证券时报·数据宝统计显示，共有844只个股公布了1月10日股东户数，与上期（12月31日）相比，股东 户数下降的有331只。其中股东户数降幅超一成的有23只。 股东户数降幅最多的是亚翔集成，截至1月10日最新股东户数为19134户，较12月31日下降23.48%，筹 码集中以来该股累计上涨52.48%，累计换手率为42.53%，其间主力资金净流入2.14亿元。 其次是易点天下，截至1月10日最新股东户数为71862户，较12月31日下降23.09%，筹码集中以来该股 累计上涨60.64%，累计换手率为237.59%，其间主力资金净流出11.91亿元。 投资者除了在定期报告中获得股东信息数据外，还可以在交易所互动平台上通过提问方式了解部分公司 更及时（每月10日、20日、月末）的股东户数信息。以往3期分别有954家、1062家、1035家公司在互动 平台透露了股东户数，截至发稿，共有844家公司公布了截至1月10日股东户数。 844只股公布截至1月10日最新股东户数，相比上期股东户数下降的有331只，降幅居前的是亚翔集成、 易点天下、真爱美家等。 上期筹码集中股回测：55%跑赢沪指 证券时报·数据宝对上一期(1 ...

Group 1: Company Overview - The report highlights that the company Lin Qingxuan has been deeply engaged in the oil-based skincare sector for many years, establishing itself as a pioneer in this field with significant growth potential driven by product expansion and channel development [1][2] - The main brand Lin Qingxuan, founded in 2003, initially focused on natural skincare products and later launched the Camellia Oil Essence in 2014, which has become a leading product in the oil-based skincare category [2][3] - The company has experienced remarkable growth, with revenue and net profit for the first half of 2025 reaching 1.05 billion and 180 million RMB, respectively, representing year-on-year increases of 98% and 110% [2] Group 2: Market Position and Growth Potential - The oil-based skincare market is expected to grow significantly, with a projected market size of 5.3 billion RMB in 2024, reflecting a year-on-year increase of 43% and a compound annual growth rate (CAGR) of 42% from 2019 to 2024 [2][3] - Lin Qingxuan holds a leading market share of 12.4% in the facial oil category, significantly ahead of other brands, thanks to its long-term market education and the popularity of its Camellia Oil Essence [2][3] Group 3: Sales Channels and Performance - The company's star product, the Camellia Oil Essence, has seen rapid sales growth, with revenue from this category increasing by 176% year-on-year in the first half of 2025, accounting for 46% of total revenue [3] - Online sales have surged, with a 137% year-on-year increase in online revenue, which now represents 65% of total sales, driven by the popularity of platforms like Douyin [3] - The company has expanded its offline presence, with over 554 stores as of the first half of 2025, indicating significant potential for further growth in physical retail [3]

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [6]. Core Insights - The report highlights a focus on balancing investments in emerging growth sectors and traditional dividend-paying sectors, anticipating a recovery in investment in early 2026, particularly in infrastructure and real estate [1]. - It emphasizes the potential for a spring rally in the market, driven by supportive real estate policies and opportunities in technology and overseas markets, particularly in AI applications and related materials [1]. - The report suggests that the construction and building materials sectors are under pressure, with significant declines in real estate sales and new construction, but sees potential in segments like building coatings and pipe materials due to a shift towards renovation in the existing housing market [2]. Summary by Sections Infrastructure and Real Estate Investment - In 2025, cumulative year-on-year investment in infrastructure (excluding power, heat, gas, and water supply) decreased by 2.2%, real estate by 17.2%, and manufacturing by 0.6% [1]. - The report notes a continued decline in real estate transactions, with a year-on-year decrease of 8.7% in sales area and a 20.4% drop in new construction area [2]. Cement Industry - The cement production in 2025 was 1.693 billion tons, down 6.9% year-on-year, with an average price of 360 RMB per ton in December, reflecting a 15.6% decrease year-on-year [3]. - The report indicates that the pressure on costs is easing due to increased efforts in staggered kiln shutdowns, leading to a slowdown in price declines [3]. Glass Industry - The flat glass production in 2025 was 976 million weight cases, down 3.0% year-on-year, with a significant price drop of 20.9% year-on-year [4]. - The report notes an acceleration in cold repairs in the glass industry, which is expected to stabilize prices [4]. Stock Recommendations - The report recommends several stocks with "Buy" ratings, including: - Yaxiang Integration (603929 CH) with a target price of 235.62 RMB - China National Materials (600970 CH) with a target price of 14.64 RMB - Sichuan Road and Bridge (600039 CH) with a target price of 13.48 RMB - Precision Steel Structure (600496 CH) with a target price of 5.75 RMB - Oriental Yuhong (002271 CH) with a target price of 17.19 RMB - Kaisheng Technology (600552 CH) with a target price of 16.94 RMB - China Jushi (600176 CH) with a target price of 20.80 RMB - Huaxin Cement (600801 CH) with a target price of 26.70 RMB - China Nuclear Engineering (601611 CH) with a target price of 18.21 RMB [8][29].

