风险提示：下游需求不及预期；技术推进不及预期等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 超配 （维持） 覆铜板行业系列报告 深 度 高端铜箔及电子布需求加大，内资企业加速突破有望受益 2026 年 1 月 27 日 投资要点： 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 电子行业指数走势 资料来源：东莞证券研究所，iFind 长共振 罗炜斌 SAC 执业证书编号： S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn AI对覆铜板提出更高要求，M8.5+需求有望增加。覆铜板电性能主要受 介电常数（Dk）、介电损耗（Df）影响，AI算力硬件对电性能要求进一 步提高。Rubin平台产品有望陆续采用M8.5+材料，部分环节可能会采用 更高端M9材料，覆铜板产品价值量将会大幅提升。同时覆铜板升规，也 将带动电子铜箔、电子布等原材料升级。 报 告 SAC ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（元） | 28.83 | | --- | --- | | 总股本/流通股本（亿股）4.02 | / 4.02 | | 总市值/流通市值（亿元）116 | / 116 | | 52 周内最高/最低价 | 30.61 / 18.01 | | 资产负债率(%) | 15.8% | | 市盈率 | 68.64 | | 第一大股东 | 王亚龙 | 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 莱特光电(688150) 巩固 OLED 有机材料优势，布局 Q 布及钙钛矿市场 l 投资要点 8.6 代线投产释放 OLED 材料需求，国产替代加速推动。京东方 8.6 代高端触控 OLED 产线于 2025 年 12 月 30 日成功点亮，较计划提 前 5 个月。该产线主供笔记本电脑 ...

证券研究报告：电子 | 公司点评报告 | 最新收盘价（元） | 28.83 | | --- | --- | | 总股本/流通股本（亿股）4.02 | / 4.02 | | 总市值/流通市值（亿元）116 | / 116 | | 52 周内最高/最低价 | 30.61 / 18.01 | | 资产负债率(%) | 15.8% | | 市盈率 | 68.64 | | 第一大股东 | 王亚龙 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 莱特光电(688150) 巩固 OLED 有机材料优势，布局 Q 布及钙钛矿市场 l 投资要点 8.6 代线投产释放 OLED 材料需求，国产替代加速推动。京东方 8.6 代高端触控 OLED 产线于 2025 年 12 月 30 日成功点亮，较计划提 前 5 个月。该产线主供笔记本电脑、平板电脑等智能终端中尺寸高端 屏，是国内显示产业向中尺寸高画质 OLED 领域突破的关键落子。此 ...

Investment Rating - Industry Rating: Overweight [2] Core Insights - The chemical industry is experiencing a dual drive of cyclical recovery and growth, with a recommendation to focus on sectors such as organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [5][6] - The organic silicon industry is entering a recovery phase, with new applications becoming key growth drivers. From 2019 to 2024, domestic DMC capacity is expected to expand rapidly, leading to a temporary oversupply and price decline. However, by 2025, no new capacity is anticipated, and demand from emerging sectors like new energy vehicles and photovoltaics is expected to maintain high growth [5][6] - The PTA/polyester filament industry is approaching a turning point, with capacity expansion cycles nearing their end. The demand side is expected to continue growing, supported by improved external demand due to easing trade tensions [6] - Refrigerants are entering a high prosperity cycle due to quota policies that will reduce supply while demand remains stable, driven by market expansion in Southeast Asia and the development of heat pumps and cold chain markets [7] - The synthetic biology sector is poised for significant growth as fossil-based materials face disruptive challenges, with a focus on energy-efficient products and the potential for bio-based materials to see explosive demand [8] - OLED technology is rapidly penetrating various markets, with government policies supporting the development of new display industries and accelerating the localization of key materials and equipment [9] - The demand for electronic chemicals is increasing due to the rapid growth of the semiconductor industry, particularly in China, where the market is heavily reliant on imports [11] Summary by Sections Industry Performance - The chemical sector ranked 4th in overall performance for the week of January 19-23, 2026, with a gain of 7.29%, outperforming the Shanghai Composite Index by 6.45 percentage points [5][20] - The top-performing sub-sectors included textile chemical products (13.10%), nitrogen fertilizers (10.58%), and other chemical raw materials (10.09%) [21] Key Company Dynamics - The top three gaining companies for the week were Jianghua Micro (46.41%), Jiuding New Materials (28.47%), and Hongbaoli (26.73%) [26] - The companies in focus for potential investment include KaiSai Biological, Huaheng Biological, and other leading firms in synthetic biology and electronic chemicals [8][11][32] Industry Developments - The Ministry of Industry and Information Technology has issued guidelines for the construction of zero-carbon factories, aiming to establish a benchmark by 2027 across various sectors [35] - The U.S. government plans to finalize the 2026 biofuel blending quotas, maintaining high growth targets while addressing industry concerns [35]

