Market Performance - A-shares market showed overall positive performance in the morning, with the Shanghai Composite Index continuing to rise and the ChiNext Index surpassing the 3200-point mark [1][3] Sector Highlights - The non-ferrous metals sector led the market, with a rise of over 2%. Notable stocks included Zhangyuan Tungsten (002378) and Xianglu Tungsten (002842), which hit the daily limit up [2][3] - Other stocks in the non-ferrous metals sector that followed suit included Shenzhen New Star (603978), Bowei Alloy (601137), Shandong Gold (600547), Zhongtung High-tech (000657), Haotong Technology (301026), and Yunnan Zhiye (002428) [3] Precious Metals Surge - Precious metals prices experienced a significant surge, with domestic futures showing widespread increases. Platinum futures reached a new high of 619.95 CNY per gram, while palladium futures also hit a new high of 555.15 CNY per gram. Silver and gold futures also broke previous records [5] Other Sector Performances - Other sectors such as building materials, electrical equipment, and electronics also showed strong performance [6] - The non-bank financial sector performed well, with China Ping An breaking through the 70 CNY mark, reaching a four-year high [7] New Stock Listings - Three new stocks listed on the A-shares market all saw significant gains in the morning. Notably, Nabai Chuan (301667) surged over 240%, focusing on thermal management products for electric vehicles [10][11] - Xihua Technology (603248) saw a rise of over 180%, specializing in high-end equipment components for wind power and injection molding [12] - Tian Su Measurement (301449) increased by over 150%, providing measurement calibration and testing services across various industries [13]

Group 1 - The fluorochemical sector has seen an overall increase of 2.13% as of December 23, with specific stocks such as Duofu Duo, Tianji Co., and Tianci Materials reaching their daily limit up [1][2] - According to Juhua Co., the air conditioning market is expected to maintain stable growth by 2026, with R32 supply and demand remaining in a tight balance [2] - The demand for R134a is anticipated to increase due to the rapid development of new energy vehicles, leading to a tighter supply-demand balance [2] Group 2 - R125 is expected to experience tight supply due to a small internal quota ratio and reduced social inventory [2] - The tightening of refrigerant quotas is seen as a long-term trend, with major refrigerants like R32, R134a, and R125 expected to maintain a favorable market outlook and significant price upside potential [2] - The liquid cooling industry is projected to enhance the demand for fluorinated liquids and refrigerants [2]

Core Viewpoint - A-shares market shows strong performance with major indices rising, particularly the metals sector driven by surging precious metal prices [1][4][6] Group 1: Market Performance - Major indices in the A-shares market performed well, with the Shanghai Composite Index continuing to rise and the ChiNext Index surpassing the 3200-point mark [1][4] - The non-ferrous metals sector led the gains, with the sector's index rising over 2% during the session [4] Group 2: Sector Highlights - The surge in precious metal prices has significantly boosted the non-ferrous metals sector, making it one of the main highlights of the market [2][3] - Specific stocks such as Zhangyuan Tungsten Industry and Xianglu Tungsten Industry hit the daily limit up, while others like Shenzhen New Star and Shandong Gold also saw substantial gains [4] Group 3: Precious Metals - Precious metals prices continued to rise sharply, with domestic futures for platinum and palladium hitting their daily limits and reaching new highs [6] - The main platinum futures contract peaked at 619.95 yuan per gram, while palladium reached 555.15 yuan per gram, both marking new records since their listings [6] Group 4: New Stocks Performance - Three new stocks listed on the A-shares market all experienced significant increases, with Nanbaichuan seeing a rise of over 240% [11][12] - Other new listings like Xihua Technology and Tiansu Measurement also reported impressive gains of over 180% and 150%, respectively [13][14]

Group 1 - Shenzhen New Star increased by 5.06% on December 23, reaching a stock price of 27.00 CNY per share, with a trading volume of 199 million CNY and a turnover rate of 3.58%, resulting in a total market capitalization of 5.7 billion CNY [1] - Shenzhen New Star Light Alloy Materials Co., Ltd. specializes in the research, production, and sales of aluminum grain refiners, with its main business revenue composition being: aluminum foil raw materials 53.96%, aluminum grain refiners 33.53%, other products 7.92%, lithium hexafluorophosphate 4.19%, and others 0.40% [1] Group 2 - The top circulating shareholder of Shenzhen New Star includes the Oriental Alpha Fund, which entered the top ten shareholders in the third quarter, holding 1.6514 million shares, accounting for 0.78% of circulating shares, with an estimated floating profit of approximately 2.1468 million CNY [2] - The Oriental Alpha Industry Pioneer Mixed A Fund (011704) was established on July 21, 2021, with a latest scale of 800 million CNY, achieving a year-to-date return of 36.41% and a one-year return of 35.06% [2]