1月16日，亚翔集成涨停，收报163.46元，涨幅10.00%。 中国经济网北京1月19日讯亚翔集成（603929）(603929.SH)今日跌停，收报147.11元，跌幅10.00%。 华泰证券股份有限公司研究员方晏荷、黄颖、樊星辰2026年1月16日发布研报《亚翔集成：境外洁净室 投建持续乐观》称，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for several companies including 亚翔集成 (603929 CH), 中材国际 (600970 CH), 四川路桥 (600039 CH), 精工钢构 (600496 CH), 东方雨虹 (002271 CH), 凯盛科技 (600552 CH), 华新建材 (600801 CH), 中国巨石 (600176 CH), 中国核建 (601611 CH), and 上峰水泥 (000672 CH) [10][32][33][34][35][36] Core Insights - The report highlights that AI upgrades and domestic substitution are driving continued high demand in cleanroom and electronic fabric sectors, with significant capital expenditure increases from major companies like Micron and TSMC [2][13] - The cleanroom and electronic fabric markets are expected to maintain a tight supply-demand balance, particularly for high-end products, due to ongoing investments in advanced processes and PCB [13][14] - The report emphasizes the importance of emerging industries and traditional sectors, recommending a balanced investment approach in Q1 2026 [2][13] Summary by Sections Industry Overview - The cleanroom and electronic fabric sectors are experiencing sustained high demand driven by AI hardware investments, with TSMC raising its 2026 capital expenditure guidance to USD 52-56 billion, a 30% increase from 2025 [2][13] - The report notes that the supply of high-end electronic fabrics is tight, particularly for second-generation fabrics and Low CTE (LCTE) products, which are expected to see price increases [2][13] Company Dynamics - 亚翔集成's revenue forecast has been adjusted upwards based on strong order growth and capital expenditure increases from major semiconductor companies [14][33] - 中材国际 reported a 12% year-on-year increase in new orders for 2025, indicating a recovery in its order structure and a shift away from reliance on the domestic cement industry [34] - 四川路桥's revenue for the first three quarters of 2025 increased by 1.95% year-on-year, with a significant rise in net profit, reflecting strong project execution and order growth [35] Market Trends - The report indicates that the cement market is facing a slight decline in prices, with a 1.4% decrease week-on-week, while the glass market shows mixed performance across regions [22][23] - The electronic fabric market is experiencing stable prices after recent increases, with a continued tight supply for high-end products [20][27] Recommendations - The report recommends focusing on companies that are well-positioned to benefit from the ongoing trends in cleanroom and electronic fabric sectors, including 亚翔集成, 中材国际, and 四川路桥, among others [2][10][32][33][34][35][36]

