AI基金宏利转型机遇股票A（000828）披露2025年四季报，第四季度基金利润6533.12万元，加权平均基金份额本期利润0.099元。报告期内，基金净值增长 率为2.65%，截至四季度末，基金规模为27.59亿元。 该基金属于标准股票型基金，长期投资于TMT股票。截至1月22日，单位净值为4.911元。基金经理是孟杰，目前管理7只基金。其中，截至1月22日，宏利转 型机遇股票A近一年复权单位净值增长率最高，达69.23%；宏利行业精选混合A最低，为39.2%。 基金管理人在四季报中表示，科技相关行业经历了 2025 年全年的大幅上涨仍具备投资机会。人工智能模型仍在加速迭代，无论国内还是海外的互联网巨头 都将继续高额投入，算力产业链仍然有很好的投资机会。 手机、汽车、智能家居等端侧的智能化将成为持续的产业趋势，其中苹果是最具代表性的端侧产品，拥有从芯片设计到完善系统的良好生态，将开启又一轮 创新周期，国内产业链公司有望充分受益。先进逻辑及存储扩产拉动，国内晶圆厂仍然会持续加大资本支出，相关产业链公司订单有望持续增长。 截至1月22日，宏利转型机遇股票A近三个月复权单位净值增长率为13.16%，位于同类可比基 ...

Core Viewpoint - Suzhou Kema Material Technology Co., Ltd. has shown significant growth in recent years, with a projected 293.56% year-on-year increase in net profit attributable to the parent company for 2024, driven by sales in advanced ceramic materials for the semiconductor sector and the mass production of modular products [1] Financial Performance - In Q3 2025, the company experienced revenue growth of 18.10% year-on-year, but net profit attributable to the parent company decreased by 12.79%, attributed to rising expenses, increased asset impairment losses, and changes in product mix leading to lower gross margins [1] - R&D expenses increased by 80.36% year-on-year, while management expenses rose by 42.80%, and asset impairment losses surged by 303.11% [1] Customer Concentration - The proportion of revenue from the top five customers increased over the reporting period, reaching 72.55% [2] - Q Company, a leading international semiconductor equipment manufacturer, became the largest customer in 2024, significantly contributing to sales of ceramic heaters and modular products [2] - The company asserts that the high customer concentration aligns with industry characteristics and that relationships with major clients are stable, posing no significant dependency risk [2] Accounts Receivable - As of September 2025, accounts receivable amounted to 434.03 million yuan, a 165.60% increase from the end of 2022, with over one-year aged receivables rising from 1.96% to 7.46% [2] - The growth in accounts receivable is attributed to long-term partnerships with semiconductor clients, with major customers being industry leaders, ensuring manageable collection situations [2] - By the end of October 2025, the collection rate for accounts receivable was 84.87% [2] Acquisition Details - The company acquired a 73% stake in Suzhou Kaixin Semiconductor Technology Co., Ltd. for 102.37 million yuan, aiming to enhance its silicon carbide ceramic materials and components business [3] - Despite the acquired company reporting losses in 2024 and early 2025, the seller has guaranteed future profits, with expected net profits of 2.49 million yuan and 3.09 million yuan in 2027 and 2028, respectively [3] - The acquisition resulted in goodwill of 73.51 million yuan, with the valuation deemed fair by the assessing agency [3] Fundraising and Project Benefits - The company plans to raise 750 million yuan for projects related to modular ceramic components and silicon carbide materials, as well as to supplement working capital [3] - The modular ceramic components project is expected to generate an average annual sales revenue of 578.47 million yuan, with a post-tax internal rate of return of 17.82% [3] - The silicon carbide materials project is projected to yield an average annual sales revenue of 64.08 million yuan, with a post-tax internal rate of return of 16.38% [3] Audit and Compliance - The auditing firm confirmed that the company's performance fluctuations have a reasonable commercial background, customer concentration is commercially justified, and the impairment provisions for accounts receivable are adequate [4] - The acquisition of Suzhou Kaixin is considered strategically significant, and the projected benefits of fundraising projects are deemed reasonable and consistent with industry standards [4]

