Market Performance - The Shanghai Composite Index closed at 3870.28 points, up 1.19%, with a trading volume of 766.8 billion yuan [1] - The Shenzhen Component Index closed at 13224.51 points, up 2.4%, with a trading volume of 1044.325 billion yuan [1] - The ChiNext Index closed at 3175.91 points, up 3.39%, with a trading volume of 495.114 billion yuan [1] - The STAR Market 50 Index closed at 1325.33 points, up 2.47%, with a trading volume of 50.2 billion yuan [1] - The total trading volume of both markets reached 1811.125 billion yuan, an increase of 86.946 billion yuan compared to the previous trading day [1] Sector Performance - Strong performance was noted in sectors such as telecommunications, non-ferrous metals, insurance, precious metals, electronics, chemicals, power equipment, and media [2] - Concepts like CPO, lithium mining, optical communication modules, liquid cooling, copper cable high-speed connections, fluorine chemicals, PCB, and composite current collectors showed active trends [2] - The agriculture, defense, and liquor sectors experienced declines, with weaker trends in concepts like space stations, satellite internet, duty-free, rental sales, and grain [2] Fund Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 6.73 billion yuan [3] - The ChiNext saw a net outflow of 4.067 billion yuan, while the CSI 300 index experienced a net outflow of 5.145 billion yuan [4] - The telecommunications sector had the highest net inflow of main funds, amounting to 4.529 billion yuan, followed by non-ferrous metals, electronics, and power equipment [4] Individual Stock Performance - A total of 2117 stocks saw net inflows of main funds, with 93 stocks receiving over 100 million yuan in net inflows [5] - The stock with the highest net inflow was Zhongji Xuchuang, with 1.426 billion yuan, followed by Xinyi Sheng, Shenghong Technology, Tianfu Communication, and others [6] - Conversely, 3043 stocks experienced net outflows, with 75 stocks seeing over 100 million yuan in net outflows [7] - The stock with the highest net outflow was Pingtan Development, with 1.459 billion yuan, followed by Yonghui Supermarket, Aerospace Development, and others [8] Institutional Activity - Institutional seats had a net buy of approximately 471 million yuan, with 16 stocks being net bought and 11 stocks being net sold [9] - The stock with the highest net buy from institutions was Juguang Technology, with about 291 million yuan [10] - The stock with the highest net sell was Yingweike, with approximately 22 million yuan, followed by Xue Ren Group, Guangxun Technology, and others [11]

Core Viewpoint - The article highlights the trading activities in the Shanghai and Shenzhen stock markets, focusing on significant stock transactions, sector performances, and ETF trading volumes, indicating potential investment opportunities and market trends. Group 1: Trading Volume and Key Stocks - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 212.76 billion, with Cambricon Technologies and NewEase Technology leading in individual stock trading volume [1] - The top stocks traded on the Shanghai Stock Connect included Cambricon Technologies (1.507 billion), Kweichow Moutai (1.443 billion), and Industrial Fulian (1.141 billion) [3] - On the Shenzhen Stock Connect, NewEase Technology (2.878 billion), CATL (2.850 billion), and Zhongji Xuchuang (2.755 billion) were the top traded stocks [4] Group 2: Sector Performance - The communication sector saw the highest net inflow of funds, totaling 5.625 billion, with a net inflow rate of 3.79% [6] - Other sectors with notable net inflows included non-ferrous metals (4.226 billion, 3.62%) and computing (3.238 billion, 1.07%) [6] - Conversely, the defense and military sector experienced the largest net outflow, amounting to -5.429 billion, with a net outflow rate of -5.73% [7] Group 3: ETF Trading - The software ETF (515230) saw a remarkable trading volume increase of 370% compared to the previous trading day, reaching 5.2323 billion [14] - The top ETFs by trading volume included A50 ETF Huatai Baichuan (14.1181 billion) and Hong Kong Securities ETF (13.6380 billion) [13] Group 4: Institutional and Retail Trading - Institutional trading was active, with significant purchases in stocks like Shenzhen South Circuit (2.21 billion) and Huazhong Cable (1.25 billion) [15] - Retail investors showed high activity in lithium battery electrolyte stocks, with Tianji Co. reaching the daily limit and receiving substantial purchases from retail investors [19]

