本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【12月22日：看好多行业相对收益，中长期看多黄金】2025年12月，被看好相对收益的行业有家电、电 力及公用事业、国防军工、电子、计算机和保险。黄金、白银、铜和原油的VIX抬升，中长期仍看多黄 金。白银的VIX处于历史极大值，需警惕超买后的回调风险。 ...

Investment Rating - The report maintains a positive outlook on the computer industry, recommending key targets such as Hand Enterprise, Wuxi Unicomp Technology Co., Ltd., Beijing Kingsoft Office Software, Newland Digital Technology, Hikvision, Hygon, and Dawning Information Industry [3][9]. Core Insights - The AI foundation model industry in China is experiencing accelerated productization and capitalization, with significant advancements from Volcengine, which released Doubao 1.8 and Seedance 1.5 Pro, achieving global leadership in multimodal capabilities and processing over 50 trillion tokens daily [10]. - Zhiyuan AI and MiniMax have successfully passed HKEX hearings and are expected to list in early 2026, providing a quantifiable market valuation benchmark for the industry [10]. - The Ministry of Industry and Information Technology has issued L3 autonomous driving permits, marking a transition to conditional commercialization, with specific models from Changan and BAIC Arcfox approved for limited road use [11]. - Domestic GPU companies are actively pursuing capital market entry to support R&D and market expansion, with TianShu ZhiXin planning to raise 300 to 400 million USD and other companies like Biren Technology and Kunlun Chip Technology advancing their listings [12]. Summary by Sections AI Foundation Models - The report highlights the rapid advancements in AI technology, particularly with the release of Doubao 1.8 and Seedance 1.5 Pro, which have significantly reduced operational costs for enterprises [10]. - The successful IPO preparations of Zhiyuan AI and MiniMax are expected to enhance the industry's financial landscape and provide a basis for future valuations [10]. Autonomous Driving - The issuance of L3 autonomous driving permits signifies a critical step towards commercial applications, with safety regulations emphasizing the responsibility of manufacturers over drivers [11]. GPU Market Developments - The report notes a surge in domestic GPU companies seeking public listings to fund advanced chip development, reflecting strong market interest and a shift towards self-reliance in semiconductor technology [12].

格隆汇12月22日丨高澜股份(300499.SZ)在投资者互动平台表示，冷板式液冷与浸没式液冷并非绝对替 代关系，而是针对不同应用场景的互补技术方案，目前冷板式仍是市场主流应用方案，但浸没式液冷则 在超高功率密度场景中展现出独特技术价值。公司覆盖两类技术路线，其中"浸没式数据中心液冷装备 关键技术与应用"经鉴定达到国际先进水平。后续公司将持续探索并迭代热管理创新技术。 ...

Core Viewpoint - The article discusses various ETFs tracking the STAR Market indices, highlighting their focus on high-growth sectors such as technology and healthcare, and their respective performance metrics since inception. Group 1: STAR Market ETFs - The STAR Market 50 ETF tracks the STAR Market 50 Index, composed of 50 large-cap and liquid stocks, with over 65% in semiconductors and nearly 80% in sectors like medical devices and software development [2] - The STAR Market 100 ETF tracks the STAR Market 100 Index, focusing on 100 mid-cap stocks, with over 80% in electronics, pharmaceuticals, and electrical equipment, and a notable 1.8% increase in its performance [2] - The STAR Market Comprehensive Index ETF covers all securities in the STAR Market, focusing on core industries such as AI, semiconductors, and new energy, with a performance increase of 1.7% [2] Group 2: Performance Metrics - The rolling price-to-earnings (P/E) ratio for the STAR Market 50 ETF is 155.4 times, with a valuation percentile of 95.7% since its launch in 2020 [2] - The rolling P/E ratio for the STAR Market 100 ETF is 184.5 times, reflecting a high valuation since its inception on August 7, 2023 [2] - The rolling P/E ratio for the STAR Market Comprehensive Index ETF is 202.5 times, indicating a strong valuation since its launch on January 20, 2025 [2] Group 3: Growth Focus - The STAR Growth 50 ETF tracks the STAR Growth Index, consisting of 50 stocks with high growth rates in revenue and net profit, with a significant focus on electronics and pharmaceuticals, which account for 23% of the index [2]

