上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 【导读】同泰基金旗下两只权益类基金率先披露 2025 年四季报 首批基金四季报亮相！ 1 月 9 日，同泰基金旗下两只权益类基金率先披露 2025 年四季报，这也是首批披露的公募 基金四季报。 2025 年四季报显示，两只普通股票型基金依然保持了较高的股票仓位运作，受净值上涨带 动，基金规模均出现明显增长。基金经理看好算力、半导体、可控核聚变等新质生产力相关 领域，展现出鲜明的成长风格。 首批权益基金四季报披露 继续重仓新质生产力相关领域 1 月 9 日，同泰基金旗下两只权益类基金率先披露 2025 年四季报。 四季报显示，同泰数字经济股票基金延续了既定的投资策略，继续聚焦大科技赛道，前十大 重仓股集中于光器件、算力芯片、半导体设备等核心科技领域，涵盖 AI 算力、半导体国产替 代相关优质标的。 不过，与上季度相比，持仓结构有所调整，前十大重仓股半数换新。其中，中际旭创依然是 第一大重仓股，持股数量有所下降，长川科技也出现小幅减持；海光信息则获大幅加仓，新 易盛、寒武纪也得到增持。工业富联、生益科技、沪电股份、源杰科技 ...

【导读】同泰基金旗下两只权益类基金率先披露 2025 年四季报 中国基金报记者 方丽 孙晓辉 首批基金四季报亮相！ 1 月 9 日，同泰基金旗下两只权益类基金率先披露 2025 年四季报，这也是首批披露的公募 基金四季报。 2025 年四季报显示，两只普通股票型基金依然保持了较高的股票仓位运作，受净值上涨带 动，基金规模均出现明显增长。基金经理看好算力、半导体、可控核聚变等新质生产力相关 领域，展现出鲜明的成长风格。 首批权益基金四季报披露 继续重仓新质生产力相关领域 1 月 9 日，同泰基金旗下两只权益类基金率先披露 2025 年四季报。 四季报显示，同泰数字经济股票基金延续了既定的投资策略，继续聚焦大科技赛道，前十大 重仓股集中于光器件、算力芯片、半导体设备等核心科技领域，涵盖 AI 算力、半导体国产替 代相关优质标的。 不过，与上季度相比，持仓结构有所调整，前十大重仓股半数换新。其中，中际旭创依然是 第一大重仓股，持股数量有所下降，长川科技也出现小幅减持；海光信息则获大幅加仓，新 易盛、寒武纪也得到增持。工业富联、生益科技、沪电股份、源杰科技、鼎泰高科退出前十 大重仓股之列，杰瑞股份、小鹏汽车 - W ...

天孚通信（300394.SZ）1月3日在投资者互动平台表示，公司定位光器件整体解决方案提供商和光电先 进封装制造服务商，产品广泛应用于电信通信、数据中心、光纤连接和汽车辅助驾驶用激光雷达等领 域，暂不适用于卫星导航或商业航天领域。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司的产品是否有应用于卫星导航、商业航天 领域？贵公司的产品是否适配太空数据中心建设？贵公司是否有参与或计划参与太空数据中心建设？ ...

北交所今日上市的新股N蘅东光大幅高开超1000%。智谱AI概念盘初爆发，德生科技（002908）直线拉 升涨停。 12月31日早盘，A股三大指数集体高开。开盘后小幅震荡，截至发稿，三大指数均翻红。 | 名称 | 序号 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | 10 | 3970.76 | 5.64 | 0.14% | | 深证成指 | 2 | 13623.39 | 19.32 | 0.14% | | 万得全A | 3 | 6424.04 | 2.96 | 0.05% | | 科创综指 | 4 | 1645.57 | 2.99 | 0.18% | | 创业板指 | 5 | 3249.71 | 6.80 | 0.21% | | 北证50 | 6 | 1447.26 | -3.38 | -0.23% | | 沪深300 | 7 | 4663.02 | 11.74 | 0.25% | | 中证500 | 8 | 7480.01 | 21.08 | 0.28% | | 中证800 | 9 | 5138.47 | 13.35 | 0.26% | ...

