今日A股低开后震荡走强，人工智能龙头股复旦微电盘中快速拉升，大涨超5%，消息方面，"2025中国 AI赛道与ESG可持续发展大会"召开，复旦微电凭借其在环境、社会及治理维度和在投资者关系管理方 面的突出表现，成功摘得"2025年度上市公司ESG价值传递奖"及"2025年度上市公司卓越投关建设奖"。 人工智能AIETF（515070）盘中下跌0.2%，持仓股三七互娱、新易盛、中科星图、寒武纪等个股表现较 好。 人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技术、 基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互联"地 基"。权重股包括中际旭创、新易盛、寒武纪-U、科大讯飞、豪威集团、海康威视、澜起科技、金山办 公、紫光股份等国内科技龙头。 （文章来源：每日经济新闻） 中信建投证券认为，从9月初至12月初，AH两地市场经历了较长时间的调整，投资者情绪趋于谨慎，而 近期，多项关键事件与数据相继公布，整体基调符合或略好于市场预期。我们认为牛市底层逻辑仍在， 主要由结构性行情和资本市场改革政策推动。目前市场已经基本完成调整，叠加 ...

证券日报网讯 12月12日，复旦微电在互动平台回答投资者提问时表示，2025年11月30日为非交易日， 公司不知悉股东户数。截至2025年11月最后一个交易日的A股股东户数为25128户。 （文章来源：证券日报） ...

| 代码 | 名称 | 现价 涨跌 涨跌幅 | | --- | --- | --- | | HSI | 恒生指数 | 25530.51 -10.27 -0.04% | | HSTECH 恒生科技 | | 5534.59 -46.51 -0.83% | | HSBIO | 恒生生物科技 | 15049.99 -43.04 -0.29% | | HSCEI | 恒生中国企业指数 | 8934.28 - 20.41 - -0.23% | | HSCI | 恒生综合指数 | 3902.14 - - 11.02 - - 0.28% | 12月11日，香港恒生指数收跌0.04%，恒生科技指数跌0.83%。 中兴通讯跌超13%。中兴通讯今日公告，公司已知悉近期新闻媒体针对本公司涉及美国《反海外腐败法》合规性调查的报道。公司正与美国司法部就有 关事项进行沟通，并将通过法律等手段坚决维护自身权益。公司反对一切形式的腐败行为，对任何可能相关的个人持零容忍态度。公司目前生产经营一切 正常。 编辑丨瑜见 半导体板块大跌，天域半导体跌6%，华虹半导体跌近5%，中芯国际、上海复旦跌超2%。 | 代码 | 名称 | 现价 | 涨跌幅 ▲ ...

Core Viewpoint - The aerospace industry is expected to maintain its prosperity through 2026, driven by the resonance of domestic and international demand, with new domains and qualities likely to release elasticity, benefiting from the development of commercial aerospace and special technology spillover [1][2]. Group 1: Domestic and International Demand - The "14th Five-Year Plan" and special trade demand are expected to create a resonance that sustains industry prosperity [1]. - In 2024, global defense spending is projected to increase by 9.4% to $2.72 trillion, driven by complex geopolitical situations, which will enhance the demand for special equipment [1]. - China's share in the global special equipment market is anticipated to steadily increase, contributing to industry growth and profitability [1]. Group 2: New Domains and Qualities - The end of the "14th Five-Year Plan" will see the emergence of new types of equipment, with the "15th Five-Year Plan" emphasizing the integration of mechanization, information technology, and intelligence [2]. - New domain and quality equipment are expected to become key areas of focus in equipment construction, with significant demand anticipated to be released [2]. Group 3: Technological Spillover and Emerging Fields - The production and delivery capabilities of domestic large aircraft are expected to continue improving by 2026, driving upgrades in the aviation industry chain [3]. - The satellite internet space segment is entering a phase of normalized networking, with the industrialization process in the application phase expected to accelerate by 2026 [3]. - The low-altitude economy is gradually moving into the implementation stage, with high-quality development expected to continue through 2026 [3]. Group 4: Profit Forecast and Valuation - The valuation center for the sector is expected to rise, leading to a 23.8% increase in the target price for China Satellite to 52.2 yuan, indicating a potential upside of 6.6% [4]. - The company recommends focusing on new domains and qualities, core special trade targets, and new productivity benefiting from special technology spillover [4]. - Recommended stocks include Chujiang New Materials (002171.SZ), Aerospace Electronics (600879.SH), Feilihua (300395.SZ), AVIC Shenyang Aircraft (660760.SH), Guorui Technology (600562.SH), China Satellite (600118.SH), Zhenlei Technology (688270.SH), and Fudan Microelectronics (688385.SH) [4].

摩根士丹利发布研报称，今年首三季，可编程化芯片(FPGA)企业表现稳固，其中上海复旦(01385)及紫 光国微（002049）(002049.SZ)收入分别同比升13%及15%。该行维持上海复旦"增持"评级，目标价由 32.8港元升至47.3港元;2025年每股盈利预测下调38%，主要因库存减值，同时将2026及27年预测分别上 调1%及4%，基于FPGA销售较强。 随着"十五五"规划于明年展开，政策强调专用设备智能化，该行预期专用FPGA领域的增长势头将持 续，订单能见度有望于明年第一季改善。短期而言，今年第三季订单按季下跌，当中合约负债金额按季 减少8%。该行预期两间公司第四季收入将轻微按季回落，但仍能保持同比增长。 另外，该行亦维持紫光国微"减持"评级，相信明年其将受惠于利好政策，但航天级FPGA技术仍落后于 上海复旦，且市场机会相对有限;目标价由50元升至57元人民币。 ...

