由于经济繁荣带来的超级"周期牛"，2014-2015年由于改革 转型预期和流动性充裕带来的超级"改革牛"，以及2024年924以来由于政策放松大幅超预期、流动性充裕和新一轮科技革命带来的超级"信心牛"。 从过去三轮大牛市来看，中国量级较大的牛市大约十年一轮，分别启动于2004、2014、2024年，与经济周期的"朱格拉周期"节奏一致。经济周期主要是三 大周期：50年左右的长周期康德拉耶夫周期、10年左右的中周期朱格拉周期、3年 ...

Core Viewpoint - China Shenhua (601088.SH) announced a significant acquisition of assets from its controlling shareholder, China Energy Group, for a total consideration of 133.598 billion yuan, aiming to resolve long-standing industry competition issues and marking a major step in state-owned enterprise reform and integration [1][4]. Group 1: Transaction Details - The transaction involves 12 target companies across coal, coal power, coal chemical, shipping, and port sectors, with a payment structure of 30% in shares and 70% in cash [4]. - The assets include 100% equity of nine companies under China Energy Group, along with partial stakes in Shenyan Coal and Jinshen Energy, and 100% equity of Inner Mongolia Construction Investment [4][5]. Group 2: Historical Context - The merger of the former Guodian Group and Shenhua Group in 2017 created China Energy Group, the largest coal producer and power generation company globally [4]. - To facilitate this merger, agreements were made to avoid competition, with a deadline for asset injection set for August 27, 2028 [5]. Group 3: Impact on China Shenhua - Post-transaction, China Shenhua's coal resource reserves will increase to 68.49 billion tons, a growth of 64.72%, and its coal production capacity will rise to 512 million tons, a 56.57% increase [6]. - Financially, the total assets of the acquired entities are projected to reach 233.423 billion yuan by July 31, 2025, with expected revenues of 113.974 billion yuan and a net profit of 9.428 billion yuan for 2024 [6][7]. Group 4: Broader Industry Trends - The acquisition is part of a broader trend in 2023 where state-owned enterprises are undergoing significant reforms and consolidations, supported by new policies aimed at enhancing asset allocation efficiency [9][10]. - Recent high-profile mergers in various sectors, including military and chemical industries, reflect a growing momentum in state-owned enterprise restructuring [10][11].

证券日报网讯12月22日，甘化科工（000576）在互动平台回答投资者提问时表示，公司产品为电源、高 性能特种合金材料制品、光电成像系统等军工产品，主要应用于军工领域，不适合用于实物分红。 ...

2023年，法方估计建造一艘新航母的成本约为100亿欧元。 新华社引用法国商业调频电视台报道，法国总统马克龙21日说，法国将建造一艘新的航空母舰，以替代 现役的"戴高乐"号航母。 报道称，马克龙当天在阿拉伯联合酋长国首都阿布扎比向驻扎在当地的法军发表讲话时说，根据法国最 近两项军费开支法案，经过全面细致审查，"决定为法国配备一艘新的航空母舰"。 他表示，启动这项"庞大计划"的决定是在日前作出的，新航母的建造工作将对法国经济起到直接的拉动 作用。 马克龙表示，该项目将惠及数百家供应商，其中大多数是中小型企业。 对外经济贸易大学法国经济研究中心主任、巴黎索邦大学博士生导师赵永升对第一财经记者表示，出于 地缘政治博弈、特朗普政府对欧洲的战略变化以及提升欧洲自身实力的需要，德法这一年来都有增加国 防开支、重振国防工业的规划。 他对记者解释道，只是此前德国的计划较为公开明显，写入了财政预算法案，相关军工企业，比如莱茵 金属公司因订单大增股价飙升明显，引发更多外界关注，但法方在此方面的实际操作也一点不少，只是 法国军工企业在发布消息方面较为谨慎。 据悉，这艘新航母的规模仍小于美国"福特"号航空母舰，后者是世界上最大的军舰 ...

Group 1 - The military industry is expected to perform well in the long term due to the prolonged trend of great power competition, with the 2027 military centenary goal and the "14th Five-Year Plan" accelerating equipment upgrades [1] - The record usage of Russia's "Dagger" missile and the establishment of a new information warfare squadron by the US military highlight the reliance on high-tech equipment in modern warfare [1] Group 2 - The military ETF (512660) tracks the CSI Military Index (399967), which selects listed companies in the military sector from the Chinese A-share market, reflecting the overall performance of these companies [1] - The index exhibits significant industrial characteristics while also encompassing allocations in information technology and raw materials, presenting a small and mid-cap style [1]

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！ 来源：证券市场周刊市场号 文 | 尚扬 据Wind数据统计，12月以来，全A市场共有471家公司被机构投资者公开调研，从调研热度来看，23家 公司接待调研机构家数超50家，9家公司接待调研机构家数超过了百家（见表1）。 | | 表I: 接待调研机构家数超过 | | | | --- | --- | --- | --- | | | EFFICAL | | | | 证券代码 | 证券简称 | 被调研总次数 | 合计 | | 603019.SH | 中科曙光 | 3 | 365 | | 688041.SH | 海光信息 | 3 | રૂદર | | 000625.SZ 13 1 长安汽车 | | 2 | 227 | | 002353.SZ | 杰瑞股份 | 9 | 221 | | 301468.SZ | 博盈特焊 | | 139 | | 300723.SZ | 品红 | | 119 | | 688698.SH | 伟创电气 | | 112 | | 300900.SZ | 广联航空 | 3 | 102 | | 605196.SH | 花瘦线碟 | ...

