Company Announcements - Jia Mei Packaging's stock price increased by 230% from December 17, 2025, to January 6, 2026, leading to a suspension for investigation starting January 7, 2026 [2] - Guosheng Technology's stock rose by 370.2% during the same period, prompting a suspension for investigation effective January 7, 2026 [3] - Fenglong Co., Ltd. indicated that it may apply for a suspension if its stock price continues to rise abnormally [4] - Xinfang Pharmaceutical is facing public prosecution for alleged unit bribery [7] - Shengke Communication's second-largest shareholder plans to reduce its stake by no more than 3% [8] - Chip Origin Technology completed the acquisition of Zhudian Semiconductor [9] - Robotech's subsidiary signed a significant contract for automatic optical switch packaging with a Swiss client [10] - Aerospace Changfeng clarified that it does not engage in brain-computer interface or commercial aerospace businesses [12] - Chengjian Development holds 18.91 million shares of Century Space, making it the fourth-largest shareholder [13] - Sanbo Brain Science is not involved in the research, production, or sales of brain-computer interface products [14] - Weisi Medical's new products in the brain-computer interface field are still in the early market cultivation stage [16] - Mairande's products in the brain-computer interface area are also in the research and market cultivation phase [17] - Guankang Technology plans to acquire 100% of Liaojing Electronics, with stock resuming trading [19] - Yahui Long signed a strategic cooperation framework agreement with Brain Machine Star Chain to expand its presence in the brain-computer interface field [20] - China Satellite Communications warned that its stock price is at a historical high and may experience a significant drop [21] - Beidou Star Communication stated that commercial aerospace is just one application scenario for its products and services [22] Financial Performance - Lier Chemical expects a net profit increase of 113.62% to 132.19% for 2025 [39] - Zhongtai Co., Ltd. anticipates a net profit of 420 million to 480 million yuan for 2025, recovering from a previous loss [38] Financing and Capital Increase - Desai Xiwai is planning to issue H-shares and list on the Hong Kong Stock Exchange [40] - Xingye Yinx is also preparing to issue H-shares for listing on the Hong Kong Stock Exchange [41] Other Significant Events - Baotailong's controlling shareholder was ordered to rectify its failure to fulfill a shareholding increase commitment [42] - *ST Changyao's stock may face termination of listing due to negative net assets and other financial issues [43]

证券代码：688702 证券简称：盛科通信 公告编号：2026-001 苏州盛科通信股份有限公司 关于持股 5%以上股东减持股份计划的公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 截至本公告披露日，苏州盛科通信股份有限公司（以下简称"公司"）股东 国家集成电路产业投资基金股份有限公司（以下简称"产业基金"）持有公司股 份 59,860,200 股，占公司总股本的 14.60%。上述股份均为来源于公司首次公开 发行前持有的股份，并于 2024 年 9 月 18 日起上市流通。 减持计划的主要内容 由于股东自身经营管理需要，产业基金将根据市场情况拟通过集中竞价方式 或大宗交易方式减持其所持有的公司股份数量合计不超过 12,300,000 股，拟减持 股份数量占公司总股本的比例合计不超过 3.00%，减持期间为本公告披露之日起 15 个交易日后的 3 个月内。 1 股份实施细则》关于创业投资基金股东的减持规定。截至公司首次公开发行上市 日，产业基金投资期限在 60 个月以 ...

格隆汇1月6日｜盛科通信(688702.SH)公告称，持股5%以上股东国家集成电路产业投资基金股份有限公 司因自身经营管理需要，拟通过集中竞价或大宗交易方式减持其持有的公司股份合计不超过1,230万 股，占公司总股本比例不超过3.00%，减持期间为本公告披露之日起15个交易日后的3个月内。 ...

