沪指收出15连阳，但力度有所减弱。沪指在周四依然顽强收出阳线，15连阳的纪录仍然在持续，但从周四盘中表现观察，连涨力度已有所减弱。 突 出现象为：虽然沪指依然收出阳线，但深成指、沪深300、创业板指等主要分类指数已经出现2连阴，预计沪指也存在一定的震荡整理要求。但连阳与否并 非春季行情的主要线索，成交热度的维持和热点板块的轮动才是行情得以延续的关键因素。 后市展望： 春季行情关注科技成长和涨价主线。进入1月后，全球不确定性事件逐步落地，年底资金偏紧效应消散，市场重新回到做多的轨道。预计 春季行情将在1月继续向纵深发展，制约A股进一步上行的因素将逐步被打破。当前行情比较明确的两条主线是科技的成长叙事和原材料价格的上涨，其 背后的主要推动力量来自AI产业链投资的热潮。后续关注北美和中国科技大厂的资本开支和投资计划，在AI投资热度没有出现明显退坡之前，继续关注 科技产业链和原材料涨价主线。 热点板块： 1月科技和原材料涨价方向占优，高股息可做左侧关注。1月市场迎来春季行情的启动，历年春季躁动行情，科技成长方向大概率占优。 结合短期催化剂，诸如商业航天、脑机接口、低空经济、半导体等未来产业可继续保持关注。此外受益于科 ...

来源：新浪港股-好仓工作室 核心业务聚焦工业智能移动机器人解决方案 斯坦德机器人(无锡)股份有限公司作为工业智能移动机器人解决方案提供商，专注于为3C、汽车及半导 体等高科技行业提供定制化机器人解决方案。公司核心业务包括机器人解决方案（占2024年营收91%） 及单体机器人销售（占9%），采用"1+N+S=∞"的解决方案理念，整合核心技术平台、多功能机器人产 品及RoboVerse智能协同系统。 商业模式以项目制销售为主，客户包括直接应用解决方案的制造商（占2024年营收37.3%）及系统集成 商（占62.7%）。产品定价采用成本加成模式，主要机器人类别价格区间为：标准型机器人6-35万元/ 台，功能型机器人10-60万元/台，具身机器人45-110万元/台。 营收增速大幅放缓至19.7% 斯坦德近年营收保持高速增长，但2025年前三季度增速显著放缓： 期间营收(人民币千元)同比增幅2022年96,2752023年162,16668.4%2024年250,52254.5%2024年前九月 157,1042025年前九月187,98619.7% 营收增长主要来自功能型机器人销量增加，2024年销量达1,525台 ...

Market Overview - A-shares experienced significant adjustments with widespread declines in individual stocks, reflecting a decrease in trading enthusiasm as year-end approaches, leading to a shrinking trading volume and a cautious market sentiment [1] - Concerns over potential interest rate hikes by the Bank of Japan are contributing to short-term market caution, with expectations that this could lead to capital inflows back to Japan, indirectly affecting A-shares and Hong Kong stocks [1] - Despite the current market fluctuations around the 4000-point level, conditions are in place for potential upward movement, supported by anticipated improvements in supply and demand in the manufacturing sector by mid-2026 [1] Sector Focus - In December, sectors benefiting from dividends and price increases are expected to outperform, with short-term attention on banking, public utilities, coal, and non-ferrous metals [2] - Consumer sectors may also gain attention due to event-driven factors [2] - Technology remains a key focus for 2026, with particular interest in AI, lithium batteries, military industry, and robotics, as these sectors are poised for growth following a period of adjustment [2] Technology Trends - The trend for AI hardware continues to solidify, with increasing token usage for major AI models indicating a peak in AI applications by 2026, presenting opportunities for high growth in AI hardware [2] - The domestic production and integration of robots into everyday life is expected to be a significant trend in 2026, with advancements in various types of robots creating opportunities in related sectors [2] - The semiconductor industry is also expected to see continued domestic growth, with a focus on semiconductor equipment, wafer manufacturing, materials, and IC design [2] Military and Pharmaceutical Outlook - The military sector is anticipated to see a rebound in orders by 2026, with many sub-sectors showing signs of recovery in performance metrics [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustments, with positive net profit growth expected to continue into 2026 [2]

