今日周一（12月29日）亚盘时段，沪金期货主连最新报价1017.26元/克，上涨0.86元/克，涨幅0.08%， 日内价格最高触及1024.00元/克，最低为1009.00元/克，昨日收盘价1016.40元/克，今日开盘价1015.38 元/克。 【最新黄金期货行情解析】 沪金主力合约报1018.1元/克，日内微涨0.17%，价格在1016–1024元区间窄幅震荡，布林带收窄至历史 低位，波动率显著下降，市场进入方向选择前的盘整期。MACD柱状体趋平，DIF与DEA接近零轴， RSI稳定于52附近，无明显超买超卖信号。持仓量17.15万手，成交量25.59万手，量能温和，未现单边 资金异动。国际金价突破4530美元/盎司，为沪金提供高位支撑，但地缘缓和预期与美联储政策预期博 弈压制上行空间。短期关键阻力位1024元，支撑位1012元，突破需放量确认。 消费贡献2.3个百分点，但1.74个点来自服务业，超70%集中于医疗等必要性支出，反映成本压力而非家 庭信心，可选消费实则疲软。政府贡献0.5个点但赤字近上限，净出口正贡献源于进口下滑(关税抑制内 需)。 经济仅靠前30%-35%家庭财富效应支撑，下半段群体储蓄 ...

本周，科创100指数上涨5.6%，科创成长指数上涨5.4%，科创综指上涨4%，科创板50指数上涨2.8%。 设备、软件开发行业合计占比近75% 益 上证科创板100指数 a 上证科创板综合指数 由科创板全市场证券组成,全面覆盖大、中、小盘风格, 聚焦人工智能、半导体、新能源、创新药等核心前沿产 业,覆盖科创板上市的全部17个一级行业,兼具高成长 性与风险分散特征 展望后市，招商证券认为，AI需求增长带动全球存储及先进制程产能扩张，展望2026-2027年国内存储及先进制程扩产有望 提速，国内设备厂商订单持续向好，国产化率进入快速提升阶段，卡位良好及份额较高的存储设备公司有望受益。关注受 益于存储扩产周期的设备、需求持续向好的算力及代工等，同时建议关注各科创指数核心成分股。 | | 上证科创板50 | 上证科创板100 | 上证科创板 | 上证科创板成长 | | --- | --- | --- | --- | --- | | | 成份指数 | 指数 | 综合指数 | 指数 | | 本周涨跌幅 | 2.8% | 5.6% | 4. 0% | 5.4% | | 指数滚动 市盘率 | 161.2倍 | 193.2倍 ...

Group 1 - The core viewpoint of the news highlights a positive growth trend in the semiconductor industry driven by AI, with significant performance from domestic companies in Q3 and expectations for a strong Q4 [1][5] - The Sci-Tech Innovation Board indices showed notable weekly increases: the Sci-Tech Growth Index rose by 6.1%, the Sci-Tech 100 Index by 5.9%, the Sci-Tech Composite Index by 5.4%, and the Sci-Tech 50 Index by 3.2% [1][3] - Tianfeng Securities forecasts continued optimistic growth in the global semiconductor market through 2025, emphasizing the importance of performance elasticity in storage, power, foundry, ASIC, and SoC sectors, as well as the localization of equipment materials and computing chips [1][5] Group 2 - The Sci-Tech 100 Index consists of 100 medium-sized, liquid stocks from the Sci-Tech Innovation Board, focusing on small and medium-sized innovative enterprises, with over 80% of its composition in electronics, biomedicine, computers, and power equipment [5] - The Sci-Tech Composite Index covers all market securities on the Sci-Tech Innovation Board, focusing on core industries such as AI, semiconductors, new energy, and innovative pharmaceuticals, providing high growth potential and risk diversification [5] - The Sci-Tech Growth Index is composed of 50 stocks with high growth rates in revenue and net profit, with over 95% of its composition in electronics, power equipment, biomedicine, and automotive industries [5]

Group 1 - The core point of the article is that Keheng Co., Ltd. held its 16th meeting of the 6th board of directors on November 7, 2025, to review proposals regarding the formulation and revision of certain company systems [1] - For the first half of 2025, the revenue composition of Keheng Co., Ltd. was 75.15% from industrial operations and 24.85% from equipment [1] Group 2 - As of the report, the market capitalization of Keheng Co., Ltd. is 4.1 billion yuan [2]

