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 ...

Core Viewpoint - The A-share market experienced a decline, with major indices falling, while certain sectors like retail and digital currency showed strength due to supportive government policies aimed at boosting consumption [1][2][4]. Group 1: Market Performance - The Shanghai Composite Index fell by 1.11% to 3824.81 points, the Shenzhen Component dropped by 1.51% to 12914.67 points, and the ChiNext Index decreased by 2.1% to 3071.76 points [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.72 trillion yuan, with over 4300 stocks declining [1]. Group 2: Sector Highlights - The retail sector was notably active, with Baida Group achieving a four-day consecutive rise, and Hongqi Chain and Guangbai Shares both rising for two consecutive days [2]. - The dairy industry saw a resurgence, with Huangshi Group hitting a daily limit up and other companies like Huanlejia and Sunshine Dairy also performing well [3]. - Digital currency-related stocks strengthened, with companies like Aerospace Information and Cuilong Shares hitting daily limits [4]. Group 3: Institutional Insights - Everbright Securities anticipates a favorable cross-year market for A-shares, supported by ongoing domestic economic policies and historical trends indicating strong market performance at the beginning of new five-year plans [5]. - Huaxi Securities highlights that recent meetings have bolstered market risk appetite, suggesting a focus on growth sectors and industries benefiting from anti-involution policies [6]. - Dongfang Securities emphasizes the importance of core technology sectors, noting that the market may continue to experience structural fluctuations as it approaches year-end [7].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company has shown a robust performance in the first three quarters of 2025, achieving revenue of 930 million yuan, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 37.34 million yuan, up 74.8% year-on-year [1]. - The company's core business in bearing rings is entering a clear recovery phase, with capacity utilization rates improving significantly from 40-50% to 70-90% due to previous heavy asset investments [1]. - The humanoid robot sector is identified as a trillion-yuan market, with the company positioned to benefit from the growth in this industry through its key component, the planetary roller screw [2]. - The company has developed an insulated bearing inner ring to address the issue of electrical corrosion in electric drive systems for new energy vehicles, which is expected to reduce costs by over 30% compared to mainstream ceramic ball bearing solutions [2]. - The company is advancing its globalization strategy, having received approval for a factory in Mexico and exploring opportunities in Europe and Thailand [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 1.35 billion yuan, 1.77 billion yuan, and 2.24 billion yuan, respectively, with net profits expected to reach 66 million yuan, 130 million yuan, and 200 million yuan [4][12]. - The earnings per share (EPS) is projected to grow from 0.53 yuan in 2025 to 1.62 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 122.43 to 40.42 [4][12]. - The company is expected to achieve a gross margin improvement from 15.2% in 2025 to 19.3% in 2027, indicating enhanced profitability [12].

民生证券指出，当前软件产业在国产替代与AI赋能双轮驱动下呈现强劲增长态势。一方面，协同办公 信创、效率办公信创等细分市场空间广阔，预计到2027年相关市场规模有望突破30亿元；另一方面，国 产算力与国产软件的深度融合正加速技术生态协同，推动产业链从"可用"向"好用"升级。中长期看，工 业软件、基础软件等关键领域在政策支持与需求拉动下，有望成为推动产业数字化进程的核心引擎。 （文章来源：每日经济新闻） 12月16日，A股三大指数午后持续调整，盘面上，零售、免税、网约车等板块涨幅居前，贵金属、影视 院线、海南等板块跌幅居前，创业板软件ETF华夏（159256）跌1.16%，其持仓股四方精创异动拉升， 大涨超7%，银之杰、长亮科技、指南针等股领涨，航天智装、汉得信息、万兴科技等股领跌。 消息方面，2025年12月29日，四川省软件行业协会将在成都举办"四川省软件产业大会暨第六届会员代 表大会第五次会议"，会议主题为"标准赋能·提质增效"，旨在通过宣贯解读《软件过程能力成熟度模 型》《信息化项目费用测算标准》《软件研发项目管理规范》等关键标准，推动省内软件企业以规范驱 动发展提质，夯实核心竞争力。此次大会将聚焦软件过 ...

