Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The electronic industry index experienced a weekly change of +1.58%, with semiconductors rising by 2.7% and consumer electronics declining by 1.4% [4] - TSMC plans to build four advanced packaging facilities to enhance backend capacity, driven by strong demand for AI [6] - The AI hardware market is expected to see a surge in product launches, including OpenAI's AI audio headphones with projected shipments of 40-50 million units in the first year [5] Market Review - The semiconductor sector is witnessing a significant increase in demand, with TSMC's 3nm capacity fully booked until 2027 due to AI demand [6] - Major storage companies are entering a price increase cycle as they face unprecedented chip shortages, with Micron indicating that its HBM orders for 2026 are already filled [5] - The import value of key semiconductor equipment in China reached 15.5 billion yuan in December 2025, marking a 244% month-on-month increase [6] Industry Developments - AI infrastructure is rapidly developing, with domestic GPU manufacturers accelerating their self-sufficiency processes [5] - Companies like SK Hynix and Kioxia have reported that their chip and flash memory production capacities for 2026 are already sold out, exacerbating NAND supply pressures [5] - The Nasdaq index saw a slight decline of 0.06% this week, while notable gains were observed in companies like SanDisk (+14.56%) and AMD (+12.01%) [4]

本文所载 2025 年业绩数据，均为笔者根据上市公司 2026 年 1 月在上交所、深交所官网披露的业绩预告 / 业绩快报整理而来。重要说明：数据未经审计核验，最终结果以公司正式年报为准。 按股票代码升序排列 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利:65,000万元 -80,000万元 | 盈利:35.055.37 万 元 | | | 比上年同期增长:85.42% - 128.21% | | | 扣除非经常性损 益后的净利润 | 盈利:63,000万元 -78,000万元 | 盈利:30,269.81 万 元 | | | 比上年同期增长:108.13% - 157.68% | | | 营业收入 | 金额: 1,030,000万元 -1,130,000 万元 | 金额:477,254.63万 元 | | | 比上年同期增长:115.82% - 136.77% | | | 基本每股收益 | 盈利:2.91元/股 -3.58元/股 | 盈利: 1.70元/股 | 德明利（001309） 通富微电（002156） 证券代码:0021 ...

Group 1: Semiconductor Industry Price Increase - The semiconductor industry is experiencing a widespread price increase across the entire supply chain, affecting key areas such as LED chips, packaging, and terminal applications [2][3] - This price adjustment is driven by rising raw material costs, long-term low-price competition, and regulatory policies, indicating a structural transformation rather than a short-term market fluctuation [2][3] - The price increase reflects a shift from "price competition" to a "value competition" model focused on technology, quality, and service, suggesting a systemic reshaping of the Chinese LED industry [3] Group 2: Performance of Semiconductor Companies - A-share semiconductor companies are reporting significant annual performance increases, with companies like Zhaoyi Innovation expecting a revenue of approximately 9.203 billion yuan, a 25% increase year-on-year [5] - Huafeng Measurement Control anticipates a revenue increase of 370 million to 508 million yuan, representing a year-on-year growth of 41% to 56% [5] - Zhongwei Company forecasts a revenue of about 12.385 billion yuan, a year-on-year increase of approximately 36.62% [5] Group 3: Mergers and Acquisitions in the Semiconductor Sector - Jing Sheng Co. announced plans to acquire 100% of Ningbo Weizhun Intelligent Technology Co., with a transaction value of 857 million yuan, marking a significant move in the semiconductor equipment sector [8] - Nasda's subsidiary, Jihai China, plans to acquire a 50.56% stake in Hong Kong-listed Meijiayin Holdings for a total consideration of 168 million HKD, indicating a strategic expansion into the Hong Kong capital market [9] - These acquisitions are expected to enhance the companies' technological capabilities and market presence, facilitating deeper capital and industrial synergies [8][9]

Core Viewpoint - The company anticipates significant growth in revenue and net profit for the year 2025, driven by increased demand for semiconductor equipment and substantial investment in research and development [1][5][9]. Group 1: Financial Performance Forecast - The company expects a revenue of approximately 12.385 billion yuan for 2025, an increase of about 3.319 billion yuan from 2024, representing a year-on-year growth of approximately 36.62% [1][5]. - The projected net profit attributable to the parent company for 2025 is estimated to be between 2.08 billion yuan and 2.18 billion yuan, an increase of 464 million to 564 million yuan compared to the previous year, reflecting a year-on-year growth of approximately 28.74% to 34.93% [1][5]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 1.5 billion yuan and 1.6 billion yuan, an increase of 112 million to 212 million yuan compared to the previous year, which corresponds to a year-on-year increase of approximately 8.06% to 15.26% [2][5]. Group 2: Research and Development Investment - The company plans to invest approximately 3.736 billion yuan in research and development for 2025, an increase of 1.283 billion yuan from 2024, representing a growth of about 52.32% [1][9]. - The R&D investment will account for approximately 30.16% of the company's revenue, significantly higher than the average for companies listed on the Sci-Tech Innovation Board [9]. Group 3: Product Development and Market Position - The company has seen a significant increase in the shipment of high-end products for critical etching processes in advanced logic and memory device manufacturing, achieving stable mass production of ultra-high aspect ratio etching processes [3][7]. - The company maintains a leading position in the international market for GaN-based MOCVD equipment and is actively developing specialized MOCVD equipment for applications in Micro-LED and other display fields [8]. - The company has successfully developed and shipped new equipment for silicon carbide epitaxy and LED applications, with several new products currently undergoing client validation [8].

