这一平台背后，是香洲区深化国企改革、系统性开放应用场景的区级战略。今年，该区构建"6+1"国企 新方阵，并释放出涵盖人工智能、低空经济等十大领域的百余项场景需求。"创享荟"的启动，正是将改 革"蓝图"转化为发展"实景"的关键落子。 不止于"联谊" 如何让政府产业平台不止于政策宣导，而是真正触及企业痛点？12月9日，珠海香洲区推出的"创享 荟"产业生态平台试图给出答案。据发布数据显示，截至目前，"创享荟"平台已通过12亿元政府投资基 金，成功撬动超过60亿元社会资本，引进高端人才超200位，扶持超40家企业在各类创赛中获奖，积累 知识产权1100余项，其中发明专利超500项。 直击发展痛点 企业见证赋能之变 平台的真实价值，最终由企业用脚投票。"以前更多是政府出政策，现在有这个平台作为支撑，直接对 接企业最头疼的融资、法务等问题。"和氏工业技术股份有限公司董事长王丽萍坦言，如今企业遇到难 题，已习惯"直接打电话找平台负责人"，并能获得快速响应与对接。 对于更需资源支持的初创企业，这种赋能更为具体。开洋新材料创始人程亦球表示，平台在研发、中 试、场景对接、市场拓展上提供了多维支撑，"帮助对接头部客户，显著加快了产 ...

以下文章来源于申万宏源策略 ，作者申万宏源策略 本周市场超跌反弹，但仍在我们推演的"牛市两段论"格局之内。牛市1.0已处于高位区域，AI产业链"产业趋势大波段没结束 + 中小波段有波折 + 大波段性价比阶段性不足"。这神似2014年初的创业板、2018年初的食品饮料、2021年初的新能源。季度级别的高位震荡后，"怀疑牛市级别"的 调整正在演绎，消化性价比问题。 参考历史经验，当前科技成长调整幅度已过半，但调整时间仍不足。科技调整到牛熊分界线附近，可能就是中期底部区域，目前进程已过半。但 时间到位难度更大，关键是等待产业催化累积和业绩验证消化估值。长期性价比修复到历史中位，可能就是上行趋势重启的节点。这通常需要回 调消化估值和业绩消化估值效果叠加。所以，调整幅度到位后，可能还有一个震荡磨底的阶段。 调整和磨底后，有牛市2.0的判断不变。"牛市两段论"是A股牛市周期的典型特征，2013年结构牛，2015年全面牛，2016-17年结构牛，2020-21年 全面牛，中间都有休整蓄力阶段。当前只是25年结构牛高位区域，26年中，基本面周期性改善 + 科技产业趋势新阶段 + 居民资产配置向权益迁 移 + 中国影响力提升共 ...

以下文章来源于申万宏源策略 ，作者申万宏源策略 一、本周市场超跌反弹，但科技成长消化性价比问题的调整，幅度已过半、时间仍不足。 调整幅度时间的历史经验：科技调整到牛熊分界线附近，就是中期底部区域，但 可能出现"幅度到位，时间不足"。时间上，关键是等待产业催化和业绩验证消化估值，长期性价比修复到历史中位，可能就是上行趋势重启的节点。 二、春季行情的级别和定位：进攻资产(科技和顺周期)有效反弹容易出现，但向上突破逻辑难兑现，春季行情上限不高。 春季行情在"牛市两段论"中的定位：春季行情可 能是高位震荡行情中的一波反弹(总体市场更偏向此情形)；或者是调整幅度到位，向震荡阶段过渡的一波反弹(科技更偏向此情形)。 三、短期小幅反弹，春季行情有效反弹。 "政策底"可能提前验证 + 周期涨价 + 26年中PPI同比改善预期，顺周期可能是春季行情的基础资产，看好基础化工和工业技术等 周期Alpha。科技总体调整幅度到位，可能出现普遍反弹。重点关注，性价比矛盾本就较小 + 春季有望兑现产业催化的创新药和国防军工。AI算力、存储、储能、机器人 等也会有反弹机会。港股延续高beta特征，恒生科技调整更充分，反弹波段也会更有弹性。 ...

