中山证券表示，展望2026年，AI相关产业景气度有望维持，国产化加速有望带来国内半导体行业的机 会。根据有关机构预测，2026年云计算巨头资本支出有望维持40%以上的增长，AI行业的景气度有望维 持在较高水平。同时AI相关芯片国产化进程持续推进，有望带动国产设备材料公司股价表现好于电子 行业整体。 数据显示，截至2025年12月31日，上证科创板芯片指数前十大权重股分别为中芯国际、海光信息、寒武 纪、澜起科技、中微公司、拓荆科技、芯原股份、华虹公司、沪硅产业、东芯股份，前十大权重股合计 占比57.76%。 科创芯片ETF（588200）跟踪上证科创板芯片指数，是布局科创板芯片板块的便利工具。 截至2026年1月26日 10:19，上证科创板芯片指数下跌1.14%。成分股方面涨跌互现，芯原股份领涨 10.01%，东芯股份上涨6.92%，澜起科技上涨4.56%；天岳先进领跌，成都华微、华峰测控跟跌。 最新消息，三星电子今年第一季度将其NAND闪存的价格提高了一倍多，涨幅远超市场预期。目前三星 电子已经着手与客户就第二季度的NAND价格进行新一轮谈判，市场普遍预计价格上涨的势头将在第二 季度延续。 没有股票账户的场 ...

Summary of the Conference Call for XinYuan Co., Ltd. Company Overview - XinYuan Co., Ltd. reported a revenue of 3.153 billion yuan in 2025, representing a year-on-year growth of 35.81% [2][5] - The company focuses on semiconductor IP licensing and ASIC custom chip services, with IP licensing accounting for approximately one-third of total revenue [3][5] - The company employs over 2,000 staff, with 89% in R&D, and has established 9 R&D centers and 11 sales offices globally [3] Financial Performance - Revenue growth was driven by a 73.98% increase in volume business and over 95% growth in the data processing sector, which accounted for about 34% of total revenue [2][5] - New orders totaled 5.961 billion yuan in 2025, a 103.41% increase year-on-year, with a backlog of 5.075 billion yuan at year-end, expected to convert over 80% within a year [2][6] - Despite a loss of 449 million yuan in 2025, the loss narrowed by over 25% compared to the previous year, indicating potential for improved profitability due to scale effects [2][7] Business Strategy and Market Position - The company maintains a leading position in the semiconductor IP field, competing with firms like ARM, but offers a diverse range of products with unique advantages [2][13] - XinYuan is actively expanding its cloud computing market presence and increasing R&D investment in end-device technologies, particularly for smartphones and tablets [2][14] - The company emphasizes business growth and market share over short-term profitability, focusing on long-term strategies [2][11][12] Product Development and Innovation - Smart glasses and AR technology are key future development areas, with sales reaching 1.78 million units in the first three quarters of the year [2][15] - The company has developed advanced process technologies, with nearly 70% of production using processes of 7nm or more, including successful development of a 5nm automotive chip [2][4][28] Challenges and Opportunities - The smart glasses market faces challenges such as technology uncertainty, design, and user experience, but also presents significant opportunities for growth if these issues are addressed [2][17] - Collaboration with Google on open-source projects is expected to accelerate technological innovation and industry development [2][18][19] Future Outlook - The founder anticipates stable revenue growth in 2026 and 2027, supported by a strong order backlog [2][8] - The company is exploring new market opportunities while ensuring existing product production progresses [2][24] - Long-term investments in emerging markets like AR glasses and phones are expected to drive future growth and profitability [2][30][31] Conclusion - XinYuan Co., Ltd. is positioned for significant growth in the semiconductor industry, with a strong focus on R&D, innovative product development, and strategic market expansion, despite current financial losses. The company's long-term vision and commitment to technology leadership are expected to yield positive results in the coming years.

