1月23日，紫光国微盘中上涨2.07%，截至10:00，报86.78元/股，成交10.04亿元，换手率1.37%，总市值 737.30亿元。 资金流向方面，主力资金净流入6024.87万元，特大单买入1.16亿元，占比11.55%，卖出7574.03万元， 占比7.54%；大单买入2.60亿元，占比25.94%，卖出2.40亿元，占比23.94%。 紫光国微今年以来股价涨10.11%，近5个交易日涨0.86%，近20日涨12.37%，近60日涨1.46%。 机构持仓方面，截止2025年9月30日，紫光国微十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3388.43万股，相比上期增加1709.00万股。华泰柏瑞沪深300ETF（510300）位居第三大流 通股东，持股1162.75万股，相比上期减少50.53万股。易方达沪深300ETF（510310）位居第六大流通股 东，持股836.46万股，相比上期减少27.44万股。华夏国证半导体芯片ETF（159995）位居第七大流通股 东，持股834.66万股，相比上期减少307.39万股。易方达国防军工混合A（001475）位居第九大流通股 东，持股 ...

Market Trends - AI hardware penetration is increasing, leading to a rise in the semiconductor industry, with PCB and memory prices continuing to rise[4] - Lithium carbonate prices have surged by 12.7% due to supply constraints and improving downstream demand[6] - The pork price has improved by 2.4% month-on-month, supported by consumption policies and seasonal demand[5] Consumer Insights - In the real estate sector, the transaction area of commercial housing in 30 major cities has decreased by 30.5% year-on-year, with first-tier cities down by 35.4%[5] - Retail sales of passenger cars have dropped significantly, with a 32% year-on-year decline in daily sales, particularly in the new energy vehicle segment, which saw a 38% drop[5] Industry Developments - The domestic company Tiangong International is focusing on powder metallurgy technology for nuclear fusion materials, with a target of 25% revenue growth over the next three years[8] - The cement production in Uganda has increased from 370,000 tons in 2000 to 5.1 million tons in 2023, driven by rapid urbanization and economic growth[12] Company Performance - Hikvision's net profit for 2025 is projected to be 141.88 billion yuan, reflecting an 18.46% year-on-year increase, driven by high-quality growth strategies[40] - Netflix's revenue for FY26 is expected to reach $511 billion, with a net profit of $135 billion, indicating a 22.5% year-on-year growth[48]

第1笔成交价格为85.02元，成交8.20万股，成交金额697.16万元，溢价率为0.00%，买方营业部为机构专 用，卖方营业部为中信证券股份有限公司上海分公司。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月22日，紫光国微收跌1.55%，收盘价为85.02元，发生1笔大宗交易，合计成交量8.2万股，成交金额 697.16万元。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为7359.91万元。该股近5个交易日累 计下跌1.93%，主力资金合计净流出7.08亿元。 责任编辑：小浪快报 ...

机构评级来看，近5日共有2家机构给予该股评级，预计目标价最高的是国泰海通证券，1月22日国泰海 通证券发布的研报预计公司目标价为107.06元。（数据宝） 1月22日紫光国微大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 业部 | | | 8.20 | 697.16 | 85.02 | 0.00 | 机构专 | 中信证券股份有限公司上 | | | | | | 用 | 海分公司 | （文章来源：证券时报网） 紫光国微1月22日大宗交易平台出现一笔成交，成交量8.20万股，成交金额697.16万元，大宗交易成交价 为85.02元。该笔交易的买方营业部为机构专用，卖方营业部为中信证券股份有限公司上海分公司。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为7359.91万元。 证券时报·数据宝统计显示，紫光国微今日收盘价为85.02元，下跌1.55%，日换手率为4.78%，成交额为 34.84亿元，全天主力资金 ...

| 权益类证券大宗交易(协议交易) | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-22 002049 | 紫光国微 | 85.02 | 8.20 | 697.16 机构专用 | | 中信证券股份有限 公司上海分公司 | | 交易日期 | | | | | | | 1月22日，紫光国微大宗交易成交8.2万股，成交额697.16万元，占当日总成交额的0.2%，成交价85.02 元，较市场收盘价85.02元持平。 ...

