Group 1 - The core idea of the news is the emphasis on enhancing the new type of national system to achieve breakthroughs in key core technologies across various fields, including integrated circuits and advanced materials [1][2][3] - The new type of national system is crucial for accelerating the establishment of a technology powerhouse in China, integrating government leadership with market mechanisms [1][5] - Experts from various sectors, including research institutions and enterprises, are providing suggestions on how to leverage this system for rapid technological advancements [1][2] Group 2 - The systematic approach of the new type of national system is highlighted through the successful implementation of the space science pilot project, which has created a closed-loop management system covering the entire cycle from planning to application [2][3] - The integration of scientific goals with engineering implementation has been achieved through innovative task systems, fostering a strong talent pool and enhancing the infrastructure for future projects [2][3] - The focus on original innovation and the encouragement of free exploration by scientists are essential for achieving significant theoretical breakthroughs and scientific discoveries [3][11] Group 3 - The case of the "Hualong One" nuclear power project illustrates the successful collaboration between private enterprises and state organizations under the new type of national system, leading to the development of advanced safety equipment [5][6] - The project faced challenges such as high technical requirements and funding issues, which were addressed through coordinated efforts among various stakeholders, showcasing the importance of collaborative innovation [6][5] - The new type of national system provides unprecedented strategic opportunities for private enterprises to participate in major technological projects, emphasizing their role in the national innovation framework [6][5] Group 4 - The aerospace sector is identified as a high-tech field that requires the full utilization of the advantages of the socialist system and a large-scale market to drive sustainable development [8][7] - The integration of traditional national aerospace capabilities with emerging commercial aerospace forces is essential for achieving significant advancements in the field [8][7] - The establishment of a new innovation development model that combines national guidance, local leadership, and market dominance is crucial for the aerospace industry's growth [8][7] Group 5 - The new type of national system is seen as a key mechanism for enhancing the level of technological self-reliance and self-improvement, focusing on mastering core technologies [10][9] - The successful development of ion membrane technology is presented as an example of how concentrated efforts can lead to significant advancements in industrial capabilities [10][9] - The emphasis on aligning scientific research with national needs is crucial for transforming laboratory breakthroughs into practical applications [10][11] Group 6 - The importance of strengthening the technology finance supply to support high-level technological self-reliance is highlighted, advocating for a shift towards knowledge value investment [12][13] - The role of state-owned financial institutions and government-guided funds is emphasized in driving the growth of strategic emerging industries [13][12] - The need for a well-functioning technology finance system that encourages investment in hard technology and facilitates the growth of innovative enterprises is underscored [13][12]

智通财经12月15日讯，市场震荡调整，沪指盘中翻红后再度回落，创业板指低开低走。沪深两市成交额 1.77万亿，较上一个交易日缩量3188亿。盘面上，市场热点快速轮动，全市场超2900只个股下跌。从板 块来看，大消费方向大涨，其中白酒概念开盘活跃，中锐股份2连板；乳业概念快速拉升，皇氏集团、 阳光乳业涨停；零售表现强势，百大集团、广百股份涨停。保险板块走强，中国平安涨近5%创4年多新 高。商业航天概念延续活跃，华菱线缆、中超控股双双3连板。贵金属板块下午快速拉升，贵研铂业触 及涨停。下跌方面，算力硬件概念走弱，长飞光纤触及跌停。截至收盘，沪指跌0.55%，深成指跌 1.1%，创业板指跌1.77%。 板块方面 大消费板块全线走强，零售股全线走强，红旗连锁、全新好、浙江东日、东百集团、广百股份涨停。消 息面上，商务部办公厅联合两部门发布《关于加强商务和金融协同更大力度提振消费的通知》，提出强 化政策合力，推动消费持续恢复。 消息面上，日前金融监管总局发布《关于调整保险公司相关业务风险因子的通知》，对保险公司投资沪 深300指数成分股、中证红利低波动100指数成分股以及科创板股票的风险因子进行下调。 中信建投证券表示 ...

