| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603075 | 热威股份 | 24.15 | -5.81% | 11.34万 | 2.71亿 | | 920768 | 拾比值 | 13.65 | -3.05% | 7.17万 | 1.01亿 | | 002418 | 康盛股份 | 4.81 | -2.43% | 56.08万 | 2.67亿 | | 601956 | 东贝集团 | 7.39 | -1.60% | 1 11.70万 | 8578.65万 | | 920124 | 南特科技 | 19.06 | -1.24% | 3.67万 | 6981.24万 | | 920108 | 宏海科技 | 14.61 | -1.08% | 2.15万 | 3146.34万 | | 603657 | 春光科技 | 29.59 | -1.07% | 2.22万 | 6519.52万 | | 920718 | 合肥高科 | 15.98 | -0.99% | 8483.37 | 1350.85万 | | 002 ...

Macro Research - The report highlights a "double hit" moment for US dollar assets due to Trump's comments on Greenland and tariff threats, alongside the early dissolution of the Japanese House of Representatives leading to a sell-off in Japanese bonds [3][4][22] - The US dollar's credit breakdown is re-emerging, with significant impacts on US stocks, bonds, and currencies, resulting in a strong performance of safe-haven assets like gold and silver, while cryptocurrencies face pressure [3][4][22] Strategy Research - In Q4 2025, active funds significantly reduced their holdings in A-shares and Hong Kong stocks, with a focus on increasing allocations to cyclical and financial value stocks, while reducing exposure to technology and healthcare sectors [7][26] - The report indicates a clear rotation in fund styles, with a notable shift towards large-cap cyclical and financial stocks, while growth and consumer sectors saw reductions in allocations [26][27] Fixed Income Research - The appreciation of the RMB and increased foreign exchange settlements may tighten interbank liquidity, depending on whether the central bank will actively increase the supply of base currency [11][14] Industry Research: Photovoltaic Equipment - The report anticipates a new cycle for the photovoltaic equipment industry driven by SpaceX and Tesla's plans to deploy a combined 200GW of solar capacity, with key equipment manufacturers expected to benefit [15][16] - The demand for solar expansion is expected to rise due to the increasing need for low-orbit satellites and the commercialization of space computing, which will drive the demand for core equipment [15][16] Fund Allocation Insights - The report notes a significant increase in allocations to cyclical and financial sectors, particularly in upstream industries like metals and chemicals, driven by improved supply-demand dynamics and geopolitical tensions [27][28] - The technology sector shows a marked divergence, with communication equipment receiving substantial increases due to AI infrastructure investments, while many tech segments faced reductions [27][28]