Core Viewpoint - Unisoc plans to acquire 100% equity of Ruineng Semiconductor through a share issuance and cash payment, which constitutes a related party transaction. This acquisition is expected to enhance the company's supply chain and create significant synergies [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved an operating income of 4.904 billion yuan and a net profit attributable to shareholders of 1.263 billion yuan, indicating reasonable profitability and solvency [1] - Following the completion of the transaction, the company's total assets, net assets, and revenue scale are expected to further expand, enhancing the integrated operational capabilities of the acquired company and its risk resistance [1] Group 2: Valuation and Rating - Based on comparable company PE/PB valuations and the company's industry position and technological advantages in smart security chips and special integrated circuits, a target price of 107.06 yuan is estimated using a 53x PE for 2025, representing an 11.52% increase from the initial coverage report [1] - The company is given an "Overweight" rating following the analysis [1]

Group 1: Strategy Observation - The report highlights the strengthening of AI hardware demand and the continuation of technology manufacturing overseas, with the semiconductor industry experiencing further improvement due to increased AI penetration and export growth in power equipment [4] - Prices of lithium carbonate have surged significantly due to supply constraints and improved downstream demand expectations, while pork prices have also seen improvements supported by consumption policies [4] - Traditional real estate and durable goods sectors continue to face pressure, with a notable decline in retail sales of passenger vehicles [5] Group 2: Industry Tracking - Consumer Electronics - Domestic companies are making breakthroughs in powder metallurgy processes, particularly in nuclear fusion materials, which are expected to benefit from a surge in downstream demand [8] - Tian Gong International, a leader in powder metallurgy, has set ambitious performance targets, indicating strong growth confidence [8] - The company is focusing on high-boron steel and advanced low-activation steel for nuclear fusion applications, leveraging its powder metallurgy technology for cost advantages [9] Group 3: Industry Research - Cement Manufacturing - Uganda is identified as a key market for cement exports, with a rapidly growing economy and increasing cement demand driven by urbanization [12] - The country has a favorable supply structure with only three clinker production lines, leading to a competitive market landscape [13] - Despite high cement prices, profitability remains challenging due to high production costs and logistical issues [14] Group 4: Industry Research - Consumer Discretionary - The smart glasses industry is entering a growth phase, with companies like Mingyue Lens expected to benefit from collaborations with leading brands [16] - The introduction of new smart glasses models, such as Ray-Ban Meta, is anticipated to enhance user experience and expand market applications [17] - The supply chain for AI glasses is broadening, with various players from different sectors entering the market, indicating a significant expansion of the industry [18] Group 5: Company Coverage - BAIC Blue Valley - The company is positioned as a pioneer in China's new energy vehicle sector, with a dual-brand strategy driving revenue growth [21] - Projected revenues for 2025, 2026, and 2027 are estimated at 290 billion, 582 billion, and 889 billion CNY respectively, with a focus on autonomous driving technology [21][22] - The company has seen a significant increase in sales volume, with expectations for continued growth through new model launches [23] Group 6: Company Tracking - Hikvision - The company is expected to achieve a net profit of 141.88 billion CNY in 2025, reflecting a year-on-year growth of 18.46% [40] - Hikvision's strategic shift towards high-quality, sustainable profit growth has led to improved operational efficiency and profitability [41] - The integration of AI into its product offerings is anticipated to drive long-term growth [42] Group 7: Company Tracking - Anfu Technology - The company is focusing on expanding its market presence in the semiconductor sector while maintaining strong performance in its core battery business [45] - Projected earnings per share for 2025 to 2027 are expected to show significant growth, driven by strategic acquisitions and market expansion [45] - The company is leveraging its established brand to enhance its competitive position in the charging market [46] Group 8: Overseas Report - Netflix - The company is projected to achieve revenues of 51.1 billion, 57.6 billion, and 64.6 billion USD from 2026 to 2028, with a focus on expanding its content offerings [48] - Netflix's advertising revenue is expected to double, contributing significantly to its overall financial performance [51] - The acquisition of Warner Bros. is anticipated to enhance content diversity and production capabilities [51]

