海外新闻 / Part 03 行情速递 / Part 01 ① 大盘指数， 北证50 (-2.03%)/创业板指(-2.46%)/上证指数(-2.48%)/深证成指(-2.69%)/科创50 (-3.88%)/ ②TMT领涨板块，SW通信应用增值服务(+0.42%)/ ③TMT领跌板块，SW集成电路封测(-6.52%)/SW模拟芯片设计(-6.35%)/SW半导体材料(-5.58%)/ 国内新闻 / Part 02 ①艾邦半导体网，辰显光电拟在新厂区预留区域扩建一条玻璃基 Micro LED 显示屏生产线/新购印章转移、高性能屏 体切割等设备130余台套/项目总投资30亿元/建成后新增年产能 22000㎡/全厂总产能将提升至 40000㎡/ ②SEMI产业投资平台，中芯国际成立先进封装研究院/将聚焦先进封装前沿技术与行业共性难题/联动顶尖高校及产 业链伙伴搭建"政产学研用"一体化平台/打造国内领先、国际先进的研发与协同创新联盟/精准补齐产业核心短板/ ③半导体产业纵横，西安奕材表示/公司持续位居12英寸硅片领域国内头部/实现了国内一线晶圆代工厂和存储IDM厂 大多数主流量产工艺平台的正片供货/截至2025年1 ...

01 主题：行业配置模型回顾与更新系列（二十一） 时间：2月2日（周一）21:00 主讲：刘晓锋 金工首席分析师 参会密码： 116367 02 主 题： 杭州银行基本面背景及26年投资展望 时间： 2月5日（周四）14 : 00 主讲： 夏芈卬 金融首席分析师 参会密码： 770209 03 主 题：古茗观点更新和推荐 时间： 2月5日（周四）15 : 00 主讲： 郭梦婕 食饮首席分析师 林叙希 食饮分析师 参会密码： 750870 04 主题： 工程机械行业近况更新 时间： 2月5日（周四）15 : 00 主讲：张凤琳 机械分析师 参会密码： 638768 05 主题：朱格拉周期视角下的化工投资机会——炼化&聚酯 时间：2月6日（周五）10 : 30 主讲： 王海涛 化工分析师 参会密码：580407 首席分析 Um 识别二维码立即参会 +86-01053827720 (全球) +886-277083288 (中国台湾) +852-51089680 (中国香港) 参会密码: 116367 ii i C SECURITIES 会议号码: +86-4001888938 (中国大陆) 杭州银行基本面背景 及2 ...

