Group 1 - The core viewpoint is that the market is still in the first half of a bull market, and investment should focus on three dimensions: the technology industry wave, global competitive output, and the reversal of cyclical dilemmas [1][5] - The A-share market is undergoing profound changes, breaking historical patterns in profit assessment and valuation, with non-financial ROE stabilizing for three consecutive quarters despite traditional economic sectors not showing significant improvement [2][3] - The electronic industry's institutional holdings have reached historical highs, challenging the old belief that a 20% holding indicates a peak, while TMT sector transaction volumes have also set new records during the AI boom [2][3] Group 2 - The future market's core engine relies on substantial improvements in corporate profits, driven by strong external demand and the globalization of Chinese manufacturing capabilities [4][5] - The AI revolution is another key driver, with no signs of bubble formation, and 2026 is expected to be a pivotal year for hardware products in the AI sector [4][6] - The industry configuration for 2026 should focus on technology chains, external demand chains, and opportunities arising from cyclical reversals, with a particular emphasis on sectors like electric equipment and new energy [5][6][7] Group 3 - The innovative drug sector is transitioning from a long R&D phase to an internationalization phase, with Chinese pharmaceutical companies becoming key players in global licensing transactions [7] - Future industries such as humanoid robots, hydrogen energy, and synthetic biology are expected to commercialize sooner due to their relative maturity, leading to improved profit growth expectations across key segments [7] - The industry configuration map for 2026 is clear, emphasizing technology growth as an offensive strategy and cyclical reversals as a stabilizing shield, while enhancing China's global competitive strength [7]

事实上，自2020年以来，A股"结构市"行情特征就相当明显了。例如2020年和2021年的电力设备与新能 源以及"茅"行情，2022年到2024年的红利行情等等。此外，也有一些受益于行业基本面变化的主线，例 如2023年受益于ChatGPT的通信和传媒、2024年受益于国补和出海的家电。表现较一般的行业里，上榜 次数最多的是消费者服务（主要是各种旅游公司），其次是房地产。 2025年即将收官，2026年市场能否延续涨势？市场主线将在哪些方向？近日，广发基金投顾团队发布 2026年市场研判指出，对于2026年的市场保持相对乐观的态度，在流动性保持相对宽松的背景下，A股 有望呈现更多结构性的投资机会。具体板块上，基于当前的政策导向与市场趋势，建议重点关注科技、 制造、周期、消费等四大主线。 因此，2026年的市场可以从政策和市场两个视角进行展望和研判。从12月份的政治局会议和经济工作会 议来看，扩大内需、科技创新、反内卷是重要方向。站在市场角度，内资机构普遍认为，基于盈利回升 和居民存款搬家的正面预期，A股仍有结构性机会。外资也普遍对A股较为乐观，较上一年的配置观点 存在显著的边际好转。结构上，内外资均聚焦于AI ...

Core Insights - Shanghai Electric has begun construction on the Euphrates combined-cycle extension in Iraq, targeting a capacity of 625 megawatts (MW) and aiming to enhance overall plant efficiency by approximately 50% [1][3] - The project is expected to generate an additional 5 billion kilowatt hours (kWh) of electricity annually without increasing fuel consumption, addressing Iraq's ongoing power shortages [2][3] Company Initiatives - The company is modernizing power plants in four Iraqi governorates by converting simple-cycle units into combined-cycle systems, with a focus on energy security and green development [1][3] - Core equipment for the project has arrived, and construction is progressing through collaboration between Chinese and Iraqi teams [4][6] Industry Context - Iraq has faced severe electricity shortages for over 30 years, primarily due to a reliance on imported natural gas and underdeveloped domestic gas resources [3][4] - The upgrade at the Najaf power plant will utilize high-temperature exhaust from existing gas turbines to produce additional electricity, thereby reducing reliance on imported natural gas and lowering fuel costs for power generation [5][6] Technological Advancements - The combined-cycle approach will enhance output and efficiency without additional fuel, while also reducing thermal pollution from the original units [6] - This project marks one of Iraq's first combined-cycle upgrades to fully utilize Chinese equipment and standards, with core systems engineered and built in China [7]

智通财经获悉，赛晶科技(00580)早盘涨超7%，截至发稿，涨3.59%，报2.02港元，成交额284.46万港 元。 中泰国际此前指出，"十五五"期间的特高压项目以柔性输电技术为主，赛晶为国产输配电元器件龙头供 应商，在手订单充足，相关收入稳步增长；输配电元器件国产化率提升有利于支撑毛利率；同时受益于 国产功率半导体渗透提升，自研IGBT芯片业务收入爆发式增长。 本文源自：智通财经网 消息面上，赛晶科技公布，公司旗下子公司与南京南瑞子公司签订协议。根据该协议，南京南瑞子公司 将采购总金额为人民币1.43亿元的电力电子器件，公司将于2026年上半年分批交货。该电力电子器件将 应用于海上风电项目。 ...

