维峰电子12月18日在互动平台表示，公司当前暂无产品直接应用于CPO（光模块）领域，公司的板端连 接器产品主要服务于工业控制、新能源汽车及数据中心等场景。但公司在高频高速连接器领域具备技术 积累，未来将持续关注CPO等新兴技术方向的应用适配机会。 ...

"指数没跌透，账户已缩水"——这种"指数失真"的行情让散户感到窒息。 黄白线分化加剧，权重股勉强护盘，小盘股集体崩塌，微盘股指数跌幅一度超过 2.5%。 有股民苦笑："牛市信仰还在，钱却不见了。 " 2025年12月16日中午11点30分，A股午盘收盘的绿光映在投资者脸上。 上证指数跌破3820点，单日跌幅1.22%；创业板指重挫2.35%，科创50跟随下跌1.98%。 全市超4500只个股下跌，下跌比例接近90%，仅零售、食品饮料等防 御板块逆势微红。 半日成交额1.12万亿元，较前一日缩量606亿元，但主力资金净流出高达680亿元，内资仅半日抛售规模接近800亿。 表面看，A股大跌是内部资金出逃所致，但真正的导火索藏在全球市场的前一夜。 12月15日晚，美股科技股集体回调，英伟达、博通等AI硬件龙头跌幅超3%，甲骨文因财报暴雷带崩纳指期货。 更关键的是，日本央行释放信号，暗示12月18日至19日议息会议可能加息0.25%，将利率推至0.75%。 这一动作直接触发全球套息资金的"逆流"。 过去十年，日元零利率让国际资本能以低成本融资，投向高收益的新兴市场资产（如A股、港股）。 一旦日本 进入加息周期，这部分 ...

今天收盘后，估计不少朋友有点懵。昨天市场才刚放量突破2万亿，一片热火朝天，怎么今天就风云突 变，三大股指涨跌不一，超过4000只个股下跌，仿佛挨了一记"闷棍"？这种从"沸点"到"冰点"的快速切 换，恰恰是当前市场最真实的写照——它不在单边牛市，而是在一场剧烈分化的"结构性行情"中博弈。 市场的核心特征：极度分化下的"冰火两重天" 今天的盘面，完美诠释了什么叫"一半海水，一半火焰"。 · "火"的一面：以CPO（光模块） 为核心的科技成长主线，依然是市场上最硬的逻辑。多只个股延续强 势，甚至20cm涨停。这背后的驱动非常清晰：全球AI产业革命对算力的需求是确定性的、长期的，光 模块作为基础设施直接受益。此外，受地方政策利好驱动的福建板块也反复活跃。 · "冰"的一面：有色金属和海南本地股则集体占据了跌幅榜前列。它们的调整，一方面受商品市场波动 影响，另一方面也反映出在存量资金博弈下，一旦市场情绪降温，缺乏持续强逻辑支撑的板块会率先被 资金抛弃。 为何出现如此分化？关键在"资金"与"逻辑" 1. 增量资金不足，存量博弈加剧：尽管上周末政策暖风频吹，明确了积极财政与宽松货币的基调，为市 场提供了长期信心。但短期来看 ...

[Table_Main] 证券研究报告 | 策略点评 2025 年 12 月 08 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 研究助理 相关研究 市场成交额重回 2 万亿 [Table_Summary] 投资要点： 摘要。2025 年 12 月 8 日周一，A 股市场延续上行，成交额重回 2 万亿；国债期 货市场震荡分化，长债维持弱势；商品指数下跌，双焦大幅下挫。 一、市场行情分析 1）股票市场：成交重回 2 万亿，创业板领涨 成交重回 2 万亿，创业板领涨。12 月 8 日 A 股核心指数集体走强，成长风格显著 占优，上证收于 3,924.08 点，上涨 0.54%；深证表现更强，收于 13,329.99 点， 上涨 1.39%；创业板指收于 3,190.27 点，上涨 2.60%，领涨各核心指数；科创 50 收于 1,350.80 点，上涨 1.86%。全市场成交额重回 2 万亿元，量能较上一交易日 显著放大 18%，显示增量资金 ...

