周二开盘市场延续调整，三大指数集体低开，畜牧、银行等低位板块表现较好，科技方向暂作回落。半 导体设备ETF（561980）盘中跌超1%，成份股芯源微、中船特气、珂玛科技等光刻胶概念、设备公司 走强，国产替代逻辑有所深化。 银河证券表示，"十五五"规划重点聚焦关键核心技术领域的自主突破，设备等领域是直接受益环节之 一；而光刻胶作为半导体制造的核心耗材，其本土化替代需求将随政策推进持续释放，据市场三方机构 数据统计，预计2025年光刻胶市场规模可达123亿元。 消息面上，半导体自主可控领域迎来密集催化： 一是媒体报道称我国正在考虑推出一项价值高达700亿美元的激励计划，以资助和支持芯片制造产业。 据悉，该方案拟拨出2000亿元人民币至5000亿元人民币的补贴和其他融资支持资金，最终细节、金额和 目标企业仍在商讨中。 二是沐曦股份即将接棒摩尔线程于12月17日在科创板上市，目前长鑫IPO也在推进。开源证券指出，长 鑫今年7月已经开始辅导，预计明年长鑫长存扩产将会有较高的同比增速，叠加先进逻辑厂商的持续扩 产，或可关注半导体设备的投资机会。 开源电子认为，半导体设备自主可控或是当下强确定性和弹性兼备科技主线，主要源于 ...

12月16日，北京昂瑞微电子技术股份有限公司（以下简称"昂瑞微"）正式登陆科创板，股票代码为 688790。作为国内射频芯片领域的"珠峰攀登者"，昂瑞微的上市标志着国产高端射频芯片在资本市场迈 出关键一步，也为中国半导体产业链的自主可控增添了有力注脚。 射频芯片被称为电子设备的"无线通信咽喉"，负责信号的接收与发射，是5G通信、智能手机、物联 网、智能汽车等领域的核心器件。然而该市场长期被博通、思佳讯、高通等国际巨头主导，国产化率仍 处于较低水平。昂瑞微的上市，不仅是一家企业的里程碑，更是国产射频芯片从"跟随"跃向"并跑"这一 进程的缩影。 攀登"珠峰"：打响前沿技术"生态突围战" 在射频前端领域，5G L-PAMiD（高集成度射频前端模组）被称为技术上的"珠穆朗玛峰"。它将功率放 大器、滤波器、射频开关等多个核心器件集成在不到指甲盖大小的空间内，需要解决频段间干扰、散热 等多重工程挑战，保证高频信号下的性能稳定性，是决定5G手机信号发射性能、功耗和尺寸的关键模 块。 长期以来，这一高端市场被国际巨头牢牢掌控。据昂瑞微招股说明书，我国射频前端厂商市场占有率相 对较低，合计约20%（以金额计），尤其在5G高集成 ...

Group 1: Market Overview - The market showed weakness with the Shanghai Composite Index down 0.51%, Shenzhen Component down 0.58%, and ChiNext down 0.66% as of 9:38 AM on December 16 [1] - Retail concepts were active, with Baida Group achieving four consecutive trading limits, and other companies like Hongqi Chain and Dongbai Group also seeing gains [1] - The dairy industry saw a resurgence, with Huangshi Group hitting a trading limit and achieving two consecutive trading limits, while companies like Huanlejia and Sunshine Dairy also rose [1] Group 2: Institutional Perspectives - Everbright Securities anticipates a favorable cross-year market for A-shares due to new policy deployments, which are expected to support economic growth and attract capital inflows [2] - Huaxi Securities notes that recent meetings have supported market risk appetite, with expectations for increased trading activity and investment in growth sectors like domestic substitution and innovative pharmaceuticals [3] - Oriental Securities emphasizes the importance of core technology sectors that are trending upwards, while also noting the market's structural volatility as it approaches the end of the year [4]

Core Insights - The report highlights the rising prices of phosphate fertilizers and polyurethane, indicating a focus on the chemical industry amidst internal competition and chromium salt demand [3][5][29] - The report suggests that the ongoing tensions in Sino-Japanese relations may accelerate the domestic substitution of semiconductor materials, particularly in the context of high market share held by Japanese suppliers [4][29] - The chemical industry is expected to experience a significant transformation, with a shift from being a "cash-consuming" sector to a "cash-generating" one, driven by changes in supply dynamics and potential increases in dividend yields [5][29] Industry Summaries Phosphate and Chromium Salt - The chemical industry index shows a slight decline, with the current index at 91.63, down 0.18 from the previous week [3] - The chromium salt sector is experiencing a value reassessment due to increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [5][6] Chemical Industry Opportunities - Key opportunities identified include low-cost expansion in companies like Wanhua Chemical and Hualu Hengsheng, and sectors such as oil and coal chemicals, organic silicon, and glyphosate [6][7] - The report emphasizes the importance of high dividend yields in state-owned enterprises within the chemical sector, recommending investments in companies like China Petroleum and China National Chemical [8] New Materials Sector - The new materials sector is highlighted as a critical growth area, with a focus on electronic chemicals, aerospace materials, and biodegradable plastics, driven by rapid demand growth and policy support [35][41][46] - The establishment of a national-level platform for polysilicon capacity integration is expected to reshape the competitive landscape of the silicon material industry [42][43] Automotive Industry - The automotive sector is projected to continue its growth trajectory, with a focus on new energy vehicles and high-end models, supported by favorable policies and market conditions [49][50] - The report notes that the automotive industry index outperformed the broader market, with significant growth in electric vehicle sales [52] Bond Market Insights - The report discusses the decline in trading volume for 10-year government bonds, suggesting a shift in investor preference towards longer-duration bonds, influenced by the current low-interest-rate environment [30][31][32]

