2026 年 01 月 29 日 公司研究●证券研究报告 易思维（688816.SH） 新股覆盖研究 投资要点 本周三（1 月 28 日）有一家科创板上市公司"易思维"询价。 器视觉设备龙头，同时也是该领域国产化进程的重要推动者。机器视觉设备 是汽车制造过程中的关键设备，但受制于国内厂商起步相对较晚，该领域长 期被伊斯拉、伯赛等国际龙头垄断。公司成立于 2017 年，是国内最早规模 化为汽车制造提供机器视觉设备的企业之一；经过多年发展，已陆续研发出 十余款产品，实现了产品在冲压、焊装、涂装、总装、电池、压铸六大工艺 环节的规模化、系统化配套应用，不仅成功构筑起产品品类全、应用覆盖广 等核心竞争优势，还大幅降低了国内汽车行业使用机器视觉设备的成本，成 为该领域国产化进程的重要推动者。凭借自身产品优势，公司已与八成以上 的国内乘用车整车厂达成合作；弗若斯特沙利文统计显示，2024 年公司在汽 车制造和汽车整车制造机器视觉设备领域的市占率分别为 13.7%和 22.5%， 均位居行业第一；对比同年中国汽车整车制造机器视觉设备 31.7%的国产化 率来看，其中超七成国产化率由公司贡献。另据招股书披露，2024 年中国 ...

证券研究报告 消费者服务/行业深度报告 领先大市（首次） 消费专题报告 估值低位下的结构演绎，聚焦"红利资产"与"情绪消费" 分析师：陈梦瑶 S0910523080002 闫誉怀 S0910525090001 杜鹤 S0910525070001 2026年01月28日 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 请仔细阅读在本报告尾部的重要法律声明 2 u 总量磨底不改结构亮点，聚焦"服务消费"与"红利资产"的双主线 u 总量研判：日历效应扰动短期增速，服务消费韧性优于商品。12月社零增速虽受2026年春节错期（备货需求后移）及大 促退潮影响回落，但剔除短期扰动后，消费大盘实质处于L型磨底阶段。结构性特征愈发清晰：近期餐饮等服务型消费增 速(+2.2%)优于实物商品(+0.7%)，展现出穿越周期的强韧性。在总量降速背景下，市场定价逻辑正加速由"总量弹性"转向 "结构性红利"。 u 估值分析：安全边际显著，悲观预期已充分定价。截至1月18日，消费核心板块PE-TTM分位数已回落至历史低位区间 （如食品饮料回落至7.5%，白酒探至4.1%）。当前估值水平已较为充分地计 ...

2026 年 01 月 27 日 公司研究●证券研究报告 电科蓝天（688818.SH） 新股覆盖研究 投资要点 本周二（1 月 27 日）有一家科创板上市公司"电科蓝天"询价。 3、公司持续提升宇航电源领域的电能转换效率，并积极对钠离子电池、固 态电池等前沿领域开展研发。（1）在宇航电源领域，公司持续优化相关材料 的电能转换效率；目前 34.4%转化效率的空间高效太阳电池外延片已完成在 轨验证、为下一代大功率宇航电源的空间高效太阳电池提供了材料基础，且 36%转化效率的空间高效太阳电池外延片正处于攻关阶段；同时薄膜太阳电 池实验室效率已经达到 33%、正在开展效率 35%薄膜太阳电池的攻关。（2） 公司在特种电源领域布局固态电池技术；作为国内最早研制特种锂离子蓄电 交易数据 总市值（百万元） 流通市值（百万元） 总股本（百万股） 1,563.22 流通股本（百万股） 12 个月价格区间 / 分析师 李蕙 SAC 执业证书编号：S0910519100001 lihui1@huajinsc.cn 报告联系人 戴筝筝 daizhengzheng@huajinsc.cn 相关报告 华金证券-新股- 新股专题覆盖报告 ...

2026 年 01 月 27 日 公司研究●证券研究报告 电科蓝天（688818.SH） 新股覆盖研究 投资要点 本周二（1 月 27 日）有一家科创板上市公司"电科蓝天"询价。 3、公司持续提升宇航电源领域的电能转换效率，并积极对钠离子电池、固 态电池等前沿领域开展研发。（1）在宇航电源领域，公司持续优化相关材料 的电能转换效率；目前 34.4%转化效率的空间高效太阳电池外延片已完成在 轨验证、为下一代大功率宇航电源的空间高效太阳电池提供了材料基础，且 36%转化效率的空间高效太阳电池外延片正处于攻关阶段；同时薄膜太阳电 池实验室效率已经达到 33%、正在开展效率 35%薄膜太阳电池的攻关。（2） 公司在特种电源领域布局固态电池技术；作为国内最早研制特种锂离子蓄电 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 1,563.22 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huaj ...

