结论与建议： 盈利预测：公司从五年前开始布局Chiplet 技术及其在生成式人工智能和智慧驾驶上的应用，并持续开 拓增量市场和具有发展潜力的新兴市场，拓展行业头部客户，未来有望实现业绩高速增长。我们预计公 司2025-2027 年营收30.6 亿元、54.1 亿元和84.7 亿元，YOY 分别增长32%、77%和57%，实现净利润 0.26 亿、2.7 亿元和6.4 亿元，EPS 分别为0.05元、0.51 元和1.21 元，目前股价对应2027 年PS 8 倍，考 虑到公司业绩潜力较大，维持买进建议。 公司公告，4Q25（10 月至12 月25 日）新签订单25 亿元，较4Q25 全期增长130%，环比3Q25 全期增长 56%。公司及行业高速增长趋势得到进一步验证。展望未来，互联网厂商持续增加AI 算力投入，打造 更为强大的计算体系，将加速互联网厂商在专用处理芯片ASIC 领域的布局，公司有望从行业变革中持 续受益。目前公司股价对应2027 年PS（市销率）8 倍，公司股价近期因股东减持及解禁股流通而调整 较多，构成长期买入机会，维持买入建议。 风险提示：AI 领域下游需求不及预期 大基金减持，长期影响有 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [8][12]. Core Insights - The company announced a significant increase in new orders for Q4 2025, totaling RMB 2.5 billion, which represents a 130% year-over-year growth and a 56% quarter-over-quarter increase. This growth is primarily driven by demand for AI-related chip solutions [8][11]. - The company is expected to benefit from the ongoing transformation in the industry, particularly as internet companies increase their investments in AI computing capabilities [8]. - Despite a recent decline in stock price due to shareholder reductions, this presents a long-term buying opportunity as the company's fundamentals remain strong [8][11]. Summary by Sections Company Information - The company operates in the electronics industry, with a current stock price of RMB 127.90 as of December 26, 2025. The stock has seen a 12-month high of RMB 216.77 and a low of RMB 44.47. The total market capitalization is approximately RMB 640.78 billion [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on August 25, 2025 [3]. Product Mix - The company's revenue sources include 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Financial Forecast - The company is projected to achieve revenues of RMB 30.6 billion, RMB 54.1 billion, and RMB 84.7 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 32%, 77%, and 57% [11]. - Net profits are expected to turn positive in 2025, with projections of RMB 0.26 billion, RMB 2.7 billion, and RMB 6.4 billion for the years 2025, 2026, and 2027, respectively [10][11].

据高云程透露，目前确实有部分公司的市值建立在对未来特别乐观的预期之上，但这些并不是景林资产 组合里的公司，景林资产核心持有的公司估值都在历史合理区间内，而且生意模式具备定价权，竞争格 局处于有利地位，管理层也足够清醒理性。 谈及接下来关注的机会，高云程称，明年需高度重视重要AI应用入口或者平台，如谷歌、Meta、苹 果、字节跳动、腾讯、OpenAI等世界级入口或平台型公司。而且2026年很可能是AI Agent（智能体）真 正普及的元年，软件层面的AI Agent和软硬件结合的AI Agent设备会不断被推出。以手机等硬件作为底 层操作平台的AI大模型，甚至有挑战原有IOS和安卓系统的可能性。原有的很多护城河都可能在这一次 技术浪潮中被颠覆。 近日，记者独家采访获悉，景林资产发布了管理合伙人、CEO高云程《2025年终给投资者的一封信》， 系统阐述了其对市场后续走势的判断以及对AI方向的布局。 高云程表示，2025年DeepSeek的横空出世，让世界认识到中国在生成式人工智能的竞争浪潮中是有竞 争力和性价比优势的。AI对各行各业的渗透和改造才刚刚开始。中长期来看，国际资金将逐步回流中 国资产。 不过，高云程坦 ...

