转自：证券时报 人民财讯1月27日电，博迁新材(605376)1月27日公告，公司预计2025年度实现归属于母公司所有者的净 利润为2亿元到2.4亿元，同比增长128.63%到174.36%。报告期内，公司主营产品镍粉的主要下游MLCC 市场由"规模增长"向"规格升级"演进，行业景气度持续回升，叠加AI服务器等终端设备对高性能MLCC 的需求增加，带动公司高端镍粉出货量增长，产品结构明显改善。 ...

Company News - Anta Sports plans to acquire a 29.06% stake in Puma for approximately 12.278 billion RMB, becoming its largest shareholder, with the transaction expected to complete by the end of 2026 pending regulatory approval, and the stock price rose over 3% [1] - Haike New Source signed a long-term cooperation agreement with BYD Lithium Battery Co., Ltd. on January 23, 2026, for a duration of three years, where Haike will supply at least 100,000 tons of four solvents annually to BYD's Hubei project via pipeline [1] - Joyson Safety Systems received the "Value Co-Creation Award" at the Changan Ford 2026 Supply Chain Partner Conference, with its products supporting both domestic and export models of Changan Ford [1] - Lihexing's investment in Cybertron Semiconductor is actively pursuing business cooperation with leading DRAM companies such as Samsung and SK Hynix, involving DRAM-related testing services and technical reserves [1] - Lianqi Technology has recently completed the development and system verification of a high-performance active electrical cable solution based on PCIe 6.x/CXL 3.x standards, supporting PCIe 6.0 x16 channel high-speed data transmission, suitable for AI servers and data center needs [1] - Lingbo Technology has released an open-source high-precision spatial perception model, LingBot-Depth, based on original data from the Orbbec Gemini 330 series dual-camera 3D chip, aimed at enhancing environmental depth perception and 3D spatial understanding for robots and autonomous vehicles [1] - ChipSource Microelectronics established a wholly-owned subsidiary, Wuhan Huachuang ChipSource Microelectronics Equipment Co., Ltd. in Wuhan [1]

每经AI快讯，1月27日，博迁新材（605376）(605376.SH)公告称，预计2025年度归属于上市公司股东的 净利润为2.00亿元到2.40亿元，同比增长128.63%到174.36%。报告期内，公司主营产品镍粉的主要下游 MLCC市场由"规模增长"向"规格升级"演进，行业景气度持续回升，叠加AI服务器等终端设备对高性能 MLCC的需求增加，带动公司高端镍粉出货量增长，产品结构明显改善。 ...

格隆汇1月27日｜有投资者在互动平台向聚辰股份提问：随着AI服务器对高带宽、大容量内存需求的爆 发式增长，DDR5渗透率快速提升，直接驱动EEPROM(称为SPD)，AI服务器个数据中心中，一个DDR5 内存条是否必须配备一颗EEPROM？EEPROM在AI服务器、数据中心和CPU中的工作原理是怎样的？ 聚辰股份的EEPROM产品在全球市场份额中的地位如何？ 聚辰股份回复称，一个DDR5内存条必须配备 1颗SPD芯片，SPD芯片是DDR5内存模组的通信中枢，其内置一颗SPD EEPROM，用于存储内存模组的 相关信息以及内存颗粒和其他组件的配置参数，并集成了I2C/I3C总线集线器和高精度温度传感器。 I2C/I3C 总线集线器是系统主控设备与内存模组组件之间的通信中心，能够实现高效率的数据交换，从 而确保内存模组平稳运行并发挥最佳性能，而高精度温度传感器则可以连续监测SPD芯片所在位置的温 度，以便系统主控设备对内存模组进行温度管理，进而提高内存模组工作的稳定性。2024年公司 EEPROM市场份额排名全球第三、国内第一。 ...

