1 隔夜市场 美股三大指数收盘集体收跌，道指跌0.36%，纳指跌0.94%，标普500指数指数跌0.43%，科技股普跌，AMD跌超6%，英特尔跌超4%。黄金、白银股大幅下 挫，全球最大白银ETF--iShares Silver Trust跌28%，科尔黛伦矿业跌超16%，金田跌超14%。中概股多数下跌，纳斯达克中国金龙指数跌2.36%，哔哩哔哩、 理想汽车、小鹏汽车跌超3%，阿里巴巴、网易、百度、京东跌超2%。 国际油价小幅收涨，美油主力合约涨0.49%，报65.74美元/桶；布油主力合约涨0.33%，报69.82美元/桶。 国际贵金属大幅收跌，其中黄金盘中最大跌幅超12%，现货黄金一度跌破4700美元关口，白银盘中一度跌破75美元，跌幅超35%，截至收盘，现货黄金跌 9.25%，报4880.03美元/盎司；COMEX黄金期货跌8.35%，报4907.5美元/盎司。现货白银金跌26.42%，报85.26美元/盎司；COMEX白银期货跌25.5%，报 85.25美元/盎司。 欧洲主要股指收盘全线上涨，德国DAX指数涨0.89%报24526.14点，法国CAC40指数涨0.68%报8126.53点，英国富时100 ...

每经编辑｜陈鹏程 王晓波 1 隔夜市场 美股三大指数收盘集体收跌，道指跌0.36%，纳指跌0.94%，标普500指数指数跌0.43%，科技股普跌，AMD跌超6%，英特尔跌超4%。黄金、白银股大幅下 挫，全球最大白银ETF--iShares Silver Trust跌28%，科尔黛伦矿业跌超16%，金田跌超14%。中概股多数下跌，纳斯达克中国金龙指数跌2.36%，哔哩哔哩、 理想汽车、小鹏汽车跌超3%，阿里巴巴、网易、百度、京东跌超2%。 国际油价小幅收涨，美油主力合约涨0.49%，报65.74美元/桶；布油主力合约涨0.33%，报69.82美元/桶。 国际贵金属大幅收跌，其中黄金盘中最大跌幅超12%，现货黄金一度跌破4700美元关口，白银盘中一度跌破75美元，跌幅超35%，截至收盘，现货黄金跌 9.25%，报4880.03美元/盎司；COMEX黄金期货跌8.35%，报4907.5美元/盎司。现货白银金跌26.42%，报85.26美元/盎司；COMEX白银期货跌25.5%，报 85.25美元/盎司。 欧洲主要股指收盘全线上涨，德国DAX指数涨0.89%报24526.14点，法国CAC40指数涨0.68%报812 ...

Core Viewpoint - The company, Cambricon Technologies Corporation Limited, forecasts significant growth in its 2025 annual performance, projecting a substantial increase in revenue and a turnaround to profitability compared to the previous year [2][3]. Financial Performance Forecast - The company expects to achieve an operating revenue of between 600,000.00 million and 700,000.00 million yuan for the year 2025, representing an increase of 482,553.56 million to 582,553.56 million yuan, which translates to a growth rate of 410.87% to 496.02% compared to the same period in 2024 [2][3]. - The projected net profit attributable to the parent company's shareholders for 2025 is estimated to be between 185,000.00 million and 215,000.00 million yuan, indicating a turnaround from a loss in the previous year [2][3]. - The expected net profit attributable to the parent company after deducting non-recurring gains and losses is forecasted to be between 160,000.00 million and 190,000.00 million yuan [2][3]. Previous Year Performance - In 2024, the company reported an operating revenue of 117,446.44 million yuan, with a total profit of -45,576.91 million yuan and a net profit attributable to the parent company's shareholders of -45,233.88 million yuan [5]. - The net profit after deducting non-recurring gains and losses for 2024 was -86,495.15 million yuan, with an earnings per share of -1.09 yuan [5]. Reasons for Performance Change - The company has focused on research and technological innovation in the field of artificial intelligence chips. The sustained increase in demand for computing power in the AI industry has allowed the company to expand its market presence and promote the implementation of AI applications, leading to a significant increase in operating revenue and a turnaround in overall business performance [5].

