Core Viewpoint - The article emphasizes the strategic plans and aspirations of various companies as they embark on the "15th Five-Year Plan" period, highlighting their commitment to innovation, technology, and global competitiveness. Group 1: BYD - BYD aims to maintain significant R&D and financial investment to solidify its position in electrification and promote smart technology, leveraging global resources for innovation [4] - The company has achieved a tenfold increase in annual sales during the "14th Five-Year Plan" and seeks to capitalize on the global expansion of Chinese brands [4] Group 2: Oriental Fortune - Oriental Fortune expresses confidence in the resilience of the Chinese economy and emphasizes the importance of financial technology in connecting wealth management with real economy financing [6] - The company aims to serve diverse stakeholders and enhance its role in the financial transformation landscape [6] Group 3: Moore Threads - Moore Threads focuses on accelerating the application of domestic GPUs across various industries, contributing to the digital transformation [8] - The company has established a comprehensive technology stack and aims to maintain high R&D investment to strengthen its competitive edge [8] Group 4: Muyuan Foods - Muyuan Foods is committed to producing safe and healthy pork products, responding to consumer demand while advancing the pig farming industry towards high-quality development [10] - The company plans to leverage technology to address industry challenges and enhance overall quality [10] Group 5: Zhongwei Company - Zhongwei Company aims to achieve 50% to 60% market coverage in high-end semiconductor equipment through organic growth and expansion over the next five to ten years [12] - The company emphasizes collaboration within the industry to enhance global competitiveness [12] Group 6: AVIC Shenyang Aircraft - AVIC Shenyang Aircraft is focused on achieving significant milestones in the "15th Five-Year Plan" by enhancing core functions and competitiveness [14] - The company aims to contribute to the construction of a strong aviation nation through strategic initiatives [14] Group 7: Huayou Cobalt - Huayou Cobalt plans to align its strategy with national planning during the "15th Five-Year Plan," focusing on creating customer value and leading industry development [16] - The company aims to become a leading technology enterprise in energy materials [16] Group 8: Aier Eye Hospital - Aier Eye Hospital integrates its development with national strategies, focusing on innovation in eye health services and technology [18] - The company aims to enhance its service network and collaborate with partners to improve public health outcomes [18] Group 9: Tinci Materials - Tinci Materials is committed to sustainable development through innovation in lithium-ion battery materials and specialty chemicals [21] - The company anticipates a new growth cycle in the lithium and energy storage industries over the next five years [21] Group 10: JinkoSolar - JinkoSolar emphasizes technology innovation as a core driver for its development, focusing on high-efficiency solar cell technologies [23] - The company aims to integrate advanced technologies with traditional manufacturing to foster new productive capabilities [23] Group 11: Jishi Media - Jishi Media aims to integrate cultural and technological advancements, focusing on becoming a leading cultural technology enterprise [25] - The company plans to leverage AI and digital transformation to enhance its service offerings [25] Group 12: China National Machinery Industry Corporation - China National Machinery Industry Corporation is focused on deepening its role in China's modernization efforts while enhancing its international competitiveness [27] - The company aims to foster new productive capabilities in emerging sectors such as green engineering and digital infrastructure [27]