面对这样一个放量突破的格局，明天我们该如何操作？ 帮主我给大家几点策略参考： 第一，珍视趋势，将"成交量"作为核心观察指标。明天市场的首要任务，是巩固今天的成果。重点观察 成交额能否稳定在2万亿级别，甚至温和放大。如果能，那么这波春季行情的基础就更为扎实；如果快 速缩量，则可能重回震荡。因此，量能是决定我们仓位进攻性的首要风向标。 朋友们，我是帮主郑重。收盘了，不知道大家今天心情如何？我猜，如果手里握着科技股的朋友，感觉 应该不错。今天市场最大的看点，不是一个指数涨了多少，而是沉寂了半个多月的成交量，终于回来 了！两市成交额一口气冲上了2.05万亿元，这是时隔16个交易日后的首次突破，增量资金进场的脚步 声，这次听得是真真切切。 为什么说这个量能如此关键？它就像一场比赛里的发令枪。前期市场一直缺量，好比运动员都在起跑线 前蹲着，光摆姿势不发力。今天这超过3000亿的放量，就是那一声枪响。它表明，上周末那些鼓励"耐 心资本"入市、给券商"松绑"的政策暖风，开始实实在在地转化为一些机构的行动了。有真金白银进场 托底，市场的情绪和稳定性就会上一个台阶。 那么，钱流向了哪里？市场的选择极度分明，可以说是一场 "新与旧 ...

今日行情综述 2025年12月8日，A股市场放量上攻，全天成交额突破2.05万亿元，较前一日显著放量。主要指数普涨， 上证指数微涨0.54%，深成指涨1.39%，创业板指大涨2.6%。市场超3400只个股上涨，情绪明显回暖。 行业板块呈现鲜明切换。通信板块在CPO（光模块）概念引领下暴涨4.79%，电子、计算机等科技成长 赛道同步走强。与之相对，煤炭、石油石化等传统周期板块则小幅回调。非银金融（券商）板块亦大涨 1.9%，成交量激增，显示增量资金入场与风险偏好提升。 长期投资的成功，其数学内核是复利。但复利发挥奇迹般威力的绝对前提，是避免本金的永久性重大损 失。金融数学冷酷地揭示：亏损的修复成本远高于人们的直觉。一次50%的亏损，需要接下来100%的 涨幅才能回本，这不仅消耗了宝贵的时间成本，更对复利增长造成了结构性的损害。因此，投资的核心 艺术，不在于如何捕捉所有上涨，而在于如何系统地避免致命的下跌。当你通过上述方法，有效地将向 下的风险锁定在一个可接受、可管理的范围内时，你实际上已经为向上的收益敞开了大门。市场终将奖 励那些活得更久、犯错更少的投资者。优秀的长期回报，并非来自于某个年份的豪赌胜出，而恰恰是 ...

Group 1 - Public funds held A-shares exceeded 7 trillion yuan, reaching 7.38 trillion yuan, marking a historical high and a 22.23% increase from the previous quarter, accounting for 20.84% of total fund assets [1][2] - The average position of all public funds was 83.28%, an increase of 2.13 percentage points from the second quarter, with stock-type open-end funds averaging 90.14%, up 2.26 percentage points, indicating a more aggressive investment strategy [2] Group 2 - Ningde Times remained the top holding stock with a total holding value of 207.07 billion yuan, despite a reduction of 50.50 million shares in the third quarter, its stock price surged over 60% in the same period [3] - Optical module companies became the highlight of the third quarter, with Zhongji Xuchuang and Xinyi Sheng seeing significant increases in holdings, with Zhongji Xuchuang's holding value rising by 287.89% to 111.07 billion yuan, and Xinyi Sheng's increasing by 253.02% to 110.13 billion yuan [4] Group 3 - Public funds showed a clear preference for technology stocks, with the electronics sector leading with 17 companies holding over 10 billion yuan, followed by the pharmaceutical and biological sector with 10 companies [5] - Significant increases in positions were noted in communication equipment, consumer electronics, batteries, and semiconductors, while positions in liquor and military industries decreased [5] - The banking sector saw concentrated reductions, with major banks like Industrial Bank, ICBC, and Jiangsu Bank being significantly reduced, indicating a shift away from financial stocks [5] Group 4 - The macro industry policy and capital market development are expected to continue supporting high-quality development in emerging growth industries, with a favorable outlook for growth styles in the market over the next 3-6 months [6]