Investment Rating - The report maintains a strong rating for the chemical industry, indicating a positive outlook for the sector [5]. Core Insights - The chemical sector has shown resilience with the CITIC Basic Chemical Index rising by 5.73% and the Shenwan Chemical Index increasing by 7.29% this week [13][16]. - Key sub-industries such as soda ash, chlor-alkali, and dyeing chemicals have experienced significant price increases, with soda ash rising by 13.3% [16]. - The report highlights the competitive strength of domestic tire manufacturers and suggests focusing on companies like Sailun Tire and Linglong Tire as potential growth opportunities [4]. - The polyurethane project by Huide Technology, with an annual production capacity of 600,000 tons, has commenced, indicating strategic growth in the new materials sector [3]. - The report emphasizes the tightening supply-demand dynamics in the phosphate chemical sector due to environmental regulations and increasing demand from the new energy sector [4]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.84%, while the ChiNext Index decreased by 0.34% [13]. - The overall performance of the chemical sector is positive, with notable gains in various sub-industries [16]. Key Sub-Industry Developments - **Polyurethane**: The price of pure MDI in East China is reported at 17,600 RMB/ton, showing a week-on-week decline of 1.12% [28]. - **Tires**: The operating load for all-steel tires in Shandong is at 62.70%, reflecting a year-on-year increase of 20.70% [49]. - **Fertilizers**: Urea prices are at 1,757.45 RMB/ton, with a week-on-week decrease of 0.4% [63]. - **Vitamins**: The price of Vitamin A is reported at 61.5 RMB/kg, down 1.6% week-on-week [79]. Investment Themes - **Tire Sector**: Domestic tire companies are positioned strongly, with a focus on growth stocks [4]. - **Consumer Electronics**: Recovery in demand is anticipated, benefiting upstream material companies [4]. - **Phosphate Chemicals**: Supply constraints due to environmental policies are expected to tighten the market [4]. - **Vitamin Supply**: Supply disruptions in Vitamin A and E are noted, creating potential investment opportunities [4].

来源：钛媒体 本周机构调研热度环比下降，被调研公司数量整体减少，但头部个股受关注度升高。调研数据不仅反映了资金关注方向，也折射出当前行业景气度 的变化趋势。谁是本周最受机构青睐的公司？ 翔宇医疗（688626） 【公司简介】 1月13日，翔宇医疗接待了多家机构调研，包括长江证券、海富通基金、山证资管、同泰基金、中邮证券、泉汐投资、国信证券、中国人保资产等 208家机构。翔宇医疗专注于康复医疗器械的研发、生产与销售，主营业务涵盖康复评定设备、康复训练设备、康复理疗设备等系列产品，广泛服务 于各级医疗机构、养老机构、康复中心等下游场景。公司深耕康复医疗领域多年，在产品技术研发与临床应用适配方面积累了深厚经验。随着人口 老龄化进程加快、居民健康意识提升以及国家对康复医疗产业支持政策的落地，公司在康复器械智能化、家用化等方向的布局正成为中长期成长的 核心驱动力。本次调研显示机构对其产品创新能力与市场拓展潜力保持高度关注。 【济安金信上市公司竞争力评级】 与全国 5168 家 A 股上市公司对比，翔宇医疗在八项能力维度中的表现如下： ● 机会（Opportunities）：相较于行业龙头三一重工及行业基准，翔宇医疗在多 ...

