+852-2532 1954 行业评论 第一上海研究部 research@firstshanghai.com.hk 2026 年 3 月 2 日 星期一 【行业评论】 科技行业周报：重视国产算力产业链，AI 应用强化算力 CAPEX 趋势 chen.huang@firstshanghai.com.hk 行业 TMT 我们继续提示国产算力的确定性机会，预计 H 公司新一代改款算力芯片 950 系列即 将发布，实现量产落地。产业链调研情况看，互联网公司对 950 芯片的评价正面， 采购意愿积极，我们重申 2026 年将是国产算力放量年。上周，关于寒武纪的小作 文也在各种媒体流传，我们认为这是下游客户端旺盛需求的一个印证。随着 AI 推 理应用逐步推广，算力瓶颈开始凸显。近日，字节 Seedance 视频生成任务开始拥 堵，反映了用户端爆发的需求与有限的算力之间的供需差。 推荐国产算力的核心标的包括寒武纪（688256）为代表的国产算力卡供应商，以及 中芯国际（981.HK）为代表的上游晶圆代工厂。此外，华虹集团在先进制程上进展 积极，建议关注旗下子公司华虹半导体（1347.HK）的投资机会。以及 H 公司产业 链 ...

Investment Rating - The report maintains a positive outlook on the AI-PCB and core computing hardware sectors, as well as the Apple supply chain and self-controlled beneficiary sectors [4][26]. Core Insights - NVIDIA's FY27Q1 revenue guidance is strong at $78 billion (±2%), indicating sustained demand for AI [1][26]. - The demand for AI-driven products is expected to lead to significant growth in the PCB industry, with many AI-PCB companies experiencing strong orders and production [4][26]. - The report anticipates explosive growth in the number of ASICs from major tech companies like Google, Amazon, Meta, OpenAI, and Microsoft between 2026 and 2027 [4][26]. Summary by Sections 1. Industry Overview - The AI demand is driving a significant increase in PCB value, with expectations for material upgrades and increased production layers [1][26]. - The report highlights the strong performance of the AI sector, with NVIDIA's new LPU chip expected to create new demands in the PCB market [1][26]. 2. Semiconductor and PCB Sector - The PCB industry is maintaining high demand due to the growth in automotive and industrial control sectors, alongside AI expansion [6][26]. - The report notes that the price of copper-clad laminates is expected to rise, indicating a tightening supply situation [6][26]. 3. Consumer Electronics - The report emphasizes the ongoing expansion of consumer electronics applications, particularly in the Apple supply chain and smart glasses [5][26]. - AI applications are expected to continue their rapid growth, with significant advancements in mobile and wearable technologies [5][26]. 4. Storage and Memory - The storage sector is projected to enter an upward cycle, driven by increased demand from cloud service providers and consumer electronics [20][22]. - The report suggests that the DRAM market will see price increases due to supply constraints and rising demand [20][22]. 5. Semiconductor Equipment - The semiconductor equipment sector is expected to benefit from the ongoing trend of domestic production and self-sufficiency in the face of global supply chain challenges [23][25]. - The report highlights the strong demand for advanced packaging and the need for domestic semiconductor equipment [23][25]. 6. Key Companies - Companies such as North Huachuang, Zhongwei Company, and Sanhua Group are highlighted for their strong positions in the semiconductor and PCB markets [27][28][33]. - The report notes that these companies are well-positioned to benefit from the ongoing trends in AI and semiconductor demand [27][28][33].

与此同时，长江商报记者注意到，公司积极推进产能扩张与全球化布局，境内市场根基稳固，境外业务 实现爆发式增长。2026年初，甬矽电子发布公告，宣布拟投资不超过21亿元布局海外生产基地，在行业 复苏周期中展现出强劲的成长韧性与长期竞争力。 受益于 集成电路 行业景气度持续提升， 甬矽电子 （688362.SH）经营业绩持续高涨。 2月24日，甬矽电子披露2025年年度业绩快报，2025年全年实现营收44.00亿元，同比增长21.92%；实现 归母净利润8224万元，同比增长23.99%。营收与归母净利润均实现两位数增长。 作为专注 先进封装 赛道的科创板企业，甬矽电子坚持以技术创新为核心驱动，近年来研发投入连年攀 升，2021年—2025年前三季度，研发投入累计达8亿元，在高端封装、 汽车电子 、射频通信等领域形成 核心技术壁垒。 近五年累投8亿研发 在业务布局方面，近年来，甬矽电子积极推进项目建设，扩大产能规模，并重点布局先进封装和汽车电 子领域。 2025年上半年，甬矽电子晶圆级封测产品收入达8528.19万元，同比大增150.80%。在汽车电子领域，公 司产品在车载CIS、 智能座舱 、车载MCU及 激光雷 ...

