行 业 及 产 业 国防军工 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 A0230124030001 dasw@swsresearch.com 2026 年 01 月 13 日 商业航天催化持续，继续加大军工 行业关注度 看好 ——国防军工行业周报（2026 年第 2 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 13.63%，中证军工龙头指数上涨 15.29%，同期上证综指 上涨 3.82%，沪深 300 上涨 2.79%，创业板指上涨 3.89%，申万国防军工指数跑赢创 业板指、跑赢沪深 300、跑赢上证综指、跑输军工龙头指数。1、从细分板块来看，上 周国防军工板块 13.63%的涨幅在 31 个申万一级行业涨跌幅排名第 2 ...

Core Viewpoint - Recently, Wuxi Zhuxin Technology Co., Ltd. has been established, focusing on integrated circuit design and related services, indicating a growing interest in the semiconductor industry in China [1] Company Summary - Wuxi Zhuxin Technology Co., Ltd. is founded with Chen Hao as the legal representative [1] - The company's business scope includes integrated circuit design, integrated circuit chip design and services, sales of integrated circuit chips and products, computer system services, and software development [1] - The company is jointly held by Qingdao Zhancheng Technology Co., Ltd., a subsidiary of Saiwei Electronics (300456) [1]

Core Viewpoint - Saiwei Electronics announced that its controlling shareholder, Yang Yunchun, has had 11,843,479 shares frozen by the Qingdao Intermediate Court due to a financing lease contract dispute, which represents 6.61% of his holdings and 1.62% of the company's total share capital. The court has scheduled a hearing for January 27, and all parties have signed a framework agreement to settle the debt through a share transfer. The company stated that this situation does not affect its control or operations [1]. Group 1 - The controlling shareholder's shares frozen amount to 11,843,479, which is 6.61% of his total holdings [1] - The frozen shares correspond to 1.62% of the company's total share capital [1] - A court hearing is set for January 27 regarding the dispute [1] Group 2 - A framework agreement has been signed by all parties to resolve the debt through a share transfer [1] - The company asserts that the situation will not impact its control or operational capabilities [1]

关于股东部分股份被司法冻结的进展公告 公司控股股东、实际控制人、董事长杨云春先生保证向公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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、股东部分股份被司法冻结基本情况 证券代码：300456 证券简称：赛微电子 公告编号：2026-002 北京赛微电子股份有限公司 北京赛微电子股份有限公司（以下简称"公司"或"赛微电子"）于 2025 年 12 月 31 日接到控股股东、实际控制人、董事长杨云春先生书面通知，同日公 司通过中国证券登记结算有限责任公司深圳分公司系统查询，获悉其所持公司部 分股份被司法冻结，并于当日进行了信息披露。本次股份司法冻结（诉前保全） 事项发生后，经杨云春先生了解核实并通知，公司于 2026 年 1 月 5 日披露了进 展公告。 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于股东部分股份被司法冻结的公告》《关于股东部分股份被司法冻结的进展公告》。 二、股东部分股份被司法冻结进展情况 2026 年 1 月 6 日，公 ...

北京赛微电子股份有限公司 关于股东部分股份被司法冻结的进展公告 公司控股股东、实际控制人、董事长杨云春先生保证向公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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、股东部分股份被司法冻结基本情况 北京赛微电子股份有限公司（以下简称"公司"或"赛微电子"）于 2025 年 12 月 31 日接到控股股东、实际控制人、董事长杨云春先生书面通知，同日公 司通过中国证券登记结算有限责任公司深圳分公司系统查询，获悉其所持公司部 分股份被司法冻结，并于当日进行了信息披露。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于股东部分股份被司法冻结的公告》。 二、股东部分股份被司法冻结进展情况 证券代码：300456 证券简称：赛微电子 公告编号：2026-001 各方同意就融资租赁合同已到期租金和剩余未到期租金对应本金的支付及 杨云春先生所持部分赛微电子股份被司法冻结事项进行积极协商，制定合理的解 决方案，包括但不限于积极推进以杨云春先生转让其间接持有的融资 ...

Market Overview - The Shanghai Composite Index rose by 1.38% on January 5, with 26 out of 28 sectors experiencing gains, particularly in the media and pharmaceutical industries, which increased by 4.12% and 3.85% respectively [1] - The electronic sector ranked third in terms of growth, with a rise of 3.69% [1] Capital Flow - The net inflow of capital in the two markets reached 8.334 billion yuan, with 15 sectors seeing net inflows [1] - The electronic industry led the net capital inflow with 9.481 billion yuan, followed by the pharmaceutical sector with 4.379 billion yuan [1] Electronic Industry Performance - Within the electronic sector, 476 stocks were tracked, with 426 stocks rising and 11 hitting the daily limit [2] - The top three stocks by net capital inflow were: - Zhaoyi Innovation: 2.046 billion yuan - Shenghong Technology: 1.995 billion yuan - SMIC: 1.035 billion yuan [2] Electronic Industry Outflows - The electronic sector also had stocks with significant capital outflows, with the top three being: - Changying Precision: -0.806 billion yuan - Qianzhao Optoelectronics: -0.471 billion yuan - Saiwei Electronics: -0.332 billion yuan [3]

