- The report discusses a **volume-timing model** for broad-based indices, which provides signals based on market volume trends. As of December 26, 2025, the model indicates a "cautious" view for the SSE 50 index, while other indices such as SSE Composite, CSI 300, CSI 500, CSI 1000, ChiNext, and Beijing 50 show "bullish" signals[2][23][24] - A **momentum sentiment indicator** is introduced, which calculates the proportion of stocks in the CSI 300 index with positive returns over a specific period (N days). The formula is: $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns in the past N days}}{\text{Total number of CSI 300 stocks}} $ This indicator is effective in capturing upward opportunities but has limitations in avoiding risks during market downturns. Recently, the indicator's value has been around 71%[24][25][28] - A **moving average sentiment indicator** is also discussed, which uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) to assess market trends. The indicator assigns values based on the number of moving averages above or below the current price. When the number of moving averages above the price exceeds five, the market is considered bullish. This indicator currently shows that the CSI 300 index is in a positive sentiment zone[30][33][36] - The report evaluates **cross-sectional volatility** and **time-series volatility** as measures of alpha generation potential. Cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 stocks shows mixed trends, with CSI 500 experiencing an increase, indicating a better short-term alpha environment. Time-series volatility for all three indices has decreased recently, suggesting a weaker short-term alpha environment[41][42][43] - A **fund clustering degree indicator** is used to monitor the degree of fund concentration. This is measured by the standard deviation of cross-sectional returns of clustered funds. A lower standard deviation indicates higher clustering. Recently, the clustering degree has slightly increased, and both clustered funds and stocks have shown higher excess returns over the past week[83][85][87]

Group 1: Market Sentiment Model Insights - The market sentiment score has stabilized at 1.1 as of December 26, indicating a neutral outlook, with signs of improvement in trading activity [8][12] - The price-volume consistency indicator showed a rebound in the latter part of the week, suggesting a recovery in market sentiment, although risk appetite remains insufficient [12][19] - The total 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, indicating heightened market activity [16][18] Group 2: Sector Performance and Trends - The short-term scores for sectors such as computer, real estate, pharmaceutical, automotive, and machinery have shown upward trends, with non-ferrous metals, light industry manufacturing, and communication leading with the highest short-term scores of 88.14 [41][42] - The industry trading volatility has decreased, indicating a slowdown in capital switching between sectors, with a notable decline in the participation of high-elasticity sectors [23][25] - The financing balance ratio continues to rise, reaching a new high, reflecting an increase in leveraged capital sentiment and a recovery in risk appetite [29][31] Group 3: Investment Style and Sector Crowding - The model indicates a preference for small-cap and growth styles, with the 5-day RSI relative to the 20-day RSI showing potential for strengthening signals [50][51] - The correlation between sector crowding and weekly price changes is positive, with sectors like defense and construction materials showing significant gains due to rapid capital inflows [44][46] - High crowding sectors such as food and beverage, and retail have shown lower price increases, while low crowding sectors like beauty care and coal have lagged behind [46][47]

Group 1 - The core viewpoint of the news highlights that Nanya New Materials has seen significant financing activity, with a net financing inflow of 51.38 million yuan last week, ranking 171st in the market [1] - Nanya New Materials had a total financing purchase amount of 275 million yuan and repayment amount of 224 million yuan last week [1] - The company is involved in various sectors including electronic components, Shanghai market, and concepts related to Huawei, augmented reality, and virtual reality [1] Group 2 - Over the past 5 days, the main capital inflow into Nanya New Materials was 38.61 million yuan, with a price increase of 1.3% during this period [1] - In the last 10 days, the main capital inflow was 53.64 million yuan, with a price increase of 1.33% [1] - Nanya New Materials was established in 2000 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 2.35 billion yuan [1]

12月29日，A股三大指数走势分化，其中沪指上涨0.17%。截至13:07，中证1000ETF（159845）涨 0.03%，此前日K线三连阳。其他宽基指数中，上证50涨0.01%，沪深300跌0.08%，中证500涨0.01%。 个股表现来看，中证1000ETF前50只权重股中，涨幅靠前的有，源杰科技涨7.56%，剑桥科技涨7.19%， 云天励飞-U涨5.54%，浙江荣泰涨3.89%；然而雅化集团、泽璟制药-U表现不佳，涨跌幅分别 为-6.10%、-3.73%。 行业表现来看，中证1000ETF前几大重仓行业中，电子上涨0.76%，电力设备下跌0.81%，医药生物下跌 0.99%，计算机上涨0.28%，机械设备上涨0.06%。 资金面来看，中证1000ETF（159845）近五个交易日资金净流入13.73亿元，近十个交易日净流入25.11 亿元。最新规模达500.13亿元，近一个月规模增长54.63亿。今日盘中成交额9亿元，近一周日均成交高 达14.86亿元，流动性较好。 近日，全国财政工作会议在北京召开。会议明确，2026年继续实施更加积极的财政政策。扩大财政支出 盘子，确保必要支出力度。会议要求，202 ...

