1月8日，上证指数全天窄幅震荡；深证成指、创业板指全天低位窄幅震荡；科创50指数早盘冲高回落， 午后持续回落，尾盘有所回升。截至收盘，上证指数报4082.98点，跌0.07%，成交额11832亿元；深证 成指报13959.48点，跌0.51%，成交额16171.96亿元；创业板指报3302.31点，跌0.82%，成交额7556.51 亿元；科创50指数报1455.17点，涨0.82%，成交额992亿元。沪深两市合计成交28003.96亿元，成交额 较上一交易日减少538.01亿元。 卫星互联网、商业航天等概念走强锋龙股份10连板 盘面上来看，行业板块、概念涨多跌少。其中，国防军工、传媒、建筑装饰、房地产、建筑材料、计算 机、教育、轻工制造等行业涨幅靠前；卫星互联网、商业航天、航母、氦气、空间站、核污染防治、人 脑工程、可控核聚变、短剧互动游戏等概念走势活跃。证券、保险、有色金属、银行、通信等行业跌幅 居前；券商、锂矿、刀片电池、氟化工、CPO、稀土永磁等概念走势较弱。涨停个股主要集中在机械设 备、国防军工、电力设备、化工、建筑装饰、医药生物等行业。 个股涨跌情况，截至收盘，沪深两市合计3533只个股上涨，15 ...

| 301563 | 云汉芯 | 20270.06 | 32.91 | 0.22 | 电子 | | --- | --- | --- | --- | --- | --- | | | 城 | | | | | | 301606 | 绿联科 | 8121.49 | 32.76 | 4.51 | 电子 | | | 技 | | | | | | 301429 | 森泰股 份 | 1672.79 | 31.39 | -0.88 | 建筑材料 | | 301337 | 亚华电 子 | 12329.15 | 29.61 | 0.22 | 计算机 | | 920953 | 国子软 | 3519.43 | 28.78 | 1.70 | 计算机 | | | 件 | | | | | | 603124 | 江南新 材 | 15059.63 | 28.63 | 4.02 | 有色金属 | | 688767 | 博拓生 | 30466.53 | 27.61 | 6.68 | 医药生物 | | | 物 | | | | | | 300331 | 苏大维 | 60614.40 | 27.30 | 20.00 | 电子 | | | 格 | | | | ...

人民财讯1月5日电，南兴股份（002757）1月5日晚间发布业绩预告，预计2025年归母净利9000万元— 1.2亿元，上年同期亏损1.75亿元。报告期内，公司净利润大幅增长的主要原因是2024年度计提商誉减值 3.64亿元，导致2024年度净利润大幅减少。而2025年IDC业务的业绩有所增长，根据初步商誉减值测试 的结果，商誉减值对本报告期利润影响较少，因此2025年度净利润比去年同期会有大幅度增长。 ...

Macro Strategy - The report suggests that despite expectations of a slowdown in marginal fiscal funding for 2026, fiscal spending may still exceed expectations due to two main factors: a rebound in prices leading to increased fiscal revenue and a significant amount of fiscal "surplus" carried over from 2025. Specifically, a 1.8 percentage point increase in PPI could generate approximately 260 billion yuan in additional tax revenue, equivalent to a 0.2 percentage point increase in the deficit ratio. Additionally, the fiscal surplus may exceed 500 billion yuan, potentially enhancing the growth rate of general public budget expenditure by about 2.6 percentage points [1][19]. Industry Insights Electronic Industry - The report highlights that the domestic computing power industry is expected to experience significant growth, particularly in 2026, with domestic computing chip leaders likely entering a performance realization phase. The demand for domestic GPUs is anticipated to benefit from capacity releases due to advanced process expansions. The competition among domestic computing chip participants for market share is expected to drive the importance of AI ASIC service providers within the supply chain. Key recommendations include companies like Cambricon and Shengke Communication [9]. 3D DRAM - The report indicates that 2026 will be a pivotal year for 3D DRAM, driven by the rapid increase in storage demand from AI hardware deployment. The technology is expected to support various applications, including robotics, AIoT, and automotive sectors. The report recommends companies such as GigaDevice and Beijing Junzheng as key players in this space [10]. Insurance Industry - The insurance sector is projected to see improvements in both liabilities and assets, with significant upward valuation potential. The demand for insurance remains strong, and the shift towards dividend insurance is expected to optimize liability costs. The report notes that the current valuation of the insurance sector is at historical lows, suggesting a "buy" rating for the industry [12]. Environmental Industry - The report emphasizes the value of the waste incineration sector, driven by declining capital expenditures and improving operating cash flows. The acceleration of national subsidies is expected to enhance cash flow, with projections indicating that the sector's dividend potential could increase significantly as capital expenditures normalize [16]. Computer Industry - The report discusses the intersection of state-owned enterprise reform and local revenue enhancement, predicting that 2026 will see intensified management of local state-owned enterprises, leading to accelerated capital operations [13][14]. Space Computing - The report identifies the space computing industry as a rapidly evolving field, crucial for addressing global computing resource bottlenecks. It highlights the strategic importance of this sector and recommends focusing on companies with technological advantages in key areas [15]. Green Bonds - The report tracks the issuance of green bonds, noting an increase in issuance and a decrease in trading volume in the secondary market. This reflects the growing interest in sustainable finance and the potential for investment opportunities in this area [4][8]. Capital Market Trends - The report outlines trends in the capital markets, including the performance of various commodities and the impact of macroeconomic factors on pricing. It notes that the copper market is experiencing upward pressure due to supply constraints and demand fluctuations, while aluminum prices are also on the rise due to production capacity increases [11]. AI and Technology - The report forecasts that 2026 will mark the beginning of a new era for AI terminals, with major tech companies expected to launch innovative products. The integration of AI into consumer electronics is anticipated to create new market opportunities [9][18].

