（文章来源：每日经济新闻） 每经AI快讯，芯片概念走强，龙芯中科"20cm"涨停，海光信息涨逾13%创新高，通富微电、景嘉微涨逾 5%。 ...

花旗-通富微电(002156.SZ)-通富微电（002156.SZ）：2025年第四季度业绩强劲强劲的2025年第四季度业绩，2026 年展望稳健 花旗观点 通富微电于1月20日公布了2025财年初步净利润为11亿至13.5亿元人民币，对应2025年第四季度净利润为2.4亿至 4.9亿元人民币（中值3.65亿元），同比增长191%，但较彭博一致预期低7%。 管理层将盈利强劲增长归因于产能利用率提升、高端 花旗-通富微电(002156.SZ)-通富微电（002156.SZ）：2025年第四季度业绩强劲强劲的2025年第四季度业绩，2026 年展望稳健 估值 我们基于2026年预测市净率4.3倍设定目标价为48元人民币，反映出逻辑与存储产品先进封装带来的显著重估潜 力。 我们认为通富微电享有溢价估值具备合理性，因其在支持中国半导体国产化进程中的关键作用，尤其是在存储器 封装领域。 风险 花旗观点 通富微电于1月20日公布了2025财年初步净利润为11亿至13.5亿元人民币，对应2025年第四季度净利润为2.4亿至 4.9亿元人民币（中值3.65亿元），同比增长191%，但较彭博一致预期低7%。 管理层将盈利强劲增 ...

截至1月20日收盘，沪指跌0.01%，报收4113.65点；深成指跌0.97%，报收14155.63点；创业板指跌 1.79%，报收3277.98点。科创半导体ETF（588170）跌0.42%，半导体设备ETF华夏（562590）跌 0.44%。 3、通富微电发布2025年度业绩预告，预计归属于上市公司股东的净利润11亿元~13.5亿元，比2024年同 期增长62.34%~99.24%。2025年内，全球半导体行业呈现结构性增长，公司积极进取，产能利用率提 升，营业收入增幅上升，特别是中高端产品营业收入明显增加。同时，得益于加强经营管理及成本费用 的管控，公司整体效益显着提升。此外，公司准确把握产业发展趋势，围绕供应链及上下游布局产业投 资，取得了较好的投资收益，增厚了公司2025年业绩。 中信建投指出，地缘政治摩擦为国产半导体提供了替代窗口期，华为、寒武纪、海光等新一代算力芯 片/机柜性能快速提升，生态逐步完善。受AI需求爆发、供给侧收缩等多重因素影响，存储芯片正处于 价格上升期，推动全球存储产业链企业迎来业绩爆发。存储产线建设及国产化率提升有望进入加速阶 段，看好配套半导体设备、封测等国内存储链投资机遇 ...

Market Overview - A-shares showed divergence on January 20, with the Shanghai Composite Index slightly down by 0.01% at 4113.65 points, while the Shenzhen Component Index fell by 0.97%, the ChiNext Index by 1.79%, and the STAR Market 50 by 1.58% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.78 trillion yuan, an increase of approximately 693.72 billion yuan compared to the previous day [1] - A total of 2139 stocks rose, while 2918 stocks declined, indicating a bearish market sentiment [1] Sector Performance - The banking sector and a few other sectors saw net inflows from major funds, while the communication equipment sector experienced the highest net outflow [1] - Epoxy propylene, silver, and precious metals were among the top gainers, while sectors like space computing and Google concepts faced significant declines [1] Company Highlights - Liou Co. resumed trading and announced its ongoing efforts in AI-related business applications, although it has not yet formed a significant profit model, with AI revenue being a small part of overall income [2] - Hunan Silver, a leading silver smelting and deep processing company, benefits from a complete industrial chain and has long-term growth potential in the new energy sector, attracting institutional and foreign capital [2] - Hongbaoli reported double-digit revenue growth, with record sales in polyether and isopropanol amine products, supported by a robust cash flow and alignment with market trends in epoxy propylene and building energy efficiency [2] - TBEA is benefiting from a 4 trillion yuan fixed asset investment policy by the State Grid, with strong order backlogs and significant net profit growth [3] - China XD Electric is experiencing a surge in demand due to accelerated approvals for ultra-high voltage projects and increased investment in the power grid [3] - Shanzi High-Tech is gaining attention due to its transition from real estate to core businesses in new energy vehicle components and semiconductor materials, as well as its involvement in the restructuring of Nezha Automobile [3] - Haige Communication is involved in several high-profile sectors, including brain-computer interfaces and satellite internet, with recent developments causing stock price volatility [3] Popular Stocks - The top ten popular stocks in the A-share market include Liou Co., Hunan Silver, Hongbaoli, TBEA, China XD Electric, Shanzi High-Tech, Haige Communication, Silver Nonferrous Metals, Tongfu Microelectronics, and China National Chemical [5]

