"经济是肌体，金融是血脉"，这一深刻论断在"十四五"时期的黑龙江资本市场发展实践中得到生动印 证。黑龙江资本市场深度融入区域经济发展大局，精准对接国家战略需求，紧密贴合地方特色产业脉 络，在推动产业转型升级的进程中，成为不可或缺的重要驱动力。 为激活产业发展动能，黑龙江资本市场通过拓宽直接融资渠道、优化上市公司结构、并购重组等一系 列"组合拳"，解决了企业发展的资金难题，优化了产业发展的生态格局，实现资本市场与区域产业发展 同频共振。 黑龙江资本市场板块结构持续优化。"含科量"的不断跃升，成为黑龙江资本市场提质增效的重要标志。 创业板、科创板上市公司数量较"十三五"时期增加了50%，市值前10名公司中，超半数为科技企业或科 技含量比较高的企业。 黑龙江资本市场融资结构呈现"再融资为主、IPO为辅"的鲜明特征，彰显了资本市场对黑龙江企业的持 续赋能。其中，首发募集资金（IPO）89.09亿元，为企业新的发展按下"启动键"；再融资金额达279.64 亿元（含可转债），约为IPO规模的三倍，通过增发、可转债等工具为已上市优质企业"持续输血"，支 持其规模扩张与技术改造。这一结构契合黑龙江省产业实际，既助力新兴企业落 ...

Group 1: New Stock Offerings - Jiangtian Technology has a subscription code of 920121, with an issue price of 21.21 yuan per share and a subscription limit of 594,600 shares [1] Group 2: Economic and Regulatory Developments - The China Securities Regulatory Commission (CSRC) emphasizes enhancing market stability and promoting high-quality listed companies, including actions for corporate governance and encouraging dividend repurchases [2] - The State Administration of Foreign Exchange (SAFE) focuses on maintaining a stable foreign exchange market and ensuring the basic balance of international payments [2] Group 3: Industrial Performance - In November, the industrial added value of large-scale enterprises grew by 4.8% year-on-year, with a month-on-month increase of 0.44%. From January to November, the growth was 6.0% year-on-year [3] - The mining industry saw a year-on-year increase of 6.3%, manufacturing grew by 4.6%, and the production and supply of electricity, heat, gas, and water increased by 4.3% in November [3] Group 4: Real Estate Market - In November, the number of cities with rising new home prices increased, with Hefei and Xiangyang showing significant month-on-month price increases [3] Group 5: Technological Advancements - The Ministry of Industry and Information Technology has granted the first batch of L3 conditional autonomous driving vehicle permits, marking a significant step towards commercial application in designated areas [3] - Jingjia Microelectronics has completed key stages for its edge AI SoC chip, indicating progress in semiconductor technology [7] Group 6: Corporate News - Muxi Co., Ltd. will list its shares on the Sci-Tech Innovation Board on December 17 [5] - TCL Technology plans to acquire a 10.77% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan [9] - Zhongwen Online intends to issue H-shares and apply for listing on the main board of the Hong Kong Stock Exchange [11]

Market Overview - On December 15, the Shanghai Composite Index fell by 0.55%, the CSI 300 decreased by 0.63%, the STAR 50 dropped by 2.22%, the CSI 1000 declined by 0.84%, the ChiNext Index fell by 1.77%, and the Hang Seng Index decreased by 1.34% [4] - The best-performing sectors on December 15 were non-bank financials (+1.59%), retail (+1.49%), agriculture, forestry, animal husbandry, and fishery (+1.24%), steel (+0.91%), and building materials (+0.91%). The worst-performing sectors included electronics (-2.42%), telecommunications (-1.89%), media (-1.63%), machinery and equipment (-1.36%), and computers (-1.27%) [4] - The total trading volume for the entire A-share market on December 15 was 1.7944 trillion yuan, with a net inflow of 3.654 billion Hong Kong dollars from southbound funds [4] Important Insights Bond Market Research - The report emphasizes the importance of the People's Bank of China's (PBOC) communication regarding the central economic work conference, which reflects the central bank's specific thoughts on monetary policy for 2026 [5] - The market is focused on changes in the description of monetary policy from the central economic work conference [5] - The report indicates a more gradual approach to easing monetary policy [5] Strategy Report - The report systematically reviews the calendar effects in the A-share market from 2010 to 2025, analyzing excess returns of major indices around key dates [6] - It highlights that the overall market tends to experience a spring rally at the beginning of the year, cautious trading mid-year, and a warm winter close at year-end [6] - The report identifies that Q4 has the highest win rate and return for the Wande All A Index, with a win rate of 66.7% and a median return of 2.9% [7] Industry Insights Machinery Equipment Sector - The report notes that the demand for satellite applications is expected to surge, with a potential breakthrough in rocket supply [8] - It highlights that China's satellite constellation construction is significantly lagging, entering a peak launch period [8] - Investment opportunities are identified in the rocket sector, driven by explosive demand and a shift towards high-frequency, low-cost commercial operations [8]

