以下为研究报告摘要： 投资要点： 电子板块观点：英伟达于CES2026全面展示Rubin平台，通过六款芯片组件的极致协同，其生成token的 成本将降低至上一代Blackwell的约1/10，目前该平台已全面量产。台积电12月合并营收约3350.03亿元 新台币，同比增长20.4%，超市场预期，全年营收同比增长31.6%创历史新高，体现出半导体行业需求 端的全面复苏。当前电子行业需求持续复苏，供给有效出清，存储芯片价格上涨，我国国产化力度超预 期。建议关注AI算力、AIOT、半导体设备、关键零部件和存储涨价等结构性机会。 英伟达于CES2026全面展示Rubin平台，通过六款芯片的极致协同，其生成token的成本将降低至上一代 的约1/10，目前该平台已全面量产。1月6日至9日，2026年美国拉斯维加斯消费电子展举办，英伟达 CEO黄仁勋发布了英伟达首个采用极致协同设计、集成六款芯片的AI平台Rubin，并首次公开了六款芯 片的详细性能参数。凭借Rubin平台，生成token的成本将降低至上一代的约1/10，可降低大规模AI部署 成本。Rubin平台组件涵盖Rubin GPU、Vera CPU、NVLink6 ...

Core Viewpoint - The establishment of enterprise-based police stations in Yangzhou's economic development zone has significantly improved public safety and service efficiency, addressing the challenges posed by a fluctuating population and increasing economic activities [1][2][3] Group 1: Police Station Innovations - The Yangzhou police have implemented a "one point, one feature" service model, creating specialized police stations tailored to the needs of different enterprises, such as Yangjie and Wutinglong Toy City [1] - These police stations provide on-site services, including residence permit processing and conflict resolution, enhancing the responsiveness to the needs of both businesses and employees [1][2] Group 2: Economic Dispute Resolution - The police stations have successfully addressed economic disputes, with over 1,000 preventive alerts issued and more than 200 enterprise-related conflicts resolved in 2025 [2] - A "three-in-one" joint adjustment team has been formed to handle consumer rights disputes in the International Auto City, leading to efficient conflict resolution [2] Group 3: Crime Prevention and Legal Support - The police stations focus on intellectual property protection and fraud prevention, successfully helping businesses avoid significant financial losses, such as a case where a toy merchant saved 300,000 yuan from a scam [3] - The establishment of the "Point-to-Point Police Station" has led to a 91% success rate in resolving labor disputes, providing a more secure environment for both employers and workers [3] Group 4: Crime Rate Reduction - Since 2025, the number of enterprise-related property crimes has decreased by 18%, and economic fraud cases have dropped by 23%, with a conflict resolution rate exceeding 98% [3]

二十届中央纪委四次全会强调，促进保持公平公正的市场环境、风清气正的营商环境。正风反腐带来营商环 境之变，吸引企业投资落地，推动经济高质量发展。 沪渝蓉沿江高铁武宜段全长314公里，设计时速350公 里，是我国"八纵八横"高铁网沿江通道的重要组成部分。图为在湖北荆门钟祥市境内，列车行驶在沪渝蓉沿 江高铁钟祥汉江特大桥上。新华社发（金伟 摄） 1月4日，澳洲直航新航线首班船舶靠泊山东港口青岛港，标志着该港2026年首条外贸新航线正式开通。图为 澳洲直航新航线首班船舶——"地中海杰西尼亚"轮靠泊山东港口青岛港。新华社发（张进刚 摄） 习近平总书记强调，营商环境是企业生存发展的土壤。二十届中央纪委四次全会要求，聚焦吃拿卡要、冷硬 横推、违规收费、趋利性执法等严重影响市场秩序问题，督促纠治整改，促进保持公平公正的市场环境、风 清气正的营商环境。 一个地方公平可感、清风可见，自然就会成为投资热土。从"拿地即开工、交地即发证"的速度到"有事必应、 无事不扰"的温度，越来越多的投资建设项目选择落点时，会着重考虑当地的政商关系。营商环境如何聚焦企 业发展所需所盼？经营主体的获得感从何而来？让我们跟随企业的脚步，听听他们的声音— ...

证券日报网讯1月8日，扬杰科技（300373）在互动平台回答投资者提问时表示，关于2025年业绩预告相 关事项，公司将严格遵照相关法律法规及监管要求，履行信息披露义务。具体信息敬请关注公司后续在 官方指定信息披露平台发布的公告。 ...

