2025年底，高盛、摩根大通、摩根士丹利、瑞银、汇丰、德勤等多家头部外资组织陆续发布2026年商场 展望，纷繁传递出对我国股票商场的活跃预期。 外资组织的看多立场并非根据短期博弈，而是建立在企业盈余添加提速、微观方针协同发力及人民币增 值等逻辑之上。外资组织普遍以为，驱动我国股票商场上涨的核心动力，正从2025年的"估值修正"转向 2026年的"盈余生长"。 值得一提的是，2025年外资继续扫货我国财物。华泰证券发布的最新陈述显现，截至12月20日，2025年 以来全球出资于我国财物的ETF累计取得831亿美元的资金净流入。就职业分布来看，科技板块获外资 流入最多，到达95亿美元。 看多逻辑从"估值"转向"盈余" 外资组织研判，2026年我国股市将进入由基本面主导的新阶段。 事实上，外资组织对我国上市公司的盈余猜测普遍上调。 12月22日，高盛研究部首席我国股票战略分析师刘劲津及团队发布最新陈述，猜测我国股票商场到2027 年底有望实现38%的涨幅。 高盛估计，这一涨幅的首要驱动力来自企业盈余添加，2026年和2027年我国企业盈余将分别添加14%和 12%。此外，高盛还指出，上市公司海外营收添加估计将推进M ...

证券日报网讯12月30日，乾照光电（300102）在互动平台回答投资者提问时表示，公司目前是国内砷化 镓太阳能电池外延片第一供应商，并积极布局国际市场。公司已储备太阳能电池规模化生产的产能，能 够满足公司未来在商业航天领域的增长需求。此外，公司通过延伸应用场景至商业"空天地"全领域，积 极把握商业航天发展（000547）机遇，持续稳固公司砷化镓太阳能电池市场份额的领先地位。 ...

Core Viewpoint - Zhongjie Energy Solar Co., Ltd. announced an adjustment to the maximum repurchase price of its shares to 6.57 CNY per share, effective from January 8, 2026, due to the implementation of the third-quarter profit distribution for 2025 [1] Group 1: Repurchase Overview - The company plans to use its own funds and a special loan for stock repurchase, with a total repurchase fund range of 100 million to 200 million CNY, and an initial maximum repurchase price of 6.69 CNY per share [2] - As of the announcement date, the company has repurchased a total of 10.93 million shares, accounting for 0.28% of the total share capital as of September 30, 2025, with a total transaction amount of approximately 49.86 million CNY [2] Group 2: Price Adjustment Reasons and Specifics - The adjustment of the repurchase price is due to the distribution of cash dividends, with a cash dividend of 0.631238 CNY per 10 shares being distributed to shareholders [3] - The new maximum repurchase price is calculated as the previous price of 6.63 CNY per share minus the cash dividend of 0.0631238 CNY per share, resulting in the adjusted price of 6.57 CNY per share [3] Group 3: Repurchase Scale Estimation - After the price adjustment, the estimated number of shares that can be repurchased ranges from approximately 15.22 million shares (0.39% of total share capital) at the lower fund limit to about 30.44 million shares (0.78% of total share capital) at the upper fund limit [4] - The company will continue to implement the repurchase plan in accordance with relevant regulations and market conditions [4]

开源证券研报指出，爱旭股份深耕太阳能电池领域16载，积淀了深厚的技术壁垒。2021年，公司率先发 布ABC技术，并于业内最早实现N型BC的GW级量产。当前，公司专注于光伏发电核心产品的研发与制 造，并提供覆盖"光-储-用"一体化的整体解决方案，核心产品包括高效太阳能电池、ABC组件以及多元 场景化应用方案。公司ABC组件凭借高功率、高安全、高颜值等优势，市场认可度与影响力迅速提 升。该行预计公司2025-2027年归母净利润为-5.4/11.3/21.1亿元,当前股价对应2026-2027年PE为25.7/13.9 倍。首次覆盖给予"增持"评级。 ...

