**Acknowledgement** **The authors thank the anonymous referee for the help and comments on the manuscript.** 证券研究报告 | 2025年12月26日 乘势而起：市场新高趋势追踪：截至 2025 年 12 月 26 日，上证指数、深 证成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 1.63%、0.89%、1.91%、1.19%、0.56%、 0.05%、2.42%、12.56%。中信一级行业指数中国防军工、有色金属、建 材、机械、轻工制造行业指数距离 250 日新高较近，食品饮料、银行、 医药、综合金融、房地产行业指数距离 250 日新高较远。概念指数中， 林木、航天军工、万得风电、十大军工集团、HJT 电池、金属非金属、 黄金等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 12 月 26 日，共 726 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 ...

Investment Rating - The report gives an "Outperform the Market" rating for the company [5][40]. Core Insights - The company is a leader in touch display modules and is positioned to benefit from the growth in automotive electronics and the adoption of new technologies such as foldable screens [3][32]. - The company has a strong market presence, being the largest manufacturer of ITO conductive glass globally and holding a 50% market share in TFT LCD substrate thinning [1][7]. - The automotive electronics segment is highlighted as a key growth area, with the company providing integrated touch display modules for over 70% of global vehicle brands [2][32]. Summary by Sections Company Overview - Founded in 2000 and listed on the Shenzhen Stock Exchange in 2010, the company specializes in the research, production, and sales of key components for flat panel displays, including ITO conductive glass and touch sensors [1][7]. - The company has established itself as a significant player in the automotive touch display market, with a comprehensive product range that includes 3D curved automotive cover plates and display modules [2][3]. Financial Projections - The company is expected to achieve revenues of 88.89 billion, 110.58 billion, and 119.43 billion CNY for the years 2023, 2024, and 2025 respectively, with year-on-year growth rates of 27.2%, 24.4%, and 8.0% [4][35]. - Net profit projections for 2025, 2026, and 2027 are 3.92 billion, 5.17 billion, and 7.12 billion CNY, reflecting growth rates of 10.0%, 31.8%, and 37.6% [3][35]. Valuation - The report estimates a reasonable valuation range for the company's stock between 6.95 and 7.37 CNY, indicating a potential upside of 17.42% to 24.54% from the current price of 6.07 CNY [5][40]. - The valuation is based on a relative valuation method, comparing the company to similar firms in the industry [38][40]. Market Position and Competitive Advantage - The company is the only supplier in mainland China certified for thinning business by a major North American client, which enhances its competitive edge [1][2]. - The company has a robust client base, including major brands like Huawei, OPPO, and VIVO, which positions it well for future growth in high-end markets [1][2].

Investment Rating - The investment rating for the cleanroom engineering sector is "Outperform the Market" (maintained) [2][3]. Core Insights - The cleanroom engineering sector is becoming a key focus in AI infrastructure as capital expenditures shift towards engineering investments, with cleanroom projects representing a significant portion of this trend [5][6]. - Major companies in the cleanroom sector, such as Yaxiang Integration and Shenghui Integration, are positioned to benefit from the increasing demand for cleanroom construction driven by the urgent expansion needs of leading firms like Micron [5][28]. - The cleanroom engineering segment is critical for the AI computing industry, accounting for approximately 60% of engineering investments related to chip production [16][18]. Summary by Sections Market Performance - From December to the present, major cleanroom sector stocks have seen significant increases, with Yaxiang Integration rising by 74%, Shenghui Integration by 60%, and Meiyai Technology by 52% [4]. Industry Dynamics - The cleanroom engineering industry is experiencing explosive growth in demand due to the global AI capacity expansion, which is currently constrained by limited construction capabilities [22][23]. - The complexity and customization of cleanroom projects create high entry barriers, resulting in strong customer loyalty and long-term relationships between clients and engineering service providers [25][27]. Future Outlook - As AI infrastructure transitions from procurement to construction, the proportion of capital expenditure directed towards engineering will significantly increase, making cleanroom engineering a central component of this evolution [6][28]. - The cleanroom engineering market is expected to continue its upward trajectory, driven by the urgent needs of major clients and the limited supply of qualified engineering resources [23][28].

Investment Rating - The investment rating for the cleanroom engineering industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The cleanroom engineering sector is becoming a key focus in AI infrastructure as capital expenditures shift towards engineering investments, with cleanroom projects representing a significant portion of this trend [5][6]. - Major players in the cleanroom sector, such as Yaxiang Integration and Shenghui Integration, are positioned to benefit from the urgent expansion needs of leading companies like Micron, which are willing to pay a premium for expedited construction [5][28]. - The cleanroom engineering segment is critical for the AI computing supply chain, accounting for approximately 60% of engineering investments related to chip production [16][18]. Summary by Sections Market Performance - From December to the present, key cleanroom stocks have seen significant price increases, with Yaxiang Integration rising by 74%, Shenghui Integration by 60%, and Meiyai Technology by 52% [4]. Industry Dynamics - The transition from procurement to construction in AI infrastructure is leading to structural changes in capital expenditures, with a notable increase in engineering investment proportions [5][6]. - The cleanroom construction capacity is currently a bottleneck for global AI production expansion, driven by surging demand and limited supply of qualified engineers [22][23]. Client Relationships - High customer loyalty creates significant entry barriers in the cleanroom engineering industry, as clients are sensitive to quality and timelines, leading to strong binding relationships with a few trusted suppliers [25][27]. Investment Recommendations - The report recommends investing in Shenghui Integration and Yaxiang Integration, as they are uniquely positioned to leverage their parent companies' resources and technology in overseas markets [28].