Core Viewpoint - Yongxi Electronics (Ningbo) Co., Ltd. reported a significant increase in revenue and net profit for the year 2025, driven by industry recovery and optimized customer structure [2] Group 1: Financial Performance - The company achieved a total operating revenue of 4.4 billion yuan in 2025, representing a year-on-year growth of 21.92% [2] - The net profit attributable to the parent company was 82.24 million yuan, marking a year-on-year increase of 23.99% [2] Group 2: Industry and Market Dynamics - The growth in performance is attributed to the recovery of the semiconductor industry, driven by demand from AI, high-performance computing, and data centers [2] - Yongxi Electronics experienced increased revenue from both overseas major clients and domestic SoC clients, contributing to the overall revenue growth [2] Group 3: Customer Structure and Future Outlook - The company has deepened cooperation with AIoT major clients and leading overseas design clients, establishing a stable customer base primarily consisting of leading design companies in various segments [2] - There is an expectation for an ongoing increase in the proportion of revenue from major clients and overseas markets, further optimizing the customer structure [2]

Group 1: Overall Industry Outlook - The semiconductor industry is experiencing an upward trend in performance, driven by strong demand in storage, equipment, and foundry sectors [1] - The report maintains an overweight recommendation for the semiconductor sector due to the overall industry recovery and growth potential [1] Group 2: Performance of Overseas Listed Companies - North American cloud service providers, including Microsoft, Amazon, Google, and Meta, reported significant year-on-year growth in cloud revenues, driven by AI demand, with capital expenditures expected to increase substantially in 2026 [14][15][16][17] - TSMC, the global leader in foundry services, reported a 25.5% year-on-year increase in Q4 2025 revenue, reaching $33.73 billion, with net profit growing over 40% [21] - Micron Technology's Q1 FY26 revenue reached approximately $13.64 billion, benefiting from rising storage prices driven by AI demand [31] - Texas Instruments and Analog Devices showed signs of recovery in the analog chip sector, with Texas Instruments reporting a 10% year-on-year revenue increase in Q4 2025 [39][41] Group 3: Performance of Domestic Listed Companies - SMIC reported a Q4 2025 revenue of 17.81 billion yuan, a year-on-year increase of 11.9%, with net profit growing by 23.2% [57] - The semiconductor packaging and testing sector is recovering, with several companies reporting improved profitability and growth driven by AI demand [60] - The analog chip sector is also showing signs of recovery, with many companies reporting improved performance compared to 2024 [62] Group 4: Investment Recommendations - The report suggests focusing on high-growth segments driven by AI, such as computing chips, storage, advanced packaging, and semiconductor equipment [7]

恒誉环保：2025年净利润同比增长106.25% 2月25日，恒誉环保(688309)发布业绩快报，2025年实现营业收入2.94亿元，同比增长89.87%；实现归母 净利润3593.25万元，同比增长106.25%；基本每股收益为0.4491元/股。 中科曙光：2025年净利润同比增长10.54% 2月25日，中科曙光(603019)发布业绩快报，2025年实现营业收入149.7亿元，同比增长13.86%；实现归 母净利润21.13亿元，同比增长10.54%；基本每股收益为1.45元/股。 亚世光电：股东拟减持不超160万股公司股份 2月25日，亚世光电(002952)发布公告称，持股11.7604%的股东兼董事林雪峰，计划以集中竞价、大宗 交易方式减持本公司股份合计不超过160万股，占公司总股本剔除回购专用证券账户中股份数量后的股 份总数比例不超过0.976%。 燕麦科技：2025年净利润同比增长42.63% 2月25日，燕麦科技(688312)发布业绩快报，2025年实现营业收入6.19亿元，同比增长24.33%；实现归母 净利润1.37亿元，同比增长42.63%；基本每股收益为0.96元/股。 甬矽电 ...

