每经AI快讯，1月20日，通富微电（002156）(002156.SZ)发布2025年度业绩预告，预计归属于上市公司 股东的净利润为110,000万元~135,000万元，比上年同期增长62.34%~99.24%。报告期内，公司产能利用 率提升，中高端产品收入增加，经营管理和成本管控加强，同时取得较好投资收益，推动业绩显著增 长。 ...

通富微电子股份有限公司（以下简称"公司"，证券简称：通富微电，证券 代码：002156）股票交易价格连续三个交易日内（2026年1月16日、2026年1月19 日、2026年1月20日）收盘价格涨幅偏离值累计超过20%，根据深圳证券交易所相 关规则，属于股票交易异常波动情况。 二、公司关注并核实情况的说明 公司生产经营管理正常，针对公司股票交易的异常波动，公司董事会对公司、 控股股东和实际控制人就相关事项进行了核实，现就有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息； 证券代码：002156 证券简称：通富微电 公告编号：2026-009 通富微电子股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 股票交易异常波动的情况介绍 四、上市公司认为必要的风险提示 1、经自查，公司不存在违反信息公平披露的情形。 3、公司近期生产经营情况正常，内外部经营环境未发生重大变化； 4、公司、控股股东和实际控制人不存在关于公司 ...

1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向上升 50%以上情形 以区间数进行业绩预告的 单位：万元 | 项 目 | | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 | | 110,000 | ～ | 135,000 | 67,758.83 | | 股东的净利润 | 比上年同期增长 | 62.34% | ～ | 99.24% | | | 扣除非经常性损 | | 77,000 | ～ | 97,000 | 62,108.72 | | 益后的净利润 | 比上年同期增长 | 23.98% | ～ | 56.18% | | | 基本每股收益 （元/股） | | 0.72 | ～ | 0.89 | 0.45 | 证券代码：002156 证券简称：通富微电 公告编号：2026-008 通富微电子股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 一、本期业绩预计情况 ...

Core Viewpoint - The global semiconductor industry is entering a new peak driven by the explosive demand from AI data centers, leading to a shortage of GPUs and soaring storage chip prices [3][6]. Group 1: Market Dynamics - Semiconductor companies are increasingly utilizing capital markets for expansion, with Demingli planning to raise 3.2 billion for SSD and memory product expansion, and Changxin Technology planning an IPO to raise 29.5 billion for storage technology upgrades [3][4]. - The demand for storage chips has surged, with prices increasing over 300% since September 2025 due to the explosive need for HBM and DDR5 driven by AI infrastructure [17][18]. Group 2: Company Performance - Tongfu Microelectronics, a leading semiconductor packaging and testing company, has a market share of 8.0% in the global third-party packaging market, ranking fourth globally [6][7]. - The company is heavily reliant on AMD, with 50.4% of its revenue coming from this single client, making it AMD's largest packaging supplier [8][10]. - AMD's strong performance, with a projected total revenue of $25.8 billion in 2024 (up 13.7% YoY) and a net profit of $1.641 billion (up 92.2% YoY), directly benefits Tongfu Microelectronics [10][12]. Group 3: Financial Strategies - Tongfu Microelectronics plans to raise up to 4.4 billion for expanding packaging capacity across four major chip categories, including storage and automotive applications [15][16]. - The company aims to address capacity bottlenecks to meet AMD's future large-scale demand, with significant investments planned for advanced chip packaging [15][21]. - The automotive electronics sector is also a focus, with a projected revenue increase of over 200% in 2024, indicating potential for a second growth curve [22][24]. Group 4: Financial Health - Despite the ambitious expansion plans, Tongfu Microelectronics faces financial challenges, with a significant debt load of approximately 180 billion against cash reserves of 56.41 billion [24][27]. - The company's aggressive investment strategy, while potentially increasing returns, also poses risks due to its reliance on a single major client and high debt levels [26].

