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].

Investment Rating - The investment rating for the company is positioned at 2.53 points, placing it in the 34.4% percentile of the AHP model, indicating a lower tier in the upstream segment [10]. Core Insights - The company has established a complete industrial chain centered around PVA, achieving self-sufficiency in key raw materials and expanding downstream product offerings. As of the end of 2024, the company has a PVA production capacity of 130,000 tons and calcium carbide capacity of 870,000 tons, ranking third and eighth in market share in China, respectively [11][12]. - The company is implementing a "dual high" reduction plan to decrease the revenue contribution from PVA and calcium carbide to 40% by 2027, while actively expanding into high-value downstream sectors [12][20]. - The company has faced declining revenues and profits due to falling prices of calcium carbide and PVA, with a projected revenue of 3.718 billion yuan in 2025, reflecting a 6.66% year-on-year growth [24]. Summary by Sections AHP Score and Expected Allocation Ratio - The company’s AHP score, adjusted for liquidity premium factors, is 2.53, indicating a lower tier in the upstream segment. The expected allocation ratios for offline investors are 0.0173% for Class A and 0.0150% for Class B under a neutral scenario [10][11]. Fundamental Highlights and Features - The company has built a circular economy industrial chain around PVA, achieving self-sufficiency in calcium carbide and expanding into various downstream products. This strategy helps mitigate raw material price volatility [11][12]. - The company is focusing on high-value products, with plans to reduce the production and sales scale of high-pollution products, aiming for a significant shift towards high-value non-high-pollution products [20][22]. Comparable Company Financial Metrics - The company’s revenue and net profit have shown a declining trend, with a CAGR of -17.01% and -19.69% from 2022 to 2024, primarily due to falling prices of calcium carbide and PVA [24]. - The company’s average sales gross margin is higher than that of comparable companies, benefiting from cost reduction measures and energy-saving upgrades [27][28]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the production of PVB resin and functional films, water-based adhesives, and energy efficiency upgrades, with a total investment of 1.878 billion yuan [46][47].

Core Insights - The report anticipates a recovery in the chemical industry in 2026, driven by improved supply-demand dynamics and the "anti-involution" trend, alongside macroeconomic stability during China's 14th Five-Year Plan [49] - The focus is on sectors such as petrochemical refining, agricultural chemicals, and new materials, which are expected to benefit from stable demand and resource price increases [49][50] Section Summaries 1. 2025 Chemical Industry Review and 2026 Outlook - The chemical industry showed significant differentiation in 2025, with the basic chemical sector rising by 32.16% and the petrochemical sector by 6.59% [6][13] - Key sub-sectors like potassium fertilizer and modified plastics saw substantial growth, while refining faced challenges due to declining oil prices [13][14] 2. "Anti-Involution" Catalyzes Cycle Recovery - The report highlights the marginal improvement in supply-demand dynamics, particularly in petrochemical refining and agricultural chemicals, which are expected to see a recovery in profitability as oil prices stabilize [49][62] - Agricultural chemicals, particularly fertilizers, are noted for their stable demand, especially during the spring farming season [49] 3. "New Economy" Drives New Material Growth - The report emphasizes the importance of high-performance materials and domestic substitution, particularly in sectors like electric vehicles and renewable energy [51][52] - The demand for electronic chemicals is expected to rise significantly due to advancements in the semiconductor industry and AI applications [53] 4. Key Company Recommendations - The report recommends focusing on leading companies in the petrochemical sector, such as China Petroleum and Sinopec, which are expected to benefit from improved profitability as oil prices stabilize [62] - In the agricultural chemicals sector, companies like Yangnong Chemical and Lier Chemical are highlighted for their potential growth due to stable demand and resource advantages [70] 5. Capital Expenditure and Construction Projects - The report notes a significant slowdown in capital expenditure and ongoing projects in the chemical sector, indicating a potential shift towards demand recovery in 2026 [41][42] - The basic chemical industry saw a capital expenditure decline of 9.07% in the first three quarters of 2025, reflecting a cautious approach to new investments [41] 6. Petrochemical Industry Trends - The petrochemical sector's revenue is closely linked to oil prices, which have shown signs of stabilization, potentially leading to improved industry conditions [46][62] - The report suggests that the reduction in global refining capacity could alleviate supply pressures, enhancing the industry's outlook [62] 7. Agricultural Chemicals and Fertilizers - The agricultural chemicals sector is expected to see a gradual improvement in market conditions, with a focus on potassium and phosphorus fertilizers due to their critical role in food security [70][73] - The report highlights the importance of resource integration in the phosphorus chemical sector, which is poised for growth driven by stable demand in agriculture and new energy applications [78]

Group 1 - The company announced the resignation of its president, Guo Bo, after five months in office, citing personal reasons, while she will continue to serve as vice chairman and a member of the board's strategic committee [1][10] - Zheng Hu, born in 1991 and previously the vice president, has been appointed as the new president, marking the second presidential change within the year [3][10] - The company reported a revenue of 222 million yuan and a net profit attributable to shareholders of 22.01 million yuan for the first three quarters of 2025 [4][11] Group 2 - Zheng Qing Sheng became the controlling shareholder of the company after acquiring 145 million shares, representing 11.98% of the total share capital, and has been granted voting rights over an additional 82.97 million shares [5][12] - Zheng Qing Sheng, a businessman with interests in various sectors including real estate and automotive, has been in control of the company for only six months [6][13] - The company plans to invest 300 million yuan in the semiconductor industry, establishing two subsidiaries focused on chip business [7][15] Group 3 - The company has set up two subsidiaries, Jinzi Chip (Shanghai) Technology Co., Ltd. and Fujian Jinzi Semiconductor Co., Ltd., to pursue its semiconductor ambitions [8][15] - The investment aims to acquire up to 20% equity in Zhongzheng Microelectronics, focusing on domestic alternatives in the optical communication chip sector [15]

