Investment Rating - The report maintains a "Recommended" investment rating for the AI industry, indicating a positive outlook for future growth and performance relative to the market [9]. Core Insights - Microsoft has entered the next phase of its partnership with OpenAI, supporting the restructuring of OpenAI into a public benefit corporation with an estimated valuation of approximately $135 billion, holding about 27% equity [4][5]. - The collaboration between Microsoft and OpenAI has been updated to include extended IP rights until 2032, allowing both parties to pursue AI product development independently while also enabling OpenAI to collaborate with third-party cloud service providers [5]. - OpenAI's CEO has expressed optimism about the development of artificial general intelligence (AGI), with significant investments planned in data center infrastructure and a goal to produce 1GW of computing power weekly [6][7]. Summary by Sections Industry Performance - The computer industry has shown a relative performance of -1.4% over the last month, -7.7% over the last three months, and a positive 12.2% over the last year compared to the CSI 300 index [2]. Market Performance - The market performance graph indicates fluctuations in the computer sector compared to the CSI 300 index, highlighting the volatility and potential for recovery [3]. Investment Highlights - The restructuring of OpenAI and the new agreement with Microsoft are expected to enhance OpenAI's capabilities in pursuing AGI, which could significantly drive the AI industry forward [5][7]. - Microsoft is positioned as a leader in the current AI wave, leveraging its experience in building large-scale AI data centers and cloud computing services to support AI applications [7]. Company Focus and Earnings Forecast - Microsoft (MSFT.O) is projected to have an EPS of 11.86 in 2024, increasing to 15.88 by 2026, with a PE ratio decreasing from 41.12 in 2024 to 30.71 in 2026, indicating a strong growth trajectory [9].

国有控股企业实现利润总额20083.6亿元，同比下降1.6%； 股份制企业实现利润总额49565.6亿元，下降0.4%； 外商及港澳台投资企业实现利润总额16355.3亿元，增长2.4%； 私营企业实现利润总额19319.9亿元，下降0.1%。 从行业类型看：制造业实现利润总额50317.9亿元，增长5.0%； 据国家统计局发布数据，2025年1到11月份，全国规模以上工业企业实现利润总额66268.6亿元，同比增长 0.1%。 采矿业实现利润总额7896.3亿元，同比下降27.2%； 电力、热力、燃气及水生产和供应业实现利润总额8054.4亿元，增长8.4%。 按企业类型看： 汽车制造业增长7.5%； 农副食品加工业增长4.8%； 石油和天然气开采业下降13.6%，煤炭开采和洗选业下降47.3%。 此外，11月当月，规模以上工业企业利润同比下降13.1%。 主要行业中： 计算机、通信和其他电子设备制造业利润同比增长15.0%； ...

Group 1 - As of December 29, 29 listed companies have released their performance forecasts for 2025, with 19 companies indicating an increase or slight increase in annual performance [1] - Among these, 16 companies expect to achieve a net profit of over 100 million yuan in 2025 [1] - The importance of performance forecasts as a key communication channel between listed companies and investors is emphasized, highlighting the need for compliance, accuracy, and timeliness in disclosures [1] Group 2 - Luxshare Precision Industry Co., Ltd. is expected to have the highest net profit, with an anticipated increase of 23.59% to 28.59%, amounting to approximately 16.52 billion to 17.18 billion yuan [2] - The company attributes its performance growth to its globalization strategy and enhanced cost control across the entire industry chain, while also planning to invest in emerging fields such as AI hardware, data center interconnectivity, thermal management, smart vehicles, and robotics [2] - Thirteen companies are projected to have a net profit growth exceeding 10%, driven by strong R&D capabilities, increasing brand influence, robust downstream market demand, significant growth in core product shipments, and sufficient orders on hand [2] Group 3 - Several companies with expected net profit growth are from the computer-related industry, indicating a clear difference in development stages across various sectors [3] - The manufacturing and equipment sectors are in a profit recovery phase with relatively high growth quality, while the consumer and pharmaceutical industries are still in an adjustment cycle [3] - The focus in the technology sector is shifting from growth speed to growth quality, with some computer industry companies experiencing significant growth due to the release of profits and the impact of AI applications [3]

