2025.12. 17 本文字数：2672，阅读时长大约5分钟 作者 | 第一财经 周楠 继摩尔线程之后，又一国产GPU龙头登陆A股市场，再度点燃市场热情。12月17日，沐曦股份 （688802.SH）登陆科创板，上市首日涨幅高达692.95%。当天，三大指数悉数收涨，创业板涨超 3%。 当前，距离2025年收官仅剩10个交易日，市场调整将如何演绎？跨年行情又会否如期而至？多家券 商做出了预判。 "考虑本轮上涨行情的底层逻辑并未动摇，我们认为市场中期趋势仍然向好。"中金公司研究部国内 策略首席分析师李求索说。 对于跨年行情，第一财经梳理发现，券商首席普遍持乐观预判。国泰海通首席策略分析师方奕认为， 交易层面，保收益降仓位已步入尾声，岁末年初的再配置与机构资金回流有望改善市场流动性和活跃 成交，跨年攻势已经开始。 资金层面上，有券商提到，近期，A股成交额和换手率再度回升，显示资金正在积极寻找跨年行情的 机会。 资金面和情绪面现回暖迹象 12月17日，三大指数集体反弹，截至收盘，沪指报收3870.28点，涨1.19%；深成指和创业板指分 别收涨2.4%和3.39%。两市成交额1.81万亿，较上一交易日增加约870 ...

Market Overview - The market experienced a collective rebound, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 3%, as more than 3,600 stocks in the market saw gains [1] - The computing hardware sector showed strong performance, with stocks like Zhongci Electronics and Huanxu Electronics hitting the daily limit, while major players in optical modules also surged [1] - The lithium battery industry chain strengthened, with Jinyuan Co. achieving two limit-ups in four days and Tianji Co. hitting the daily limit [1] - The financial sector gained momentum in the afternoon, with Huatai Securities nearing a limit-up and China Pacific Insurance rising over 4% [1] Sector Analysis - High-profile stocks experienced a collective decline, with companies like Tongyu Communication and Zhongchao Holdings hitting the daily limit down [2] - The financial sector's afternoon surge was notable, with Huatai Securities and China Pacific Insurance leading the gains, alongside other major financial institutions [3] - The market's focus on computing hardware is attributed to its "performance certainty + growth potential," with expectations that the structural transformation seen in 2025 will continue into 2026 [6] Investment Themes - The technology innovation sector is contributing positively to industry profits, with TMT and advanced manufacturing leading the gains this year [7] - Industries linked to global demand or increased overseas penetration are also showing strong performance, including non-ferrous metals, automotive, home appliances, and machinery [7] - Key areas of focus for 2026 include AI supply-demand gaps, energy storage demand recovery, and the copper market's dependence on global fundamentals [8] AI Development - The AI application sector is entering a new catalytic phase, with ByteDance's Seed team launching a new audio-video creation model that supports various tasks [9] - Recent advancements in AI applications are being driven by major players enhancing their model capabilities and frameworks, with Alibaba's upgrade of "Tongyi - Qwen" being particularly notable [10] - The overall outlook for the AI application sector is optimistic, with consumer internet and marketing-related scenarios expected to benefit first from these developments [10]

继摩尔线程之后，又一国产GPU龙头登陆A股市场，再度点燃市场热情。12月17日，沐曦股份 （688802.SH）登陆科创板，上市首日涨幅高达692.95%。当天，三大指数悉数收涨，创业板涨超3%。 当前，距离2025年收官仅剩10个交易日，市场调整将如何演绎？跨年行情又会否如期而至？多家券商做 出了预判。 "考虑本轮上涨行情的底层逻辑并未动摇，我们认为市场中期趋势仍然向好。"中金公司研究部国内策略 首席分析师李求索说。 对于跨年行情，第一财经梳理发现，券商首席普遍持乐观预判。国泰海通首席策略分析师方奕认为，交 易层面，保收益降仓位已步入尾声，岁末年初的再配置与机构资金回流有望改善市场流动性和活跃成 交，跨年攻势已经开始。 资金层面上，有券商提到，近期，A股成交额和换手率再度回升，显示资金正在积极寻找跨年行情的机 会。 资金面和情绪面现回暖迹象 12月17日，三大指数集体反弹，截至收盘，沪指报收3870.28点，涨1.19%；深成指和创业板指分别收涨 2.4%和3.39%。两市成交额1.81万亿，较上一交易日增加约870亿元。 各板块中，算力硬件概念表现活跃，中瓷电子（003031.SZ）、环旭电子（60123 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 碳酸锂强势运行 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 108620 元/吨，较前日 上涨 8020 元/吨（+7.97%），近 10 个交易日整体呈现上升走势。 【现货市场】碳酸锂现货价格为 97080 元/吨，较前日上涨 1.22%， 近 10 个交易日整体呈现上升走势。 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 碳酸锂 | 日报 2025 年 12 月 17 日 碳酸锂日报 专业研究·创造价值 【基差分析】当前基差为-9920 点，负基差（现货贴水），较前日 走弱 4890 点，近 10 个交易日基差整体走弱。 【仓单情况】 ...

