Group 1 - The semiconductor materials and equipment theme index on the STAR Market has seen a strong increase of 3.22%, with notable gains from stocks such as ChipSource Microelectronics up 14.10% and Xingfu Electronics up 9.87% [1] - The semiconductor equipment ETF, Huaxia, has risen by 2.4%, with a trading volume of 2.12 billion yuan and a turnover rate of 7.08% [1] - The National Bureau of Statistics reported that profits in the high-tech manufacturing sector increased by 13.3%, significantly outpacing the overall industrial profit growth of 12.7 percentage points [2] Group 2 - The semiconductor industry has shown remarkable profit growth, with integrated circuit manufacturing profits soaring by 172.6% and semiconductor device manufacturing profits increasing by 128% [2] - The domestic fab expansion is expected to accelerate, particularly in advanced logic, driven by a significant gap in supply [2] - The semiconductor equipment ETF, Huaxia, focuses on the upstream semiconductor sector, with 63% of its index comprising semiconductor equipment [3]

(本文来自第一财经) 珂玛科技跌超10%，至纯科技此前跌停，华峰测控、长川科技、利和兴、拓荆科技、芯源微等均跌超 5%。 ...

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]

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]

Investment Rating - The investment rating for AccoTEST is "Buy" with a target price of Rmb258, indicating an expected share price return of 4.6% and a total expected return of 5.1% [2][3]. Core Insights - AccoTEST's preliminary results for 2025 show earnings growth of 46%-78% YoY, estimated between Rmb489 million and Rmb594 million, with a midpoint of Rmb541 million, which is in line with Bloomberg consensus but 5% above Citi's estimates [1]. - The strong earnings improvement is attributed to the recovery in the semiconductor cycle, increased demand for AI, and trends in import replacement [1]. - The production ramp of AccoTEST's new product, the STS8600 SoC tester, is seen as a significant catalyst for share price growth in 2026 [2]. Financial Summary - For the year ending December 31, 2023, AccoTEST reported a net profit of Rmb252 million, with a diluted EPS of Rmb1.860, reflecting a decline of 67.8% YoY. The forecast for 2025 estimates a net profit of Rmb516 million and a diluted EPS of Rmb3.809, showing a growth of 54.2% [5]. - The projected earnings for 2026 are expected to reach Rmb683 million, with a diluted EPS of Rmb5.040, indicating a growth of 32.3% [5].

消息面上，华峰测控（688200.SH）公告称，公司发布2025年度业绩预告，预计2025年年度实现归属于 母公司所有者的净利润与上年同期相比，将增加15500万元到26000万元，同比增长46%到78%。报告期 内，全球半导体行业回暖，AI及高性能计算需求爆发，国产替代加速，公司紧抓机遇，拓展高端市 场，提升产品市占率与客户覆盖度，实现盈利显著增长。 中信建投认为，后道设备下游封测需求复苏带动的订单改善在收入端持续兑现，规模效应下利润增长表 现亮眼。 截至2026年1月23日 10点31分，上证科创板半导体材料设备主题指数（950125）下跌1.63%。成分股方 面涨跌互现，晶升股份领涨1.68%，金宏气体上涨1.10%，华峰测控上涨1.03%；神工股份领跌6.91%， 盛美上海下跌5.60%，中科飞测下跌4.64%。科创半导体ETF（588170）下跌1.73%，最新报价1.82元。 流动性方面，科创半导体ETF盘中换手6.35%，成交4.92亿元。 截至2026年1月23日 10点34分，中证半导体材料设备主题指数（931743）下跌1.44%。成分股方面涨跌 互现，江化微领涨10.00%，晶升股份上涨 ...