Group 1 - The core viewpoint of the news highlights the competitive landscape in the AI sector, with major internet companies ramping up their AI strategies and revenue targets, particularly Baidu aiming for a 200% growth in AI-related revenue by 2026 [1] - The AI cloud market is projected to exceed $400 billion globally by 2030, indicating significant growth potential in this sector [1] - The AI artificial intelligence ETF (512930) is closely tracking the Zhongzheng AI Theme Index, which includes 50 companies involved in providing resources, technology, and application support for AI [2] Group 2 - The global AI server shipment volume is expected to grow by over 28% year-on-year in 2026, driven by substantial investments from cloud service providers in AI infrastructure [2] - Key components such as storage and CPU chips are experiencing price increases, with Samsung raising NAND flash memory prices by over 100% and Intel and AMD planning to increase server CPU prices by 10% to 15% [2] - As of December 31, 2025, the top ten weighted stocks in the Zhongzheng AI Theme Index account for 58.08% of the index, indicating a concentration in key players within the AI sector [2]

Core Viewpoint - The company, Puran Semiconductor (Shanghai) Co., Ltd., anticipates a decline in net profit for the year 2025, while projecting an increase in operating revenue compared to the previous year [2][3]. Financial Performance Forecast - The company expects to achieve a net profit attributable to shareholders of approximately 205 million yuan for 2025, a decrease of about 87.42 million yuan or 29.89% compared to the previous year [2][3]. - The projected net profit, excluding non-recurring gains and losses, is approximately 170 million yuan, reflecting a decrease of about 99.27 million yuan or 36.87% year-on-year [2][3]. - The anticipated operating revenue for 2025 is around 2.32 billion yuan, an increase of approximately 516.43 million yuan or 28.63% compared to the previous year [2][3]. Previous Year Performance - In 2024, the company reported a total profit of approximately 305.03 million yuan, with a net profit attributable to shareholders of about 292.42 million yuan and a net profit excluding non-recurring gains and losses of approximately 269.27 million yuan [5]. Reasons for Performance Changes - The increase in revenue is attributed to favorable changes in the supply landscape of the storage chip market and a surge in demand from AI servers, high-end smartphones, and PC upgrades, leading to a structural optimization [6][7]. - The company has increased R&D investment in its storage chip products and maintained competitive salary levels to attract key talent, resulting in a significant rise in total employee compensation [7]. - The company has adopted a proactive supply chain strategy, leading to higher inventory levels and a decrease in inventory turnover, which has resulted in an increase in asset impairment losses by approximately 63 million yuan [7]. - The acquisition of a 51% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. is expected to positively impact profits, with contributions to net profit and revenue from the newly acquired subsidiary [8][10]. Non-Recurring Gains and Losses - The acquisition of Zhuhai Noah Changtian Storage Technology Co., Ltd. is expected to generate non-recurring gains of approximately 8 million yuan, positively affecting the year-on-year change in net profit attributable to shareholders [9]. Accounting Treatment Impact - The acquisition is projected to contribute approximately 35 million yuan to net profit attributable to shareholders and about 27 million yuan to net profit excluding non-recurring gains and losses for the reporting period [10].