Investment Rating - The report maintains a "Buy" rating for the semiconductor industry, particularly focusing on CPU and memory sectors [6]. Core Insights - The emergence of Agentic AI is creating structural shortages in the CPU market, leading to price increases for server CPUs. The demand for AI servers is expected to grow significantly, with a projected annual increase of 28.3% in 2026 [1][12]. - The overall server shipment is anticipated to rise by 12.8% in 2026, driven by the need for both AI and general-purpose servers [12]. - Intel and AMD have sold out their server CPU capacities for 2026 and plan to raise prices by 10%-20% depending on the model, which will impact the entire supply chain [21]. - The memory market, particularly DRAM and NAND Flash, is expected to see substantial growth, with DRAM revenue projected to reach $404.3 billion in 2026, a 144% increase year-on-year [40][41]. Summary by Sections AI Agent Impact on CPU Demand - The demand for CPUs is being driven by AI inference, leading to a replacement cycle for general-purpose servers. Major cloud service providers (CSPs) are increasing their capital expenditures significantly [11]. - The introduction of DeepSeek's Engram architecture highlights the growing importance of CPUs, as it allows for efficient data storage and retrieval without relying solely on expensive GPU memory [15][19]. - Agentic AI's influence on CPUs is multiplicative, making them a critical performance bottleneck in AI systems [20]. Memory Market Growth - The memory market is expected to reach $5.516 trillion in 2026, with NAND Flash revenue projected to double to $1.473 trillion [40][41]. - The demand for DRAM is expected to grow significantly due to high data access needs, with a projected revenue of $1.657 trillion in 2025, increasing to $4.043 trillion in 2026 [40]. - The ongoing AI wave is driving the need for high-performance memory solutions, which are essential for supporting large-scale AI models and applications [42]. Intel's Performance and Outlook - Intel's Q4 2025 revenue was $13.7 billion, a 4% decline year-on-year, primarily due to supply constraints [22][28]. - The company is focusing on improving its production capacity and yield rates, with expectations of a gradual increase in supply starting in Q2 2026 [37]. - Intel's Data Center and AI (DCAI) business is expected to have a strong year, driven by the increasing demand for AI infrastructure [37].

Investment Rating - The report maintains a bullish outlook, focusing on long-term opportunities in cyclical industries [2][24]. Core Viewpoints - The macro timing model for January 2026 scored 0, indicating a 76.92% probability of an increase in the Wande All A Index over the following month, with an average expected gain of 3.18% [24][31]. - The report emphasizes the strong upward momentum in cyclical industries, particularly in non-ferrous metals and chemicals, driven by global macro events [24][25]. - Short-term investments in thematic sectors such as commercial aerospace, AI applications, and space photovoltaics have shown significant rebounds, although caution is advised due to potential volatility from rapid price increases [25][27]. Fund Size Statistics - In the period from January 19 to January 23, 2026, the top three increasing equity ETF types were: thematic index ETFs (59.135 billion), industry index ETFs (7.975 billion), and cross-border industry index ETFs (5.346 billion) [9][10]. - The top three increasing equity ETF products were: power grid equipment ETF (7.326 billion), chemical ETF (5.717 billion), and sci-tech chip ETF (3.953 billion) [10][14]. - The top three increasing equity ETF tracking indices were: segmented chemical index (9.829 billion), power grid equipment thematic index (7.326 billion), and SSH gold stock index (5.251 billion) [18][20]. Market Outlook - The report suggests a positive outlook for the A-share market in January 2026, with a focus on the micro-cap index and the CSI 500 leading the market [24][25]. - Long-term recommendations include a focus on non-ferrous metals and chemicals, with silver prices surpassing the psychological level of 100, indicating potential for further increases [24][25]. - The report anticipates a market characterized by oscillating upward trends, recommending a growth-oriented ETF allocation [67][68].