本周观点 投资建议 相关标的： CPU：海光信息、中科曙光、禾盛新材、中国长城、龙芯中科、兴森科技、深南电路、宏和科技。 国内算力：海光信息、寒武纪、东阳光、协创数据、华丰科技、星环科技、神州数码、百度集团、大位科技、润 建股份、中芯国际、华虹半导体、中科曙光、禾盛新材、润泽科技、浪潮信息、东山精密、亿田智能、奥飞数据、 云赛智联、瑞晟智能、科华数据、潍柴重机、金山云、欧陆通、杰创智能。 海外算力/存储：中际旭创、新易盛、兆易创新、大普微、中微公司、天孚通信、源杰科技、胜宏科技、景旺电子、 英维克等；闪迪、铠侠、美光、SK 海力士、中微公司、北方华创、拓荆科技、长川科技。 风险提示 行业竞争加剧的风险；技术研发进度不及预期的风险；特定行业下游资本开支周期性波动的风险。 敬请参阅最后一页特别声明 1 Agent 驱动的强化学习(RL)时代，CPU 可能比 GPU 更早成为瓶颈。与传统单任务 RL 不同，现代 Agent 系统需 要同时运行成百上千个独立环境实例，"环境并行化"让 CPU 成为事实上的第一块短板。主要源于三大核心逻辑： 1）Multi-Agent 带来 OS 调度压力， Agent 的"推理-执行 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 71.53 CNY [5][12]. Core Insights - The company is optimistic about its long-term growth potential, particularly following the launch of the third-generation high-performance CPU+NPU hybrid chip by its strategic investment, Yizhi Electronics. This product directly competes with NVIDIA's Grace series [2][12]. - The company anticipates significant revenue growth, with projected earnings per share (EPS) of 0.83 CNY, 1.19 CNY, and 1.68 CNY for the years 2025 to 2027, respectively [12][13]. - The strategic investment in Yizhi Electronics is expected to reshape the company's valuation, with a projected market capitalization of 177.48 billion CNY based on a 60x PE ratio for 2026 [12][17]. Financial Summary - Total revenue is projected to grow from 2,340 million CNY in 2023 to 4,087 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16% [4][13]. - Net profit attributable to the parent company is expected to increase significantly from 83 million CNY in 2023 to 417 million CNY in 2027, with a notable growth rate of 111.2% in 2025 [4][13]. - The company's return on equity (ROE) is projected to rise from 11.7% in 2023 to 24.2% in 2027, indicating improved profitability [4][13]. Market Data - The company's stock has a 52-week price range of 15.76 CNY to 64.13 CNY, with a current price of 59.60 CNY [6][12]. - The total market capitalization is approximately 14,787 million CNY, with a total share count of 248 million [6][12]. Business Development - The launch of the TF9000 AI CPU series marks a significant advancement in the company's product offerings, with performance improvements of 30% and cost reductions of 30% compared to previous models [17][21]. - The company is actively building an ecosystem around its AI solutions, collaborating with multiple partners to create integrated solutions in sectors such as smart healthcare and intelligent manufacturing [18][21].

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300342 | 天银机电 | 61.27 | 9.22% | 102.07万 | | 61.26亿 | | 002860 | 星帅尔 | 14.92 | 7.88% | 44.34万 | | 6.51亿 | | 603578 | 三星新材 | 13.62 | 4.61% | 8.36万 | | 1.13亿 | | 300217 | 东方电热 | 5.81 | 4.31% | 1 98.41万 | | 5.65亿 | | 920108 | 宏海科技 | 14.46 | 2.84% | 2.54万 | | 3628.96万 | | 300160 | 秀强股份 | 6.04 | 2.72% | 30.93万 | | 1.86亿 | | 301008 | 宏昌科技 | 38.25 | 2.63% | 6.06万 | | 2.31亿 | | 603075 | 热威股份 | 25.19 | 2.32% | 2.32万 | | 5776.18万 ...

禾盛新材（002290.SZ）2025 年度业绩预告点评 净利润快速增长，看好 26 年 AI 侧业绩持续放量 glmszqdatemark | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 64.02 元 | [Table_Author] 分析师 张宁 | | 执业证书： S0590523120003 | | --- | --- | | 邮箱： | zhangnyj@glms.com.cn | | 分析师 | 谢致远 | | | 执业证书： S0590525110073 | | 邮箱： | xiezhiyuan@glms.com.cn | 相对走势 -10% 97% 203% 310% 2025/1 2025/7 2026/1 禾盛新材 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,526 | 2,6 ...