Summary of StrongRay Technology Conference Call Company Overview - **Company**: StrongRay Technology - **Industry**: AI servers, semiconductor equipment, consumer electronics, robotics, and commercial aerospace Key Points and Arguments Financial Projections - StrongRay Technology expects revenue to exceed **3.2 billion** yuan in 2026, with a minimum profit of approximately **330 million** yuan [20] - The company anticipates a net profit margin between **13% and 15%** for 2026 [8] Liquid Cooling Business - StrongRay acquired Dongguan Luba Technology, which provides precision structural components for AI servers, expecting revenue of over **500 million** yuan in 2025 and **800 million** yuan in 2026 [2][4] - The company is entering the liquid cooling detection equipment market through Foxconn, projecting revenue of **300 to 400 million** yuan in 2026 [2][4] - Liquid cooling and air cooling products are expected to account for over **50%** of total revenue by 2026, with total revenue from these segments projected to reach **1.5 to 1.7 billion** yuan [4] Semiconductor Equipment Collaboration - StrongRay has made significant progress in its semiconductor parts business, with orders exceeding **100 million** yuan in 2025 and expected to surpass **300 million** yuan in 2026 [5] - The company is collaborating with leading domestic semiconductor equipment manufacturers, focusing on small-batch new products with promising profit margins [5] Consumer Electronics and Apple Partnership - StrongRay is positioned to benefit from Apple's plans to launch a foldable phone in 2026, which will increase demand for related equipment and fixtures [6][14] - Revenue from Apple-related products is projected to reach nearly **600 million** yuan in 2025, with a growth rate of **30% to 40%** expected in 2026 [14] New Product Development - Luba Technology is developing new high-value products, which could contribute an additional **300 to 400 million** yuan in revenue per product annually if successful [7] - The company is also working on new liquid cooling components for NVIDIA, with potential revenue of **300 to 400 million** yuan if the products pass validation [11][12] Robotics and Aerospace Ventures - StrongRay is expanding into commercial aerospace by providing precision components and is also involved in robotics, producing motors for cleaning robots and exploring patrol robots [15][18] - The company is collaborating with various partners in the robotics sector, including Zhaowei Electromechanical and others [17] Market Dynamics and Growth Potential - The liquid cooling server market is expected to grow significantly, with NVIDIA planning to deploy over **20** liquid cooling testing lines, of which StrongRay will manage **three to four** [9] - Profit margins for U.S. clients (e.g., NVIDIA) are around **40%**, while domestic clients have margins of **20% to 30%** [10] Incentive Plans and Employee Engagement - StrongRay has designed an incentive plan for employees, particularly focusing on core personnel, with stock options priced at **92 yuan** and restricted stock at **46 yuan** [19] Overall Growth Outlook - The company is positioned in multiple high-growth sectors, including liquid cooling systems, semiconductor equipment, and partnerships with major clients, indicating strong potential for future performance [22]

功率半导体市场跟踪：频传涨价背后的逻辑探讨及行情展 望 20260126 摘要 功率器件封装成本显著上升，主要受金属材料价格上涨驱动，封装成本 占器件总成本的 50%以上，其中金属材料占比高达 60%-70%，导致整 体成本增加 20%-30%。 AI 服务器市场对 MOS 管需求激增，头部国际供应商产能受限，交期延 长，进一步推高价格，但工控、汽车、家电等领域需求平稳，不足以支 撑全面大幅涨价。 国内功率器件市场中，二三极管等中小功率元件受原材料价格波动影响 更大，涨价潜力较高，而 IGBT 因晶圆成本占比高，受影响相对较小。 功率器件涨价目前处于市场试探阶段，实际涨幅有限，预计 2026 年第 一季度可能生效，高端产品和替代安氏产品的品类具有更大的上涨潜力。 全球功率器件厂商库存已基本出清，维持在较低水平，但产能仍然供过 于求，单凭库存出清不足以推动价格上涨，成本提升是主要驱动因素。 AI 服务器电源对功率器件需求带来显著增量，预计 2026 年全球市场规 模达 15-20 亿美元，2027 年可能增至 35 亿美元，主要受益于高压 MOS、碳化硅 MOS 等。 碳化硅在新能源汽车和储能领域的渗透率持续上 ...

[Table_Reportdate] 2026年01月26日 1 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.台积电CapEX超预期，2025 年智能手机出货实现韧性增长 ——电子行业周报2026/1/12- 2025/1/18 1. 台积电CapEX超预期，2025年智 能手机出货实现韧性增长——电子 行业周报（20260112-20260118） 2. 英伟达Rubin平台正式发布，台 积电2025全年营收创新高——电子 行业周报（20260105-20260111） 3. 英伟达获Groq推理技术授权，中 芯国际对部分产能实施涨价——电 子行业周报（20251222- 20251228） [Table_NewTitle] 2026年全球AI服务器出货同比有望增超 28%，AI相关芯片涨价持续 ——电子行业周报2 ...

Core Viewpoint - The company, Shunluo Electronics, is leveraging its capabilities in materials, equipment, design, and manufacturing processes to seize opportunities in the industry, providing a one-stop component solution for various AI server clients [1] Group 1: Company Performance - The company has established a customer base that includes leading domestic server manufacturers and top power semiconductor module manufacturers [1] - Orders related to AI servers are robust, indicating a strong demand for the company's offerings [1] - The relevant business segment is expected to continue its rapid growth trajectory [1]