国泰海通晨报 2025 年 12 月 22 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【宏观研究】：本周大宗商品中铜与金表现亮眼，发达市场股票表现优于新兴市场。美国就业 市场仍处于弱而不崩的状态，通胀增速不及预期，二次反弹风险相对可控，美联储短期内或暂停 降息进行观望。日央行如期加息 25BP，未来或仍将缓慢加息。欧央行降息周期或已接近终点。 2、【食品饮料研究】东鹏饮料：管理效率持续提升助力东鹏将大量利润节约下来回馈给渠道及消 费者，迎合了饮料行业消费者对于高质价比愈加重视的大趋势，因此公司品类扩张将超市场预期。 3、【机械研究】核电设备：上周（2025/12/15-2025/12/19）可控核聚变领域动态：上周中标主要集 中在磁体和电源等部件；特朗普媒体科技宣布与 TAE 签署最终合并协议；Gyro Swin 实现秒级 5D 等离子体建模。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 王宇 ...

Core Insights - The company launched three new AI models: Doubao Model 1.6, Doubao Visual Understanding Model, and Doubao Video Generation Model, enhancing capabilities in reasoning, multi-modal understanding, and GUI operations [1] - The Doubao Visual Understanding Model offers improved recognition, understanding, and detailed visual description capabilities [1] - The Doubao Video Generation Model can create high-quality videos from user-provided text and images, featuring rich detail layers [1] Product Enhancements - Doubao Model 1.6 series upgrades include enhanced knowledge coverage, logical reasoning, and lightweight deployment, making it suitable for a wider range of terminals and industry scenarios [1] - Doubao Image Editing Model 3.0 improves precision and efficiency, supporting high-definition detail restoration and style transfer for complex creative scenarios [2] - Doubao Simultaneous Interpretation Model 2.0 optimizes real-time translation capabilities across multiple languages, enhancing understanding of professional terminology and cross-cultural contexts [1] Ecosystem Development - The company announced the open-sourcing of core capabilities and the release of a model fine-tuning framework to lower development barriers [2] - A new enterprise model hosting solution was introduced, allowing secure deployment and operation of models trained on private data [2] - The launch of Responses API standardizes interfaces to help enterprises quickly integrate AI capabilities, reducing application development cycles [2]

Group 1 - The article discusses a sudden drop in A-shares without clear negative news, followed by a decline in US stock index futures, indicating market volatility [1][8]. - There is speculation about the reasons behind the market drop, with some attributing it to regulatory concerns regarding quantitative trading and the implementation of new trading regulations on July 7 [1][8]. - The article highlights ongoing trade negotiations between the US and China, focusing on rare earths and export controls, with expectations for both sides to reach an agreement [1][5]. Group 2 - A-shares experienced a collective drop of over 1% in the afternoon, with the Shanghai Composite Index closing down 0.44%, the Shenzhen Component down 0.86%, and the ChiNext down 1.17% [8]. - The total market turnover reached 1.4516 trillion yuan, an increase of 138.7 billion yuan from the previous day, with over 4,000 stocks declining [8]. - Defensive sectors such as rare earths and agriculture saw a rise during the market drop, indicating a shift in investor sentiment towards safer investments [8][9]. Group 3 - The article notes a significant increase in container shipping activities from China to the US, with shipping rates rising by 94% in the past week, suggesting a potential pre-summer inventory buildup [9]. - The article mentions that the market is currently experiencing a dichotomy, with some sectors like new consumption and technology showing growth, while traditional sectors like real estate and consumer goods remain weak [13][14].

Group 1 - The company, Volcano Engine, announced the release of a new Doubao video generation model on June 11 [1]

Core Viewpoint - The company, Volcano Engine, announced the release of a new Doubao video generation model on June 11 [1] Group 1 - The new model is expected to enhance video generation capabilities [1]