格隆汇12月16日丨法拉电子(600563.SH)在投资者互动平台表示，公司主要设备及配件等均已实现国产 化替代，原材料采购渠道多元化。公司会密切关注国际贸易政策的变化并积极应对。公司暂时没有回购 计划。 ...

Core Insights - The digital PCR market in China is experiencing intense competition, with three leading brands: Bio-Rad, QIAGEN, and Xinyi, following Bio-Rad's acquisition of Stilla, which significantly increased its market share in the research sector [1][2]. Market Overview - The digital PCR market is characterized by a diverse landscape, with domestic brands accounting for a significant portion of the market share in terms of units sold, while imported brands maintain a revenue advantage due to higher pricing [3][5]. - In terms of bid amounts, imported brands hold a 48.91% share, while domestic brands account for 40.45%, with the remainder attributed to unknown brands [5]. - Domestic brands have captured 50% of the total units sold, indicating a trend towards "domestic substitution," driven by cost-effectiveness and localized service advantages [7]. Procurement Analysis - The primary demand for digital PCR technology comes from academic institutions and hospitals, which are the core procurement entities [8]. - The top three procurement entities by bid amount are universities (35.97%), hospitals (27.66%), and research institutes (13.18%), collectively representing over 74% of the market [10][12]. Brand Competition - Bio-Rad leads the market with a bid amount share of 24.51%, followed by QIAGEN at 19.91% and Xinyi at 16.74% [14]. - In terms of units sold, Xinyi leads with a 19.23% share, followed by Bio-Rad at 16.35% and QIAGEN at 15.38% [17]. - The acquisition of Stilla by Bio-Rad is expected to further enhance its market position, potentially increasing its unit bid share to 20.19% and bid amount share to 28.24% [17]. Research Market Dynamics - The research sector, encompassing universities and research institutes, is the largest application market for digital PCR, with Bio-Rad, QIAGEN, and Xinyi occupying the top three positions in bid amounts [21]. - In the research market, Bio-Rad holds a bid amount share of 29.43%, QIAGEN at 21.10%, and Xinyi at 15.85%, indicating strong brand loyalty and performance [21]. - After including Stilla's data, Bio-Rad's bid amount share in the research sector could rise to 33.92%, further solidifying its leadership [23]. Summary and Outlook - The digital PCR market from January to October 2025 illustrates a landscape of "imported leadership, domestic rise, and diversified competition," with Bio-Rad maintaining its leadership in high-end research markets [24]. - Domestic brands are becoming mainstream due to competitive pricing strategies, and the market is expected to expand further with advancements in molecular diagnostics and increased funding for research [24].

Macro Economic Group - In November, the industrial added value above designated size grew by 4.8% year-on-year, a decrease of 0.1 percentage points from October, while the cumulative year-on-year growth from January to November was 6.0%, also down by 0.1 percentage points from the previous month [4] - The fixed asset investment year-on-year growth from January to November was -2.6%, the lowest since June 2020, falling short of the Wind forecast of -2.2% and down by 0.9 percentage points from January to October [4] - The retail sales of consumer goods in November saw a nominal year-on-year growth of 1.3%, below the Wind forecast of 2.9%, and down by 1.6 percentage points from October [5] Industry Comprehensive Group - The Ministry of Industry and Information Technology granted conditional approval for the first batch of L3 autonomous driving models, allowing Changan Automobile and BAIC Arcfox to conduct trials in designated areas [9] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double the delivery quantity by 2027, indicating a positive outlook for the domestic satellite communication chip industry [9] Advanced Manufacturing Group - The lithium battery separator industry has seen a price increase, with a leading company raising the price of wet-process separators by 30%, and overall price increases expected to reach 20% [11] - The domestic separator shipment volume in the first three quarters of 2025 reached 22 billion square meters, a year-on-year increase of over 40%, driven by strong demand from new energy vehicles and energy storage [11] - The industry is experiencing a structural shift in pricing power, with leading manufacturers maintaining full production capacity and actively pursuing mergers and acquisitions [11] Consumer Group - Domestic personal care products are outperforming foreign brands, with toothpaste sales reaching 1.145 billion yuan in November, a year-on-year increase of 13%, while foreign brands like Colgate saw a decline [13] - The XR device sales in November increased by 128% year-on-year, indicating a growing interest in AI consumer applications, supported by developments from major tech companies like Google [14]