Group 1 - Northeast Securities expects a net profit of 1.477 billion yuan in 2025, a year-on-year increase of 69.06% [1] - Gansu Energy anticipates a net profit of 1.95 billion to 2.1 billion yuan in 2025, representing a year-on-year growth of 18.6% to 27.72% [2] - Ningbo Bank reports a projected net profit of 29.333 billion yuan in 2025, with an 8.13% year-on-year increase [3] Group 2 - Qianyuan Power forecasts a net profit of 567 million to 633 million yuan in 2025, indicating a year-on-year growth of 160% to 190% [5] - Batian Co. expects a net profit of 890 million to 980 million yuan in 2025, reflecting a year-on-year increase of 117.53% to 139.53% [6] - Tongfu Microelectronics anticipates a net profit of 1.1 billion to 1.35 billion yuan in 2025, with a year-on-year growth of 62.34% to 99.24% [7] Group 3 - Zhongyuan Nepe expects a net profit of 368 million to 428 million yuan in 2025, representing a year-on-year increase of 80.47% to 109.9% [8] - Huajin Co. predicts a net loss of 1.6 billion to 1.9 billion yuan in 2025, compared to a loss of 2.795 billion yuan in the previous year [9] - Xinghua Co. anticipates a net loss of 420 million to 560 million yuan in 2025, up from a loss of 380 million yuan in the previous year [4] Group 4 - Huayuan Holdings expects a net profit of 107 million to 118 million yuan in 2025, a year-on-year increase of 50.98% to 66.82% [12] - Taishan Petroleum forecasts a net profit of 130 million to 165 million yuan in 2025, indicating a year-on-year growth of 30.88% to 66.11% [13] - Jiuqi Software anticipates a net profit of 40 million to 60 million yuan in 2025, recovering from a loss of 156 million yuan in the previous year [21] Group 5 - Jin Fang Energy expects a net profit of 109 million to 143 million yuan in 2025, reflecting a year-on-year increase of 123.97% to 193.7% [16] - He Sheng New Materials anticipates a net profit of 152 million to 171 million yuan in 2025, representing a year-on-year growth of 55% to 75% [24] - Yuedong Microelectronics predicts a net loss of 340 million to 425 million yuan in 2025 [14] Group 6 - Aibo Medical plans to acquire at least 51% of Demai Medical, with an estimated valuation of the target company not exceeding 1 billion yuan [26] - Zhaoshang Shipping intends to build four 3000TEU container ships with a total investment of no more than 1.324 billion yuan [18] - Zhongtung High-tech's subsidiary has confirmed an increase in mineral resources, adding significant quantities of tungsten and other metals [27]

| 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 | 盈利: 15,176.02 万元至 17,134.22 万元 | 盈利:9,790.98 万元 | | 东的净利润 | 比上年同期上升:55.00%~75.00% | | | 归属于上市公司股 东的扣除非经常性 | 盈利: 15,169.02 万元至 17,127.22 万元 | 盈利:9.926.08 万元 | | 损益的净利润 | 比上年同期上升:52.82%~72.55% | | | 基本每股收益 | 盈利:0.61 元/股~0.69元/股 | 盈利:0.39元/股 | 1月20日，禾盛新材(002290.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润1.52亿 元至1.71亿元，同比增长55%至75%;归属于上市公司股东的扣除非经常性损益的净利润1.52亿元至1.17 亿元，同比增长52.82%至72.55%。 公告称，2025年度公司预计归属上市公司股东净利润上升的原因为：公司加强供应链管理，带动公司产 品毛利率较上年同期增长。 ...

资金面上看，禾盛新材近5日主力资金总体呈净流出状态，累计净流出7496.30万元，其中，上一交易日 主力资金全天净流入1802.48万元。（数据宝）注：本文系新闻报道，不构成投资建议，股市有风险， 投资需谨慎。 禾盛新材股价出现异动，截至今日9时37分，股价大涨7.82%，成交292.51万股，成交金额1.78亿元，换 手率为1.18%，公司发布的最新业绩预告显示，预计2025年实现净利润1.52亿元—1.71亿元，净利润同 比增长55.00%—75.00%。 证券时报•数据宝统计显示，今日公布2025年业绩预告公司中，截至发稿股价较为强势的有中熔电气、 誉衡药业、芯碁微装等，股价分别上涨20.00%、10.03%、9.47%，股价跌幅较大的有粤桂股份、中孚实 业等，分别下跌9.06%、6.31%。 （原标题：2025年净利润预计增长55.00%—75.00% 禾盛新材大涨7.82%） ...