证券日报网讯12月29日，成都华微在互动平台回答投资者提问时表示，2025年8月，公司已与燧原科技 签署战略合作协议，双方围绕大模型、高算力GPU芯片在高可靠领域展开深度合作，共同推动人工智能 技术在高可靠领域的应用与创新。此次合作旨在整合双方优势资源，在技术研发、产品应用及市场拓展 等方面形成协同效应，加速国产AI算力技术的发展与落地。基于公司市场开拓需求，该算力能力可以 广泛应用于模型训练、太空算力、端测推理等领域，相关业务进展公司将严格遵循信息披露规定，在达 到披露标准后及时公告。 ...

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - The Shanghai Stock Exchange has officially released guidelines for commercial rocket companies to apply for the fifth set of listing standards on the Sci-Tech Innovation Board, which supports high-quality commercial rocket enterprises that have not yet formed a certain revenue scale to go public [2][7] - The commercial rocket industry is expected to experience rapid growth due to continuous policy support, accelerated technological iteration, and the release of rocket production capacity, leading to a significant increase in the number of rockets and launch frequency in China [3][7] Summary by Relevant Sections Industry Overview - The guidelines emphasize that companies must have key core technologies and significant technological advantages or breakthroughs, focusing on the self-research capabilities of core components and key indicators such as payload capacity and multi-satellite launch capabilities [7] - The guidelines also require that commercial rocket companies achieve a milestone of successfully launching a medium to large reusable rocket payload into orbit [7] Market Dynamics - The commercial rocket sector is currently a bottleneck in the commercial aerospace industry, and with the release of production capacity, improvement in launch capabilities, and breakthroughs in reusable technology, the progress of satellite networking is expected to experience a leap forward [7] - The report identifies that the future of China's rocket sector will see a threefold resonance of capacity release, enhanced launch capabilities, and breakthroughs in reusable technology, which will accelerate the resolution of launch bottlenecks [7] Investment Targets - Recommended investment targets in the satellite sector include Aerospace Electronics (600879, Buy), Zhenlei Technology (688270, Not Rated), and others [7] - Recommended investment targets in the rocket sector include Aerospace Power (600343, Not Rated), Zhonghang Heavy Industry (600765, Buy), and others [7]

Investment Rating - The report maintains a "Strong Buy" rating for Chengdu Huami (688709.SH) [2] Core Insights - Chengdu Huami has a strong technical accumulation in Time-Sensitive Networking (TSN) and is expected to benefit from the explosive growth of the commercial aerospace market [6][7] - The company showcased its latest TSN system-level boards and FPGA core products at the 14th "Maple Forest Forum" [6] - The company has successfully developed high-speed ADC chips, breaking through technological blockades, which will significantly benefit from the rapid development of commercial aerospace [6][7] Financial Data Summary - Current stock price is 47.18 CNY with a total market capitalization of 30 billion CNY [2] - The company’s total revenue is projected to grow from 902 million CNY in 2025 to 1.467 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 26% [7] - The net profit attributable to the parent company is expected to increase from 243 million CNY in 2025 to 402 million CNY in 2027, with corresponding PE ratios of 124X and 75X respectively [7][10] Shareholder Structure - The major shareholder is China Zhinhua Electronics Group Co., Ltd., holding a 44.84% stake in the company [2] Product Development and Market Position - Chengdu Huami's TSN R&D center has been established, with a team of industry experts contributing to the development of TSN technology standards [6] - The company is positioned as a core participant in the formulation of the "Arrow-mounted TSN Technical Specifications," enhancing its competitive edge in the market [6][7] Revenue and Profitability Forecast - Revenue is expected to recover significantly in 2025 with a forecasted growth of 49% compared to the previous year [7] - The gross margin is projected to remain stable around 72% to 76% over the forecast period [10]

Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

Core Viewpoint - Chengdu Huamei, as a state-owned enterprise, is actively involved in the electronic countermeasure field, providing various ADC products for satellite jamming and anti-jamming applications [1] Product Applications - The company has multiple ADCs suitable for electronic countermeasures and satellite jamming applications [1] - A 12-bit 2.6G high-speed high-precision ADC has been scaled for use in electronic countermeasure-related fields [1] - An 8-bit 64G ultra-high-speed ADC has been validated in several new anti-drone platforms [1] - A 12-bit 16G high-speed high-precision ADC is primarily aimed at next-generation electronic countermeasure platforms and has been promoted for trial use among several key clients in the electronic countermeasure sector [1] Market Strategy - The company will closely monitor cutting-edge technology trends and follow market and customer demands [1] - There are plans to expand potential application scenarios for products and develop forward-looking layouts and strategies [1]

