Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [2]. Core Insights - The industry is entering a critical layout period, with Longi's announcement indicating a reversal opportunity [3]. - The lithium battery supply chain's price negotiations and the progress of new energy combined with AI are key investment focuses, suggesting that lowered expectations present new layout opportunities [3]. - The new energy vehicle supply chain has entered a new upward cycle, with significant production levels expected [3][4]. Summary by Sections Industry Chain Prices - Recent price increases in lithium battery materials, including a 5% rise in cobalt and electrolyte prices [11][24]. - The overall industry supply-demand balance remains stable, with some products entering a destocking phase [25]. Industry News Tracking - The report highlights the ongoing developments in the new energy and AI sectors, including Tesla's advancements in humanoid robots and Longi's employee stock ownership plan [24][31]. - The report notes that the National Development and Reform Commission has revised pricing mechanisms for new energy storage, promoting market competition [27]. Recommended Companies and Ratings - Longi Green Energy, GCL-Poly Energy, and Aiko Solar are highlighted as companies to watch due to their technological leadership and potential for growth [5][6]. - The report emphasizes the importance of leading companies with pricing power, such as CATL and BYD, in the lithium battery market [3][4].

智通财经APP获悉，东吴证券发布研报称，2026年度，美联储降息周期下，海外需求或于2026年进入新 一轮上行周期，工程机械出口有望延续景气，形成国内外共振局面。内需有望β筑底需求景气度改善， 推荐FA/注塑机/检测/机床行业的α标的；高景气赛道上，该行认为AI催化下的PCB设备/液冷产业链/柴 发&燃气轮机迎来黄金期。新技术方面，人形机器人量产仍需打通降本关键一环，国产零部件厂商有望 充分受益。 东吴证券主要观点如下： 装备出海：油服设备面向沙漠寻蓝海市场，工程机械出口一带一路景气高 工程机械：2025年工程机械板块国内全面复苏&出口温和复苏，看好盈利质量持续提升。内需方面，在 资金到位情况的扰动下，该行判断此轮周期将呈现斜率较低但周期较长的特征；外需方面，美联储降息 周期下，海外需求有望于2026年进入新一轮上行周期，形成国内外共振局面。工程机械重点推荐出口盈 利贡献较高的三一重工(600031.SH)、徐工机械(000425.SZ)、中联重科(000157.SZ)、柳工(000528.SZ)、 恒立液压(601100.SH)。 半导体设备：景气复苏+国产替代共振，AI&存储周期带动设备高增。国产设备率先 ...

今年以来，A股上市公司参与设立产业并购基金的热情持续高涨。同花顺（300033）iFinD数据显示， 截至12月9日记者发稿，年内A股市场上市公司参与设立产业并购基金达336只，预计募集规模上限合计 达2790亿元。 北京天驰君泰律师事务所上海分所合伙人孙军伟认为，上市公司积极参设产业并购基金，有助于发现、 培育优质标的，为上市公司在目标行业的扩张或发展进行资产储备。 上市公司热衷参设产业并购基金，是政策、资本与战略三重逻辑共同作用的结果。 去年以来，《关于深化科创板改革 服务科技创新和新质生产力发展的八条措施》（"科创板八条"）、 《关于深化上市公司并购重组市场改革的意见》（"并购六条"）等政策措施相继推出。在政策支持下， A股市场产业整合加快，并购重组市场规模和活跃度大幅提升。数据显示，"科创板八条"发布以来，科 创板新披露产业并购活动超150单。 深圳高禾资本控股有限公司管理合伙人刘盛宇对《证券日报》记者表示，"并购六条"及各地配套政策的 出台，对上市公司参设产业并购基金产生了直接且积极的影响。在政策的鼓励和引导下，上市公司参设 产业并购基金、开展并购交易的动力与意愿显著增强。 从市场运作模式看，当前A ...