净利润增幅方面，剔除扭亏影响，共有373家上市公司预计2025年归属于上市公司股东的净利润同比增 长幅度下限超过10%，78家预计超过100%，南方精工、新强联、上海谊众、金安国纪、深南电A、利民 股份、上汽集团等公司预计2025年归属于上市公司股东的净利润同比增幅居前。 新强联1月23日晚公告称，公司预计2025年度归属于上市公司股东的净利润为7.80亿元—9.20亿元，同比 增长1093.07%—1307.21%。公司称，受益于风电行业需求回暖，装机需求持续释放，公司依托技术优 势进一步扩大了市场份额。在产能利用率保持较高水平的背景下，公司通过优化成本管控、提升高附加 值产品比重，实现了产品毛利率的稳步提高。 净利润金额方面，共有287家上市公司预计2025年归属于上市公司股东的净利润下限超过1亿元，68家预 计超过10亿元。紫金矿业、药明康德、洛阳钼业、立讯精密、盐湖股份等公司预计2025年归属于上市公 司股东的净利润居前。 1月23日晚，多家行业头部公司发布2025年全年业绩预告。 半导体设备龙头中微公司1月23日晚公告称，公司预计2025年全年实现营业收入约123.85亿元，同比增 长约36.62% ...

Group 1 - The storage "super cycle" narrative is gaining momentum, with several companies in the storage industry chain reporting positive news, including expected significant profit growth for 2025 [2][5] - Shannon Chip Creation (香农芯创) forecasts a net profit of 480 million to 620 million yuan for 2025, representing a year-on-year increase of 81.77% to 134.78% [2] - Dongxin Co. (东芯股份) anticipates a net loss of 17.4 million to 21.4 million yuan for 2025, although the storage segment has achieved profitability [3] Group 2 - Zhongwei Company (中微公司) expects a net profit of 2.08 billion to 2.18 billion yuan for 2025, reflecting a year-on-year growth of approximately 28.74% to 34.93% [4] - Shengen Co. (神工股份) projects a net profit of 90 million to 110 million yuan for 2025, with a year-on-year increase of 118.71% to 167.31% [5] - The companies involved in storage chip design, semiconductor equipment, and materials are benefiting from the storage market's positive impact on their performance, driven by the growing demand for enterprise-level storage due to the rise of artificial general intelligence (AGI) [5] Group 3 - Shannon Chip Creation's proprietary brand "Haipu Storage" has launched multiple products in the enterprise SSD and DRAM segments, expecting sales revenue of 1.7 billion yuan for 2025, with 1.3 billion yuan projected for Q4 [6] - Zhongwei Company reports increased recognition for its plasma etching equipment, with significant growth in shipments for advanced logic and storage device manufacturing [6] - Shengen Co. indicates that the global semiconductor market is recovering, leading to increased revenue from its large-diameter silicon materials business due to rising demand for key consumables in the domestic market [6] Group 4 - Future storage product prices are expected to continue rising, with a significant increase in procurement costs for DRAM products anticipated in 2026 [7] - The market expects a general increase in wafer foundry prices in 2026, with TSMC and SMIC likely to raise prices for advanced processes [7] - The anticipated increase in storage prices is expected to tighten foundry capacity, benefiting domestic foundry companies like SMIC and Huahong [7] Group 5 - The demand for storage price increases is expected to transmit to the upstream packaging and testing sector, with companies like Licheng and Huadong adjusting their packaging prices by up to 30% due to high capacity utilization [8] - The advanced packaging and storage-related packaging sectors are likely to benefit from the price increases driven by demand [8]