Group 1 - The core viewpoint of the news is the collective surge of A-share stocks related to the Western Development concept, driven by a new policy from the central bank and other departments to support the construction of the Western Land-Sea New Corridor [1] - The People's Bank of China and the Chongqing Municipal Government will work with relevant departments to implement the 21 key measures proposed in the policy, which aim to enhance financial services for the development of the corridor [1] Group 2 - Tianli Composite saw a significant increase of 13.08%, with a total market value of 9.807 billion [2] - Chengdu Huamei and Xiling Power both rose over 11%, with market values of 30.5 billion and 6.11 billion respectively [2] - Other notable stocks include Tianjun Co., Chongqing Port, and Tianao Electronics, all achieving around 10% increase, contributing to the overall positive market sentiment [2]

Group 1 - The core viewpoint of the news is that A-share stocks related to the Western Development concept have collectively strengthened, driven by a policy announcement from multiple government departments to support the construction of the Western Land-Sea New Corridor [1] - The People's Bank of China and the Chongqing Municipal Government will work with relevant departments to implement the 21 key measures proposed in the policy, which aim to enhance financial support for high-quality development of the corridor [1] Group 2 - Tianli Composite saw a significant increase of 13.08%, with a total market value of 9.807 billion [2] - Chengdu Huamei and Xitai Power both rose over 11%, with market values of 30.5 billion and 6.11 billion respectively [2] - Other notable stocks include Tianjun Co., Chongqing Port, and Tianao Electronics, all achieving around 10% gains, with market values ranging from 2.488 billion to 12.1 billion [2]

成都华微今年以来股价涨41.74%，近5个交易日涨14.20%，近20日涨17.20%，近60日跌5.51%。 今年以来成都华微已经3次登上龙虎榜，最近一次登上龙虎榜为9月3日。 12月24日，成都华微盘中上涨2.03%，截至10:55，报43.74元/股，成交2.60亿元，换手率2.78%，总市值 278.56亿元。 资金流向方面，主力资金净流入365.52万元，特大单买入1803.99万元，占比6.94%，卖出2562.70万元， 占比9.86%；大单买入6059.42万元，占比23.31%，卖出4935.18万元，占比18.99%。 截至9月30日，成都华微股东户数2.17万，较上期增加65.15%；人均流通股10061股，较上期减少 39.45%。2025年1月-9月，成都华微实现营业收入5.18亿元，同比增长22.45%；归母净利润6260.51万 元，同比减少28.82%。 分红方面，成都华微A股上市后累计派现8406.38万元。 机构持仓方面，截止2025年9月30日，成都华微十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第七大流通股东，持股432.81万股，相比上期减少19.9 ...

Core Viewpoint - Chengdu Huami (688709.SH) has signed a strategic cooperation agreement with Sichuan Embodied Humanoid Robot Technology Co., focusing on deep collaboration in the field of robotics technology, particularly in chip development and application [1] Group 1: Strategic Cooperation - The partnership aims to advance the localization of core components for intelligent robots, including collaborative development of chips and algorithms [1] - The focus areas include the "brain" and "small brain" of robots, which are critical for their functionality [1] Group 2: Product Offering - The company's products primarily consist of general-purpose chips that meet the perception, control, and decision-making needs of robots [1]

Market Overview - The Shanghai Composite Index closed at 3876.74 points, above the six-month moving average, with a change of 0.17% [1] - The total trading volume of A-shares reached 1,352.099 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 151 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xingchen Technology (21.97%) - Lude Medical (14.72%) - Suli Co., Ltd. (7.17%) [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Huailong Co., Ltd. - Shihong Zhaoye - China Construction Bank [1] Detailed Stock Performance - The following stocks showed notable performance: - Xingchen Technology: +30.00% with a turnover rate of 37.59% and a latest price of 26.48 yuan [1] - Lude Medical: +18.92% with a turnover rate of 37.56% and a latest price of 12.07 yuan [1] - Suli Co., Ltd.: +9.99% with a turnover rate of 7.67% and a latest price of 20.36 yuan [1]