今日市场震荡走低，互联网电商、AI应用等板块涨幅居前。全天市场成交约1.万亿，较上个交易日略有 放量，两市超4100股下跌。外围市场方面，今日亚太市场也全线大跌，日韩股市大幅收跌。比特币、黄 金也直线跳水，纳斯达克100指数期货跌幅一度扩大至1%，道指期货跌0.5%。 据券商中国，分析人士认为，两大因素导致全球资产受挫，一方面与美联储的降息预期有关，今天传出 明年上半年不降息的消息；另一方面则与日本国债有关。由于投资者权衡首相高市早苗可能推出的大规 模财政刺激计划的影响，日本10年期国债收益率攀升至1.75%以上，接近2008年以来的最高水平。这对 全球流动性可能造成了巨大冲击。 盘面上，AI应用方向领涨，阿里千问、AI语料、多模态等方向领涨。福石控股20cm涨停，此前宣亚国 际、浪潮软件、榕基软件2连板，思创医惠、光云科技、石基信息等多股大涨。消息面上，三大利好密 集催化。其一，昨日阿里巴巴正式宣布"千问"项目，千问APP公测版上线；其二，巴菲特在年底交班之 前，建仓谷歌母公司Alphabet，也对AI应用方向起到了提振作用；其三，软件方面，数据显示，近9成 参与者预测备受关注的谷歌Gemini 3.0大模 ...

Core Viewpoint - Hengkun New Materials has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant stock price increase of 280.32% post-IPO, indicating strong market interest and potential growth in the semiconductor materials sector [1]. Company Overview - Established in December 2004, Hengkun New Materials focuses on the research, production, and sales of key materials for 12-inch integrated circuits, including photoresist and precursor materials, addressing domestic gaps and providing solutions for advanced semiconductor manufacturing [4][6]. - The company has achieved mass production of its products, including SOC, BARC, KrF photoresist, and i-Line photoresist, with ArF immersion photoresist undergoing validation for small-scale sales [4]. Market Position and Financial Performance - According to Frost & Sullivan, Hengkun New Materials ranks among the top domestic manufacturers in the 12-inch integrated circuit sector, with its SOC and BARC sales leading the domestic market in 2023 [6]. - The company's revenue figures for 2022, 2023, 2024, and the first half of 2025 are projected at 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, respectively, with self-produced product sales increasing significantly [6]. - The revenue share of self-produced products is expected to grow from 38.94% in 2022 to 86.68% by mid-2025, reflecting a strong upward trend in market penetration [6]. Product Growth and Market Trends - SOC product revenue has more than doubled over three years, with projected sales of 232 million yuan in 2024 and a domestic market share exceeding 10%, indicating successful competition against international giants [6]. - BARC products have maintained over 140% year-on-year growth since their market introduction in 2021, showcasing robust market penetration capabilities [6]. - The growth of i-Line and KrF photoresists, which began sales in 2022, is notable, with projected sales reaching 7.15 million yuan and 13.52 million yuan in 2024, respectively, highlighting the acceleration of domestic substitution [7]. Future Prospects and Industry Integration - Hengkun New Materials plans to raise 1.007 billion yuan through its IPO to invest in projects aimed at enhancing production capacity for high-purity precursors and advanced materials, marking a strategic move towards deeper domestic integration [7]. - The domestic integrated circuit key materials market is projected to reach 258.96 billion yuan by 2028, with manufacturing materials accounting for over 70%, providing a substantial growth opportunity for Hengkun New Materials [7]. - The company's development is closely tied to the broader Chinese semiconductor industry's efforts to overcome challenges, with several major domestic wafer manufacturers already among its clients, ensuring stable orders and fostering a collaborative ecosystem [8].

【国产替代之光，科创自立自强】 科技摩擦背景下，信息安全、产业安全重要性凸显。AI作为核心技术，实现自主可控至关重要。科创 人工智能ETF（589520）及其联接基金（联接A：024560，联接C：024561）重点布局国产AI产业链、 具备较强国产替代特点，成份股均为细分环节收入最大或卡位最好的公司，受益于端侧芯片/软件AI化 进程提速。相较直接投资科创板个股，ETF能够低门槛布局，并且20%涨跌幅限制，在行情爆发时效率 更高。前十大重仓股权重占比超七成，第一大重仓行业半导体占比超一半，集中度高，具备较强进攻 性。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金 ...