城地香江(603887.SH)：中标中国移动（宁夏中卫）数据中心D区D03、D04机楼机电工程EPC总承包采购项目 | | | 1月23日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 特锐德 | 筹划发行H股股票并在香港联合交易所上市 | | | 奥特维 | 目前"太空光伏"尚处初期探索和研发阶段 | | 项目投资 | 安琪酵母 | 普洱公司拟2.22亿元实施年产1.2万吨酵母制品绿色制造项目 | | 合同中标 | 精智达 | 签订13.11亿元半导体测试设备及其配套治具合同 | | 业绩预告 | 香农芯创 | 预计2025年净利润同比增长81.77%-134.78% | | 股权转让 | 胜宏科技 | 孙公司拟收购SPMY100%股权 | | 回购 | 金开新能 | 拟斥资5亿元至6亿元回购股份 | | 增减持 | 温州宏丰 | 实际控制人陈晓拟减持不超过3%股份 | | 其他 | 金雷股份 | 拟定增募资不超过15.5亿元 | | | 华神科技 | 拟向远泓生物定增募资不超过4.5亿元 ら 希隆に | 【热点】 奥特维(688516.SH)： ...

今日晚间重要公告抢先看——钧达股份：钙钛矿光伏技术在太空极端环境下的综合成本效益仍有待验证 与参股公司星翼芯能在太空光伏方面未签订正式业务协议；奥特维称目前"太空光伏"尚处初期探索和研 发阶段，产业化进程仍面临较大不确定性。 【重大事项】 钧达股份：钙钛矿光伏技术在太空极端环境下的综合成本效益仍有待验证 与参股公司星翼芯能在太空 光伏方面未签订正式业务协议 1月23日，钧达股份(002865.SZ)公告，此前披露，公司以现金出资3000万元认购星翼芯能新增注册资本 46.1539万元，获得星翼芯能16.6667%的股权。现就相关事项补充公告。公司虽长期深耕光伏电池技术 的研发与产业化，但在面向太空极端环境的光伏产品适配能力、航天领域技术验证资源及行业应用经验 等方面，尚无成熟积累。钙钛矿光伏技术虽在超轻量化、低成本、高抗辐照性等方面展现出潜在优势， 但其在太空极端环境下的长期可靠性、量产一致性及综合成本效益仍有待充分验证。在太空光伏方面， 由于该领域产品定制化程度高、验证周期长，且受发射窗口等外部因素影响显著，相关业务目前仍处于 技术研发与前期验证阶段，合作产品亦需完成在轨验证。截至目前，双方在该领域未形成稳 ...

| | | 1月23日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 特锐德 | 筹划发行H股股票并在香港联合交易所上市 | | | 奥特维 | 目前"太空光伏"尚处初期探索和研发阶段。 | | 项目投资 | 安琪酵母 | 普洱公司拟2.22亿元实施年产1.2万吨酵母制品绿色制造项目 | | 合同中标 | 精智达 | 签订13.11亿元半导体测试设备及其配套治具合同 | | 业绩预告 | 香农心创 | 预计2025年净利润同比增长81.77%-134.78% | | 股权转让 | 胜宏科技 | 孙公司拟收购SPMY100%股权 | | 回购 | 金开新能 | 拟斥资5亿元至6亿元回购股份 | | 增减持 | 温州宏丰 | 实际控制人陈晓拟减持不超过3%股份 | | 其他 | 金雷股份 | 拟定增募资不超过15.5亿元 | | | 华神科技 | 拟向远泓生物定增募资不超过4.5亿元 Cherry | 【热点】 奥特维(688516.SH)：目前"太空光伏"尚处初期探索和研发阶段 特锐德(300001.SZ)：筹划发行H股股票并在香港联合 交易所上市 ...

公司业绩增长主要得益于主营业务的持续突破与新产品的快速发展。在核心的等离子体刻蚀设备领域， 公司针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产品新增付运量显著提升，相关工艺已实现稳 定可靠的大规模量产，刻蚀设备反应台全球累计出货量截至2025年底已超过6,800台，刻蚀设备销售收 入预计同比增长约35.12%。 与此同时，公司在新产品拓展上成果丰硕，为先进器件开发的LPCVD、ALD等十多款薄膜设备顺利进 入市场并获得重复性订单，相关销售收入预计实现约224.23%的同比大幅增长，成为新的业绩增长点。 此外，公司的外延（EPI）设备已进入客户端量产验证阶段，MOCVD设备在巩固传统市场领先地位的 同时，在碳化硅、Micro-LED等新应用领域的布局也取得了良好进展。 为把握市场机遇并夯实长期发展基础，公司持续保持高强度的研发投入。2025年全年研发投入预计约 37.36亿元，较上年大幅增长约52.32%，研发投入占营业收入的比例达到30.16%。其中，研发费用预计 增长约74.36%。这体现了公司致力于通过技术创新弥补国产设备短板、积极追赶国际先进水平的决 心。 1月23日，中微公司发布2025年度业绩预告 ...