电性失效分析设备发展至今已有40年历史，此设备引入中国亦已接近20余年。除去大家耳熟能详的日本滨松，近年来行业内发展不断加速，也涌现出了一 大批新生势力。本文将分成以下几个部分。 1.简述电性失效分析设备 2.市场空间讨论 3.行业内设备厂商介绍 （注：本文的信息皆来源于公开招标和业内人士调研，如有失误，望请海涵。） 概括： 电性失效分析为细分高壁垒市场，产品为中红外，近红外相关高端光学仪器，主要服务半导体、泛半导体行业。电性失效分析中国市场空间约为5亿人民 币附近，未来预计将维持在这一份额。 电性失效分析厂商主要背景分为两类：科学仪器开发商和前代理商独立后自研品牌，目前第一梯队品牌全部为前者，例如日本滨松，美国赛默飞等。国产 品牌中凌光红外已经建立较大优势。 -中国大陆半导体设备支出保持高位但进入缓步下降周期 根据SEMI2024年9月发布的《300mm晶圆厂2027年展望报告（300mm Fab Outlook Report to 2027）》，2025年到2027年，全球300mm晶圆厂设备支出预计 将达到创纪录的4000亿美元，预计全球300mm晶圆厂设备支出预计从2024年的993亿美元增长至202 ...

各位老铁，今日上市的新股昂瑞微表现亮眼，即使发行价、募资金额双高，但盘中最高涨至244元，上 市首日最大涨幅达193.76%，中一签的投资者最高可赚80470元。 而明日又将迎来一只高价明星新股，那就是沐曦股份。公司是国内稀缺全栈GPU生产厂商，近年来营业 收入保持高速增长，同时发行价高达104.66元/股。如果其在上市首日能达到可比公司摩尔线程的首日 涨幅425.5%，那么意味着中一签的投资者将赚超22万元！那么，沐曦股份明日上市会是下一个摩尔线 程吗？ 国内稀缺全栈GPU厂商，营业收入高速增长 公开资料显示，沐曦股份致力于研发、设计和销售应用于人工智能训练和推理、通用计算与图形渲染领 域的全栈GPU产品。 沐曦股份是国内极少数具备高性能GPU自主研发及量产能力的领军企业，构建了"软硬一体"全栈产品矩 阵。公司产品结构正向高端化演进，2022年主要依赖智算推理系列板卡，2025年一季度训推一体产品收 入占比达98%。在硬件层面，公司GPU产品覆盖三大应用场景：训推一体、智算推理和图形渲染。 公司三位联合创始人均来自AMD，其中陈维良先生曾任AMD上海公司高级总监，彭莉女士和杨建先生 曾任AMD上海公司企业院 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - Short-term import relief alleviates supply pressure, while long-term self-replacement is imperative [2] - The demand for semiconductors remains strong, with ongoing domestic substitution efforts [24] - The storage chip industry is entering a new upcycle, driven by strong demand for high-performance memory from AI servers and data centers [29] - The global AI wave is driving sustained high demand for advanced chips and related manufacturing [34] Summary by Sections Weekly Market Review - The Shanghai Composite Index fell by 0.34% to 3889.35 points, while the Shenzhen Component Index rose by 0.84% to 13258.33 points, and the ChiNext Index increased by 2.74% to 3194.36 points during the week of December 8-14 [1][7] - The electronic sector rose by 2.63%, outperforming the Shanghai Composite Index by 2.98 percentage points [7] Industry Data Tracking - The consumer electronics industry is increasingly reliant on technological innovation and stimulus policies, with a significant increase in smartphone shipments in September [18] - In October 2025, global semiconductor sales reached $72.7 billion, a year-on-year increase of 27.2% [24] - The storage chip industry is experiencing a strong upward trend in DRAM prices, reflecting robust demand from AI applications [29] Investment Recommendations - The report suggests focusing on domestic semiconductor companies that achieve technological breakthroughs and are integrated into mainstream chip manufacturing supply chains, as they are crucial for China's self-sufficiency strategy [34] - The current market for storage is experiencing significant price increases due to heightened demand from AI applications and supply constraints [35]

联盟单位大族激光一则公告，让一项历时近三年的分拆上市辅导计划在2025年底画上了休止符。 12月15日，大族激光发布公告称，其控股子公司上海大族富创得科技股份有限公司（以下简称"上海大族富创得"）正式终止创业板上市辅 导，这一消息已获上海证监局确认。这家曾承载中美技术融合与资本博弈双重标签的企业，为何在冲刺资本市场前按下暂停键？我们从试图 透过这家企业的发展轨迹窥见一二。 终止辅导："看清再走"的理性，而非"闯关失败"的无奈 对于终止原因，大族激光在公告仅以"发展战略及资本运作规划发生调整"一笔带过。然而，结合行业与资本市场的动态看，这更像是一次审 时度势后的主动选择，而非被动退缩。 01 从"外资独苗"到"中资控股"：上海富创得的技术基因 上海富创得的故事并非简单的创业叙事，而是一场跨越太平洋的技术迁徙与资本整合。 上海富创得的前身可追溯至2006年，由美国富创得工程公司(Fortrend Engineering corporation)在沈阳设立的外商独资企业。美国富创得自1979 年起便深耕半导体晶圆自动化领域，其核心产品——晶圆传输设备（如设备前端自动化模块（EFEM）和标准机械接口（SMIF）），虽 ...

