证券代码：688531 证券简称：日联科技 公告编号：2026-004 日联科技集团股份有限公司 因公司实施 2024 年度权益分派事项，本次以集中竞价交易方式回购股份价格 上限由不超过人民币 101.87 元/股（含）调整为不超过人民币 70.03 元/股（含）。 具体内容详见公司于 2025 年 7 月 10 日在上海证券交易所网站（www.sse.com.cn） 披露的《关于 2024 年度权益分派实施后调整回购股份价格上限的公告》（公告编 号：2025-048）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购进展情况公告如下： 2026 年 1 月，公司未实施股份回购。 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/6/24 | | | | ...

1月29日，日联科技跌5.05%，截至发稿，报72.18元/股，成交2.00亿元，换手率2.52%，总市值119.53亿 元。 数据显示，富国基金旗下1只基金位居日联科技十大流通股东。富国天益价值混合A/B（100020）三季 度新进十大流通股东，持有股数119.52万股，占流通股的比例为1.12%。根据测算，今日浮亏损失约 458.97万元。 富国天益价值混合A/B（100020）成立日期2004年6月15日，最新规模33.2亿。今年以来收益3.68%，同 类排名5918/8866；近一年收益14.55%，同类排名5979/8126；成立以来收益1498.67%。 富国天益价值混合A/B（100020）基金经理为唐颐恒。 截至发稿，唐颐恒累计任职时间6年193天，现任基金资产总规模33.42亿元，任职期间最佳基金回报 35.3%， 任职期间最差基金回报-42.25%。 资料显示，日联科技集团股份有限公司位于江苏省无锡市新吴区漓江路11号，成立日期2009年7月22 日，上市日期2023年3月31日，公司主营业务涉及公司是国内领先的工业X射线智能检测装备供应商,主 要从事微焦点和大功率X射线智能检测装备的研发 ...

摘要 中国半导体 X 射线检测设备市场规模巨大，2030 年预计前后道市场将 分别达到 243 亿元和 65 亿元，但国产渗透率仅 5%，国产替代空间广 阔，为国内企业如日联科技带来发展机遇。 日联科技在后道封装测试 X 射线检测设备领域已取得技术突破， 2D、3D 设备达到国内领先或国际先进水平，并成功进入中芯国际、长 电科技等客户供应链，2025 年量产纳米级射线源，拓展至前道晶圆检 测。 日联科技于 2026 年 1 月完成对新加坡 SSTR 66%股权的收购。SSTR 掌握高端半导体检测诊断与失效分析设备技术，客户包括 AMD、三星、 美光等全球前 20 大半导体制造商。 日联科技与 SSTR 在技术上形成互补，实现从物理缺陷检测到功能检测 分析的覆盖；在制造上，利用马来西亚工厂提升产能并降低成本；在市 场上，通过渠道优势拓展国内外市场。 通过收购 SSTR，日联科技将结合自身经验与 SSTR 专利技术，共同研 发适配中国市场的先进制程检测试验，并建立研发基地推动国产化，提 升整体竞争力。 Q&A 日联科技 20260127 日联科技在高端半导体检测设备领域的布局和发展情况如何？ 日联科技在高端半导体 ...

Investment Rating - The report assigns a "Buy" rating for the company, Rilian Technology (688531) [2]. Core Insights - Rilian Technology is a leading enterprise in the industrial X-ray intelligent detection field in China, focusing on the R&D, production, and sales of micro-focus and high-power industrial X-ray intelligent detection equipment and core components, with a dual strategy of domestic substitution and international expansion. The company has achieved rapid revenue growth, with a CAGR of 37.76% for operating income and 76.70% for net profit attributable to the parent company from 2019 to 2024 [5][28]. Company Overview - Rilian Technology has established itself as a national-level specialized and innovative "little giant" enterprise, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2023. The company has a comprehensive product range that includes X-ray sources, AI imaging software, and industrial X-ray intelligent detection equipment, which are widely used in high-end manufacturing quality control [14][22]. Industry Analysis - The global industrial X-ray detection equipment market is projected to grow from 35.12 billion yuan in 2020 to 57.39 billion yuan in 2024, with a CAGR of 13.1%. The Chinese market is expected to grow from 10.69 billion yuan to 18.79 billion yuan during the same period, with a CAGR of 15.1% [6][39]. The growth is driven by advancements in semiconductor processes and the increasing demand for new energy batteries, alongside the acceleration of domestic substitution [39]. Investment Logic - Rilian Technology has successfully achieved comprehensive R&D coverage of core high-tech components, making it the only domestic company capable of mass application of X-ray intelligent detection equipment across nearly all industrial sectors. The company is rapidly expanding through horizontal and vertical mergers and acquisitions, which are expected to enhance its platform capabilities and performance [7][14]. Financial Forecast - The company is projected to achieve total operating revenues of 1.058 billion yuan, 1.591 billion yuan, and 2.132 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.1%, 50.3%, and 34.0%. Net profits attributable to the parent company are expected to be 190 million yuan, 315 million yuan, and 448 million yuan for the same years, with growth rates of 32.8%, 65.3%, and 42.6% [7][8]. Market Position - Rilian Technology has established a strong market presence, particularly in the integrated circuit and electronic manufacturing sectors, where it holds the highest market share in China. The company has built a solid customer base, including major clients such as SMIC, Foxconn, and CATL [22][23]. Research and Development - The company has consistently increased its R&D investment, with R&D expenses reaching 86.26 million yuan in the first three quarters of 2025, a year-on-year increase of 43.94%, representing 11.70% of total revenue. This ongoing investment supports innovation in core technology areas such as X-ray sources [28][30]. Global Expansion - Rilian Technology has expanded its international footprint, with sales covering over 70 countries and regions. The establishment of subsidiaries and factories in Singapore, Hungary, Malaysia, and the United States is expected to accelerate the growth of its overseas business [7][14]. Competitive Landscape - The market for X-ray sources is characterized by a layered structure based on focal size, with micro-focus products facing high technical barriers. The company is positioned to benefit from the increasing demand for high-precision imaging in sectors such as semiconductors and new energy batteries [6][56]. Conclusion - Rilian Technology's strong market position, robust growth prospects, and strategic focus on R&D and international expansion make it a compelling investment opportunity in the industrial X-ray detection sector [7][39].