Market Overview - Major US stock indices showed mixed performance, with the S&P 500 rising by 0.19% and the Dow Jones increasing by 0.66%, while the Nasdaq fell by 0.03% [1] - Tesla shares dropped by 2.6%, influenced by software stocks offsetting gains in chip stocks, while Salesforce fell over 4% and Nvidia rose over 1% [1] - The White House's decision to delay tariffs on certain household goods led to an 8% increase in shares of RH [1] Semiconductor Sector - SanDisk surged nearly 16%, Micron Technology rose over 10%, ASML increased by over 8%, and TSMC hit a historical high with a rise of over 5% [2] - The semiconductor sector is expected to benefit from increased capital expenditure in 2026, with analysts projecting a tightening market for memory chips, leading to significant price increases [11] Chinese Tech Stocks - The China concept index rose over 4%, with Baidu increasing by 15% and Alibaba by over 6% [3] - Baidu announced plans to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange, resulting in a 9% rise in its stock [10] Economic Policies and Initiatives - The State Council approved the draft of the Water Supply Regulations and the revised Drug Administration Law Implementation Regulations [4] - Shanghai's measures to accelerate the construction of low-altitude economic advanced manufacturing clusters include support for eVTOL and industrial-grade drones, with funding up to 50 million yuan [5] - The State Council issued a solid waste comprehensive governance action plan aiming for a 45 billion-ton annual comprehensive utilization of major solid waste by 2030 [5] IPO and Corporate Actions - Blue Arrow Aerospace's IPO application was accepted, aiming to raise 7.5 billion yuan for reusable rocket technology upgrades and capacity enhancement [12] - Multiple companies announced acquisitions, including Zhongwei Company planning to acquire a 64.69% stake in Hangzhou Zhonggui, and Meike Home proposing to buy 100% of Wande Technology [15][16] Lithium and Battery Materials - Tianqi Lithium forecasted a net profit of 1.1 to 1.6 billion yuan for 2025, driven by strong demand in the new energy vehicle and energy storage markets [29] - The lithium hexafluorophosphate market is expected to remain tight, with significant price increases anticipated due to strong demand and cautious supply expansion [13] Consumer Market Trends - Hainan's duty-free market saw a significant increase during the New Year holiday, with sales reaching 712 million yuan, a year-on-year growth of 128.9% [10][14]

时序更替，万象更新。我谨代表中微公司，向各界同仁致以最诚挚的问候与最美好的祝愿！ "十五 五"时期是推动以半导体、人工智能等为代表的数字产业高质量发展、实现高水平科技自立自强的重要 战略期。"十五五"开局之年，作为发展新质生产力的重要载体和战略科技力量，中微公司将继续坚持高 水平科技自立自强，以科技创新筑牢发展内核，力争通过未来五到十年的有机成长与外延拓展，在半导 体高端设备市场实现50%至60%的产品覆盖率。我们将进一步深化产业链协同，推动创新联合体建设， 共同提升我国半导体产业的全球竞争力和系统韧性。 "攀登勇者，志在巅峰"，中微公司将努力在规模 和竞争力上尽早成为国际第一梯队的微观加工设备公司！再次祝愿大家新年快乐，愿我们在新的征程中 继续携手并进，共赢未来！ ...

Market News - CPI and PPI data will be released on January 9, 2026, with an expected CPI year-on-year growth of 0.7% and a PPI year-on-year decline of 1.9% [3] - The 2026 childcare subsidy application will open on January 5, 2026, with over 24 million people having received subsidies in 2025, achieving an 80% issuance rate [4] - The first adjustment of refined oil prices in 2026 will occur on January 6, with gasoline and diesel prices decreasing by 170 yuan and 165 yuan per ton, respectively [5] - The U.S. non-farm payroll data will be released on January 6, with unemployment rate predictions ranging from 4.5% to 4.7% [6] Sector Events - The 2026 International Consumer Electronics Show (CES) will commence on January 6, featuring major tech companies and new exhibitors from China, including Lenovo and Hisense [8] - Honor Power2 will be officially launched on January 5, featuring a 10000mAh battery and MediaTek Dimensity 8500Elite chip, achieving a benchmark score of over 2.4 million [9] Company News - Zhongwei Company plans to acquire 64.69% of Hangzhou Zhongwei's equity through a combination of stock issuance and cash payment, with the company specializing in CMP equipment [11] - Meike Home intends to acquire 100% of Wanda's equity to expand into the high-speed interconnect field, with stock resuming trading on January 5, 2026 [12] - ST Asia Pacific has completed its restructuring, with a reference price of 7.05 yuan per share for its stock resumption on January 5, 2026 [13] - Jiaheng Homecare's controlling shareholder will change to Hangzhou Pinpianyi, with a share transfer price of 33.21 yuan per share [15] Lock-up Expiration - A total of 36 stocks will have their lock-up periods expire from January 5 to January 9, 2026, with a total market value exceeding 160 billion yuan [17] - Notable expirations include Fenghuo Electronics with 11,424.9 million shares valued at 139.612 million yuan and Construction Industry with 62,994.3 million shares valued at 1.689 billion yuan [18] New Stock Calendar - Two new stocks will be issued from January 5 to January 9, 2026, including Zhixin Co. on the Shanghai Stock Exchange and Kema Materials on the Beijing Stock Exchange [21] Institutional Outlook - Institutions expect the market to transition from a "structural bull" to an "index bull" in 2026, with a focus on AI applications, humanoid robot mass production, and mergers and acquisitions [24] - Zhongtai Securities emphasizes the potential in AI application industries, predicting a positive outlook for the computer sector [25] - Huachuang Securities anticipates accelerated development of domestic AI computing chips due to restrictions on overseas chips [26] - Goldman Sachs notes that overseas investments are increasingly favoring Chinese assets, predicting a 13% average price increase in global stocks in 2026 [29]

