禾望电气今年以来股价涨72.73%，近5个交易日涨2.76%，近20日涨14.81%，近60日跌0.46%。 今年以来禾望电气已经7次登上龙虎榜，最近一次登上龙虎榜为8月12日，当日龙虎榜净买入-2.74亿 元；买入总计4.85亿元 ，占总成交额比13.04%；卖出总计7.58亿元 ，占总成交额比20.41%。 12月26日，禾望电气盘中下跌2.00%，截至11:18，报34.27元/股，成交3.99亿元，换手率2.52%，总市值 156.86亿元。 资金流向方面，主力资金净流出385.19万元，特大单买入3753.85万元，占比9.40%，卖出3443.66万元， 占比8.62%；大单买入8677.56万元，占比21.73%，卖出9372.94万元，占比23.47%。 截至12月20日，禾望电气股东户数5.60万，较上期减少15.15%；人均流通股8173股，较上期增加 17.86%。2025年1月-9月，禾望电气实现营业收入27.78亿元，同比增长20.19%；归母净利润3.34亿元， 同比增长31.99%。 分红方面，禾望电气A股上市后累计派现2.99亿元。近三年，累计派现1.70亿元。 机构持仓方面， ...

证券之星消息，12月24日风电设备板块较上一交易日上涨2.29%，飞沃科技领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301232 | 飞沃科技 | 122.00 | 14.22% | 8.99万 | | 10.22亿 | | 688660 | 电气风电 | 17.80 | 14.10% | 61.54万 | | 10.51亿 | | 603063 | 禾望电气 | 35.02 | 5.17% | 43.80万 | | 15.19亿 | | 300129 | 泰胜风能 | 8.93 | 5.06% | 60.75万 | | 5.37亿 | | 300690 | 双一科技 | 31.49 | 2.67% | 6.86万 | | 2.13亿 | | 300443 | 金雷股份 | 28.63 | 2.25% | 8.94万 | | 2.55亿 | ...

数据显示，华夏基金旗下1只基金位居禾望电气十大流通股东。华夏中证1000ETF（159845）三季度新 进十大流通股东，持有股数246.47万股，占流通股的比例为0.54%。根据测算，今日浮盈赚取约419万 元。 华夏中证1000ETF（159845）成立日期2021年3月18日，最新规模454.69亿。今年以来收益25.59%，同 类排名2025/4197；近一年收益22.74%，同类排名2208/4157；成立以来收益26.36%。 华夏中证1000ETF（159845）基金经理为赵宗庭。 12月24日，禾望电气涨5.11%，截至发稿，报35.00元/股，成交8.53亿元，换手率5.42%，总市值160.21 亿元。 资料显示，深圳市禾望电气股份有限公司位于广东省深圳市南山区西丽官龙村第二工业区11栋，成立日 期2007年4月20日，上市日期2017年7月28日，公司主营业务涉及专注于电能变换领域,帮助客户实现高 效、可靠、高品质的发电、用电和电能传输。主营业务收入构成为：新能源电控业务83.88%，工程传 动业务11.45%，其他4.67%。 从禾望电气十大流通股东角度 截至发稿，赵宗庭累计任职时间8年 ...

