公司发布的三季报数据显示，前三季度公司共实现营业收入15.69亿元，同比下降13.51%，实现净利润 2.47亿元，同比下降19.35%，基本每股收益为0.4100元，加权平均净资产收益率3.97%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，国博电子所属的国防军工行业，目前整体涨幅为1.36%，行业内，目前股价 上涨的有123只，涨停的有天箭科技、奥普光电等3只。股价下跌的有17只，跌幅居前的有*ST奥维、光 电股份、菲利华等，跌幅分别为3.19%、2.31%、2.02%。 两融数据显示，该股最新（12月17日）两融余额为2.21亿元，其中，融资余额为2.17亿元，近10日减少 764.74万元，环比下降3.40%。 国博电子股价创出历史新高，截至10:30，该股上涨7.76%，股价报83.99元，成交量320.71万股，成交金 额2.57亿元，换手率0.54%，该股最新A股总市值达500.59亿元，该股A股流通市值500.59亿元。 ...

Macro Economic Overview - The US economy shows signs of slight weakening in employment, with October non-farm payrolls significantly declining due to the end of government layoffs, although private employment continues to expand [2] - November non-farm payrolls rebounded better than market expectations, primarily in construction, healthcare, and education services, while the unemployment rate unexpectedly rose to 4.6%, the highest in nearly four years [2] - The overall job market is weakening but not severely deteriorating, with initial and continuing claims for unemployment benefits showing slight improvement [2] - The economic growth rate and unemployment rate are expected to stabilize by 2026, with inflation anticipated to decrease before rising again, and the Federal Reserve may lower interest rates once in June [2] Global Market Performance - The Hang Seng Index closed at 25,469, up 0.92% year-to-date, while the Hang Seng Tech Index rose 1.03% [2] - The Shanghai Composite Index increased by 1.19%, and the Shenzhen Composite Index saw a rise of 1.68% [2] - In the US, the Dow Jones fell by 0.47%, and the S&P 500 decreased by 1.16%, while the Nasdaq dropped by 1.81% [2] - The DAX in Germany and CAC in France also experienced slight declines, while the FTSE 100 in the UK rose by 0.92% [2] Sector Performance in Hong Kong - The Hong Kong stock market saw a rebound, with materials, information technology, and financial sectors leading the gains, while utilities, telecommunications, and real estate lagged [4] - Southbound capital recorded a net inflow of HKD 7.909 billion, with Xiaomi, Meituan, and Alibaba being the top net purchases, while China Mobile and CNOOC saw significant net sales [4] - The Hang Seng Financial Index rose by 1.03% year-to-date, while the Hang Seng Industrial Index increased by 0.94% [3] Chinese Market Developments - The Chinese market regulatory authority warned that requiring merchants to offer "lowest prices online" could constitute monopoly behavior, encouraging platform companies to develop algorithm screening to prevent algorithmic monopolies [4] - The Hainan Free Trade Port is set to launch full island closure, focusing on "one line open, one line controlled" to promote trade and investment liberalization, significantly reducing business operating costs [4] US Market Insights - The US stock market continued to decline, with technology, industrial, and communication services sectors leading the losses, while energy, consumer staples, and materials sectors saw gains [4] - The AI sector faced continued sell-offs, with Nvidia and Caterpillar experiencing significant declines [4] - The Federal Reserve's latest survey indicated that CFOs expect a 4.2% increase in US prices next year, significantly higher than the Fed's forecast of inflation returning close to 2% [4]

Core Insights - The latest financing balance of the ChiNext market is 535.116 billion yuan, with a week-on-week increase of 0.806 billion yuan, and 15 stocks have seen financing balances increase by over 10% [1] - On December 17, the ChiNext index rose by 3.39%, with a total margin balance of 536.993 billion yuan, an increase of 0.841 billion yuan from the previous trading day [1] - Among the stocks with increased financing balances, 410 stocks saw growth, with the largest increase being 49.19% for Yidong Electronics, which also experienced a price increase of 20.01% on the same day [1] Financing Balance Increase - The stocks with the highest financing balance increases include: - Yidong Electronics: 30.651 million yuan, up 49.19%, closing at 52.78 yuan, up 20.01% [3] - Xice Testing: 33.124 million yuan, up 34.95%, closing at 104.58 yuan, up 8.37% [3] - Yinbang Co.: 78.747 million yuan, up 27.48%, closing at 13.81 yuan, up 8.91% [3] - The average increase for stocks with over 10% financing balance growth was 6.81%, with 13 stocks rising, including Kaiwang Technology and Tongfei Co. with increases of 15.65% and 14.46% respectively [1][3] Financing Balance Decrease - A total of 537 stocks saw a decrease in financing balance, with 44 stocks experiencing a decline of over 5% [4] - The stock with the largest decrease was Baolijia, with a financing balance of 15.6505 million yuan, down 15.30% [4] - Other notable declines include: - Huanlejia: 99.9185 million yuan, down 14.68% [4] - Aike Co.: 185.2164 million yuan, down 14.02% [4] Capital Flow - On December 17, among the stocks with increased financing balances, 14 stocks saw net inflows of main funds, with Tianfu Communication and Yidong Electronics leading with net inflows of 0.846 billion yuan and 0.204 billion yuan respectively [2]