Core Viewpoint - The company aims to achieve a product coverage rate of 50% to 60% in the high-end semiconductor equipment market over the next five to ten years, emphasizing technological self-reliance and innovation [2] Group 1: Strategic Goals - The company identifies the "14th Five-Year Plan" period as crucial for the high-quality development of digital industries, including semiconductors and artificial intelligence [2] - The company plans to deepen industry chain collaboration and promote the construction of innovation alliances to enhance the global competitiveness and systemic resilience of China's semiconductor industry [2] Group 2: Aspirations and Vision - The company aspires to become a leading micro-processing equipment company in the international first tier in terms of scale and competitiveness [2] - The company expresses a commitment to organic growth and external expansion in the coming years [2]

Group 1 - On January 1, 2026, significant progress was made in mergers and acquisitions among leading semiconductor companies, with Huahong Company announcing a share issuance to acquire 97.5% of Huali Micro's equity, and Zhongwei Company revealing plans to acquire 64.69% of Hangzhou Zhonggui's equity through share issuance and cash payment [2][3] - The transactions reflect three distinct merger integration strategies: SMIC's acquisition of minority stakes in its subsidiary to enhance capital and operational stability, Huahong's acquisition of quality assets from its controlling shareholder to resolve competition and expand capacity, and Zhongwei's external acquisition to build platform capabilities [3][4] - The transactions also demonstrate confidence in the A-share market, as both SMIC and Huahong opted for full issuance of A-shares, and the lock-up period for some industry funds was voluntarily extended to 12 months, indicating optimism about the long-term prospects of the companies involved [3][4] Group 2 - SMIC's acquisition of a 49% stake in its subsidiary, SMIC North, was valued at 40.601 billion yuan, marking the largest share issuance for asset acquisition in the Sci-Tech Innovation Board's history [4][5] - SMIC North, a highly profitable entity within SMIC, reported a revenue of 12.979 billion yuan in 2024, a year-on-year increase of 12.12%, and a net profit of 1.682 billion yuan, a significant rise of 187.52% [4][5] - The acquisition is expected to enhance the asset quality of the listed company and strengthen business synergies, providing robust support for long-term development [4][5] Group 3 - Huahong's acquisition of Huali Micro aims to resolve competition issues and deepen industrial integration, with the transaction valued at 8.2679 billion yuan and additional fundraising of up to 7.556 billion yuan for project construction and working capital [6][7] - Huahong's revenue for 2024 is projected at 4.988 billion yuan, with a net profit of 522 million yuan, indicating stable operational performance [7] - The acquisition will significantly enhance Huahong's capacity in the 12-inch wafer foundry sector and achieve complementary advantages in process platforms [6][7] Group 4 - Zhongwei's acquisition of 64.69% of Hangzhou Zhonggui aims to integrate capabilities across core processes, transitioning from a single dry equipment supplier to a comprehensive solution provider [9][10] - This acquisition is part of a broader trend in the Sci-Tech Innovation Board where horizontal mergers are becoming mainstream, particularly in semiconductor equipment and materials [9][10] - The trend reflects a strategic move to overcome technical barriers and accelerate platform transformation through horizontal mergers [10] Group 5 - In 2025, the Sci-Tech Innovation Board saw over 100 new merger transactions, with 37 major asset restructurings, indicating a vibrant M&A market focused on strategic emerging industries [11] - The overall completion rate for equity transactions on the Sci-Tech Innovation Board is close to 70%, showcasing the effectiveness of policies promoting mergers and acquisitions [11] - The semiconductor, biomedicine, and software sectors led in transaction volume, highlighting the capital market's role as a primary channel for mergers and acquisitions [11]