INVITATION 投资的浪潮瞬息万变，市场又将走向何方？是机遇暗藏，还是挑战重重？你是否渴望在风云变幻的经济 格局中精准布局，抢占财富先机？ "首席策略荟年度线下沙龙：预见十五五" 即将启幕！ 12月20日，我们诚邀您与学界、业界顶尖专家共聚上海市银科金融中心（徐民东路88号），聚焦"十五 五"规划新坐标，解析政策走向，探寻投资蓝海。 本次活动特邀复旦大学美国研究中心韦宗友教授展望国际格局，九方智投首席经济学家肖立晟展望中国 经济趋势；更有摩根资产蒋先威、浙商证券周涛、九方金融研究所侯文涛几位实战专家，共话"十五 五"黄金赛道与春季行情先机；华金证券贺朝晖和吴砚靖将深入电新、计算机等行业，为您揭示科技引 领下的反弹逻辑与投资跃迁路径。 从宏观大势到行业纵深，从策略圆桌到深度对话，这里不仅有前瞻洞察，更有实战指引。 席位有限，机遇难得！ 即刻报名，加入这场投资盛宴， 为你的财富之路点亮明灯！ ——活动议程—— 13:30-13:40 开场致辞 13:40-15:00 主题演讲 《"十五五"期间中国经济展望》 肖立晟 九方智投首席经济学家 、中国社会科学院世界经济与政治研究所全球宏观经济研究室主任 15:00 ...

Core Insights - The article invites participants to the "Chief Strategy Forum Annual Offline Salon: Anticipating the 14th Five-Year Plan," focusing on investment opportunities and challenges in the changing economic landscape [3][4]. Event Details - The event will take place on December 20 at the Shanghai Yinke Financial Center, featuring discussions on the "14th Five-Year Plan" and investment strategies [3]. - Notable speakers include Professor Wei Zongyou from Fudan University, Chief Economist Xiao Lisheng from Jiufang Zhitu, and experts from Morgan Asset Management and Zheshang Securities [3][6]. Agenda Highlights - The agenda includes keynote speeches on international relations and China's economic outlook, followed by strategy and industry roundtables [6][7]. - Topics will cover the spring market trends for 2026 and the rebound logic in the electric and new energy sectors, as well as investment strategies in the computer industry under AI paradigm shifts [6][7]. Platform Overview - The "Chief Strategy Forum" is a high-end financial live broadcast program that regularly engages with investors, featuring insights from top analysts and industry experts [10]. - The forum aims to provide a professional bridge for investors to understand market trends and investment strategies [10].

Investment Rating - The report maintains a "Buy" rating for key companies in the power and coal sectors, including Harbin Electric, China Shenhua, and Zhongmei Energy [7][9][30]. Core Insights - The electricity demand in November 2025 is expected to continue its high growth rate, with a projected increase of 6.6% year-on-year, reaching 8,364 billion kWh [1]. - The report highlights a significant rebound in exports, particularly in integrated circuits and automobiles, which is expected to support electricity demand growth [3]. - The heating season is anticipated to be longer this year due to the late timing of the Spring Festival, potentially leading to higher-than-expected heating demand [4]. - The report emphasizes the resilience of domestic demand driven by government policies aimed at stabilizing growth and reducing competition [5]. Summary by Sections Electricity Generation Forecast - The estimated national electricity generation for November 2025 is 7,898 billion kWh, reflecting a year-on-year increase of 3.9% [1][10]. - The breakdown of generation includes thermal power at 5,069 billion kWh (down 2.1%), hydropower at 1,138 billion kWh (up 38.3%), wind power at 955 billion kWh (up 16.0%), solar power at 336 billion kWh (up 12.8%), and nuclear power at 400 billion kWh (up 6.4%) [10][14]. Coal Consumption Trends - Thermal coal consumption has shown a decline, with coastal provinces averaging 1.84 million tons per day (down 2.5% year-on-year) and inland provinces averaging 3.35 million tons per day (down 5.6% year-on-year) [2][10]. - The report suggests that improved water conditions and seasonal wind energy output may lead to a reduction in thermal power generation [2]. Company Recommendations - Harbin Electric is recommended due to its leading position in traditional power equipment and expected benefits from ongoing nuclear power approvals and global electricity shortages [30]. - Zhongmei Energy is highlighted for its effective cost control and expected recovery in coal prices, maintaining a "Buy" rating [31]. - China Shenhua is noted for its strong cost management and improved profitability, with a target price increase to 51.3 yuan [35]. Market Outlook - The report anticipates that electricity demand will outpace GDP growth for the year, supported by both domestic and export recovery [5]. - The potential for higher-than-expected coal demand during the heating season is emphasized, suggesting a bullish outlook for coal prices [4][5].

