数据显示，东财基金旗下1只基金重仓拓荆科技。东财时代优选混合发起式A（017857）三季度持有股 数3000股，占基金净值比例为4.12%，位居第六大重仓股。根据测算，今日浮盈赚取约5.2万元。 东财时代优选混合发起式A（017857）成立日期2023年2月24日，最新规模1427.86万。今年以来收益 37.77%，同类排名1842/8170；近一年收益34.24%，同类排名1982/8139；成立以来收益29.35%。 12月22日，拓荆科技涨5.29%，截至发稿，报345.00元/股，成交5.35亿元，换手率0.56%，总市值970.02 亿元。 资料显示，拓荆科技股份有限公司位于辽宁省沈阳市浑南区水家900号，成立日期2010年4月28日，上市 日期2022年4月20日，公司主营业务涉及高端半导体专用设备的研发、生产、销售和技术服务。主营业 务收入构成为：半导体专用设备96.47%，其他(补充)3.53%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人 ...

Macro Strategy - The report highlights that export control measures on key metals have become a crucial advantage for China in the context of major power competition, particularly against the US and EU [8][9] - China's leading position in key metals is attributed to its resource advantages and a complete industrial system, which is difficult for developed economies to replicate in the short term [8] Fixed Income - The bond market is expected to face challenges in 2026, with less likelihood of a one-sided decline in interest rates as seen from 2022 to 2024, suggesting a need for a more flexible trading strategy [10] - The report notes that the 10-year government bond yield increased slightly to 1.8425% during the week, reflecting market reactions to policy announcements [10] Industry Analysis Minshi Group (敏实集团) - Minshi Group is a leading global supplier of automotive exterior and structural parts, benefiting from the acceleration of electric vehicle adoption in Europe, particularly in the battery box business [22][24] - The company is expanding into humanoid robotics and liquid cooling for servers, which are expected to open new growth opportunities [22][24] - Profit forecasts for Minshi Group indicate net profits of 2.753 billion, 3.257 billion, and 3.878 billion yuan for 2025-2027, with corresponding EPS of 2.34, 2.76, and 3.29 yuan, and P/E ratios of 11.91, 10.07, and 8.46 respectively [22] Zhongwei Company (中微公司) - Zhongwei Company plans to acquire Hangzhou Zhonggui to enhance its capabilities in CMP equipment, which is crucial for semiconductor manufacturing [7] - The acquisition aims to strengthen Zhongwei's competitiveness in complete process solutions, complementing its existing dry process equipment [7] - Profit forecasts for Zhongwei Company remain at 2.44 billion, 3.41 billion, and 4.46 billion yuan for 2025-2027, with dynamic P/E ratios of 70, 50, and 38 respectively [7]

Core Viewpoint - The semiconductor equipment leader, Zhongwei Company, is planning to acquire a controlling stake in Hangzhou Zhonggui Electronic Technology Co., Ltd. through a share issuance, marking a significant step towards its platformization strategy [1][4]. Group 1: Acquisition Details - Zhongwei currently holds a 12.0429% stake in Hangzhou Zhonggui, which specializes in CMP (Chemical Mechanical Polishing) technology [2][5]. - The acquisition aims to create strategic synergies between the two companies, enhancing Zhongwei's capabilities in providing comprehensive process solutions for customers [5][6]. - The transaction is based on a preliminary agreement with major shareholders of Hangzhou Zhonggui, with the final price determined by an evaluation report [4][5]. Group 2: Market Position and Financial Performance - Zhongwei is a leading supplier of semiconductor equipment, focusing on etching and thin film deposition equipment, and has applied for 3,038 patents, with 1,901 granted as of June 2025 [2][12]. - The company reported a net profit of over 1.2 billion yuan for the first three quarters of 2025, a year-on-year increase of 32.66% [2]. - Research and development investments reached 25.23 billion yuan in the first three quarters of 2025, accounting for 31.29% of revenue, indicating a strong commitment to innovation [11]. Group 3: Industry Context and Future Outlook - The CMP equipment market in China is projected to grow from 15 billion yuan in 2024 to over 48 billion yuan by 2029, highlighting significant growth potential [8]. - The acquisition is expected to enhance Zhongwei's market competitiveness by expanding its customer base and integrating Hangzhou Zhonggui's products into mainstream wafer manufacturing facilities [9][10]. - Zhongwei's etching equipment is already utilized in advanced 5nm and below integrated circuit production lines, demonstrating its strong market position [10].