专题：中国财富管理50人论坛2025年会 12月27日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。中国社科院大学教授、国家数据专家委员会主任委员、国务院原副秘书长江小涓发 表演讲。 江小涓表示，经过多年积累，中国的科技创新能力已经形成了扎实的基础，预计在"十五五"期间，产业 与科技将迎来集中迸发的阶段，因此，"十五五"期间大量新技术的出现是确定性趋势。"只有科创企业 蓬勃涌现，科创金融才有可投的对象，如果没有优质的科创项目，资金投入也就无从谈起。"江小涓表 示，这也正是当前最大的机遇所在。 但她同时提醒，这一机遇并不必然流向传统金融业，多元投资力量的崛起正重塑科创投资格局。 从投资主体来看，传统风险投资（VC）和私募股权（PE）活跃度有所下降，而企业创投资金（CVC） 已成为创投重要力量。国内阿里、蚂蚁、腾讯等企业，以及国际上马斯克旗下企业、Databricks、 Anthropic等创新公司背后的大型科技企业，均在积极投入新兴重大科创项目。CVC往往聚焦与自身发 展紧密相关的领域，依托资金、算法、算力、AI模型及人才优势开展前沿研发，同时扮演战 ...

Core Insights - The "8+9" industries in China have shown significant growth, with 1.01 million new enterprises established by the end of November, representing a 9% increase compared to the previous year [1][4] - The rapid establishment of new companies in these sectors reflects a strong entrepreneurial spirit and indicates a solid transition towards high-end, intelligent, and green industrial structures in China [1][4] Group 1: Industry Growth - The number of new enterprises in the generative artificial intelligence sector has surged by over 29 times year-on-year, highlighting the broad application prospects of AI technology across various fields [1] - The civil aviation sector has seen a remarkable 108.3% increase in new enterprises, which not only enhances transportation capabilities but also stimulates related industries and promotes high-end manufacturing upgrades [2] - The humanoid robotics sector has experienced a 48.9% growth in new enterprises, showcasing its potential applications in service, healthcare, and rescue operations [2] Group 2: Structural Optimization - The "8+9" industry framework is central to China's industrial upgrade, with 775,000 new enterprises in the eight emerging industries, marking a 2.6% year-on-year increase [3] - The nine future industries have seen 283,000 new enterprises established, reflecting a 35.8% growth, indicating substantial development potential and momentum [3] - The current landscape illustrates a pattern of "emerging industries laying the foundation, future industries breaking through," which is a vivid representation of the shift towards high-end industrial structures in China [3] Group 3: Innovation and Competitive Advantage - The rapid growth of the "8+9" industries is a result of the systematic convergence of innovation elements such as technology, capital, talent, data, and application scenarios [3] - The increase in new enterprises signifies a transition in China's industrial competitiveness from individual advantages to a systematic advantage across the industrial chain, innovation chain, supply chain, and policy chain [3] - The establishment of over one million new enterprises is a direct manifestation of the innovation vitality within the "8+9" industries, marking a significant step in cultivating new productive forces in China [4]

S NOS A 31 中国高铁:一张闪亮的"国家名片 本报记者 营 谦 崔志坚 李 12月26日10点,随着C9309 次 "复兴号"智能动车组驶出延安站,西 安至延安高铁开通运营,中国高铁运 营里程正式突破5万公里。 "从前扛大包挤火车,车厢里人挨 着人无处下脚,现在高铁开到家门口, 一天从从容容打个来回,铁路发展真 是翻天覆地!"在延安站工作了 33年的 荣林生言语间满是自豪。 从白山黑水到南海之滨,从大漠 戈壁到江南水乡,5万公里高铁线路如 同钢铁脉络,编织出世界上最庞大的 高速铁路网。"十四五"期间,中国高铁 的路网规模、装备现代化水平显著提 升,旅客服务持续提质增效,辐射带动 效应日益凸显,成为一张亮丽的"国家 名片"。 高铁总里程占全球七成 西延高铁开通首日,延安市民王 大爷攥着崭新的高铁票,难掩激动: "以前去西安看病要转两趟车,折腾大 半天,现在1小时就能到!" 这一幕,是5万公里高铁网络惠 及民生的生动缩影。5万公里的营业 里程占全球高铁总里程的七成,这一 数字背后,是中国高铁从追赶到领跑 的跨越式发展,更是一张覆盖广泛、衔 接高效的现代化高铁网络的全面形 成。 数据显示,"十四五"期间,我 ...