另外，该行亦维持紫光国微"减持"评级，相信明年其将受惠于利好政策，但航天级FPGA技术仍落后于 上海复旦，且市场机会相对有限;目标价由50元升至57元人民币。 智通财经APP获悉，摩根士丹利发布研报称，今年首三季，可编程化芯片(FPGA)企业表现稳固，其中 上海复旦(01385)及紫光国微(002049.SZ)收入分别同比升13%及15%。该行维持上海复旦"增持"评级，目 标价由32.8港元升至47.3港元;2025年每股盈利预测下调38%，主要因库存减值，同时将2026及27年预测 分别上调1%及4%，基于FPGA销售较强。 随着"十五五"规划于明年展开，政策强调专用设备智能化，该行预期专用FPGA领域的增长势头将持 续，订单能见度有望于明年第一季改善。短期而言，今年第三季订单按季下跌，当中合约负债金额按季 减少8%。该行预期两间公司第四季收入将轻微按季回落，但仍能保持同比增长。 ...

文丨吴新竹 国产芯片厂商在FPGA领域奋战多年，经历了跟随、并跑的阶段，并正在努力向创新发展。2026年，相 关公司将持续积极拓展市场，进一步巩固并提升市场占有率。头部企业通过自建封装线、自用EDA设 计软件等方式加深在特种集成电路芯片的布局。 近期，特种集成电路公司复旦微电（688385.SH）和紫光国微（002049.SZ）均迎来新动作。以上海国资 为背景的国盛投资入主复旦微电第一大股东，而紫光国微2025年股票期权激励计划首次授予登记完成， 业绩考核以2024年为基数，该公司2025-2028年的净利润复合增速超过20%，一定程度上反映出未来的 增长预期。 2025年三季度，复旦微电和紫光国微均实现了单季盈利的同比高增长，且利润增幅远超收入增幅，两家 均是特种电路领域的大厂。其中紫光国微三季度单季实现营业收入13.90亿元，较2024年同期增长 33.60%，实现扣非归母净利润2.53亿元，同比增长101.46%。 两家公司的存货周转加快，其生产的特种集成电路芯片产品主要是现场可编程门阵列芯片（简 称"FPGA"），一种硬件可重构的集成电路芯片。AI数据中心和汽车是近年需求增长较快的领域，特种 集成电路 ...

| 序号 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | 成交量 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 300620 | 光库科技 | 165.13 | 13.32% | 2932万 | 46.49亿 | | 2 | 600879 | 航天电子 | 13.80 | 8.75% | 3.97亿 | 54.06亿 | | 3 | 688027 | 国盾量子 | 498.30 | 7.89% | 540万 | 26.52亿 | | 4 | 300342 | 天银机电 | 22.27 | 5.95% | 8833万 | 20.44亿 | | 5 | 688418 | 震有科技 | 34.58 | 5.65% | 1809万 | 6.31 Z | | 6 | 002281 | 光迅科技 | 65.66 | 4.70% | 3671万 | 23.94亿 | | 7 | 688385 | 复旦微电 | 61.69 | 3.86% | 1143万 | 7.09亿 | | 8 | 300672 | 国科微 | 99.84 | 3.61% | 875 ...

Group 1: Quantum Technology - The Ministry of Industry and Information Technology has announced the establishment of a standardization technical committee for quantum information, aiming to accelerate the standardized and large-scale development of the quantum technology industry [1] - CITIC Securities highlights the continuous catalysis in the AI industry chain, with significant advancements in models and hardware, indicating a positive outlook for AI development and recommending focus on components like dilution refrigerators and low-temperature coaxial cables in the quantum technology sector [3] - The quantum technology sector is recognized as a key future industry by the state, with expectations to become a new economic growth point [3] Group 2: Commercial Aerospace - The National Space Administration has released an action plan to promote high-quality and safe development in commercial aerospace, with significant milestones achieved, such as the successful maiden flight of the Zhuque-3 rocket [1] - Open Source Securities notes that commercial aerospace has been designated as an "emerging pillar industry," with a target for the industry to account for 2% of GDP during the 14th Five-Year Plan period and to drive a value exceeding 7 trillion yuan by 2030 [3] - The plan includes the construction of 10 commercial launch sites and aims for an average of one launch per day, alongside the establishment of a national commercial aerospace laboratory to overcome development bottlenecks [3] Group 3: Market Performance - The Sci-Tech Innovation 100 ETF has seen significant gains, with stocks like Source Jie Technology rising by 12.98% in a single day, reflecting increased market demand for computing infrastructure hardware [2] - As of December 8, 2025, the Sci-Tech Innovation 100 Index has shown strong performance, with Source Jie Technology up 13.69% and GuoDun Quantum up 8.20% [2] - The top ten weighted stocks in the Sci-Tech Innovation 100 Index account for 26.72% of the index, indicating a concentrated performance among leading companies [4]

Core Viewpoint - The storage chip sector experienced a significant upward movement, with several companies showing notable gains, indicating a positive trend in the industry [1]. Group 1: Company Performance - Chengbang Co., Ltd. reached the daily limit increase, reflecting strong investor interest and confidence in its performance [1]. - Maiwei Co., Ltd. saw an increase of over 10%, suggesting robust market demand or positive developments within the company [1]. - Other companies such as Demingli, Baiwei Storage, Jiangbolong, Juguang Technology, and Fudan Microelectronics also experienced gains, indicating a broader positive sentiment in the storage chip sector [1].