文/梧桐晓编 根据科创成长层39家上市公司发布的2025年度业绩快报，寒武纪（688256）、百济神州（688235）、诺诚健华（688428）、奥 比中光（688322）、精进电动（688280）、北芯生命（688712）等6家企业2025年扭亏为盈，年报公布后将被调出科创成长层。 科创板成长层自2025年7月推出，上市时未盈利的科创板公司都进入科创板成长层。截至3月6日，科创成长层共39家公司，其 中，存量科创成长层企业32家、新注册科创成长层7家。这6家公司将成为科创板成长层首批"退层"企业。 1、中科寒武纪科技注册地址北京市海淀区，主营业务为：各类云服务器、边缘计算设备、终端设备中人工智能核心芯片的 研发、设计和销售。公司于2月28日发布业绩快报：2025年实现营业收入64.97亿元，归母净利润20.59亿元。 2、百济神州为红畴企业，办公地址北京市昌平区，主营业务为研究、开发、生产以及商业化创新型药物。2月27日公司发 布2025年业绩快报：2025年公司实现营业收入382亿元、归母净利润14.22亿元、扣非净利润13.81亿元。 去年7月13日，上交所发布《科创板上市公司自律监管指引第五号——科创 ...

以下文章来源于第一财经YiMagazine ，作者一财君 第一财经YiMagazine . 这里是《第一财经》杂志（前身《第一财经周刊》）读者俱乐部，我们为你发掘精彩的商业价值，也邀请你一起探寻明亮的商业世界。 自 1 月预售以来， 《公司的秘密》第七辑就很受读者朋友们的欢迎。 上一批售罄后，后台一直有读者问：还会加印吗？ 现在可以正式回复大家：加印到了，现货已开售。 如果你之前没买到，这是一次难得的补货机会。如果你之前没关注过，这也正是认识这本研报的好时机。 回看2025年我们发表的12篇研报，你会发现一个明显变化——它们几乎全部围绕年度商业热点展开 。 这一特点区别于前六辑研报，后者更侧重于长线和 基本面的关注。 △ 点击即可购买《公司的秘密》第七辑 在第七辑里，这个规律被打破了。《第一财经》杂志选择这些热门公司成为研报对象，并不是因为它们的声量，而是因为它们足够 重要 和 有趣 。 回看 2025 年的商业新闻，你大概会想起这些画面 —— 这些公司，每一家都曾占据你的信息流，每一家都被反复讨论过。 但热点之外，真正的故事是什么？它们不在热搜里，不在简报中；而是在财报里，在数据里，在采访里，在那些被常规报 ...

近日，多家科创板成长层企业发布了2025年度业绩快报。 包括寒武纪、百济神州等在内的企业纷纷扭亏为盈。根据科创板成长层的相关规则，上述企业预计将在年报正 式披露后摘除特殊标识，退出科创板成长层。据悉，科创板成长层于去年6月份推出，这将是首批"退层"企 业。 多家科创成长层企业扭亏为盈 去年7月，32家未盈利企业被正式纳入科创成长层。去年10月底，科创成长层首批新注册企业上市仪式在上交 所举行。禾元生物、西安奕材、必贝特三家公司登陆科创板，成为科创成长层首批新注册公司。按照中国证监 会深化科创板改革的要求，科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，但目前仍 处于未盈利阶段的科技型企业。 近日，不少科创成长层企业发布了2025年度业绩预告，其中多家企业实现了扭亏为盈。 2月27日，寒武纪披露2025年度业绩快报。公告显示，2025年，寒武纪实现营业收入64.97亿元，同比增长 453.21%；实现归属于母公司所有者的净利润20.59亿元，较上年同期扭亏为盈。 2月27日，百济神州披露2025年业绩快报。实现营业总收入382.05亿元，同比增长40.4%；实现归母净利润 14.22亿元，同比扭 ...

证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 2026 年 03 月 04 日 晨会纪要 研究所： ——2026 年第 32 期 观点精粹: 最新报告摘要 营收倍增带动利润减亏，互联网/运营商客户有望取得突破--沐曦股份/半导体(688802/212701) 科创板公司普 通报告 营收高增驱动全面扭亏，有望受益中国 Token 出海--寒武纪/半导体(688256/212701) 科创板公司普通报告 宽基 ETF 流出放缓，宏观流动性边际收敛--策略周报 证券研究报告 1、最新报告摘要 1.1、营收倍增带动利润减亏，互联网/运营商客户有望取得突破--沐曦股份/ 半导体(688802/212701) 科创板公司普通报告 分析师：刘熹 S0350523040001 联系人：谢婧茹 S0350125070015 事件: 2026 年 2 月 28 日，沐曦股份发布 2025 年业绩快报： 2025 年预计实现：营收 16.44 亿元，同比增长 121.26%；归母净利润-7.81 亿元、归母扣非净利润-8.22 亿元， 上年同期分别亏损 ...

