又到了一年的年底，今年科技板块的表现确实非常不错，这篇文章我们展望下明年比较看好的科技板块。 今年年 初，A 股由 DeepSeek - R1 发布引爆 AI 算力，AI 基础设施成为开年主线，资金集中于算力硬件与大模型关联标 的。但后面，A股的AI出海链由于地缘政治原因，调整比较大，资金分 流到了其他板块；但4月份往后的几个月，以旭创 为代表的出海链，走了一波超级大牛市，旭创从今年最低点的66.3，涨到了前段时间最高点的658，当然中间也有波动性的 调整；其中10月和11月，电力出海板块的表现不错，同时Memory的超级大周期带来的效应也逐渐体现了出来；12月份， 液冷公司开始出圈；临近年底了，由于zj跟昇腾的那个传言，国产替代链又抢了几天的风头。 除了AI链，还是提一下航天板块，从11月份以来，表现非常不错，但我一直没有写。其实我对这块还是比较了解的，我毕 业后的第一份工作就是在中科院某所做卫星的研发工作，也特意跟前同事咨询过关于星网、G60星座的一些事情，但这波 航天的行情确实超出了我的预期。 下面结合跟业内一起大佬的交流，和自己的理解，说下对明年的几点展望，自己比较看好的几个板块。明年的文章中，我 们 ...

今天，A股三大指数集体收红。截至收盘，上证指数上涨0.07%，深证成指、创业板指数分别上涨 0.27%、0.41%。沪深两市成交额达到18998亿元，较昨日小幅放量379亿元。 尽管指数上涨，但个股跌多涨少，上涨个股1512只，下跌个股3856只，个股涨跌幅的中位数为下跌 0.80%。 指数方面，今天上证指数在12月8日的高点3936点附近遇阻回落。除了该高点是一个重要压力位之 外，达哥近期还提到，9月至10月的上升趋势线也是压力位。 从反弹时间来看，12月16日至今共反弹了6个交易日，低于11月14日-24日的7个交易日，因此反弹 周期并未耗尽。 退一步说，即便今天反弹见到小波段顶部，从历史经验来看，下一个交易日基本也是以震荡为主， 快速杀跌不会太快出现。 由于反弹周期未耗尽，达哥认为，即便市场展开短期回调，幅度也不会太大，一般来说本轮反弹的 中分位是重要支撑。 倘若后续继续反弹，则重点观察上证指数反弹到9月至10月上升趋势线附近时的市场情况。 就经验来说，即便是牛市的中期震荡回落，也不宜空仓。视个人情况，3-5成仓位均可。 今天市场出现了几大现象，值得注意。 首先，本轮带领市场反弹的光模块核心股今天表现有 ...

Market Overview - The US stock market showed mixed performance this week, with the Dow Jones index declining by 0.67%, while the Nasdaq and S&P 500 indices increased by 0.48% and 0.1% respectively [3] - The fluctuations in the AI power and computing sectors were significant, driven by key events related to Oracle and OpenAI [4] Key Events Impacting AI Power and Computing - The core event causing volatility was the financing situation involving Oracle and OpenAI, particularly the news that Blue Owl Capital would not fund a $10 billion deal for Oracle's new data center [6][7] - Conversely, OpenAI reportedly secured $100 billion in funding led by a UAE sovereign fund, raising its valuation by $80 billion and alleviating concerns about Oracle's financial stability [8] AI Power Sector Analysis - Key companies in the AI power sector, Bloom Energy (B.E) and GE Vernova (GE.V), experienced declines of 6.49% and 2% respectively over the week, but rebounded significantly on Thursday and Friday, with B.E rising over 10.7% and GE.V over 2.9% [9] - The initial decline was attributed to lowered expectations for AI capital expenditures, leading to a decrease in power demand growth forecasts [9] - The recovery in the latter half of the week was driven by a reversal of negative sentiment regarding AI power sector valuations [10] AI Computing Sector Analysis - The AI computing sector showed a strong performance overall, with key stocks like Nvidia rising over 3.9%, Oracle over 6.6%, and Lumentum over 10% [10] - The initial weakness was linked to increased uncertainty regarding AI capital expenditures, which negatively impacted growth expectations for AI hardware and software [10] - The subsequent recovery was a result of a reversal in negative market sentiment, leading to improved valuation expectations for the AI computing sector [10] AI Power and Computing Export Logic - The article discusses the export logic for AI power and computing, emphasizing the importance of tracking specific data points related to each segment [11][12] - For instance, the HRSG (Heat Recovery Steam Generator) market is highlighted, with a significant supply gap of over 30% in North America, leading to strong price increases [13][14] - The demand for SOFC (Solid Oxide Fuel Cells) is also noted, with major tech companies like Meta and Google showing interest in large-scale orders [15] Industry Information - The liquid cooling market is expected to see optimistic demand growth, with significant orders anticipated from major tech firms [18][19] - The PCB market is experiencing tight supply conditions, leading to price increases, while the optical module market is facing extreme capacity constraints [19]

Group 1 - The report highlights the steady expansion of the Beijing Stock Exchange (BSE) market, with the number of listed companies increasing to 282 and total market capitalization approaching 1 trillion yuan, with over 50% being national-level "little giant" enterprises in specialized and innovative sectors [2][5][22] - Daily trading volume has surged from 2 billion yuan to nearly 30 billion yuan, indicating improved pricing efficiency and liquidity [2][5][22] - The number of qualified investors has reached nearly 9.5 million, with institutional funds such as public funds and social security funds accelerating their investments, marking a significant shift towards long-term capital in the market [2][5][22] Group 2 - The BSE has entered a new phase with the simultaneous operation of the North Certificate 50 and specialized and innovative indices, with expectations for the early issuance of specialized and innovative index funds [2][5][22] - The report suggests continued focus on the construction of the BSE index system and the launch of the North Certificate 50 ETF, which is anticipated to attract incremental capital [2][5][22] - The report identifies several key investment themes, including the promotion of public fund products targeting small and medium-sized stocks, and sectors with strong policy support and growth certainty, such as lithium batteries, energy storage, and AI power [2][5][22] Group 3 - The overall price-to-earnings (PE) ratio for BSE A-shares remains at 49X, with a slight decline in PE ratios across various boards, indicating a cooling market sentiment [10][11][22] - The average PE ratio for newly listed companies from January 1, 2024, to November 14, 2025, is 13.76X, with an average first-day price fluctuation of 264% [21][24][22] - The report notes that two companies passed the review and one company registered during the week, indicating a normalization in the IPO process on the BSE [22][16]