Core Viewpoint - The A-share market has experienced declines in November, with the Shanghai Composite Index down 1.67%, the Shenzhen Component Index down nearly 3%, and the ChiNext Index down over 4%. As December approaches, various brokerages have released their recommended stocks for the month, revealing interesting trends in investment preferences [1]. Group 1: Popular Stocks - Midea Group is highlighted as a "popular stock" for December, being included in the recommendation lists of four brokerages. The company shows strong fundamentals in its home appliance business, rapid growth in its new energy and industrial technology sectors, and recent advancements in AI and robotics [3]. - Zhongji Xuchuang is also recommended by three brokerages, having increased by over 8% in November, with a current stock price of 514.5 yuan. The company has a clear technological advantage in the optical module field and is seeing a steady increase in overseas orders [4]. - Not all recommended stocks performed well; for instance, Goldwind Technology saw a decline of 1.85% in November, which may present a better entry opportunity for investors [4]. Group 2: Hot Investment Sectors - The cyclical sector is favored by multiple brokerages, particularly in the basic chemicals and industrial technology fields. Analysts suggest that the end-of-year policy window may validate a "policy bottom," potentially serving as a catalyst for economic growth in 2026 [5]. - The consumer sector is also noted, with a focus on previously lagging consumer stocks that tend to perform better during market fluctuations. The trend of consumption upgrading continues, especially among leading high-end and essential consumer goods, which exhibit strong defensive characteristics and stable long-term returns [5]. - The technology growth sector is advised to focus on less crowded areas. After adjustments in October, concerns regarding AI have largely dissipated, making sectors like gaming, media, and computing more attractive in terms of valuation [5]. Group 3: Mid to Long-term Investment Strategies - A combination of cyclical stocks and policy bottom strategies is recommended, with a focus on monitoring end-of-year policy developments, especially in fiscal and industrial policies, targeting leading companies in chemicals and industrial technology [6]. - Differentiated investments in the technology sector are advised, avoiding overheated AI stocks and concentrating on reasonably valued segments like gaming, media, and computing, with a patient approach to waiting for rotation opportunities [7]. - A balanced allocation strategy is suggested, with 30% in high-dividend, low-volatility financial and consumer leaders as a stabilizing force, and 70% in cyclical and technology growth sectors for aggressive positioning [8]. - A global perspective is encouraged to capture opportunities in resource commodities like gold and copper, as well as in manufacturing sectors benefiting from overseas interest rate cuts, preparing for a potential global economic recovery [8].

11月的A股真是让人磨性子，沪指深证成指创业板指都在震荡调整，不少朋友跟我吐槽，手里的票拿也 不是卖也不是，眼看12月来了，到底该往哪使劲？作为做了20年财经记者、一直盯着中长线的投资者， 今天就用聊天的方式，跟大家拆解券商刚出炉的12月金股，看看机构都在偷偷布局啥。 还有一块不能忽视的是防御性资产，光大证券提到，市场震荡的时候，前期滞涨的高股息和消费板块往 往表现更稳。对中长线投资者来说，不用把所有资金都押在进攻型品种上，配一些高股息低波动的资 产，能让持仓更稳健。另外，海外降息和财政扩张的大背景下，黄金、铜这些全球定价的资源品，还有 受益于海外信用周期重启的外需制造业，也可以左侧关注起来，提前卡位布局。 做了20年财经记者，我一直跟大家说，中长线投资拼的不是猜短期涨跌，而是看逻辑、看趋势。12月的 市场大概率还是以震荡蓄势为主，但机会已经在慢慢浮现：顺周期跟着政策底和经济修复的逻辑走，科 技选低拥挤赛道避开风险，高股息做防御打底。咱们不用被短期的市场波动牵着鼻子走，盯着这些核心 方向，找估值合理、逻辑扎实的标的，耐心持有，自然能等到趋势兑现。 要不要我帮你把这些核心方向对应的优质标的清单整理出来，方便你直 ...

