Group 1 - The company, Green Precision, has taken on multiple projects related to precision structural components for drones, indicating a strong engagement in the drone industry [2] - The projects cover various application scenarios, primarily focusing on the consumer-grade drone sector, which suggests a strategic positioning in a growing market [2]

1—11月份，主要行业利润情况如下：计算机、通信和其他电子设备制造业利润同比增长15.0%，电 力、热力生产和供应业增长11.8%，有色金属冶炼和压延加工业增长11.1%，汽车制造业增长7.5%，农 副食品加工业增长4.8%，通用设备制造业增长4.8%，专用设备制造业增长4.6%，电气机械和器材制造 业增长4.2%，石油、煤炭及其他燃料加工业同比减亏，非金属矿物制品业下降4.6%，化学原料和化学 制品制造业下降6.9%，纺织业下降8.2%，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%。 1—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%(按可比口径计算，详见 附注二)。 1—11月份，规模以上工业企业中，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%。 1—11月份，采矿业实现利润总额7896.3亿元，同比下降27.2%；制造业实现利润总额50317.9亿元，增 长 ...

分行业看，在37个工业行业大类中，19个行业利润同比增长，1个行业亏损减少。其中，电力、热力生 产和供应业实现利润总额430.1亿元，同比下降4.6%；汽车制造业实现利润总额205.7亿元，同比下降 3.9%；计算机、通信和其他电子设备制造业实现利润总额302.8亿元，同比下降5.4%；医药制造业实现 利润总额154.6亿元，同比增长1.3%；专用设备制造业实现利润总额111.7亿元,同比下降1.8%；通用设备 制造业实现利润总额70亿元，同比增长26.6%。 北京商报讯（记者 程靓）12月29日，据北京市统计局消息，今年前11个月，全市规模以上工业企业营 收2.93万亿元，同比增长6.4%；利润总额1729.1亿元，同比下降1.2%。 ...

中国经济网北京12月29日讯深圳证券交易所近日发布关于对康佳集团股份有限公司及相关当事人的监管 函。经查，康佳集团股份有限公司(简称：深康佳A，000016.SZ)存在以下问题： 公司于2018年5月18日将持股51%的子公司安徽开开视界电子商务有限公司5%股权转让给广东南方爱视 娱乐科技有限公司。上述交易不满足投资收益确认条件，深康佳A2018年半年报中相关披露不准确。 公司的上述行为违反了深圳证券交易所《股票上市规则(2018年修订)》第1.4条、2.1条、第2.5条的规 定。时任董事长刘凤喜、时任总经理周彬、时任财务总监李春雷未能勤勉尽责，对上述相关问题负有主 要责任。 成都商报旗下红星资本局报道《深康佳A和前任董事长收警示函，与7年前一桩股权转让有关，曾遭子 公司股东举报》显示，今年4月，深康佳A突遭子公司股东朱新明实名举报。朱新明当时接受红星资本 局采访时表示，2018年6月，康佳集团出售旗下子公司开开视界5%的股权，接盘方为南方爱视，这笔股 权出售给康佳集团带来5000万元的现金净额。但朱新明称，这笔交易是康佳集团的资金"左手倒右手"， 目的是虚增业绩。对于该举报，今年4月17日，周彬回复红星资本 ...