X 射线检测平台型企业，内生外延共筑成长 [Table_CoverStock] —日联科技(688531)首次覆盖报告 [Table_ReportTime] 2026 年 01 月 23 日 [Table_StockAndRank] 日联科技(688531) 投资评级 买入 上次评级 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_CoverAuthor 王锐 机械行业首席]分析师 韩冰 机械行业分析师 S1500523080006 S1500523100001 wangrui1@cindasc.com hanbing1@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 首次覆盖报告 [Table_BaseData] 公司主要数据 | 收盘价（元） | 77.60 | | --- | --- | | 52 周内股价 | 78.69-33.46 | | 波动区间(元) | | | 最近一月涨跌幅(％) | 25.08 | | 总股本(亿股) | 1.66 | | 流通 A 股比例(％) | 64.59 | | 总市值(亿元) | 128.50 | ...

企业名称深圳市泛海统联智能装备有限公司法定代表人杨虎注册资本2000万人民币国标行业制造业>专 用设备制造业>电子和电工机械专用设备制造地址深圳市龙华区观湖街道松轩社区环观中路282号泛海 科技园D栋401企业类型有限责任公司(法人独资)营业期限2026-1-19至无固定期限 来源：市场资讯 天眼查显示，近日，深圳市泛海统联智能装备有限公司成立，法定代表人为杨虎，注册资本2000万人民 币，由深圳市泛海统联精密制造股份有限公司全资持股。 序号股东名称持股比例1深圳市泛海统联精密制造股份有限公司100% 经营范围含一般经营项目是：增材制造；增材制造装备制造；增材制造装备销售；通用设备制造（不含 特种设备制造）；3D打印服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 信息技术咨询服务；3D打印基础材料销售；新材料技术研发；新材料技术推广服务；金属加工机械制 造；通用零部件制造；金属材料制造；金属材料销售；机械设备研发；机械设备销售；机械设备租赁； 机械零件、零部件销售；模具制造；模具销售；金属制品修理；通用设备修理；货物进出口；技术进出 口；进出口代理。（除依法须经批准的项目外，凭营业执照依法 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Taiwan PCB & Laminates, specifically focusing on the ABF (Ajinomoto Build-up Film) and BT (Bismaleimide Triazine) sectors - **Context**: The conference call discusses the recent price adjustments in the ABF CCL (Copper Clad Laminates) and Prepreg sectors announced by Resonac Core Insights - **Price Increase Announcement**: Resonac announced a 30% price increase for all CCLs and prepregs, effective from March 1, 2026, primarily due to rising costs of T glass and other raw materials like copper foil [1] - **Market Implications**: The price increase indicates a server shortage in T glass, suggesting strong demand from AI-related chips with larger body sizes [1] - **Cost Pass-Through**: Downstream ABF substrate manufacturers are expected to pass through these costs and potentially earn premiums due to robust demand [1] - **Future Price Trends**: Anticipation of further price increases in BT CCL in upcoming quarters due to market tightness [1] - **Sector Tightness**: Observations of tightness in the ABF/BT sector, with expectations that more fabless companies may be affected by a widespread substrate shortage in the near future [1] - **Outlook**: The overall sentiment remains bullish on the ABF/BT sector, indicating positive growth prospects [1] Additional Important Points - **Raw Material Costs**: The price adjustments reflect significant increases in raw material costs, particularly T glass, which is critical for the production of ABF substrates [1] - **Demand Drivers**: The demand for AI-related chips is a key driver for the current market dynamics, influencing both pricing and production strategies in the sector [1] - **Potential Risks**: While the outlook is positive, the sector may face risks related to supply chain disruptions and fluctuations in raw material availability [1]