一是英伟达。据新华社报道，美国总统特朗普8日表示，美国将允许英伟达向中国"经批准的客户"出售 H200人工智能芯片，芯片销售收入的25%将上缴美国政府。 对此，英伟达方面回应道："向商业客户供应H200是一种值得肯定的举措。" 二是特斯拉。在上周末的一场"擎天柱"Optimus人形机器人互动活动中，机器人在失去平衡向后摔倒的 过程中，双手上抬，做出抓握动作，被怀疑是模仿操作员摘下VR头显。 三是谷歌。在Android XR特别发布会上，谷歌集中展示了Galaxy XR新功能，并披露AI眼镜项目最新进 展、应用场景及多项新技术。谷歌表示，其与三星、Warby Parker和Gentle Monster合作的AI眼镜将于明 年上市。 今天，海外三大科技公司传来重要消息。 不过，从各大宽基指数来看，当前距离上方压力位均不远，所以要做好反弹空间暂时不大的准备。 而在国内知名公司方面，也传来了重要消息。 一是智谱AI"掀桌子"了，宣布开源其核心AI Agent模型——AutoGLM。智谱将手机Agent开源，意味着 未来可能实现"人人都可以打造豆包手机"。 12月1日，豆包手机助手发布技术预览版并搭载于nubia M1 ...

21世纪经济报道记者崔文静 实习生张长荣 广州报道 凭借独特的产业链、工程师红利与超大规模市场优势，中国正为前沿科技引领全球竞争蓄势。12月5 日，摩根士丹利中国首席经济学家邢自强在南方财经论坛2025年年会上，阐述了中国经济抢占未来先机 的底层逻辑。 本届年会以"共识的力量"为主题，聚焦"创新涌动与中国资产重估"，设置了"1+5+X"议程，邀请了14位 来自国家顶级智库和知名金融机构的经济学家，共同解读"十四五"辉煌成就背后的制度优势，展望"十 五五"规划建议发展蓝图。 "十五五"规划建议以科技创新为核心，同时强调消费升级与民生保障。邢自强强调，对"十五五"规划建 议中科创自强目标的实现抱有坚定信心；而要将规划蓝图转化为消费潜力的持续释放，关键在于两大核 心任务的落地见效：一是扎实推进社会保障体系的改革与夯实，二是通过财政贴息等精准政策工具，推 动房地产市场尽快止跌回稳。 "唯有如此，方能实现'科创引领星辰大海'与'民生保障柴米油盐'的双向奔赴。"邢自强表示。 他分析，这一提升主要得益于中国长期积累的三大优势：产业链集聚效应、工程师红利，以及以超大规 模市场为支撑的产业政策体系。尤其是中国在产业政策上更注重 ...

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 09 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年12月09日 华源晨会精粹 20251209 固定收益 年末债市行情可期——利率周报：经济下行压力可能上升，未来政策利率 下调的可能性较高。央行行长在人民日报发表的署名文章表示"要把握好货币政策 的力度、时机和节奏，更加注重做好跨周期和逆周期调节，保持货币条件与支持经 济潜在增长和物价基本稳定的要求相匹配，提升金融支持经济结构调整和高质量发 展的适配性和精准性。"10 月物价指数有所修复，CPI 同比重回正区间，PPI 同比 下跌幅度有所缩小，经济增长压力仍大，投资、消费同比增速下滑明显，政策利率 下调的可能性较高。2018 年以来，12 月份债市做多的胜率高。我们继续明确看多债 市。10Y 以内政府债券看银行自营，30Y 看险资配置及交易盘，5Y 资本债看债基， 3Y 以下信用债看银行理财。从国内基本面看，国内经济数据承压，房价进一步下跌， 当前短端利率过高，政策利率下调的必要性显著上升。从外部环境来看，美联储降 息周期开启，年内还可能再降息 25BP。当前，长债收益率来 ...

回顾2025年，A股市场在波澜壮阔的行情中创下多项历史记录。展望2026年，中信保诚基金认为，尽管 市场短期或受情绪与资金面扰动，但在盈利修复、流动性宽裕及产业趋势推动下，中长期"慢牛"格局依 然值得期待，投资主线或将从概念预期进一步转向基本面验证。 2025年：科技点燃行情，新消费崛起，市场信心显著修复 2025年注定是中国资本市场发展史上值得铭记的一年。春节前后，国产大模型DeepSeek用户规模迅速 突破1亿，增速超越ChatGPT早期记录，直接点燃了算力、云计算等科技板块的行情，成为年内首个重 要的市场催化剂。 四月，面对全球市场的剧烈波动，"中国版平准基金"的预期与央行明确的流动性支持，有效构筑了"政 策底"，显著提振了市场信心。进入年中，以Labubu潮玩、《哪吒2》全球票房登顶、苏超联赛商业化成 功为代表的新消费势力迅速崛起，不仅带动相关公司股价实现翻倍增长，也为消费板块注入了全新的增 长动能，契合"全方位扩大国内需求"的政策导向。 市场体量与活跃度也迈上新台阶。A股总市值于6月突破100万亿元大关，成交额在8月创下历史次高， 融资规模超越2015年水平，这些都标志着市场参与度和信心的深度修复。 ...