计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从A股市场中选取涉及软件开发、IT 服务、硬件制造等业务的上市公司证券作为指数样本，以反映计算机行业相关上市公司证券的整体表 现。该指数具有显著的成长性和技术导向性特征，能够较为全面地体现计算机行业的市场动态和发展趋 势。 财通证券指出，全球大模型正从"快问快答的生成模型"迈向"能推理、能行动的智能体"，行业焦点从基 准测试转向真实场景中改造用户行为与任务流程的能力。AI竞争重心从"跑分领先"转向"直达用户、驱 动行动"，能否将模型能力嵌入操作系统与超级App，将自然语言翻译为可执行动作成为核心。头部厂 商从追求算力堆砌转向算法与训练范式优化，构建具备长链条推理、自我反思与工具调用能力的"慢思 考"体系。AI正在重塑生产方式与人才结构，推动人类从"手工生产者"转向"任务设计者"。国内厂商如 DeepSeek通过开源路径实现高推理密度与低成本，豆包、千问、可灵等在入口和场景侧落地，形成"模 型—入口—算力"三线合围。未来核心竞争力将体现在思考链设计、行动链编排及对AI生产方式的驾驭 能力上。 （文章来源：每日经济新闻） ...

资料显示，秦宁（内蒙古）光电科技有限公司法定代表人为雷彪，成立于2023年，位于呼和浩特市，是 一家以从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本1000万人民币，并已于2025 年完成了天使轮，交易金额数千万人民币。 12月22日，天眼查融资历程显示，秦宁（内蒙古）光电科技有限公司近日获得"天使轮"融资，涉及融资 金额数千万人民币，投资机构为中赢创投。 来源：市场资讯 天眼查信息显示，秦宁（内蒙古）光电科技有限公司的股东为：刘红忠、内蒙古秦宁智能企业管理合伙 企业（有限合伙）、内蒙古秦宁基石企业管理合伙企业（有限合伙）、内蒙古秦宁迈纳企业管理合伙企 业（有限合伙）。 ...

证券研究报告|2025年12月22日 资配跨年展望 春季躁动，你想知道的一切 资产配置研究·深度报告 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 请务必阅读正文之后的免责声明及其项下所有内容 01 全球资产 02 AH大势 03 风格 04 行业规律 05 技术实操 请务必阅读正文之后的免责声明及其项下所有内容 全球权益资产的"跨年行情"或"春季躁动"是否成立 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 全球资产的"跨年红包"与"春季行情"。1）季节效应上看，历年Q4全球主要市场股指涨幅更高，海外央行年末释放鸽派信号、外企 "岁末双薪"入市，圣诞假风偏提升驱动全球权益资产的"跨年红包"行情；2）大宗商品方面，Q1季节性偏强，黄金Q1强于Q4，银、 铜Q4强于Q1，布油四个季度表现逐季递减，受 OPEC 配额调整、冬季取暖和春季出行预期影响，一季度弹性偏大；3）全球资产如何共 振，中国"春季 ...

编者荐语： 转载自申万宏源证券上海分公司，仅供参考。近两周主力资金合计净流出2489.28亿元，主力资金净流入额前三的行业为商贸零售、钢铁和银行，主力资 金净流出额前三的行业为电子、电力设备和计算机。 以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 数据速看： 1.主力资金： 近两周主力资金合计净流出2489.28亿元，主力资金净流入额前三的行业为商贸零售、钢铁和银行，主力资金净流出额前三的行业为电子、 电力设备和计算机。 2.融资融券数据 ：当前市场融资融券余额为24993.66亿元，较上期上升0.62%，其中融资余额24825.56亿元，融券余额168.09亿元。本期两融日均交易额为 1888.46亿元，较上期上升9.41%，其中融资日均净买入1881.21亿元，较两周前上升9.48%，融券日均净卖出7.24亿元，较上期下降5.15%。近两周融资净买 入前三的行业分别为电子、国防军工和通信；融券净卖出前三的行业分别为食品饮料、医药生物和基础化工。 3.涨跌情况： 近两 ...