Investment Rating - The report rates the industry as "Buy" [6] Core Insights - TSMC expects capital expenditure to reach USD 52-56 billion in 2026, an increase of 27%-37% from 2025 [2][3] - Longxin Technology plans to raise CNY 29.5 billion for technology upgrades in memory chip manufacturing [3] - China State Grid anticipates fixed asset investment of CNY 4 trillion during the 14th Five-Year Plan, a 40% increase from the previous plan [4] Summary by Sections Semiconductor Industry - TSMC's revenue for Q4 2025 is expected to grow by 20.5% year-on-year, with a net profit increase of approximately 35% [3] - The cleanroom sector is expected to benefit from increased capital expenditures in semiconductor manufacturing, with companies like Yaxin Integration showing significant revenue growth [3] Power and Infrastructure - China State Grid's investment plan aims to enhance system regulation capabilities and support large-scale development of new energy storage [4] - China Power Construction and China Energy Engineering are leading firms in power construction, with significant market shares in hydropower and energy storage [4] Cleanroom and Emerging Technologies - Yaxin Integration reported a 165.2% year-on-year increase in revenue for December, indicating strong demand in the cleanroom sector [3] - The report recommends companies involved in cleanroom technology, commercial aerospace, and controlled nuclear fusion as potential investment opportunities [8] Recommended Companies - The report highlights several companies for investment, including Yaxin Integration, China State Grid, and China Power Construction, based on their strong market positions and growth potential [8][9]

证券研究报告 | 2026年01月16日 **Makel'sid.** **Hil's.Makel's.** **Hil's.Makel's. **Hil's.Makel's. 乘势而起：市场新高趋势追踪：截至 2026 年 1 月 16 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 1.52%、0.60%、1.23%、0.20%、1.49%、1.77%、 0.81%、1.63%。中信一级行业指数中电子、有色金属、基础化工、机械、 家电行业指数距离 250 日新高较近，食品饮料、银行、农林牧渔、房地 产、医药行业指数距离 250 日新高较远。概念指数中，新能源汽车、矿 山智能、光伏、充电桩、汽车配件精选、半导体、芯片等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2026 年 1 月 16 日，共 1204 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是机械、电子、基础化工行业，创新高个股数量占比最高的是国防军工、有 色金属、石油石化行业。按照板块分 ...

格隆汇1月16日丨亚翔集成(603929.SH)公布，公司股价短期波动幅度较大，已明显偏离市场走势，存在 较高的炒作风险，目前公司股价已严重偏离上市公司基本面，未来存在快速下跌的风险。公司股票价格 于2026年1月13日至1月16日期间累计涨幅偏离值达到32.72%，自2025年11月以来累计上涨284.97%。当 前可能存在市场情绪过热、非理性炒作风险。 ...

亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"）股票于 2026 年 1 月 13 日、1 月 14 日、1 月 15 日连续三个交易日内日收盘价格涨幅 偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股 票交易异常波动情形。2026 年 1 月 16 日，公司股票以涨停价收盘。公司股价 短期涨幅较大，敬请投资者注意二级市场股票交易风险。 证券代码：603929 证券简称：亚翔集成 公告编号：2026-003 亚翔系统集成科技（苏州）股份有限公司 股票交易风险提示公告 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、准确性和完整性承担法 律责任。 重要内容提示： 市场情绪过热、非理性炒作风险，敬请广大投资者注意二级市场交易风险， 理性决策,审慎投资。 生产经营风险：公司 2025 年前三季度营业收入为 31.09 亿元，同比下 降 29.63%，敬请广大投资者注意经营风险。 公司股票交易价格于 2026 年 1 月 13 日、1 月 14 日、1 月 15 日连续 3 个 交易日内日收盘价格涨幅偏离值累计达到 20%。2026 ...

亚翔集成公告称，公司股票于2026年1月13 - 15日连续3个交易日收盘价格涨幅偏离值累计超20%，1月 16日涨停。1月13 - 16日累计涨幅偏离值达32.72%，自2025年11月以来累计涨284.97%。截至1月16日收 盘，股价163.46元，市净率18.68倍，显著高于行业平均的6.05倍。同时，2025年前三季度公司营收31.09 亿元，同比降29.63%。公司提醒投资者注意交易和经营风险，理性投资。 ...