6 证券研究报告 点评报告 2025 年 11 月 18 日 晨会纪要 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 评论： 10 月中国一般公共财政收支状况进一步改善，收入增加而支出减少。1-10 月全国 一般公共财政收入同比为 0.8%，年内连续 4 个月回升，较 1-9 月回升 0.3 个百分 点，其中中央回升 0.4 个百分点至-0.8%，地方回升 0.3 个百分点同比为 2.1%；而 一般公共财政支出同比为 2.0%，较 1-9 月回落 1.1 个百分点，其中中央回落 1 个 百分点至 6.3%，地方回落 1.2 个百分点至 1.2%。 政府性基金收入则表现不佳，1-10 月同比为-2.8%，较 1-9 月回落 1.3 个百分点， 其中地方国有土地使用权出让收入同比为-7.4%，较 1-9 月回落 3.2 个百分点；1-10 月政府性基金支出增速为 15.4%，较 1-9 月回落 8.5 个百分点。 从税收收入看，较前三季度也有所改善。2025 年 1-10 月全国税收收入同比增速为 1.7%，较 1-9 月回升 1 个百分点，非税收入为-33%，较 1-9 月回落 ...

资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设 计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。 （文章来源：每日经济新闻） 据智通财经消息，受上游存储芯片价格持续大幅上涨影响，多家手机厂商已暂缓本季度存储芯片采购计 划。目前，小米、OPPO、vivo 等主流厂商的库存普遍低于两个月，部分厂商的DRAM（动态随机存取 存储器）库存甚至不足三周，正面临是否接受原厂（美光、三星、SK 海力士）接近50%涨幅报价的艰 难抉择。 华西证券表示，AI芯片国产化进程是长期必然趋势，在当前时点，是国产芯片发展最佳时机。持续看 好包括先进制程制造、芯片架构升级对整体国产算力水平的拉动，有望推动国产算力份额持续提升。 11月18日午后，A股三大指数集体下跌，上证指数盘中下跌0.74%，文化传媒、办公用品、互联网等板 块涨幅靠前，精细化工、化肥农药跌幅居前。芯片科技股走强，截至13:22，芯片ETF（159995）上涨 1.32%，其成分股北方华创上涨6.66%，中微公司上涨4.52%，拓荆科技上涨4.48%，华海清科上涨 2.66%，瑞芯微上涨 ...

11月18日，截至11时28分，大数据产业ETF（516700）盘中表现稳健，场内价格现涨1.5%。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上述基金的投资价值、市场前景和收益做出实质性判断或保 证。基金投资须谨慎。 成份股方面，石基信息涨停，表现最为抢眼 ...

半导体设备走强，北方华创涨超6%，中微公司涨超4%，带动半导体设备ETF、半导体设备ETF易方达、半导体材料 ETF、半导体产业ETF、芯片设备ETF、半导体设备ETF基金涨超2%。 | 代码 | 名称 | 涨跌幅 ▼ | 年初至今 | 估算规模 | 管理公司 | | --- | --- | --- | --- | --- | --- | | 561980 | 半导体设备ETF | 2.48% | 54.95% | | 25.65亿 招商基金 | | 159558 | 半导体设备ETF易方达 | 2.40% | 46.40% | 14.79亿 | 易方达基金 | | 159327 | 半导体设备ETF基金 | 2.36% | 45.96% | 5.82亿 | 万家基金 | | 159516 | 半导体设备ETF | 2.38% | 46.11% | 62.62亿 | 国泰基金 | | 159582 | 半导体产业ETF | 2.31% | 53.42% | | 3.99亿 博时基金 | | 560780 | 芯片设备ETF | 2.23% | 47.52% | | 15.43亿 广发基金 | | 562590 ...