2025年12月15日，截至收盘，沪指跌0.55%，报收3867.92点；深成指跌1.10%，报收13112.09点；创业 板指跌1.77%，报收3137.80点。科创半导体ETF（588170）跌1.41%，半导体材料ETF（562590）跌 0.50%。 隔夜外盘：截至收盘，道琼斯工业平均指数跌0.09%；纳斯达克综合指数跌0.59%；标准普尔500种股票 指数跌0.16%。费城半导体指数跌0.61%，恩智浦半导体涨1.61%，美光科技跌1.51%，ARM跌4.98%， 应用材料涨0.79%，微芯科技收平。 行业资讯： 半导体材料ETF（562590）及其联接基金（A类：020356、C类：020357），指数中半导体设备 （61%）、半导体材料（21%）占比靠前，充分聚焦半导体上游。 1. 沐曦股份12月15日公告，公司股票将于2025年12月17日在上海证券交易所科创板上市。根据《上海证 券交易所科创板上市公司自律监管指引第5号——科创成长层》，上市时未盈利的科创板公司，自上市 之日起纳入科创成长层。截至本公告披露日，沐曦股份尚未盈利，自上市之日起将纳入科创成长层。 2. 中国证监会国际合作司发布关于 ...

2025年12月15日，截至收盘，沪指跌0.55%，报收3867.92点；深成指跌1.10%，报收13112.09点；创业 板指跌1.77%，报收3137.80点。科创半导体ETF（588170）跌1.41%，半导体材料ETF（562590）跌 0.50%。 4. 12月15日晚间，AI芯片厂商寒武纪发布公告称，公司拟使用母公司资本公积27.78亿元用于弥补母公 司累计亏损。本次公积金弥补亏损以公司2024年末母公司未分配利润负数弥补至零为限。 隔夜外盘：截至收盘，道琼斯工业平均指数跌0.09%；纳斯达克综合指数跌0.59%；标准普尔500种股票 指数跌0.16%。费城半导体指数跌0.61%，恩智浦半导体涨1.61%，美光科技跌1.51%，ARM跌4.98%， 应用材料涨0.79%，微芯科技收平。 行业资讯： 1. 沐曦股份12月15日公告，公司股票将于2025年12月17日在上海证券交易所科创板上市。根据《上海证 券交易所科创板上市公司自律监管指引第5号——科创成长层》，上市时未盈利的科创板公司，自上市 之日起纳入科创成长层。截至本公告披露日，沐曦股份尚未盈利，自上市之日起将纳入科创成长层。 2. 中国证监 ...

Core Viewpoint - Wallan Technology, a leading domestic GPU company, has initiated its listing process in Hong Kong, marking a significant step towards capitalizing its development and filling a gap in the AI computing sector in the Hong Kong market [2][5]. Company Overview - Founded in 2019, Wallan Technology has evolved from obscurity to a key player in the capital market, providing general intelligent computing solutions with its self-developed Bili™ series GPUs [3]. - The company's products are deployed across critical industries such as AI data centers, telecommunications, fintech, energy, and public utilities, supporting large model training and inference services [3][4]. - Wallan's Bili™ series GPUs utilize 7nm process technology and innovative Chiplet technology, achieving a leading global level of computing density with a single chip capable of reaching 10 PFLOPS [3]. Financial and Market Position - Wallan Technology has raised over 5 billion yuan in funding, with a pre-listing valuation of 14 billion yuan in 2025 [4]. - The funds raised from the IPO will primarily be used for next-generation chip development, production scale expansion, and global market outreach [5]. Industry Context - The listing of Wallan Technology is timely, coinciding with a surge in demand for AI computing power and technological transformation in the industry [6]. - The global AI acceleration chip market for data centers is expected to grow rapidly, creating a multi-billion dollar market opportunity [8]. - The demand for computing power is expanding beyond internet giants to traditional sectors like finance, manufacturing, and energy, as well as emerging fields such as edge computing and intelligent driving [8]. Challenges and Competitive Landscape - Despite its promising outlook, Wallan Technology faces significant challenges, including rapid technological iterations and intense competition from global giants like NVIDIA and AMD [9][10]. - The company is currently operating at a loss, with projected revenues of approximately 400 million yuan in 2024, and high R&D expenditures pose ongoing cash flow challenges [10]. - Supply chain security risks are heightened due to geopolitical factors, as Wallan Technology relies on international foundries for high-end GPU production [10]. Strategic Importance - Wallan Technology's role extends beyond its own growth, contributing to the construction of a domestic computing ecosystem and addressing the urgent need for self-sufficiency in AI computing power [5][11]. - The company's advancements in technology and its push for a heterogeneous mixed training standard are pivotal in overcoming challenges in the AI computing landscape [5].