Cross-Border Trade - The State Council, led by Premier Li Qiang, has initiated policies to promote cross-border trade facilitation, emphasizing its importance in creating a top-tier business environment [1] - Cross-border trade is expected to transition from "scale expansion" to "high-quality development," with an anticipated annual growth rate of over 15% from 2026 to 2030 [1] Low Altitude Economy - The E40H unmanned aerial vehicle system from Yufeng Future has received a type certificate from the Civil Aviation Administration of China, marking a significant milestone in the low-altitude economy [2] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and over 3.5 trillion yuan by 2035, driven by advancements in various sectors [2][6] Semiconductor Industry - Domestic semiconductor companies are increasingly disclosing major merger and acquisition plans, indicating a rapid acceleration in industry consolidation [3] - Key mergers include SMIC's acquisition of a 49% stake in Northern Semiconductor for 40.6 billion yuan, reflecting a strategic intent to enhance core competitiveness [3][4] Oil and Gas - A recent military conflict in Venezuela has led to a complete halt of the country's oil exports, significantly impacting global heavy crude oil supply and increasing oil price pressures [4][5] - The situation has raised concerns over energy supply security, with shipping risks in the Caribbean further exacerbating the issue [5] Commercial Aerospace - The commercial space sector in China is experiencing robust growth, with multiple rocket launches planned for 2025, contributing to the country's ambitions in space exploration [5][6] - The satellite internet market, leveraging low Earth orbit satellites, is becoming a focal point for global competition, with over 70,000 low Earth orbit satellite applications expected by the end of 2024 [6] Duty-Free Market - The Hainan duty-free market saw significant growth during the New Year holiday, with sales reaching 712 million yuan, a 128.9% increase year-on-year [7][8] - The zero-tariff policy has expanded significantly, now covering 6,600 product categories, which is expected to have a substantial impact on the local and national duty-free business [8] Nuclear Fusion - The EAST nuclear fusion experiment has confirmed the existence of a density-free zone, providing critical insights for high-density operation in magnetic confinement fusion devices [8][9] - The Chinese government is prioritizing nuclear fusion as a new economic growth point, with significant investments expected in the coming years [9] Brain-Computer Interface - Neuralink plans to start mass production of brain-computer interface devices in 2026, with advancements in automated surgical processes [10] - The industry is gaining traction with supportive policies from the government, indicating a growing interest in applications for movement disorders and mental health [10]