Core Viewpoint - The Shanghai Composite Index experienced a slight decline of 0.01%, while 72 stocks reached historical closing highs, indicating a mixed market performance with a significant number of stocks achieving new price milestones [1][2]. Group 1: Market Performance - Among the tradable A-shares today, 2,233 stocks rose, accounting for 40.85%, while 3,102 stocks fell, making up 56.74% of the market [1]. - The average closing price of stocks that reached historical highs was 65.97 yuan, with 11 stocks priced over 100 yuan and 23 stocks priced between 50 yuan and 100 yuan [1][2]. Group 2: Sector Analysis - The sectors with the highest concentration of stocks reaching historical highs included electronics (17 stocks), electrical equipment (11 stocks), and non-ferrous metals (9 stocks) [1]. - Notable stocks with significant price increases included Zhizhi New Materials (19.01%), Sains (13.80%), and Yinen Power (11.14%) [2][3]. Group 3: Capital Flow - The total net outflow of main funds from stocks that reached historical highs was 870 million yuan, with notable inflows into Tongfu Microelectronics (431 million yuan), Baiwei Storage (276 million yuan), and Zhaoyi Innovation (236 million yuan) [2]. - Stocks with the highest total market capitalization among those reaching historical highs included Zhaoyi Innovation (195.01 billion yuan), Shandong Gold (171.94 billion yuan), and Baofeng Energy (160.53 billion yuan) [2]. Group 4: Stock Highlights - The stock with the highest closing price today was Zhaoyi Innovation at 292.00 yuan, which increased by 1.23% [4]. - Other notable stocks that reached historical highs included Jintai International (32.75 yuan), and Longteng Co. (74.77 yuan) [3][4].

Market Overview - The Shanghai Composite Index fell by 0.01% on January 20, with 20 industries rising, led by the oil and petrochemical sector with a gain of 1.74% and construction materials at 1.71% [1] - The telecommunications and defense industries experienced the largest declines, down 3.23% and 2.87% respectively [1] - The electronic industry also saw a decrease of 1.23% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 95.723 billion yuan, with 11 industries experiencing net inflows [1] - The banking sector led the net inflow with 1.472 billion yuan, resulting in a 0.80% increase, followed by the real estate sector with a 1.55% rise and a net inflow of 627 million yuan [1] - The power equipment industry had the highest net outflow, totaling 19.054 billion yuan, followed by the electronic industry with an outflow of 18.394 billion yuan [1] Electronic Industry Performance - The electronic industry saw a decline of 1.23%, with a total net outflow of 18.394 billion yuan [2] - Out of 476 stocks in the electronic sector, 160 stocks rose, 5 hit the daily limit up, while 314 stocks fell, with 1 hitting the daily limit down [2] - Notable inflows included Tongfu Microelectronics with a net inflow of 431 million yuan, followed by Lanke Technology and Wolong Nuclear Materials with inflows of 345 million yuan and 332 million yuan respectively [2] Top Gainers in Electronic Industry - The top gainers in the electronic sector included: - Tongfu Microelectronics: +5.85%, turnover rate 13.22%, net inflow 431.18 million yuan - Lanke Technology: +2.95%, turnover rate 5.44%, net inflow 345.32 million yuan - Wolong Nuclear Materials: +3.13%, turnover rate 15.24%, net inflow 332.48 million yuan [2] Top Losers in Electronic Industry - The top losers in the electronic sector included: - Shenghong Technology: -5.07%, net outflow -1.858 billion yuan - Cambricon Technologies: -5.40%, net outflow -1.703 billion yuan - Industrial Fulian: -2.02%, net outflow -1.021 billion yuan [3]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [5][8][11]. Core Insights - The company plans to raise 4.4 billion RMB to expand its packaging and testing capacity in storage, automotive, and high-performance computing sectors, which is expected to enhance its influence in the packaging and testing industry [8][11]. - The demand for packaging and testing services is strong, driven by the rapid growth of the AI industry and increased demand for storage and advanced packaging since the second half of 2025. Major competitors have raised prices, reflecting an overall improvement in industry conditions [8][11]. - The company is positioned to benefit significantly from the anticipated shortage of CPUs globally, as it is a core packaging and testing partner for AMD. Projected net profits for 2025-2027 are 1.28 billion RMB, 1.88 billion RMB, and 2.71 billion RMB, representing year-on-year growth rates of 89%, 47%, and 44% respectively [8][11]. Financial Projections - The company is expected to achieve net profits of 1.28 billion RMB, 1.88 billion RMB, and 2.71 billion RMB for the years 2025, 2026, and 2027, with corresponding earnings per share (EPS) of 0.84 RMB, 1.24 RMB, and 1.79 RMB [10][11]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 57, 39, and 27 respectively, indicating a favorable valuation compared to historical performance [10][11]. Market Performance - The company's stock price has shown significant growth, with a 34.8% increase over the past month and a 69.6% increase over the past year [1]. - The stock price as of January 19, 2026, was 48.19 RMB, with a target price set at 65.0 RMB, suggesting a strong potential for further appreciation [1][8].