【华峰测控】业绩超预期，期待STS8600取得首批量产GPU/CPU设备订单 华峰测控发布2025年业绩预告，全年业绩超预期。 预计2025年实现营业收入较上年增加3.7至5.08亿元，对应营收区间12.72-14.15亿元，同比增长41%至56%，预计实 现扣非归母净利润增加1.05至2.10亿元，对应利润区间4.44-5.49亿元，同比增长31%至62%。 【华峰测控】业绩超预期，期待STS8600取得首批量产GPU/CPU设备订单 华峰测控发布2025年业绩预告，全年业绩超预期。 预计2025年实现营业收入较上年增加3.7至5.08亿元，对应营收区间12.72-14.15亿元，同比增长41%至56%，预计实 现扣非归母净利润增加1.05至2.10亿元，对应利润区间4.44-5.49亿元，同比增长31%至62%。 业绩强劲增长主要得益于半导体行业回暖、AI及高性能计算需求爆发，以及国产替代加速。 基本盘稳固：受益于行业景气度回升，公司订单饱满，2025年全年订单约14亿元。 成熟的模拟测试机STS8200订单占比高达52-54%，市占率在70%高位上有望继续提升，同时AI拉动电源管理芯片等 需求增加，封测 ...

Group 1: Company Fundraising and Investment - Company plans to use 500 million yuan of raised funds to increase capital in its wholly-owned subsidiaries for the implementation of a DRAM investment project [1] - Zhuhai Hengqin Chip Storage Co., Ltd. will receive 30 million yuan, and Hefei Chip Storage Co., Ltd. and Xi'an Chip Storage Co., Ltd. will receive 50 million yuan and 30 million yuan respectively for the DRAM project [1] Group 2: Profit Forecasts and Turnarounds - Yiling Pharmaceutical expects a net profit of 1.2 billion to 1.3 billion yuan in 2025, recovering from a loss of 725 million yuan in the previous year [2] - Liard anticipates a net profit of 300 million to 380 million yuan in 2025, compared to a loss of 889 million yuan last year, driven by a new strategic cycle focusing on AI [2] - Daming City forecasts a net profit of 140 million to 165 million yuan in 2025, recovering from a loss in the previous year, aided by reduced asset impairment losses [3] - Guanghua Technology expects a net profit of 85 million to 120 million yuan in 2025, recovering from a loss of 205 million yuan last year, due to expansion in specialized chemicals and PCB sectors [3] - Boteng Co. anticipates a net profit of 80 million to 105 million yuan in 2025, recovering from a loss of 288 million yuan, supported by operational efficiency improvements [4] - Shiyida expects a net profit of 31 million to 46 million yuan in 2025, recovering from a loss of 2.34 million yuan last year, driven by business development and cost control [4] - Guochuang High-tech forecasts a net profit of 16 million to 24 million yuan in 2025, recovering from a loss of 49 million yuan, aided by improved receivables management [5][6] Group 3: Share Buybacks - Hengyi Petrochemical plans to repurchase shares with a total fund of no less than 500 million yuan and no more than 1 billion yuan, with a maximum price of 15 yuan per share [7] - Yunyi Electric plans to repurchase shares with a total fund of no less than 100 million yuan and no more than 150 million yuan, with a maximum price of 17 yuan per share [7] - Xidian Pharmaceutical intends to repurchase shares with a total fund of no less than 25 million yuan and no more than 50 million yuan, with a maximum price of 42 yuan per share [7] Group 4: Performance Highlights - Te Yi Pharmaceutical expects a net profit of 70 million to 90 million yuan in 2025, a growth of 241.55% to 339.13% year-on-year [8] - Xingqi Eye Medicine anticipates a net profit of 662 million to 749 million yuan in 2025, a growth of 95.82% to 121.56% year-on-year [8] - Tianhe Co. forecasts a net profit of 41 million to 60 million yuan in 2025, a growth of 84.35% to 169.78% year-on-year [8] - Ruichuang Micro-Nano expects a net profit of approximately 1.1 billion yuan in 2025, a 93% increase year-on-year [9] - Zhongyuan Co. anticipates a net profit of 139 million to 158 million yuan in 2025, a growth of 80% to 105% year-on-year [9] Group 5: Important Corporate Developments - Aolaide has received acceptance for its application to issue securities on the Science and Technology Innovation Board [14] - *ST Songfa's subsidiary signed contracts for the construction of two VLCC super-large oil tankers, expected to positively impact future performance [15] - Chongda Technology's subsidiary signed an investment agreement for a 1 billion yuan IC packaging project in Jiangsu Province [15] - Yinglian Co. signed a strategic agreement with LG Chem to establish a joint laboratory for innovative materials in lithium battery applications [16]