证券研究报告 | 2025年12月26日 | 晨会纪要 | | --- | 行业与公司 | 数据日期:2025-12-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3959.62 | 13531.41 | 4642.53 | 14517.25 | 3938.41 | 1349.05 | | 涨跌幅度（%） | 0.47 | 0.33 | 0.18 | 0.70 | 0.69 | -0.22 | | 成交金额（亿元） | 7850.18 | 11395.04 | 3853.56 | 4151.46 | 5262.93 | 448.28 | 【常规内容】 中国神华(601088.SH) 公司快评:千亿规模收购助力未来发展，龙头行稳 致远 中国海油(600938.SH) 公司快评:渤海海域获得亿吨级油田发现，国内油 气持续上产 金融工程 金融工程周报:股指分红点位监控周报-股指期货主力合约贴水幅度收窄 金融工程日报:沪指震荡攀升录得六连阳，商业 ...

| 数据日期:2025-12-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3959.62 | 13531.41 | 4642.53 | 14517.25 | 3938.41 | 1349.05 | | 涨跌幅度（%） | 0.47 | 0.33 | 0.18 | 0.70 | 0.69 | -0.22 | | 成交金额（亿元） | 7850.18 | 11395.04 | 3853.56 | 4151.46 | 5262.93 | 448.28 | 【常规内容】 行业与公司 医药生物行业 2025 年 12 月投资策略：推荐关注 CXO 板块 证券研究报告 | 2025年12月26日 | 晨会纪要 | | --- | 中国神华(601088.SH) 公司快评:千亿规模收购助力未来发展，龙头行稳 致远 中国海油(600938.SH) 公司快评:渤海海域获得亿吨级油田发现，国内油 气持续上产 金融工程 金融工程周报:股指分红点位监控周报-股 ...

事项： 事件：云天化参股子公司取得云南镇雄碗厂 24.38 亿吨磷矿采矿权。云天化于 2025 年 12 月 25 日发布公 告披露其参股子公司云南云天化聚磷新材料有限公司（简称"聚磷新材"）已于 12 月 23 日取得云南省镇 雄县碗厂磷矿的《不动产权证书（采矿权）》与《采矿许可证》。该矿区面积达 23.1564 平方公里，开采 期限至 2040 年 12 月，资源量约 24.38 亿吨、平均品位 22.54%，主采矿种为磷矿，共伴生氟矿。云天化目 前持有聚磷新材 35%股权，其控股股东云天化集团承诺 3 年内将聚磷新材控制权优先注入上市公司；此次 采矿权落地后，聚磷新材将打造磷基新材料产业园区，助力云天化实现磷资源高值高效利用，推动产业结 构升级与核心竞争力提升。 国信化工观点：1）此次聚磷新材取得的镇雄碗厂磷矿是国内少有的大型优质磷矿资源，公司磷矿资源储 备大幅增厚，筑牢成本与竞争壁垒；2）磷矿石稀缺属性持续强化，储能及动力电池驱动磷矿石需求上行； 3）磷矿石价格预期高位运行，矿增贡献的利润增量可期。 投资建议：公司作为化肥及磷化工龙头，资源与产业规模优势显著，我们维持公司 2025-2027 年归母净 ...