Fund Size Changes - The top three increasing equity ETF types from January 19 to January 23, 2026, are: Theme Index ETF (¥591.35 billion), Industry Index ETF (¥79.75 billion), and Cross-Border Industry Index ETF (¥53.46 billion) [9] - The top three decreasing equity ETF types during the same period are: Scale Index ETF (-¥3348.87 billion), Cross-Border Strategy Index ETF (-¥7.12 billion), and Style Index ETF (-¥0.19 billion) [9] Market Outlook - The macro timing model's score for January 2026 is 0, indicating a 76.92% probability of the Wande All A Index rising in the following month, with an average increase of 3.18% [24] - The report maintains a bullish outlook, emphasizing long-term opportunities in cyclical industries, particularly in non-ferrous metals and chemicals [24] - The price of London silver surpassed the psychological level of 100 on January 23, 2026, indicating potential for further increases [24] Investment Recommendations - The report suggests a focus on growth-oriented ETF allocations, particularly in sectors like commercial aerospace, AI applications, and space photovoltaics, which have shown short-term rebounds [27] - The recommended ETFs include those focused on chemical, electric grid equipment, and semiconductor sectors, with specific stocks highlighted for each ETF [69] Risk Considerations - The model's predictions are based on historical data, which may not hold in the future, and there are risks associated with macroeconomic performance falling short of expectations [70]

2023年6月，在北京经济技术开发区管委会的指导下，北京科技职业大学作为牵头单位，联合在京高 校、北京集成电路产教融合基地及经开区龙头企业共同组建"北京集成电路产教联合体"，并于同年获批 成为首批国家级市域产教联合体。自成立以来，联合体始终聚焦服务国家战略，汇聚政、校、企多方资 源，致力于构建覆盖全链条的集成电路产业人才培养体系。据介绍，2026年联合体将重点打造"轮值— 产教季谈"品牌活动，围绕异构集成与微系统、车规级芯片测试人才发展等主题开展专题对接，持续完 善实训课程、产业教材、实训基地和订单班建设，建立健全学习交流与人才互派机制，进一步激发联合 体在服务区域经济社会高质量发展中的创新效能。 大会期间，多项合作项目及成果集中落地：北京科技职业大学分别与北京芯力技术创新中心、国家新能 源汽车技术创新中心签署校企合作协议，共同开设"芯力订单班"与"国创中心订单班"，着力培养集成电 路封测与车规芯片测试领域的高端技能人才；北方工业大学集成电路产教融合基地、研究生工作站正式 揭牌，北方工业大学—胜科纳米就业实践实习基地同步成立；北京奕摩集成电路卓越工程师创新研究院 首任院长潘辉与北方华创共同向北京屹唐集成电路发 ...

证券研究报告 2026 年 1 月 23 日 星期五 【下周策略】 ◆本周走势回顾 本周指数震荡走强，沪指企稳 4100 点。从周 K 线来看，上证指 数上涨 0.84%，深证成指上涨 1.11%，创业板指下跌 0.34%，科创 50 指数上涨 2.62%，北证 50 指数上涨 2.60%。个股板块涨多跌少，建 筑材料、石油石化、钢铁和基础化工等板块涨幅靠前，医药生物、 食品饮料、非银金融、通信和银行等板块跌幅靠前。 ◆下周大势研判：震荡巩固，春季行情有望延续 从本周市场来看： ◆风险提示： 海外经济超预期下滑，以及中美贸易摩擦超预期恶化，导致外 需回落，国内出口承压；全球主要经济体超预期延长加息周期，高 利率环境使全球经济增速明显放缓，压缩国内资金面；海外信用收 缩引发风险事件，对市场流动性造成冲击，干扰利率和汇率走势。 | 市场近一周走势 | | | | | --- | --- | --- | --- | | 指数名称 | | 周收盘(点) | 涨跌幅 | | 上证指数 | | 4136.16 | 0.84% | | 深证成指 | | 14439.66 | 1.11% | | 创业板 | | 3349.5 ...