作为国内GPU领域的领军企业，技术先进性被业界视为壁仞科技的核心竞争力。据了解，壁仞科技汇聚 全球近千名高精尖人才，积累了强大的专有技术及工程能力。截至2025年6月30日，壁仞科技在全球多 个国家和地区累计申请专利近1200项，获得专利授权430余项，位列中国通用GPU公司第一。壁仞科技 两度荣获世界人工智能大会最高奖项SAIL奖，率先完成光互连技术商用部署。凭借着实用、可靠、创 新的产品及解决方案，壁仞科技的产品已应用于运营商、金融、能源、医疗、教育等关键行业，并大规 模部署于全国多个AI数据中心，有效支撑大模型训练、推理服务和科研创新等核心应用场景的算力需 求。 在国产替代浪潮下，壁仞科技等国产GPU厂商迎来了广阔的市场机遇。国内大算力GPU市场曾长期依赖 进口，国产化率不足10%。随着AI产业与数字经济的快速发展，国内对自主可控算力的需求持续攀升， 政策层面亦加大了对半导体产业的支持力度，为国产GPU企业提供了良好的发展环境。据行业机构测 算，预计2026年中国AI芯片市场规模将突破3000亿元，国产替代空间巨大。在此机遇期，壁仞科技有 望凭借技术创新与产品优势持续受益，协同上下游产业链高质量发展，为 ...

Core Viewpoint - Hangyang Co., Ltd. has successfully won the bid for the low-temperature distribution valve box project from Fusion New Energy (Anhui), which includes 7 sets of low-temperature distribution valve boxes, indicating the company's strong technical capabilities in the deep low-temperature technology field [1] Group 1: Project Wins and Technical Strength - The successful bid for the low-temperature distribution valve box project and the low-temperature nitrogen system project demonstrates Hangyang's comprehensive technical strength and engineering capabilities, gaining high recognition from clients [1] - The deep low-temperature technology of Hangyang includes nitrogen refrigeration systems and helium refrigeration systems, with a focus on controllable nuclear fusion as a key development direction [1] Group 2: Market Outlook and Growth Potential - According to research reports, Hangyang is a pure domestic demand stock with both cyclical and growth characteristics, as the gas industry is at the bottom of the cycle, and future performance is expected to turn upward [2] - The company is accelerating its layout in controllable nuclear fusion and other fields, opening up a second growth curve [2] Group 3: Industry Trends and Strategic Positioning - In the pipeline gas sector, the company's defensive attributes lead to stable growth with less impact from macroeconomic fluctuations, while in the retail gas sector, the offensive attributes may yield significant performance elasticity with potential economic recovery [2] - The company is also focusing on new growth points such as electronic specialty gases and has established partnerships for quantum computing and commercial aerospace, indicating a broad market space and potential for future growth [2]

每经记者｜闫峰峰 每经编辑｜吴永久 各位老铁，近期新股情绪持续高昂，让中签的投资者赚得盆满钵满，如12月5日上市的摩尔线程，即便 募资金额较多，发行价较高，但在上市首日涨幅达425.5%，中一签的投资者更是赚24.31万元。 而明日又将迎来1只科创板高价新股，那就是昂瑞微。公司是国产5G射频芯片龙头，产品打破国际垄 断。公司创始人兼实控人钱永学先生硕士毕业于中科院微电子研究所，公司获得华为、小米的投资。 值得注意的是，公司发行价高达83.06元/股，如果其明日能够取得近10只新股的上市首日平均涨幅 348.19%，那么中一签的投资者将赚超10万元。那么，昂瑞微明日上市会是一只10万元肉签吗？ 行业方面，公司主要聚焦射频前端芯片、射频SoC芯片领域。射频前端是无线通信设备的核心组件，主 要处理射频信号。根据Yole数据，全球射频前端市场规模由2020年的192亿美元增至2024年的255亿美 元、年均复合增长率达7.3%；预计2030年全球射频前端市场规模有望达308亿美元，2024年至2030年复 合增长率约为3.2%。 从供给端来看，目前，全球射频前端市场中，美国、日本等国际头部厂商占据该市场的绝大部分份额 ...

Group 1 - The core point of the news is that the Hong Kong stock market saw significant net buying from northbound capital, totaling HKD 36.54 billion, with Xiaomi Group, Ping An of China, and Meituan being the most bought stocks, while Tencent, Hua Hong Semiconductor, and China Mobile were the most sold [1][4]. Group 2 - Xiaomi Group (01810) received a net inflow of HKD 13.81 billion, driven by the completion of its first major home appliance factory in Wuhan, marking a key milestone in its smart home strategy [4]. - Ping An of China (02318) attracted a net inflow of HKD 11.89 billion, supported by positive research reports from major financial institutions and a recent regulatory easing that allows insurance companies to invest more long-term funds [4]. - Alibaba Group (09988) saw a net inflow of HKD 3.04 billion, with news of Meta using Alibaba's technology to optimize its AI models and the launch of a new cloud computing service [4]. - Kuaishou Technology (01024) gained a net inflow of HKD 790.3 million, with analysts predicting strong revenue growth due to its focus on user growth over immediate profitability [5]. - Semiconductor companies, including SMIC (00981) and Hua Hong Semiconductor (01347), faced net outflows of HKD 4.34 billion and HKD 5.55 billion respectively, influenced by regulatory changes regarding chip sales to China [5].