Group 1 - The market is experiencing a decline in volatility, which may create conditions for a breakthrough of previous highs. However, there may be increased volatility in early January due to profit-taking by investors and potential redemption pressure in the ETF market [1] - The overall profit growth of the market is gradually recovering but lacks elasticity, leading to a focus on thematic assets and investment opportunities under grand narratives [1] - It is suggested to start gradually positioning in various thematic investment opportunities in mid to late January [1] Group 2 - The report recommends a selection of "golden stocks" for January 2026, including companies such as Midea Group, Senqilin, and China Ping An, each with specific investment logic and growth potential [15] - Midea Group is expected to benefit from strong B-end revenue growth and a high dividend payout ratio, while Senqilin is positioned to gain from overseas production capacity and pricing power due to EU tariffs [15] - Sunshine Power is anticipated to see high growth in its energy storage business, driven by demand in North America and new product launches [15] Group 3 - Key financial data for the recommended stocks indicates expected earnings per share (EPS) growth for Midea Group from 5.07 yuan in 2024 to 6.37 yuan in 2026, with a price-to-earnings (PE) ratio decreasing from 16 to 12 [16] - Senqilin's EPS is projected to increase from 2.11 yuan in 2024 to 1.83 yuan in 2026, with a PE ratio expected to drop from 10 to 12 [16] - China Ping An is forecasted to have an EPS growth from 6.95 yuan in 2024 to 9.51 yuan in 2026, with a PE ratio decreasing from 10 to 7 [16]

核心结论：① A 股中存在 IPO 全生命周期的盈利演变逻辑。基于 IPO 年限的 二次函数拟合证实，企业 ROE 增速往往在上市后经历由降速寻底向弹性回升 的非线性演变，全市场盈利拐点的平均值为上市后的第 9.32 年。②"三步 走"筛选体系能够系统识别具备长期投资价值的行业与个股。通过趋势识别 -中观对标-微观择优，我们从全市场 5000 余只 A 股中提炼出占比约 23%、具 有明确阶段演进规律的样本池，并通过行业 vs 市场、个股 vs 行业，筛选出 优于市场的行业、优于行业的个股。③个股维度是识别真实周期阶段的必要 前提。虽然银行、房地产等成熟行业的生命周期阶段表现出极强的集群效应， 但电力设备、医药生物、汽车等行业的内部个股在两阶段分布均衡，无法从 行业层面概括，须依托个股进行精准判别。 趋势识别是精准判定个股盈利生命周期的基石。在实证研究的第一步，我们 利用二次函数对万得全 A 样本进行回归，剔除异常值后共有 1273 只个股展 现出显著的 U 型特征，占比约 23%。通过对二次项系数的显著性及拐点位置 判定，将样本划分为第一阶段（压力期）241 只潜力股与第二阶段（修复期） 1032 只绩优股 ...

（文章来源：证券时报网） 永鼎股份股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有11个交易日股价刷新历史 纪录。截至09:52，该股目前上涨7.39%，股价报25.27元，成交8409.57万股，成交金额20.60亿元，换手 率5.75%，该股最新A股总市值达369.45亿元，该股A股流通市值369.45亿元。 两融数据显示，该股最新（12月25日）两融余额为19.35亿元，其中，融资余额为19.29亿元，近10日增 加7.26亿元，环比增长60.41%。 公司发布的三季报数据显示，前三季度公司共实现营业收入36.30亿元，同比增长22.13%，实现净利润 3.29亿元，同比增长474.30%，基本每股收益为0.2250元，加权平均净资产收益率10.21%。（数据宝） 证券时报·数据宝统计显示，永鼎股份所属的通信行业，目前整体跌幅为0.06%，行业内，目前股价上涨 的有58只，涨幅居前的有永鼎股份、中光防雷、信科移动等，涨幅分别为7.39%、7.08%、6.48%。股价 下跌的有67只，跌幅居前的有德科立、鼎通科技、万隆光电等，跌幅分别为3.81%、2.99%、2.97%。 ...

两融数据显示，该股最新（12月22日）两融余额为8.75亿元，其中，融资余额为8.73亿元，近10日增加 2.44亿元，环比增长38.89%。 公司发布的三季报数据显示，前三季度公司共实现营业收入8.47亿元，同比增长31.75%，实现净利润 8179.59万元，同比增长31.39%，基本每股收益为0.6304元，加权平均净资产收益率5.24%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 联特科技股价创出历史新高，截至11:03，该股上涨12.74%，股价报195.15元，成交量1566.88万股，成 交金额28.26亿元，换手率23.06%，该股最新A股总市值达253.20亿元，该股A股流通市值132.62亿元。 证券时报•数据宝统计显示，联特科技所属的通信行业，目前整体跌幅为0.31%，行业内，目前股价上涨 的有24只，涨停的有中光防雷、世嘉科技等3只。股价下跌的有103只，跌幅居前的有震有科技、通鼎互 联、通宇通讯等，跌幅分别为5.76%、5.32%、5.26%。 ...