2026 年 01 月 25 日 策略类●证券研究报告 板块震荡活跃走势未改，但性价比的重要性或略有提升 新股专题 投资要点 新股周观点：上周，新股次新板块延续震荡活跃走势，但活跃方向可能略有变化， 市场对于性价比的关注可能有所升温。短期来看，考虑到本轮新股活跃周期开启时 间尚短，且资金交投活跃度依然较高，预计本轮震荡活跃行情有望继续演绎；但考 虑到元旦之后情绪回暖颇为急促，部分方向拉升或也较为迅猛，不排除活跃资金接 下来将在追逐人气主题和追逐相对性价比之间反复横跳，轮动或将是常态。我们维 持之前观点，建议继续积极择机的同时，局部要重视节奏和取舍。 （1）上周沪深新股次新板块延续活跃走势；假设以 2025 年以来上市的沪深新股 次新板块比较来看，期间板块平均涨幅 2.3%，实现正收益占比约 70.7%。 （2）随着元旦之后新股活跃周期正式拉开，新股交投热情相对较高，赚钱效应也 相对凸显；但同时需要注意的，近一周多，在短线情绪过热扰动之下，新股细分板 块间热度切换更为凸显，业绩预期稳健且股价相对平抑的性价比方向、和资金长期 关注的人气主题方向似乎形成轮动迹象。短期来看，考虑到本轮新股活跃周期开启 时间尚不足 1 ...

（1）上周沪深新股次新板块延续活跃走势；假设以 2025 年以来上市的沪深新股 次新板块比较来看，期间板块平均涨幅 2.3%，实现正收益占比约 70.7%。 （2）随着元旦之后新股活跃周期正式拉开，新股交投热情相对较高，赚钱效应也 相对凸显；但同时需要注意的，近一周多，在短线情绪过热扰动之下，新股细分板 块间热度切换更为凸显，业绩预期稳健且股价相对平抑的性价比方向、和资金长期 关注的人气主题方向似乎形成轮动迹象。短期来看，考虑到本轮新股活跃周期开启 时间尚不足 1 个月，资金交投活跃预期也暂未改变，叠加监管呵护慢牛及优质新股 陆续上市，我们倾向于认为当前新股次新板块总体或将继续维持震荡向上活跃走 势；只是结构性上，由于经历了元旦之后情绪过热带来的急剧拉升、新股板块整体 难言估值洼地，活跃资金或将在追逐人气主题和追逐相对性价比之间反复横跳，跟 随热点事件预期变化、轮动反复或将是常态；依然建议积极灵活择机，同时继续强 调把握好主题轮动节奏或高低切轮动节奏。。 板块震荡活跃走势未改，但性价比的重要性或略有提升 新股专题 投资要点 新股周观点：上周，新股次新板块延续震荡活跃走势，但活跃方向可能略有变化， 市场对于性价 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The development of AI is driving upgrades in PCB technology, leading to increased demand for upstream materials. The global PCB market is expected to reach USD 96.8 billion by 2025 [3]. - The three main materials—copper foil, electronic cloth, and resin—are undergoing expansion and upgrades. High-end copper foil is becoming mainstream, with foreign companies dominating the high-end market while domestic firms gradually enter the supply chain [3]. - The market for silicon micro-powder is expected to grow, with high-performance spherical silicon micro-powder projected to reach a market size of RMB 850 million by 2024, accounting for 49.22% of the total market [3]. - Investment opportunities are highlighted in various segments, including copper foil (e.g., Tongguan Copper Foil, Defu Technology), electronic cloth (e.g., Feilihua, Ping An Electric), resin (e.g., Dongcai Technology), silicon micro-powder (e.g., Lianrui New Materials), and PCB chemicals (e.g., Guangxin Materials) [3]. Summary by Sections AI-Driven PCB Upgrades - The PCB industry is experiencing significant growth due to AI technology and the rise of electric vehicles, with a notable increase in demand for AI servers and automotive electronics [3]. - The trend towards high-density, small aperture, large capacity, and lightweight PCBs is evident, necessitating higher performance from upstream materials [3]. Expansion of Three Main Materials - High-end copper foil demand is on the rise, with HVLP-type copper foil expected to become the mainstream product. Foreign companies currently dominate this segment [3]. - Electronic cloth is becoming thinner and lighter, with domestic companies increasing their investments in high-end electronic cloth [3]. - The performance of copper-clad laminates is largely determined by the resin formulation, with a shift from epoxy resin to more advanced materials [3]. High-End Silicon Micro-Powder and Specialty Chemicals - The upgrade of PCBs is driving the iteration of silicon micro-powder products, with a focus on spherical silicon micro-powder to meet high-end demands [3]. - The market for PCB specialty chemicals is expanding, with foreign companies currently leading while domestic firms accelerate their development [3]. Investment Recommendations - The report suggests focusing on companies involved in copper foil, electronic cloth, resin, silicon micro-powder, and PCB chemicals, highlighting specific firms in each category [3].