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, highlighting strong growth potential in semiconductor equipment and humanoid robots [1][20]. Core Insights - The semiconductor equipment sector is expected to see a significant increase in capital expenditure and domestic equipment localization, with new order growth potentially exceeding 30% and reaching over 50% [2][18]. - The humanoid robot industry is approaching mass production, with key events such as the release of Tesla's V3 robot expected to catalyze order growth and market expansion [3][32]. - The engineering machinery sector is anticipated to experience a seasonal surge in Q1, driven by policy support and increased project initiation, with a projected annual growth rate of over 30% for excavators [3][33]. - The demand for optical modules is expected to rise due to increased shipments of AI servers, necessitating automation in production processes [4][35]. - The gas turbine market is poised for growth as AI data centers expand, with domestic manufacturers likely to benefit from increased demand for reliable power solutions [8][31]. Summary by Sections Semiconductor Equipment - Longxin's IPO plans indicate a total investment of 34.5 billion yuan, primarily for technology upgrades in memory chip production, signaling a robust growth trajectory for the sector [2]. - The domestic semiconductor equipment market is projected to reach 495 billion yuan in 2024, with a localization rate expected to rise to 22% by 2025 [18][19]. Humanoid Robots - The humanoid robot industry is set for significant changes with the upcoming release of Tesla's V3 robot, which is expected to drive orders and market standardization [3][32]. - Key companies to watch include Hengli Hydraulic and Top Group, which are positioned to benefit from the anticipated growth in this sector [3]. Engineering Machinery - The engineering machinery sector is entering a recovery phase, with Q1 typically seeing increased activity due to favorable weather and policy support [3][33]. - Major players such as Sany Heavy Industry and XCMG are expected to lead this recovery, with projected sales growth driven by domestic and international demand [33]. Optical Modules - The demand for optical modules is expected to increase significantly due to the rising shipments of AI servers, with automation becoming essential in production processes [4][35]. - Companies like Robotech and Aotewi are highlighted as key players in this space [4]. Gas Turbines - The expansion of AI data centers is driving demand for gas turbines, with domestic manufacturers like Jereh and Yingliu expected to capture significant market share [8][31]. - The gas turbine market is characterized by a shift towards domestic production, with companies forming partnerships with international leaders to enhance capabilities [8].

Group 1 - The semiconductor equipment index has significantly outperformed the market since the beginning of 2025, with a cumulative increase of 62.3% compared to the Shanghai Composite Index's 42.0% [3][13] - The semiconductor industry is experiencing high prosperity, with the global semiconductor market expected to reach a historical high of $760.7 billion in 2026, driven by AI [3][36] - The domestic semiconductor equipment market is seeing a strong recovery in wafer fab capacity utilization and expansion willingness, supported by the AI-driven storage supercycle [3][36] Group 2 - Four key investment directions are recommended: 1. Focus on etching and thin film equipment leaders driven by AI storage supercycle [3] 2. Domestic lithography machine production is expected to achieve mass production in 2026, boosting subsystem and component companies [3] 3. ALD equipment is entering a golden development period, especially in advanced logic and storage fields [3] 4. Advanced packaging continues to follow Moore's Law, providing significant opportunities for domestic equipment manufacturers [3] Group 3 - Investment suggestions include leading companies such as North China Innovation, Zhongwei Company, and TuoJing Technology, as well as high-elasticity targets like XinYuanWei and HuaHaiQingKe [3] - The overall revenue of the semiconductor equipment industry is projected to grow by 36% year-on-year in the third quarter of 2025, with leading companies maintaining high growth rates [15] - The overall net profit of the semiconductor equipment industry is expected to increase by 22% year-on-year in the third quarter of 2025, with significant profit acceleration from companies like Shengmei and TuoJing [15][24] Group 4 - The semiconductor industry is expected to continue its growth trajectory, with AI as the core engine driving the market [36] - The global semiconductor market is projected to grow at a compound annual growth rate of 5.6% from 2004 to 2024, with a significant recovery and expansion phase starting from 2023 [36] - The capital expenditure of the top eight cloud service providers is expected to increase by 40% in 2026, reaching $600 billion, further supporting the semiconductor market growth [36]

【超20家A股上市公司本周披露并购重组最新公告 中微公司拟购买杭州众硅64.69%股权明起复牌】智 通财经1月4日电，据智通财经不完全统计，截至发稿，本周（2025年12月29日-1月4日）包括延江股 份、天龙股份、圣阳股份、金财互联、中微公司、美克家居、海伦哲、希荻微、海利生物、盐湖股份、 盛新锂能、明德生物、中信特钢、洁特生物、万里股份、佰维存储、中国医药、紫光国微、五矿发展、 桂冠电力和山西高速在内的21家A股上市公司披露并购重组进展最新公告。其中，中微公司周三公告， 拟购买杭州众硅64.69%股权，股票下周一复牌。 转自：智通财经 ...