上周A股市场整体呈现强劲上涨态势，主要宽基指数普遍收高。市场风格延续资源品与科技成长占优的 特征，大消费回调。 行业方面，有色金属（贵金属+工业资源品）、军工（商业航天）、电力设备（数据中心电力）等领 涨，大消费、银行、煤炭等转跌。 宏观分析： 国内将继续实施更加积极的财政政策 风险揭示函（上下） 海外方面，三季度美国经济数据超预期，降息预期有所降温，需关注劳动力市场结构性走弱与美联储换 届对降息的影响。2025年三季度美国GDP环比折年率为4.3%，预期3.3%，前值3.8%，三季度美国经济 韧性主要源于个人消费韧性、公共支出增长，以及出口贡献提升。随着美国经济软着陆预期升温，美联 储降息预期有所降温。我们认为美国劳动力市场出现结构性、持续性走弱迹象，美联储主席换届或将对 降息有助推作用。 投资策略： 把握科技与内需主题轮动机会 岁末年初，市场有望走出关键一步，阶段支撑原因包括：1）伴随无风险收益率系统性下行，2026年将 迎来定期存款的到期高峰，叠加政府鼓励长期资金入市，市场或将进入资产管理需求的井喷期，增量入 市或远未结束。2）资本市场改革提振了中国资产的可投资性，并提高了市场面对风险的韧性，股市有 望 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating a positive outlook for future performance relative to the market [10]. Core Insights - Microsoft, Nvidia, and Anthropic have announced a strategic partnership to build an AI ecosystem, with Anthropic committing to purchase $30 billion worth of Azure computing power and signing additional contracts for up to 1GW of power [4][5]. - The collaboration aims to optimize Anthropic's AI models on Nvidia's computing systems, enhancing computational efficiency and performance [4]. - This partnership is expected to create a closed-loop AI ecosystem, integrating models, computing power, and applications, which is crucial for the development of the AI industry [6][7]. Summary by Sections Market Performance - The computer industry has shown a performance of -1.4% over the last month, -7.7% over the last three months, and 12.2% over the last year, while the CSI 300 index has performed better with 2.9%, 0.8%, and 17.0% respectively [1]. Investment Highlights - The partnership between AI model, chip, and cloud computing giants is expected to accelerate AI technology development and promote the application of Anthropic's models in the enterprise market [6][8]. - Microsoft is positioned as a leader in the current AI wave, leveraging its experience in building large-scale AI data centers and cloud computing capabilities [8]. Company Focus and Earnings Forecast - Microsoft is highlighted for its strong competitive position in the enterprise cloud computing and application market, with significant potential benefits from ongoing AI model demand and computing needs [8].

智通财经APP获悉，深圳尼索科连接技术股份有限公司(尼索科)、东莞优邦材料科技股份有限公司(优邦科技)、广东恒翼能科技股份有限公司(恒翼能)、江苏 佳饰家新材料集团股份有限公司(佳饰家集团)深交所IPO已受理。 恒翼能是一家专注于新能源锂电池智能制造装备的国家级高新技术企业和国家级专精特新重点"小巨人"企业，主营业务为锂电池后处理系统核心设备及整体 解决方案的研发、生产和销售。公司深耕锂电池化成、分容、测试等后处理核心工序，产品覆盖方形、软包、圆柱等主流电池形态，广泛应用于动力电池、 储能电池及3C电池等领域，是行业内少数能够提供后处理系统一站式解决方案的核心供应商。 佳饰家集团主要专注于纸基新材料——浸渍纸及相关产品的研发、生产和销售。公司以氨基树脂等高分子改性树脂溶液对印刷装饰纸进行改性处理，为客户 提供耐磨损、耐污渍、耐冲击、耐老化、耐高温、耐灼烧、耐潮湿、易清洁并兼具设计之美的浸渍纸相关产品。下游终端应用领域除传统的建筑物装饰装修 和家居产品制造外，还不断扩展到医院、实验室等特殊需求场景，以及机场、商场、学校、酒店、办公楼等公共建筑领域。此外，发行人也在积极拓展汽 车、高铁、轮船等交通工具用内饰材料、 ...

