2025年12月22日早盘，三大指数集体高开。海南自贸区、CPO、半导体等板块领涨。消息面上，上周五 美股科技股普涨，对A股科技线亦有所提振。另一方面，综合机构观点，中长期来看中国权益市场具备 结构性机遇，企业盈利改善、资金配置转移及政策制度优化将成为主要驱动力。配置机会上，全球百年 未有之大变局加速演进，国内经济底层逻辑转向新质生产力，人工智能、具身智能、新能源、可控核聚 变、量子科技、航空航天等"十五五"重点领域值得关注。 海外方面，近日，美国劳工统计局公布，美国11月失业率小幅攀升至4.6%，创下2021年9月以来的最高 水平；此外，上月发布的就业数据修正报告显示，受美国政府部门就业岗位锐减影响，10月非农就业人 数减少10.5万人。此次公布的11月就业数据很大程度上印证了此前降息 25 个基点的决策是合理的。随 着货币宽松、财政政策以及贸易不确定性的缓解，再加上AI支出作为新的增长引擎，确实预示着2026 年宏观背景或将更加有利。 海通国际指出，火山引擎在2025冬季FORCE原动力大会上围绕智能体（Agent）的规模化生产与应用落 地进行了系统化升级，推出新一代Responses API、上线Ser ...

Market Overview - The market experienced a V-shaped rebound on August 28, with the ChiNext Index leading the gains, and the STAR 50 Index rising over 7% [1][8] - A-shares had a total trading volume of 3 trillion yuan, a decrease of 196.9 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index rose by 1.14%, the Shenzhen Component Index increased by 2.25%, and the ChiNext Index surged by 3.82% [1] Sector Performance - The computing power and chip sectors were the main focus, with over 2,800 stocks rising in the market [1] - CPO and other computing hardware stocks maintained strong performance, with Tianfu Communication and several others reaching historical highs [4] - Chip stocks collectively surged, with more than 10 stocks, including Zhangjiang Hi-Tech, hitting the daily limit [4] Notable Stocks - Cambricon Technologies' stock price reached 1,587.91 yuan per share, up 15.73%, with a market capitalization of approximately 664.3 billion yuan, surpassing Kweichow Moutai [6] - Kweichow Moutai's stock price was reported at 1,446.1 yuan per share, down 0.13%, with a market capitalization of about 1.82 trillion yuan [6] ETF Performance - Technology growth sectors showed strong performance, with significant increases in related ETF products. For instance, the performance of various ETFs from GF Fund since August includes: - STAR 50 ETF (588060) up 21.43% - STAR 100 ETF (588980) up 16.29% - ChiNext ETF (159952) up 16.96% - Double Innovation 50 ETF (588320) up 23.83% [10][11] Policy Support - Recent favorable policies for the technology growth sector include guidelines from the People's Bank of China and other departments to support new industrialization and the implementation of "Artificial Intelligence+" actions [11] - The total computing power scale is growing at an annual rate of approximately 30%, providing a solid foundation for the technology industry [11]

Core Viewpoint - The technology growth sector is experiencing strong performance driven by favorable policies in artificial intelligence and computing power, with significant increases in related ETF products [1] Group 1: Market Performance - The performance of various ETFs in the technology growth sector has been notable, with the following returns since August: - 科创50ETF龙头 (588060) at 21.43% - 科创100ETF广发 (588980) at 16.29% - 创业板ETF广发 (159952) at 16.96% - 双创50ETF增强 (588320) at 23.83% [1] - The 科创50指数 focuses on 50 major securities with over 60% in the semiconductor industry, providing a benchmark for core assets in the 科创板 [2] - The 创业板ETF广发 has seen over 60% growth since its inception, with a current scale exceeding 12.8 billion [3] Group 2: Policy Support - Recent policies from the People's Bank of China and other departments aim to support new industrialization and promote the application of artificial intelligence, encouraging long-term capital into technology enterprises [1] - The domestic computing power infrastructure is rapidly developing, with an annual growth rate of approximately 30%, providing a solid foundation for the technology industry [1] Group 3: Investment Opportunities - Investors can leverage index funds to capture opportunities in hard technology companies listed on the 科创板 and 创业板 [2] - The 双创50ETF增强 offers a strategy to capture leading companies from both the 科创板 and 创业板, showing a notable increase of 23.83% since August [3] - The 科创100ETF广发, launched on July 23, has increased by 16.22% since its inception, covering mid-cap companies in the 科创板 [2]