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4] Core Insights - The commercial aerospace sector is accelerating, with significant developments in satellite terminal projects and successful satellite launches [2][10] - The synergy between satellite launches and ground terminal applications is expected to enhance the overall satellite internet industry [10][11] - The upcoming "14th Five-Year Plan" is anticipated to drive demand for unmanned and anti-unmanned equipment, deep-sea technology, and operational informatization, highlighting the sector's growth potential [15] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on commercial aerospace companies such as Aerospace Electronics (600879, Buy), Haige Communication (002465, Buy), and others [7][15][16] - It also highlights opportunities in the aerospace propulsion and engine chain, new domains, military electronics, and military trade [15][16] Industry Performance - The defense and military industry index (Shenwan) rose by 2.80%, outperforming the CSI 300 index, which declined by 0.08% [18][21] - The report notes that the defense and military sector ranked 2nd out of 31 in terms of weekly performance [21] Key Developments - The successful launch of multiple low-orbit satellites within a week indicates a trend towards rapid network deployment becoming the norm [13][14] - The report emphasizes the importance of ground terminal projects as critical components in the satellite communication system, facilitating user access and service [10][11]

Core Insights - The report highlights the signing of an agreement among the US and eight countries, including Japan and Australia, to strengthen the rare earth supply chain [4] - It notes that China's new social financing in November reached 2.49 trillion yuan, with new RMB loans amounting to 390 billion yuan [4] - The report mentions that the UK experienced an unexpected contraction in GDP in October [4] Economic Data - The Baltic Dry Index closed at 2205.00, down 3.88% [5] - The Nasdaq Index closed at 23195.17, down 1.69%, while the Dow Jones Industrial Average closed at 48458.05, down 0.51% [5] - The ICE Brent crude oil price was reported at 61.22, down 0.10% [5] - The Hong Kong Hang Seng Index closed at 25976.79, up 1.75% [5] - The Shanghai Composite Index closed at 3889.35, up 0.41% [5]

连板股方面，*ST铖昌7天6板，孚日股份7天3板，重药控股4天3板，雪人集团、华菱线缆等3连板，太 阳电缆、风范股份等2连板，中粮糖业、太钢不锈等涨停。 *ST正平连续9日跌停，*ST返利连续8日跌停，*ST奥维、*ST岩石等连续4日跌停，*ST建艺连续3日跌 停，退市苏吴连续2日跌停，*ST精伦、*ST沪科等跌停。 12月15日午间，A股半日下来共有56只涨停股、20只跌停股。乳业奶粉概念活跃，均瑶健康、阳光乳业 等涨停；航天系概念走强，航天机电12天7板，航天电子、航天信息等涨停；商业零售概念上涨，百大 集团3连板，广百股份涨停。 ...

12月15日早盘，航空航天+低空经济再度走强，航天电子强势涨停，航天宏图涨超7%，中国卫星涨超 5%，航天彩虹涨超4%。一键布局低空经济+大飞机+军民融合+商业航天的通用航空ETF华宝 （159231）场内价格现涨1.33%冲击连阳。 | | | | 分野 多日 1分 5分 15分 30分 60分 日 周 月 * | | | | | F9 盘前盘后 品加 九材 画线 工具 3 (2 )> | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.20 | | | | | 159231[通用航空ETF华强] 10:50 价 0.608 游跌 0.008(1.33%) 约价 0.602 幅交量 0 IOPV 0.6072 2_ | | | | િને | | 0.608 +0.008 +1.33% | | | | | | | 10 | | | | | | | SZSE CNY 10:50:45 交易中 查看L2全篇 | | | 0.604 | | | | | | | | | 0.699 ...

盘面上，白酒概念、可控核聚变概念、食品饮料、工程机械等板块涨幅居前；CPO概念、锂矿概念、芯片概念、有色金属、房地产等板块跌幅居前。 港股方面，恒生指数和恒生科技指数大幅低开。阿里巴巴、腾讯控股、小米集团、快手等均有不同幅度下跌。港股黄金股走强，截至发稿，紫金黄金国际 涨近6%，赤峰黄金涨近5%，潼关黄金涨近3%，灵宝黄金涨近2%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | 25751.99c | -224.80 | -0.87% | | 恒生科技 | 5541.71c | -96.34 | -1.71% | 商业航天概念延续强势 盘初，商业航天概念股走强。顺灏股份（002565）盘初触及涨停，录得12天8板，截至发稿涨幅收窄至7.08%。中超控股、华菱线缆3连板，通宇通讯、天 力复合、西测测试、臻镭科技跟涨。 12月15日，A股三大指数集体低开。 | 代码 | 名称 | | 最新 | 涨幅 | | --- | --- | --- | --- | --- | | 399001 | 深证成指 | T | 13202.52 | -0.42% ...