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Last week, the Shanghai Composite Index recorded eight consecutive positive days, and convertible bonds also saw increased trading volume and price hikes. The convertible bond market followed the underlying stocks, with significantly improved trading activity. The small - cap style continued to outperform, and high - price and small - cap convertible bond indices led the gains. - In the short term, the convertible bond market may experience increased volatility and enter a volatile phase. This is because the Shanghai Composite Index is approaching the critical 4000 - point level after eight consecutive positive days, and the convertible bond valuation has increased marginally. Additionally, there may be liquidity impacts before the holiday, and the continuous outflow of funds from convertible bond ETFs indicates a relatively cautious outlook among low - risk - preference investors. - Overall, hard - tech themes with obvious policy catalysts or industrialization prospects are still expected to perform well in the cross - year and spring rallies, and it is advisable to buy on dips. Recently, the listing pace of new convertible bond issues has accelerated, and convertible bond subscription remains highly cost - effective. However, the high - flying sectors such as commercial aerospace and lithium - battery may have relatively lower cost - effectiveness after their short - term price increases [3][11]. Policy Tracking - On December 24, eight departments including the central bank issued the "Opinions on Financial Support for Accelerating the Construction of the New Western Land - Sea Corridor", aiming to deepen financial reform, innovation, and opening - up, and comprehensively improve the financial service system of the corridor, which will support high - quality development, drive high - level opening - up of inland areas, and contribute to the overall development of the country and global integration. - On December 26, the National Venture Capital Guidance Fund jointly established by the NDRC and the Ministry of Finance was launched. It emphasizes support for "hard - tech", adheres to the "early - stage and small - scale investment" principle, shares venture capital risks, and strengthens post - investment management. Three regional funds have been established and have signed a number of intended sub - funds and direct investment projects in fields like integrated circuits, quantum technology, and biotechnology [4][5]. Secondary Market Equity Market - Last week, major domestic equity market indices rose collectively. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increased by 1.88%, 3.53%, and 3.90% respectively. Overseas, the US stock market rose, the US dollar and US Treasury yields declined slightly, and most global capital markets closed higher. In China, the appreciation of the RMB exchange rate above 7 boosted market confidence, and the equity market showed significant volume - driven growth, with the cross - year rally gradually starting. The commercial aerospace and intelligent driving sectors, as well as the non - ferrous metals sector, performed well [7]. - Specifically, the daily trading volume in the A - share market was high throughout the week, ranging from 1.88 trillion yuan to 2.18 trillion yuan. Different sectors were active on different days, such as the Hainan Free Trade Port concept, semiconductor industry chain, and commercial aerospace concept [8]. Convertible Bond Market - The major convertible bond market indices rose collectively. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index increased by 1.64%, 1.53%, and 1.75% respectively, with an average daily trading volume of 800.58 billion yuan, a marginal increase of 164.46 billion yuan compared to the previous week. - The small - cap style continued to outperform in the convertible bond market. The Wind Convertible Bond High - Price Index led the gains among sub - indices with a 3.80% increase, and small - cap convertible bonds also showed strong performance with a gain of over 2%. High - rated and large - cap convertible bonds lagged. - In terms of historical quantiles, the overall price level of underlying stocks changed slightly, the conversion value increased marginally, driving the convertible bond price to rise further. The valuation level also increased, and the trading sentiment improved significantly. - In terms of industries, most convertible bonds in various industries rose. Convertible bonds in the national defense and military industry led the market with an average increase of over 7%, and those in the building materials industry also performed well. Only convertible bonds in the agriculture, forestry, animal husbandry, and food and beverage industries declined slightly. - In terms of valuation, most convertible bond valuations in various industries decreased. The average conversion premium rate since 2020 decreased by 2.16 percentage points to the 52.60% quantile, and the median conversion premium rate decreased by 1.90 percentage points to the 49.97% quantile. - In terms of individual bonds, most convertible bonds rose. Among the rising bonds, Jiamei Convertible Bond rose by over 37%, followed by Zai 22 Convertible Bond and Mengsheng Convertible Bond, which rose by over 30% and 29% respectively. Among the falling bonds, Huati Convertible Bond led the decline with a drop of over 17% [9][10][12][13]. Primary Market - Last week, Jin 05 Convertible Bond and Shuangle Convertible Bond were issued, and Puxin Convertible Bond was listed. Six convertible bonds were redeemed early, and three convertible bonds matured and were delisted. As of December 26, the outstanding scale of the convertible bond market was 558.791 billion yuan, a decrease of 175.102 billion yuan compared to the beginning of the year and 8.35 billion yuan compared to the previous week. - The issuance scale last week was 2.472 billion yuan. Jin 05 Convertible Bond is issued by Hainan Jinpan Smart Technology Co., Ltd., a global power equipment supplier. Shuangle Convertible Bond is issued by Shuangle Pigment Co., Ltd., which focuses on digital and intelligent transformation services. - Puxin Convertible Bond rose by 57.3% on its first trading day and over 64% in the first week. As of last Friday, its conversion premium rate reached 83.44%, exceeding the market median level. - Six convertible bonds had a conversion ratio of over 5% last week, six less than the previous week. Some bonds have announced early redemptions or are expected to trigger early redemption conditions. - As of last Friday, three convertible bonds have been approved by the CSRC and are awaiting issuance, with a total scale of 3.429 billion yuan, and ten convertible bonds have passed the review committee, with a total scale of 8.515 billion yuan [36][37][39][40][41].