Core Viewpoint - The announcement reveals that a significant portion of shares held by a major shareholder of Keheng Co., Ltd. has been judicially frozen, which may impact investor sentiment and the company's stock performance [1] Company Summary - Keheng Co., Ltd. (SZ 300340) reported that approximately 5.46 million shares, accounting for 21.15% of the shares held by major shareholder Mr. Wang Guojiang, have been judicially frozen [1] - As of the announcement date, the total number of frozen shares held by Mr. Wang Guojiang is 5.46 million [1] - The company's market capitalization is currently valued at 4.1 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Keheng Co., Ltd. is as follows: Industrial segment accounts for 75.15%, while Equipment segment accounts for 24.85% [1]

Core Viewpoint - The article emphasizes the organization of the WESEMIBAY exhibition aimed at fostering business cooperation within the semiconductor industry, highlighting various procurement needs and opportunities for suppliers [1][2]. Group 1: Procurement Needs - The exhibition has collected procurement demands across a wide range of semiconductor components, materials, equipment, and chips, including specialized items like robot-specific chips and PTFE filter elements with a filtration precision of 3nm [1][6]. - Specific procurement needs include grinding equipment for custom non-standard parts and high-quality fluid control products designed for the semiconductor and photovoltaic industries [4][6]. Group 2: Event Details - The WESEMIBAY exhibition is scheduled to take place from October 15 to October 17, 2025, at the Shenzhen Convention Center in Futian [2][10]. - Registration for participation is open until September 20, 2025, with opportunities for attendees to obtain free tickets through pre-registration [5][10]. Group 3: Company Profiles - A U.S.-listed company involved in the production of semiconductor-related disk drives and components, as well as precision molds and electronic devices, is highlighted as a participant in the exhibition [4]. - A newly established company focusing on fluid control products, with a team averaging over 10 years of experience, aims to provide high-purity and high-reliability solutions for the semiconductor sector [6].

Investment Rating - The report maintains a "Neutral" rating for the company with a target price raised from HKD 7.00 to HKD 7.40, reflecting a potential upside of 4.1% based on a target P/E ratio of 10.0 times FY26 earnings [4][7]. Core Insights - The company's FY25 interim results are broadly in line with expectations, with a 15.6% year-on-year increase in net profit attributable to shareholders, reaching RMB 560 million. This growth is attributed to a 9.9% increase in total revenue to RMB 12.61 billion, driven by a 22.2% increase in the clean energy segment [1][4]. - New order intake for H1 2025 decreased by 34.5% year-on-year to RMB 10.74 billion, with the clean energy segment seeing a 30.6% decline. However, the company anticipates a rebound in new orders in the second half of the year [2][4]. - The company is transitioning from a "key equipment + core process" service provider in clean energy to a "comprehensive service provider," which is expected to enhance sustainable profit growth [3]. Financial Summary - For FY25, the company forecasts a 3.3% reduction in net profit due to the decline in new orders, but anticipates continued cost control measures will lead to a 0.9% increase in FY26 profit projections. Additionally, FY27 projections have been introduced [4][6]. - Key financial metrics include: - Revenue growth rates: 20.5% in 2023, 4.8% in 2024, and projected 4.1% in 2025 [6][12]. - Net profit attributable to shareholders is projected to grow from RMB 1,114 million in 2023 to RMB 1,203 million in 2025, reflecting a 9.8% increase [6][12]. - The company maintains a healthy order backlog, with total orders slightly down by 0.6% year-on-year to RMB 29.18 billion as of June 30, 2026, while the clean energy segment's backlog grew by 9.9% [2][4].

Core Viewpoint - The market is expected to enter a new phase of upward momentum in the second half of the year, potentially surpassing the peak levels anticipated for the second half of 2024 [1] Industry Focus - The report highlights several industries that are expected to perform well in the upcoming market environment, including home appliances, non-bank financials, electric power, and equipment [1]

Group 1 - The semiconductor industry in China is experiencing a wave of mergers and acquisitions, with companies across various sectors actively pursuing consolidation plans to accelerate industry advancement [1] - Notable merger examples include Huada Jiutian's acquisition of Xinhe Semiconductor, Haiguang Information's absorption of Zhongke Shuguang, and Northern Huachuang's acquisition of Xinyuan Micro [1] - Mergers are seen as a key strategy for companies to quickly acquire critical technologies and maintain market competitiveness, especially in the context of accelerating domestic substitution [1] Group 2 - The Semiconductor Materials ETF (562590) closely tracks the CSI Semiconductor Materials and Equipment Theme Index, which selects 40 listed companies deeply involved in the semiconductor materials and equipment sectors [2] - The index includes leading companies that have made significant breakthroughs in domestic substitution, such as Northern Huachuang and Zhongwei Company in the etching equipment field, and Hushi Industry and Nanda Optoelectronics in key materials [2] - The ETF reflects the overall performance of listed companies in the semiconductor materials and equipment sectors, highlighting the trend of self-sufficiency and upgrading within the semiconductor industry [2]