Market Performance - The three major indices experienced gains of over 1%, with the Shanghai Composite Index closing at 3870.28, up 1.19% [2] - The Shenzhen Component Index rose by 2.40% to 13224.51, while the CSI 300 increased by 1.83% to 4579.88 [2] - The ChiNext Index saw the highest increase of 3.39%, closing at 3175.91 [2] Sector Rankings - The top-performing sectors included Communication (5.07%), Nonferrous Metals (3.03%), and Electronics (2.48%) [3] - The sectors with the lowest performance were Agriculture, Forestry, Animal Husbandry, and Fishery (-0.54%) and Defense and Military Industry (-0.20%) [3] - Concept sectors showing strong performance included Co-packaged Optics (CPO) (3.76%) and Copper Cable High-Speed Connection (3.55%) [3] Market Outlook - The market showed a strong rebound with indices rising over 1%, indicating a positive market sentiment [4] - The Ministry of Finance reported a 27% year-on-year increase in stamp duty revenue for the first 11 months, with securities transaction stamp duty up 70.7% [4] - The focus for the upcoming year includes expanding domestic demand and stabilizing the real estate market through targeted measures [5] - The current macroeconomic policies are expected to support economic growth within a reasonable range, reinforcing a positive foundation for the capital market [5] - Recommended sectors for investment include Nonferrous Metals, Banking, Public Utilities, Transportation, and TMT [5]

晨会纪要（2025/12/18） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.12.18） 金融工程研究 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 行业研究 2025 年工业机器人产量有望突破 70 万台——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2025/12/18） 金融工程研究 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（12 月 10 日-12 月 16 日）A 股市场主要指数全部震荡调整，其中创业板指跌幅最大，下跌了 4.29%； 上证 50 跌幅最小，下跌了 1.44%。此外，上证综指下跌 2.17%，深证成指下跌 2.73%，科创 50 下跌 3.99%， 沪深 300 下跌 2.19%，中证 500 下跌 1.69%。 12 月 16 日，沪深两市两融余额为 24, ...

Group 1 - The latest fiscal data for the first 11 months of 2025 shows that national public budget revenue is approximately 20.1 trillion yuan, with a year-on-year growth of 0.8%, maintaining the same growth rate as the previous 10 months [2] - The European Union has proposed to amend the 2035 ban on the sale of fuel and diesel vehicles, changing the carbon emission reduction requirement from 100% to 90%, allowing some breathing room for fuel vehicles [4] - The National Development and Reform Commission is actively supporting key projects for clean and efficient coal utilization, utilizing existing central funding channels [5] Group 2 - The new housing support policy in Shenzhen for young talents includes a housing allowance of 1,250 yuan per month and transitional housing options, effective from January 1, 2026 [9] - Yunnan province has aligned its annual childcare subsidy for the second and third child to the national standard of 3,600 yuan per child [10] - The U.S. Senate has passed a defense authorization bill amounting to 901 billion dollars, which will be sent to the White House for presidential approval [13][15] Group 3 - BYD has initiated comprehensive testing for L3-level autonomous driving in Shenzhen, completing over 150,000 kilometers of real-world verification [19] - Tencent has established new AI departments and appointed former OpenAI researcher Yao Shunyu as Chief AI Scientist to enhance its large model research capabilities [20] - iRobot's stock has plummeted following its bankruptcy announcement and subsequent acquisition by Sijun, with plans to maintain its brand and expand its business in China [21]