证券研究报告 | 策略点评 策略点评 证券分析师 程强 2025 年 12 月 15 日 相关研究 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 [Table_Summary] 投资要点： 摘要。2025 年 12 月 15 日周一，A 股市场缩量调整；国债期货市场全线下跌；商 品指数微跌，贵金属延续强势，工业品反弹。 一、市场行情分析 1）股票市场：市场再度缩量调整 权益缩量调整，工业品反弹 缩量调整，科技指数领跌。今日 A 股三大指数集体调整，市场呈现"权重护盘、科 技领跌"的结构性特征。上证指数低开后震荡回落，收盘跌 0.55%至 3867.92 点； 深证成指跌 1.10%至 13112.09 点，创业板指跌 1.77%，收于 3137.80 点；科创 50 指数调整幅度达 2.22%；红利指数逆势上涨 0.75%，或反映硬科技板块情绪显著 降温，资金向高股息防 ...

证券日报网讯12月15日晚间，华数传媒（000156）发布公告称，公司将于2025年12月31日召开2025年第 三次临时股东会。 ...

证券日报网讯 12月15日，慈文传媒在互动平台回答投资者提问时表示，截至12月10日收盘，公司股票 持有人总数为46734户。 （文章来源：证券日报） ...

Macro Dynamics - The Ministry of Commerce and five other departments issued the "Action Plan for Promoting High-Quality Development of Service Outsourcing," aiming to cultivate a group of internationally competitive leading service outsourcing enterprises by 2030 [2] - The plan emphasizes the digitalization, intelligence, greening, and integration of service outsourcing, with a significant increase in employment [2] Steel Industry - As of early December, the steel inventory of key steel enterprises reached 14.75 million tons, a year-to-date increase of 19.2% [3] Fixed Asset Investment - From January to November, national fixed asset investment (excluding rural households) totaled 4.44035 trillion yuan, a year-on-year decrease of 2.6% [4] Financial Institutions - CITIC Bank clarified that it has never cooperated with "KOO Wallet" and warned against fraudulent activities using its name [5] - ICBC announced adjustments to its management of personal precious metal trading business, urging clients to withdraw funds from accounts with no positions or debts [6] Market Data - On December 15, A-shares saw a collective decline, with the Shanghai Composite Index down 0.55% and the ChiNext Index down 1.77%, with a total market turnover of approximately 1.773439 trillion yuan [8] - Hong Kong stocks also fell, with the Hang Seng Index down 1.34% and the Hang Seng Tech Index down 2.48% [9] Company Dynamics - Muxi Co., Ltd. announced that its stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, and will be classified as a growth tier company due to its current unprofitability [10] - Cambrian Technology plans to use 2.778 billion yuan from its capital reserve to offset accumulated losses [11] - Unisoc's board approved the establishment of a Central Research Institute focusing on AI chip architecture and other advanced technologies [12] - Tongrentang announced legal action against a company for unauthorized use of its name on a product with allegedly false labeling [13] - Baina Qiancheng is planning a major asset restructuring and will suspend its stock trading starting December 16, 2025 [14]

