A股2025年交易收官在即，下周将迎来全年最后3个交易日。展望岁末年初行情，业内机构认为，在超 预期的内需变化出现前，还是以结构性机会主导的震荡市思维应对市场，短期市场结构特征有望延续， 量能或是行情的关键信号。 前11个月规上工业企业利润总额超6.6万亿元 国家统计局12月27日发布数据显示，1—11月份，全国规模以上工业企业实现利润总额66268.6亿元，同 比增长0.1%，自今年8月份以来累计增速连续四个月保持增长。1—11月份，规模以上工业企业营业收 入同比增长1.6%。 ETF规模突破6万亿元 创历史新高 Wind数据显示，截至12月26日，境内ETF总规模达到6.03万亿元，创历史新高。其中，股票型ETF规模 超3.8万亿元，跨境ETF规模超9300亿元，债券型ETF规模超8000亿元，商品型ETF、货币型ETF规模分 别超2500亿元、超1700亿元。 中信证券：短期以震荡市思维应对市场 就配置而言，持仓集中度较低、市场关注度开始提升且长期ROE有提升空间的板块是首选，商业航天等 近期热门题材或反复发酵；此外，人民币近期持续升值，有望受益于升值带动进口成本下降的上游资源 品等同样值得关注。 影响 ...

Core Viewpoint - Astera Labs is positioned as a critical connectivity control point in AI data centers, which is an underappreciated role that supports a Strong Buy rating for the company [1] Group 1: Company Overview - Astera Labs (NASDAQ: ALAB) has emerged as a key player in the AI data center connectivity space [1] - The company is recognized for its aggressive growth prospects and is expected to become highly profitable within 1-2 years [1] Group 2: Investment Philosophy - The investment philosophy associated with Astera Labs emphasizes long-term discipline and consistent alpha generation, while also acknowledging the inherent risks involved [1]

公告显示，本次交易标的资产由福建省电子信息(集团)有限责任公司（以下简称"福建电子信息集团"）于2025年11月28日在福建省产权交易中心挂牌转让， 包括兆元光电80%股权、截至2025年3月31日的17.59亿元债权，以及债权本金16.4亿元自2025年4月1日至2026年3月31日的新增利息、罚息1.43亿元，挂牌价 同为4.9亿元。TCL科技于12月25日审议通过参与竞买的相关议案，并授权董事长及其授权人士处理后续事宜。截至公告日，TCL华星已收到福建省产权交 易中心发送的《竞价结果通知单》，确认成为最终竞买成功方，后续将按要求与转让方签署《股权及债权转让合同》。 12月26日，TCL科技发布公告，宣布其子公司TCL华星光电技术有限公司（以下简称"TCL华星"）成功竞买摘牌福建兆元光电有限公司（以下简称"兆元光 电"）80%股权及相关债权项目，最终交易价格为49,000万元。本次交易完成后，兆元光电将成为TCL科技控股子公司。 TCL科技表示，本次交易旨在实现TCL华星自主掌握LED芯片设计与制造环节，打造从LED芯片到显示模组的全产业链垂直整合，构建自主可控的供应链体 系。作为全球半导体显示龙头，TC ...

Core Insights - The Direxion Daily S&P 500 Bull 3X Shares ETF (SPXL) and the Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL) differ significantly in sector concentration, risk profile, and performance volatility, with SOXL exhibiting higher volatility and a stronger focus on technology [1][2]. Group 1: Cost and Size - SPXL has an expense ratio of 0.87% while SOXL has a lower expense ratio of 0.75%, making them comparably priced for leveraged funds [4]. - As of December 18, 2025, SPXL reported a 1-year return of 27.2% compared to SOXL's 38.6% [3]. - SPXL has assets under management (AUM) of $6.0 billion, while SOXL has a significantly larger AUM of $13.9 billion [3]. Group 2: Performance and Risk Comparison - Over a five-year period, SPXL experienced a maximum drawdown of 63.84%, whereas SOXL faced a more severe drawdown of 90.51% [5]. - An investment of $1,000 in SPXL would have grown to $3,078 over five years, while the same investment in SOXL would have only grown to $1,280 [5]. Group 3: Portfolio Composition - SOXL is concentrated entirely in the semiconductor sector, with 100% of its assets in technology and only 44 holdings, including major positions in Advanced Micro Devices, Broadcom, and Nvidia [6]. - SPXL provides broader sector diversification by tracking the entire S&P 500, with technology making up 36% of its holdings, and top positions including Nvidia, Apple, and Microsoft [7]. Group 4: Investment Implications - SOXL is suited for investors looking to capitalize on the semiconductor industry's growth, particularly due to the rise of artificial intelligence, but this focus increases risk [9]. - SPXL offers a more diversified investment approach, which may provide a buffer against sector-specific downturns, making it a relatively safer option compared to SOXL [10].

These companies have become cheaper on a per-share basis in the last few years, but that's not why investors should take a second look.A stock split is a corporate action where a company divides its existing shares into multiple new shares, which increases the total share count while proportionally decreasing the price per share. This can make the stock more affordable and liquid for investors without changing the total market value of the company or an investor's stake.Plenty of stocks have initiated split ...