Investment Rating - The report maintains a cautious optimism regarding the Chinese stock market, expecting a high single-digit growth in the index for the year 2026 [3][12]. Core Insights - The nominal GDP growth expectation for China is around 4%, slightly below market consensus, with a focus on moderate fiscal policies emphasizing infrastructure investment [1][2]. - The report highlights China's first-mover advantage in emerging industries such as technology, batteries, electric vehicles, robotics, and photovoltaics, projecting an increase in global export market share from 15% to 16%-17% [1][5]. - The U.S. Federal Reserve is expected to implement two additional rate cuts in early 2026, contributing to a relatively loose liquidity environment that favors risk assets [1][9]. Summary by Sections Macroeconomic Policy - The overall macroeconomic policy for China in 2026 is characterized as moderately supportive rather than aggressively stimulative, aiming to stabilize current growth levels and alleviate deflationary pressures [2][3]. Fiscal and Monetary Policy - Fiscal policy is expected to be moderate but may be front-loaded in the first half of the year, focusing on infrastructure investments such as urban renewal and AI computing centers [3][15]. - Monetary policy will emphasize structural tools with limited room for interest rate cuts, projected to be between 10-20 basis points for the year [3][15]. Real Estate and Consumption Policies - Specific measures in the real estate sector include potential mortgage rate subsidies expected to be detailed after the 2025 Two Sessions, aimed at stabilizing market expectations [4][17]. - Consumption policies will continue to support trade-in programs and explore service sector consumption subsidies, with implementation anticipated in the second half of 2026 [4][17]. Industry Competition and Export Outlook - The competitive landscape for China's industries remains strong, particularly in high-growth sectors like electric vehicles and robotics, with an expected increase in export market share [5][20]. - Despite global trade protectionism, China's export market share is projected to rise, supported by a large pool of engineering graduates and a strong manufacturing base [5][20]. Economic Challenges and Future Vision - Current economic conditions show a slight recovery in market confidence, but challenges remain in addressing consumer spending and social welfare issues [6][7]. - The report emphasizes the need for gradual policy adjustments and feedback collection from market participants to ensure effective implementation of proposed economic measures [7][25].

Group 1 - No relevant content found in the provided documents [2][3][4][5][6]

截至收盘，上证指数收报3870.28点，上涨1.19%；深证成指收报13224.51点，上涨2.4%；创业板指收报3175.91点，上涨3.39%。两市合计成交 18111.46亿元，较上一交易日增加869.72亿元。 12月17日，A股市场整体上涨。 1. 两市主力资金净流出超67亿元 今日沪深两市主力资金开盘净流出64.62亿元，尾盘净流入33.23亿元，两市全天主力资金净流出67.3亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025-12-17 | -67. 30 | -64. 62 | 33. 23 | 47. 03 | | 2025-12-16 | -520. 66 | -188. 21 | -55.16 | -268. 81 | | 2025-12-15 | -360. 27 | -151.41 | -55. 63 | -167.99 | | 2025-12-12 | -89. 34 | -136. 84 | -5 ...

Market Overview - The A-share market experienced an overall increase on December 17, with the Shanghai Composite Index closing at 3870.28 points, up 1.19%, the Shenzhen Component Index at 13224.51 points, up 2.4%, and the ChiNext Index at 3175.91 points, up 3.39% [1] - The total trading volume for both markets reached 181.11 billion yuan, an increase of 8.70 billion yuan compared to the previous trading day [1] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets exceeded 6.73 billion yuan, with an opening net outflow of 6.46 billion yuan and a closing net inflow of 3.32 billion yuan [2] - Over the last five trading days, the main funds have shown a consistent outflow trend, with the highest outflow recorded on December 16 at 52.07 billion yuan [3] Sector Performance - The CSI 300 index saw a net inflow of 5.145 billion yuan, while the ChiNext index had a net inflow of 4.067 billion yuan on December 17 [4] - The electronics sector led the net inflow with 20.983 billion yuan, followed by the communication sector with 13.836 billion yuan and non-ferrous metals with 12.724 billion yuan [7] Institutional Activity - Notable institutional buying included stocks such as Juguang Technology with a 17.34% increase and a net institutional purchase of 291.32 million yuan, and Shennan Circuit with a 10.00% increase and a net purchase of 173.44 million yuan [11] - Conversely, stocks like Tongyu Communication and Huaren Health saw significant net outflows from institutions, with declines of 10.00% and 13.11%, respectively [11] Analyst Ratings - Analysts have recently rated several stocks positively, including Honglu Steel Structure with a target price indicating a potential upside of 56.76% and Anfu Technology with a potential upside of 26.56% [12]