每经AI快讯，有投资者在投资者互动平台提问：公司产品有用于智能眼镜吗？ 扬杰科技（300373.SZ）1月8日在投资者互动平台表示，公司多款小封装、薄型化产品可契合智能眼镜 等紧凑型数码产品的应用需求，已实现相关领域的产品配套与研发布局。 （记者 张明双） ...

Core Viewpoint - The semiconductor industry is experiencing a continuous recovery in December, with prices on an upward trend, highlighting structural opportunities in AI computing power, AIOT, semiconductor equipment, key components, and storage price increases [1][2][3] Group 1: Industry Demand and Supply - Global semiconductor demand showed improvement in December, with slight growth in PC and smartphone sales, and rapid growth in TWS headphones, wearable devices, and smart home products, while AI servers and new energy vehicles maintained high growth [2][4] - Despite high inventory levels, demand in certain segments driven by AI is leading to price increases from upstream wafer foundries, although memory price hikes may slow down shipments of consumer electronics like smartphones and PCs [2][3] - The overall semiconductor supply-demand balance is expected to remain favorable in January, with global semiconductor sales in October showing a year-on-year increase of 27.23% and a cumulative increase of 21.19% from January to October [3] Group 2: Price Trends and Market Dynamics - In December, the price of storage modules increased significantly, with ranges from 10.42% to 68.42%, and DRAM and NAND flash prices also saw increases between 1.73% and 57.42% [3] - The global semiconductor equipment shipment value increased by 10.80% year-on-year in Q3 2025, indicating a stronger procurement trend [3] Group 3: Key Players and Market Developments - New domestic GPU companies like Moore Threads and Muxi have recently gone public, while established firms like Broadcom and Micron reported significant growth in Q4 driven by AI [2][5] - The approval of NVIDIA's H200 for export to China is expected to enhance domestic large model training efficiency, indicating a shift in U.S. export policies for AI chips [5][6] Group 4: Investment Recommendations - The industry is advised to focus on key players benefiting from strong domestic and international demand in the AIOT sector, as well as those in the AI innovation-driven segment, semiconductor equipment, and storage sectors [7] - Specific companies to watch include Lexin Technology, Cambrian, and various semiconductor equipment manufacturers, as well as those in the power and CIS sectors [7]

Core Insights - The explosive growth of the electric vehicle market has significantly increased the demand for silicon carbide (SiC) power modules in China, with the market expected to reach 5 billion yuan in 2024, representing a year-on-year growth of 31.6% and accounting for 28.4% of the global SiC power module market [1][9]. Overview - SiC power modules are core power electronic devices made from silicon carbide, integrating multiple SiC semiconductor chips through advanced packaging technology for efficient energy conversion and control. They outperform traditional silicon-based modules in terms of switching frequency, energy loss, and high-temperature performance, making them essential in electric vehicles and photovoltaic applications [1][4]. Development History - The development of China's SiC power module industry has evolved through five stages: foundational research, industrial initiation, technological breakthroughs, large-scale production, and ecosystem formation. Since 2022, the industry has entered a phase of global competition, with local companies increasing their market share in photovoltaic and electric vehicle sectors [4][6]. Policy Environment - The Chinese government has implemented various policies to support the semiconductor industry, including tax incentives and action plans aimed at promoting growth and innovation in the electronic information manufacturing sector, creating a favorable environment for the SiC power module industry [6]. Industry Chain - The SiC power module industry chain in China consists of three layers: upstream materials and equipment, midstream device packaging, and downstream application scenarios. The industry is moving towards a fully autonomous and controllable ecosystem, with core barriers concentrated in substrate and equipment manufacturing [6][7]. Current Market Demand - The electric vehicle sector is the primary demand market for SiC power modules in China, projected to account for over 80% of the market in 2024. The continuous growth in electric vehicle production and sales, with a year-on-year increase of 35.2% in 2025, provides significant growth opportunities for the SiC power module industry [7][8]. Competitive Landscape - The SiC power module industry has high entry barriers due to technology, supply chain, certification, funding, and talent. The market is highly concentrated, with the top 10 companies holding an 83.7% market share in 2024. International giants like Infineon and STMicroelectronics maintain a competitive edge in high-end markets due to their technological advancements and established relationships with leading automotive and photovoltaic companies [9][10]. Domestic Company Analysis - **SDA Semiconductor Co., Ltd.** focuses on the design, development, and production of power semiconductor chips and modules, reporting a revenue of 1.936 billion yuan in the first half of 2025, with a gross profit of 576 million yuan and a gross margin of 29.74% [10]. - **Shenzhen Basic Semiconductor Co., Ltd.** specializes in SiC power devices, achieving a revenue of 104 million yuan in the first half of 2025, with SiC power module revenue accounting for 45.79% of total revenue [10]. Development Trends - The industry is transitioning from 6-inch to 8-inch wafers, which will help reduce costs and improve yield. There is a focus on enhancing the reliability of gate oxides and terminal passivation technologies [11]. - The domestic supply chain is becoming more self-sufficient, with local equipment gradually replacing foreign high-end equipment, fostering collaboration among upstream and downstream companies to overcome technical challenges [12]. - While international giants still dominate the high-end automotive market, domestic companies are rapidly gaining market share in the mid-to-high-end segments, reducing price gaps and expanding their global presence [13].

