2025年A股交易正式收官。 截至31日收盘，上证指数报3968.8点，年内上涨18.4%， 创业板指全年大涨近50% ，深证成指涨幅接近 30%，A股整体估值中枢明显抬升。如果把视角放到个股，这是一轮近年来罕见的"真普涨"行情，全年超 4000只股票上涨，占比接近80%。 与此同时，从超500只翻倍股的狂欢，到常态化退市下绩差股的冰封，资本市场的优胜劣汰在这一年体现 得淋漓尽致。接下来盘点2025年A股十大"牛股"与"熊股"，拆解背后的暴涨逻辑与暴跌陷阱。 | | | | 2025年A股十大牛股 | | --- | --- | --- | --- | | 排名 | 股票名称 | 今年張唱 | 核心逻辑 | | 1 | 上纬新材 | 1827.3% | "妖王"惜壳： 智元机器人协议入主，从传统化工跨界人形机器人，17天涨13倍 | | 2 | 天普股份 | 1645.4% | AI芯片借壳: 算力独角兽"中昊芯英"借壳预期,踩中DeepSeek等大模型爆发风口 | | 3 | ST宇顺 | 719.4% | 困境反转: 剥离旧业,跨界转型罩力相赁与数据中心,精准切入AI基建风口 | | ব | STY 振 ...

格隆汇12月17日丨溢多利(300381.SZ)在投资者互动平台表示，公司目前没有工业大麻业务。 （原标题：溢多利(300381.SZ)：公司目前没有工业大麻业务） ...

（文章来源：证券日报） "上述投资事项对公司现有业务无协同性，对公司2025年经营业绩影响较小，相关产业发展仍处早期， 未来收益存在较大不确定性。公司郑重提示广大投资者注意股票市场交易风险，审慎决策，理性投 资。"顺灏股份在公告中表示。 公开资料显示，顺灏股份业务涉及特种防伪环保纸、印刷品、新型烟草、工业大麻四大产业。子公司广 泛分布于上海、香港、深圳、广东、福建、湖北、云南、安徽、海南等国内重要地区，并延伸布局至美 国、日本、柬埔寨，业务范围遍及全球。2025年前三季度，顺灏股份实现归属于上市公司股东的净利润 6731.90万元，同比增长20.29%。 2025年6月份，顺灏股份以1.1亿元投资轨道辰光，持股比例为19.30%。轨道辰光的主要业务是通过将算 力卫星发射至晨昏轨道，组建太空数据中心，为客户提供算力服务，其经营范围包括卫星技术综合应用 系统集成、卫星导航服务、卫星移动通信终端制造、卫星移动通信终端销售等。 近期，随着商业航天被纳入国家航天发展总体布局，作为AI与航天交叉融合的前沿领域，太空算力正 成为市场关注的焦点。深圳华道研究咨询有限公司合伙人王志球对《证券日报》记者表示，当前，算力 正加速渗 ...

Core Viewpoint - Shunhao Co., Ltd. has experienced a significant stock price increase, with a cumulative rise of over 110% in 11 trading days, leading to a market capitalization of 16.9 billion yuan. However, the company has issued a warning regarding the lack of synergy between its existing business and its investment in Beijing Trajectory Chuang Technology Co., Ltd. [1] Group 1: Company Overview - Shunhao Co., Ltd. operates in four main industries: special anti-counterfeiting environmentally friendly paper, printing products, new tobacco, and industrial hemp. Its subsidiaries are located in key regions across China and have extended operations to the United States, Japan, and Cambodia [2]. - For the first three quarters of 2025, Shunhao Co., Ltd. reported a net profit attributable to shareholders of 67.319 million yuan, representing a year-on-year growth of 20.29% [2]. Group 2: Investment in Trajectory Chuang - In June 2025, Shunhao Co., Ltd. invested 110 million yuan in Trajectory Chuang, acquiring a 19.3% stake. Trajectory Chuang's primary business involves launching computing satellites into the twilight orbit to establish a space data center, providing computing services to clients [2]. - The space computing sector is gaining attention as commercial aerospace is integrated into national space development plans. However, it is noted that space computing is still in the early stages of technological validation and industrial cultivation, requiring time for maturity and large-scale commercialization [2]. Group 3: Risks and Challenges - The announcement from Shunhao Co., Ltd. highlighted that the business of Trajectory Chuang does not create synergies with its existing operations and is subject to various risks, including macroeconomic factors, industry policies, and market environment changes. The commercial value of Trajectory Chuang's "Tianshu Tiansuan" business may only become clear in the next five years, while its "Dishu Tiansuan" business may take 5 to 10 years to compete effectively with ground data centers [1]. - The company emphasized that the investment in Trajectory Chuang would have a minimal impact on its operating performance by 2025, and the development of related industries remains in the early stages, with significant uncertainty regarding future returns [1].