Core Viewpoint - The continuous decline in the number of shareholders for several companies indicates a trend of increasing concentration of shares, with 118 companies experiencing a decrease for more than three consecutive periods, and some like Yihau New Materials seeing a drop for 12 periods [1] Group 1: Shareholder Trends - A total of 513 companies reported their latest shareholder numbers as of December 20, with 118 companies showing a continuous decline in shareholder numbers for over three periods [1] - Yihau New Materials has the lowest shareholder count at 14,402, down 37.94% over 12 periods, while Kute Intelligent has 32,185 shareholders, down 20.89% over 11 periods [1] - Other companies with significant declines include Dalian Heavy Industry and Jinshi Technology, with respective decreases of 11.90% and 13.33% [1] Group 2: Market Performance - Among the companies with declining shareholder numbers, 27 saw their stock prices increase, while 91 experienced declines, with notable gainers including Shibu Testing (up 64.58%), Guoji Precision Engineering (up 45.98%), and Xianglu Tungsten (up 30.68%) [2] - 29 companies outperformed the Shanghai Composite Index, with Shibu Testing, Guoji Precision Engineering, and Xianglu Tungsten achieving relative returns of 65.46%, 48.43%, and 30.96% respectively [2] Group 3: Industry Distribution - The industries with the highest concentration of companies experiencing declining shareholder numbers include basic chemicals (17 companies), machinery and equipment (14 companies), and pharmaceutical biology (12 companies) [2] - The main board has 74 companies with declining shareholder numbers, while the ChiNext board has 44 [2] Group 4: Institutional Interest - In the past month, 17 companies with declining shareholder numbers were investigated by institutions, with Guoji Precision Engineering, Baowu Magnesium, and Shenzhen Huqiang receiving the most attention, with 6, 4, and 2 investigations respectively [2] - The companies with the highest number of institutional participants in their investigations include Yahua Group (61 institutions), Igor (46 institutions), and Sanyuan Biological (32 institutions) [2]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The core contradiction in the sugar market lies in the supply - demand differences between domestic and international markets, which leads to the current pattern of strong domestic and weak international prices [1]. - The 01 contract of domestic sugar is unlikely to have a large - scale rebound and may transition smoothly with the spot price; the 05 contract may face greater pressure and has the possibility of falling to a very low price [1]. - The international raw sugar price is expected to have limited rebound height in the near - term, and the game around 15.2 cents will continue [2]. Group 3: Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - **Domestic Contracts**: The 01 contract's pricing and the 05 contract's trend are key issues. The 01 contract is less likely to rebound significantly and may align with the spot price. The 05 contract has the greatest pressure due to increased domestic and imported sugar supply in the future and may fall to a low price [1]. - **International Market**: The international raw sugar price has fallen sharply, and it is difficult for it to firmly stand above 15 cents. The near - term rebound is limited, and the game around 15.2 cents will continue [2]. 1.2 Speculative Strategy Recommendations - **Market Situation**: The downward momentum of Zhengzhou sugar is slowing. Although the long - term structure is bearish, there is a short - term need for price to rebound and return to the 10 - day moving average [10]. - **Strategy Review**: Unilateral long position on SR2511 has been stopped out. There are also some basis, spread, and hedging arbitrage strategies [12]. 1.3 Industrial Customer Operation Recommendations - **Price Forecast**: The predicted price range of sugar is 5000 - 5300 yuan, with a current volatility of 7.29% and a 3 - year historical percentile of 2.2% [13]. - **Hedging Strategies**: For inventory management, enterprises with high finished - product inventory can short Zhengzhou sugar futures and sell call options. For procurement management, enterprises with low procurement inventory can long Zhengzhou sugar futures and sell put options [13]. Chapter 2: This Week's Important Information and Next Week's Concerns 2.1 This Week's Important Information - **Positive Information**: In November 2025, China's sugar imports decreased year - on - year, but the cumulative imports from January to November increased. The imports of syrup and premixed powder decreased. In the second half of November, Brazil's sugar production decreased. The number of ships waiting to load sugar in Brazilian ports and the export volume in the first two weeks of December increased [14]. - **Negative Information**: In November 2025, China's dairy product production decreased year - on - year, and the number of sugar mills in Guangxi that started production decreased. India's sugar production in the 2025/26 season increased [16]. 2.2 Next Week's Important Events to Watch - Monitor the weekly quantity of sugar waiting to be shipped and the number of ships in Brazilian ports (Thursday, Beijing time), Brazil's sugar export data for November (Tuesday, Beijing time), and India's sugar pressing progress [17][20]. Chapter 3: Market Interpretation 3.1 Price, Volume, and Capital Interpretation - **Domestic Market**: The domestic sugar price fell by 2.42% this week. The position of the SR2605 contract increased seasonally and reached a historical high. The market shows a bearish technical pattern. The basis of the 01 contract is expected to repair to near - par, and the market presents a back structure with the 01 - 05 spread expanding [19][22]. - **International Market**: The international raw sugar price fell by 1.66% last week. Although it rebounded on Friday, it still closed below 15 cents. The CFTC non - commercial position maintained a large short position. The market shows a back structure, and there is pressure from hedging positions above 15.2 cents [24][26]. - **Domestic - International Price Difference**: Due to the quota system, the domestic and international sugar prices are related. Recently, the pattern has changed from strong domestic and weak international to weak domestic and strong international [29]. Chapter 4: Valuation and Profit Analysis 4.1 Import Profit Tracking - China is a net importer of sugar. Due to the quota system, the current out - of - quota import profit is very rich. The imports of syrup and premixed powder are relatively stable [32]. Chapter 5: Supply and Inventory Projection 5.1 Supply - Demand Balance Sheet Projection - In the 25/26 season, China's sugar production is expected to reach about 1156 tons, a year - on - year increase of 3.56%. Other data in the supply - demand balance sheet are estimated based on the 24/25 season and the current situation [37].