上周五公布的11月份社融数据和今天公布的1经济数据显示内需仍然疲软，看了一下外资研报，没有内资机构那么乐观。今天A 股、港股午盘双双跳水，创业板指大跌1.77%，恒生科技大跌2.48%。 我上周多次提醒不要对跨年行情有太高期待，全球股市都处于历史高位，不能天真的认为今年牛市明年还是牛市，股市还能自己 往上涨，就目前的点位，股市想涨就必须要利好推动才行，而三大会议落地后短期内缺乏重磅催化。反过来说，我能明显感觉到 全球股市的疲软，有种该强不强的味道，美联储降息落地后美元走弱，离岸人民币都升值到了7.04了，但人民币资产特别是港股 依然很弱。 就美股来说，市场对AI泡沫的担忧没有缓和。从近期英伟达股价遭抛售，到甲骨文披露人工智能相关支出激增后股价暴跌，再到 围绕 OpenAI 关联企业的市场情绪恶化，种种迹象表明，投资者对人工智能的怀疑情绪正不断升温。展望 2026 年，投资者间的争 论焦点在于：是应在潜在泡沫破裂前控制人工智能领域的投资敞口，还是应加倍押注，借此把握这项颠覆性技术带来的机遇。 机构认为当前AI确实存在泡沫，但又没有像科网泡沫那般极致，英伟达、谷歌和微软的远期市盈率均低于 30 倍。这种局面让投 ...

今日A股分化调整：科技股下挫，航天、消费板块逆势走强 而 "火"的一面则十分耀眼。商业航天概念全线爆发，航天装备精选指数暴涨超过10%，成为市场最亮 眼的明星。大消费方向也表现坚挺，商贸零售、农林牧渔板块涨幅居前。此外，保险股异军突起，中国 平安大涨近5%，推动非银金融板块走强。 行情背后的逻辑是什么？ 投资思考：在价值与随机性之间寻找平衡 理解这一点，能给我们两个关键启示： 首先，风险管理不是空话，它源于对"未知"的敬畏。既然随机性无法消除，投资就必须为"意想不到"留 有余地。这体现在不单押一个方向、控制仓位、用闲钱投资等具体纪律上，目标是确保在市场风暴中能 活下来，等待价值回归。 今日（12月15日），A股市场走出了明显的分化行情。三大指数集体收跌，其中科创50指数重挫 2.22%，领跌主要股指，创业板指也下跌了1.77%。市场整体成交额较前一日明显萎缩，显示观望情绪 有所抬头。 其次，对模型和预测保持警惕。市场中有太多事后看来逻辑完美的解释，以及看似精准的模型。但很多 只是对过去走势的"合理化故事"，而非揭示未来的真理。与其过度依赖复杂模型，不如关注那些不变的 商业本质和周期规律，保持思维的灵活性。 板 ...

简评：11月份国民经济运行总体平稳，延续稳中有进发展态势。但外部不稳定不确定因素较多，国内有 效需求不足，经济运行面临不少挑战。下阶段，更加积极有为的宏观政策有望得以实施，从而持续扩大 内需、优化供给，做优增量、盘活存量，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有 效提升和量的合理增长。 12月15日，国家统计局数据显示，2025年11月份，70个大中城市商品住宅销售价格环比总体下降、同比 降幅扩大。一线城市新建商品住宅销售价格环比下降0.4%，降幅比上月扩大0.1个百分点，同比下降 1.2%，降幅比上月扩大0.4个百分点；二手住宅销售价格环比下降1.1%，降幅比上月扩大0.2个百分点， 同比下降5.8%，降幅比上月扩大1.4个百分点。 简评：11月70城房价数据呈现"环比总体下降、同比降幅扩大"的特征，其中一线城市11月房价表现不 佳，无论是新房还是二手房，同环比跌幅均有所扩大。投资与销售的双降或显示行业仍处于深度调整 期，基本面尚未扭转。往后看，在中央"着力稳定房地产市场"的定调及各地"因城施策"下，房地产市场 有望在结构分化中逐步寻底。 央行12月12日发布2025年11月金融统计数据报告显 ...