证券代码：603978 证券简称：深圳新星 公告编号：2025-111 深圳市新星轻合金材料股份有限公司 时根据相关规定管理员工持股计划资产，并维护员工持股计划持有人的合法权 益。 4、2025年9月12日，公司召开第五届董事会第三十二次会议，审议通过了 《关于2024年员工持股计划锁定期届满暨解锁条件成就的议案》，本员工持股 计划锁定期已届满，解锁条件已成就。本议案已经董事会薪酬与考核委员会审 议通过。根据公司2024年第二次临时股东大会的授权，相关事项无需再提交股 东大会审议。 5、截至2025年12月10日，公司2024年员工持股计划所持有的公司股票 1,883,926股已全部解锁并出售完毕。 二、本员工持股计划清算暨终止情况 关于2024年员工持股计划清算完毕暨终止的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 深圳市新星轻合金材料股份有限公司（以下简称"公司"）2024年员工持 股计划相关资产已全部清算完毕，根据中国证监会《关于上市公司实施员工持 股计划试点的指导意见》《上海证券交易所上市公司自律监管指引 ...

格隆汇12月16日丨深圳新星(603978.SH)公布，根据公司《2024年员工持股计划管理办法》的规定，若 员工持股计划所持有的公司股票全部出售，且本员工持股计划资产按相关规定清算和分配完毕的，经持 有人会议审议通过，本员工持股计划即可终止。公司于2025年12月16日召开2024年员工持股计划第二次 持有人会议，审议通过了《关于公司2024年员工持股计划提前终止的议案》。鉴于本员工持股计划所持 有的公司股票188.39万股已全部出售，并完成相关资产的清算、分配等工作，本员工持股计划实施完毕 并终止。 ...

格隆汇12月16日丨深圳新星(603978.SH)公布，根据公司《2024年员工持股计划管理办法》的规定，若 员工持股计划所持有的公司股票全部出售，且本员工持股计划资产按相关规定清算和分配完毕的，经持 有人会议审议通过，本员工持股计划即可终止。公司于2025年12月16日召开2024年员工持股计划第二次 持有人会议，审议通过了《关于公司2024年员工持股计划提前终止的议案》。鉴于本员工持股计划所持 有的公司股票188.39万股已全部出售，并完成相关资产的清算、分配等工作，本员工持股计划实施完毕 并终止。 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

Group 1 - The PVDF concept sector rose by 1.39%, ranking third among concept sectors, with seven stocks increasing, including Zhongchuang Environmental Protection, which hit a 20% limit up [1] - Notable gainers in the sector included Dongyangguang, Juhua Co., Shenzhen New Star, and Sanmei Co., with increases of 9.99%, 2.66%, 1.38%, and 1.15% respectively [1] - The sector experienced a net inflow of 378 million yuan from main funds, with Dongyangguang leading the inflow at 485 million yuan [1] Group 2 - In terms of fund inflow ratios, Zhongchuang Environmental Protection, Dongyangguang, and Shenzhen New Star had the highest net inflow rates of 35.69%, 21.32%, and 4.68% respectively [2] - The top stocks by main fund flow included Dongyangguang with a trading volume of 484.67 million yuan and a turnover rate of 3.24% [2] - Other stocks with significant fund inflows included Zhongchuang Environmental Protection and Zhejiang Zhongcheng, with net inflows of 138.64 million yuan and 496.59 million yuan respectively [2] Group 3 - The stocks with the largest declines included Qizhou Dongfeng, Jinming Precision Machinery, and ST Lianchuang, with decreases of 2.42%, 2.10%, and 2.01% respectively [3] - Juhua Co. and Sanmei Co. also saw declines, with decreases of 2.66% and 1.15% respectively, despite the overall sector's positive performance [3] - The overall market sentiment reflected mixed performance, with some sectors like CPO and Hainan Free Trade Zone experiencing gains while others like Metal Lead and Metal Zinc faced declines [1]

Core Viewpoint - Shenzhen New Star (603978.SH) has fully sold all 1.8839 million shares held under its 2024 employee stock ownership plan, leading to the termination of the plan following asset liquidation and distribution [1] Summary by Relevant Sections - **Employee Stock Ownership Plan** - The company has completed the sale of all shares under the 2024 employee stock ownership plan, totaling 1.8839 million shares [1] - According to the management regulations of the employee stock ownership plan, the plan can be terminated once all shares are sold and assets are liquidated and distributed [1] - **Future Actions** - The company will proceed with the relevant asset liquidation and distribution work following the termination of the employee stock ownership plan [1]