Group 1 - The report discusses whether the A-share market will experience a significant drop in January 2025, similar to previous years, and identifies three main scenarios that could lead to such a decline: macroeconomic overheating leading to policy shifts, continued low sentiment exacerbated by external shocks, or unexpected events [5][11][12] - Current economic recovery is still fragile, making a policy shift unlikely, and the regulatory environment is supportive of the capital market, with expectations of a potential interest rate cut by the Federal Reserve [5][25][26] - Historical data indicates that spring market rallies in bull years typically begin before the mandatory annual report disclosures, particularly in the tech sector [5][30][31] Group 2 - The report analyzes the relationship between industry performance prior to spring rallies and their continuation during these rallies, noting that industries that performed well before the rally tend to maintain their momentum in the early stages, with a continuation probability of 60-70% [5][33][34] - Conversely, industries that performed poorly before the rally have a 50-60% chance of outperforming in the later stages of the rally, especially if they were previously among the top performers [5][6][33][34] Group 3 - Potential catalysts for the market include the possibility of a reserve requirement ratio cut in January, the appointment of a new Federal Reserve chair, and further easing of real estate policies in China [5][35][36] - Specific industries to watch include media, computing, automotive, and pharmaceuticals, which have seen significant declines since November 2025, suggesting a potential rebound during the spring rally [5][42][43]

Group 1 - Market sentiment score has stabilized at 1.1 as of December 26, indicating a neutral outlook, with signs of improvement in trading activity [7][11][14] - The overall trading volume for the week increased by 11.63% compared to the previous week, with an average daily trading volume of 19,651.66 billion RMB, peaking at 21,811.04 billion RMB on December 26 [14][16] - The financing balance ratio continues to rise, reaching a new high, indicating an increase in leveraged funds and a recovery in risk appetite [25][27] Group 2 - The short-term scores for industries such as computers, real estate, pharmaceuticals, automobiles, and machinery have shown upward trends, with non-ferrous metals, light industry manufacturing, and communications having the highest short-term scores of 88.14 [35][36] - The industry trading volatility has decreased, indicating a slowdown in capital switching between sectors, with liquidity marginally tightening [20][22] - The correlation between industry congestion and weekly price changes is positive at 0.16, suggesting that sectors with high congestion, like defense and construction materials, have seen significant gains [39][41] Group 3 - The RSI indicator has shown significant improvement, indicating a reduction in selling pressure and a recovery in upward momentum [28][30] - The model indicates a preference for small-cap and growth styles, with the 5-day RSI relative to the 20-day RSI continuing to rise, suggesting potential strengthening of these signals [44][45] - The model's findings highlight that high congestion in sectors can lead to strong price movements but also increases the risk of rapid corrections if market expectations change [38][39]