Group 1: Stock Market Performance - The new stock N Hengtong opened significantly higher, exceeding 1000%, trading at 350 yuan, and remained up over 966% at the time of reporting [4] - The A-share market saw all three major indices open higher, with the Shanghai Composite Index at 3970.76, up 0.14%, and the Shenzhen Component Index at 13623.39, also up 0.14% [3] - Various sectors such as education, retail, real estate, semiconductors, automotive, consumer electronics, and AI glasses were active at the market opening, while sectors like shipbuilding, diversified finance, and precious metals saw declines [3] Group 2: AI and Technology Sector - The Zhipu AI concept sector experienced a surge, with Desheng Technology hitting the daily limit, and other companies like BlueFocus and Hand Information showing significant gains [7] - Zhipu AI updated its Hong Kong IPO details, confirming the issuance of 37.42 million new shares at a price of 116.20 HKD per share, with a potential total of 43.03 million shares if the over-allotment option is exercised [9] Group 3: Education Sector - The education sector was active, with Kevin Education hitting the daily limit and other companies like Zhonggong Education and Dou Shen Education also rising [10] - The Ministry of Education announced plans to further promote AI in education, with a policy document expected by 2026 to establish a future-oriented education system [10] Group 4: Robotics and Industrial Sector - The robotics sector showed repeated activity, with companies like Wanxiang Qianchao and Wuzhou Xinchun achieving multiple consecutive gains [11] - The Ministry of Industry and Information Technology, along with other departments, issued a plan to accelerate the application of AI in key areas of the automotive industry, promoting the large-scale use of intelligent robots [11] Group 5: Mining and Materials Sector - Zijin Mining announced an expected net profit of approximately 51 to 52 billion yuan for 2025, representing a year-on-year increase of about 59% to 62%, attributed to increased production and rising sales prices of key minerals [11] - The long-term storage concept saw gains, with Hefei Urban Construction hitting the daily limit, and other companies in the sector also performing well [12]

Summary of Key Points from Conference Call Records Industry Overview - **Chemicals Industry**: Benefiting from anti-involution policies and domestic demand recovery, with specific sectors like pesticides, refrigerants, organosilicon, and phosphate chemicals seeing improved profitability. The chemical sector index has significantly risen since July 2025, indicating a potential oil price bottom in the first half of 2026 [1][3][6]. - **New Energy Materials**: Experiencing explosive growth in downstream demand, particularly in electric vehicles and energy storage, while upstream resources are limited and midstream capacity expansion lags behind demand, leading to price increases for lithium and cobalt [1][3]. - **Electronics Industry**: Supported by AI hardware demand, semiconductor capacity expansion, and domestic policies, with increased demand for electronic chemicals and storage chips [1][4]. - **Non-ferrous Metals**: Supply constraints due to resource scarcity, rising extraction costs, and geopolitical disturbances, alongside sustained demand from photovoltaics and energy storage, have driven prices of copper, gold, and silver to historical highs, with expectations for copper prices to continue rising in the first half of 2026 [1][4][19]. Core Insights and Arguments - **Chemical Sector Performance**: The chemical sector index has risen nearly 40% since July 2025, despite marginal performance declines in Q2 to Q4. The reversal in supply-demand dynamics, particularly on the supply side, has been a key driver of stock price increases [6][12]. - **Investment Opportunities**: The polyester industry chain, particularly PTA and its derivatives, is highlighted as having significant price elasticity and potential for investment due to high concentration and recent price increases driven by global oil demand [7][9]. - **Refrigerants Market**: The refrigerants industry is expected to see price increases due to changes in supply-demand dynamics and anti-dumping measures, with applications in automotive and liquid cooling sectors [10][11]. Additional Important Insights - **PPI Recovery**: The Producer Price Index (PPI) has shown signs of recovery, with a notable decrease of 2.3% year-on-year in September, but the decline has narrowed significantly [5]. - **Weak Dollar Environment**: The overall weak dollar trend is expected to persist, providing unexpected opportunities despite changes in interest rate expectations [5]. - **Electronics Price Trends**: Significant price increases have been observed in the electronics supply chain, particularly in wafer manufacturing, storage, and analog devices, driven by increased demand and supply constraints [13]. - **Communication Sector**: The optical device sector is experiencing price increases due to rising demand for 1.6T optical modules and 800 laser modules, with expectations for continued price growth in the fiber optics market [15][16]. Future Outlook - **Chemical Industry**: The chemical sector is still in the early stages of a bull market, with expectations for significant performance improvements in 2026 [12]. - **Non-ferrous Metals**: Continued price increases are anticipated for major metals like copper and aluminum, with a focus on demand-side changes in the latter half of 2026 [22]. - **Lithium Battery Materials**: Prices for lithium and its derivatives are expected to rise due to strong demand growth outpacing supply, with projections for lithium carbonate prices to reach 150,000 to 200,000 yuan [24][25]. - **Copper Foil and Membrane Materials**: The copper foil industry is expected to see significant elasticity due to potential supply-demand gaps, while the membrane industry is facing challenges due to long expansion cycles [27][28].