Core Insights - The main focus of the news is on the significant inflow of capital into various stocks, highlighting the top 20 stocks with the highest capital inflow as of January 20, with specific amounts listed for each company [1][2][3] Group 1: Stock Performance - China Power Construction saw a capital inflow of 690 million yuan with a price increase of 6.85% [2] - Shanghai Electric experienced a capital inflow of 624 million yuan and a price increase of 8.22% [2] - Contemporary Amperex Technology reported a capital inflow of 509 million yuan with a modest price increase of 0.34% [2] - China Duty Free Group had a capital inflow of 460 million yuan and a price increase of 2.74% [2] - Sanzi Gaoke recorded a capital inflow of 441 million yuan with a price increase of 6.1% [2] Group 2: Industry Insights - The engineering sector, represented by China Power Construction, is showing strong investor interest with significant capital inflow [2] - The electric power industry, highlighted by Shanghai Electric, is also attracting substantial investments [2] - The battery industry, represented by Contemporary Amperex Technology, is experiencing steady capital inflow despite a small price increase [2] - The tourism and liquor sector, represented by China Duty Free Group, is seeing positive capital movement [2] - The automotive parts sector, represented by Sanzi Gaoke, is gaining traction with notable capital inflow [2]

Group 1: Company Overview - The report highlights that the company Lin Qingxuan has been deeply engaged in the oil-based skincare sector for many years, establishing itself as a pioneer in this field with significant growth potential driven by product expansion and channel development [1][2] - The main brand Lin Qingxuan, founded in 2003, initially focused on natural skincare products and later launched the Camellia Oil Essence in 2014, which has become a leading product in the oil-based skincare category [2][3] - The company has experienced remarkable growth, with revenue and net profit for the first half of 2025 reaching 1.05 billion and 180 million RMB, respectively, representing year-on-year increases of 98% and 110% [2] Group 2: Market Position and Growth Potential - The oil-based skincare market is expected to grow significantly, with a projected market size of 5.3 billion RMB in 2024, reflecting a year-on-year increase of 43% and a compound annual growth rate (CAGR) of 42% from 2019 to 2024 [2][3] - Lin Qingxuan holds a leading market share of 12.4% in the facial oil category, significantly ahead of other brands, thanks to its long-term market education and the popularity of its Camellia Oil Essence [2][3] Group 3: Sales Channels and Performance - The company's star product, the Camellia Oil Essence, has seen rapid sales growth, with revenue from this category increasing by 176% year-on-year in the first half of 2025, accounting for 46% of total revenue [3] - Online sales have surged, with a 137% year-on-year increase in online revenue, which now represents 65% of total sales, driven by the popularity of platforms like Douyin [3] - The company has expanded its offline presence, with over 554 stores as of the first half of 2025, indicating significant potential for further growth in physical retail [3]

Group 1 - The A-share market showed mixed performance on January 20, with the Shanghai Composite Index rising by 0.09%, driven by gains in real estate, building materials, and construction decoration sectors, while the comprehensive and communication sectors experienced declines [1] - The chip technology stocks performed strongly, with the chip ETF (159995.SZ) increasing by 1.16% as of 9:45 AM, and notable individual stock performances included Beijing Junzheng up by 6.08%, Longxin Zhongke up by 5.85%, and Lanke Technology up by 4.03% [1] Group 2 - The demand for AI chips and storage chips remains high, leading overseas storage manufacturers to allocate resources towards advanced packaging (such as HBM), which may tighten the testing capacity for standard storage chips [3] - Rising prices of raw materials such as gold, silver, and copper have significantly increased packaging costs, potentially leading to price hikes across the testing industry [3] - According to Open Source Securities, in a high-demand environment, testing companies may pass on cost pressures through price adjustments and improve profitability, while also optimizing product structures to focus on higher-margin businesses [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]