Market Overview - The major indices showed mixed performance with the ChiNext Index up by 1.27%, the STAR Market 50 Index up by 0.12%, while the North Exchange 50 Index down by 0.29%, the Shenzhen Component Index down by 0.66%, and the Shanghai Composite Index down by 0.96% [1] - The TMT sector led the gains with SW Communication Cables and Accessories up by 6.11%, SW Communication Network Equipment and Devices up by 4.91%, and SW Film and Animation Production up by 2.16% [1] - Conversely, the TMT sector also saw declines with SW Horizontal General Software down by 2.68%, SW Vertical Application Software down by 2.37%, and SW Brand Consumer Electronics down by 2.15% [1] Domestic News - In the semiconductor materials and processes sector, Powerchip Semiconductor Manufacturing Corporation (PSMC) announced it will stop accepting orders by Q2 2026, focusing on core technologies like memory and power management [2] - Tianjin New Unisplendour's new computing architecture project has begun chip production, with expected annual shipments reaching thousands of chips and a projected sales scale of 500 million to 1 billion yuan by 2027 [2] - Yintai Technology plans to acquire 100% of Guanglong Integrated and Aojian Microelectronics to enhance its semiconductor industry chain and accelerate its IDM transformation [2] - Meixin Sheng's acquisition of Xinyan Microelectronics aims to enter the magnetic sensor field, enhancing its technology system for environmental perception and multi-modal sensing [2] Overseas News - STMicroelectronics reported a sales increase in Q4 due to rising demand for chips in personal electronics, communication devices, and industrial machinery, although automotive sector performance was below expectations [3] - Counterpoint Research forecasts Apple's Q4 2025 revenue to grow by 16% to $144 billion, driven by a strong iPhone upgrade cycle, with iPhone revenue up by 23% [3] - Texas Instruments expects significant growth in the data center market, with annual revenue projected at $1.5 billion, a 64% year-on-year increase, driven by cloud computing and AI server demand [3] - Kioxia and SanDisk extended their joint venture agreement for the Yokkaichi plant for five more years, committing to the development of 3D flash memory technology [3] AI Insights - Kunlun Wanwei launched the open-source SkyReels-V3, achieving advanced visual quality and instruction adherence in a unified multi-modal context learning framework [4] - Apple completed the acquisition of Israeli AI audio startup Q.ai, which specializes in detecting facial micro-movements for emotion and health monitoring [4] - Samsung confirmed the launch of next-generation AR glasses in 2026, integrating multi-dimensional interaction methods [4] - MiniMax released the Music2.5 music generation model, supporting various music styles and providing AI-assisted tools for music creation [4] Industry Tracking - The China Aerospace Science and Technology Corporation successfully tested a 240-ton reusable rocket engine, achieving international leading performance [5] - Yushut Technology released the open-source UnifoLM-VLA-0 model aimed at humanoid robot operations, enhancing physical interaction capabilities [5] - Gestalt Technology signed a strategic cooperation agreement with Fourier to advance brain-computer interface technologies [5] - Beidi New Materials' polymer film manufacturing project has achieved mass production, aligning with national new materials strategy [5] Earnings Forecast - Zhongke Feimeasure expects 2025 revenue between 1.95 billion to 2.15 billion yuan, a year-on-year growth of 41.27% to 55.75% [6] - Obi Optical anticipates 2025 revenue of 940 million yuan, a 66.53% increase, with a net profit of 123 million yuan [7] - Jiangfeng Electronics forecasts a net profit of 431 million to 511 million yuan for 2025, a year-on-year increase of 7.5% to 27.5% [7] - Xinyi Sheng expects a net profit between 9.4 billion to 9.9 billion yuan for 2025, a significant increase of 231.24% to 248.86% [7]

行情速递 / Part 01 ④IC Research，京元电子拟斥资约合22.2亿/向七家重量级设备大厂租赁设备/交易对象包括爱德万测试 （Advantest）、泰瑞达（Teradyne）、鸿劲精密、东京精密、科磊（KLA）、东京威力科创（TEL）及兼松株式会社 （Kanematsu）等大厂/相关设备将依实际订单内容执行/主要用途为生产使用/ 海外新闻 / Part 03 ① 大盘指数， 上证指数 (+0.16%)/深证成指(-0.30%)/创业板指(-0.57%)/北证50 (-1.69%)/科创50 (-3.03%)/ ②TMT领涨板块，SW营销代理(+9.57%)/SW门户网站(+4.43%)/SW大众出版(+3.71%)/ ③TMT领跌板块，SW电子化学品Ⅲ(-4.75%)/SW半导体设备(-4.71%)/SW半导体材料(-4.04%)/ 国内新闻 / Part 02 ①半导体封装，英集芯发布涨价函/称因半导体上游成本持续上涨/为保障供应链稳定/决定上调部分芯片产品价格/新 订单按新价执行/具体型号及价格由销售同步/ ②中国经营报，阿里平头哥官网上线高端AI芯片"真武 810E"/已在阿里云实现多个 ...