IBM前首席执行官兼董事长路易斯·郭士纳（Louis Gerstner）于当地时间12月27日逝世，享年83岁。 郭士纳著有《谁说大象不能跳舞？》一书，并参与合著《重塑教育：美国公立学校的创业精神》。他曾 担任多家企业董事职务，包括百时美施贵宝公司、《纽约时报》公司、美国运通公司、美国电话电报公 司以及卡特彼勒公司等。整理编辑/陈佳靖 郭士纳曾任职于美国运通公司和麦肯锡咨询公司，后担任雷诺兹-纳贝斯克公司首席执行官。1993年4 月，他从雷诺兹-纳贝斯克跳槽至IBM，成为这家被外界称为"蓝色巨人"的企业史上首位非内部晋升的 掌舵人。 在执掌这家计算机巨头的九年时间里，郭士纳被公认为是带领公司走出破产危机的功臣。他推动公司战 略向商业服务领域转型，大刀阔斧地改革企业文化与业务重心，同时通过削减开支、出售资产和股票回 购等举措优化公司财务状况。 2002年，郭士纳卸任IBM首席执行官一职，彼时公司股价较他上任之初涨幅高达800%。此后，他转任 凯雷集团董事长，直至2008年正式退休。 IBM现任董事长兼首席执行官阿尔温德·克里希纳（Arvind Krishna）于当地时间12月28日向全体员工发 送邮件，宣布了郭 ...

今日上午，科创芯片、证券以及有色ETF交投相对活跃，半日成交金额均超过10亿元；跨境ETF方面，香港证券ETF（513090）半日成交金额达到52.38亿 元，交易量较大。 从投资逻辑来看，随着全球算力供应紧张态势缓解及模型训练/推理成本快速下降，AI产业发展重心正从"模型能力竞赛"转向"应用效率与规模竞争"，一个 以用户和场景为中心的新一代AI应用入口生态将加速整合与重塑。未来1-2年将是市场格局分化与整合的关键时期，其竞争的本质是"生态控制力"之争。 点评：科创AIETF富国（589380）今日上午上涨2.06%，其份额为1.34亿份，半日成交金额为912.29万元。该ETF追踪的是上证科创板人工智能指数，追踪该 指数的ETF还包括科创人工智能ETF汇添富（589560）、科创AIETF（588790）等。其中，科创AIETF（588790）份额高达73.87亿份，半日成交金额达2.94 亿元。 | 代码 | 名称 | 现价 | 涨幅 (%) | | --- | --- | --- | --- | | 588200 | 科创芯片ETF | 2.358 | 1.2 | | 512400 | 有色金属ETF ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights that commercial aerospace and 6G are key areas for industrial layout, driven by policy and technology [3][4] - A recent policy from Shanghai supports the construction of a world-class industrial cluster focusing on commercial aerospace and 6G, emphasizing application-based research and key technology breakthroughs [12][13] - The third Commercial Aerospace Development Conference indicated that the industry has entered a new phase of scale and commercialization, with a projected market size to achieve a leap forward [13] - The establishment of a 2 billion yuan fund for commercial aerospace and a talent training program to supply 1,000 skilled workers annually over the next 3-5 years were also announced [13][4] Summary by Sections 1. Industry Perspective - The report discusses the Shanghai policy aimed at supporting the G60 Science and Technology Corridor, focusing on commercial aerospace and 6G industries [12] - It emphasizes the need for collaboration among enterprises, academic institutions, and research organizations to drive innovation and technology development [12] 2. Market Performance Review - The computer industry index increased by 2.20% this week, outperforming the Shanghai Composite Index by 0.32 percentage points [15] - Year-to-date, the computer industry index has risen by 16.89%, ranking 14th among 31 industry indices [15][16] 3. Technology Software Industry News - The report covers various sectors including computing power, low-altitude economy, automotive intelligence, cybersecurity, data elements, and artificial intelligence, highlighting significant developments in each area [23][24][25][26][27][29][30] - For instance, the computing power sector in Yangzhou has reached a scale of 34,000 P, leading the province [23] - The automotive sector is seeing advancements in intelligent driving systems, with companies like Huawei and Audi launching new technologies [26] 4. Company Dynamics - The report mentions several companies involved in stock buybacks and incentive plans, indicating active corporate governance and management strategies [32]

