李睿累计任职时间338天，现任基金资产总规模1807.13万元，任职期间最佳基金回报52.26%， 任职期 间最差基金回报7.12%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，尚正基金旗下1只基金重仓圣邦股份。尚正研究睿选混合发起A（023397）三季度增持4200 股，持有股数1.46万股，占基金净值比例为6.73%，位居第九大重仓股。根据测算，今日浮盈赚取约5.3 万元。 1月21日，圣邦股份涨5.05%，截至发稿，报75.56元/股，成交20.43亿元，换手率4.65%，总市值467.00 亿元。 尚正研究睿选混合发起A（023397）基金经理为张志梅、李睿。 资料显示，圣邦微电子(北京)股份有限公司位于北京市海淀区西三环北路87号11层4-1106,香港铜锣湾希 慎道33号利园1期19楼1910室，成立日期2007年1月26日，上市日期2017年6月6日，公司主营业务涉及高 性能、高品质模拟集成电路研究、开发与销售。主营业务 ...

证券时报·数据宝统计，截至今日上午收盘，上证综指4120.10点，收于年线之上，涨跌幅为0.16%，A股 总成交额为16458.27亿元。到目前为止，今日有61只A股价格突破了年线，其中乖离率较大的个股有华 维设计、华岭股份、汇隆活塞等，乖离率分别为24.42%、5.51%、4.81%；拱东医疗、重庆燃气、辰奕 智能等个股乖离率较小，刚刚站上年线。 1月21日突破年线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 920427 | 华维设 计 | 29.96 | 26.39 | 14.64 | 18.22 | 24.42 | | 920139 | 华岭股 份 | 12.70 | 9.21 | 24.90 | 26.27 | 5.51 | | 920455 | 汇隆活 塞 | 18.06 | 13.30 | 9.86 | 10.33 | 4.81 | | 002194 | 武汉凡 ...

证券日报网讯 1月16日，圣邦股份在互动平台回答投资者提问时表示，公司始终遵守《深圳证券交易所 创业板股票上市规则》及相关法律法规规定的信息披露标准，严格履行信息披露相关义务。对于达到披 露标准的事项，公司均已及时、合规发布公告。未来公司将继续遵守相关法律法规及管理规则，及时依 法依规进行信息披露。具体信息请关注公司定期报告和公告。 （编辑 楚丽君） ...

Investment Strategy - The report emphasizes focusing on FAB and storage manufacturers that are expanding production and the recovery cycle of analog chips [3] - Longxin plans to raise 29.5 billion yuan, while SMIC Southern will receive a total cash contribution of 7.778 billion USD from shareholders [3] - Recommended companies include SMIC, Hua Hong Semiconductor, Zhongwei Company, and others [3] Market Trends - Microchip CEO noted a broad recovery in multiple end markets, with initial orders for the new quarter significantly better than the same period last year [3] - The storage demand is driven by AI, with prices still in an upward cycle; TrendForce predicts a 55-60% increase in general DRAM contract prices for Q1 2026 [3][30] Company Performance - The semiconductor index rose by 4.47% in December 2025, underperforming the electronics sector by 0.69 percentage points but outperforming the CSI 300 index by 2.19 percentage points [8] - Notable stock performances included Micron Technology (+20.74%) and Microchip Technology (+18.92%) [10] Semiconductor Sales Data - Global semiconductor sales reached 75.28 billion USD in November 2025, marking a year-on-year increase of 29.8% [26] - China’s semiconductor sales accounted for 26.9% of the global total, with a year-on-year growth of 15% [36] Price Trends in Storage - DRAM and NAND Flash contract prices increased in November, with DRAM prices rising from 7.00 USD to 8.10 USD and NAND Flash prices from 5.19 USD to 4.35 USD [30] - Predictions indicate a 55-60% increase in general DRAM contract prices and a 33-38% increase in NAND Flash prices for Q1 2026 [30][32]

Core Viewpoint - The article emphasizes the investment strategy in the semiconductor industry, focusing on the expansion of FAB and storage manufacturers, as well as the recovery cycle of analog chips [3][5]. Group 1: Market Performance - In December 2025, the SW semiconductor index rose by 4.47%, underperforming the electronic industry by 0.69 percentage points but outperforming the CSI 300 index by 2.19 percentage points [3][5]. - The SW semiconductor index's PE (TTM) was 100.50x as of December 31, 2025, placing it at the 80.92 percentile since 2019 [3][17]. - The semiconductor sub-industries with the highest growth included semiconductor equipment (+9.08%), semiconductor materials (+8.49%), discrete devices (+5.56%), and analog chip design (+5.13%) [3][5]. Group 2: Fund Holdings and Investment Strategy - In Q3 2025, the proportion of semiconductor heavy holdings in active funds was 12.56%, an increase of 2.5 percentage points from the previous quarter [6][22]. - The top twenty heavy holdings in active funds saw the addition of Huahong Semiconductor and Yuanjie Technology, replacing OmniVision and Naxin Micro [6][26]. - The article suggests focusing on companies in the expansion phase, such as SMIC, Huahong Semiconductor, and others, as well as analog chip companies like Shengbang Technology and Jiewa Technology during the recovery phase [9][10]. Group 3: Global Semiconductor Sales and Pricing Trends - Global semiconductor sales in November 2025 reached $75.28 billion, marking a year-on-year increase of 29.8% and a quarter-on-quarter increase of 3.5% [7][28]. - The prices of DRAM and NAND Flash contracts continued to rise, with predictions of a 55-60% increase in DRAM contract prices in Q1 2026 [30][32]. - The article highlights that the demand for storage is driven by AI, with prices still in an upward cycle [9][30]. Group 4: Company Performance and Forecasts - The article provides forecasts for key companies, indicating that Huahong Semiconductor is expected to have a net profit of 0.90 billion yuan in 2025, with a PE ratio of 226 [11]. - The production capacity utilization rates for SMIC and Huahong Semiconductor were reported at 95.8% and 109.5%, respectively, indicating strong operational performance [35][37]. - The semiconductor industry is experiencing a significant recovery, with various companies expected to benefit from the ongoing expansion and demand for chips [9][10].

