电子 2026 年 01 月 08 日 投资评级：看好（维持） 证书编号：S0790524120002 xiangjuru@kysec.cn 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 60% 72% 2025-01 2025-05 2025-09 电子 沪深300 相关研究报告 《消费电子及元器件：AI 终端开启产 业链升级新周期—2026 年度行业投资 策略》-2026.1.7 《国产存储、GPU 龙头上市潮，利好 晶圆制造/设备—行业周报》-2026.1.4 《存储延续高景气度，晶圆厂涨价预 期强烈—行业周报》-2025.12.28 台积电 2nm 量产提速，全球共振打开 Fab 和设备空间 ——行业点评报告 陈蓉芳（分析师） 向俊儒（联系人） chenrongfang@kysec.cn 证书编号：S0790125070018 事件：AI 需求强劲，台积电先进制程有望涨价 受益于 AI 热潮，台积电先进制程产能吃紧。据台媒，台积电已陆续与客户沟通， 计划自 2026 年起至 2029 年，连续四年调升先进制程报价。我们认为，全球范围 内持续供不应求背景下，先进制 ...

（文章来源：证券时报网） 数据宝统计，截至10:36，芯源微成交额22.51亿元，创上市以来新高。最新股价上涨3.10%，换手率 5.58%。上一交易日该股全天成交额为19.36亿元。（数据宝） ...

（文章来源：证券时报网） 数据宝统计，截至10:26，芯源微成交额20.57亿元，创2024年11月12日以来新高。最新股价上涨 3.07%，换手率5.09%。上一交易日该股全天成交额为19.36亿元。（数据宝） ...

1月8日，A股市场光刻机板块表现强势，其中，彤程新材、普利特涨停，沃格光电、华特气体涨超 6%，航天智造涨超5%，常青科技、国风新材、安泰科技、聚石化学涨超4%，南大光电涨超3%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 603650 | 彤程新材 | + | 10.01 | 350亿 | 28.52 | | 002324 | 普利特 | + | 10.00 | 261亿 | 46.47 | | 603773 | 沃格光电 | 事 | 6.33 | 82.99 Z | 4.41 | | 688268 | 华特气体 | 1 | 6.03 | 84.79亿 | 22.81 | | 300446 | 航天智造 | 兼 | 5.26 | 237亿 | 10.50 | | 603125 | 常青科技 | + | 4.80 | 79.51亿 | 16.35 | | 000859 | 国风新材 | 1 | 4.26 | 116亿 | 28.16 | | 000969 | 安泰科技 | 资 | 4.05 | 2 ...

半导体板块盘初走强，中科蓝讯、海光信息大涨超10%，华海诚科、芯源微、普冉股份纷纷上扬。 ...

商报讯（记者 叶晓珺）大A又上热搜，"14连阳""逼近4100点大关"可谓是将赚钱效应拉满。昨日早盘， 多个板块涨幅明显，其中，可控核聚变概念拉升冲高，中国西电、中国核建等多股涨停；金属镍震荡拉 升，中伟股份涨超10%；最为突出的就是半导体设备板块，芯源微、中微公司、北方华创、拓荆科技纷 纷创出历史新高。 截至下午收盘，三大指数集体收涨。其中，沪指报4085.77点，涨0.05%，录得14连阳。全天沪深两市成 交额2.85万亿元，较上一个交易日放量476亿元，成交额连续2个交易日超2.8万亿元。对此，有市场人士 感叹，沪指从1990年12月19日开盘以来，在8558个交易日中，第一次出现了连续14日阳线的走势，指数 也创出了2015年7月以来的新高。 沪指创10年新高，创业板指刷新阶段高点 回看全天，早盘三大指数均高走，临近午盘，沪指涨0.29%逼近4100点，且再创10年新高；深成指报 14071.35点，涨0.35%；创业板指则突破2025年10月30日的阶段高点，刷新2021年12月底以来的新高。 其中，半导体产业链相关概念股集体拉升，中微公司、北方华创续创历史新高，南大光电、芯源微、恒 坤新材20cm ...

Market Overview - On January 7, the Shanghai Composite Index rose by 0.05%, with institutional investors appearing on the trading lists of 32 stocks, net buying 17 and net selling 15 [1] - The total net selling by institutional special seats amounted to 228 million yuan, marking the fourth consecutive day of net selling [1] Institutional Trading Activity - The stock with the highest net buying from institutional seats was Sanbo Brain Science, which closed up 10.45% with a turnover rate of 46.31% and a total transaction volume of 6.862 billion yuan. Four institutional seats were among the top five trading departments, with a total net buying of 266.273 million yuan [2] - Shunhao Co. saw a closing increase of 5.53% and a turnover rate of 31.35%, with a total transaction volume of 6.266 billion yuan. One institutional seat was among the top five, net buying 237.590 million yuan [2] - Gaomeng New Materials hit the daily limit with a closing increase of 20.00% and a turnover rate of 31.14%, with a total transaction volume of 1.856 billion yuan. Five institutional seats were involved, net buying 160.788 million yuan [2] Performance of Net Bought Stocks - Stocks that were net bought by institutions showed an average increase of 8.31%, outperforming the Shanghai Composite Index. Notable performers included Gaomeng New Materials and Shaoyang Hydraulic, both closing at the daily limit [3] - Historical data indicates that stocks net bought by institutions have a 47.90% probability of rising the next day and a 46.93% probability of outperforming the Shanghai Composite Index [3] Earnings Forecasts - Among the stocks net bought by institutions, only one has released a 2025 earnings forecast, with Nanjing Xingsheng expected to report a net profit of 105 million yuan, reflecting a year-on-year increase of 159.95% [3] Net Sold Stocks - The stock with the highest net selling by institutions was Goldwind Technology, which saw a net selling amount of 406.438 million yuan. It was noted for a price deviation of 9.89% [3] - Other notable net sold stocks included Meihua Medical and Xinyuan Micro, with net selling amounts of 371.178 million yuan and 241.134 million yuan, respectively [4][6] Stock Connect Activity - On January 7, 26 stocks on the trading list had either Shenzhen or Shanghai Stock Connect participation, with net buying seen in stocks like Nanda Optoelectronics and Sanbo Brain Science, amounting to 186 million yuan and 176 million yuan, respectively [7] - Stocks that experienced net selling included Goldwind Technology and Yunhan Chip City, with net selling amounts of 92.579 million yuan and 49.875 million yuan, respectively [7]