[Table_Author] 赵增辉 熊锋 朱承志 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 SFC：BWI629 丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 临期低价转债风险或已基本定价 ——可转债周报 20251213 报告要点 [Table_Summary] 当周受外部信用事件扰动，部分低价临期转债显著回调，市场正逐步定价偿债风险。鉴于宏观 稳健与债底坚实，若因担忧过度导致超调或提供布局良机，整体信用风险可控。当周 A 股窄幅 震荡，创业板及中盘风格相对占优，通信、军工等科技制造板块回暖明显，周期类行业相对较 弱，板块拥挤度呈分化特征。可转债市场整体略有走强，大盘与小盘表现优于中盘，估值整体 拉伸，隐含波动率维持高位，行情主要由高价券及科技板块带动。一级市场发行平稳，审核有 序推进，条款博弈仍是焦点，下修分化与强赎频现并存，需警惕情绪扰动对估值结构的影响。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 临期低价转债风险或已基本定价 ...

Market Performance - The Shanghai Composite Index rose by 1.19%, with 25 stocks reaching all-time high closing prices [1] - Among the tradable A-shares, 3,626 stocks increased in price, accounting for 66.58%, while 1,635 stocks decreased, making up 30.02% [1] - A total of 58 stocks hit the daily limit up, while 27 stocks hit the limit down [1] Historical Highs - Excluding newly listed stocks from the past year, 25 stocks reached all-time high closing prices, with 19 from the main board and 6 from the ChiNext board [1] - The sectors with the most stocks reaching new highs include non-ferrous metals, electronics, and basic chemicals, with 5, 5, and 4 stocks respectively [1] Stock Performance - Stocks that reached new highs had an average price increase of 6.84%, with notable gainers including Yidong Electronics, Dongfang Iron Tower, and Yingweike [1] - The average closing price of stocks that hit new highs was 65.12 yuan, with 4 stocks priced over 100 yuan and 7 stocks priced between 50 and 100 yuan [1] - The highest closing price was for Xinyi Technology at 446.10 yuan, which increased by 9.55% [1] Capital Flow - The total net inflow of main funds into stocks reaching new highs was 3.618 billion yuan, with 18 stocks experiencing net inflows [2] - The top three stocks with the highest net inflow were Xinyi Technology (1.41 billion yuan), Yingweike (893 million yuan), and Zhongtung High-tech (356 million yuan) [2] - Conversely, 7 stocks saw net outflows, with the highest being Shanjin International (103 million yuan) [2] Market Capitalization - The average total market capitalization of stocks reaching new highs was 56.576 billion yuan, with an average circulating market capitalization of 51.054 billion yuan [2] - The stocks with the highest total market capitalization included Xinyi Technology (443.411 billion yuan), Cangge Mining (118.065 billion yuan), and Guodian Power (105.765 billion yuan) [2] - Stocks with the lowest total market capitalization included Shengtong Energy (6.096 billion yuan) and Yunzongma (6.953 billion yuan) [2] Breakthrough Trends - The ability to reach new highs is an indicator of stock strength, with Cangge Mining achieving 12 new highs in the past month, followed by Xin'ao Shares, Longxin General, and Xibu Materials with 11, 7, and 6 new highs respectively [2]