（编辑 丛可心） 证券日报网讯 1月22日，华峰测控发布公告称，根据《上海证券交易所科创板股票做市交易业务实施细 则》相关规定，经中信证券股份有限公司备案申请，自2026年1月23日起，中信证券股份有限公司对科 创板股票华峰测控（股票代码：688200）开展做市交易业务。 ...

Group 1 - ShenNan Electric A expects a net profit increase of 584.66%-721.59% year-on-year for 2025 [1] - Te Yi Pharmaceutical anticipates a net profit increase of 241.55%-339.13% year-on-year for 2025 [1] - RunTu Co. forecasts a net profit increase of 181.05%-227.89% year-on-year for 2025 [1] - QingSong Co. projects a net profit increase of 137.73%-201.74% year-on-year for 2025 [1] - RuiSheng Intelligent expects a net profit increase of 112.00%-139.99% year-on-year for 2025 [1] - JianKai Technology anticipates a net profit increase of 101.09%-121.20% year-on-year for 2025 [1] - XingQi Eye Medicine forecasts a net profit increase of 95.82%-121.56% year-on-year for 2025 [1] - RuiChuang MicroNano expects a net profit increase of approximately 93% year-on-year for 2025 [1] - TianHe Co. projects a net profit increase of 84.35%-169.78% year-on-year for 2025 [1] - ZhongYuan Co. anticipates a net profit increase of 80%-105% year-on-year for 2025 [1] - YiDao Information expects a net profit increase of 76.04%-128.85% year-on-year for 2025 [1] - ShengDa Bio forecasts a net profit increase of 69.93%-120.90% year-on-year for 2025 [1] - HuaRui Precision anticipates a net profit increase of 68.29%-86.99% year-on-year for 2025 [1] - FangZheng Technology expects a net profit increase of 67.06%-98.14% year-on-year for 2025 [1] - JinLing Hotel projects a net profit increase of 65.37%-90.93% year-on-year for 2025 [1] - QiangYi Co. anticipates a net profit increase of 57.87%-71.17% year-on-year for 2025 [1] - LangBo Technology expects a net profit increase of 57.58%-66.53% year-on-year for 2025 [1] - HuaFeng Measurement and Control forecasts a net profit increase of 46%-78% year-on-year for 2025 [1] - Zhaoyi Innovation anticipates a net profit increase of approximately 46% year-on-year for 2025 [1] - JieChang Drive expects a net profit increase of 40%-55% year-on-year for 2025 [1] - ShengYuan Environmental Protection projects a net profit increase of 31.79%-59.24% year-on-year for 2025 [1] - GuangHa Communication anticipates a net profit increase of 21.83%-31.31% year-on-year for 2025 [1] - MaiHe Co. expects a net profit increase of 19.58%-54.76% year-on-year for 2025 [1] Group 2 - YiLing Pharmaceutical expects a net profit of 1.2 billion to 1.3 billion yuan for 2025, turning profitable year-on-year [1] - LiYade anticipates a net profit of 300 million to 380 million yuan for 2025, turning profitable year-on-year [1] - SiRuiPu expects a net profit of 165 million to 184 million yuan for 2025, turning profitable year-on-year [1] - DaMing City anticipates a net profit of 140 million to 165 million yuan for 2025, turning profitable year-on-year [1] - DaHeng Technology expects a net profit of 106 million yuan for 2025, turning profitable year-on-year [1] - GuangHua Technology projects a net profit of 85 million to 120 million yuan for 2025, turning profitable year-on-year [1] - BoTeng Co. expects a net profit of 80 million to 105 million yuan for 2025, turning profitable year-on-year [2] - ZhongBing HongJian anticipates a net profit of 34 million to 46 million yuan for 2025, turning profitable year-on-year [2]