Core Viewpoint - The article emphasizes the importance of leveraging the advantages of the new type of national system to accelerate breakthroughs in key core technologies across various strategic fields, including integrated circuits, advanced materials, and space science [2][3]. Group 1: National Strategy and Technological Innovation - The new type of national system is a crucial approach to respond to complex international competition and technological challenges, aiming for high-level self-reliance in technology [3]. - It integrates government leadership with market mechanisms, ensuring that scientific research aligns with national strategic goals [3][4]. - The space science pilot project, initiated in 2011, exemplifies a systematic approach to scientific satellite planning, creating a closed-loop management system that covers the entire cycle from design to application [4]. Group 2: Collaborative Mechanisms and Talent Development - The project has fostered a new task system that integrates scientific objectives with engineering implementation, enhancing collaboration among scientists and engineers [4]. - It emphasizes the importance of developing a skilled talent pool through education and practical experience, which is essential for future missions [4][5]. - The article highlights the role of private enterprises in national technological initiatives, showcasing how collaboration between private companies and research institutions can lead to significant advancements [6][7]. Group 3: International Cooperation and Market Dynamics - The article advocates for proactive international collaboration in large scientific projects, aiming to attract top global scientists and enhance China's influence in space science [5][9]. - It stresses the need for a balanced approach that combines effective market mechanisms with proactive government involvement to foster innovation and competitiveness in the aerospace sector [9][10]. Group 4: Financial Support and Resource Allocation - The article discusses the importance of a robust technology finance system that aligns with national strategies, promoting knowledge value investment to support critical technological developments [15][16]. - It highlights the necessity of integrating various financial resources to ensure that innovative projects receive adequate support, thereby enhancing the overall efficiency of the national innovation system [16][17]. Group 5: Future Directions and Strategic Goals - The article calls for a focus on original innovation and addressing major scientific challenges, encouraging scientists to pursue groundbreaking discoveries [4][12]. - It emphasizes the need for continuous improvement in basic research and the integration of technological innovation with industrial development to drive high-quality growth [13][14].

2025 年 12 月 15 日 资讯晨报 | 指数 | 开盘价 收盘价 | | 近一交易日% | 近20交易日% | | --- | --- | --- | --- | --- | | 道琼斯工业 | 48,715 48,458 | | -0.51 | 2.11 | | 纳斯达克 | 23,489 23,195 | | -1.69 | 1.42 | | 标普500 | 6,887 | 6,827 | -1.07 | 1.33 | | 富时100 | 9,703 | 9,649 | -0.56 | -0.51 | | 日经225 | 50,480 50,837 | | 1.37 | -0.87 | | 上证指数 | 3,869 | 3,889 | 0.41 | -2.53 | | 深证指数 | 13,174 13,258 | | 0.84 | 0.32 | | 科创50 | 1,324 | 1,349 | 1.74 | -0.91 | | 恒生指数 | 25,761 | 25,977 | 1.75 | -2.24 | | 主要市场股指表现 | | | | | | 3.00 （%） | | 近一交易日% | 近 ...

晨会纪要 中原期货研究咨询部 2025 第（227）期 发布日期：2025-12-15 | 中原期货研究咨询部 | | --- | | 0371-58620083 | | 0371-58620081 公司官方微信 | 公司官方微信 1 中原期货研究咨询部 | 化工 | 主力合约 | 2025/12/15 | 2025/12/14 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,062.50 | 1,016.50 | 46.0 | 4.525 | | | 焦炭 | 1,508.50 | 1,475.00 | 33.50 | 2.271 | | | 天然橡胶 | 15,265.00 | 15,230.00 | 35.0 | 0.230 | | | 20号胶 | 12,440.00 | 12,330.00 | 110.0 | 0.892 | | | 塑料 | 6,602.00 | 6,486.00 | 116.0 | 1.788 | | | 聚丙烯PP | 6,294.00 | 6,12 ...