南华期货锌产业周报 ——进口窗口开启，区间震荡 傅小燕 （投资咨询证号：Z0002675） 交易咨询业务资格：证监许可【2011】1290号 2025年12月21日 第一章 核心矛盾及策略建议 1.1 核心矛盾 宏观情绪回暖，但产业基本面呈现"外松内紧"的剧烈分化。 宏观层面，美国11月CPI低于预期 （2.7%）且美联储降息预期增强，叠加国内经济会议释放积极信号，为锌价提供了金融属性的底部支撑 。然 而，供需的核心矛盾在于全球库存周期的错配。LME库存因大幅交仓激增至10万吨级别，0-3月差迅速转为 Contango（C结构），直接证伪了海外供应短缺的逻辑 。反观国内，虽然消费端受北方环保预警抑制导致镀 锌开工下滑 ，但冶炼厂年末集中检修导致供应边际收缩，叠加进口矿实际流通量尚未完全释放，国内现货升 水持续走高 。结论：短期基本面处于"海外利空压顶，国内供应底支撑"的僵持阶段，单边驱动不足，更多 表现为比价修复。 沪锌沪铜期货主力收盘价对比 元/吨 沪锌期货主力合约收盘价 沪铜期货主力收盘价(右轴) 元/吨 15000 20000 25000 30000 50000 60000 70000 80000 90 ...

南华期货碳酸锂数据日报 2025年12月18日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 一、期货数据 碳酸锂期货主力合约 source： 同花顺,南华研究 元/吨 碳酸锂期货主力合约收盘价 碳酸锂期货主力合约成交量(右轴) 碳酸锂期货主力合约持仓量(右轴) 手 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 60000 80000 100000 0 500000 1000000 1500000 2000000 碳酸锂期货数据 | 指标 | 本期值 | 日涨跌 | 日环比 | 周涨跌 | 周环比 | 单位 | | --- | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 106160 | -2460 | -2.26% | 7280 | 7.36% | 元/吨 | | 主力合约成交量 | 1013916 | -144695 | - ...

Market Overview - A total of 61 stocks hit the daily limit up, while 19 stocks faced limit down, resulting in a sealing rate of 76% [1] - The Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index and the ChiNext Index fell by 1.29% and 2.17% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.66 trillion, a decrease of 155.7 billion from the previous trading day [1] Stock Performance - Baida Group achieved a six-day limit up streak, while Shengtong Energy and Pinao recorded five and four consecutive limit ups respectively [1][3] - The number of stocks advancing was nearly 2900, with notable performances in the pharmaceutical, banking, and retail sectors [1] - The commercial aerospace concept saw a resurgence, with stocks like Shunhao and Xibu Materials hitting limit up after previous declines [3][5] Sector Analysis - The pharmaceutical commercial sector experienced significant growth due to increased orders amid a rise in respiratory diseases during the winter season [14][15] - The retail sector, particularly driven by the "reward economy," showed strong performance with stocks like Baida Group and Nanjing Shanglv achieving consecutive limit ups [6][12] - The AI healthcare sector remained active, with Ant Group's AI health app "Antifortune" gaining popularity, leading to limit ups for companies like Meian Health and Huaren Health [7][19] Investment Themes - The commercial aerospace sector is highlighted as a strategic emerging industry, with government support and recent rocket launches boosting investor sentiment [5] - The "reward economy" is emerging as a new consumption model among younger demographics, contributing to the growth of related sectors [6][12] - The IP economy is gaining traction, with government initiatives aimed at promoting new consumption models and financial support for innovative businesses [16] Future Outlook - The market is expected to continue experiencing volatility, with a focus on small-cap stocks and growth sectors as larger stocks face profit-taking [9] - The Shanghai Composite Index is attempting to recover above key moving averages, indicating potential for further upward movement if trading volume increases [9]

Core Points - The Shanghai Composite Index rose by 0.16% on December 18, with 12 industries experiencing gains, led by the banking and coal sectors, which increased by 1.97% and 1.89% respectively [1] - The power equipment industry saw the largest decline, dropping by 2.22%, with a net outflow of 73.47 billion yuan in main funds [2][3] - The defense and military industry had the highest net inflow of main funds, totaling 2.29 billion yuan, while the banking sector also saw a significant inflow of 9.27 billion yuan [1] Industry Performance - The banking and coal industries were the top gainers, while the power equipment and communication sectors faced the largest declines [1] - In the power equipment sector, out of 364 stocks, 84 rose, 1 hit the daily limit, and 267 fell [2] - Notable stocks with significant net inflows in the power equipment sector included JunDa Co. with 235 million yuan, HeWang Electric with 159 million yuan, and Goldwind Technology with 115 million yuan [2] Fund Flow Analysis - The electronic industry experienced the largest net outflow of main funds, totaling 110.42 billion yuan, followed by the power equipment sector [1] - The top three stocks with the highest net outflows in the power equipment sector were Ningde Times with 1.347 billion yuan, Sunshine Power with 855.6 million yuan, and Tianji Co. with 308 million yuan [2][3] - The power equipment sector had 109 stocks with net inflows, while 20 stocks saw outflows exceeding 100 million yuan [2]