国防军工行业资金流出榜 国防军工行业今日下跌0.20%，全天主力资金净流出48.70亿元，该行业所属的个股共138只，今日上涨 的有49只，涨停的有1只；下跌的有87只，跌停的有3只。以资金流向数据进行统计，该行业资金净流入 的个股有35只，其中，净流入资金超千万元的有12只，净流入资金居首的是菲利华，今日净流入资金 4.29亿元，紧随其后的是上海瀚讯、中航成飞，净流入资金分别为1.86亿元、1.86亿元。国防军工行业 资金净流出个股中，资金净流出超亿元的有10只，净流出资金居前的有航天电子、航天发展、雷科防 务，净流出资金分别为15.59亿元、9.55亿元、2.41亿元。（数据宝） 国防军工行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300395 | 菲利华 | 4.65 | 9.32 | 42934.63 | | 300762 | 上海瀚讯 | 3.74 | 15.32 | 18604.90 | | 302132 | 中航成飞 | 6.11 | 4.02 | 18596.8 ...

Market Overview - The A-share market showed a general upward trend today, with the Shanghai Composite Index rising by 1.19% to close at 3870.28 points, the Shenzhen Component Index increasing by 2.4% to 13224.51 points, the ChiNext Index up by 3.39% to 3175.91 points, and the STAR 50 Index gaining 2.47% to 1325.33 points [1] - Overall, 3623 stocks rose while 1634 stocks fell, with 198 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets reached 181.11 billion yuan, an increase of 87 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included telecommunications, non-ferrous metals, electronics, basic chemicals, and power equipment, with respective gains of 5.07%, 3.03%, 2.48%, 2.15%, and 2.09%. The only sectors that experienced declines were agriculture, forestry, animal husbandry, and fishery, national defense and military industry, and coal, with losses of 0.54%, 0.20%, and 0.11% respectively [1] Concept Sector Performance - The top-performing concept sectors today included optical modules (CPO), lithium mining, lithium battery electrolytes, optical communication, liquid cooling servers, optical chips, lithium extraction from salt lakes, selected rare metals, copper-clad laminates, copper industry, high-speed copper connections, selected industrial metals, stock trading software, and circuit boards. In contrast, sectors such as Hainan Free Trade Port, cross-strait integration, satellite internet, commercial aerospace, and satellite navigation experienced pullbacks [2]

Core Viewpoint - The defense and aerospace sector is experiencing fluctuations, with mixed performance among commercial aerospace stocks, while the defense ETF shows signs of strong buying interest despite some declines in individual stocks [1][8]. Group 1: Market Performance - The defense and aerospace sector saw underwater fluctuations, with stocks like Aerospace Intelligence and Aerospace Technology dropping over 5%, while Aerospace Electronics reached a historical high [1][8]. - The market capitalization leader, AVIC Chengfei, led the gains with an increase of over 5% [1][8]. - The high-profile defense ETF (512810) briefly fell below its 10-day moving average but showed a reverse increase in market premium, indicating strong buying interest [1][8]. Group 2: Company Developments - AVIC Chengfei's wholly-owned subsidiary plans to acquire over 200 acres of industrial land near Wenjiang Airport for project development, with a total planned investment of approximately 1 billion yuan [1][8]. - The company also intends to implement a space equipment assembly base project with an estimated investment of about 422 million yuan [1][8]. Group 3: ETF Adjustments - The defense ETF (512810) underwent its second adjustment for the index tracking the China Securities Military Industry Index, effective December 15, 2025, with 5 new stocks added and 4 removed, resulting in a total of 80 constituent stocks [3][10]. - Newly included stocks have a combined market capitalization exceeding 72.4 billion yuan, enhancing the index's leading attributes [4][10]. - The removed stocks had a combined weight of 1.23%, suggesting minimal impact on the overall index [4][10].

