行业研究丨深度报告丨零售业 [Table_Title] 纵览跨境之三：鉴往知来，再看跨境当下投资机 会 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 跨境电商是一种在海外电商实现终端销售的出口模式，上游方面需提前备货至海外仓，中游运 输层面，涉及清关、干线运输、尾程配送，整体相比传统消费品、以及出口 FOB 模式下环节 多、链条更长，当外部贸易环境出现扰动时，普遍行业盈利能力波动大，根据测算，2024、 2025Q1-Q3 五家样本跨境电商企业收入同比增长 26%、15%，扣非净利润同比下降 46%、增 长 1%，近两年行业盈利能力阶段性承压，本文将对行业进行深度复盘，归因历史行业的波动， 分析当前行业所处的经营周期。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 跨境电商是一种在海外电商实现 ...

圣邦微电子（北京）股份有限公司 关于公司控股股东的一致行动人股份减持计划实施完毕的公告 公司控股股东的一致行动人之一、公司董事林林先生保证向本公司提供 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。 证券代码：300661 证券简称：圣邦股份 公告编号：2026-001 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 圣邦微电子（北京）股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日披露了《关于公司控股股东的一致行动人股份减持计划的预披露公告》 （公告编号：2025-101）（以下简称"减持计划公告"）。公司控股股东的一 致行动人之一、董事林林先生计划通过大宗交易、集中竞价交易方式减持公司 股份。减持期间为减持计划公告之日起 15 个交易日后的 3 个月内（即 2025 年 11 月 10 日-2026 年 2 月 9 日）。预计减持数量不超过 7,887,125 股，即不超过 减持计划公告披露时公司总股本的 1.28%（若减持期间公司有送股、资本公积 金转增股本等股份变动事项，减持股份数量进行相应调整）。 截至本公告披露日，本次减持计划已实施完毕， ...

Group 1 - The core viewpoint of the article is that Shengbang Co., Ltd. will disclose the number of shareholders in its periodic reports, with the current number of shareholders reported as 110,773 as of September 30, 2025 [2]

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 ...

Market Overview - The Shanghai Composite Index closed at 4120.10 points, above the annual line, with a change of 0.16% [1] - The total trading volume of A-shares reached 1,645.83 billion yuan [1] Stocks Above Annual Line - A total of 61 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Huawi Design (华维设计) with a deviation rate of 24.42% - Hualing Co. (华岭股份) at 5.51% - Huilong Piston (汇隆活塞) at 4.81% [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that have crossed the annual line: - Huawi Design (华维设计): Today's change of 29.96%, turnover rate of 26.39%, annual line at 14.64 yuan, latest price at 18.22 yuan [1] - Hualing Co. (华岭股份): Today's change of 12.70%, turnover rate of 9.21%, annual line at 24.90 yuan, latest price at 26.27 yuan [1] - Huilong Piston (汇隆活塞): Today's change of 18.06%, turnover rate of 13.30%, annual line at 9.86 yuan, latest price at 10.33 yuan [1] - Other notable stocks include: - Wuhan Fangu (武汉凡谷) with a deviation rate of 4.17% - Meirui New Materials (美瑞新材) with a deviation rate of 3.81% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Gongdong Medical (拱东医疗) and Chongqing Gas (重庆燃气) [1] - The performance of these stocks indicates a cautious upward trend in the market [1]

Group 1 - The company, Shengbang Co., stated that it adheres to the information disclosure standards set by the Shenzhen Stock Exchange and relevant laws and regulations [1] - The company has timely and compliant announcements for matters that meet disclosure standards [1] - The company will continue to comply with relevant laws and regulations for information disclosure in the future [1]

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） ...