Group 1 - The report highlights a significant shift in the outbound strategy of A-share companies, moving from simple product exports to a comprehensive system export, including capacity, brand, and management systems by 2026 [1][9] - A total of 2723 A-share companies are involved in outbound business, with 60.96% showing a positive attitude towards international expansion, indicating that going global has become a necessary strategy rather than an optional one [1][16] - The report identifies three key sectors driving outbound activities: high-tech chemical materials, high-end equipment, and electronic components, which are characterized by strong technological barriers and industry clustering [1][2] Group 2 - The report outlines differentiated regional opportunities, emphasizing Europe for high-end manufacturing and green transformation, Southeast Asia as a hub for industrial chain overflow, and the Middle East and Latin America for energy transition and infrastructure needs [2][45] - An "owl-shaped" investment strategy is recommended, balancing stable income from high-dividend, low-valuation assets with growth potential from high-tech, aggressive growth stocks [2][49] - The report emphasizes the importance of focusing on industries with high technological barriers and strong industry clustering for investment opportunities in 2026 [2][32] Group 3 - The report provides a quantitative analysis of A-share companies' attitudes towards outbound strategies, revealing that over 45% of announcements are positive, while negative announcements are negligible [14][16] - The mechanical equipment, pharmaceutical, computer, power equipment, and automotive sectors account for over 44.2% of outbound announcements, indicating their central role in international expansion [19][23] - A unique indicator system is introduced to identify industries with strong global competitiveness, focusing on technological moat, industry clustering, and urgency for outbound investment [27][28] Group 4 - The report discusses the transformation of the global trade landscape, highlighting a shift from a linear trade model to a triangular model involving "connector countries" like Vietnam and Mexico, which facilitate Chinese companies' access to international markets [9][10] - It notes that many A-share companies are transitioning from OEM (Original Equipment Manufacturer) to OBM (Original Brand Manufacturer) models, indicating a shift towards brand and management system exports [12][14] - The report identifies specific industries such as semiconductors, glass fiber, and commercial vehicles as key areas for investment due to their strong global positioning and growth potential [35][38][42]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Core Insights - The rise of robo-advisors is driven by the integration of financial technology and traditional wealth management, offering low costs, high accessibility, and convenience. Post-global financial crisis, stricter regulations and technological advancements have facilitated the emergence of non-bank fintech companies, with robo-advisors serving as a cost-effective alternative to human advisors. They utilize algorithms to automatically construct investment portfolios, significantly reducing advisory fees and breaking geographical barriers, allowing investors to access professional services anytime and anywhere. Robo-advisors particularly attract low-income groups and younger users by minimizing trading costs through passive investment strategies, enhancing capital market participation for long-term goals like retirement and emergency savings. The evolution of robo-advisors has progressed through four stages: early online questionnaires and static advice, full automation and passive management, establishment of hybrid models, and AI-driven hyper-personalization and intelligent agents [2][9][10]. - The global robo-advisory market is experiencing rapid expansion, with the U.S. maintaining a dominant position while emerging markets like China show significant potential for growth. The market size is projected to increase from $7.7 billion in 2023 to approximately $116.4 billion by 2033, with the U.S. accounting for 81% of global assets under management (AUM). The competitive landscape in the U.S. has formed a "three giants and many strong" scenario, with Vanguard, Schwab, and Fidelity as the major players, while independent unicorns like Betterment and Wealthfront continue to thrive. In Europe, the market share remains relatively small, with key players categorized into pan-European super platforms, market consolidators, and regional champions. China's robo-advisory market is expected to exceed $2 billion by 2028 and $4 billion by 2030, contributing to the development of passive investment strategies and long-term capital market participation [2][15][21][25][30]. - The business model of robo-advisors is evolving towards platformization and ecosystem integration, with revenue models shifting from single asset management fees to layered charging and technology empowerment. Robo-advisors have expanded from B2C to B2B and ecosystem models, exemplified by Ant Wealth's scenario collaboration for traffic conversion. Revenue diversification includes pure digital models relying on AUM management fees, tiered subscription models offering premium services, B2B tool empowerment models generating profits through technology output, and ecosystem platform models depending on product distribution commissions. This evolution highlights the industry's transition from scale expansion to value extraction [2][35][39]. - The core competitive advantages of leading robo-advisors include comprehensive strength, digital experience, and user-friendliness for beginners. Platforms with strong comprehensive capabilities often excel in long-term performance and service quality, while the best digital planning platforms possess robust personal asset aggregation tools that create automated financial management loops. User-friendly platforms may excel in brand trust or community ecosystem development. In the competitive landscape, Betterment and Wealthfront not only survive but thrive, embodying the pure fintech spirit by creating value through technological innovation and exceptional user experience [2][39][50]. - The development trend of robo-advisors is characterized by a philosophical debate between "active" and "passive" investment strategies. Analyzing the portfolio data of various robo-advisors reveals a shift in the industry towards this philosophical contention, categorized into MPT believers (Vanguard & Betterment), potential active managers (SoFi & Axos), and tech-driven alpha harvesters (Wealthfront) [2][11]. - Looking ahead, the industry is poised for significant restructuring and a new journey. By 2025, the robo-advisory sector will have transitioned from rapid growth to a phase of integration and iteration. Three major trends are expected to continue: industry consolidation, a shift from scale to sustainable profitability, and AI reshaping robo-advisory services. The complete withdrawal of bank-affiliated robo-advisors reflects ongoing industry consolidation, as the mismatch between customer acquisition costs and lifetime value necessitates substantial new scale to cover technology and compliance costs. Independent platforms are now focusing on sustainable profitability rather than blind scale expansion, as exemplified by Robinhood's acquisition of AI financial planning company Pluto and the launch of its own robo-advisory service, which aims to provide genuinely personalized financial consulting through large language models [2][15][30].