截至2025年11月18日 11:07，上证科创板半导体材料设备主题指数强势上涨2.97%，成分股京仪装 备上涨11.93%，拓荆科技上涨6.35%，芯源微上涨5.81%，中微公司，中科飞测等个股跟涨。科创半导 体ETF（588170）上涨2.90%，最新报价1.45元。 流动性方面，科创半导体ETF（588170）盘中换手10.13%，成交3.43亿元，市场交投活跃。拉长时 间看，截至11月17日，科创半导体ETF（588170）近1月日均成交4.60亿元，领先同类。 规模方面，科创半导体ETF（588170）近3月规模增长28.90亿元，实现显著增长。 消息面上，八亿时空宣布由公司投建的国内首条百吨级半导体KrF光刻胶树脂高自动化柔性/量产双 产线顺利建成。八亿时空董事长表示，公司将依据市场情况逐步扩产能，计划未来二到三年具备年产 200-300吨高端光刻胶树脂的生产能力。 招商证券指出，进入2025年三季度以来存储行业全面进入加速上行周期，不同于此前供给侧减产或 退出带来的价格短暂上行，本轮存储行业上行周期主要系AI时代下存储需求爆发推动，同时供给侧产 能开出有限，因此行业供需缺口持续扩大，价格加速上涨 ...

[Table_Reportdate] 2025年11月18日 [证券分析师： Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20251118 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.中芯国际三季度产能利用率与ASP双增，百度公布昆仑芯五年路线图——电子行业周报 2025/11/10-2025/11/16 ➢ 2.关注反内卷成效与科技赋能驱动——资产配置周报（2025/11/10-2025/11/14） ➢ 1.中德高级别财金对话联合声明发布 ➢ 2.财政部发布10月财政收支数据 ➢ 3.日本三季度实际GDP略好于预期 | 1.1. 中芯国际三季度产能利用率与 ASP 双增，百度公布 ...

Core Insights - The servo cable market is projected to reach $170 million by 2031, with a compound annual growth rate (CAGR) of 7.5%, driven by the rapid expansion of the market and competitive dynamics in the supply chain [1] - The growth of the servo harness market is fueled by increasing industrial automation and technological innovations, with a significant demand for high-quality servo cables [2][3] - Domestic suppliers are gaining a competitive edge through technological breakthroughs and service advantages, particularly in the context of the accelerating trend of domestic substitution [5][9] Market Dynamics - The demand for servo harnesses is driven by the increasing penetration of industrial automation, with predictions that 400-800 million jobs globally will be replaced by automation technologies by 2030 [2] - The supply side is characterized by technological innovations, with the new generation of composite servo cables, particularly those with PUR (polyurethane) sheathing, dominating the market with a 46.1% market share due to their durability and adaptability [2] Application and Regional Insights - Industrial automation accounts for 69.4% of the demand for servo harnesses, covering critical applications such as CNC machine spindle drives and industrial robot joints [3] - China, Japan, South Korea, and Western Europe are the main markets, with China expected to exceed 250 billion RMB in industrial automation market size by 2025, representing over one-third of the global market [3] Supplier Evaluation and Competitive Landscape - A comprehensive evaluation framework for servo harness suppliers includes four dimensions: technical capability, quality assurance, service responsiveness, and cost-effectiveness [4] - International brands like Igus, LAPP Group, and HELUKABEL maintain a leading position in high-end manufacturing but face challenges due to higher prices and longer delivery times compared to local suppliers like Pinlian Electronics [4][5] Technological Trends and Recommendations - The servo harness industry is evolving towards three main trends: intelligence, lightweight design, and modularity [8] - Experts recommend selecting suppliers based on specific application scenarios, with international brands preferred for high-end precision manufacturing and local suppliers like Pinlian Electronics favored for general industrial automation due to their performance and cost advantages [8] Industry Collaboration and Future Outlook - The strategic importance of servo harnesses is increasing as they are seen as the "nervous system" of motion control systems, with a competitive landscape emerging between international brands and rapidly rising domestic companies [9] - Establishing a supplier evaluation system and fostering long-term partnerships with quality suppliers is crucial for managing the entire lifecycle of equipment and supporting high-quality development in the industrial automation sector [9]