英伟达（NVDA）周五早盘上涨1.6%。该公司同意收购或授权Groq的AI加速器资产，并吸纳其核心高 管团队，这是该公司迄今最大规模的交易，旨在将其低延迟推理能力扩展至整个AI工厂架构。 责任编辑：张俊 SF065 英伟达（NVDA）周五早盘上涨1.6%。该公司同意收购或授权Groq的AI加速器资产，并吸纳其核心高 管团队，这是该公司迄今最大规模的交易，旨在将其低延迟推理能力扩展至整个AI工厂架构。 责任编辑：张俊 SF065 ...

The year’s run-up in precious metals broke new ground on Friday, while U.S. stocks held close to all-time highs. Most-active silver futures were up 4.5% at around $75 a troy ounce, after earlier hitting a new intraday record. A runaway rally in silver, which has more than doubled in price this year, has swept up amateur investors. Equivalent contracts for gold futures also hit records, rising as high as $4,562 a troy ounce. Most Read from The Wall Street Journal Escalating geopolitical tensions likely ...

Industry Overview - Global demand for consumer electronics is projected to reach $905.9 billion by 2026, reflecting a year-over-year growth of 5.8% from $856.24 billion in 2025 [2] - The upcoming surge in gadget demand will be fueled by advancements in AI, 5G connectivity, immersive computing, and smarter devices [3] - The semiconductor industry is central to this growth, with increased demand for memory, processors, interconnects, and manufacturing tools as AI capabilities expand [4] Investment Opportunities - Companies supplying hardware for next-generation gadgets are positioned to benefit, including those producing advanced processors, memory chips, interconnect components, and manufacturing equipment [5] - Notable companies include NVIDIA Corporation, Micron Technology, Lam Research, and Amphenol Corporation, which play complementary roles in the hardware ecosystem [6] Company Highlights Micron Technology - A leading manufacturer of memory chips, Micron produces DRAM and NAND flash memory, essential for modern gadgets and AI servers [8] - The demand for Micron's high-bandwidth memory (HBM) is expected to remain strong, with a projected revenue increase of 89.3% for fiscal 2026 and 22.8% for fiscal 2027 [10] - Micron currently holds a Zacks Rank 1 and a Growth Score of A, indicating strong growth potential [10] Amphenol Corporation - Amphenol is a major supplier of interconnect products, benefiting from rising demand for connectors and fiber products used in smartphones and data centers [11][12] - The company is expected to see revenue growth of 49.4% in 2025 and 12.4% in 2026, with earnings growth of 74.1% for 2025 and 21.4% for 2026 [14] - Amphenol currently has a Zacks Rank 1 and a Growth Score of B [14] Lam Research - Lam Research provides wafer fabrication equipment critical for semiconductor manufacturing, particularly for AI and advanced packaging technologies [15][16] - The company anticipates revenue growth of 14.1% for fiscal 2026 and 12.5% for fiscal 2027, with earnings growth of 15.7% for fiscal 2026 and 16.5% for fiscal 2027 [17] - Lam Research holds a Zacks Rank 2 and a Growth Score of A [17] NVIDIA Corporation - NVIDIA is a leader in high-performance GPUs, essential for AI computing and consumer gadgets [18] - The company is experiencing rapid growth in data center revenues, with projected revenue increases of 62.4% for fiscal 2026 and 43.2% for fiscal 2027 [20] - NVIDIA currently has a Zacks Rank 2 and a Growth Score of B, positioning it well for future growth [20]

2025年末， 国产GPU行业迎来一场资本的盛宴。 12月5日， 摩尔线程率先登陆科创板， 成为"国产GPU第一股"， 期间最高价达到941.08元／股， 涨幅超过700％， 总市值超过4400亿元。 ▲摩尔线程K线图。 不到半个月， 沐曦股份同样在科创板挂牌上市， 开盘暴涨超568％， 坐上A股史上"最赚钱新股"的宝座。 紧随其后， 壁仞科技通过港交所聆讯； 而燧原科技也在A股排队候场。 被业界称为"GPU四小龙" 的四家国产GPU企业， 几乎同步敲响了资本市场的大门。 业内人士普遍认为，这场"狂欢"的背后，并非单纯的故事性炒作，而是一场由国家战略驱动、产业需求牵引、地方生态支撑的系统性变革——人工智能进 入"算力为王"时代，GPU作为AI时代的"新石油"，正成为科技自立自强的关键战场。 算力缺口催生国产GPU"奇兵" 过去三年， 全球大模型竞赛如火如荼。 中国AI创新力量频频亮相国际舞台。 但一个现实始终存在：训练这些模型所需的高端GPU长期依赖进口，尤其受制于海外出口管制，"一卡难求"已成为行业常态。 "以前，主要是互联网大厂有算力需求，它们也倾向于建设自己的算力平台。"位于两江协同创新区的人工智能公共 ...

TCL科技公告，TCL华星竞得福建兆元光电80%股权及相关债权，交易价格为4.9亿元。福建兆元光电有 限公司专注于LED外延片、芯片的研发、生产与销售。最近一年一期主要财务数据：截至2024年12月31 日，总资产22.68亿元，净资产-7.03亿元；2024年实现营业收入8.88亿元，净利润-3.89亿元。截至2025 年10月31日，总资产20.08亿元，净资产-10.03亿元；2025年1-10月实现营业收入7.1亿元，净利润-3亿 元。 ...