1. Report's Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - In 2026, the global lead market will shift from a tight - balance to an inventory accumulation cycle. The domestic market will show an independent cost - defense trend due to the bottleneck of recycled lead raw materials, presenting a pattern of weak overseas and strong domestic markets. The expected trading range for the main contract of SHFE lead is around 16,200 - 18,200 yuan/ton, and for LME lead, it is about 1,950 - 2,200 US dollars/ton [2]. - On the supply side, primary lead will maintain high production driven by high by - product profits, contributing the main increment. Recycled lead production growth will stagnate due to a 10% - 15% loss in the effective supply of waste batteries caused by fiscal and tax compliance and reverse invoicing policies. The implicit tightening of raw materials will establish the cost line of recycled lead as a solid foundation for industry pricing [2]. - On the demand side, it enters an era dominated by existing stocks, with an expected growth rate of 1.5%. The relaxation of the weight limit for two - wheeled vehicles in the new national standard to 63 kg will boost the share of lead - acid batteries, effectively offsetting the substitution of lithium batteries. The global surplus of 102,000 tons will mainly accumulate overseas, while the domestic surplus will be only about 30,000 tons, meaning that domestic visible inventory will remain at a low level and the export window will be difficult to open [2]. 3. Summary by Relevant Catalogs 3.1 Chapter 2: Market Review - In the first three quarters of 2025, the lead price experienced a logical switch from cost - based pricing to macro - disturbances and then to supply - side contraction due to policies. The price center gradually increased in a wide - range fluctuation. In the fourth quarter, it showed a reverse - V shape, with the game between macro and industry intensifying again at the end of the year [3][6]. 3.2 Chapter 3: Supply Side 3.2.1 Mine End: Transition to Tight - Balance - In 2026, the global lead concentrate supply will enter a substantial recovery cycle, with the total output growth rate expected to reach an inflection point. The growth rate is expected to rise significantly to over 2.2% from the low - growth range of 0.7% - 1.3% in 2025, and the global total output of lead concentrate is expected to exceed 4.67 million tons. The supply - demand pattern will transition from a structural shortage to a tight - balance [9]. - The concentrated commissioning of overseas new and expanded projects is the primary driving force for supply growth in 2026, with an expected new increment of about 212,000 tons. China's import volume of lead concentrate is expected to increase slightly, and the frequency of import window openings may be better than in 2025 [12]. - Although the domestic mine end has capacity expansion plans, the actual output elasticity is limited due to compliance constraints. The new domestic lead concentrate capacity in 2026 is about 82,000 metal tons, but the self - sufficiency rate of the domestic raw material market is difficult to reverse fundamentally [14]. - The profit distribution pattern between mining and smelting is difficult to change fundamentally, and low processing fees (TC) will become the norm, providing cost support for lead prices [16]. 