Market Overview - The semiconductor sector experienced a slight increase of 0.02% on January 23, with Zhenlei Technology leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up by 0.33%, while the Shenzhen Component Index closed at 14439.66, up by 0.79% [1] Top Gainers in Semiconductor Sector - Tanguo Technology (688270) saw a closing price of 215.93, with a significant increase of 20.00% and a trading volume of 306,400 shares, resulting in a transaction value of 6.166 billion [1] - Hangyu Micro (300053) closed at 22.96, up by 13.10%, with a trading volume of 1,644,800 shares and a transaction value of 3.686 billion [1] - Biyi Micro (688045) closed at 53.16, increasing by 12.72%, with a trading volume of 85,500 shares and a transaction value of 451 million [1] Top Losers in Semiconductor Sector - Jingchen Co. (688123) closed at 164.00, down by 7.87%, with a trading volume of 123,800 shares and a transaction value of 2.062 billion [2] - Mingwei Electronics (688699) closed at 55.07, decreasing by 6.53%, with a trading volume of 112,200 shares and a transaction value of 624 million [2] - Liandong Technology (301369) closed at 128.15, down by 5.79%, with a trading volume of 18,900 shares and a transaction value of 24.7 million [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 9.034 billion from institutional investors, while retail investors saw a net inflow of 7.113 billion [2] - Speculative funds recorded a net inflow of 1.921 billion [2] Individual Stock Capital Flow - Tanguo Technology (688270) had a net inflow of 5.91 billion from institutional investors, while it faced a net outflow of 4.03 billion from speculative funds [3] - Ziguang Guowei (002049) saw a net inflow of 3.13 billion from institutional investors, with a net outflow of 1.79 billion from speculative funds [3] - Wenta Technology (600745) recorded a net inflow of 2.71 billion from institutional investors, while speculative funds experienced a net outflow of 1.52 billion [3]

AI基金长盛国企改革混合（001239）披露2025年四季报，第四季度基金利润4314.58万元，加权平均基金份额本期利润0.0504元。报告期内，基金净值增长 率为8.27%，截至四季度末，基金规模为5.46亿元。 该基金属于灵活配置型基金。截至1月21日，单位净值为0.686元。基金经理是代毅，目前管理的2只基金近一年均为正收益。其中，截至1月21日，长盛城镇 化主题混合A近一年复权单位净值增长率最高，达83.64%；长盛国企改革混合最低，为70.22%。 基金管理人在四季报中表示，本基金配置上四季度偏向科技成长的国有企业，强调国有资本属性、跟踪产业趋势及变化的投资逻辑，坚持最大的结构性机会 还是人工智能相关的各个行业及公司，坚定持有人工智能算力相关的PCB、光模块、芯片制造及设备等国企公司，并配置了部分有色金属、机器人相关标 的，增加了经济复苏下具有"通胀"逻辑的国有企业配置。 截至1月21日，长盛国企改革混合近三个月复权单位净值增长率为14.72%，位于同类可比基金262/1286；近半年复权单位净值增长率为55.56%，位于同类可 比基金107/1286；近一年复权单位净值增长率为70.22%，位于 ...

AI基金华夏ESG可持续投资一年持有混合A（014922）披露2025年四季报，第四季度基金利润28.66万元，加权平均基金份额本期利润0.0043元。报告期内， 基金净值增长率为0.53%，截至四季度末，基金规模为6368.99万元。 该基金属于偏股混合型基金。截至1月22日，单位净值为1.166元。基金经理是潘中宁，目前管理的3只基金近一年均为正收益。其中，截至1月22日，华夏 ESG可持续投资一年持有混合A近一年复权单位净值增长率最高，达38.24%；截至1月21日，华夏全球股票(QDII)(人民币)最低，为13.18%。 基金管理人在四季报中表示，本基金坚持对产业趋势的深度研判，坚持基本面研究与 ESG 研究的深度结合。首先，我们看好 AI 的发展前景，有超过 50% 左右的资产投资于 AI 大模型应用公司、国产 AI 芯片公司和海外 AI 巨头的核心供应商。 其次，我们认为铜、锂等上游资源品将受益于 AI 爆发性增长、储能规模化建设和电网投资对全球需求的拉动，而黄金作为非美元结算体系的最终信用背书 将得到持续增持。此外，我们对中国的资本市场充满信心，并认为保险资金入市有助于形成保险行业与资本市场的良 ...