Core Viewpoint - Yangjie Technology's stock has shown a positive trend with a 2.00% increase on January 5, 2023, and a total market capitalization of 37.687 billion yuan, indicating strong investor interest and potential growth in the semiconductor sector [1]. Group 1: Stock Performance - As of January 5, 2023, Yangjie Technology's stock price reached 69.36 yuan per share, with a trading volume of 4.09 billion yuan and a turnover rate of 1.10% [1]. - Year-to-date, the stock price has increased by 2.00%, with a 3.85% rise over the last five trading days and a 7.48% increase over the last twenty days, while it has decreased by 1.10% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Yangjie Technology reported a revenue of 5.348 billion yuan, reflecting a year-on-year growth of 20.89%, and a net profit attributable to shareholders of 974 million yuan, which is a 45.51% increase compared to the previous year [2]. - The company has distributed a total of 1.717 billion yuan in dividends since its A-share listing, with 1.180 billion yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of December 31, 2025, the number of shareholders for Yangjie Technology reached 60,000, an increase of 9.09% from the previous period, while the average number of tradable shares per shareholder decreased by 8.33% to 9,035 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 8.312 million shares, an increase of 390,600 shares, while E Fund's ChiNext ETF and Southern CSI 500 ETF have seen reductions in their holdings [3].

Group 1 - The company is currently focusing on product development and market expansion in mature application areas such as civilian and industrial sectors [2] - There is a noted difference between the application scenarios and market demands of commercial aviation and satellite communications compared to the company's current focus [2] - As of now, the company's products have not yet entered the commercial aviation and satellite communications sectors [2]

Core Viewpoint - Tianjin Ruixinchang Technology Co., Ltd. announced a "Quality and Return Dual Improvement" action plan aimed at enhancing operational quality and core competitiveness while increasing returns to investors and protecting shareholder rights [1] Group 1: Action Plan and Industry Response - The "Quality and Return Dual Improvement" initiative has seen 471 companies in the Shenzhen Stock Exchange disclose related action plans since its launch in February 2024, indicating a broad participation across various sectors [1][2] - Companies are shifting from viewing shareholder returns as a short-term action to integrating it into their long-term development strategies, focusing on solidifying core businesses, enhancing R&D, and optimizing governance [1][2] Group 2: Focus on Core Business and Innovation - Companies are concentrating resources on core businesses by divesting non-core assets and improving operational efficiency, which lays a foundation for high-quality development [2] - There is a strong emphasis on technological innovation, with companies increasing R&D investments to drive growth and enhance core business capabilities [2][3] Group 3: Financial Performance and Shareholder Returns - The first 11 companies to release "Quality and Return Dual Improvement" reports achieved a combined profit of 5.701 billion yuan in the first three quarters of 2025, with significant stock price increases for most of these companies [3][4] - From 2022 to 2024, the annual dividend amount for 471 companies on the Shenzhen Stock Exchange grew at a compound annual growth rate of 10.0%, with 433 companies implementing cash dividends totaling 324.47 billion yuan in 2024 [6] Group 4: Dividend and Share Buyback Strategies - Companies are actively increasing cash dividend frequencies and optimizing dividend schedules to enhance shareholder returns, with 141 companies implementing mid-year dividends in 2024 [5][6] - Share buybacks and stock purchases by major shareholders are being utilized to signal confidence in the company's future, exemplified by Zhongwei New Materials' planned buyback of 800 million yuan [5][6] Group 5: Future Outlook - The ongoing deepening of the initiative is expected to attract more companies to join the value creation and sharing movement, reinforcing the micro-foundation for high-quality development in the capital market [7]