Market Overview - The major indices showed mixed performance with the Shanghai Composite Index up by 0.27%, Shenzhen Component up by 0.09%, while the ChiNext Index fell by 0.57% [1] - The TMT sector led the gains with SW discrete devices up by 3.79%, SW communication cables and supporting up by 3.17%, and SW integrated circuit packaging and testing up by 2.23% [1] - Conversely, the TMT sector also saw declines with SW marketing agents down by 3.72%, SW portal websites down by 3.21%, and SW robotics down by 3.17% [1] Domestic News - Licheng Technology announced that its panel-level packaging (FOPLP) technology has received gradual certification from clients, with plans to establish an initial monthly production capacity of 3,000 pieces this year and an additional 3,000 pieces in Q1 next year [2] - Tailin Micro plans to acquire 100% of Panqi Micro, which has significant differentiated technology advantages in low-power and low-cost fields, with its ultra-low power RF transceiver technology achieving competitive levels against leading international manufacturers [2] - Anlu Technology raised 1.262 billion yuan through a private placement, with the net proceeds intended for advanced process platform ultra-large scale FPGA chip R&D projects and upgrades [2] - Haosheng Technology launched the world's first ultra-wide polarizer suitable for 130-inch LCD panels, improving visual uniformity and reducing overall energy consumption of LCD backlight modules [2] Overseas News - Meta and Corning announced a multi-year partnership worth up to $6 billion to accelerate the construction of advanced data centers in the U.S., supporting the development of applications and technologies for the metaverse [3] - Lightmatter announced a breakthrough in laser architecture with its ultra-large scale photonics technology, enhancing bandwidth density by 8 times for AI applications [3] - ASML expects significant growth in its EUV business by 2026, with revenues projected to increase compared to 2025 [3] - Texas Governor expanded the state's banned technology list, adding 35 Chinese tech companies and AI platforms [3] AI News - Google launched a low-cost subscription plan, Google AI Plus, originally designed for emerging markets, now available in the U.S. for $7.99 per month [4] - Blueglass introduced the Blueglass AI Alpha ring, a smart wearable device with various health monitoring features [4] - Guoxing Aerospace deployed the Qwen3 large model to its "Star Computing" space computing center, marking the first in-orbit deployment of a general large model [4] - OpenAI launched Prism, a free collaborative research platform based on GPT-5.2, integrating various research tools [4] Industry Tracking - Shuo Technology successfully tested the ignition of the "Mammoth No. 1" engine, which will be used in its medium-sized launch vehicle "Glacier No. 1" [5] - Virtual Reality announced completion of over 50 million yuan in Series A+ financing, focusing on AI algorithm development for brain diseases [5] - Jilin University developed a new high-sensitivity measurement technology based on surface plasmon resonance, aiming to break foreign technology barriers [5] - Ant Group's Lingbo Technology announced the open-source of its embodied AI model LingBot-VLA, enhancing generalization capabilities across tasks [5] Earnings Forecast - Industrial Fulian expects a net profit of 35.1 billion to 35.7 billion yuan for 2025, a year-on-year increase of 51% to 54% [6] - Zhenlei Technology forecasts a net profit of 12.3 million to 14.5 million yuan for 2025, a year-on-year increase of 529.64% to 642.26% [6] - Changchuan Technology anticipates a net profit of 1.25 billion to 1.4 billion yuan for 2025, a year-on-year increase of 172.67% to 205.39% [6] - Wol Nuclear Materials expects a net profit of 1.1 billion to 1.18 billion yuan for 2025, a year-on-year increase of 29.79% to 39.22% [6] High-Frequency Data Updates - The international DRAM spot prices showed varied changes, with DDR5 16G prices averaging $36.6, unchanged from the previous day [7] - Semiconductor material prices were reported, with 4N zinc oxide powder priced between 1,470 to 1,520 yuan per kilogram [8]

国内新闻 / Part 02 ①半导体投资联盟，澜起科技宣布/率先在国内推出基于PCIe 6.x/CXL 3.x标准的高性能有源电缆（AEC，Active Electrical Cable）解决方案/该方案面向数据中心从单机架向多机架复杂架构演进的需求/采用澜起自研的PCIe 6.x/CXL 3.x Retimer 芯片/旨在为大规模数据中心与高性能服务器平台提供高带宽、低延迟互连支持/ ②半导体芯闻，具备边缘推理能力的数字终端将快速增长/成为中国半导体产业扩张的重要驱动力——尤其是成熟工 艺技术领域/2025年四季度最新数据显示/2026年中国半导体市场预计增长31.26%/市场规模将达到5465亿美元/ ③大话芯片，国科微宣布对旗下固态存储芯片、SSD主控芯片及配套存储模组等全系列产品进行价格调整/涨幅区间 为20%至80%/其中企业级SSD及高端DDR适配产品涨幅居前/最高达80%/ 行情速递 / Part 01 ①大盘指数，科创50 (+1.51%)/创业板指(+0.71%)/上证指数(+0.18%)/深证成指(+0.09%)/北证50 (-0.05%)/ ②TMT领涨板块，SW分立器件(+5.70% ...

