（文章来源：每日经济新闻） 每经AI快讯，12月22日，光模块(CPO)指数盘中涨超2%，成分股多数上扬。长光华芯、长芯博创、通宇 通讯、联特科技、新易盛等涨幅居前。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月17日，光模块(CPO)指数盘中涨3%，联特科技涨逾12%，天孚通信涨8.06%，光库科 技涨7.01%，长芯博创涨4.89%，德科立涨4.67%。 ...

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证券研究报告 | 2025年12月08日 金融工程日报 A 股放量大涨，CPO 板块爆发 市场表现：20251208 大部分指数处于上涨状态，规模指数中中证 2000 指数 表现较好，板块指数中创业板指表现较好，风格指数中沪深 300 成长指数表 现较好。通信、电子、计算机、非银、国防军工行业表现较好，煤炭、石油 石化、食品饮料、钢铁、电力公用事业行业表现较差。光模块(CPO)、光芯 片、光通信、通讯设备精选、基站等概念表现较好，央企煤炭、贵州省国资、 黄金精选、磷化工、PTA 等概念表现较差。 市场情绪：20251208 收盘时有 78 只股票涨停，有 8 只股票跌停。昨日涨停 股票今日高开高走，收盘收益为 5.10%，昨日跌停股票今日收盘收益为 -1.87%。今日封板率 69%，较前日下降 7%，连板率 34%，较前日提升 6%。 市场资金流向：截至 20251205 两融余额为 24817 亿元，其中融资余额 24641 亿元，融券余额 176 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.3%。 折溢价：20251205 当日 ETF 溢价较多的是卫星 ETF，ETF ...

Core Viewpoint - The optical module (CPO) index experienced a decline of 2.25% at the beginning of trading on November 14, indicating a bearish trend in the sector [1] Group 1: Market Performance - The leading stock, Yuanjie Technology, saw a significant drop of 5.00% [1] - Other notable declines included Shijia Photon at 4.24%, Zhongji Xuchuang at 3.29%, Dongshan Precision at 3.01%, and Cambridge Technology at 2.80% [1]

Group 1 - The optical module (CPO) index experienced a decline of 2% during intraday trading on November 7 [1] - Most constituent stocks of the index fell, with Dongshan Precision leading the decline at 4.23% [1] - Other notable declines included Yuanjie Technology at 3.39%, Liante Technology at 3.37%, Shijia Photon at 2.70%, and Xinyi Sheng at 2.60% [1]

Group 1 - The core view of the report emphasizes that technology growth is leading the market's upward momentum, with the overall A-share market rebounding by 3.47% during the week of October 20-24. The ChiNext Index and the Sci-Tech 50 Index outperformed, while the Shanghai 50 and the CSI Dividend Index lagged behind [2][11]. - The report highlights that the market sentiment is adjusting, with an increase in industry rotation intensity. The small-cap style outperformed, and the micro-cap stock index outperformed the market, with thematic focus on optical modules, cultivated diamonds, and circuit boards [3][22]. - The report notes significant developments in the AI industry, particularly the launch of the domestically produced general-purpose GPU by Muxi Integration, which is expected to reshape the GPU supply chain landscape [4][47]. Group 2 - The report suggests a favorable outlook for technology growth to continue dominating, especially in light of upcoming key events such as the China-US economic negotiations and the Federal Reserve's meeting on October 28-29. This is expected to attract observing funds back into the market, enhancing risk appetite and trading activity [5][51]. - The report indicates that the stock-bond yield spread has decreased to 0.6%, which is below the +1 standard deviation mark, suggesting a potential market peak in the near future [3][22]. - The report identifies that the average daily trading amount of the Stock Connect decreased by 741 billion yuan compared to the previous week, with significant inflows into the electronic, communication, and non-bank financial sectors [3][36].

Group 1 - The technology sector has shown strong performance this year, with significant gains in communication and electronics industries, and various concept indices exceeding 100% growth [2][3] - Funds heavily invested in technology stocks, such as Dongwu New Trend Value Line and Invesco Great Wall Stable Return A, have achieved notable returns over the past three years, ranking high in performance [2] - Institutions maintain an optimistic outlook on technology stocks, with a focus on AI and high-end manufacturing as key investment themes [2][3] Group 2 - Specific investment opportunities include chips, solid-state batteries, AI, and humanoid robots, with a structural growth in AI demand driving the need for edge AI chips [3][4] - The solid-state battery industry is at a critical point of industrialization, warranting attention to its supply chain and related sectors [3] - The AI sector is currently in a high-growth phase, with recommendations to focus on AI applications that can generate revenue, particularly those with significant AI income [4]

Core Viewpoint - The A-share market experienced a significant decline on September 4, with all major indices falling sharply, particularly the ChiNext Index which dropped over 4%, indicating a shift towards defensive sectors while growth sectors faced substantial selling pressure [1][2]. Market Performance - The Shanghai Composite Index fell by 1.25% to 3765.88 points, while the Shenzhen Component dropped 2.83% to 12118.70 points. The ChiNext Index saw a decline of 4.25% to 2710.65 points, and the STAR 50 Index fell by 6.08% [2]. - Nearly 3000 stocks declined, with 48 hitting the daily limit down, reflecting a significant loss effect across the market. Net outflow of main funds reached 676.80 billion yuan, with defensive sectors like consumer goods and banking receiving inflows [2][3]. Industry Trends and Drivers - Defensive characteristics were prominent in the A-share market, with the consumer sector acting as a safe haven. The retail and tourism sectors saw gains, reflecting strengthened expectations for consumption recovery policies [3]. - The banking sector also showed resilience, rising by 0.79%, highlighting its defensive value during market adjustments. The ice and snow tourism index surged by 3.99%, supported by policies aimed at restoring consumption scenarios [3]. Declining Sectors and Drivers - The technology growth sector faced systemic declines, with the telecommunications sector dropping 8.48%. The optical module index plummeted by 11.04%, indicating profit-taking in previously overheated AI hardware [4]. - The semiconductor sector also faced significant losses, with the electronic sector down 5.08%, raising concerns about industry overcapacity due to recent government statements [4]. Investment Strategy Recommendations - The market is transitioning from a "high prosperity retreat to defensive rise" phase, with the A-share ChiNext Index facing increased short-term adjustment pressure. The Hang Seng Index is also under scrutiny as it hovers around the 25000-point mark [5][6]. - It is recommended to focus on "defensive priority and essential needs," emphasizing investments in core consumer sectors such as dairy, retail, and tourism, which are expected to benefit from consumption recovery policies [6].

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][3]