Group 1 - The satellite sector experienced significant adjustments, with the first satellite industry ETF (159218) dropping by 2.31% as of 9:41 AM, while major stocks like Aerospace Electronics rose by 1.83% and China Satellite fell by 6.01% [1] - Despite the decline in some stocks, there was a net inflow of nearly 8 million in the market, indicating sustained investor interest [1] Group 2 - According to a report from Zhongtai Securities, the communication index significantly outperformed the market, with a year-on-year increase of 64.67% as of November 27, 2025, ranking second among 31 sub-sectors in the Shenwan industry classification [3] - The main driving factor for this growth is the commercialization of AI by overseas companies, which has led to notable increases in the prices of key weighted stocks such as optical modules [3] - The communication industry's PE-TTM (excluding negative values) stands at 24.6x, ranking 16th overall, indicating that it remains undervalued within the TMT sector [3] - Looking ahead to 2026, the communication sector is expected to present "overweight" opportunities driven by accelerated shipments of 1.6T and the performance release of IDC, liquid cooling, and IoT modules [3]

每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 曾健辉） 2025年1至6月份，吉大通信的营业收入构成为：通信行业占比97.13%，其他业务占比2.87%。 截至发稿，吉大通信市值为24亿元。 每经AI快讯，吉大通信（SZ 300597，收盘价：8.91元）12月12日晚间发布公告称，公司第五届2025年 第九次董事会会议于2025年12月11日以现场及通讯的方式召开。会议审议了《关于公司董事会换届选举 第六届董事会非独立董事的议案》等文件。 ...

双方正式签署《战略合作协议》与《5G+未来工厂合作框架协议》，标志着两家行业领军企业将围绕智 能制造、产业数字化等领域展开全方位、深层次的合作，共同开启以"未来工厂"为抓手的智造升级新篇 章，携手探索大健康产业与前沿信息技术融合发展的新路径。 12月11日，森宇控股集团与中国移动金华分公司战略合作签约仪式在森宇集团隆重举行。 根据协议，双方将以森宇入选省级"未来工厂"试点为契机，聚焦智能制造的核心场景，共同推进包括工 业互联网平台、企业数据大脑、智慧园区、数字孪生等在内的系统性数字化工程。同时，合作还将延伸 至通信服务保障、市场资源协同、品牌联合宣传及员工互惠福利等多个层面，旨在构建技术驱动、业务 融合、价值共享的深度合作伙伴关系。 ...

特发信息今日跌停，全天换手率27.38%，成交额34.64亿元，振幅18.03%。龙虎榜数据显示，机构净卖 出1.75亿元，深股通净卖出4404.07万元，营业部席位合计净买入2729.87万元。 深交所公开信息显示，当日该股因日振幅值达18.03%、日跌幅偏离值达-8.59%上榜，机构专用席位净卖 出1.75亿元，深股通净卖出4404.07万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交7.39亿元，其中，买入成交额为2.74亿 元，卖出成交额为4.65亿元，合计净卖出1.91亿元。 具体来看，今日上榜的营业部中，共有3家机构专用席位现身，即卖二、卖三、卖四，合计买入金额 5061.04万元，卖出金额2.25亿元，合计净卖出1.75亿元，深股通为第一大买入营业部及第一大卖出营业 部，买入金额为8402.93万元，卖出金额为1.28亿元，合计净卖出4404.07万元。 近半年该股累计上榜龙虎榜10次，上榜次日股价平均涨1.51%，上榜后5日平均跌2.66%。 资金流向方面，今日该股主力资金净流出5.04亿元，其中，特大单净流出2.46亿元，大单资金净流出 2.58亿元。近5日主力资金净流入1. ...