Core Viewpoint - The company, Cambricon Technologies, has reported significant growth in revenue and net profit, marking a turnaround from previous losses, with expectations to achieve revenue of 6 to 7 billion yuan in 2025, representing a year-on-year increase of 410.87% to 496.02% [1][2] Revenue and Profit Growth - The company anticipates a substantial increase in revenue, projecting a growth of over four times year-on-year for 2025 [3] - The net profit attributable to the parent company is expected to be between 1.85 billion and 2.15 billion yuan, a significant recovery from a loss of 450 million yuan in the previous year [1][3] Market Dynamics - The growth in performance is attributed to the rising demand for AI computing power, as the company has expanded its market presence and facilitated the implementation of AI applications [3] - A structural shortage in global AI computing power supply, exacerbated by U.S. export controls affecting high-end products from companies like NVIDIA, has created a significant market opportunity for domestic chip manufacturers [4] Product Portfolio and Market Position - As the first publicly listed AI chip design company in China, Cambricon's product range includes cloud, edge, and terminal chips, with significant procurement from key industries such as internet, finance, and telecommunications [5] - The company is on track to potentially remove the "U" designation from its stock name, which has been associated with continuous losses since its listing in July 2020, contingent on achieving positive audited net profit and net profit excluding non-recurring items [5][6] Valuation and Market Sentiment - Despite impressive annual data, there are concerns about a potential decline in revenue for the fourth quarter, with estimates suggesting a range of 1.393 billion to 2.393 billion yuan, indicating a possible sequential drop [7][8] - The company's market capitalization reached 530.9 billion yuan, leading to a static price-to-earnings ratio of approximately 247 to 287 times, raising questions about the sustainability of its growth amidst high valuations [8][9] - Recent stock performance has shown volatility, with a decline of 7.13% since the beginning of the year, as some investors opted to take profits ahead of the earnings forecast announcement [8][9]

Core Viewpoint - The company, Cambrian (688256.SH), expects to achieve a net profit attributable to shareholders of the parent company between 1.85 billion to 2.15 billion yuan in 2025, marking a turnaround from losses to profitability [1] Group 1: Financial Performance - The company anticipates a significant increase in net profit compared to the previous year, indicating a successful recovery from losses [1] - The projected net profit range of 1.85 billion to 2.15 billion yuan reflects strong financial performance driven by market demand [1] Group 2: Industry and Market Position - The company continues to focus on research and technological innovation in the field of artificial intelligence chips [1] - The sustained rise in computing power demand within the artificial intelligence industry has positively impacted the company's market expansion efforts [1] - The company is actively promoting the implementation of artificial intelligence application scenarios, contributing to its revenue growth [1]

Core Viewpoint - The company, Cambrian (688256.SH), expects to achieve a turnaround in net profit for the year 2025, projecting a net profit attributable to shareholders of the parent company between 1.85 billion and 2.15 billion yuan, compared to a loss in the previous year [1] Group 1: Financial Performance - The company anticipates a significant increase in net profit for 2025, with projections of 1.85 billion to 2.15 billion yuan, indicating a recovery from previous losses [1] - The substantial growth in operating revenue is attributed to the rising demand for computing power in the artificial intelligence industry [1] Group 2: Business Strategy - The company continues to focus on research and technological innovation in artificial intelligence chip products [1] - The company is actively expanding its market presence and promoting the implementation of artificial intelligence applications [1]

Core Viewpoint - The continuous rise in demand for computing power in the artificial intelligence industry has led to the first annual profit for Cambricon Technologies Corp., which is projected to achieve significant revenue growth in 2025 [1][3]. Financial Performance - Cambricon expects to achieve an operating revenue of 6 billion to 7 billion yuan in 2025, representing a year-on-year growth of 410.87% to 496.02% compared to 2024 [1][3]. - The company anticipates a net profit attributable to shareholders of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [3][4]. - In 2024, Cambricon reported an operating revenue of 1.174 billion yuan and a net loss of 455 million yuan [3][4]. Market Dynamics - The growth in revenue and profit is attributed to the sustained demand for computing power in the AI sector, with Cambricon leveraging its competitive products to expand market presence [3][4]. - The company transitioned from primarily IP licensing to smart computing cluster systems from 2019 to 2023, and in 2024, cloud chip products became the main revenue driver [4]. Historical Context - Since its establishment in 2016, Cambricon has faced cumulative losses exceeding 5 billion yuan until 2024, when it achieved a quarterly profit for the first time [4]. - The company’s stock price surged by 387.55% in 2024, making it the top performer in the A-share market, driven by increased domestic demand for AI chips amid U.S. export restrictions [4]. Future Projections - For the fourth quarter of 2025, Cambricon projects an operating revenue of 1.393 billion to 2.393 billion yuan and a net profit of 245 million to 545 million yuan, indicating a decline compared to the third quarter of 2025 [5].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Since 2025, the technology sector has seen price increases in various segments of computing power resources, recently spreading to the midstream cloud computing sector in overseas markets. The demand for AI, coupled with tight capacity in core segments, has shifted industry pricing towards "supply-demand pricing + value reassessment." Some segments are still in the early stages of price increases, which are expected to gradually transmit to the domestic market, suggesting investment opportunities in domestic computing power resources [2][5] Summary by Relevant Sections - **Price Trends**: Since the second half of 2025, there has been a significant upward trend in prices for storage and other computing power resources. For instance, memory prices surged by 171.8% year-on-year in Q3 2025, with expectations of further increases of 40% to 50% in Q1 2026 and around 20% in Q2 2026. Major companies like Samsung have raised NAND flash contract prices by over 100% starting January 2026 [10][13] - **Market Dynamics**: The AI demand is robust, and the competition among tech giants for computing power resources is intensifying. For example, Meta's capital expenditure for 2026 is projected to reach $135 billion, significantly exceeding Wall Street's expectations. This surge in AI-related demand is creating a substantial supply-demand gap, particularly in storage chips, which is expected to lead to further price increases across various segments [10][13] - **Investment Recommendations**: The report recommends focusing on key domestic leaders in computing power resources, including AI chips (e.g., Haiguang Information, Cambricon), CPUs (e.g., Haiguang Information), and cloud service providers (e.g., Kingsoft Cloud, Capital Online). Additionally, it suggests monitoring other quality stocks with strong fundamentals and high correlation within the industry chain [5][10]