Market Overview - After regaining the 3900-point level, the A-share market has returned to a phase of low-volume consolidation, with mixed performances across indices. The ChiNext Index continues to show upward momentum, while the Shanghai Composite Index and the Sci-Tech 50 Index have experienced slight pullbacks. Overall trading volume has decreased compared to Monday, reflecting a decline in investor enthusiasm as the year-end approaches, leading to a general trend of low-volume fluctuations [1] Future Outlook - As the year-end approaches, a cautious market sentiment prevails, with fluctuations around the 4000-point level potentially preparing the market for a new upward phase. The market has established conditions for further upward expansion following a period of sideways movement since October. A recovery in the supply-demand situation for the manufacturing sector in 2026 is likely, which could lead to a significant rebound in the earnings growth of A-share listed companies. Key focus areas for November include the impact of the 14th Five-Year Plan on industries, event-driven dynamics in the technology sector, and price increases driven by anti-involution trends, which are expected to catalyze multiple sectors and support a continued upward trend in the market [1] Sector Highlights - In December, sectors benefiting from dividends and price increases are expected to outperform, with short-term attention on banking, public utilities, coal, and non-ferrous metals. Technology will remain a key focus in 2026, with particular attention on AI, lithium batteries, military industry, and robotics. Specific areas of interest include: 1. The established trend in AI hardware, with a continued increase in token usage for major AI models, indicating a peak in AI applications by 2026, presenting opportunities for high growth in AI hardware and the transition from quantitative to qualitative changes in AI applications [2] 2. The trend of robot localization and integration into daily life is expected to continue into 2026, with robot products expanding from humanoid robots to quadrupedal and functional robots, creating recurring opportunities in sensors, controllers, and dexterous hands [2] 3. The trend towards semiconductor localization remains strong, with a focus on semiconductor equipment, wafer manufacturing, semiconductor materials, and IC design [2] 4. The military sector is expected to see a continued recovery in orders by 2026, with many sub-sectors such as ground equipment, aviation equipment, and military electronics showing signs of bottoming out as Q3 report declines narrow [2] 5. The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth for four consecutive quarters since Q3 2024, and an anticipated turning point in fundamentals by 2025, continuing an upward trend into 2026 [2]

3900点整数关遇阻回落后，维持缩量盘整态势。 周四A股继续维持缩量盘整态势，在冲击3900点未果后，市场短期内缺少继续上攻的驱动力，市场交 投清淡，成交量再度萎缩至1.6万亿以下。临近年底，投资者参与交易的热情有所下降，在"落袋为安"的心理影响下，近期市场总体呈现缩量震荡的格 局。预计盘局在未来数周内不会发生明显变化。 热点板块： 12月红利和涨价方向占优，2026年依然关注科技。预计12月在市场进入震荡期后，红利和涨价受益板块将阶段性占优，短期内可关注银 行、公用事业、煤炭、有色金属等。2026年科技仍然是市场主线，在经历阶段性休整后，可关注AI、锂电池、军工、机器人等板块。关注：1）AI硬件的 产业趋势仍然确立，并且主要AI大模型的tokens调用量持续走高。这意味着AI应用的高峰将在2026年出现，继续关注AI硬件的高增长趋势和AI应用从量变 到质变到来的机会。2）机器人国产化和走进老百姓生活依然是 2026 年比较确定的趋势，机器人产品将从人形机器人向四足机器人、功能型机器人扩展。 以此带来的传感器、控制器、灵巧手等板块的阶段性机会将会反复出现。市场预期特斯拉人形机器人版本有可能更新，或将成为机器人 ...

3900点整数关遇阻回落，成交量再度萎缩。 周二A股未能站稳3900点整数关，全天弱势震荡，成交量再度萎缩至1.6万亿附近，市场人气低迷。临近 年底，投资者参与交易的热情有所下降，在"落袋为安"的心理影响下，近期市场总体呈现缩量震荡的格局。预计盘局在未来数周内不会发生明显变化。 后市展望： 临近年底市场观望氛围浓厚，但4000点整数关附近的反复震荡或为市场上一台阶做准备。临近年底，市场主要参与方的交易积极性有所 下降，导致A股成交量明显萎缩，市场开始进入一种观望氛围。但市场经历了10月以来的持续横盘震荡后，已经具备了进一步向上拓展空间的条件。2026 年中下游制造业迎来供需形势的好转是大概率事件，A股上市公司的盈利增速有望迎来明显回升，因此当前市场在4000点反复震荡或为市场上一台阶做准 备。11 月关注重点包括十五五发展规划定调对产业带来的刺激作用，科技行业的事件驱动，反内卷带动的物价回升等，预计多板块有望迎来催化剂，从 而推动市场维持震荡上行格局。 热点板块： 12月红利和涨价方向占优，2026年依然关注科技。预计12月在市场进入震荡期后，红利和涨价受益板块将阶段性占优，短期内可关注银 行、公用事业、煤炭 ...