【重要事项】 纳指科技ETF：将于1月21日开市起至当日10:30停牌 国投白银LOF：二级市场交易价格波动较大，1月21日开市起至当日10:30停牌 凯龙高科：筹划购买金旺达控制权21日起停牌，后者主要产品包括精密行星滚柱丝杆等 【资本运作】 震裕科技：2025年第四季度来自机器人行业订单有较明显增长 百利天恒：iza-bren用于治疗复发性或转移性食管鳞癌的上市申请获受理并被纳入优先审评品种名单， 为全球首个EGFR×HER3双抗ADC上市申请获受理 上海医药：B023细胞注射液获得临床试验批准通知书 全球未有同品种同适应症的药品上市 奕帆传动：拟购买北京和利时87.07%股权，预计构成重大资产重组 康欣新材：拟3.92亿元收购宇邦半导体51%股权，实现向半导体产业的战略转型与升级 明德生物：拟共同投资设立私募基金，投向光互联、半导体等人工智能基础设施/终端产业链 中钨高新：柿竹园公司增储9.17万吨钨金属量等资源 恒瑞医药：HRS-2141片获准开展2型糖尿病适应症的临床试验 【业绩】 海康威视：2025年净利润141.88亿元，同比增长18% 建投能源：2025年净利同比预增253.38% 通富微电： ...

2、发改委发声，将研究制定出台2026年-2030年扩大内需战略实施方案；正在研究制定城乡居民增收计划；正在谋划推进一批"十五五"时期高技术产业标志 性引领性重大工程；研究设立国家级并购基金，促进创新创业创造，加快培育和发展新质生产力。 3、何立峰出席世界经济论坛2026年年会并发表致辞，强调中国经济顶压前行向新向优发展，将持续推进高水平对外开放，巩固对科技创新类贷款的财政贴 息与再贷款支持。 4、欧美贸易战，川普称将对法国葡萄酒和香槟征收200%关税。欧盟回应，丹麦某养老基金表态将退出美国国债市场，德国智库称，美国加关税绝大部分由 美国人自己承担。此外，川普在社交媒体发布图片引发争议，手拿美国国旗登上格陵兰岛，身后站着万斯和鲁比奥，旁边指示牌上写着"格陵兰岛2026年成 为美国领土"。 二、资本市场必读 1、贸易战升级，欧美股市大跌，美股三大指数大幅收跌，标普500指数跌2.06%并创去年10月以来最大单日跌幅，道指跌1.76%，纳指跌2.39%；科技股普 跌，英伟达、特斯拉跌超4%；热门中概股多数下跌，纳斯达克中国金龙指数跌1.44%。 2、现货黄金突破4750美元，国际金价突破4700美元，国际银价大涨 ...

截至1月20日收盘，沪指跌0.01%，报收4113.65点；深成指跌0.97%，报收14155.63点；创业板指跌 1.79%，报收3277.98点。科创半导体ETF（588170）跌0.42%，半导体设备ETF华夏（562590）跌 0.44%。 隔夜外盘方面，截至收盘，道琼斯工业平均指数跌1.76%；纳斯达克综合指数跌3.54%；标准普尔500种 股票指数跌2.06%。费城半导体指数跌1.68%，恩智浦半导体跌2.70%，美光科技涨0.62%，ARM涨 1.31%，应用材料跌2.68%，微芯科技跌2.05%。 行业资讯： 1、DRAM大厂南亚科总经理李培瑛表示，DRAM供给持续吃紧，为顺应产业趋势，今年资本支出将达 500亿元新台币（约合110亿元人民币），同比增幅超过270%，为公司史上最大手笔。支出主要用于扩 充新厂产能，预计2028年上半年将开出2万片新产能。 2、摩根士丹利将欧洲半导体行业评级从"持股观望"上调至"增持"。 3、通富微电发布2025年度业绩预告，预计归属于上市公司股东的净利润11亿元~13.5亿元，比2024年同 期增长62.34%~99.24%。2025年内，全球半导体行业呈现结 ...