Core Viewpoint - The article discusses the performance of various sectors in the TMT (Technology, Media, and Telecommunications) industry, highlighting both the leading and lagging segments, as well as significant developments in the semiconductor and AI sectors. Domestic News / Part 02 - The semiconductor investment alliance, Fuman Micro, announced a price adjustment for LED display products, increasing prices by no less than 10% starting January 19, 2026 [1] - MCA Mobile Alliance reported that Kangxi Communication and its subsidiaries did not violate U.S. patent laws regarding Skyworks Solutions, Inc. [1] - SEMI noted that Fujian Jingxu Semiconductor's second-phase project is nearing completion with a total investment of 1.68 billion yuan, establishing the world's first production line for ultra-wide bandgap semiconductor high-frequency filter chips, expected to achieve an annual capacity of 400kk and generate around 1 billion yuan in output value [1] - Nanya Technology announced two equipment acquisition deals totaling over 3.3 billion New Taiwan dollars, marking a significant step in its expansion plans [1] Overseas News / Part 03 - According to South Korean customs data, the country's semiconductor imports reached $77.5 billion last year, a 4.9% increase year-on-year, driven by surging demand from artificial intelligence [2] - Omdia reported that global telecom operators are increasing capital investments in AI infrastructure to meet rising AI computing demands and local sovereignty requirements [2] - TrendForce projected a 14.8% decline in global laptop shipments in Q1 2026 due to a temporary CPU supply shortage and rising component costs [2] - Intel showcased a "Thick Core" glass substrate design aimed at the high-performance computing and AI server markets, marking a significant innovation in chiplet interconnect technology [2] AI News / Part 04 - Tencent launched a new feature "Yuanbao Pai" for its AI assistant "Yuanbao," focusing on AI social interactions [3] - MiniMax released the M2-her large language model designed for immersive role-playing and expressive multi-turn dialogues [3] - Yingmou Technology introduced the Rodin Gen-2 "Edit" model for 3D asset modification, claiming to be the first true 3D AI generation editing platform [3] - Tencent's mixed Yuan team released the mixed image model 3.0, featuring 80 billion parameters and supporting various visual creation functions [3] Industry Tracking / Part 05 - Blue Origin announced its large-scale satellite communication constellation plan "TeraWave," which includes 5,280 LEO satellites and 128 MEO satellites [4] - The first domestic humanoid diagnostic robot integrating non-invasive brain-computer interface technology was unveiled, suitable for rehabilitation scenarios [4] - By 2025, over 35,000 basic-level and 15 leading smart factories are expected to be established as part of the digital transformation of the manufacturing industry [4] - Midea Weiling launched a new generation of high-precision joint module products, focusing on core types for humanoid robots [4] High-Frequency Data Updates / Part 07 - The international DRAM spot prices for January 26 showed no significant changes in DDR5 and DDR4 memory prices, with DDR5 16G averaging $36.667 and DDR4 16Gb averaging $78.750 [6] - Semiconductor material prices from Baichuan Yingfu indicated stable pricing for various high-purity metals and substrates, with no daily changes reported [7]

②TMT领涨板块，SW营销代理(+5.75%)/SW军工电子Ⅲ(+5.41%)/SW LED (+5.18%)/ ③TMT领跌板块，SW通信网络设备及器件(-3.57%)/SW印制电路板(-3.18%)/SW数字芯片设计(-1.14%)/ 国内新闻 / Part 02 ①艾邦ARAI眼镜资讯，炬光科技与 BrightView 宣布建立战略合作伙伴关系/通过整合互补能力/炬光科技与 BrightView旨在加速光学元器件、模块及系统级解决方案的开发与商业化落地/以满足相关行业在性能、可靠性及规 模化生产方面的严格要求/ 行情速递 / Part 01 ①大盘指数，北证50 (+3.82%)/深证成指 (+0.79%)/科创50 (+0.78%)/创业板指(+0.63%)/上证指数(+0.33%)/ ②半导体封测，北大团队成功设计并研制出一款专用于非负矩阵分解计算的模拟计算芯片/该芯片在核心性能上实现 跨越式提升/相较于当前先进数字芯片/计算速度提升约12倍/能效比更是突破228倍/ ③大话芯片，Counterpoint Research表示/台积电预计2028年前下调晶圆14厂成熟制程产能15%–20%/以因应市 ...