今日截至10:23，科创人工智能 ETF(589010)呈现高开冲高回落走势，早盘冲高至2.11%的日内高点后震 荡下行，翻绿走弱，最新价报 1.650 元，较开盘价回落 0.302%。持仓层面，该 ETF 跟踪的 30 只成分股 呈现普跌格局，27 只个股走跌，其中中科星图领跌超9%；仅 3 只个股逆势走强，芯原股份涨超 11%， 优刻得涨超 9%，澜起科技涨超 5%。流动性方面，成交额达 8058 万元，换手率 2.99%，成交活跃度维 持相对高位。 消息方面，芯原股份2025年净亏损4.49亿元，亏损收窄25.29%；全年新签订单59.60亿元同比增 103.41%，单季度订单三次破历史新高，AI算力相关订单占比超73%。年末在手订单50.75亿元大幅增 长，其中量产业务订单超30亿元，近80%预计一年内转化，为未来盈利能力提升奠定基础。 国盛证券表示，芯原股份25Q4新签订单24.94亿元创历史新高，AI算力相关订单占比超84%，得益于一 站式定制化业务与领先IP优势及大客户认可。公司预计2025-2027年营收、归母净利润持续增长，我们 认为公司凭借丰富的流片经验、大客户的示范效应、领先的IP积累有 ...

公司发布的三季报数据显示，前三季度公司共实现营业收入22.55亿元，同比增长36.64%，实现净利 润-3.47亿元，同比增长12.42%，基本每股收益为-0.6800元。 1月24日公司发布2025年业绩预告，预计实现净利润-4.49亿元，同比同比增长25.29%。（数据宝） （文章来源：证券时报网） 芯原股份股价创出历史新高，截至9:32，该股上涨9.68%，股价报226.60元，成交量285.61万股，成交金 额6.33亿元，换手率0.54%，该股最新A股总市值达1191.59亿元，该股A股流通市值1191.59亿元。 证券时报·数据宝统计显示，芯原股份所属的电子行业，目前整体涨幅为0.21%，行业内，目前股价上涨 的有212只，涨幅居前的有芯原股份、富满微、康希通信等，涨幅分别为9.68%、9.48%、8.64%。股价 下跌的有270只，跌幅居前的有至纯科技、珂玛科技、信维通信等，跌幅分别为9.96%、6.21%、 5.17%。 两融数据显示，该股最新（1月23日）两融余额为28.95亿元，其中，融资余额为28.84亿元，近10日增加 2.97亿元，环比增长11.48%。 ...

半导体产业链投资管理和分销平台头部公司香农芯创预计2025年全年实现归属于上市公司股东的净利润 为4.8亿元至6.2亿元，同比增长81.77%至134.78%。业绩变动的主要原因是，随着生成式人工智能的蓬 勃发展，互联网数据中心建设对企业级存储的需求持续增加。2025年，公司销售的企业级存储产品数量 增长，主要产品价格呈现上升的态势，预计全年收入增长超过40%。公司坚持以产品化为主导，围绕国 内一线自主算力生态，提供国产化、定制化产品，公司自主品牌"海普存储"已推出包括企业级SSD以及 企业级DRAM两大产品线的多款产品并进入量产阶段。2025年度，"海普存储"预计实现销售收入17亿 元，其中第四季度预计实现销售收入13亿元。 半导体设备龙头中微公司1月23日晚间公告，公司预计2025年全年实现营业收入约123.85亿元，同比增 长约36.62%；预计2025年度实现归属于母公司所有者的净利润为20.8亿元至21.8亿元，同比增长约 28.74%至34.93%。公司针对先进逻辑和存储器件制造中关键刻蚀工艺的高端产品新增付运量显著提 升，先进逻辑器件中段关键刻蚀工艺和先进存储器件的超高深宽比刻蚀工艺实现了稳定可 ...