Core Viewpoint - The article discusses the upcoming IPOs of three companies in the A-share market, highlighting the issuance price and business focus of each company, with a particular emphasis on Shaanxi Tourism as the second highest-priced IPO of the year [1] Group 1: Shaanxi Tourism - Shaanxi Tourism's issuance price is set at 80.44 CNY per share, making it the second highest-priced IPO on the main board this year [1] - The company integrates tourism performance, cable cars, dining, and project investment and management, leveraging high-quality tourism resources like Huaqing Palace and Huashan [2] - Projected revenues for 2022 to 2024 are 232 million CNY, 1.088 billion CNY, and 1.263 billion CNY, with net profits of -72 million CNY, 427 million CNY, and 512 million CNY respectively [2] - The funds raised will be used for acquiring stakes in various projects including Taihua Cableway and Shaohua Mountain tourism cableway [3] Group 2: New Guangyi - New Guangyi's issuance price is 21.93 CNY per share, with a single account subscription limit of 8,500 shares [4] - The company specializes in high-performance special functional materials, particularly anti-overflow special films, and has become the market leader in this segment in China [4] - Projected revenues for 2022 to 2024 are 455 million CNY, 516 million CNY, and 657 million CNY, with net profits of 82 million CNY, 83 million CNY, and 116 million CNY respectively [4] - The raised funds will be invested in functional material projects [5] Group 3: Hengdongguang - Hengdongguang's issuance price is 31.59 CNY per share, with a single account subscription limit of 461,200 shares [6] - The company focuses on the research, manufacturing, and sales of passive optical devices in the optical communication field, with products used in AI data centers and telecommunications [7] - Projected revenues for 2022 to 2024 are 475 million CNY, 613 million CNY, and 1.315 billion CNY, with net profits of 55 million CNY, 65 million CNY, and 148 million CNY respectively [8] - The funds raised will be used for expanding manufacturing bases and establishing an optical research center [8]

根据发行安排，本周（12月22日—12月26日），A股市场将有3只新股申购，为沪市主板的陕西旅游、 创业板的新广益和北交所的蘅东光，其中陕西旅游、新广益将于本周一开启申购，蘅东光将于周二申 购。 公司于2010年成功研发出与国外竞争对手性能可比的抗溢胶特种膜，成为了国内少数几家掌握抗溢胶特 种膜关键制备技术的厂商之一。随后几年，公司持续进行技术升级和工艺迭代，产品性能不断提高、市 场占有率稳步提升，陆续与全球排名前10的多家FPC厂商建立了深入合作关系，成为了鹏鼎控股、维信 电子、紫翔电子等全球知名客户抗溢胶特种膜的重要供应商。目前，公司已成为抗溢胶特种膜的国内细 分龙头厂商，市场占有率位居全国第一。 值得注意的是，陕西旅游的发行价为80.44元/股，是今年以来发行的主板新股中发行价位列第二高的新 股。 2022年度—2024年度，公司实现营业收入分别为4.55亿元、5.16亿元、6.57亿元，归属于母公司所有者 的净利润为0.82亿元、0.83亿元、1.16亿元。 资料显示，陕西旅游是以"景区+文化旅游"为核心业务的旅游目的地企业龙头，新广益是抗溢胶特种膜 国内细分龙头厂商，蘅东光是AI数据中心光器件细分龙 ...

业绩方面，2022年至2024年，陕西旅游分别实现营业收入2.32亿元、10.88亿元、12.63亿元，分别实现 净利润-0.72亿元、4.27亿元、5.12亿元。2025年前三季度，陕西旅游实现营业收入8.89亿元，实现净利 润3.69亿元。 蘅东光是AI数据中心光器件细分龙头企业，发行价为31.59元/股。 蘅东光聚焦光通信领域无源光器件产品的研发、制造与销售，主营业务产品包括无源光纤布线产品及无 源内连光器件产品，主要应用于数据中心领域，最终使用方覆盖光模块厂商、数据中心和电信领域用户 等，在数据中心市场的主要终端用户为谷歌、亚马逊、微软、甲骨文。 业绩方面，2022年至2024年，蘅东光分别实现营业收入4.75亿元、6.13亿元、13.15亿元，分别实现净利 润0.55亿元、0.65亿元、1.48亿元。2025年前三季度，蘅东光实现营业收入16.25亿元，实现净利润2.24 亿元。 业绩方面，2022年至2024年，新广益分别实现营业收入4.55 亿元、5.16亿元、6.57亿元，分别实现净利 润0.82亿元、0.83亿元、1.16亿元。2025年前三季度，新广益实现营业收入5.21亿元，实现净利润1 ...

根据目前的发行安排，下周有三只新股申购，创业板、沪市主板、北交所新股各有一只。 从日程安排看，周一（12月22日）可申购创业板新股新广益、沪市主板新股陕西旅游，周二（12月23日）可申购北交所新股蘅东光。 | | 下周新股申购安排 | | | | | --- | --- | --- | --- | --- | | 日期 | 新股 | 发行价/股 | 发行市盈率 | 上市板 | | 周一 (12月22日) | 新广益 (申购代码: 301687) | 21.93元 | 28.59 | 创业板 | | | 陕西旅游 (申购代码:732402) | 80.44元 | 12.37 | 沪市主板 | | 周二 | 衛东光 | | | | | (12月23日) | (申购代码: 920045) | 31.59元 | 14.99 | 北交所 | 陕西旅游的发行价为80.44元/股，发行市盈率为12.37倍，参考行业市盈率为26.9倍。公司本次公开发行股票数量为1933.33万股，网上发行申购上限 为19000股，顶格申购需配沪市市值19万元。 Wind数据显示，在今年以来发行的主板新股中，陕西旅游是发行价第二高的新股，也是 ...