3.2.2 Lead Ingot: Moderate Recovery and Structural Differentiation of Supply - Globally, the supply system of refined lead in 2026 is entering a slow - recovery channel. The growth of total output is mainly driven by the recovery outside China. The global refined lead output is expected to increase by 0.8% - 1.2% year - on - year, approaching 13.5 million tons [18]. - In the Chinese market, the growth momentum of supply is slowing down. The domestic refined lead output in 2026 is expected to be about 7.8 million tons (with a floating range of 40,000 tons), and the year - on - year growth rate will narrow to 1.7% - 2.0% [18]. - In the smelting structure, primary lead shows strong production resilience and will be the core contributor to supply increment in 2026, with an expected output growth rate of 2.5% - 3.0%. Recycled lead is facing cost and policy challenges and is the biggest risk point for supply reduction. Its output growth is expected to be only 0.6% - 1.0%, or even show local contraction [20][22]. - In 2026, the smelting end will show a clear structural differentiation of strong primary lead and weak recycled lead, and the price center of lead will be firmly supported by the marginal cost of recycled lead [24]. 3.3 Chapter 4: Demand Side 3.3.1 Overall Consumption: Rigid Support and Marginal Differentiation under Stock Dominance - In 2026, the year - on - year growth rate of China's refined lead consumption is expected to narrow to about 1.5%, and the global demand growth rate will drop to 0.9%. The domestic lead consumption has rigid support, and the overall demand will maintain a narrow - range fluctuation pattern with a rigid bottom and limited upward elasticity [26]. 3.3.2 Lead - Acid Batteries: Differentiated Start - Up and Structural Reconstruction of Exports - In 2025, the lead - acid battery production showed a significant feature of differentiated start - up rates among different types and seasonal recovery. The overall industry's comprehensive start - up rate decreased compared with 2024, with traction batteries being the core support in the second half of the year, while starting and stationary batteries were weak [27]. - In 2025, the external demand for lead - acid batteries declined, and the export volume recorded a negative growth for the first time in recent years. The export price advantage was small, and the export structure changed significantly. The export volume to the United States and some Middle Eastern countries decreased sharply, while the export to Vietnam increased significantly [29]. - In 2025, the inventory in the industrial chain was mismatched, and the inventory pressure was transferred from the production end to the channel end. The battery factory's inventory decreased, while the dealer's inventory reached a historical high, which may overdraw the restocking potential in the first quarter of 2026 [31]. 3.3.3 Electric Bicycles: Policy Dividend Switch and Technological Return of "Lithium Retreat and Lead Advance" - In 2025, the electric bicycle market showed a "policy - driven" recovery, and the "trade - in" policy boosted the demand for lead - acid power batteries [33]. - In 2026, the core driving force of the industry will shift from fiscal subsidies to industrial standards. The revision of the new national standard for electric bicycles will release long - term institutional dividends, and the market share of lead - acid batteries is expected to stabilize and rebound [34][35]. - The lead consumption in the electric bicycle sector in 2026 is expected to grow moderately, with an estimated growth rate of lead consumption in the range of 1.5% - 2.0% [35]. 3.4 Chapter 5: Supply - Demand Balance Sheet and Inventory 3.4.1 Global Supply - Demand Balance - In 2026, the global lead market will show a surplus. The growth of mine production is mainly from overseas project expansion, and the growth of refined lead production shows a pattern of strong primary lead and weak recycled lead. The growth of refined lead consumption is mainly supported by Europe, the United States, and Vietnam [39]. 3.4.2 Domestic Supply - Demand Balance - In 2026, the domestic lead market will have a marginal surplus of about 30,000 tons. The consumption growth rate is expected to be 1.5%, and the supply - demand balance will be affected by the production of primary and recycled lead and net imports [39]. 3.4.3 Inventory: Differentiation between Domestic and Overseas - In 2025, the global lead visible inventory showed a significant regional mismatch, with LME inventory accumulating to a historical high and domestic social inventory remaining at a low level. In 2026, the global supply - demand surplus is expected to expand, and the high overseas inventory will suppress the LME lead price. The domestic visible inventory is difficult to accumulate substantially, and the low domestic inventory will support the SHFE lead price [40].