"'十四五'时期，芯原以创新活力构建发展目标，在业务拓展、技术攻坚与资本运作三大核心维度上行 稳致远，不仅实现了自身发展规模与质量的双重跨越，更在行业竞争中构筑起坚实的核心优势。"芯原 股份相关负责人对证券时报记者表示。 芯原股份于2020年登陆科创板，被誉为"中国半导体IP第一股"。随着算力需求快速增长，市场对AI ASIC需求快速提升，芯原积累了多个先进半导体工艺节点首次流片成功的经验，公司亦有"AI ASIC龙 头企业"之称。 在资本运作层面，近年来公司依托资本市场推进再融资、产业并购，实现资产质量与业务规模的双跃 升。2023年12月，公司启动再融资，募资约18亿元，旨在打造Chiplet(芯粒)技术生态，并率先在生成式 人工智能的大算力硬件平台和智慧出行平台落地。2025年6月，该再融资完成发行。此外，芯原股份推 进产业并购，收购逐点半导体控制权已经顺利交割。 展望"十五五"，芯原股份相关负责人表示，公司将坚持"IP平台化、芯片生态化、解决方案场景化"的战 略方向，持续巩固并拓展公司在人工智能领域的领先地位；继续深耕云上AI ASIC市场，同时重点发力 端侧AI ASIC，通过持续强化技术实力，以及 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company is experiencing significant growth in AI and data processing chip demand, with a backlog of orders exceeding 5 billion yuan [1][6]. - In 2025, the company expects revenue of 3.153 billion yuan, representing a year-on-year growth of 35.8%, and a narrowing of net loss to 449 million yuan [6]. - The company signed new orders totaling 5.96 billion yuan in 2025, with over 73% related to AI computing and over 50% in data processing [6]. - The company is positioned as the largest domestic and eighth largest global design IP vendor, with a diverse portfolio of over 1600 IPs [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 3,153 million yuan, with a year-on-year growth rate of 35.8% [6]. - The company anticipates a net profit of -449 million yuan for 2025, improving from -601 million yuan in 2024 [6]. - The gross margin is expected to be 37.5% in 2025, with a projected decline to 30.9% by 2026 [6]. - The return on equity (ROE) is forecasted to improve from -12.7% in 2025 to 9.1% in 2027 [6]. Market Position and Competitive Landscape - The semiconductor design IP market is projected to grow to 8.5 billion USD in 2024, with the top four companies holding a 75% market share [6]. - The company is expected to benefit from scale effects and channel advantages, which will enhance profit elasticity [6]. - The average price-to-sales (PS) ratio for comparable companies is 31 times for 2026, compared to the company's 18 times, indicating a potential undervaluation [6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company has a strong order backlog exceeding 5 billion yuan, driven by demand for AI and data processing chips [1] - Revenue for 2025 is projected at 3.153 billion yuan, reflecting a year-on-year growth of 35.8%, while the net profit is expected to narrow to -449 million yuan [8] - The company has signed new orders amounting to 5.96 billion yuan in 2025, with over 73% related to AI computing and over 50% in data processing [8] - The company ranks as the largest domestic and eighth largest global design IP vendor, with a diverse portfolio of over 1600 IPs [8] - The report adjusts revenue forecasts for 2025 from 3.35 billion yuan to 3.153 billion yuan, while maintaining projections for 2026 and 2027 at 6.104 billion yuan and 8.525 billion yuan respectively [8] Financial Data and Profitability Forecast - Total revenue is expected to grow from 2.322 billion yuan in 2024 to 6.104 billion yuan in 2026, with a significant increase in net profit projected for 2027 at 337 million yuan [7][10] - The gross margin is forecasted to decline from 39.9% in 2024 to 30.9% in 2026, indicating potential pressure on profitability [7] - The company's return on equity (ROE) is expected to improve from -28.3% in 2023 to 9.1% in 2027, reflecting a recovery in profitability [7]

本文所载 2025 年业绩数据，均为笔者根据上市公司 2026 年 1 月在上交所、深交所官网披露的业绩预告 / 业绩快报整理而来。重要说明：数据未经审计核验，最终结果以公司正式年报为准。 按股票代码升序排列 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利:65,000万元 -80,000万元 | 盈利:35.055.37 万 元 | | | 比上年同期增长:85.42% - 128.21% | | | 扣除非经常性损 益后的净利润 | 盈利:63,000万元 -78,000万元 | 盈利:30,269.81 万 元 | | | 比上年同期增长:108.13% - 157.68% | | | 营业收入 | 金额: 1,030,000万元 -1,130,000 万元 | 金额:477,254.63万 元 | | | 比上年同期增长:115.82% - 136.77% | | | 基本每股收益 | 盈利:2.91元/股 -3.58元/股 | 盈利: 1.70元/股 | 德明利（001309） 通富微电（002156） 证券代码:0021 ...