( 南方财经12月29日电，天眼查App显示，近日，紫光同芯微电子科技（北京）有限公司成立，法定代表人为陈杰，注册资本3亿人民币，经营范围包括集成 电路设计、集成电路芯片设计及服务、软件开发、电子产品销售等。股权全景穿透图显示，该公司由紫光国微旗下紫光同芯微电子有限公司、宁德时代旗下 宁波梅山保税港区问鼎投资有限公司等共同持股。据报道，12月25日，紫光国微发布公告称，公司全资子公司紫光同芯微电子有限公司为独立运营汽车域控 芯片业务、增强其市场竞争力、优化公司资本结构和提升公司业绩，拟与北京志成高远电子科技有限公司等五个关联方，以及非关联方宁德时代全资子公司 宁波梅山保税港区问鼎投资有限公司共同投资设立紫光同芯微电子科技（北京）有限公司。 | 在用的商业查询工具 | 更公司 | 查老板 查关系 查风险 | | | | | --- | --- | --- | --- | --- | --- | | 家中小企业发展子基金旗下机构 | | 紫光同芯微电子科技 (北京)有限公司 | × 天眼一下 | 哈 应用 · | 商务合作 企业级产 | | 基本信息 13 | 法律诉讼 | 经营风险 | 经营信息 6 | 公司发 ...

Group 1 - The Jiangsu Province has recognized 24 individuals, including Li Bin from Jiangsu Shangshang Cable Group, as chief technicians for 2025, with nearly half of them coming from private enterprises [1] - The chief technician evaluation system was implemented in 2023, with a total of 26 individuals recognized prior to this announcement [1] - The newly appointed chief technicians are primarily from production, research, and technical innovation sectors, with 6 already holding senior professional titles [1] Group 2 - Li Bin, the chief engineer at Jiangsu Shangshang Cable Group, has over 30 years of experience in wire and cable product research and production, emphasizing the practical skills and innovation capabilities reflected in the chief technician title [2] - The youngest chief technician recognized is Ma Lu from Xuzhou Xugong Excavator Machinery Co., who has developed proprietary technologies in intelligent adaptive technology, generating over 35 million yuan in revenue for his company [2] - The "New Eight-Level Worker" skill level system, established in 2022, provides a new pathway for technical workers, allowing companies to offer chief technicians salaries comparable to senior professional titles [3]

- The report mentions an A-share timing model, specifically a "wave model" that turned bullish mid-week, marking the first shift to a higher position since November 14, 2025. This model is used to determine optimal entry points for A-share investments based on market signals [1][29] - A short-term timing model for A-shares also turned bullish on major broad-based indices on Friday, indicating a positive outlook for traditional sectors such as consumption, infrastructure, real estate, and manufacturing [1][29] - The report highlights a "position timing strategy" for the A-share market, which is used to adjust equity exposure based on market conditions. This strategy is supported by historical net value data and performance metrics [11][12] - A "multi-long-short timing strategy" for the A-share market is also discussed, which involves leveraging long and short positions in futures to optimize returns. This strategy is visualized through net value curves and position recommendations [13][14] - The report includes a "dividend growth timing strategy" for A-shares, focusing on stocks with high dividend yields and growth potential. This strategy is designed to capture returns from dividend-paying stocks while managing risk [21] - A "small and micro-cap timing strategy" for A-shares is mentioned, targeting smaller market capitalization stocks for potential higher returns. This strategy is based on specific timing signals for small-cap stocks [17][18] - The report also discusses a "Hong Kong stock position timing strategy," which adjusts exposure to Hong Kong equities based on macroeconomic and market signals. This strategy emphasizes resilience and flexibility in sectors like central enterprises and internet companies [15] - A "gold timing strategy" is included, which maintains a medium position in gold while avoiding silver due to uncertain market conditions. This strategy is based on the U.S. dollar index and other macroeconomic factors [22] - The report outlines "ETF portfolio strategies," including equity-biased and bond-biased portfolios. These strategies are designed to optimize returns through diversified ETF investments, with performance tracked through net value curves [24][26]