Core Viewpoint - The signal chain analog chip market in China is rapidly developing, with significant growth potential driven by domestic technological advancements, funding, and policy support, despite the dominance of international companies [1][6]. Industry Overview - Signal chain analog chips are crucial for processing various analog signals in the digital world, acting as a bridge between the physical and digital realms [2]. - The industry encompasses a wide range of products, including amplifiers, comparators, ADCs, DACs, and various interface products [3]. Industry Chain - The upstream of the signal chain analog chip industry includes semiconductor materials, wafer manufacturing, and semiconductor equipment, while the midstream focuses on production, and the downstream includes applications in communication, automotive electronics, industrial, consumer electronics, and medical devices [5]. Current Industry Status - The global market for signal chain analog chips has shown consistent growth from 2016 to 2022, with a contraction in 2023 due to the semiconductor industry's downturn, but is expected to recover in 2024, reaching a market size of $11 billion, a 4.8% increase year-on-year [6]. Competitive Landscape - The global market is dominated by major international players like Texas Instruments and Analog Devices, while domestic companies in China, such as SiRuPu and XinHai Technology, are emerging but still face challenges in technology and market share compared to their international counterparts [6]. Industry Development Trends - The industry is moving towards miniaturization, low power consumption, and high performance, driven by advancements in AI, electric vehicles, and industrial automation [9]. - The domestic replacement process is accelerating, particularly in high-end sectors, as the Chinese government investigates anti-dumping measures against imported analog chips [10][11]. - Demand for signal chain analog chips is expected to grow steadily due to the proliferation of consumer electronics and the increasing electronicization of vehicles, especially with the rise of autonomous driving technologies [12].

证券日报网讯 1月7日，圣邦股份在互动平台回答投资者提问时表示，公司专注于模拟集成电路的研发 与销售，拥有较为全面的模拟（含模拟信号和混合信号）集成电路产品矩阵，全面覆盖信号链和电源管 理两大领域及传感器和存储器等，目前拥有38大类6600余款产品，广泛应用在工业与能源、汽车、网络 与计算和消费电子等领域。公司持续关注新技术演进方向，密切跟踪新兴应用所带来的机会和发展，针 对市场趋势及客户需求进行技术创新和产品研发，致力于为目标市场客户提供具有竞争力的产品和方 案。目前公司各品类产品在AI端侧有越来越广泛的应用。未来公司将持续加大研发投入，积累核心技 术，坚持自主创新，把握市场机会，持续稳步提升长期竞争力。 （文章来源：证券日报） ...

（原标题：圣邦股份新设微电子公司，含集成电路芯片业务） 企查查APP显示，近日，成都圣邦微电子有限公司成立，注册资本3000万元，经营范围包含：集成电路 制造；集成电路芯片及产品制造；集成电路设计；集成电路芯片设计及服务；集成电路销售；集成电路 芯片及产品销售等。企查查股权穿透显示，该公司由圣邦股份（300661）全资持股。 ...

Core Insights - The Chinese integrated circuit industry has evolved from a technology exploration phase to a stage of partial leadership in emerging fields such as third-generation semiconductors and AI chips [1] Group 1: Industry Overview - Major listed companies in the Chinese integrated circuit industry include companies like Chipone (688521.SH), Cambricon (688256.SH), and SMIC (688981.SH/00981.HK) [1] - The development of integrated circuit technology in China has gone through three main phases: foundational exploration (1950s-1978), technology introduction (1978-2000), and independent breakthroughs (2000-2020) [1] Group 2: Core Production Technologies - The integrated circuit technology system focuses on three core areas: design, manufacturing, and packaging/testing [4] - Key design aspects include EDA tools, chip architecture (RISC-V/ARM), and semiconductor IP [4] - Manufacturing focuses on wafer processes (including EUV lithography) and advanced process nodes (such as 7nm and 5nm) [4] - Packaging/testing emphasizes advanced techniques like Chiplet and 3D stacking [4] Group 3: Current Production Status - Chinese companies lead in production volume but lack sufficient autonomy in technology [7] - The design sector has achieved some autonomy in mature process tools and IP, but high-end EDA and core IP still rely on imports [7] - Manufacturing has sufficient capacity for mature processes but faces limitations in advanced processes due to equipment restrictions [7] - The packaging/testing sector is a strength, with leading companies holding significant global market shares [7] Group 4: Market Segmentation - The low-end market (45nm and above) has a self-sufficiency rate exceeding 75%, with companies like Hua Hong Semiconductor leading [10] - The mid-range market (14-28nm) has a domestic production rate of about 35%, with breakthroughs in memory chips [10] - The high-end market (7nm and below) has a self-sufficiency rate of less than 20%, heavily relying on overseas foundries [10] Group 5: Challenges and Future Outlook - The Chinese integrated circuit industry faces challenges such as low domestic production of high-end technologies, risks to industrial security, and the need for improved product quality [13] - Future strategies include focusing on technological breakthroughs, collaborative ecosystem development, and enhancing talent cultivation to support high-quality industry growth [13]

人民财讯1月7日电，企查查APP显示，近日，成都圣邦微电子有限公司成立，注册资本3000万元，经营 范围包含集成电路制造；集成电路芯片及产品制造；集成电路设计；集成电路芯片设计及服务；集成电 路销售；集成电路芯片及产品销售等。企查查股权穿透显示，该公司由圣邦股份（300661）全资持股。 ...