随着国家药品集采续约的不断推进，截至目前，美达信®已惠及超过1亿中国心血管疾病患者人 群，不仅实现了大规模进口替代，极大减轻了患者的用药经济负担，成为民族药企积极参与集采、实现 国产替代的典型代表之一。 "齐鲁好药"每年惠及全球约15亿人次 为持续满足国内外患者的健康用药需求，齐鲁制药始终坚守"全球同质、共线生产"这一理念，供应 国内市场的药品与出口国际的药品都是出自同样的生产线，保障无论国内外患者都能买到高标准、高品 质的齐鲁好药。相关负责人介绍，自2013年起，齐鲁制药就开始实行"国内国际双报"，即同一药品同步 申报中国国家药品监督管理局与国际监管机构注册审批。 同时，齐鲁制药与联合国开发计划署等4家国际组织达成多项合作，让齐鲁好药惠及更多国家，提 升全球公共卫生可及性。此外，紧跟共建"一带一路"倡议，齐鲁制药还全力开拓中东、北非、中亚、东 南亚、拉美等新兴市场，加大资源投入，实现了百余个产品惠及60多个共建"一带一路"国家和地区。 12月中旬，在齐鲁制药举行的国产药高质量发展专题研讨会上，来自中国医药创新促进会、中国药 科大学药品监管科学研究院的相关负责人，参与国家科技创新重大专项的专家学者，媒体及企业 ...

Group 1 - The overall asset performance indicates that various asset classes have entered a period of fluctuation, with the equity market experiencing a high-level consolidation phase, primarily driven by the technology sector, while consumer and cyclical sectors remain weak [1][6]. - The Federal Reserve's recent interest rate cut was weaker than expected, limiting its positive impact on the U.S. and global economies, which in turn affects the capital markets [1][6]. - The Central Economic Work Conference in China reiterated a stable growth approach, with a focus on expanding domestic demand and improving investment, although the implementation of these policies may take time to materialize [2][10]. Group 2 - The A-share market is currently in a high-level consolidation phase, with limited substantial positive news and a preference for stability as the new year approaches [2][10]. - The report suggests a "barbell strategy" for asset allocation, recommending maintaining positions in the technology sector while cautiously considering opportunities in the consumer sector due to recent positive macro data [2][11]. - The technology sector is expected to remain a core driver of market performance, with significant opportunities arising from national competition and domestic innovation [10][11]. Group 3 - The bond market is following the trends of the equity market, showing a clear negative correlation, and is expected to remain under pressure without significant positive catalysts [3][32]. - The bond market's configuration suggests limited upward potential in the short term, but it may serve as a stabilizing option against equity market volatility [32]. Group 4 - The commodity market is experiencing a return to a fluctuating trend, with precious metals like silver supporting the upward movement of the precious metals index, while energy and chemical commodities are underperforming [4][41]. - The report anticipates that gold may continue to rise in the long term, driven by a decoupling from the U.S. dollar, although the overall strength of the commodity market will depend on the performance of metals and agricultural products [41][45].

今日市场大幅调整，沪指跌幅超1%，创业板指跌超2%。资金抱团零售、食品饮料等消费主线。市场全 天成交1.7万亿，两市下跌个股超4300只。 从个股看，两市上涨1091家，下跌4302家，65家涨幅持平。两市共45股涨停，共39股跌停。 截至收盘，沪指跌1.11%报3824.81点，成交7333亿元；深成指跌1.51%报12914.67点，成交9882亿元。 创业板指下跌2.10%，报3071.76点。 资金动向 对于调整原因，综合市场各方观点，主要有以下三方面原因： 一是市场对"灰犀牛"风险的规避。日本央行将于12月18日至19日召开货币政策会议，市场普遍预期最可 能的方案是加息25个基点至0.75%。 二是美股甲骨文、博通近几日持续回调，再度引发市场对AI叙事逻辑的分歧。 三是A股商业航天板块盘中大跌，波及国防军工板块，压制市场人气。 盘面上，零售概念反复活跃，百大集团4连板，红旗连锁、广百股份双双2连板；智能驾驶概念逆势拉 升，浙江世宝、索菱股份等十余股涨停；数字货币概念走强，翠微股份、航天信息涨停；地产板块午后 拉升，世联行直线涨停，华夏幸福、特发服务、光大嘉宝、财信发展跟涨。下跌方面，贵金属、影视院 ...