Investment Rating - The report maintains a "Buy" recommendation for Palantir, indicating strong growth potential in the AI application sector [8]. Core Insights - Palantir's Q3 2025 performance shows significant revenue growth of $1.181 billion, a 63% year-over-year increase and an 18% quarter-over-quarter increase. The GAAP net profit reached $476 million, reflecting a 231% year-over-year growth and a 46% quarter-over-quarter growth, with a net profit margin of 40% [4][5]. - The company has provided optimistic guidance for Q4 2025, projecting revenue between $1.327 billion and $1.331 billion, and an adjusted operating profit between $699 million and $695 million [5][6]. - Palantir's total contract value reached $2.76 billion, a 151% year-over-year increase, with significant growth in U.S. commercial business contracts [7]. Summary by Sections Q3 Performance - Total revenue for Q3 2025 was $1.181 billion, with U.S. commercial revenue at $397 million (121% YoY) and U.S. government revenue at $486 million (52% YoY) [4]. - The GAAP net profit was $476 million, with a net profit margin increase of 20 percentage points YoY [4]. Future Performance Outlook - For Q4 2025, revenue guidance is set at $1.327 to $1.331 billion, with adjusted operating profit guidance of $695 to $699 million [5]. - For the full year 2025, revenue is expected to be between $4.396 billion and $4.400 billion, with U.S. commercial revenue projected to exceed $1.433 billion, representing at least a 104% increase [6]. Order Backlog and Growth Potential - The company has a robust order backlog, with total contract value at $2.76 billion, a 151% increase YoY, and U.S. commercial business contracts at $1.31 billion, a 342% increase YoY [7]. - The remaining transaction value for U.S. commercial business is $3.63 billion, showing a 199% increase YoY [7].

Investment Rating - The investment rating for Google (GOOGL.O) is maintained as "Recommended" [7] Core Insights - Google has released Gemini 3, its latest and most advanced AI model, which shows significant performance improvements over Gemini 2.5 and OpenAI's GPT 5.1 [3][4] - The Gemini 3 Pro version exhibits state-of-the-art reasoning and multimodal capabilities, with impressive performance in user interface generation [4] - The deep thinking mode of Gemini 3 extends the intelligence boundaries of AI models, indicating potential for further evolution towards advanced intelligent agent functions [5] - Gemini 3 demonstrates comprehensive capabilities across various applications, such as generating visually appealing electronic cookbooks and executable game code from simple prompts [6] - Google's AI advancements are synergizing with its traditional business growth, effectively addressing concerns about the impact of AI on its core search business [8] Summary by Sections Market Performance - The computer industry has shown a relative performance of -1.4% over 1 month, -7.7% over 3 months, and 12.2% over 12 months compared to the CSI 300 index, which has performed at 2.9%, 0.8%, and 17.0% respectively [1] Investment Recommendations - Google is entering a phase of comprehensive efforts in the AI sector, with significant updates in AI models and applications, and strong growth in traditional business areas [8]

作者丨杨坪 编辑丨巫燕玲 回望2025年的A股IPO市场，呈现出明显的"前低后高"的特征。年初，IPO仍处变奏之下，沪深交易所的IPO在审企业一度降至百家，创业板 在5月30日之前一直"零受理"。 直到6月18日，中国证监会主席吴清在陆家嘴论坛正式官宣科创板"1+6"政策措施，并宣布"在创业板正式启用第三套标准"，为更多未盈利高 科技企业畅通上市通道。 Wind数据显示，今年以来（截至12月29日，下同），沪深北三大交易所合计受理了244家企业的IPO申请，其中八成（180家）都是"618新 政"后受理的项目。 新股端亦是一片热闹景象。 截至12月29日，今年以来，A股新上市企业数量合计111家，较去年全年增长12.12%；IPO募集资金合计1253.24 亿元，较去年全年增长 96.25% 。受市场行情回暖等因素影响，今年上市的新股无一破发，上市首日平均涨幅达到 256.77% 。 接下来的两天时间里，A股市场还将迎来蘅东光（北交所）、誉帆科技（深市主板）、双欣环保（深市主板）和强一股份（科创板）四只新 股，四家企业合计IPO募资56.42亿元，将让A股市场2025年全年募资额突破1300亿元。 "服务科技 ...