Group 1 - Goldman Sachs has updated its global server market forecast, expecting total revenue to reach $433.1 billion, $606.1 billion, and $763.9 billion in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 71%, 40%, and 26% [2] - AI training servers are identified as the core growth engine, with projected revenues of $234.8 billion, $369.8 billion, and $506.2 billion for the same years, reflecting year-on-year growth rates of 97%, 57%, and 37% [2] - The report highlights a structural transformation in the global server market, driven by accelerated ASIC server penetration and significant capital expenditure growth from global cloud service providers, maintaining a high prosperity period from 2025 to 2027 [1][2] Group 2 - ASIC chip penetration in AI servers is expected to increase, with forecasts of 38%, 40%, and 50% for 2025, 2026, and 2027 respectively, up from a previous estimate of 45% for 2027 [3] - The demand for AI chips corresponding to AI servers is projected to reach 11 million, 16 million, and 21 million units in 2025, 2026, and 2027, representing increases of 7%, 17%, and 26% from previous forecasts [3] - The AI rack server market is shifting from reliance on Nvidia to a more diversified competition, with non-Nvidia solutions like AMD's Helios expected to gain market share [4] Group 3 - High-power AI training servers are projected to see significant growth, with shipment forecasts of 692,000, 952,000, and 1,227,000 units for 2025, 2026, and 2027, and corresponding market sizes of $180.2 billion, $205.2 billion, and $251.1 billion [5] - AI inference servers are expected to grow steadily, with shipment forecasts of 470,000, 539,000, and 656,000 units, and market size increasing from $29.8 billion to $48.4 billion from 2025 to 2027 [6] - The general server market is returning to normal growth, with shipment growth rates of 11%, 8%, and 2% for 2025, 2026, and 2027, and revenue growth rates of 51%, 19%, and 5% [7] Group 4 - Key companies in the server supply chain include ODM manufacturers like Wistron, Quanta, and Hon Hai, with Hon Hai being a leader in AI server market share [8] - Liquid cooling manufacturers such as AVC and Auras are highlighted for their roles in the cooling solutions for AI servers, with AVC providing custom cooling solutions for Nvidia's platforms [10][11] - TSMC is recognized as a foundational player in the AI chip and ASIC manufacturing sector, while companies like Chenbro and GCE are noted for their roles in critical components for server manufacturing [12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significant "siphon effect" of AI and the accelerated development of satellite internet, recommending a focus on the dual core themes of "AI + Satellite" and four key segments: "Optical + Liquid Cooling + Domestic Computing Power + Satellite" [5][15] - It highlights the expected growth in AI applications, particularly in voice and image recognition technologies, which will drive demand for smart computing modules and CDN services [7][17] - The report notes the increasing importance of satellite internet as a core component of 6G, driven by national policies emphasizing self-sufficiency and technological upgrades [8][18] Summary by Sections 1. Investment Outlook for 2026 - The report suggests actively positioning in multiple sub-sectors, focusing on "AI + Satellite" as the main investment themes for 2026 [5][15] 2. Key Segments for 2026 Segment One: Global AI Resonance - 2026 is projected to be the year of significant deployment for 1.6T optical modules, with advancements in silicon photonics technology expected to become mainstream [6][16] - The report anticipates a substantial increase in the penetration rate of liquid cooling technologies, driven by the release of new computing power chips from major companies [6][16] Segment Two: AI Applications - The development of AI toys and applications is expected to accelerate, leading to increased demand for intelligent computing modules and CDN services [7][17] Segment Three: Satellite Internet Development - The report identifies four key areas of focus within the satellite internet sector: satellite manufacturing, launch, ground equipment, and operations, all of which are expected to benefit from increased demand and government support [8][18] 3. Investment Recommendations - The report recommends specific companies across various segments, including optical network equipment, computing devices, and AI applications, highlighting potential beneficiaries in each category [19][20][26][27] 4. Market Review - The communication index experienced a decline of 1.41% during the week of December 29 to December 31, 2025, ranking fourth among TMT sectors [28] 5. Communication Data Tracking - As of November 2025, China had a total of 4.83 million 5G base stations, with 5G mobile phone users reaching 1.193 billion, marking a year-on-year growth of 19.06% [29][34]

Group 1 - The core point of the article highlights the performance and market position of Shengke Communication, which saw a decline of 1.18% in its stock price, currently at 138.70 yuan per share, with a total market capitalization of 56.867 billion yuan [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switching chips and related products, with its main revenue sources being Ethernet switching chips (72.43%), Ethernet switching chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - From the perspective of major circulating shareholders, Southern Fund's Southern CSI 500 ETF (510500) reduced its holdings by 52,000 shares in the third quarter, now holding 1.8064 million shares, which represents 0.89% of the circulating shares, resulting in an estimated floating loss of approximately 2.9806 million yuan [2] - The Southern CSI 500 ETF, established on February 6, 2013, has a current scale of 140.098 billion yuan, with a year-to-date return of 32.01% and a one-year return of 28.13%, ranking 1580 out of 4195 and 1661 out of 4179 respectively [2]