Group 1 - The global share of China's essential patents for 5G standards has reached 42%, and the first phase of 6G technology trials has been completed, with over 300 key technology reserves formed [2] - The development of 6G technology is entering a critical window, with significant focus on the integration of low-orbit satellite networks and a comprehensive space-ground-sea network [2] - Companies are actively engaging in 6G-related business, with a focus on millimeter-wave technology as a core frequency band for 6G [3] Group 2 - Companies like 创远信科 are upgrading testing technologies and instruments towards higher frequency bands and greater bandwidth, with a focus on terahertz testing and AI communication testing [3] - 昂瑞微 is targeting the U6G frequency band and developing high-performance components, including high-power amplifiers and low-noise amplifiers, to enhance their competitive edge in RF solutions [4] - 紫光股份 is leveraging its strengths in ICT infrastructure to provide comprehensive ICT services for 6G networks, participating in various hardware and software service projects [4] Group 3 - 中兴通讯 has been actively involved in the IMT 2030 (6G) promotion group, contributing to testing and research in key technology areas such as 6G and AI integration [4] - 创远信科 has initiated the second phase of 6G technology trials and is focusing on the application of 6G+AI technology in specific scenarios like satellite internet and smart connected vehicles [5] - 瑞可达 is developing solutions for 6G communication and commercial satellite applications, while 臻镭科技 is positioning itself as a core chip supplier for 6G satellite internet [5]

Core Viewpoint - The stock of Lite Optoelectronics has experienced fluctuations, with a recent decline of 2.01%, while showing an overall increase of 6.22% year-to-date and significant growth over various trading periods [1]. Financial Performance - For the period from January to September 2025, Lite Optoelectronics reported a revenue of 423 million yuan, representing a year-on-year growth of 18.77%. The net profit attributable to shareholders was 180 million yuan, reflecting a year-on-year increase of 38.62% [2]. - Since its A-share listing, the company has distributed a total of 277 million yuan in dividends, with 237 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Lite Optoelectronics increased to 8,863, marking a rise of 17.55%. The average number of circulating shares per shareholder also increased by 90.90% to 45,406 shares [2]. - The stock's trading activity showed a net inflow of 1.88 million yuan from main funds, with significant buying and selling activity from large orders [1]. Company Overview - Lite Optoelectronics, established on February 21, 2010, and listed on March 18, 2022, specializes in the research, production, and sales of OLED organic materials. The company's main revenue sources include OLED organic materials (94.48%), cleaning solutions for panels (4.95%), and other intermediates [1]. - The company is categorized under the electronic chemicals industry and is associated with various concept sectors, including PCB, flexible electronics, new materials, and OLED [1].

Market Overview - The electronic chemicals sector experienced a decline of 0.48% on January 19, with Tiancheng Technology leading the drop [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Jinhong Gas (688106) with a closing price of 25.52, up 9.57%, and a trading volume of 427,900 shares, totaling 1.068 billion yuan [1] - Zhongshi Technology (300684) closed at 54.55, up 8.62%, with a trading volume of 318,000 shares, totaling 1.723 billion yuan [1] - Sanhu Xinke (688389) closed at 76.90, up 6.82%, with a trading volume of 43,100 shares, totaling 321 million yuan [1] Fund Flow Analysis - The electronic chemicals sector saw a net outflow of 550 million yuan from institutional investors, while retail investors contributed a net inflow of 248 million yuan [2] - The top stocks by net inflow from institutional investors included: - Qiangli New Materials (300429) with a net inflow of 86.87 million yuan, accounting for 5.76% of the total [3] - Jinhong Gas (688106) with a net inflow of 83.17 million yuan, accounting for 7.79% of the total [3] - Zhongshi Technology (300684) with a net inflow of 55.72 million yuan, accounting for 3.23% of the total [3]

1月15日，莱特光电涨5.31%，截至发稿，报28.75元/股，成交2.99亿元，换手率2.65%，总市值115.70亿 元。 数据显示，国寿安保基金旗下1只基金重仓莱特光电。国寿安保新蓝筹混合（007074）三季度持有股数 27.5万股，占基金净值比例为5.02%，位居第十大重仓股。根据测算，今日浮盈赚取约39.87万元。 资料显示，陕西莱特光电材料股份有限公司位于陕西省西安市高新区隆丰路99号3幢3号楼，成立日期 2010年2月21日，上市日期2022年3月18日，公司主营业务涉及主要从事OLED有机材料的研发、生产和 销售。主营业务收入构成为：OLED有机材料94.48%，面板用清洗液4.95%，其他0.33%，其他中间体 0.23%。 国寿安保新蓝筹混合（007074）成立日期2019年5月29日，最新规模1.35亿。今年以来收益7.55%，同类 排名1698/8840；近一年收益74.7%，同类排名566/8094；成立以来收益65.3%。 从基金十大重仓股角度 国寿安保新蓝筹混合（007074）基金经理为李博闻。 截至发稿，李博闻累计任职时间3年160天，现任基金资产总规模3.95亿元，任职期间最 ...