【重要事项】 海螺水泥：控股股东海螺集团拟7-14亿元增持公司股份 【业绩】 责任编辑：山上 通威股份：拟发行股份及现金收购青海丽豪清能100%股权并停牌筹划交易 恒瑞医药：SHR-1918注射液上市许可申请获国家药监局受理并纳入优先审评 ST人福：拟向控股股东定增募资不超35亿元 长芯博创：拟收购上海鸿辉光联通讯技术有限公司93.81%股权 布局光通信领域产业链上游 渤海租赁：控股子公司出售24架附带租约的飞机租赁资产 市场价格约为15.89亿美元 申联生物：拟2.37亿元收购世之源控股权并开展创新药业务 赛诺医疗：子公司产品Ghunter颅内取栓支架获得欧盟CE MDR认证 大族激光：拟1.5亿美元在东南亚设立海外运营中心 *ST松发：下属公司恒力造船2艘好望角型散货船建造合同于近日签约生效 韶能股份：全资子公司与元碳公司签订独立储能电站项目用地及电厂资源合作协议 光线传媒：电影《飞驰人生3》累计票房29.26亿元（营收4300-5300万元）；《惊蛰无声》票房8.67亿元 （营收520-660万元） 幸福蓝海：来源于两部影片《飞驰人生3》《熊出没：年年有熊》的营业收入共计约为79万元-102万元 华智数 ...

专题：交易提示 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【业绩】 【回购】 【股权变动】 苏泊尔业绩快报：2025年净利润20.97亿元，同比下降6.58%。 三生国健业绩快报：2025年净利29.39亿元，同比增长317.09%。 温氏股份业绩快报：2025年净利润52.35亿元，同比下降43.59%。 斯瑞新材业绩快报：2025年净利润1.54亿元 同比增长35.04% 交控科技业绩快报：2025年净利润1.56亿元，同比增长86.13%。 艾迪药业业绩快报：2025年净利润亏损1973.37万元，同比减亏。 微导纳米业绩快报：2025年净利润2.13亿元，同比下降6.12%。 中微半导业绩快报：2025年净利润2.85亿元，同比增长108.05%。 恒誉环保业绩快报：2025年净利润3593.25万元，同比增长106.25%。 中科曙光业绩快报：2025年归母净利润21.13亿元，同比增长10.54%。 燕麦科技业绩快报：2025年净利润1.37亿元，同比增长42.63%。 甬矽电子业绩快报：2025年归母净利润8224.03万元，同比增长23.99%。 【增减持】 亚 ...

甬矽电子（宁波）股份有限公司 2025年年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 证券代码：688362 证券简称：甬矽电子 公告编号：2026-009债券代码：118057 债券简称：甬矽转债 本公告所载甬矽电子（宁波）股份有限公司（以下简称"公司"）2025年度主要财务数据为初步核算数 据，未经会计师事务所审计，具体数据以公司2025年年度报告为准，敬请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：元 ■ 注：1、本报告期初数同法定披露的上年年末数； 2、以上财务数据及指标以未经审计的合并报表数据填列，数据若有尾差，为四舍五入所致，最终结果 以公司2025年年度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、报告期的经营情况、财务状况 报告期内，公司实现营业收入4,400,450,244.88元，较上年同期增长21.92%；实现营业利润35,415,338.32 元，较上年同期增长75.66%；实现归属于母公司所有者的净 ...

每经AI快讯，甬矽电子2月24日晚间发布2025年年度业绩快报，营业收入约44亿元，同比增加21.92%； 归属于上市公司股东的净利润约8224万元，同比增加23.99%；基本每股收益0.2元，同比增加25%。 每经头条（nbdtoutiao）——伤亡180万人！俄乌冲突四周年，陷入谈判死局、战场僵局、经济困局！谁 为战争买单 每日经济新闻 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...