| 800+ | 200+ | 50.000m² 30+ | | --- | --- | --- | | 企业参展 | 科研院所 | 主题论坛 展览面积 | | 2026.06.10 -> 06.12 | | 上海新国际博览中心 ( N1-N5 ) 馆 | 主题 ： 中国未来产业崛起引领全球新材料创新 2026先进半导体产业大会 中国未来产业崛起引领全球新材料创新发展 2026年6月10-12日 上海新国际博览中心 01 大会信息 在人工智能、新能源汽车、高性能计算、具身智能与航空航天等新兴产业驱动下，全球半导体产业正加速 迈入后摩尔时代。随着制程微缩逐步逼近物理与成本极限，产业发展路径由单一制程节点竞争，转向以材 料创新、器件架构、先进封装与异质集成为核心的系统级协同创新。 FINE 2026先进半导体产业大会 聚焦后摩尔时代关键技术与产业趋势， 围绕第三代与第四代半导体、先 进封装与可靠性、晶圆键合与三维集成、超精密加工及先进热管理等方向 ，汇聚产业链上下游力量，推动 技术成果加速工程化与产业化落地，构建协同发展的先进半导体产业生态。 同期举办的 " FINE2026 先进半导体展 " ， 展区将 聚焦 ...

2026 年 03 月 03 日 公司研究 评级：买入(维持) 出海 ——寒武纪（688256）2025 年业绩快报点评 最近一年走势 | 相对沪深 | 表现 300 | | | 2026/03/02 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 寒武纪 | | -4.0% | -10.3% | 62.1% | | 沪深 300 | | 2.7% | 3.8% | 21.6% | 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn 联系人 ： 谢婧茹 S0350125070015 xiejr01@ghzq.com.cn [Table_Title] 营收高增驱动全面扭亏，有望受益中国 Token | 市场数据 | 2026/03/02 | | --- | --- | | 当前价格（元） | 1,191.90 | | 52 周价格区间（元） | 520.67-1,595.88 | | 总市值（百万） | 502,606.55 | | 流通市值（百万） | 498,631.63 | | 总股本（ ...

Economic Stability - Stability is the current foundation of the Chinese stock market, with the Shanghai Composite Index recently stabilizing and showing positive momentum[11] - The geopolitical situation in the Middle East has limited impact on the Chinese market, with expectations quickly forming and digesting after recent developments[11] - China's internal stability and accelerated development are increasingly necessary amid external uncertainties, supported by rising national strength and governance levels[11] Fiscal Policy and Economic Outlook - The upcoming National People's Congress is expected to lead to better-than-expected arrangements for deficit rates and special bonds, which will stabilize the real estate market[12] - In January and February 2026, the issuance of new special bonds reached CNY 830 billion, a year-on-year increase of 39.6%, likely boosting economic activity[12] - The recovery rates for construction sites and funding availability have increased by 1.5% and 3.7% respectively compared to the previous lunar year[12] Sector Recommendations - Emerging technology is a key focus, with recommendations for sectors such as machinery, electronics, and defense, emphasizing self-sufficiency and AI applications[13] - Financial stability is highlighted, with banks and non-bank financial institutions recommended for investment due to their role as market stabilizers[13] - Resource sectors, including metals and oil transportation, are expected to benefit from global security changes and domestic investment recovery[13] Risk Factors - Risks include potential overseas economic downturns and geopolitical uncertainties, as well as individual stock performance not meeting expectations[14]

Group 1: Domestic Computing Industry Insights - The domestic computing industry is expected to see significant growth in 2026, with the new generation of computing chips, the 950 series from Company H, set to be mass-produced[4] - Internet companies have shown positive evaluations and strong purchasing intentions for the 950 chip, indicating robust demand in the downstream market[4] - Key domestic computing stocks recommended include Cambricon (688256) and SMIC (981.HK), with a focus on semiconductor supply chains[4] Group 2: AI and CAPEX Trends - AI applications are driving a significant increase in computing CAPEX, with North American CSPs planning substantial investments to meet rising demand[7] - The emergence of Agentic AI is expected to dramatically increase CPU performance requirements, potentially creating new bottlenecks in the market[9] - The AI inflation trend is spreading across the electronics industry, with price increases noted in various components due to heightened demand and rising raw material costs[10] Group 3: Supply Chain and Component Shortages - The IC substrate supply chain is facing bottlenecks due to a shortage of fiberglass cloth, with tight supply expected to persist until 2027[5] - Companies like Zhongji Xuchuang (300308) are proactively addressing supply chain issues through early stockpiling and new supplier development[8] - The advanced packaging industry is also experiencing increased demand, with domestic companies benefiting from a favorable market environment[11]

