Economic Indicators - The U.S. stock market saw an increase with the Dow Jones Industrial Average rising by 0.47% to 48,362.68, the Nasdaq up by 0.52% to 23,428.83, and the S&P 500 increasing by 0.64% to 6,878.49 [1] - The Australian Federal Reserve released the minutes from its December monetary policy meeting [1] - The U.S. Bureau of Economic Analysis published the preliminary report of the third quarter GDP, indicating economic performance [1] Company Developments - Nvidia's stock rose by 1.5% as the company plans to start shipping its H200 chips in mid-February [1] - Google announced the acquisition of Intersect, a data center and energy infrastructure company, for $4.75 billion in cash, plus assuming related debts [1] - Tesla's stock increased by 1.6%, reaching a historical high after the Delaware Supreme Court reinstated CEO Elon Musk's 2018 compensation plan [2] Market Trends - The Nasdaq China Golden Dragon Index rose by 0.58%, with notable increases in stocks such as Baidu (up 0.5%), NetEase (up 0.6%), Alibaba (up 0.8%), JD.com (up 0.9%), and Pinduoduo (up 2.2%) [2] - WTI crude oil near-month contract increased by 2.64% to $58.01 per barrel, while Brent crude oil rose by 2.65% to $62.07 per barrel [2] - Gold futures for December delivery rose by 1.91% to $4,444.60 per ounce, and silver futures increased by 1.59% to $67.90 per ounce [2] Regulatory and Policy Updates - The Ministry of Commerce of China called for negotiations among companies regarding control and supply chain recovery in the semiconductor sector [3] - A temporary anti-subsidy tax will be implemented on dairy products imported from the EU starting December 23, 2025 [3] - New mandatory national standards for civil unmanned aerial vehicles will take effect on May 1, 2026, promoting safer and more orderly industry development [3]

【导读】祥源文旅、交建股份同步公告，公司实控人俞发祥涉嫌犯罪，被绍兴市公安局采取刑事强制措施；美股小幅上涨 中国基金报记者 泰勒 大家好，今晚继续关注海内外市场的消息。 暴雷！三家公司同时发布公告 实控人被采取刑事强制措施 12月22日晚间，A股两家上市公司——交建股份、祥源文旅，港股公司海昌海洋公园，同步发布公告，公司实控人俞发祥因涉嫌犯罪，被绍兴市公安局采 取刑事强制措施，案件正在调查过程中。 自11月28日起，浙江浙金资产运营股份有限公司（原名浙江金融资产交易中心股份有限公司，以下简称浙金中心）平台上，由祥源控股及其实控人俞发祥 提供连带责任担保的多款金融资产收益权产品陆续出现到期无法兑付或无法兑付收益的情况。 据多家媒体报道，这些待兑付资金规模达百亿元以上。涉及产品数量超过200款，总交易规模超过百亿元，产品到期日为今年12月至明年4月不等。 12月16日，祥源文旅和交建股份公告称，前者超6亿股、后者2.74亿股股份被司法冻结、轮候冻结及司法标记，均因祥源控股债务纠纷。绍兴市已组建工 作组进驻祥源控股帮扶。两公司均表示实控人及控股股东与公司保持独立，但股份高比例冻结可能影响公司控制权稳定性。 美股上涨 ...