Core Insights - The company has successfully delivered over 800 CMP equipment units, covering major product lines such as logic, 3D NAND storage, and DRAM storage, while also entering advanced sectors like large silicon wafers and third-generation semiconductors [1] - The recognition of the company's technology, product maturity, and market adaptability has strengthened its position as a leading domestic CMP equipment provider [1] Group 1 - The company's CMP equipment has achieved full coverage and mass application in domestic mainstream integrated circuit manufacturing lines, enhancing its market recognition and industry influence [1] - The company believes that breakthroughs in domestic AI technology will drive opportunities in advanced packaging and chip stacking technologies, expanding the market growth potential [2] - The synergy between CMP equipment and other products like thinning, cutting, and edge grinding equipment will provide comprehensive solutions for advanced packaging and chip stacking [2] Group 2 - The company plans to continue focusing on independent innovation and increasing R&D investment, targeting advancements in process technology and product performance [2] - The company reported a revenue of 3.194 billion yuan for the first three quarters of 2025, a year-on-year increase of 30.28%, and a net profit of 791 million yuan, up 9.81% year-on-year [3] - New product breakthroughs are expected by Q3 2025, including the first 12-inch low-temperature ion implanter and the mass shipment of 12-inch wafer edge trimming equipment [3]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The humanoid robot company Galaxy General has completed a new round of financing of $300 million, achieving a valuation of $3 billion, making it the highest-valued company in China's humanoid robot sector [2] - The semiconductor equipment sector is seeing consolidation, with companies like Zhongwei planning acquisitions to enhance their product offerings [3] - The liquid cooling industry is experiencing growth, with major players like Vertiv expanding their manufacturing capabilities, indicating strong confidence in the sector's long-term potential [4] - PCB equipment and consumables are set for expansion, with companies like Pengding Holdings planning significant investments to meet the rising demand driven by AI applications [5] Summary by Sections Humanoid Robots - Galaxy General's recent financing round has positioned it as a leader in the humanoid robot market, with significant partnerships in industrial manufacturing and retail sectors [2] Semiconductor Equipment - Zhongwei's acquisition of Hangzhou Zhonggui aims to enhance its CMP equipment offerings, complementing its existing dry process equipment [3] - Other leading companies are also pursuing acquisitions to strengthen their platforms, indicating a trend towards consolidation in the semiconductor equipment market [3] Liquid Cooling - Vertiv's new R&D and manufacturing base in Suzhou reflects the industry's confidence in liquid cooling technology, which is becoming essential for data centers due to increasing power densities [4] - The report highlights the potential for significant market growth, estimating the global server liquid cooling market could reach $80 billion by 2026 [19] PCB Equipment & Consumables - Pengding Holdings is set to invest 4.3 billion yuan in Thailand to expand its production capabilities for AI-related PCB products, with expected order growth in 2026 [5] - The report emphasizes the increasing demand for high-end PCB drilling tools, driven by the rise of AI servers and advanced PCB designs [32]

Core Insights - The company has achieved a significant milestone with over 800 units of Chemical Mechanical Polishing (CMP) equipment delivered, indicating enhanced technical strength, product competitiveness, and market recognition in the CMP sector [2] Group 1: Product and Market Development - The delivered CMP equipment includes key models such as Universal-H300 and Universal-S300, covering a wide range of applications in mainstream product lines like logic, 3D NAND storage, and DRAM storage [2] - The company has successfully penetrated supply chains of leading customers in advanced fields such as large silicon wafers, third-generation semiconductors, CIS, MEMS, MicroLED, and advanced packaging, achieving full coverage and mass application in domestic integrated circuit manufacturing lines [2] Group 2: Future Growth and Strategy - The rise in domestic AI technology is driving opportunities in advanced packaging and chip stacking, with the company's CMP equipment expected to synergize with thinning, cutting, and edge polishing equipment to provide comprehensive solutions [3] - The increasing number of CMP equipment units will enhance the company's "equipment + service" platform strategy, leading to rapid growth in key consumables and maintenance service business, contributing to stable profit growth [3] - The company plans to continue focusing on independent innovation in core technologies and increase R&D investment, targeting advancements in process technology and product performance while tracking trends in advanced packaging technologies like HBM and CoWos [3]

Group 1 - Nanjing Tourism has terminated the acquisition of 100% equity in Nanjing Huangpu Hotel Co., Ltd., citing current market conditions and friendly negotiations with the counterparty as reasons for the decision [2][3] - The company had previously planned to acquire the hotel for 199 million yuan and raise up to 39.83 million yuan in supporting funds [2] - Nanjing Tourism is the only listed platform under Nanjing Cultural Tourism and owns the Hongshan Zoo IP [2] Group 2 - Next week, nearly 1.9 trillion yuan worth of restricted shares will be unlocked, with around 50 stocks having their limited shares released [5][6] - Among these, 17 stocks will have a market value of over 1 billion yuan released, with seven stocks exceeding 10 billion yuan, including Shouchuang Securities, Sany Heavy Energy, and Weidao Nano [5][6] - Shouchuang Securities has the highest unlock value at 42.31 billion yuan, with 2.25 billion shares released, accounting for 82.38% of the company's total share capital [6][7]