- The financing balance of the Shanghai and Shenzhen stock markets as of February 27 was 2,660.588 billion yuan, a decrease of 45.886 billion yuan from the end of the previous month[12] - The financing balance of the main board and the ChiNext board decreased, while the financing balance of the STAR Market increased[19] - The financing balance of the CSI 300 was 951.082 billion yuan, a decrease of 26.447 billion yuan from the end of the previous month[20] - The financing balance of the CSI 500 was 503.02 billion yuan, a decrease of 5.689 billion yuan from the end of the previous month[22] - The financing balance of the CSI 1000 was 544.918 billion yuan, a decrease of 7.049 billion yuan from the end of the previous month[22] - The financing balance of other sectors was 644.235 billion yuan, a decrease of 7.436 billion yuan from the end of the previous month[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The number of individual investors in margin trading and securities lending was 8.0051 million, an increase of 0.63% from the end of the previous month[26] - The number of institutional investors in margin trading and securities lending was 51,201, an increase of 0.39% from the end of the previous month[26] - The number of investors with margin trading and securities lending liabilities was 1,893,816, a decrease of 1.31% from the end of the previous month[26] - The average daily number of investors participating in margin trading and securities lending transactions from February 1 to February 27 was 453,113, a decrease of 24.51% from the previous month[26] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI 500, CSI 1000, and other sectors accounted for 35.98%, 19.03%, 20.62%, and 24.37% respectively[22] - The financing balance of the CSI 300, CSI

Quantitative Models and Construction Methods 1. **Model Name**: Kaiyuan Quantitative Preferred Golden Stock Portfolio - **Model Construction Idea**: The model is based on the observation that newly introduced golden stocks outperform repeated golden stocks. It incorporates the earnings surprise factor (SUE factor) to select stocks with superior performance expectations[23]. - **Model Construction Process**: - Use newly introduced golden stocks as the sample pool. - Select the top 30 stocks with the highest earnings surprise (SUE factor). - Weight the portfolio based on the number of recommendations by brokers[23]. - **Model Evaluation**: The model demonstrates superior performance compared to the overall golden stock portfolio, with higher annualized returns and a better risk-return ratio[23]. Model Backtesting Results 1. **Kaiyuan Quantitative Preferred Golden Stock Portfolio** - February Return: 4.4% - 2026 YTD Return: 15.5% - Annualized Return: 24.4% - Annualized Volatility: 25.1% - Return-to-Volatility Ratio: 0.97 - Maximum Drawdown: 24.6%[26][27] 2. **Overall Golden Stock Portfolio** - February Return: 2.9% - 2026 YTD Return: 8.9% - Annualized Return: 14.7% - Annualized Volatility: 23.2% - Return-to-Volatility Ratio: 0.63 - Maximum Drawdown: 42.6%[21][26] 3. **Newly Introduced Golden Stock Portfolio** - February Return: 3.5% - 2026 YTD Return: 10.7% - Annualized Return: 17.5% - Annualized Volatility: 23.8% - Return-to-Volatility Ratio: 0.73 - Maximum Drawdown: 38.5%[21] 4. **Repeated Golden Stock Portfolio** - February Return: 2.4% - 2026 YTD Return: 7.4% - Annualized Return: 12.3% - Annualized Volatility: 23.4% - Return-to-Volatility Ratio: 0.52 - Maximum Drawdown: 45.0%[21] 5. **Benchmark Indices** - CSI 300 Index: February Return: 0.1%, 2026 YTD Return: 1.7%, Annualized Return: 3.7%, Annualized Volatility: 20.8%, Return-to-Volatility Ratio: 0.18, Maximum Drawdown: 40.6%[21][26] - CSI 500 Index: February Return: 3.4%, 2026 YTD Return: 16.0%, Annualized Return: 3.5%, Annualized Volatility: 23.8%, Return-to-Volatility Ratio: 0.15, Maximum Drawdown: 37.5%[21][26] Quantitative Factors and Construction Methods 1. **Factor Name**: Earnings Surprise Factor (SUE Factor) - **Factor Construction Idea**: The factor identifies stocks with earnings that significantly exceed market expectations, which are likely to outperform in the short term[23]. - **Factor Construction Process**: - Calculate the earnings surprise for each stock as the difference between reported earnings and consensus estimates. - Rank stocks based on their earnings surprise values. - Select the top stocks with the highest earnings surprise for portfolio construction[23]. - **Factor Evaluation**: The SUE factor demonstrates strong stock selection ability, particularly within the newly introduced golden stock portfolio[23]. Factor Backtesting Results 1. **SUE Factor in Newly Introduced Golden Stock Portfolio** - Demonstrates superior stock selection ability, contributing to the outperformance of the preferred golden stock portfolio compared to the overall golden stock portfolio[23].