上交所对祥源文旅下发监管工作函，就公司信息披露事项明确监管要求。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][12]. Core Insights - The company, Yaoji Technology, reported a revenue of 2.108 billion yuan for the first three quarters of 2025, a year-on-year decline of 24.42%. The net profit attributable to shareholders was 390 million yuan, down 8.00% year-on-year [5][6]. - The decline in revenue is primarily attributed to a contraction in digital marketing business and ongoing pressure on downstream advertising demand. However, the overall gross margin improved to 44.46%, up 6.16 percentage points year-on-year due to the lower-margin digital marketing segment shrinking [6]. - The upcoming festive season is expected to boost demand in the core leisure and entertainment business, with historical data indicating significant revenue growth during this period [6]. - The short drama industry remains vibrant, with the market expected to reach 67.79 billion yuan in 2025, growing by 34.40% year-on-year. The company is well-positioned with its Shanghai International Short Video Center, which has developed over 200 high-fidelity indoor scenes [7]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 3.376 billion yuan, 3.584 billion yuan, and 3.854 billion yuan, respectively. The net profit attributable to shareholders is expected to be 546.55 million yuan, 626.38 million yuan, and 741.86 million yuan for the same years [10][11]. - The earnings per share (EPS) are forecasted to be 1.31 yuan, 1.50 yuan, and 1.78 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 17.80, 15.53, and 13.11 [10][11].

Group 1 - The communication industry saw a net inflow of 57.14 billion yuan in main funds, leading the market [2][3] - The overall net inflow of main funds in the Shanghai and Shenzhen markets was 17.43 billion yuan, ending a nine-day streak of net outflows [2] - Other industries with significant net inflows included electric power equipment (22.38 billion yuan) and electronics (11.57 billion yuan) [2] Group 2 - Among individual stocks, the top three with the highest net inflows were Zhongji Xuchuang (14.43 billion yuan), Xinyi Sheng (10.73 billion yuan), and Tian Tongxin (8.93 billion yuan) [3] - Haima Automobile also attracted a net inflow of 8.25 billion yuan, with its business strategy focusing on three main areas: customized vehicle platforms, hydrogen energy vehicle operations, and smart travel services [3] - A total of 75 stocks experienced net outflows exceeding 1 billion yuan, with notable outflows from Xue Ren Group, Pingtan Development, and Ningde Times [3][4]

证券研究报告：传媒 | 公司点评报告 发布时间：2025-12-22 股票投资评级 增持|维持 个股表现 -34% -27% -20% -13% -6% 1% 8% 15% 22% 29% 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 昆仑万维 传媒 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 39.99 | | --- | --- | | 总股本/流通股本（亿股）12.55 / 12.54 | | | 总市值/流通市值（亿元）502 / 502 | | | 52 周内最高/最低价 | 49.98 / 27.23 | | 资产负债率(%) | 17.9% | | 市盈率 | -30.76 | | 第一大股东 | 北京盈瑞世纪软件研发 | | 中心(有限合伙) | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 昆仑万维(300418) 前瞻布局世界模型，持续关注 AI 算力芯片进展 ⚫ 事件回顾 12 月 11 日，AI 视频生成独角兽 Runw ...

天威视讯12月22日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 深股通专用 | 1022.32 | 2910.13 | | 买二 | 机构专用 | 833.73 | 1573.07 | | 买三 | 兴业证券股份有限公司莆田东圳东路证券营业部 | 696.62 | 0.17 | | 买四 | 光大证券股份有限公司深圳香蜜湖路证券营业部 | 621.98 | 613.27 | | 买五 | 东方财富证券股份有限公司拉萨团结路第一证券营业 | 547.74 | 41.12 | | | 部 | | | | 卖一 | 深股通专用 | 1022.32 | 2910.13 | | 卖二 | 机构专用 | 833.73 | 1573.07 | | 卖三 | 方正证券股份有限公司泉州津淮街证券营业部 | 72.42 | 1507.52 | 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.35亿元，其中，买入成交额为4339.74 万元，卖出成交额为9161.79万元，合计净卖出4822.04万元。 ...