Core Viewpoint - Saiwei Electronics (300456.SZ) experienced a decline of 5.13%, trading at 53.09 yuan, with a total transaction volume of 4.5 billion yuan and a market capitalization of 38.87 billion yuan. The stock had previously surged by 10.47% on December 30, 2025, followed by a drop of 9.96% on December 31, 2025, resulting in an overall increase of 225.73% for the year 2025 [1]. Group 1 - The stock price of Saiwei Electronics fell by 5.13% to 53.09 yuan [1] - The total trading volume reached 4.5 billion yuan, with a market capitalization of 38.87 billion yuan [1] - The stock had a significant increase of 225.73% throughout the year 2025 [1] Group 2 - On December 30, 2025, company executives, including the general manager and vice presidents, collectively reduced their holdings by 151,900 shares, representing 0.021% of the total share capital [1] - The reduction in shareholding was completed as per the planned implementation [1]

Core Insights - The MEMS micro-nano manufacturing components industry is experiencing rapid growth due to increased penetration in consumer electronics, automotive electronics, industrial automation, and healthcare sectors, with the global market expected to reach 7.3 billion yuan by 2025 and 7.7 billion yuan by 2026 [1][5][10] Industry Definition and Classification - MEMS (Micro-Electro-Mechanical Systems) combines electronic and mechanical technologies to create devices at micro or nano scales, enabling smart and integrated systems [2][3] - Key components include sensors, acoustic modules, optical modules, pressure sensors, and inertial sensors, characterized by miniaturization, integration, and mass production [3][4] Current Industry Status - The MEMS micro-nano manufacturing components market is expanding, driven by technological advancements and increasing demand for miniaturized and intelligent devices [4][5] - The largest segment within this market is sensors, followed by acoustic modules, with significant growth projected in various subcategories [5] Industry Chain - The upstream of the MEMS industry includes high-grade metals, silicon-based materials, polymers, and precision equipment, with high technical barriers and reliance on imports for some high-end materials [6] - The midstream focuses on the production of MEMS components, characterized by high technology barriers and added value [6] - The downstream applications span aerospace, automotive, biomedical, and consumer electronics sectors [6] Competitive Landscape - The MEMS micro-nano manufacturing components market in China is primarily dominated by foreign companies, with domestic firms accelerating their efforts to replace imports and enhance core technologies [7] - Key players include AAC Technologies, Huazhong University of Science and Technology, Goertek, and others, with ongoing advancements in various segments [7][8] Development Trends - The MEMS industry is evolving towards micro-nano precision manufacturing of integrated functional components, emphasizing miniaturization, integration, and mass production [9][10] - Future growth is anticipated as technological advancements lower production costs and expand applications across various sectors, including IoT, consumer electronics, and automotive industries [10]

证券代码：300456 证券简称：赛微电子 公告编号：2025-113 北京赛微电子股份有限公司 关于股东部分股份被司法冻结的公告 公司控股股东、实际控制人、董事长杨云春先生保证向公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 北京赛微电子股份有限公司（以下简称"公司"）于2025年12月31日接到控 股股东、实际控制人、董事长杨云春先生书面通知，同日公司通过中国证券登记 结算有限责任公司深圳分公司系统查询，获悉其所持公司部分股份被司法冻结， 现将有关事项公告如下： 一、股份被冻结基本情况 股东名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次冻结股 份数量 （股） 占其所持 股份比例 占公司总 股本比例 是否为 限售股 起始日 到期日 冻结执行人 冻结 原因 杨云春 是 11,843,479 6.61% 1.62% 否 2025-12-292028-12-28 山东省青岛 市中级人民 法院 司法 冻结 1、本次股份被冻结的基本情况 2、股东股份累计被冻结情况 截至本公告披露 ...

证券代码：300456 证券简称：赛微电子 公告编号：2025-112 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、交易概述 北京赛微电子股份有限公司（以下简称"公司"）于2025年11月18日召开的 第五届董事会第二十三次会议审议通过了《关于拟购买北京芯东来半导体科技有 限公司部分股权暨关联交易的议案》，同意公司（或公司控股子公司）以不超过 6,000万元交易总价款购买北京芯东来半导体科技有限公司（以下简称"芯东来"、 "标的公司"）部分股权（以下简称"本次交易"）。本次交易价格以芯东来2025 年5月融资投后估值5.00亿元为参考，并结合实际经营、资产、所在行业估值及 未来发展、合作情况，经各方初步协商确定,本次交易芯东来估值预计不超过5.20 亿元，交易初步方案为公司（或公司控股子公司）拟购买芯东来原股东海南依迈 科技有限公司（以下简称"海南依迈"）、北京北工怀微传感科技股权投资基金 （有限合伙）（以下简称"智能传感产业基金"）、湖州南浔浔元股权投资合伙 企业（有限合伙）（以下简称"浔元投资"）、海创智能装备（烟台）有限公司 （以下简称"海创智能 ...