新华财经北京12月9日电（王媛媛）A股三大指数早盘表现分化，沪指小幅下跌，深成指微涨，创业板 指涨逾1%。截至午间收盘，沪指报3918.83点，跌0.13%，成交5076亿元；深证成指报13341.62点，涨 0.09%，成交7475亿元；创业板指报3224.38点，涨1.07%，成交3606亿元。沪深两市半日成交额1.26万 亿元，较上个交易日缩量347亿元。 板块方面，算力硬件、零售、福建等板块涨幅居前，有色金属、海南、煤炭等板块跌幅居前。 盘面热点 盘面上，算力硬件概念再度爆发，胜宏科技涨近9%，德科立20cm涨停。福建板块延续强势，安记食品 6连板，舒华体育4连板，东百集团、厦门港务双双3连板。零售板块表现活跃，茂业商业、中央商场相 继涨停。下跌方面，海南本地股集体大跌，新大洲A跌停。有色金属板块震荡走弱，中国中冶触及跌 停。 全市场上涨个股有1741家，下跌个股有3556家，40只股涨停。 机构观点 消息面上 超六成主动权益基金过去三年跑输业绩比较基准多家公募加紧"内查" 据智通财经，证监会日前向公募管理人发布《基金管理公司绩效考核指引（征求意见稿）》，其中明确 规定，基金管理公司应当根据主动权益类 ...

Market Overview - On December 9, A-shares opened slightly lower, with the Shanghai Composite Index down 7.57 points, a decline of 0.19%, closing at 3916.51 points; the Shenzhen Component Index fell 34.37 points, down 0.26%, at 13295.62 points; the CSI 300 Index decreased by 10.38 points, down 0.22%, at 4611.38 points; the ChiNext Index dropped 6.66 points, down 0.21%, at 3183.61 points; and the STAR Market 50 Index fell 11.95 points, down 0.88%, at 1338.85 points [1]. Company News - Hehe China: The controlling shareholder, Hehe (Hong Kong) Holdings Limited, has a reduction plan but has not yet executed it as of December 8, 2025, and there are no undisclosed significant matters [2]. - Tianfu Communication: The company is planning to issue H-shares on the Hong Kong Stock Exchange, with details yet to be determined, and this will not change the controlling shareholder or actual controller [2]. - Zhejiang Rongtai: The company plans to invest approximately $77 million (about 544.88 million RMB) through its wholly-owned subsidiary to build a production project in Thailand for 14,000 tons of mica paper, 4,500 tons of mica products, and 7 million sets of robot components [2]. - Shunhao Shares: The company’s affiliate, Beijing Rail Transit Technology Co., Ltd., has completed the development of the first generation experimental satellite "Chengguang No. 1," which has not yet been launched [2]. - Cambridge Technology: The company plans to raise $100 million by issuing H-shares to increase capital for its wholly-owned subsidiary CIG USA, aimed at expanding production capacity for high-speed optical modules in North America and Southeast Asia [2]. - Wenta Technology: A major shareholder reduced its holdings by 11.84 million shares between November 27 and December 8, 2025 [2]. Industry Trends - AI Chips: The AI chip sector has seen significant activity, with the recent IPO of Moer Thread surging by 425.46%, leading to substantial investor gains [5]. - Human-Robot Interaction: Luming Robotics has completed two rounds of financing totaling several hundred million yuan, aimed at enhancing investment in embodied intelligence data and hardware [8]. - Brain-Computer Interface: Recent developments indicate that domestic brain-computer interface companies are accelerating product upgrades and regulatory submissions, suggesting increased investment opportunities in this sector [11]. - Life Insurance: The life insurance industry is expected to experience five key trends by 2026, including rapid growth in new business and a shift towards high-quality development [12]. - Securities Firms: Improved external conditions may enhance the leverage limits for quality institutions, with a focus on the valuation recovery of brokerage firms [13].

Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]