Group 1: Earnings Forecasts - Han's Laser expects a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses in the previous year [9] - Zhongji Xuchuang anticipates a net profit increase of 89.50% to 128.17% for 2025, projecting profits between 9.8 billion to 11.8 billion yuan [2] - Perfect World forecasts a net profit of 720 million to 760 million yuan for 2025, also reversing previous losses [25] - Yihua Lifestyle expects a net profit of 8 billion to 10 billion yuan for 2025, compared to a loss of 1.696 billion yuan in the previous year [21] - Guizhou Mingzhu anticipates a staggering net profit increase of 2908.49% to 3577.04% for 2025, projecting profits between 166 million to 203 million yuan [25] - Kexing Pharmaceutical expects a net profit increase of 328.83% to 455.89% for 2025, projecting profits between 135 million to 175 million yuan [28] Group 2: Capital Raising and Investments - Newray plans to raise no more than 1.316 billion yuan through a private placement for high-performance CNC blade industrial park projects [3] - Liyang Chip intends to raise up to 970 million yuan for integrated circuit testing projects and other initiatives [4] - Kid King plans to invest 3.3 million yuan to establish a joint venture focused on online business model innovation for family consumption [6] Group 3: Industry Developments - Tianqi Lithium's subsidiary has produced its first batch of chemical-grade lithium concentrate as part of its expansion project [5] - Yihua Lithium's subsidiary has signed a framework agreement with Indonesian state-owned enterprises to collaborate on the entire supply chain for electric vehicle batteries [7] - Longyuan Power expects a net profit increase of 51% to 73% for 2025, driven by improved profitability in its core thermal power business and expansion in renewable energy [18]

Company Performance Forecasts - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year increase of 89.50% to 128.17% due to strong demand for computing infrastructure and increased sales of high-speed optical modules [2] - Cambrian anticipates a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses, driven by rising demand in the AI sector [3] - Xinye Technology forecasts a net profit of 9.4 billion to 9.9 billion yuan for 2025, reflecting a year-on-year growth of 231.24% to 248.86% due to increased investment in computing [4] - Aerospace Development expects a net loss of 1 billion to 1.65 billion yuan for 2025, although this represents an improvement from a loss of 1.673 billion yuan in the previous year [5] - Wentai Technology predicts a net loss of 9 billion to 13.5 billion yuan for 2025, impacted by significant investment losses and asset impairment [6] - China National Airlines anticipates a net loss of 1.3 billion to 1.9 billion yuan for 2025, compared to a loss of 237 million yuan in the previous year [8] - China Eastern Airlines expects a net loss of 1.3 billion to 1.8 billion yuan for 2025, despite an increase in passenger transport volume [9] - Huazhong Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [10] Investment and Strategic Developments - Huayou Cobalt plans to collaborate on an integrated battery industry project in Indonesia, aiming to establish a production base for electric vehicle batteries [13] Shareholding Changes - BlueFocus Media's major shareholder plans to reduce holdings by up to 20 million shares due to personal financial needs [14] Other Company Updates - Yihualu expects a net loss of 2.176 billion to 2.791 billion yuan for 2025, with a projected negative net asset value, which may lead to a delisting risk warning [27] - Huayi Brothers anticipates a net loss of 289 million to 407 million yuan for 2025, with a potential negative net asset value that could trigger a delisting risk warning [28] - Kangtai Medical has obtained a medical device registration certificate for a non-invasive ventilator, enhancing its product line [29]