Market Overview - The market experienced a collective rebound, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 3%. The total trading volume in the Shanghai and Shenzhen markets reached 1.81 trillion yuan, an increase of 87 billion yuan compared to the previous trading day. Over 3,600 stocks in the market saw gains [1][2]. Sector Performance - The computing hardware sector showed strong performance, with stocks like Zhongci Electronics and Huanxu Electronics hitting the daily limit. The optical module giants also saw significant increases. The lithium battery supply chain strengthened, with Jinyuan Co. achieving two limit-ups in four days and Tianji Co. hitting the daily limit. In the financial sector, Huatai Securities approached the daily limit, and China Pacific Insurance rose over 4% [1][2][3]. Key Events and Predictions - Reports indicate that OpenAI is negotiating with Amazon for at least $10 billion in financing and plans to use Amazon's AI chips. LightCounting predicts that the global optical module market could exceed $37 billion by 2029, with a peak demand for 800G optical modules expected in 2025, potentially doubling the global shipment volume [2][3]. - According to Guojin Securities, a new wave of lithium battery production expansion combined with breakthroughs in solid-state technology is expected to accelerate industry capital expenditure from 2023 to 2025. Supply-side reforms are anticipated to reverse the supply-demand dynamics, leading to price increases in certain segments [3]. Individual Stock Movements - Despite the overall market rebound, some previously popular sectors, such as commercial aerospace, saw significant declines, with stocks like Tongyu Communication and Zhongchao Holdings hitting the daily limit. The Fujian sector also faced downturns, with stocks like Anji Food and Pingtan Development hitting the daily limit [5]. - The A500 ETF recorded a massive trading volume of nearly 53 billion yuan, significantly outpacing the trading volume of the CSI 300 ETF, which totaled 16.95 billion yuan [9]. Future Market Analysis - The afternoon market saw a significant increase in trading volume, with all three major indices closing in the green. The ChiNext Index successfully rebounded and regained its position above the 5-day moving average. While this rebound does not guarantee a reversal in the market trend, it boosts confidence in halting the downward movement of the indices [7]. - The performance of the computing hardware and financial sectors will be crucial for future market trends. If these sectors maintain an upward trajectory, it could attract more incremental capital into the market [7].

Core Viewpoint - The article discusses the upcoming 2025 (10th) Lithium Battery Industry Annual Conference and the Lithium Battery Golden Tripod Award Ceremony, highlighting the event's focus on new cycles, technologies, and ecosystems in the lithium battery sector [5][6]. Event Details - The event will take place on December 18-19, 2025, at the Venus Royal Hotel in Shenzhen [5]. - The main theme is "New Cycle, New Technology, New Ecology" [5]. - The event is organized by Qidian Lithium Battery, Qidian Energy Storage, and Qidian Research Institute SPIR [5]. Sponsorship and Participation - The event features exclusive sponsorship from Pioneering Technology and includes various companies such as Huizhou Tonghu Eco-Wisdom Zone Management Committee, Yifei Laser, and many others as sponsors and speakers [3][4]. - Notable invited companies for the anniversary dinner include BASF, CATL, BYD, and others [3]. Agenda Overview - The first day includes a series of sessions focusing on cylindrical battery technology, innovations in battery materials, and market trends [6][7]. - Key topics include the release of the 2025 Global Lithium Battery Industry White Paper and discussions on new standards for cylindrical batteries [6][7]. - The second day will focus on user-side energy storage and battery technology forums, with sessions on household storage applications and commercial energy storage trends [8][9]. Key Sessions and Speakers - Notable speakers include Li Zhenqiang, Chairman of Qidian Research, and various executives from leading companies in the lithium battery industry [6][7][8]. - The agenda features roundtable discussions on the future of battery technology and its applications in various sectors [7][9]. Registration and Participation Fees - The registration fee is set at 2888 RMB per person, which includes access to the conference, meals, and copies of the industry white papers [16].