2025 年 12 月 09 日 开源晨会 1209 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-12 2025-04 2025-08 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | 4.794 | | 综合 | 3.031 | | 电子 | 2.600 | | 非银金融 | 1.904 | | 计算机 | 1.492 | 数据来源：聚源 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 煤炭 | -1.433 | | 石油石化 | -0.839 | | 食品饮料 | -0.775 | | 公用事业 | -0.421 | | 钢铁 | -0.271 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】推动基础设施 REITs 扩围——宏观周报-20251207 行业公司 【中小盘】商业航天催化不断，可复用火箭迎来大发展——中小盘 ...

数据来源：沪深交易所等，截至2025.12.4早盘 洛阳钼业大涨4.54%，云铝股份涨超2%，北新建材、宁德时代涨超1%，中国石油、中金黄金、中国铝 业等中字头"现金牛"纷纷上涨。 | | 代码 | 名称 | 估算权重 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 1 | 603993 | 洛阳镇业 | 3.35% | 4.54% | | 2 | 000807 | 云铝股份 | 0.87% | 2.69% | | 3 | 000786 | 北新建材 | 0.21% | 1.33% | | 4 | 601857 | 中国石油 | 10.59% | 1.31% | | 5 | 600489 | 中金黄金 | 0.55% | 1.16% | | 6 | 601600 | 中国铝业 | 2.55% | 1.18% | | 7 | 300750 | 宁德时代 | 6.22% | 1.10% | | 8 | 000333 | 美的集团 | 4.75% | 0.94% | | 9 | 000975 | 山金国际 | 0.36% | 0.95% | | 10 | 600219 | 南 ...

Group 1: Market Overview - The report indicates a recent market adjustment characterized by a "style switch + adjustment" during the ongoing bull market, with technology and cyclical sectors undergoing a phase of rebalancing driven by dual forces [3][8][11] - The report highlights that from the last week of October, both technology and cyclical sectors showed synchronized performance in Q3, suggesting a dual growth trajectory [3][8] - Historical analysis reveals that during previous bull markets, significant style switches accompanied by adjustments have occurred, with a higher probability of style continuation compared to switching [9][10] Group 2: Industry Insights - In the communication sector, Alibaba Cloud reported a revenue of 39.824 billion yuan for Q2 FY2026, marking a 34% year-on-year increase, significantly surpassing the previous quarter's growth rate of 26% [4][14] - Alibaba's capital expenditure for Q2 FY2026 reached 31.501 billion yuan, reflecting an 80.1% year-on-year increase, with a substantial portion allocated to property and equipment [4][14] - The report emphasizes the growth of AI-driven services within Alibaba Cloud, which has seen a continuous increase in AI-related product adoption, contributing to a robust revenue growth trajectory [15][16] Group 3: Electric Vehicle Market - In October 2025, the sales of new energy vehicles in nine European countries reached 257,000 units, representing a year-on-year increase of 39%, with a penetration rate of 31.5% [18][19] - The report notes that the sales of battery electric vehicles (BEVs) in France surged by 63.2% year-on-year, driven by the implementation of a social leasing plan [19] - Investment recommendations include key players in the lithium battery sector such as CATL and Yiwei Lithium Energy, as well as various companies involved in lithium materials and components [20] Group 4: Nvidia Insights - Nvidia has reaffirmed its visibility of $500 billion in orders, with a strong demand for AI and a long lifecycle for GPUs, which counters concerns about a potential bubble in the AI sector [22][24] - The company reported a revenue of $57.006 billion for FY2026Q3, a 62.5% year-on-year increase, with its data center business contributing significantly to this growth [23] - The report projects Nvidia's GAAP net profit for FY2026-2028 to be $115.48 billion, $170.93 billion, and $214.43 billion respectively, indicating substantial growth rates [22][24]