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 宋博(分析师) | 010-83939829 | songbo3@gtht.com | S0880522120007 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | 本报告导读： 紫光国微拟发行股份及支付现金收购瑞能半导 100% 股权并募集配套资金，交易构 成关联交易。标的为功率半导体龙头，补全公司产业链，协同效应显著。 紫光国微并购瑞能半导，完善功率半导体布局 紫光国微(002049) 紫光国微公告点评 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,576 | ...

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 107.06 CNY [5][11]. Core Insights - The company plans to acquire 100% equity of Ruineng Semiconductor through a combination of issuing shares and cash payment, which constitutes a related party transaction. The target company is a leader in power semiconductors, which will enhance the company's supply chain and create significant synergies [2][11]. - The acquisition is expected to complete the company's power semiconductor industry chain, accelerate the localization of high-end components, and cultivate new profit growth points, thereby enhancing its risk resistance [11]. - The company reported a total revenue of 49.04 billion CNY and a net profit attributable to the parent company of 12.63 billion CNY for the first three quarters of 2025, indicating a solid financial foundation [11]. Financial Summary - Total revenue projections for the company are as follows: 7,576 million CNY in 2023, 5,511 million CNY in 2024, 7,834 million CNY in 2025, 9,399 million CNY in 2026, and 10,731 million CNY in 2027, with a growth rate of 6.4% in 2023 and a projected increase of 42.2% in 2025 [4][12]. - Net profit attributable to the parent company is projected to be 2,532 million CNY in 2023, decreasing to 1,179 million CNY in 2024, and then increasing to 1,716 million CNY in 2025, 1,939 million CNY in 2026, and 2,296 million CNY in 2027 [4][12]. - The company's earnings per share (EPS) are expected to be 2.98 CNY in 2023, dropping to 1.39 CNY in 2024, and then recovering to 2.02 CNY in 2025, 2.28 CNY in 2026, and 2.70 CNY in 2027 [4][12]. Market Data - The current stock price is 86.36 CNY, with a market capitalization of 73,374 million CNY. The stock has traded within a range of 59.12 CNY to 92.78 CNY over the past 52 weeks [6][11]. - The company has a total share capital of 850 million shares, with 849 million shares in circulation [6]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 29.08 for 2023, increasing to 62.45 in 2024, and then decreasing to 42.91 in 2025, 37.98 in 2026, and 32.08 in 2027 [4][12]. - The price-to-book (P/B) ratio is currently at 6.32, with projections of 5.94 for 2024, 5.40 for 2025, 4.81 for 2026, and 4.27 for 2027 [12].

Core Viewpoint - The storage chip sector experienced a significant rally, with multiple companies reaching their daily price limits, indicating strong market interest and potential investment opportunities in this industry [1] Group 1: Company Performance - Jin Sun (300606) and Xingsen Technology (002436) hit the daily limit up, showcasing robust investor confidence [1] - Yingfang Micro (000670), Zhizheng Co. (603991), Dagang Co. (002077), and Tongfu Microelectronics (002156) also reached their daily limit up, reflecting a broader trend in the storage chip market [1] - Zhaoyi Innovation (603986) surged over 6%, achieving a new historical high, indicating strong growth potential [1] Group 2: Market Trends - The overall performance of the storage chip sector is highlighted by the significant price increases of various companies, suggesting a bullish sentiment in the market [1] - Other notable performers include Saiteng Co. (603283), Unisoc (002049), and China Electric Port (001287), which also showed substantial gains, further emphasizing the positive momentum in the industry [1]