近一周（2025/12/12-2025/12/19）国防军工个股涨跌幅前十为：西 测测试+51.37%、西部材料+30.38%、航天电子+25.66%、臻镭科技 +19.95%、*ST 铖昌+15.45%、科思科技+14.97%、国泰集团+13.32%、 中国卫星+12.71%、陕西华达+12.46%、华曙高科+10.99%；涨跌幅后 十为：*ST 奥维-22.37%、江龙船艇-12.67%、航宇科技-9.40%、长光 华芯-8.90%、应流股份-8.54%、光电股份-8.39%、万泽股份-7.86%、 利君股份-7.65%、国光电气-7.41%、海兰信-7.26%。 部分公司重点公告： 【七一二】：公司拟与车万方、吴平、方州源动、方州睿图、方州共 创、久科二号、久科三号、浙航产融、扬州天航、金石数经签署《股 权转让协议》，以人民币 33,919.65 万元收购上述股东合计持有的方 州科技 52.4596%股权。同时拟通过公开摘牌方式受让航证科创持有 的方州科技 5.7757%股权。公司在上述股权转让交易完成后，计划向 方州科技增资 3,000 万元，增资完成后，公司持有方州科技 60.00% 股权。 202 ...

与此同时，高市虽然出台了财政刺激与货币宽松政策，但日元贬值严重、物价水平高企的状态并未真正 改变，民众实际购买力依然受到侵蚀。此外，高市在改变医疗支付比例等社会保障方面的政策调整，客 观上将财政压力转移至老年群体与低收入阶层——比如，老年群体个人负担的护理成本或将在明年政策 落地后倍增。上述政策反映出高市内阁在资源配置中更加侧重于战略性产业与安全保障领域，而在减轻 民生负担方面的应对措施相对有限，可能进一步凸显社会资源分配的结构性矛盾。 高市内阁在人事任命方面的问题同样明显。该内阁自上台以来丑闻不断，涉及多种腐败问题，而其中最 引发民众关注的当属对"黑金"议员的公然起用。尽管自民党此前的"黑金"丑闻一度引发日本国民的强烈 愤慨，高市却在内阁及党内人事安排中任命部分涉案议员出任要职。例如，被任命为内阁官房副长官 的"黑金"议员佐藤启声称，高市的政策问答文本、参拜靖国神社等争议问题乃至高市本人的妆容都由 他"掌控"。这类言论的出现，表明高市内阁对"黑金"议员的纵容并非仅为稳固党内支持、平衡派系利 益，更是该内阁出于政治考虑在构成上与自民党内较为腐败的势力进行的深度绑定。 张用清 自上台以来，日本高市早苗政权呈现出 ...

（文章来源：每日经济新闻） 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从沪深市场中选取涉及航空航天、兵器 装备、国防电子等领域的上市公司证券作为指数样本，以反映军工行业相关上市公司证券的整体表现。 该指数重点配置与国防现代化建设相关的高科技企业，具有鲜明的行业特征和突出的成长潜力。 国泰海通指出，国际环境日益复杂严峻，中俄联合空中战略巡航及美国国防开支创新高（达9010亿美 元）凸显大国博弈加剧。现代战争需先进战机、导弹作为制胜手段，同时依赖火箭弹等高效费比装备及 可靠通信指挥体系，建议重点关注航空航天装备建设及卫星互联网等前沿领域。大国博弈长期化趋势 下，军工行业长期向好，2027年建军百年目标及"十五五"期间补短板需求将驱动行业发展。 ...

Group 1: Market Overview - The Shanghai Composite Index closed at 3890, with a slight increase of 0.36% [1] - The Shenzhen Composite Index also saw a rise of 0.98%, indicating a positive market sentiment [1] - Large-cap indices showed a modest increase of 0.3% yesterday, while mid-cap and small-cap indices performed better with increases of 0.91% and 0.8% respectively over the same period [1] Group 2: Industry Performance - The home decoration industry led the gains with a 3.33% increase yesterday, reflecting strong demand [1] - The energy sector also performed well, with a 3.26% increase, although it has seen a decline of 3.9% over the past month [1] - Conversely, the electronic components sector faced significant declines, with a drop of 3.46% yesterday and a 69.42% decrease over the past six months [1] Group 3: Future Industry Trends - The report highlights key future industries including quantum technology, bio-manufacturing, hydrogen energy, and brain-computer interfaces, emphasizing recent breakthroughs and commercialization efforts [10][8] - In quantum technology, a significant academic breakthrough was reported with the development of an 11-qubit silicon-based processor, marking progress in semiconductor quantum computing [10][8] - The bio-manufacturing sector is seeing advancements with AI applications in pharmaceuticals, as a unicorn company plans to raise 2.277 billion HKD for drug development [10][8] Group 4: Strategic Recommendations - The report suggests focusing on the hydrogen energy sector, particularly with the launch of the world's largest green hydrogen project, which is expected to drive growth in this area [10][8] - The brain-computer interface technology is advancing with successful clinical trials, indicating a promising future for this field [10][8] - The automotive industry is witnessing the approval of L3 autonomous driving models, which is expected to enhance the market for intelligent vehicles [21][22]