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - In January, Qianwen App achieved over 100 million monthly active users (MAU) and fully integrated with Alibaba's ecosystem to create a "Super Agent" [3][4]. - Alibaba Cloud is significantly increasing its investment in AI infrastructure, aiming to capture 80% of the incremental AI cloud market in China by 2026 [4]. - The brain-computer interface (BCI) industry is experiencing dual drives from policy and capital, with a focus on medical applications and ambitious targets set for 2027 and 2030 [4]. - AI4S is benefiting from policy support, with significant potential for applications in pharmaceuticals and new materials, as well as global innovation in AI applications [4]. Summary by Sections Qianwen App and AI Assistant - Qianwen App's MAU surpassed 100 million within two months of launch, integrating over 400 new features and becoming the first AI assistant to achieve a full-service chain from "search-decision-payment-fulfillment" [4]. Alibaba Cloud Investment - Alibaba Cloud plans to invest over 380 billion yuan in AI infrastructure over the next three years, with a goal to dominate the AI cloud market in China by 2026 [4]. Brain-Computer Interface Industry - The Shanghai government has issued a plan for BCI development, targeting high-quality "brain control" by 2027 and establishing a global innovation hub by 2030 [4]. - Zhejiang Qiang Brain Technology recently raised approximately 2 billion yuan for R&D and production, focusing on non-invasive technologies for rehabilitation [4]. AI4S Policy Support - The Chinese government has prioritized AI4S in its policy framework, with extensive support for its development across various sectors [4]. - Major tech companies like Apple and Google are collaborating to enhance their AI capabilities, indicating a robust market for AI innovations [4].

Core Insights - The establishment of the National Commercial Space Administration and the introduction of specialized development plans mark 2026 as the "commercialization year" for the commercial space industry in China [1] Group 1: Company Overview - Dayun Technology is a leading supplier of industrial X-ray intelligent detection equipment in China, transitioning from a "pioneer" to a "leader" in the commercial space detection field [1] - The company has developed a unique competitive advantage through years of technological barriers and a rare industry position, being the only domestic enterprise to achieve the industrialization of self-developed industrial X-ray sources [1] Group 2: Technological Advancements - The company has released the industry's first industrial X-ray imaging AI vertical large model, which meets the high-efficiency detection needs of mass production in commercial space [1] - The 3D/CT detection technology has upgraded from 2D plane detection to 3D imaging, precisely adapting to the detection requirements of complex products such as rocket structural components and satellite electronic semiconductor devices [1] Group 3: Market Position and Client Base - Dayun Technology has successfully delivered products to key players in the commercial space sector, including China Aerospace Science and Technology Corporation and private enterprises like Galactic Glory, covering a range of components from rockets to satellites [2] - The company has made a critical leap from "technical validation" to "actual application," establishing a solid foundation for growth despite the current low revenue share from the aerospace sector [2] - The high customer stickiness and replacement costs in the aerospace detection industry suggest that once integrated into core supplier systems, the company will continue to benefit from downstream capacity expansion and order releases [2]

自主可控软硬兼修，剑指尖端市场。（1）微焦点和大功率射线源是高端射线源产品，根据沙利文， 2025 年微焦点射线源全球和中国市场空间分别为65/20 亿元，25-30 年CAGR 分别为16%/20%。（2）根 据沙利文和公司官方公众号，公司是唯一实现了微焦点和大功率射线源全型号全套工艺自研的国内企 业，并在2025 年量产我国首款纳米级开管射线源，设备配套自制射线源比例也快速提升。 （3）公司修炼AI 内功，2025 年成立日联研究院和上海AI 大模型研究中心，推出首款工业射线影像AI 垂直大模型，提高检测效率；同时提高3D/CT/在线型产品占比，带动单价提升。（4）根据沙利文和公 司公告，2024 年全球工业X 射线检测设备市场空间574 亿元，2030 年有望达1030 亿元，公司在全球/中 国市占率从2020 年的1.2%/3.7%提升到2024 年的2.2%/7.1%，未来有望继续提升。 投资逻辑： 工业X 射线国产替代龙头，收入加速释放。公司主营工业X 射线检测设备及其核心零部件X 射线源，受 自身份额提升和下游高景气影响，2025 年公司收入增速逐季度放大，1-3Q25 公司单季度收入增速分别 ...