近日， 国家级重点"小巨人"企业深圳曦华科技股份有限公司正式向港交所递交招股书，拟以18C特专科技 章在香港主板上市，独家保荐人为农银国际 。这家成立于2018年的端侧AI芯片企业，凭借全球领先的技 术实力与快速增长的市场份额，成为资本市场关注的焦点。 | 「編纂】項下的「編纂]總數 : 「編纂]股H股(視乎[編纂]行使與否而定) | | --- | | [編纂]數目 .. [編纂]股H股(可予[編纂]) | | [編纂]數目 ： 「編纂]股Ｈ股(可予[編纂]且視乎[編纂]行使 | | 與否而定) | | 最高「編纂」 ： 每股Ｈ股[編纂]港元,另加1%經紀佣金、 | | 0.0027% 證 監 會 交 易 徵 費 、 0.00565% 聯 交 所 | | 交易費及0.00015% 會財局交易徵費(須於[編 | | 纂]時繳足,多繳股款將「編纂]) | | 面值 : 每股H股人民幣[0.10]元 | | [編纂] : [編纂] | | VITE when 1979 relation of the first before and | 作为端侧 AI芯片与解决方案提供商，曦华科技构建了两大核心产品线：智能显示芯 ...

Group 1 - The Federal Reserve announced a rate cut of 25 basis points, bringing the federal funds rate target range to 3.50%-3.75%, aligning with market expectations for a "hawkish rate cut" [2][7][9] - This marks the third consecutive rate cut by the Federal Reserve, totaling a cumulative reduction of 75 basis points for the year [2][7][9] - Despite the rate cut, the dot plot indicates a conservative outlook for future rate cuts, with expectations of only one cut in 2026, which dampens market optimism for a prolonged easing cycle [2][7][9] Group 2 - The A-share market's core drivers remain focused on domestic economic fundamentals and corporate earnings expectations, despite external monetary policy changes [3][7] - The domestic economy is in a recovery phase, but there are still issues such as insufficient total demand that need to be addressed, and signals of sustained improvement in corporate profitability require further confirmation [3][7] - Investors are advised to focus on low-entry opportunities and align with sector rotation trends, selecting stocks with earnings support while avoiding high-valuation stocks lacking performance backing [3][8] Group 3 - On the trading day, the three major indices in the A-share market experienced collective declines, with the Shanghai Composite Index closing at 3873.32 points, down 0.70% [5] - The trading volume for the day was 18,571 billion, indicating a general lack of market enthusiasm and profitability [5] - Specific sectors such as wind power equipment and non-metallic materials saw gains, while real estate and commercial retail sectors faced declines [4][5] Group 4 - The controlled nuclear fusion concept stocks were notably active, driven by ongoing international cooperation in nuclear energy, highlighting its potential as a significant future energy source [6] - The commercial aerospace sector also showed resilience, benefiting from recent policy clarifications and the establishment of dedicated regulatory bodies, which provide a more stable development environment for the industry [6]

转自：新华财经 【重点关注】 •中央经济工作会议12月10日至11日在北京举行 •前11个月我国汽车产销量双超3100万辆 •最新数据显示，11月份，我国汽车月度产量首次超过350万辆，创历史新高。不仅如此，今年前11个月，汽车产销量均超过3100万辆，同比增长均超过 10%。中国汽车工业协会的最新数据同时显示，今年1至11月，我国新能源汽车产销量均接近1500万辆，同比增长均超过30%。在出口方面，新能源汽车出 口231.5万辆，同比增长1倍。 •商务部当天举行例行新闻发布会。有记者问：目前荷兰与中国关于安世半导体的谈判进展如何？能否详细说明中国如何确定哪些企业可以进口安世半导体 的芯片？商务部新闻发言人何亚东表示，最近一段时间以来，中方按照与荷经济部磋商达成的共识，一直在积极推动闻泰科技尽快与安世（荷兰）开展协 商，解决企业内部纠纷。近日，闻泰科技向安世（荷兰）独立董事和股权托管人发出函件，邀请对方来华就企业控制权和恢复供应链稳定与畅通开展协商， 展现了解决问题的诚意。中方已通过荷驻华使馆，要求荷经济部落实与中方磋商共识，推动安世（荷兰）尽快派员来华。 •商务部新闻发言人11日就墨西哥国会审议通过对非自贸 ...