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The development of AI is driving upgrades in PCB technology, leading to increased demand for upstream materials. The global PCB market is expected to reach USD 96.8 billion by 2025 [3]. - The three main materials—copper foil, electronic cloth, and resin—are undergoing expansion and upgrades, with high-end copper foil becoming mainstream [3]. - The market for silicon micro-powder is expected to grow, with high-performance spherical silicon micro-powder projected to reach a market size of RMB 850 million by 2024, accounting for 49.22% of the total demand [3]. - Investment opportunities are highlighted in various sectors, including copper foil, electronic cloth, resin, silicon micro-powder, and PCB chemicals [3]. Summary by Sections AI-Driven PCB Upgrades - PCB is essential in modern electronic products, with significant demand growth driven by AI technology and electric vehicles. The industry is expected to expand further [3][30]. - The trend towards high-density, small aperture, large capacity, and lightweight PCBs is evident, necessitating higher quality upstream materials [3]. Main Materials Expansion - High-end copper foil demand is increasing, with foreign companies dominating the high-end market while domestic firms are gradually entering the supply chain [3]. - Electronic cloth is becoming thinner and lighter, with domestic companies increasing their investments [3]. - The resin market is evolving from epoxy resin to more advanced materials, enhancing the performance of copper-clad laminates [3]. Silicon Micro-Powder and Specialty Chemicals - The upgrade of PCBs is driving the iteration of silicon micro-powder products, with a notable market for high-performance spherical silicon micro-powder [3]. - The market for PCB specialty chemicals is expanding, with foreign companies currently leading but domestic firms accelerating their development [3]. Investment Recommendations - The report suggests focusing on companies in various segments: - Copper Foil: Copper Crown, Defu Technology, Nord Shares, Zhongyi Technology, Longyang Electronics - Electronic Cloth: Feili Hua, Ping An Electric, Lite Optoelectronics, Quartz Shares, Honghe Technology, China National Materials, International Composites, China Jushi, Changhai Shares, Shandong Fiberglass, Bofei Electric - Resin: Dongcai Technology, Shengquan Group, Tongyu New Materials, Shiming Technology, Hongchang Electronics - Silicon Micro-Powder: Lianrui New Materials, Yake Technology, Guoci Materials, Lingwei Technology - PCB Chemicals: Guangxin Materials, Guanghua Technology, Sanfu New Materials, Jiuri New Materials, Yangfan New Materials [3].

春季行情期间业绩对行业表现的影响 定期报告 线情绪或有过热迹象-华金证券新股周报 2026.1.11 http://www.huajinsc.cn/ 1 / 24 请务必阅读正文之后的免责条款部分 投资要点 风险提示：历史经验未来不一定适用，政策超预期变化，经济修复不及预期。 2026 年 01 月 24 日 策略类●证券研究报告 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 相关报告 活跃周期在途，但短线情绪过热或暗含局部 波动风险-华金证券新股周报 2026.1.18 春季行情未完，继续聚焦成长 2026.1.17 商业航天行情后续会如何演绎？ 2026.1.17 融 资 保 证 金 调 整 不 改 短 期 慢 牛 走 势 2026.1.14 新一轮活跃周期预计节后已经开启，但极短 复盘历史，绩优行业超额收益与春季行情节奏相关性较强，主线行业调整时绩优行 业可能短暂占优。（1）绩优行业的超额收益与春季行情的节奏相关性较强。一是 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [4][40]. Core Insights - Intel's Q4 2025 revenue was $13.7 billion, a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 3%. The revenue from the Client Computing Group (CCG) was $8.19 billion, down 6.6% year-on-year, while the Data Center and AI (DCAI) segment saw revenue of $4.74 billion, up 8.9% year-on-year. The Foundry business generated $4.51 billion, an increase of 3.8% year-on-year. Despite a recovery in core DCAI business, Intel's Q1 2026 guidance was significantly below market expectations, forecasting revenue between $11.7 billion and $12.7 billion [4][7][8]. - TE Connectivity reported Q1 2026 net sales of $4.7 billion, a 22% year-on-year increase, driven by growth in industrial and transportation sectors. Earnings per share rose to $2.53, up 45% year-on-year, with adjusted EPS at $2.72, a 33% increase. The company expects Q2 2026 sales of approximately $4.7 billion, a 13% year-on-year increase [4][7][8]. - Resonac, a major semiconductor materials manufacturer, announced a 30% price increase for all series of copper-clad laminates and adhesive films starting March 1, 2026, due to tight supply and rising costs of raw materials [4][8]. - The semiconductor industry is expected to benefit from AI advancements, with a projected 10,000-fold increase in total computing power by 2035. Key investment targets include companies across the semiconductor supply chain, such as SMIC, Hua Hong Semiconductor, and others [4][36]. Summary by Sections Industry Dynamics - Intel's Q4 2025 revenue was $13.7 billion, with a decline in CCG but growth in DCAI. Q1 2026 revenue guidance is significantly lower than expected [4][7]. - TE Connectivity's Q1 2026 net sales were $4.7 billion, with strong performance in industrial and transportation sectors [4][8]. - Price increases announced by Resonac and other companies in the semiconductor materials sector due to rising costs [4][8]. Market Review - The electronic industry saw a weekly increase of 1.39% from January 19 to January 23, 2026, with the construction materials sector leading the gains [9][10]. Industry High-Frequency Data Tracking - TV panel prices are expected to see mild increases in January 2026, while monitor panel prices are predicted to remain stable [16][18]. - Memory prices for various DRAM types have shown an upward trend from January 19 to January 23, 2026 [21].