Market Overview - The pharmaceutical sector is experiencing a structural bull market in 2025, with the CITIC Pharmaceutical Index rising nearly 30% in the first three quarters, driven by the global recognition of the value of innovative drugs and devices [2][3] - The industry is expected to enter a critical phase of innovation realization and global expansion in 2026, shifting investment logic from expectation-driven to closely tracking clinical data, commercialization progress, and international achievements [2][3] Valuation Insights - The pharmaceutical sector's valuation remains at historical lows, with significant investment opportunities still available. As of December 31, 2025, various sub-sectors are trading at relatively low valuations, such as biopharmaceuticals at 35.16X and medical devices at 33.07X [7][9] - The medical services, chemical raw materials, and chemical preparations sectors have shown impressive growth, with increases of 29.22%, 22.03%, and 20.44% respectively [7] Revenue and Profit Trends - From January to November 2025, China's pharmaceutical manufacturing industry reported total revenue of 220.65 billion yuan, a year-on-year decline of 2.51%, while total profit decreased by 1.79% [9] - The performance of the biopharmaceutical, medical services, and pharmaceutical distribution sectors has improved, with biopharmaceuticals benefiting from rapid drug volume growth post-collection [9] Fund Management and Investment Opportunities - As of the end of Q3 2025, public funds' holdings in the pharmaceutical sector were at 11.22%, below the ten-year average of 8.15%, indicating potential for excess returns as the sector approaches a performance inflection point [11] - The low allocation of public funds and the sector's historical low valuations present significant opportunities for investment in high-potential sub-sectors and individual stocks [11] Innovation and Policy Support - The Chinese biopharmaceutical industry is entering a new phase of high-quality development, with significant improvements in innovation capabilities among the top 100 pharmaceutical companies [14][21] - The government has implemented comprehensive policies to support the development of innovative drugs and medical devices, transitioning from single-item support to a full-chain, regional, and financial support system [15][28] Global Market Position - China has become the second-largest market for innovative drug launches globally, contributing approximately 30% of the world's innovative pipelines as of Q3 2025 [50][66] - The country is increasingly recognized for its efficiency and cost-effectiveness in drug development, with a significant number of clinical trials initiated in China, particularly in oncology [53][66] Licensing and Commercialization Trends - The number of license-out transactions for Chinese innovative drugs has surged, with 103 deals recorded in the first three quarters of 2025, totaling $92.03 billion, marking a 77% increase year-on-year [43][63] - The successful inclusion of innovative drugs in the new commercial insurance directory is expected to enhance their commercialization prospects [30] Future Growth Areas - Next-generation therapies, including ADCs, bispecific antibodies, and cell and gene therapies, are becoming focal points for research and investment, with China leading in these areas [76][87] - The oncology drug market is projected to reach $441 billion, with new therapies expected to account for about 20% of treatment expenditures by 2029 [82]

01 主题： 东星医疗深度报告 时间： 1月26日（周一）15:30 主讲： 谭紫媚 医药首席分析师 参会密码：600132 02 主 题：农业板块近期观点 04 主题：电子行业2月观点 时间： 1月31日（周六）14 : 00 主讲： 张世杰 电子首席分析师 参会密码：250845 师 时间： 1月28日（周三）20 : 00 主讲：程晓东 农业首席分析师 参会密码：665392 03 主 题： M12家电轻工出口链数据解读 时间： 1月29日（周四）15 : 00 主讲： 孟昕 家电轻工首席分析师 赵梦菲 家电轻工 分析师 参会密码：761836 识别二维码立即参会 会议号码: +86-4001888938 (中国) +86-01053827720 (全球) +886-277083288 (中国台湾) +852-51089680 (中国香港) 参会密码:600132 农业板块近期观点 01 . 28 ª / 20 : 00 盲席分 识别二维码立即参会 会议号码: +86-4001888938 (中国) +86-01053827720 (全球) +886-277083288 (中国台湾) +852-5108 ...