受美国降息利好影响，港股三大指数呈现高开低走行情，市场情绪未能转好。截止收盘，恒生指数微幅 下跌0.04%，国企指数跌0.23%，恒生科技指数一度跌超1.1%，最终收跌0.83%。盘面上，大型科技股涨 跌各异，其中，美团涨1.5%，小米、百度飘红，阿里巴巴跌1.7%，京东、腾讯小幅下跌；美联储降息 落定，近期活跃的黄金股、铜业股、铝业股等有色金属板块高开低走十分明显，中国铝业、中铝国际、 灵宝黄金跌幅靠前；半导体芯片股持续弱势，龙头中芯国际跌超2%，3连跌；受消息影响，中兴通讯大 跌13%领衔电信设备股下跌，军工股、濠赌股、光伏股、体育用品股纷纷走低。另一方面，消费电子概 念股反弹，明星股思摩尔国际大涨8.5%，行业高景气+在手订单充沛，金风科技领衔风电股上涨，锂电 池股、银行股多数上涨，香港本地银行股渣打、汇丰齐创历史新高。(格隆汇) ...

Market Overview - The A-share market experienced volatility with a "V-shaped" reversal on Wednesday, driven by a surge in a leading real estate company's stock, which boosted market sentiment [2][10] - The current market is characterized by technical resistance above and policy support below, indicating a likely path of repeated fluctuations and potential upward movement [2][10] - Recent data from the National Bureau of Statistics shows a 0.7% year-on-year increase in CPI for November, suggesting marginal improvement in domestic demand [2][10] Sector Analysis Precious Metals - The precious metals sector saw significant gains, attributed to factors such as the onset of a Fed rate cut cycle, increased geopolitical tensions, and strong demand from global central banks [6] - The weakening dollar and inflation concerns have led investors to view gold as a hedge against inflation, with rising demand for gold in technology applications further supporting this trend [6] Hainan Free Trade Zone - Stocks related to the Hainan Free Trade Zone were notably active, with multiple stocks hitting the daily limit up. The upcoming full island closure operation on December 18 is expected to enhance market activity [7] - The new policies will allow for freer movement of goods within Hainan while maintaining controlled access from the mainland, which is anticipated to benefit related stocks [7] Real Estate - The real estate sector experienced a rebound, driven by the upcoming discussion on debt restructuring for a leading real estate company and ongoing supportive policies from the government [8] - The industry is expected to see a gradual alleviation of risks, with a focus on high-quality companies that have strong land reserves and are returning to stable growth [8] Investment Strategy - Investors are advised to focus on low-entry opportunities across various sectors, including technology growth (semiconductors, AI themes, robotics), cyclical industries (solar, batteries, chemicals), and dividend stocks (banks, utilities) [3][10] - It is recommended to select stocks with strong earnings support while avoiding high-valuation stocks lacking performance backing [3][10]

英大证券研究所证券研究报告 观点： 总量视角 【A 股大势研判】 周二晨报提醒，虽然周一 A 股延续强势，不过，仍存结构性隐忧。驱动行情 的是"政策预期"与"情绪修复"，而非扎实的"基本面改善"。上行中可能还有震荡， 市场走势如我们预期，周二沪深三大指数涨跌不一，个股涨少跌多，整体维持弱 势震荡格局。 金 点 策 略 晨 报 2025 年 12 月 10 日 密切关注两大因素 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 密切跟踪美联储议息会议与国内重要会议的进展，根据政策信号动态调整持 仓结构：若出现超预期利好，可适度提升仓位参与结构性机会；若政策不及预期 或海外风险升温，则应进一步收缩防线，聚焦核心资产。 操作上，轻指数，重个股。踏准板块轮动节奏，采取均衡配置、高抛低吸或 是占优策略。无论是科技成长方向（半导体芯片、泛 AI 主题及机器人行业等）， 还是顺周期行业（光伏、电池、储能、化工、煤炭、有色等），亦或是红利股（银 行、公用事业、"大象股"等），尽量选择有业绩支持的标的逢低布局，远离缺乏业 绩支撑的高 ...

Core Viewpoint - The acquisition plan of Aola Co., Ltd. to enter the A-share market has failed again, as SIRUI announced the termination of the major asset restructuring due to the conditions not being fully mature [2][3] Group 1: Acquisition Details - SIRUI decided to terminate the acquisition of Aola Co., Ltd. after careful consideration and discussions among the parties involved, citing that the conditions for the major asset restructuring were not fully mature [2] - SIRUI's stock will resume trading on December 10, and the company has committed not to plan any major asset restructuring within one month from the announcement date [2] Group 2: Background on Aola Co., Ltd. - Aola Co., Ltd. has previously attempted to go public on the STAR Market in 2022 but failed, and later sought acquisition by *ST Shuangcheng in September 2024, which was also terminated due to differing expectations [3] - Aola Co., Ltd. specializes in the research, design, and sales of analog chips and mixed-signal chips, with product lines including clock chips, power management chips, sensor chips, and RF chips [3] - The company also provides semiconductor IP licensing services [3] Group 3: Strategic Importance of Aola Co., Ltd. - SIRUI viewed Aola Co., Ltd. as a key player in high-performance clock chips and power management, which would enhance SIRUI's product offerings in the signal chain sector and strengthen its competitive edge in important application areas like AI [2]