Core Insights - The "8+9" related industries in China have shown sustained vitality in development, with a rapid growth in the establishment of new enterprises throughout the year [1][2] - From January to November, a total of 1.01 million new enterprises were established in the "8+9" related industries, representing a 9.0% increase compared to the same period last year [1] Group 1: Emerging and Future Industries - The "8 major emerging industries," including new generation information technology, high-end equipment manufacturing, and new materials, saw the establishment of 775,000 related enterprises, a year-on-year increase of 2.6% [1] - The "9 major future industries," represented by future health, future intelligence, and future energy, performed exceptionally well with 283,000 new enterprises established, marking a significant year-on-year growth of 35.8% [1] Group 2: Explosive Growth in Specific Sectors - Certain cutting-edge fields have experienced explosive growth, with the "generative artificial intelligence" sector seeing a staggering increase in new enterprises by over 29 times year-on-year [1] - The "civil aviation" sector followed closely with a growth rate of 108.3% [1] - The "humanoid robotics" sector also showed strong performance, with a year-on-year increase of 48.9% [1] Group 3: Strategic Implications - The increasing proportion of high-tech and strategic emerging industry enterprises is driving Chinese companies towards innovation and strength, further pushing the industrial system towards the mid-to-high end of the global value chain [2] - The continued improvement of supporting policies and strong market demand is expected to sustain the positive development momentum of these industries [2]

Core Insights - The latest data from the State Administration for Market Regulation indicates that China's "8+9" related industries have shown sustained vitality in development, with a rapid growth in the establishment of new enterprises [1] - From January to November this year, a total of 1.01 million new enterprises in the "8+9" related industries were established, representing a 9.0% increase compared to the same period last year, reflecting strong entrepreneurial investment enthusiasm in innovation-driven sectors [1] Group 1: Industry Performance - The "8 major emerging industries" saw the establishment of 775,000 related enterprises, with a year-on-year growth of 2.6%, continuing to play a foundational support role [1] - The "9 major future industries" performed even more impressively, with 283,000 new enterprises established, marking a significant year-on-year increase of 35.8%, showcasing substantial development potential and growth momentum [1] Group 2: Sector Highlights - The "generative artificial intelligence" sector experienced a staggering increase in new enterprise establishment, with a year-on-year growth exceeding 29 times [1] - The "civil aviation" sector followed closely, with a growth rate of 108.3% [1] - The "humanoid robotics" sector also showed strong activity, with a year-on-year increase of 48.9% [1]

中化新网讯 12月19日，国家互联网信息办公室发布《数字化绿色化协同转型发展报告（2025）》（下 称《报告》），并提出，"十五五"期间，重工业地区将聚焦化工、建材等重点行业，推动大数据、人工 智能、工业互联网等数智技术与绿色技术的深度融合，引领高碳工业流程实现低碳再造和数字化转型， 全面推动工业生产、能源使用与管理方式的全流程智能化绿色化升级。 二是推动企业能源管理智慧化升级。通过建设数字化能碳管理平台，打通电、气、热等多种能源数据的 采集与分析通道，依托人工智能算法和大数据模型，实现用能预测、峰谷优化、负荷调节与碳排放核算 管理等功能，助力企业科学制定综合用能计划。 《报告》指出，2024年传统产业数绿改造提升持续深化革新传统生产方式，构建高效智能生产体系。生 成式人工智能、数字孪生等数字技术加快落地应用，推动传统产业逐步摆脱粗放式制造和经验驱动模 式，迈向智能化、柔性化和绿色化的生产新范式。在设计研发环节，利用大模型对产品结构数据进行分 析，探究产品的构型和机理，生成具备创新结构与性能的新产品；在工艺优化环节，利用历史工艺数据 进行训练，快速筛选最优工艺参数组合，缩短测试与优化周期；在生产调度环节，对产 ...

2025/12/25 15:09 Charts In Focus: These Are Goldman's Top Tech Trader's 10 Biggest Questions For 2026 | ZeroHedge 聚焦图表：这些是⾼盛顶级科技交易员对2026年的10 个最⼤疑问 BY TYLER DURDEN THURSDAY, DEC 25,2025-12:05 AM 科技、媒体和电信⾏业⼜迎来了稳健的⼀年，2025年纳斯达克100指数上涨20%以上，有望实现连 续三年年度回报率超过20%，这在25年多的时间⾥仅为第⼆次（……或者换个说法：……过去23 年中，纳斯达克100指数仅出现过3次下跌年份……） 尽管如此，⾼盛顶级科技交易员彼得·卡拉汉提醒客⼾，2025年的市场⾏情并⾮"⼀帆⻛顺"…… ... 因为今年前4个⽉有⼏次严峻的考验（1⽉的深度求索（DeepSeek）、2⽉/3⽉令⼈不快的Mo' unwind，以及4⽉的"解放⽇"），随后…… 2025年最佳表现者（截⾄12⽉23⽇）：SNDK/铠侠/南亚增⻓超500%，SATS增⻓370%，光模块 （中际旭创、LITE）增⻓超350%，IR ...