Group 1 - The core viewpoint of the article highlights a significant decline in high-priced stocks, while computing hardware stocks experience a widespread rebound [1] - A total of 49 stocks reached the daily limit up, with 8 stocks in a continuous rise, and 4 stocks achieving three consecutive limit ups [1] - The upgrade rate for limit-up stocks was 30.76%, excluding ST and delisted stocks, indicating a notable shift in market sentiment [1] Group 2 - Over 3,600 stocks in the market saw an increase, but high-priced stocks faced a substantial retreat, with Longzhou Co. experiencing a second consecutive limit down, negatively impacting short-term sentiment [1] - Popular stocks such as Pingtan Development, Anji Food, Sun Cable, and Shunhao Co. also hit the limit down, reflecting a broader trend of declining investor confidence in high-priced stocks [1] - In contrast, computing hardware stocks showed a strong rebound, with key players like Tianfu Communication and New Yi Sheng rising over 9%, and Zhongji Xuchuang increasing nearly 7% [1] Group 3 - The liquid cooling server segment performed actively, with Yidong Electronics hitting the limit up, and Feilong Co. accelerating on reduced volume [1] - The lithium battery sector also saw a rebound, led by lithium mining stocks, with Jinyuan Co. achieving two limit ups in four days, and major players like Dazhong Mining and Shengxin Lithium Energy hitting the limit up [1] - Notably, the main contract for lithium carbonate on the Guangqi Exchange surged nearly 9% during trading, approaching 110,000 yuan per ton [1]

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index rose over 1%. The market saw a significant divergence between sectors, with the micro-cap stock index dropping over 1%. The total trading volume in the Shanghai and Shenzhen markets was 1.02 trillion yuan, a decrease of 98.7 billion yuan compared to the previous trading day. Over 3,700 stocks declined across the market [1][10] - The lithium mining sector showed strong performance, with Jin Yuan Co. and Shengxin Lithium Energy hitting the daily limit. The computing hardware sector also performed actively, with Huanxu Electronics reaching the daily limit and major optical module companies collectively rising [1][6] Individual Stock Highlights - Nuxi Co. debuted on the Shanghai Stock Exchange's Sci-Tech Innovation Board with an issue price of 104.66 yuan per share. On its first trading day, the stock price surged over 700%, reaching a peak of 895 yuan, and closed at 824.5 yuan, marking a 687.8% increase from the issue price. The theoretical maximum profit from one subscription could reach 395,000 yuan, surpassing the previous high of Moer Thread, making it the most profitable new stock since the full registration system was implemented in A-shares [1][2][29] Sector Performance - The lithium battery sector collectively strengthened, with stocks like Tianji Co., Shengxin Lithium Energy, and Dazhong Mining hitting the daily limit. The price of lithium carbonate futures rose over 8%, approaching 110,000 yuan per ton [6][8] - The tourism and hotel sectors saw significant gains, with stocks like Qujiang Cultural Tourism and Nanjing Commercial Travel hitting the daily limit. Data from Qunar Travel indicated that hotel bookings for popular cities from January 1 to 3, 2026, increased threefold year-on-year [4][14] Investment Opportunities - Analysts suggest focusing on leading companies in the lithium battery sector and those involved in solid-state technology, as a new round of production expansion and technological breakthroughs are expected to drive industry capital expenditure [8] - The small metals sector also showed strong performance, with tungsten prices rising sharply. The price of tungsten concentrate exceeded 400,000 yuan per ton, and ammonium paratungstate (APT) prices surpassed 600,000 yuan per ton [8][9]

转自：智通财经 【收评：三大指数集体反弹 算力硬件、锂电产业链爆发】智通财经12月17日电，市场集体反弹，沪指 涨超1%，创业板指涨超3%。沪深两市成交额1.81万亿，较上一个交易日放量870亿。盘面上，市场热点 轮番活跃，全市场超3600只个股上涨。从板块来看，算力硬件概念表现活跃，中瓷电子、环旭电子等多 股涨停，"易中天"光模块三巨头大涨。锂电产业链走强，金圆股份4天2板，天际股份涨停。大金融方向 午后发力，华泰证券盘中一度逼近涨停，中国太保涨超4%。下跌方面，福建板块下挫，安记食品、平 潭发展跌停。板块方面，能源金属、算力硬件、电池、保险等板块涨幅居前，海南、军工等板块跌幅居 前。截至收盘，沪指涨1.19%，深成指涨2.4%，创业板指涨3.39%。 ...

Market Performance - The market experienced a collective rebound with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 3% [1] - As of the close, the Shanghai Composite Index rose by 1.19% to 3870.28, the Shenzhen Component Index increased by 2.4% to 13224.51, and the ChiNext Index climbed by 3.39% to 3175.91 [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.81 trillion, an increase of 87 billion compared to the previous trading day [1][6] Sector Performance - Key sectors that performed well included energy metals, computing hardware, batteries, and insurance, while sectors such as Hainan and military industries saw declines [3] - The computing hardware sector was notably active, with stocks like Zhongci Electronics and Huanxu Electronics hitting the daily limit, and major gains in the "Yizhongtian" optical module trio [2] - The lithium battery supply chain also showed strength, with Jinyuan Co. achieving two limit-ups in four days and Tianji Co. hitting the daily limit [2] Market Breadth - A total of over 3600 stocks in the market saw gains, with 3626 stocks rising, 198 remaining flat, and 1635 declining [4] - The limit-up performance rate was recorded at 71%, with 49 stocks hitting the limit-up and 20 stocks reaching the limit-down [6]