山西证券研究早观点-20251212

Market Overview - The report highlights a decline in major domestic market indices, with the Shanghai Composite Index closing at 3,873.32, down 0.70%, and the Shenzhen Component Index at 13,147.39, down 1.27% [5][6]. Investment Highlights - The report discusses the acceleration of fund compensation reforms, emphasizing the linkage of performance assessments to profitability metrics, with a requirement that long-term performance indicators account for at least 80% of the evaluation [8]. - It notes that the leverage space for brokerage firms is expanding, as regulatory authorities are considering differentiated supervision to support high-quality institutions while limiting weaker ones, potentially enhancing capital utilization efficiency [8]. Industry Commentary - The mechanical sector is experiencing growth in demand for storage chips due to the AI wave, with AI servers requiring significantly more DRAM and NAND than traditional servers, leading to increased demand for high-performance storage products [7][9]. - The report emphasizes the importance of non-destructive testing methods, such as ultrasound and X-ray, in ensuring the quality of advanced packaging in the semiconductor industry, particularly as 3D NAND technology becomes more prevalent [9]. Company Recommendations - The report recommends focusing on companies like Jiao Cheng Ultrasound and Ri Lian Technology, which are positioned to benefit from advancements in semiconductor testing technologies [9].