Group 1 - The integrated circuit industry is experiencing a surge in IPO activities, with over 20 companies advancing their listing processes in just half a month, covering various segments such as IC design, semiconductor equipment, and materials [1] - Notable companies include Moer Technology, which became the first domestic GPU company to list on the STAR Market, and Wallen Technology, which has received approval for overseas listing [1][7] - The IPO activities reflect a strong alignment between capital and industry, indicating a rapid integration of domestic integrated circuit companies with the capital market [1] Group 2 - Angrui Microelectronics officially listed on the STAR Market on December 16, 2025, with an issuance of 24.88 million shares at a price of 83.06 yuan per share, raising approximately 2.067 billion yuan for key projects [3][4] - The funds will be allocated to three main projects: R&D and industrialization of 5G RF front-end chips (10.96 billion yuan), RF SoC development (4.08 billion yuan), and the construction of a headquarters and R&D center (5.63 billion yuan) [4][6] - Angrui Microelectronics focuses on RF front-end chips and SoC chips, with projected revenue growth from 922 million yuan in 2022 to 2.101 billion yuan in 2024, reflecting a compound annual growth rate of over 50% [6] Group 3 - Wallen Technology is preparing for an overseas listing, aiming to issue up to 372.46 million shares, which would make it the first GPU company listed in Hong Kong [7][9] - The company specializes in high-performance general-purpose GPUs and has completed multiple rounds of financing, achieving a valuation of 14 billion yuan before its Hong Kong listing [10] Group 4 - Muxi Technology is set to list on the STAR Market on December 17, 2025, with an issuance of 40.1 million shares at a price of 104.66 yuan per share, targeting a total fundraising of approximately 4.197 billion yuan [11][13] - The funds will focus on R&D and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [13] Group 5 - Haowei Group has passed the listing hearing on the Hong Kong Stock Exchange, moving closer to achieving a dual listing in both Hong Kong and Shanghai [14][18] - The company is a leading Fabless semiconductor design firm, providing sensor, analog, and display solutions across various sectors [18] Group 6 - San Di Yi Xin has completed its IPO counseling registration, focusing on NAND Flash storage control chips and has already mass-produced USB and SD series mobile storage control chips [19][21] - The company aims to enhance its process to 40nm and has developed proprietary algorithms to improve the performance and lifespan of storage chips [21] Group 7 - Tongchuang Purun has initiated its IPO process, focusing on ultra-pure metal materials for large-scale integrated circuits, with products already entering the supply chains of top global wafer manufacturers [22][24] - The company has received significant funding, including over 1 billion yuan in a Pre-IPO round [24] Group 8 - Xinhua Semiconductor has completed its IPO counseling, focusing on electronic-grade polysilicon and related products, with a production capacity of 10,000 tons of semiconductor-grade polysilicon [25][27] - The company has a diverse shareholder structure, including significant investments from state-owned funds [28] Group 9 - Chengdu Super Pure has completed its IPO counseling, focusing on key components for semiconductor etching and precision optics [29][31] - The company has undergone multiple rounds of financing, with significant investments from notable firms [31] Group 10 - Quanxin Intelligent Manufacturing has initiated its IPO process, being the first EDA software company in China focused on semiconductor manufacturing [32][34] - The company has achieved significant revenue growth but is still in a strategic investment phase [34] Group 11 - Yuexin Semiconductor has completed its IPO counseling, focusing on high-end analog chip foundry services for various sectors [35][36] - The company has a multi-phase construction plan with a total investment of 16.25 billion yuan [36] Group 12 - Huolong Technology has started its IPO counseling, specializing in customized designs for gas delivery systems and heating products in the semiconductor equipment sector [38][41] - The company has established a strong market presence and technical barriers in its field [41] Group 13 - Zhaoyi Innovation has received approval for its overseas listing, aiming to issue up to 51.8 million shares on the Hong Kong Stock Exchange [42][44] - The company is a leading Fabless chip supplier, focusing on memory products and has broken the long-standing foreign monopoly in the niche DRAM market [44] Group 14 - Lanjie Technology has also received approval for its overseas listing, with plans to issue up to 13.02 million shares on the Hong Kong Stock Exchange [45][47] - The company specializes in data processing and interconnect chip design, targeting cloud computing and data center markets [47] Group 15 - Weian Co. has initiated its IPO process, focusing on circuit protection and power semiconductor products [48][51] - The company has shown steady revenue growth from 784 million yuan in 2020 to 1.188 billion yuan in 2022 [51] Group 16 - Naxin Microelectronics has officially listed on the Hong Kong Stock Exchange, becoming the first company to achieve a dual listing in both A and H shares in the analog chip sector [52][54] - The company plans to use the funds raised from its IPO to enhance its technology and expand its product offerings in the automotive chip market [54]

截至2025年12月16日 13:39，上证科创板100指数下跌1.84%。成分股方面涨跌互现，芯源微领涨 4.11%，经纬恒润上涨2.99%，茂莱光学上涨2.50%；金盘科技领跌6.05%，国盾量子下跌6.00%，微导纳 米下跌5.88%。科创100ETF华夏（588800）下跌1.89%，最新报价1.25元。 流动性方面，科创100ETF华夏（588800）盘中换手10.01%，成交2.62亿元，领先同类。 科创100ETF华夏（588800）紧密跟踪的科创100指数，是科创板第一只，也是唯一一只中盘风格指数， 聚焦高成长科创黑马，重点覆盖半导体、医药、新能源三大行业。 公开信息显示，科创半导体ETF（588170）及其联接基金跟踪上证科创板半导体材料设备主题指数，囊 括科创板中半导体设备（61%）和半导体材料（23%）细分领域的硬科技公司。 半导体设备和材料行业 是重要的国产替代领域，具备国产化率较低、国产替代天花板较高属性，受益于人工智能革命下的半导 体需求，扩张、科技重组并购浪潮、光刻机技术进展。 （文章来源：每日经济新闻） 流动性方面，科创半导体ETF（588170）盘中换手16.07%，成交5. ...