Core Viewpoint - The technology sector has seen a significant rise in the second half of the year, with two "doubling funds" emerging and several products increasing by over 90% [1][2]. Group 1: Market Performance - The CPO (Optical Module) sector, led by companies like Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication, has shown remarkable stock performance, with increases of 175%, 189%, and 136% respectively from July 1 to the present [2][3]. - Two funds, Chang'an Xinrui Technology Pioneer and Yongying Technology Smart Selection, have achieved returns of 101.49% and 101.13% respectively since July 1, contributing to the emergence of multiple funds with over 90% gains [2]. Group 2: Fund Manager Strategies - Fund managers displayed varied investment strategies in the first half of the year, with some maintaining positions in the optical module sector while others exited early and re-entered later [4]. - The fund "Zhonghang Opportunity Navigation," established in 2023, has consistently held the "easy Zhongtian" stocks in its top ten holdings, resulting in a 97% increase in the second half of the year [4]. Group 3: Industry Outlook - The optical module industry has shown strong performance due to technological upgrades and the transfer of production capacity from Western manufacturers to China, leading to significant profit growth for leading companies [3][6]. - The CPO sector is expected to enter a critical validation and initial mass production phase between 2025 and 2026, with full penetration anticipated after 2029 [3]. Group 4: Valuation and Future Trends - Despite the recent surge in stock prices, some fund managers have indicated potential risks due to high price-to-earnings ratios and market volatility [6][7]. - Long-term growth in the optical module sector is expected to remain robust, with head companies showing strong earnings capabilities and valuations aligning with future growth potential [7].

Group 1 - The core viewpoint of the articles highlights the significant rise in the technology sector, particularly in the optical module segment, driven by hardware investment trends related to artificial intelligence [1][2][3] - The stocks of leading companies in the optical module sector, such as Xinyi Sheng (新易盛), Zhongji Xuchuang (中际旭创), and Tianfu Communication (天孚通信), have shown remarkable performance, with respective increases of 175%, 189%, and 136% since July 1 [2][3] - Several public funds have benefited from this surge, with two funds achieving over 100% returns, and nine others exceeding 90% returns since July [2][3] Group 2 - The optical module industry has demonstrated strong performance, with leading companies experiencing significant year-on-year profit growth, attributed to technological upgrades and the transition of production capacity to China [3][4] - Fund managers have exhibited varied investment strategies, with some maintaining positions in the optical module sector while others have adjusted their holdings based on market conditions [4][5] - The current phase for the optical module sector is seen as a critical period for validation and initial mass production, with expectations for significant growth from 2025 to 2028 [3][6] Group 3 - Some fund managers have expressed concerns about the risks associated with the optical module sector, noting high price-to-earnings ratios and potential volatility due to frequent shifts in market focus [7][8] - Despite short-term risks, the long-term outlook for the optical module sector remains positive, with expectations of continued high growth rates and strong performance from leading companies [8]

在近期科技板块加速上升的势头里，仅下半年以来就已诞生了2只"翻倍基"，还有多只产品同期涨幅超过了九成。 个股中，光模块龙头新易盛、中际旭创和天孚通信持续上攻的涨幅为基金净值贡献良多，此外，年内涨超6倍的胜宏科技 和下半年翻倍的英维克等也出现在多只绩优基金的重仓名单中。 值得一提的是，下半年敢于重仓光模块并净值涨幅居前的基金，在上半年表现各异。有基金经理选择"从一而终"坚守相 关板块，也有基金经理勇于"认错"，承认此前的减仓"草率"并及时加仓。 下半年已诞生两只"翻倍基" 复盘下半年至今的A股行情，人工智能带来的硬件投资热潮更为火爆。细分领域中，以"易中天"（新易盛、中际旭创和天 孚通信）为主导的CPO（光模块）更是其中翘楚。 数据显示，仅7月1日至今的两个多月时间里，上述三只个股涨幅分别达到了175%、189%以及136%。因此，重仓这几只 个股乃至CPO板块的基金也受益匪浅。 据研报统计，截至二季度末，公募基金重点加仓光模块/光器件板块，个股方面，公募基金持仓股份量增加前十依次为新 易盛、中际旭创、长芯博创、仕佳光子、华测导航、天孚通信、永鼎股份、中天科技、德科立、灿勤科技等。 因此，多只公募基金下半年亦有 ...