资金流向方面，该股今日全天主力资金净流入1.62亿元。（数据宝） 芯源微1月7日龙虎榜 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 沪股通专用 | 16442.74 | | 机构专用 | 7422.15 | | 国泰海通证券股份有限公司上海松江区中山东路证券营业部 | 6040.41 | | 机构专用 | 4326.85 | | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 4133.69 | | 卖出营业部名称 | 卖出金额(万元) | | 沪股通专用 | 12358.08 | | 机构专用 | 12040.54 | | 机构专用 | 9202.51 | | 机构专用 | 7566.33 | | 机构专用 | 7053.09 | （文章来源：证券时报网） 1月7日芯源微（688037）收盘价190.79元，收盘涨停，全天换手率5.31%，振幅16.19%，成交额19.36亿 元。科创板交易公开信息显示，当日该股因日收盘价涨幅达15%等上榜。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交8.66亿元， 其中，买入成交额为3.84亿 元，卖出成交额 ...

Group 1: Automotive Industry - Xiaomi's Lei Jun announced the upcoming launch of the new generation SU7 luxury high-performance electric sedan, expected in April [1] - The new SU7 will feature enhancements based on customer feedback, including new colors, wheels, and interior designs, as well as improved safety with standard laser radar and fully equipped driver assistance [1] - Significant breakthroughs in battery range and advancements in smart chassis and cockpit technology are highlighted, promising an unparalleled driving experience [1] Group 2: Gold Reserves - The People's Bank of China reported an increase in gold reserves to 74.15 million ounces (approximately 2306.323 tons) by the end of December, marking a month-on-month increase of 30,000 ounces (approximately 0.93 tons) [2] Group 3: Stock Market Performance - The Shanghai Composite Index rose by 0.29% nearing the 4100-point mark, with significant gains in sectors such as rare earths and semiconductor equipment [3] - Over 2500 stocks in the market experienced gains, with notable performances in storage chips, photolithography, and controlled nuclear fusion sectors [3] - The semiconductor equipment sector saw major stocks like ChipSource and North Huachuang reaching historical highs [3] Group 4: Logistics Industry - The China Logistics and Purchasing Federation reported that the logistics industry prosperity index for December 2025 reached its highest for the year at 52.4%, reflecting a 1.5 percentage point increase month-on-month [5] - Key indicators such as business volume, equipment utilization, new orders, and personnel indices are all in the expansion range and showing upward trends [5] - The logistics business volume index has been on a two-month rise, with balanced improvements across eastern, central, and western regions [5] Group 5: Regulatory Developments - The State Administration for Market Regulation and the National Internet Information Office jointly released the "Regulations on the Supervision of Network Transaction Platforms," aimed at standardizing platform rules and protecting the rights of all parties involved in online transactions [16] - The regulations emphasize the responsibilities of platform operators in rule-making and execution, including obligations for information disclosure and consumer protection [16] - The regulations prohibit unreasonable restrictions on operators' business activities and the use of big data for unfair practices [16]

Group 1: Industry Overview - The semiconductor industry is experiencing a significant surge, with companies like ChipSource Micro reaching historical highs, driven by a continuous price increase in memory chips [1] - Samsung Electronics and SK Hynix announced a price increase plan for DRAM, projecting a 60% to 70% rise in the first quarter compared to the previous quarter, indicating a persistent supply-demand gap [1] - The demand for AI computing power is expected to drive chip prices into an upward trend starting in 2025, with projections showing a 1800% increase for DDR4 16Gb and a 500% increase for DDR5 16Gb [1] Group 2: Company Specifics - ChipSource Micro specializes in the research, production, and sales of semiconductor equipment, focusing on key areas such as photoresist coating and developing, and advanced packaging [2] - The company has faced short-term pressure on its performance due to delayed order acceptance and significant R&D investments, reporting a revenue of 990 million yuan, a year-on-year decrease of 10.35%, and a net loss of 10.05 million yuan [2] - Despite the challenges, ChipSource Micro has a strong order backlog, with inventory reaching 2.526 billion yuan, a 34.7% year-on-year increase, and contract liabilities increasing by 70.9% to 803 million yuan [3]