Core Viewpoint - The recent rumors regarding the signing of a 50-ton supply contract with Bayer for 2025 by the company are untrue, and its industrial hemp business is still in the early stages of development, contributing less than 0.1% to the total revenue [1] Group 1 - The company clarified that the rumors about a contract with Bayer are not accurate [1] - The industrial hemp business is currently in its initial development phase [1] - Revenue from the industrial hemp segment accounts for less than 0.1% of the company's total revenue [1]

Core Viewpoint - Shunhao Co., Ltd. plans to issue H shares and list on the Hong Kong Stock Exchange despite declining performance and ongoing legal issues, raising questions about the necessity and feasibility of the IPO [1][10]. Financial Performance - Shunhao's revenue and net profit have been on a downward trend since 2018, with revenue failing to exceed the 2018 peak of 20.55 billion yuan, and net profit showing significant losses in several years [4][5]. - In the first half of 2025, the company reported revenue of 620 million yuan and a net profit of 29 million yuan, representing year-on-year declines of 12.19% and 6.24% respectively [6]. Employee Reduction - The company has reduced its workforce by nearly 50% over the past seven years, from 2,121 employees in 2017 to 1,116 in 2024, indicating ongoing operational challenges [7][9]. Acquisition Issues - Shunhao has faced significant losses due to problematic acquisitions, such as the 2013 purchase of Zhejiang Demei, which led to a loss of 51 million yuan in 2014 due to management misconduct [5][6]. Legal and Compliance Challenges - The company is currently under investigation for alleged unit bribery, which poses a significant obstacle to its IPO plans, as compliance with regulatory standards is critical for approval from both the China Securities Regulatory Commission and the Hong Kong Stock Exchange [11][12][13].

Group 1 - The core viewpoint of the news is that Shunhao Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [2] - The company is actively discussing the issuance and listing with relevant intermediaries, and specific details are yet to be finalized [2] - Shunhao Co., Ltd. has appointed Hong Kong Lixin as the auditing firm for this issuance and listing [2] Group 2 - Shunhao Co., Ltd. was established in 2004 and focuses on eco-friendly packaging materials, new tobacco products, and industrial hemp, with a clear business structure [3] - The company employs nearly 1,200 people and has around 30 subsidiaries located in various regions including the US, Cambodia, and several provinces in China [3] - As of August 18, the company's market capitalization is approximately 9.042 billion RMB [3]

Core Viewpoint - The industrial hemp sector experienced a significant surge on December 12, driven by news that former President Trump is considering reclassifying marijuana's danger level, which could lower its regulatory status [1] Market Performance - Fu'an Pharmaceutical rose over 15% - Rhine Biology hit the daily limit up - Morning Light Bio increased nearly 7% - Kang En Bei and Fu Ri Electronics both rose around 6% [1] U.S. Market Reaction - U.S. cannabis stocks saw strong performance on Monday: - Canopy Growth surged over 26% - Tilray Brands jumped over 40% - Cronos Group increased by more than 14%, reaching a 52-week high [1] Industrial Hemp Overview - Industrial hemp is characterized by a tetrahydrocannabinol (THC) content of less than 0.3% and does not exhibit psychoactive effects - Its seeds, flowers, leaves, stalks, and roots can be utilized in textiles, food, daily chemicals, and pharmaceuticals [1] Market Growth Forecast - According to Mordor Intelligence, the global industrial hemp market is projected to grow from $2.21 billion in 2023 to $4.97 billion by 2028 - This represents a compound annual growth rate (CAGR) of 17.56% over the next five years [1]