证券研究报告 | 策略点评 策略点评 证券分析师 程强 2025 年 12 月 15 日 相关研究 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 [Table_Summary] 投资要点： 摘要。2025 年 12 月 15 日周一，A 股市场缩量调整；国债期货市场全线下跌；商 品指数微跌，贵金属延续强势，工业品反弹。 一、市场行情分析 1）股票市场：市场再度缩量调整 权益缩量调整，工业品反弹 缩量调整，科技指数领跌。今日 A 股三大指数集体调整，市场呈现"权重护盘、科 技领跌"的结构性特征。上证指数低开后震荡回落，收盘跌 0.55%至 3867.92 点； 深证成指跌 1.10%至 13112.09 点，创业板指跌 1.77%，收于 3137.80 点；科创 50 指数调整幅度达 2.22%；红利指数逆势上涨 0.75%，或反映硬科技板块情绪显著 降温，资金向高股息防 ...

2026未来产业新材料博览会 （FINE2026），聚焦 未来产业五大共性需求 （先进半导体、 先进电池、轻量化、低碳可持续、热管理 ），其中 先进半导体展区 ，涉及金刚石、碳化硅、氧化镓等下一代半导体、晶体生长、超精密加工、先进封装等。 欢 迎咨询：18957804107 【DT新材料】 获悉 ，12月9日， 湖北兴福电子材料股份有限公司 发布公告，以4626.78万元收购湖北三峡实验室重大科技成果" 光刻胶用光引发剂制备专有技术 及实验设备所有权"。 根据湖北众联资产评估有限公司出具的评估报告，以2025年10月31日为评估基准日，标的资产评估价值与交易价格一致，其中光刻胶用光引发剂制备专有技术的 评估值为4155.87万元，配套实验设备的评估值为470.91万元。交易标的包括两部分核心资产：光刻胶用光引发剂制备专有技术和配套实验设备所有权。 湖北三峡实验室光引发剂项目研发负责人介绍， 此次转让的成果G/I线光刻胶用光引发剂的关键技术，主要用于芯片和显示领域。 芯片制造需要几百种设备和材料，其中光刻机和光刻胶是常被提起的"卡脖子"产品。而对光刻胶的感光度和分辨率起决定性作用的，就是光引发剂。"目前，在国 ...

Investment Rating - The report assigns a rating of "middle-upper" based on the AHP score of 2.04, which places the company in the 27.5% percentile of the non-innovation board AHP model [2][7]. Core Insights - The company is a leading domestic manufacturer of anti-overflow special films, with a market share of 30% in 2024, having ranked first for five consecutive years from 2020 to 2024 [2][9]. - The company has established deep partnerships with several top global manufacturers in the flexible printed circuit board (FPC) industry, including Pengding Holdings and Vison Electronics [2][9]. - The company has successfully developed a PBT anti-overflow special film that can replace the traditional TPX material, reducing costs and expanding its product offerings [9][10]. - The acoustic film technology is internationally leading, and the company has passed product tests for its new energy materials with BYD, which has also become a significant shareholder [12][13]. - The company’s revenue from new energy materials has rapidly increased from 0.3% in 2022 to 14.8% in 2024, indicating strong growth potential in this segment [12][13]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score, adjusted for liquidity premium factors, is 2.04, with an expected allocation ratio of 0.0216% for class A and 0.0186% for class B investors under a neutral scenario [7][8]. Company Fundamentals and Highlights - The company specializes in high-performance functional materials, particularly anti-overflow and strong resistance special films, which are widely used in FPC manufacturing and consumer electronics [2][9]. - The company has broken the monopoly of Japanese firms in the anti-overflow film market and has developed products with superior performance metrics [9][10]. - The market for domestic anti-overflow films is estimated to be around 900-1,000 million yuan, with a global market potential of 1.8-2.0 billion yuan [11]. Comparable Company Financial Metrics - The company’s revenue for 2022, 2023, and 2024 was 455 million, 516 million, and 657 million yuan respectively, with net profits of 82 million, 83 million, and 116 million yuan, showing a compound annual growth rate (CAGR) of 20.15% and 19.14% [19][22]. - The gross margin has steadily increased from 31.76% in 2022 to 32.28% in 2024, which is higher than comparable companies [22][24]. - The company’s asset-liability ratio is significantly lower than that of comparable firms, standing at 18.70% to 20.62% during the same period [25][26]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 36.716 million new shares, with a total investment of 638.383 million yuan allocated to functional material projects [28][30].