个股方面，1月20日，有1630股获融资净买入，净买入金额在5000万元以上的有70股。其中，30股获融 资净买入额超1亿元。宁德时代获融资净买入额居首，净买入8.11亿元；融资净买入金额居前的还有海 格通信、世纪华通、浙文互联、通富微电、人民网、紫金矿业、视觉中国、贵州茅台等股。 Wind统计显示，1月20日，申万31个一级行业中有4个行业获融资净买入，其中，电力设备行业获融资 净买入额居首，当日净买入8.05亿元；获融资净买入居前的行业还有传媒、食品饮料等。 ...

Market Overview - The Japanese long-term bond market is experiencing significant sell-offs, leading to a "sell America" trading pattern, causing declines in U.S. stocks, bonds, and the dollar [1] - The S&P 500 recorded its largest drop in October, with popular Chinese concept stocks also declining [1] - The 10-year U.S. Treasury yield rose above 4.29%, while the dollar fell nearly 0.5%, briefly dropping below 98 [1] Macro Policy - A comprehensive policy package aimed at boosting domestic demand has been announced, with a focus on promoting private investment and key sectors [2] - The National Development and Reform Commission is working on a strategic implementation plan for expanding domestic demand from 2026 to 2030 [2] - The Ministry of Finance has released five policies, including optimizing personal consumption loan subsidies [2] A-Share Market - Goldman Sachs maintains a "slow bull" outlook for A-shares, expecting over 3 trillion RMB in new capital inflows despite recent cooling in the margin trading market [3] - The Shanghai Composite Index has recently broken through significant thresholds, with domestic asset reallocation potentially accelerating [3] - An estimated 2 trillion RMB from individual investors and over 1 trillion RMB from institutional investors are expected to flow into the market [3] Urban Renewal and Infrastructure - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development have issued measures to support urban renewal actions [4] - The initiative allows for the development of state-supported industries using existing land and property resources, with transitional policies in place [4] - Urban renewal efforts are currently expanding to 35 cities, with potential for further pilot expansions, focusing on new infrastructure and regional development [4] Medical Device Industry - The National Healthcare Security Administration has clarified charging guidelines for robotic surgeries, which is expected to accelerate the commercialization of medical devices [11] - The medical device industry is anticipated to evolve towards a higher development stage, leveraging technological platforms and AI diagnostics [11] Commercial Aerospace - The commercial aerospace sector is witnessing a surge, with multiple satellite launches by banks occurring recently [12] - Currently, the completion rate for the deployment of two major satellite constellations in China is only about 1%, indicating significant growth potential in the coming years [12]

Industry News - The Ministry of Finance and five other departments announced the continuation of tax and fee preferential policies for community family services such as elderly care, childcare, and housekeeping, effective from January 1, 2026, to December 31, 2027. Income from these services will be exempt from VAT and calculated at 90% for taxable income [24][26] - Recently, a surge in commercial space activities has prompted banks to participate actively. Several banks, including SPDB and CMB, successfully launched satellites aimed at enhancing their risk control capabilities. Satellite remote sensing technology will allow banks to monitor loan project progress and collateral status in real-time, addressing the limitations of traditional inspections [24][26] - Starting from January 20, 2026, domestic gasoline and diesel prices will increase by 85 yuan per ton, marking the first price hike for refined oil in 2026. The average increase for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel will be 0.07 yuan per liter [24][26] - Japan plans to invest over $330 billion in artificial intelligence and semiconductor sectors [25] - A recent report indicates that the shipment share of ASIC AI servers is expected to rise to 27.8% in 2026, the highest since 2023, with growth rates surpassing those of GPU AI servers [25] - Shanghai has released an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve resource allocation and global pricing influence [25] Company News - Hikvision reported a net profit of 14.188 billion yuan for 2025, representing a year-on-year increase of 18.46% [26][34] - Hu Silicon Industry announced that its second-largest shareholder, the National Integrated Circuit Industry Investment Fund, reduced its stake by 2% between January 7 and January 19, completing the reduction plan [26] - Liou Co. announced the completion of its suspension review and will resume trading [29] - Kailong High-Tech is planning to acquire control of Jinwangda, leading to a suspension of its stock [29] - Yifan Transmission intends to purchase 87.07% of Beijing Helish's shares, which is expected to constitute a major asset restructuring [29] - Tonghu Microelectronics forecasts a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a year-on-year increase of 62.34% to 99.24% [29] - Baile Tianheng's application for the listing of iza-bren for the treatment of recurrent or metastatic esophageal squamous cell carcinoma has been accepted and included in the priority review list [29] - Guosheng Technology expects a net loss of 325 million to 650 million yuan for 2025 due to low component prices affecting revenue [29] - Kangxin New Materials plans to acquire 51% of Yubang Semiconductor for 392 million yuan, marking a strategic shift towards the semiconductor industry [29]