Group 1: Market Outlook - The equity market is expected to continue its upward trend due to clear domestic policy, strong economic growth momentum, and relatively loose market liquidity[3] - Investors are advised to actively position for the spring market, focusing on sectors with improving performance and benefiting from policies[3] Group 2: Recommended Stocks - BeiGene (688235.SH): Global sales of its core product, Zanubrutinib, reached $2.78 billion in the first three quarters of 2025, a year-on-year increase of 53.2%[4] - Beijing Junzheng (300223.SZ): The storage cycle is on the rise, and the company is expected to benefit from the L3 autonomous driving market[11] - Haiguang Information (688041.SH): The company is a leading domestic computing power provider, with revenue maintaining rapid growth in the first three quarters of 2025[18] - Daotong Technology (688208.SH): The company has seen rapid revenue growth and is advancing its AI strategy[26] - Penghui Energy (300438.SZ): The company ranks among the top three globally in household storage cell shipments in the first three quarters of 2025[32] - Goldwind Technology (002202.SZ): The gross margin for wind turbine and component business reached 7.97% in the first half of 2025, showing significant improvement[39] - Chifeng Gold (600988.SH): The company is expected to benefit from rising gold prices and increased production from new mining projects[46] - Luoyang Molybdenum (603993.SH): The company is positioned to benefit from rising copper prices and increased production[52] - Huaxin Cement (600801.SH): The company reported a 120.7% year-on-year increase in net profit attributable to shareholders in Q3 2025[57] - China Pacific Insurance (601601.SH): The company has maintained a high dividend yield, exceeding 3% since 2018[65]

数字人民币应用场景持续丰富。"十五五"规划建议提及，要稳步发展数字人民币。近年来，我国数字人 民币的应用场景正在从个人消费端快速扩展至产业金融、跨境贸易、公共服务等更广阔的领域。据证券 时报·数据宝统计，A股中布局数字人民币相关业务的个股达到64只，以计算机行业个股数量最多，达到 43只；其次是通信行业，共6只；非银金融、电子行业各有3只。部分数字人民币概念股备受机构资金青 睐，统计显示，截至三季度末，共有8只概念股获社保基金或养老金重仓持股，合计持股市值达到29.39 亿元，其中紫光国微、新国都、星网锐捷、中科金财为新进重仓，新大陆、国投智能持股数量环比实现 增长。 ...

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！ 12月29日，A股市场主要股指震荡走势，沪指收盘微涨0.04%，录得九连阳。从板块上来看，数字人民 币概念大幅上涨，卫星互联网、化学纤维、商业航天概念表现较好，锂矿、氟化工、电力板块跌幅明 显。 数字人民币迎来重大调整 12月29日，中国人民银行副行长陆磊在《金融时报》发文称，中国人民银行将出台《关于进一步加强数 字人民币管理服务体系和相关金融基础设施建设的行动方案》，新一代数字人民币计量框架、管理体 系、运行机制和生态体系将于2026年1月1日正式启动实施。数字人民币将从数字现金时代迈入数字存款 货币时代。这意味着数字人民币迎来重大调整。 数据显示，境内和跨境数字人民币试验推广取得积极成效。截至2025年11月末，数字人民币累计处理交 易34.8亿笔，累计交易金额16.7万亿元。通过数字人民币APP开立个人钱包2.3亿个，数字人民币单位钱 包已开立1884万个。多边央行数字货币桥（mBridge）累计处理跨境支付业务4047笔，累计交易金额折 合人民币3872亿元，其中数字人民币在各币种交易额占比约95.3%。 受此消息影响，12月2 ...

下半年以来，A股IPO审核明显提速，尤其是在科技创新领域，涌现了不少标志性的项目。科创板上，第五套标准恢复审核与受理，禾元生物、必贝特、 西安奕材、摩尔线程、沐曦股份等多家企业登陆科创成长层；创业板也正式启用未盈利上市标准，接连受理了大普微、粤芯半导体两家亏损企业，目前 大普微已经成功过会。 21世纪经济报道记者 杨坪 资本市场支持科技的阀门精准开启，活水正在涌向最需要的田野。 回望2025年的A股IPO市场，呈现出明显的"前低后高"的特征。年初，IPO 仍处变奏之下，沪深交易所的IPO在审企业一度降至百家，创业板在5月30日之 前一直"零受理"。 直到6月18日，中国证监会主席吴清在陆家嘴论坛正式官宣科创板"1+6"政策措施，并宣布"在创业板正式启用第三套标准"，为更多未盈利高科技企业畅 通上市通道。 wind 数据显示，今年以来（截至12月29日，下同），沪深北三大交易所合计受理了244家企业的IPO申请，其中八成（180家）都是"618新政"后受理的项 目。 新股端亦是一片热闹景象。截至12月29日，今年以来，A股新上市企业数量合计111家，较去年全年增长12.12%；IPO募集资金合计1253.24亿 ...