Group 1: Macroeconomic Insights - The unexpected decline in the US CPI for November is attributed to statistical "distortion" due to government shutdown disruptions, with a shorter data collection period and promotional season affecting price statistics [1] - The market's reaction to this "distorted" data is limited, with a high probability of maintaining interest rate pauses at 72.3% until further data is released in December [1] Group 2: Market Strategy - Historical trends indicate a "spring rally" in the A-share market, driven by monetary policy adjustments and significant economic data releases, suggesting a potential upward market movement [2] - The recent strong market performance may signal the beginning of the 2026 cross-year rally, with a focus on growth and consumer sectors for industry allocation [2] Group 3: Bond Market Observations - The secondary market for publicly listed REITs has seen a continuous decline, with a weighted REITs index return of -2.74% for the week [3] - The issuance of credit bonds has decreased, with industrial bonds accounting for 44.07% of the total issuance, reflecting a 12.44% week-on-week decline [4] Group 4: Industry Research - Computer Sector - The global tech investment enthusiasm remains strong, with a structural differentiation between "strong computing power" and "weak applications," suggesting a focus on AI applications in 2026 [7] - Three main investment lines are recommended: industry empowerment, overseas application, and edge AI, highlighting companies with strong industry know-how and high overseas revenue [7] Group 5: Non-Banking Sector Insights - In a low-interest-rate environment, equity assets have become crucial for insurance companies to enhance investment returns, with a record high of 9.3% equity asset ratio among five listed insurers [8] - The proposed regulatory framework aims to improve asset-liability management in insurance companies, enhancing long-term operational resilience [9] Group 6: Energy Sector Developments - In November, power generation increased by 2.7% year-on-year, with improvements in nuclear, solar, and wind energy growth rates [10] - The storage and hydrogen sectors are expected to see continued investment opportunities, driven by ongoing demand and new project launches [11] Group 7: Metal Industry Analysis - The copper market is expected to see price increases, supported by a tight supply-demand balance and rising commercial net long positions [12] - Investment recommendations include companies like Zijin Mining and Luoyang Molybdenum, with a focus on potential risks from economic conditions and supply releases [12] Group 8: Chemical Industry Insights - The semiconductor materials sector is experiencing accelerated growth due to AI and data center demands, with a focus on high-purity materials [14] - Companies with technological advantages and strong customer ties in high-end materials are recommended for investment [14] Group 9: Medical Sector Developments - Ant Group's AI health assistant has rapidly gained popularity, transforming healthcare management through a digitalized approach [15] - Investment focus includes AI and home medical devices, offline health check-ups, and pharmaceutical retail [15] Group 10: Company-Specific Research - Taihe Co., Ltd. is recognized for its leading technology and capacity in core products, with significant profit growth expected from new product registrations [16] - The company is projected to achieve net profits of 4.55 billion, 5.64 billion, and 6.83 billion yuan from 2025 to 2027, with a target price of 33.67 yuan [16] Group 11: Media Sector Insights - The advertising demand from internet clients remains strong, with potential revenue growth from new business initiatives [17] - Profit forecasts for 2025 and 2026 have been slightly adjusted downwards, reflecting cautious optimism amid macroeconomic conditions [17] Group 12: TMT Sector Developments - Xiaomi's long-term AI strategy emphasizes substantial R&D investments, indicating a commitment to sustainable growth in AI applications [18] - The company is projected to achieve non-IFRS net profits of 426 billion, 438 billion, and 510 billion yuan from 2025 to 2027 [18] Group 13: Medical Device Sector Insights - The company is a leader in the interventional field, with significant revenue growth from overseas and peripheral products [19] - Profit forecasts have been adjusted due to potential policy impacts, with expected net profits of 6.33 billion, 7.05 billion, and 8.48 billion yuan from 2025 to 2027 [19]

光大证券主要观点如下： 中国AI应用的三大机遇：实业深耕、外展出海、端侧重构 中国AI的工业场景红利：我国拥有全球唯一完整的工业体系，能提供高价值的现实世界数据/应用场景/ 能源供应，并将催生多元的Agent形态。现代化产业体系建设在"十五五"规划建议中提升至首位，预 计"人工智能+"将在十五五期间获政策密集支持。 智通财经APP获悉，光大证券发布研报称，2025年全球科技投资热情不减，但呈现"强算力、弱应用"的 结构性分化。明年在C端寻找AI原生的交互范式、在B端深入高含金量的垂类场景赋能，其中蕴含较大 的机会。2026年建议关注确定性较高的三条主线：1)产业赋能：重点关注拥有行业Knowhow和数据的公 司。2)应用出海：优先考虑海外收入占比高的AI应用企业。3)端侧AI：爆品出现概率增加，AI硬件品牌 商以及算法厂商受益。 2025年全球科技投资热情不减，但呈现"强算力、弱应用"的结构性分化 全球科技巨头大幅扩大资本开支，上游的算力芯片/配套硬件直接受益，但与此同时计算机/软件板块面 临三重压力：1)软件公司业绩增速整体远低于算力链;2)与硬件相比，软件公司估值并不便宜;3)"大模型 吞噬软件"的担忧持 ...