12月30日，博威合金涨1.02%，截至发稿，报21.87元/股，成交1.30亿元，换手率0.73%，总市值179.68 亿元。 资料显示，宁波博威合金材料股份有限公司位于浙江省宁波市鄞州区云龙镇太平桥，成立日期1994年1 月22日，上市日期2011年1月27日，公司主营业务涉及高性能、高精度有色合金棒、线、板带新材料的 研发、生产和销售。太阳能电池片及组件的研发、生产和销售;精密切割丝、精密电子线、焊丝的设 计、研发、生产与销售。主营业务收入构成为：新材料产品77.63%，新能源产品21.23%，其他1.14%。 汇添富国证2000指数增强A（019318）基金经理为吴振翔、王星星。 截至发稿，吴振翔累计任职时间15年332天，现任基金资产总规模197.81亿元，任职期间最佳基金回报 202.04%， 任职期间最差基金回报-31.53%。 王星星累计任职时间2年186天，现任基金资产总规模24.24亿元，任职期间最佳基金回报74.84%， 任职 期间最差基金回报-0.53%。 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 ...

12月30日，爱旭股份跌1.02%，截至发稿，报13.55元/股，成交1.14亿元，换手率0.53%，总市值286.89 亿元。 截至发稿，张凯累计任职时间13年50天，现任基金资产总规模19.92亿元，任职期间最佳基金回报 130.54%， 任职期间最差基金回报-43.75%。 杨腾累计任职时间4年33天，现任基金资产总规模27.53亿元，任职期间最佳基金回报30.03%， 任职期 间最差基金回报-35.71%。 李宜璇累计任职时间8年8天，现任基金资产总规模97.22亿元，任职期间最佳基金回报117.38%， 任职 期间最差基金回报-34.64%。 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，不构成个人投资建 议。 资料显示，上海爱旭新能源股份有限公司位于浙江省义乌市苏溪镇好派路699号，成立日期1996年8月12 日，上市日期1996年8月16日，公司主营业务涉及太阳能电池的研发、生产和销售。主营业务收入构成 为：太阳能组件74.44%，太阳能电池片18.58%，受托加工5.63%，技 ...

12月29日，博威合金跌0.69%，成交额5.25亿元。两融数据显示，当日博威合金获融资买入额7021.17万 元，融资偿还6224.83万元，融资净买入796.33万元。截至12月29日，博威合金融资融券余额合计10.36 亿元。 融资方面，博威合金当日融资买入7021.17万元。当前融资余额10.33亿元，占流通市值的5.81%，融资 余额超过近一年80%分位水平，处于高位。 责任编辑：小浪快报 截至12月19日，博威合金股东户数4.65万，较上期增加0.92%；人均流通股17656股，较上期减少 0.91%。2025年1月-9月，博威合金实现营业收入154.74亿元，同比增长6.07%；归母净利润8.81亿元，同 比减少19.76%。 分红方面，博威合金A股上市后累计派现16.94亿元。近三年，累计派现9.23亿元。 机构持仓方面，截止2025年9月30日，博威合金十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股1084.19万股，相比上期增加592.59万股。诺安先锋混合A（320003）位居第八大流通股 东，持股831.59万股，为新进股东。光伏ETF（515790）退出十大流通股东之 ...