Group 1 - The market experienced a rebound after a significant decline, but the adjustment in technology growth stocks has only partially addressed the value-for-money issue, with the adjustment amplitude over half but time still insufficient [2][4][5] - Historical experience suggests that when technology adjustments reach near the bull-bear boundary, it indicates a mid-term bottom area, but there may be a scenario of "amplitude in place, time insufficient" [2][4][5] - The current adjustment in technology growth stocks has passed the halfway mark, but the time required for recovery is more challenging, relying on industry catalysts and performance verification to digest valuations [2][4][5] Group 2 - The spring market is positioned as a potential rebound within a high-level consolidation phase, with two possible scenarios: a rebound in the high-level consolidation phase or a transition from adjustment to a bottom consolidation phase [5][6] - The spring market may see effective rebounds in offensive assets (technology and cyclical stocks), but upward breakthroughs are difficult to achieve, limiting the upper bound of the spring market [6][7] - The cyclical sector is expected to be the foundational asset for the spring market, with a focus on basic chemicals and industrial technology, while technology stocks may also see a general rebound due to improved short-term value-for-money [7][8] Group 3 - The "bull market two-stage theory" is a typical feature of the A-share bull market cycle, with historical examples indicating that structural bull markets are often followed by comprehensive bull markets after consolidation phases [5][6] - The current market is in a structural bull high position, with expectations for a comprehensive bull market to potentially begin in 2026 due to cyclical improvements in fundamentals and shifts in asset allocation towards equities [5][6] - The report highlights the importance of waiting for industry catalysts and performance verification to restore long-term value-for-money to historical medians, which may signal the restart of an upward trend [2][4][5]

Group 1 - The market experienced a rebound after a significant decline, but the adjustment in technology growth stocks regarding cost-performance issues has passed the halfway mark, with insufficient time for recovery [2][5][6] - Historical experience suggests that when technology adjustments reach near the bull-bear boundary, it indicates a mid-term bottom area, but there may be a situation of "sufficient amplitude, insufficient time" [2][5][6] - The current adjustment in technology growth stocks has exceeded half of its amplitude, but the time for recovery remains challenging, requiring industry catalysts and performance validation to digest valuations [5][6][7] Group 2 - The spring market is positioned as a potential rebound within a high-level consolidation phase, with effective rebounds in offensive assets (technology and cyclical stocks) likely to occur, but upward breakout logic may be difficult to realize [6][7][8] - The spring market may either be a rebound in the high-level consolidation phase of the bull market 1.0 or a transition from the adjustment phase to a bottom consolidation phase [6][7][8] - The spring market's upper limit may be constrained, as offensive assets are not yet sufficient to lead the market breakout, and the conditions for technology stocks to break upward are stricter [7][8][9] Group 3 - Short-term small rebounds are expected, with the spring market likely to see effective rebounds driven by a "policy bottom" and cyclical price increases, particularly in basic chemicals and industrial technology [8][9] - The overall adjustment amplitude of technology stocks is likely to be sufficient for a widespread rebound, with a focus on sectors like innovative pharmaceuticals and national defense [9] - The Hong Kong stock market continues to exhibit high beta characteristics, with the Hang Seng Technology index showing more substantial adjustments and greater rebound elasticity [9]

Core Viewpoints - The current adjustment is characterized as a "doubtful bull market level," indicating that the major trends in the AI industry chain have not ended, although there are short-term fluctuations and a temporary lack of cost-effectiveness in large trends. This situation resembles historical patterns observed in early 2014, early 2018, and early 2021 [1][3][5] - The "two-stage bull market theory" remains unchanged, suggesting that the transition from Bull Market 1.0 to 2.0 is a typical feature of the A-share bull market cycle. The transition period is expected to occur in the first half of 2026, with a full bull market potentially starting in the second half of 2026 [1][5][6] Summary by Sections Adjustment Phase - The adjustment phase is seen as a "doubtful bull market level," where the AI industry chain is experiencing a lack of cost-effectiveness, leading to a market correction. Historical experiences indicate that such adjustments are typical and often occur in quarterly cycles [3][4] - The current market conditions show that the implied equity risk premium (ERP) in sectors like telecommunications and electronics is still above historical lows, while the price-to-earnings (PE) ratios are at absolute historical highs [3][4] Spring Market Outlook - The spring market is expected to be more promising post-adjustment, with economic growth needing to maintain a high level to achieve the 2035 medium-developed country goal. The third quarter of 2025 showed weak economic performance, and December 2025 is seen as a critical window for laying out economic policies for 2026 [6][7] - The technology sector is anticipated to see a rapid improvement in cost-effectiveness, with institutional investors reducing their technology holdings in the short term. The micro-structural improvements in the technology sector are also expected to play a significant role in the spring market rotation [6][7] 2026 Industry Style and Rhythm Outlook - The transition from Bull Market 1.0 to 2.0 is expected to favor high-dividend defensive stocks. The actual improvement in economic sentiment will catalyze cyclical stocks to lead index breakthroughs, with technology trends and manufacturing global influence being the main themes of the bull market [8] - In the spring of 2026, the early validation of policy bottoms, cyclical price increases, and improved year-on-year PPI expectations will provide a foundation for cyclical assets. Key areas of focus include basic chemicals, industrial technology, innovative pharmaceuticals, and defense industries, with potential rebounds in AI computing power, storage, energy storage, and robotics [8]