沪指12月22日上涨0.69%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为通信、综合，涨幅 分别为4.28%、2.63%。跌幅居前的行业为传媒、银行，跌幅分别为0.61%、0.52%。传媒行业位居今日 跌幅榜首位。 传媒行业今日下跌0.61%，全天主力资金净流出22.63亿元，该行业所属的个股共129只，今日上涨的有 37只；下跌的有84只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的个股有33只，净 流入资金居首的是福石控股，今日净流入资金2680.86万元，紧随其后的是巨人网络、粤传媒，净流入 资金分别为2675.69万元、958.54万元。传媒行业资金净流出个股中，资金净流出超亿元的有7只，净流 出资金居前的有中国电影、三七互娱、电广传媒，净流出资金分别为2.01亿元、1.89亿元、1.71亿元。 （数据宝） 传媒行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300071 | 福石控股 | 2.16 | 8.15 | 2680.86 | | 00255 ...

12月22日，A股市场整体上涨。 截 至 收 盘 ， 上 证 指 数 收 报 3917.36 点 ， 上 涨 0.69% ， 深 证 成 指 收 报 13332.73 点 ， 上 涨 1.47%，创业板指收报3191.98点，上涨2.23%，北证50指数上涨0.24%。A股市场合计成交 18824.11亿元，较上一交易日增加1334.73亿元。 | | | 今日资金净流出前五大行业 | | | --- | --- | --- | --- | | 行业 | 涨跌幅 | 净流入资金 (亿元) | 资金流出较多个股 | | 医药生物 | -0. 21% | -52. 80 | 药明康德 | | 国防军工 | 0. 20% | -48.02 | 航天电子 | | 商贸零售 | -0. 46% | -35. 38 | 永辉超市 | | 银行 | -0. 81% | -30. 44 | 民生银行 | | 传媒 | -0. 58% | -28. 43 | 吉比特 | 1. A股市场全天主力资金净流入17.43亿元 今日A股市场主力资金开盘净流入22.16亿元，尾盘净流出9.74亿元，全天净流入17.43亿 元。 | | | ...

Core Viewpoint - The article discusses the "spring market" phenomenon in the capital market, highlighting its significance as a seasonal trend and a key opportunity for investors to position themselves for the upcoming year, particularly with the expectations for 2026 as the start of the "14th Five-Year Plan" [1] Group 1: Understanding the "Spring Market" - The "spring market" refers to a phase of upward movement in the market from year-end to the first quarter, driven by multiple factors such as policy expectations, liquidity environment, fundamental outlook, and market risk appetite [2] - Over the past seven years (2019-2025), the spring market has shown a high frequency of positive returns, occurring in four out of seven years, with notable variations in strength and structural characteristics [2][3] - The performance of major indices during the spring market varies significantly, with growth stocks generally outperforming, but specific leading sectors changing each year [2][4] Group 2: Drivers of the Spring Market - The spring market is supported by three seasonal positive factors: 1. Policy expectation window, where the December Central Economic Work Conference sets the tone for the following year's economic policies, creating a fertile ground for thematic investments [5] 2. A relatively friendly liquidity environment, as banks increase credit to achieve a "good start" for the year, providing potential incremental funds to the stock market [5] 3. A performance data vacuum in the first quarter, allowing the market to focus on medium to long-term trends without immediate earnings constraints [6] Group 3: Outlook for 2026 - The conditions for the spring market in 2026 appear more mature, with a higher probability of occurrence, and the initiation of the market may occur earlier than usual, potentially starting in late December 2025 [7] - High expectations for policy in 2026, as it marks the beginning of the "14th Five-Year Plan," with anticipated policies focusing on technological innovation and industrial upgrades [7][8] - The consensus on profit recovery is forming, with expectations for industrial enterprises to enter a recovery phase in 2026, particularly in the midstream manufacturing sector [8] Group 4: Key Investment Themes - If the spring market unfolds as expected, it is likely to exhibit more balanced and structured characteristics rather than a simple broad-based rally, with three main investment themes: 1. Technology innovation and self-sufficiency, focusing on AI technology and its applications [9] 2. Recovery of cyclical sectors and improvement in supply-demand dynamics, particularly in mid to downstream manufacturing and traditional cyclical industries [9] 3. Low valuation and stable performance assets, with a focus on defensive and steady income-generating sectors, including brokerage firms [10]