Core Viewpoint - The Gigabit Layer 3 switch is a high-performance network device that integrates Layer 2 MAC address switching and Layer 3 IP routing functions, with port speeds reaching gigabit and above, widely used in the core and aggregation layers of local area networks (LANs) [1] Industry Overview - The Gigabit Layer 3 switch market is expected to reach a scale of 22.66 billion yuan in 2024, significantly higher than the overall switch industry growth rate, driven by digital transformation and supportive policies in China [1][12] - The industry has a clear division of labor in its supply chain, with domestic manufacturers gradually achieving self-replacement in core components, focusing on technological upgrades such as 400G ports and silicon photonics integration [1][9] Industry Policies - Recent policies in China, including the "Action Plan for High-Quality Development of Computing Power Infrastructure" and the "Implementation Opinions on Promoting the Construction of a National Integrated Computing Network," have created favorable conditions for the Gigabit Layer 3 switch industry, driving demand in data centers, enterprise networks, and industrial internet [8][9] Industry Chain - The industry chain consists of upstream core components and materials, midstream equipment R&D and manufacturing, and downstream applications in various sectors such as data centers, enterprise networks, and government services [9][10] - The demand for Gigabit Layer 3 switches is driven by the digital transformation of various industries, with data centers being the largest and most technology-driven segment [10][11] Current Development Status - The overall switch market in China is projected to reach 42.36 billion yuan in 2024, with the Gigabit Layer 3 switch segment benefiting from the "East Data West Computing" initiative and the increasing demand for high-reliability, low-latency networking equipment [12][13] Future Development Trends - The Gigabit Layer 3 switch industry is expected to evolve towards intelligent and high-speed technology, localized market scenarios, and green safety development [13] - Key trends include the integration of AI and SDN/NFV technologies for intelligent traffic management, a focus on domestic manufacturers gaining market share, and an emphasis on green and secure product features [14][15]

Market Performance - The A-share semiconductor sector experienced a significant decline, with notable stocks such as Chipone Technology falling over 10% and Fuxin Technology and Zhongli Group dropping by 9% [1][2] - The semiconductor index (886063) decreased by 1.76%, closing at 7326.63, down 131.03 points [2] - In the Hong Kong market, the Hang Seng Technology Index fell by 2%, with Huahong Semiconductor down over 7% and SMIC down 4% [3][4] Stock Specifics - Chipone Technology (688521.SH) saw a decline of 10.49%, closing at 133.40 [2] - Fuxin Technology (688662.SH) dropped by 9.25%, closing at 53.54 [2] - Zhongli Group (002309.SZ) fell by 9%, closing at 3.64 [2] - Other notable declines included Shengke Communication (-8.22%), Guosheng Technology (-7.12%), and Canxin Technology (-6.24%) [2][3] Broader Industry Trends - The overall trend in the semiconductor industry indicates a bearish sentiment, with multiple companies experiencing significant stock price drops [1][3] - The decline in the semiconductor sector is reflected in both A-share and Hong Kong markets, suggesting a broader industry challenge [3][4]

Core Viewpoint - The periodic sample adjustment of various indices, including the Shanghai Stock Exchange 50 and ChiNext indices, is set to take effect, reflecting a shift towards including more emerging industry leaders and enhancing the technology attributes of these indices [1][9]. Index Adjustments - The Shanghai Stock Exchange 50 Index will replace 4 samples, while the Shanghai 180 Index will replace 7 samples, and the Shanghai 380 Index will replace 38 samples [1]. - The ChiNext Index will see 8 samples replaced, with notable additions including companies like Aosheng Technology and Shenghong Technology [1][3]. - The CSI 500 Index will replace 50 samples, and the CSI 1000 Index will replace 100 samples, indicating a significant overhaul [1]. Emerging Industry Focus - The adjustments will increase the representation of strategic emerging industries, with the ChiNext Index's strategic emerging industry weight reaching 93% [9]. - The new sample companies have shown a 13% year-on-year increase in R&D expenses, with 30 companies having an R&D intensity exceeding 10% [9]. - The weight of strategic emerging industries in the ChiNext 50 Index is now at 98%, with new generation information technology industries, such as artificial intelligence and chips, accounting for 45% [9]. ETF Rebalancing - Following the index adjustments, ETFs tracking these indices will also undergo rebalancing to align with the new sample compositions [8].

Group 1 - The core point of the news is that Shengke Communication-U experienced significant trading activity on December 12, with a total transaction volume of 277,800 shares and a transaction amount of 40.47 million yuan, all at a price of 145.70 yuan per share [2][3] - Institutional special seats participated in both buy and sell sides of the transactions, resulting in a net purchase amount of 40.47 million yuan [2] - The closing price of Shengke Communication-U on the same day was 145.70 yuan, reflecting an increase of 2.57%, with a daily turnover rate of 4.67% and a total trading volume of 1.352 billion yuan, indicating a net inflow of 278 million yuan from major funds [2] Group 2 - The latest margin financing balance for Shengke Communication-U is 425 million yuan, with an increase of 5.8559 million yuan over the past five days, representing a growth rate of 1.40% [3] - Shengke Communication Co., Ltd. was established on January 31, 2005, with a registered capital of 410 million yuan [3] - Detailed trading data on December 12 shows that the majority of transactions were conducted by institutional special seats, with specific amounts and prices listed for each transaction [3]