Group 1 - The report indicates that the current adjustment phase is characterized as a "doubtful bull market level," with the AI industry chain experiencing a significant trend that has not yet ended, while smaller fluctuations are present and the cost-effectiveness of large trends is temporarily insufficient. This situation resembles historical patterns observed in early 2014 with the ChiNext, early 2018 with food and beverage, and early 2021 with new energy [4][6][7] - The "bull market two-stage theory" remains unchanged, confirming the high-level area of the bull market 1.0 phase. The transition from bull market 1.0 to 2.0 is expected to occur in the first half of 2026, with a focus on the accumulation of conditions for a comprehensive bull market and adjustments in industry trends to digest cost-effectiveness issues [6][7][9] - The report emphasizes that while adjustments are occurring, it is crucial to maintain a firm belief in the bull market. The adjustment phase is seen as a potential bottom, particularly when it aligns with the core track's bull-bear boundary [6][7] Group 2 - The report expresses optimism for the spring market following the adjustment, highlighting that achieving the 2035 medium-developed country goal requires maintaining a high economic growth rate. The economic performance in Q3 2025 was weak, and December 2025 is identified as a critical window for laying out economic policies for 2026, with the possibility of an early verification of the "policy bottom" [7][8] - Two key clues for the spring market are discussed: first, the management's emphasis on economic growth and the potential early verification of the "policy bottom"; second, the mid-term upward trend of the technology industry remains unchanged, with the AI industry still in "stage 3" and moving towards "stage 4," indicating non-linear growth in industry profits [8][9] - The report anticipates that the transition from bull market 1.0 to 2.0 will favor high-dividend defensive strategies, with the actual improvement in economic sentiment catalyzing a breakthrough in cyclical stocks, while the technology industry's trend and global influence of manufacturing will be the main lines of the bull market [9] Group 3 - The report outlines expectations for the 2026 industry style rhythm, indicating that cyclical stocks may serve as the foundational assets for the spring market, with basic chemicals and industrial technology being highlighted as higher elasticity directions. The technology sector is expected to rebound, focusing on innovative pharmaceuticals and national defense industries [9][10] - Specific sectors such as AI computing power, storage, energy storage, and robotics are anticipated to have rebound opportunities in the spring [9][10] - The report includes quantitative sentiment indicators and ETF tracking data, providing insights into market dynamics and investor sentiment [2][17]

Group 1 - The core proposal involves the privatization of Jingyang Group through the cancellation of all planned shares at a price of HKD 0.245 per share, representing a premium of approximately 87.0% over the last trading price of HKD 0.131 on November 5, 2025 [1] - The offeror, Watlow Electric Manufacturing Company, is a world-class industrial technology group focused on developing advanced thermal systems for high-demand industrial applications [2] - The offeror holds over 1,100 patents and employs more than 4,000 team members across various technology centers and manufacturing bases in the US, Mexico, Europe, and Asia [2] Group 2 - The offeror is wholly owned by TWE Intermediate Holdings, Inc., which is a subsidiary of TWE Holdings, LLC, holding a 59% stake owned by TWE Aggregator Holdings, LLC, which in turn is 87% owned by Tinicum L.P. [2] - Tinicum L.P. and its associated investment partnerships manage a diversified group of companies across manufacturing, distribution, and industrial technology sectors, with approximately USD 3.8 billion in assets under management [2]