每经头条（nbdtoutiao）——秒光、售罄！银行大额存单成稀缺资源，2%以上产品很难抢，有的门槛高 达1000万元！专家：存款利率或长期下行 （记者 曾健辉） 每经AI快讯，烽火电子（SZ 000561，收盘价：11.7元）12月5日晚间发布公告称，公司第十届第六次董 事会会议于2025年12月5日以通讯表决的方式召开。会议审议了《关于公司控股子公司向关联方借款的 议案》等文件。 2025年1至6月份，烽火电子的营业收入构成为：通信行业占比91.25%，其他行业占比8.75%。 截至发稿，烽火电子市值为101亿元。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the short - term, the technology mainline in the fourth quarter may face pressure, and overseas pressure will be transmitted to the domestic market. In 2026, since the Fed is likely to maintain relative looseness and the diffusion direction of AI themes has not converged, the structural opportunities in 2026 will still revolve around the technology mainline [2][35]. - For convertible bonds, it is recommended to defend in the short - term. The low - price style ended eight consecutive weeks of positive gains last week. The medium - and low - price style may experience a phase of waiting for performance at the meso - level and the Fed's interest - rate cut rhythm may slow down at the macro - level in the fourth quarter, which will trigger a phased correction of US technology stocks and suppress the domestic technology mainline. Therefore, consider diversification and diffusion in industry styles [2][36]. Summary by Relevant Catalogs 1. Week - on - Week Market Review 1.1 Equity Market Declined Overall - From November 17th to November 21st, the equity market declined overall, with all indices closing down. The average daily trading volume of the two markets decreased by about 1759.86 billion yuan to 18487.98 billion yuan compared with last week, a week - on - week decline of 8.69%. Among them, the Shanghai Composite Index fell 3.90% to 3834.89 points, the Shenzhen Component Index fell 5.13% to 12538.07 points, the ChiNext Index fell 6.15% to 2920.08 points, and the CSI 300 fell 3.77% to 4453.61 points. All 31 Shenwan primary industries closed down, with power equipment, basic chemicals, commercial retail, steel, and pharmaceutical biology leading the decline, with declines of 10.54%, 7.47%, 7.24%, 6.98%, and 6.88% respectively [7][9][11]. 1.2 Convertible Bond Market Declined Overall - From November 17th to November 21st, the CSI Convertible Bond Index fell 1.78% to 482.94 points. Among the 29 Shenwan primary industries, 1 industry closed up, and no industry had a gain of more than 2%. The social services industry led the gains with a 0.31% increase, while non - ferrous metals, coal, basic chemicals, commercial retail, and steel led the declines, with declines of 1.93%, 1.72%, 1.63%, 1.57%, and 1.35% respectively. The average daily trading volume of the convertible bond market was 656.75 billion yuan, a significant decrease of 56.65 billion yuan, a week - on - week change of - 7.94%. About 6.70% of individual convertible bonds rose, about 4.47% had a gain in the range of 0 - 1%, and 0.74% had a gain of more than 2% [7][14]. - In terms of conversion premium rate, the overall market conversion premium rate rebounded this week, with an average daily conversion premium rate of 39.86%, an increase of 2.05 pcts compared with last week. In terms of price intervals, except for the price interval above 120 yuan which widened by 2.27 pcts, the average daily conversion premium rates of convertible bonds in other price intervals narrowed, with the 100 - 110 yuan price interval narrowing the most, by 25.23 pcts. In terms of parity intervals, except for the parity intervals below 90 yuan and 110 - 120 yuan where the average daily conversion premium rates of convertible bonds narrowed, the average daily conversion premium rates of convertible bonds in other parity intervals widened, with the 90 - 100 yuan parity interval widening the most, by 2.70 pcts [19]. - In terms of conversion parity, the parity of 7 industries increased this week, with 2 industries having a widening amplitude of more than 2%. The social services, steel, environmental protection, petroleum and petrochemical, and beauty care industries led the gains, with increases of 32.81%, 5.17%, 1.28%, 0.42%, and 0.40% respectively; the electronics, power equipment, food and beverage, non - bank finance, and building materials industries led the declines, with decreases of 4.93%, 4.14%, 4.00%, 3.80%, and 3.71% respectively [29]. 1.3 Comparison of Stock and Bond Market Sentiments - From November 17th to November 21st, the week - on - week weighted average and median of the convertible bond and underlying stock markets were negative, and the convertible bond market had a smaller weekly decline than the underlying stock market. In terms of trading volume, the trading volume of the convertible bond market decreased by 7.94% week - on - week and was at the 57.20% quantile level since 2022; the trading volume of the underlying stock market decreased by 17.87% week - on - week and was at the 84.00% quantile level since 2022. The trading volume of both the underlying stock and convertible bond markets decreased significantly, and the underlying stock market had a larger decline in trading volume and a higher quantile level. In terms of the proportion of rising and falling stocks and bonds, about 11.33% of convertible bonds closed up, and about 5.80% of underlying stocks closed up; about 91.99% of convertible bonds had a larger increase or decrease than underlying stocks. In general, the trading sentiment in the convertible bond market was better this week [30]. 2. Future Outlook and Investment Strategy - In the short - term, it is still recommended to defend rather than attack in the convertible bond market. Consider diversification and diffusion in industry styles. Diversify by choosing some chemical targets such as Xingfa Convertible Bond, Hebang Convertible Bond, etc.; focus on the diffusion direction of the technology mainline, such as AI edge - side consumer electronics, and recommend targets like Weil Convertible Bond, Luxshare Convertible Bond, etc. Also, small - cap stocks may perform well during the diffusion period, and recommend targets such as Huachen Convertible Bond, Guoli Convertible Bond, etc [2][36]. - The top ten high - rated, medium - and low - priced convertible bonds with the greatest potential for conversion parity premium rate repair next week are Hengbang Convertible Bond, Chutian Convertible Bond, etc [2][37].