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index attempting to reclaim the 3900-point level but ultimately closing with a small gain and a long upper shadow [1] - Trading volume remained low at around 1.7 trillion yuan, indicating a cautious market sentiment as the year-end approaches [1] - The market is expected to experience fluctuations around the 4000-point level, which may prepare for a potential upward movement as the manufacturing sector is likely to see improved supply-demand dynamics by 2026 [1] Sector Focus - The technology sector is anticipated to continue its orderly rotation in November, with potential rebound opportunities in underperforming areas such as robotics, military, and smart vehicles [2] - The semiconductor industry is expected to maintain its growth trajectory, with a focus on domestic production across various segments including equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is witnessing a rebound in mid-year performance growth following the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]

Market Overview - The A-share market has shown signs of recovery around the 3800-point level, ending a period of continuous adjustment and recording a small upward trend [1] - Over 4200 stocks rose during the trading day, indicating a shift in market sentiment as trading volume ended its continuous decline [1] - The market is expected to experience fluctuations around the 4000-point level as it prepares for a potential upward movement, driven by improved supply and demand conditions in the manufacturing sector by 2026 [1] Sector Focus - The technology sector remains a key area of interest in November, with opportunities for rebound in underperforming segments such as robotics, military, and smart vehicles [2] - The semiconductor industry continues to trend towards domestic production, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is anticipated to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [2] - The banking sector is witnessing a rebound in mid-year performance growth, attracting interest from long-term institutional investors due to its appealing dividend yield [2]

Market Overview - A-shares collectively declined on Thursday, with over 3,000 stocks falling and trading volume dropping to recent lows, indicating poor market profitability [1] - The banking sector showed resilience, with several state-owned banks rising over 3% [1] - As the year-end approaches, market participants are exhibiting a cautious trading attitude, leading to a significant reduction in A-share trading volume [1] Future Outlook - The market is expected to experience fluctuations around the 4000-point level, which may prepare for a potential upward movement [1] - The manufacturing sector is anticipated to see an improvement in supply and demand by 2026, which could lead to a notable recovery in the earnings growth of A-share listed companies [1] - Key focus areas for November include the impact of the 14th Five-Year Plan on industries, event-driven dynamics in the technology sector, and price recovery driven by anti-involution trends [1] Sector Highlights - The technology sector remains a focal point in November, with opportunities for rebound in underperforming areas such as robotics, military, and smart vehicles [2] - The semiconductor industry is expected to continue its trend towards domestic production, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth observed since Q3 2024 [2] - The banking sector has begun to see a rebound in mid-year performance growth following the impact of loan rate re-pricing, making it attractive to long-term institutional investors due to its dividend yield [2]

Market Overview - The A-share market has regained upward momentum, with the Shanghai Composite Index reaching new recent highs, indicating a strong performance with more stocks rising than falling [1] - The market is currently experiencing a phase of consolidation around the 4000-point level, which may prepare for further upward movement [1] - The recent breakthrough of the 3900-point resistance since late October suggests that the market has the potential for further upward expansion [1] Future Outlook - The market is expected to maintain a fluctuating upward trend, with key focus areas in November including the impact of the 14th Five-Year Plan on industries, event-driven dynamics in the technology sector, and price recovery driven by anti-involution [1] - The anticipated return of bullish sentiment is likely as the index breaks previous highs [1] Sector Highlights - The technology sector remains a focal point for November, with orderly rotation and high-low switching expected within the sector [2] - Underperforming segments such as robotics, military industry, and smart vehicles are anticipated to see a rebound, while leading sectors like computing hardware, domestic semiconductors, and new energy may present buying opportunities upon adjustment [2] - The anti-involution trend is showing results in sectors like photovoltaics, cement, coal, and express delivery, which are experiencing price increases and potential for further gains [2] Specific Sector Opportunities - Robotics is projected to expand from humanoid to quadruped and functional robots, creating opportunities in sensors, controllers, and dexterous hands [2] - The trend towards semiconductor localization continues, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military sector is expected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [2] - The innovative pharmaceutical sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue [2] - The banking sector is witnessing a rebound in mid-year performance growth, attracting interest from long-term institutional investors due to appealing dividend yields [2]