资金流向揭示市场新动向 商业航天概念成为近期市场最耀眼的明星。12月18日，中国商业航天发展大会的举行为板块注入强劲动 力，星辰科技、盛洋科技、顺灏股份等多只概念股涨停。资金流向数据显示，中国卫星、顺灏股份、中 航重机等商业航天概念股获得大额资金流入。 这场资金盛宴背后是产业与政策的共振。国内星网GW星座发射节奏提速，SpaceX确认2026年IPO，一 系列利好推动商业航天板块成为市场新宠。投资者用真金白银投票，显示出对新兴产业的强烈信心。 机构调仓也在悄然进行。随着年底临近，基金重仓股走势可能出现变化。历史数据显示，2018、2021、 2022、2024年均出现上半月走强而下半月转弱的现象。这次的反弹能否打破这一规律，值得密切关注。 政策面暖风频吹 中央经济工作会议释放的积极信号为市场注入强心剂。会议明确强调"深化拓展人工智能""科技自立自 强"，为科技成长板块指明了方向。半导体设备、商业航天等领域的国产替代逻辑得到强化，成为资金 布局的重点。 流动性环境同样值得期待。美联储12月降息概率升至80%以上，全球流动性宽松预期升温。国内央行持 续加量续作MLF，12月25日将有3000亿元MLF到期，市场对 ...

Group 1: Breakthroughs in Technology - Shanghai Jiao Tong University has achieved a significant breakthrough in the field of optical computing chips, realizing the world's first all-optical computing chip capable of supporting large-scale semantic media generation models, named LightGen [1][2] - The LightGen chip demonstrates a theoretical performance increase of 7 orders of magnitude in computing power and 8 orders of magnitude in energy efficiency when using advanced input devices [2] Group 2: Financial Performance of ByteDance - ByteDance is expected to achieve a record profit of approximately $50 billion (about 352.5 billion RMB) this year, driven by its expansion in e-commerce and new markets [4] - In the first three quarters of this year, ByteDance has already realized a net profit of about $40 billion, surpassing its internal target set for 2025 [4] Group 3: IPO and Growth of Zhipu Technology - Zhipu Technology has disclosed its IPO prospectus, aiming to become the first global public company focused on AGI foundational models, with projected revenues of 57.4 million RMB in 2022, 124.5 million in 2023, and 312.4 million in 2024, reflecting a compound annual growth rate of 130% [4][5][6] - The company, founded in 2019, has developed a comprehensive model matrix covering language, code, multimodal, and intelligent agents, maintaining technological parity with global leaders [5] Group 4: Automotive Developments - Xiaomi has obtained an L3 level road testing license for its automotive division, indicating its active participation in the autonomous driving sector [8] - The license allows Xiaomi to conduct conditional autonomous driving tests on designated high-speed roads in Beijing, contributing to the exploration of safer and smarter personal transportation services [8] Group 5: Advancements in Semiconductor Technology - A secret laboratory in China has reportedly assembled the first prototype of an EUV lithography machine through reverse engineering of ASML's existing products, marking a significant technological leap [16] - This prototype is expected to undergo testing and aims for trial production of prototype chips by 2028, indicating rapid advancements in China's semiconductor capabilities [16]

（原标题：太突然，牛股终止重组！下周解禁近1900亿元，这7股压力最大） 下周解禁市值近1900亿元。 南京商旅终止收购控股股东资产 南京商旅(600250)发布公告表示，公司董事会审议通过了《关于终止发行股份及支付现金购买资产并募 集配套资金暨关联交易事项并撤回申请文件的议案》，同意公司终止发行股份及支付现金购买南京黄埔 大酒店有限公司100%股权并募集配套资金暨关联交易事项，并向上海证券交易所申请撤回本次交易相 关申请文件。 公司表示，终止本次交易事项，是公司综合考虑当前市场环境及有关情况等因素审慎研究并与交易对方 友好协商后作出的决定。 南京商旅为南京文旅旗下唯一上市平台，旗下拥有红山动物园IP。此前，公司拟以1.99亿元收购南京文 旅旗下黄埔大酒店100%股权，同时配套募资不超过3983.10万元。 值得注意的是，今年7月6日，南京商旅发布公告称，控股股东南京文旅将进行重大改革重组，南京市拟 以南京旅游为主体，整合南京市文化投资控股集团和南京体育产业集团，打造南京市文旅体商综合开发 运营主平台。 从行情看，南京商旅近期走势凌厉，12月8日至今累计涨幅超42%，区间有5个涨停板。 下周解禁市值近1900 ...