今日（12月17日）科技成长方向表现活跃，百分百布局新质生产力的硬科技宽基——双创龙头ETF（588330）场内涨幅盘中上探1.68%，现涨1.23%，值得 关注的是，该ETF此前5日连续获资金净流入，合计金额8953万元，反映资金看好科技方向后市表现，积极运用宽基进行布局！ 【掘金新质生产力，投资中国版"纳斯达克"】 关注双创龙头ETF（588330）及其场外联接基金（A类：013317/C类：013318）的四大特征： 1、跨市场多元配置，百分百战略新兴：标的指数从科创板和创业板中选取市值较大的50只战略新兴产业上市公司作为指数样本，汇集高成长龙头，囊括新 能源、光伏、光模块、半导体、医疗设备等热门主题； 细分方向来看，半导体方面，卓胜微领涨超6%，晶合集成涨逾4%，华润微涨近4%；光模块三巨头方面，天孚通信涨超5%，新易盛涨逾4%，中际旭创涨超 2%。此外，国防军工龙头中航城飞涨近6%，光伏龙头大全能源涨逾1%。 图：双创龙头ETF标的指数涨幅前10大成份股 | 序号 名称 | | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | ...

今日（12月17日）科技成长方向表现活跃，百分百布局新质生产力的硬科技宽基——双创龙头ETF （588330）场内涨幅盘中上探1.68%，现涨1.23%，值得关注的是，该ETF此前5日连续获资金净流入， 合计金额8953万元，反映资金看好科技方向后市表现，积极运用宽基进行布局！ 细分方向来看，半导体方面，卓胜微领涨超6%，晶合集成涨逾4%，华润微涨近4%；光模块三巨头方 面，天孚通信涨超5%，新易盛涨逾4%，中际旭创涨超2%。此外，国防军工龙头中航城飞涨近6%，光 伏龙头大全能源涨逾1%。 消息面上，社保基金会表态，充分发挥长期资金、耐心资本作用，在守住安全底线的基础上，积极服务 国家发展需要，更好支持科技创新和产业创新深度融合。 外资巨头瑞银表示，中国科技股2025年涨幅达30%，在2024年20%涨幅的基础上继续上行，但与美国相 比仍有30%的折让，且远低于2021年峰值水平，上升空间可观。 中原证券认为，2026年要紧跟"十五五"规划建议的政策导向，把握全球货币宽松周期与产业升级浪潮深 度共振的机遇。看好以人工智能技术为代表的科技创新主线。华安证券表示，产业趋势不可违，科技依 旧是最强主线。 【掘金新质 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.72 CNY based on a projected EPS of 0.17, 0.24, and 0.32 CNY for 2025 to 2027, respectively, and a reference PE of 78 times for 2026 [3][6]. Core Insights - The company plans to increase its investment in its subsidiary, Aerospace Rocket Company, by 728 million CNY, which includes 128 million CNY from a previous refinancing project [2]. - The investment aims to enhance the subsidiary's capacity to meet the growing demand in the aerospace industry and to support the development of core technologies in commercial aerospace [9]. - The company has a strong position in the commercial aerospace sector, leveraging its experience in traditional aerospace projects and its leading technology in inter-satellite laser communication [9]. Financial Performance Summary - The company's projected revenue for 2023 is 18,727 million CNY, with a year-on-year growth of 7.2%. However, a decline of 23.7% is expected in 2024, followed by a recovery with growth rates of 9.6%, 33.1%, and 23.3% for 2025 to 2027, respectively [5][11]. - Operating profit is forecasted to be 589 million CNY in 2023, with a decrease of 12.1%, followed by a recovery in subsequent years, reaching 1,292 million CNY by 2027 [5][11]. - The net profit attributable to the parent company is expected to be 525 million CNY in 2023, with a decline of 14.3%, and is projected to grow to 1,042 million CNY by 2027 [5][11]. - The company's EPS is projected to increase from 0.16 CNY in 2023 to 0.32 CNY in 2027 [5][11]. Market Position and Growth Potential - The company is positioned as a leader in the small and medium-sized drone market and is expected to benefit from the growing demand for low-cost drones [9]. - The investment in the Aerospace Rocket Company is expected to facilitate the development of new technologies and enhance the company's competitive edge in the commercial aerospace market [9]. - The company is also recognized for its strong electronic information capabilities, which are expected to drive revenue growth in its drone subsidiary [9].