Group 1: China-Germany Economic Relations - The Chinese government hopes that the German and European automotive associations will influence the European Commission to resolve the electric vehicle anti-subsidy case promptly [1] - Recent interactions between China and Germany have been frequent, with discussions focusing on economic relations and cooperation in the automotive sector [1][2] - German companies continue to invest in China, indicating a commitment to the Chinese market despite operational challenges [1][2] Group 2: Semiconductor Supply Chain Issues - The Chinese government emphasizes the importance of stabilizing the semiconductor supply chain, particularly in light of the issues surrounding ASML and export controls [4][5] - The German government is willing to enhance dialogue and cooperation with China to address supply chain disruptions and maintain free trade [5] - The semiconductor supply chain crisis has led to temporary work reductions in German companies, highlighting the impact of chip shortages on the automotive and machinery sectors [6] Group 3: Automotive Industry Dynamics - German automotive companies are increasing their investments in China and deepening strategic partnerships, reflecting a robust collaboration in the automotive supply chain [7] - Despite competitive pressures, German car manufacturers are innovating in production processes to maintain their advantages in quality and efficiency [7] - The German automotive industry is facing challenges but remains focused on the Chinese market, with ongoing discussions about the EU's regulations on combustion engine vehicles [7][8] Group 4: Economic Sentiment and Recovery - Germany's economic recovery is slow, with the Sentix index indicating a decline in investor confidence, marking it as a "stumbling block" for the Eurozone [8] - The establishment of a special fund of around €500 billion aims to boost infrastructure investment, although its effects may not be felt until 2026 [9] - The revival of the military industry is seen as a significant factor in Germany's economic growth, contributing positively to GDP recovery [9]

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 12 月 9 日 多重合力助推 A 股上行，但仍存结构性隐忧 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 上周五沪深三大指数大涨，沪指成功收复 3900 点整数关口。本周一 A 股延 续强势，其中创业板指在科技股引领下一度大涨超过 3%。盘面上看，市场驱动力 主要以 AI 算力为首的硬科技赛道，CPO、光模块概念强势，资金再次追捧人工智 能产业链。两市成交额重返 2 万亿。 周一市场上行，主要有以下几个方面的利好：一是监管层调低保险公司在沪 深 300、中证红利、科创板股票投资风险因子 10%，这一举措有望为 A 股市场带 来千亿级别的增量资金，进一步充实市场流动性（数据来源：第一财经）；二是 拓宽券商资本空间与杠杆上限，有助于提高券商资本利用效率，相当于为行业适 当加杠杆，增强市场交易活跃度和中介服务能力；三是公募基金强化长期业绩导 向，提高跟投比例并根据业绩基准调整薪资，这一制度优化将显著加强管理人与 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 就在英伟达首席执行官黄仁勋敦促白宫允许向中国出口先进芯片的第二天，美国国会议员便采取行动阻止此类芯片出口，加剧了华盛顿与硅谷在人 工智能技术领域的冲突。 周四，六位共和党和民主党参议员共同提出《安全可行芯片出口法案》（SAFE Chips Act），该法案要求美国当局在至少30个月内拒绝任何性能 高于现有许可芯片的出口许可申请。该法案还规定，政府在修改出口规则前需提前30天通知国会。 "美国之所以能在人工智能竞赛中领先于中国，很大程度上是因为我们在全球计算能力方面占据主导地位，"内布拉斯加州共和党参议员皮特·里基茨 （Pete Ricketts）说道，他是该法案的共同发起人之一。 "最好的人工智能芯片是由美国公司制造的。阻止北京获取这些人工智能芯片对我们的国家安全至关重要。" "这项两党共同提出的法案将保护美国在计算能力方面的优势，确保全球最先进的人工智能模型由美国公司在国内研发，全球基础设施也建立在美 国的技术栈之上，"特拉华州民主党参议员克里斯·库恩斯补充道。 英伟达和AMD表示，更严格的管控可能会加速中国建立完全自主芯片产业的进程。AMD首席执行官苏姿丰周四表示 ...