国泰海通晨报 2025 年 12 月 31 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【计算机研究】电科数字：公司在数字化产品业务板块已具备行业领先能力，涵盖智能计算软 硬件和数智应用软件，在行业数字化领域和数字新基建模块都处于头部地位；核心子公司柏飞电 子是国产化嵌入式计算龙头，随特种电子装备景气度上升，柏飞电子订单快速放量；AI 和信创加 持之下，未来发展空间广阔。 2、【非金属类建材研究】建材：防水行业是消费建材中出清最彻底的子行业，2026 年行业头部企 业有望继续推进复价策略，行业盈利能力修复可期。 3、【交通运输研究】航空：2025 年中国民航供需继续恢复，预计将行业性扭亏。目前客座率高企 而票价仍处低位，供给已进入低增时代，需求稳健增长与客源结构恢复将驱动票价与盈利上行。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 杨林(分析师) 021-23183969 yanglin2@gt ...

格隆汇12月29日丨中电鑫龙(002298.SZ)在投资者互动平台表示，公司目前没有参与航空航天算力大数 据中心项目建设。 ...

国泰海通晨报 2025 年 12 月 22 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【宏观研究】：本周大宗商品中铜与金表现亮眼，发达市场股票表现优于新兴市场。美国就业 市场仍处于弱而不崩的状态，通胀增速不及预期，二次反弹风险相对可控，美联储短期内或暂停 降息进行观望。日央行如期加息 25BP，未来或仍将缓慢加息。欧央行降息周期或已接近终点。 2、【食品饮料研究】东鹏饮料：管理效率持续提升助力东鹏将大量利润节约下来回馈给渠道及消 费者，迎合了饮料行业消费者对于高质价比愈加重视的大趋势，因此公司品类扩张将超市场预期。 3、【机械研究】核电设备：上周（2025/12/15-2025/12/19）可控核聚变领域动态：上周中标主要集 中在磁体和电源等部件；特朗普媒体科技宣布与 TAE 签署最终合并协议；Gyro Swin 实现秒级 5D 等离子体建模。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 王宇 ...

证券日报网讯12月18日，神州数码（000034）在互动平台回答投资者提问时表示，应收账款规模与经营 规模及连续性等紧密相关，公司经营规模较大、业务连续性好，会形成一定的应收账款，属于正常现 象。目前公司应收账款占营业收入比例处于合理水平，周转较快，回收情况良好。 ...

证券日报网讯 12月18日晚间，依米康发布公告称，公司于2025年12月18日召开第六届董事会第四次会 议，审议通过了《关于2024年员工持股计划预留份额分配的议案》，同意公司对2024年员工持股计划预 留份额进行分配。 （文章来源：证券日报） ...

海南海口海定河世纪大桥。 图虫创意/供图 证券时报记者 康殷 "十四五"时期，海南自由贸易港建设实现从"开局起步"到"成型起势"的关键跨越，并在2025年12月18日 迎来全岛封关运作的历史时刻。 在自贸港政策红利与资本市场改革深化的双重驱动下，海南资本市场交出了一份规模与质量双升的亮眼 答卷：五年来累计实现直接融资788.21亿元，上市公司总市值较"十三五"末增长85%，达4621.11亿元， 百亿级市值企业扩容至14家，并购重组规模突破800亿元，累计分红同比增长86%。这些实打实的数 据，不仅为旅游业、现代服务业、高新技术产业等注入强劲金融动能，更筑牢了自贸港高质量发展的资 本根基。 资本活水精准滴灌 产业升级蹄疾步稳 "十四五"时期，海南资本市场充分发挥资源配置核心功能，通过股权融资、债券发行、并购重组等多元 化工具，将金融活水精准导入实体经济重点领域，推动产业结构优化升级，为自贸港"三区一中心"战略 定位提供坚实支撑。 直接融资规模大幅增长，为企业发展注入"真金白银"。五年来，海南企业通过发行股票、公司债券、资 产支持证券等方式实现直接融资788.21亿元（含H股上市融资12亿元），其中股权融资26 ...