Core Viewpoint - The silver market is experiencing significant volatility, with a sharp decline in prices following a substantial increase earlier in the month. Despite short-term risks, the long-term outlook for silver remains bullish due to structural supply-demand imbalances [1][2]. Group 1: Short-term Risks - The first risk is tax-driven selling, as investors holding significant unrealized gains may sell before year-end to benefit from long-term capital gains tax rates, leading to selling pressure in the last trading days of 2025 [4]. - The second risk involves a potential strengthening of the US dollar, driven by strong GDP growth data, which typically exerts pressure on dollar-denominated commodities [5]. - The third risk is an increase in margin requirements for silver, which may reduce leverage and speculative demand. Current margin levels are at 17%, significantly higher than the peak levels during the 2011 silver price crash [6][7]. - The fourth risk is technical selling, as analysts suggest silver is in an "overbought" condition. However, some argue that the price increase is driven by rigid demand from the solar industry rather than purely technical factors [8]. - The fifth risk is the threat of copper substitution in industrial applications, particularly in the solar manufacturing sector, which could lead to technical selling despite the long-term transition period required for such a shift [10][11]. Group 2: Market Dynamics - A technical pressure is anticipated from the upcoming annual rebalancing of the Bloomberg Commodity Index in January 2026, which may force passive funds to sell approximately 9% of their silver futures positions, exacerbating market volatility [12]. - Despite these short-term risks, the long-term fundamentals for silver remain strong, with significant structural tightness in the physical market indicated by a large premium of spot prices over futures [13]. - Investment demand for silver is not overly crowded, with speculative net long positions at 19% of open interest, compared to 31% for gold, suggesting room for further price increases [14]. - The solar industry is expected to drive long-term demand for silver, with projections indicating a rise in silver demand from 290 million ounces in 2025 to 450 million ounces by 2030, fundamentally altering the silver market landscape [14].

记者丨曾静娇 叶麦穗 编辑丨刘雪莹 美东时间周一，美股三大指数集体低开后跳水，科技股、黄金股普跌，中概股多数下跌；贵金属市场全 线下挫，白银、铂金、钯金暴跌超10%，黄金跌至4310美元附近；国际油价持续走高。 科技股普跌，截至北京时间23:00，七巨头多数下跌，仅苹果小幅上涨0.2%，英伟达、特斯拉跌超2%； 闪迪跌超4%，甲骨文跌超1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 - | 年初至今 | | --- | --- | --- | --- | --- | | 特斯拉(TESLA) | 462.790 | -12.400 | -2.61% | 14.60% | | 英伟达(NVIDIA) | 186.465 | -4.065 | -2.13% | 38.89% | | 脸书(META PLATFORMS) | 657.990 | -5.300 | -0.80% | 12.73% | | 谷歌(ALPHABET)-C | 313.590 | -1.370 | -0.43% | 65.31% | | 亚马逊(AMAZON) | 232.280 | -0.240 | -0.10% | 5.88% | | ...

Core Viewpoint - Foreign institutions are optimistic about the Chinese stock market for 2026, shifting their focus from "valuation repair" in 2025 to "profit growth" in 2026, driven by accelerating corporate earnings, macro policy support, and RMB appreciation [1][2][5]. Investment Trends - As of December 20, 2025, global investment in Chinese assets through ETFs has seen a net inflow of $83.1 billion, with the technology sector receiving the most inflow at $9.5 billion [1][9]. - Active foreign capital is expected to return to the Chinese stock market, with some institutions already increasing their positions in preparation for 2026 [10][12]. Earnings Forecasts - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, with corporate earnings expected to grow by 14% in 2026 and 12% in 2027 [3]. - UBS forecasts an increase in the Hang Seng Tech Index target to 7,100 points and the MSCI China Index target to 100 points by the end of 2026, indicating significant upside potential [3]. Valuation Insights - Morgan Stanley and Goldman Sachs believe there is still about a 10% potential for valuation repair in the Chinese stock market, which will support market growth [4][5]. - JPMorgan has upgraded its rating on the Chinese market to "overweight," citing reasonable valuations and light positions among international investors [4]. Sector-Specific Opportunities - The technology sector is highlighted as a core focus for profit growth, with opportunities in artificial intelligence, semiconductors, and high-end manufacturing [6]. - Traditional industries are also attracting foreign investment, with improvements in state-owned enterprise profitability and dividend increases acting as a dual engine for market growth [7][8]. Market Dynamics - The report indicates that the Chinese stock market will enter a new phase dominated by fundamentals, with a focus on structural investment opportunities [2][5]. - The anticipated return of active foreign capital is expected to be driven by improving corporate fundamentals, a weaker dollar, and the attractiveness of RMB assets [12].