点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 1 投资框架:当我们在谈新材料的时候,我们 到底在谈什么 当说投资新材料的时候,到底是在投什么 合金邮轮 木质帆船 蒸汽船 复合材料游艇 资料来源: Shutterstock , Borri, United Yacht,中国航海博物馆,天风证券研究所 请务必阅读正文之后的信息披露和免责申明 4 请务必阅读正文之后的信息披露和免责申明 3 我们认为,投资新材料,投资的是未来新兴产业。材料工业是现代化工业体系的基石,每一轮技术革命都与 � 新材料的发现、发明和推广密不可分。发展战略性新兴产业和未来产业，其基础是先进材料产业; 我们认为,投资新材料,投资的是产业结构转型升级。从农业文明、到工业文明、再到信息文明,每一阶段 � 主导产业不同——从一个阶段发展到另外一个阶段，产业结构面临转型升级，而这又要有能与之匹配的新材 彩。 投资新材料,判断产业生命周期至关重要 请务必阅读正文之后的信息披露和免责申明 投资新材料,判断产业生命周期至关重要 通常,处于导入期的新材料,产业化变数或较小 --- 产品形态基本定型、产 ...

证券代码：301603 证券简称：乔锋智能 乔锋智能装备股份有限公司 2025 年 12 月 1 日投资者关系活动记录表 编号：2025-013 | 投资者关 | 特定对象调研 分析师会议 | | --- | --- | | 系活动类 | 媒体采访 业绩说明会 | | 别 | 新闻发布会 路演活动 | | | 现场参观 其他：电话会议 | | 参与单位 | 创华投资 1 人、济略投资 1 人、百利合新材料 1 人。 | | 名称 | | | 时间 | 2025 年 12 月 1 日 9:30-11:50。 | | 地点 | 公司会议室 | | 上市公司 | 1、副总经理、董事会秘书：陈地剑 | | 接待人员 | 2、证券事务代表：王璐 | | 姓名 | 3、证券事务专员：汪泳展 | | 投资者关 | 1、公司数控机床核心部件的外部采购及公司自制情况如何？ | | 系活动主 | 外部采购部件：公司综合机床性能需求、匹配度、下游市场客户 | | 要内容介 | 偏好及供应周期等多方面因素自主决定选配的数控系统、丝杆、线轨 | | 绍 | 等核心零部件品牌。数控系统方面，主要选择发那科、三菱、西门子， ...

Group 1 - The core viewpoint of the article highlights a significant rebound in Chinese technology assets in both Hong Kong and A-shares, with foreign institutions increasingly optimistic about the sector [1][26][30] - The Hong Kong market saw a strong performance in the chip industry chain, with the first ETF focused on "Hong Kong chips" (159131) surging by 2.41% and significant trading volume [1][27][30] - A-shares also showed strength, particularly in the dual innovation sector, with notable gains in semiconductor chips and related ETFs [2][29] Group 2 - Major foreign investment banks, including UBS, Goldman Sachs, and Morgan Stanley, have recently published reports expressing bullish views on Chinese technology stocks, indicating a marked shift in sentiment [3][30] - The AI narrative is driving the market, with companies like Xiaomi making significant advancements in AI applications, further boosting investor confidence [13][14] - The valuation of Hong Kong technology stocks appears attractive, with the Hong Kong Information Technology ETF (159131) trading at a price-to-earnings ratio of 33.75, suggesting substantial upside potential compared to other major indices [7][30] Group 3 - The domestic chip sector is experiencing rapid growth, with sales of domestic AI chips expected to increase from $6 billion last year to $16 billion, reflecting a market share rise from 29% to 42% [6][30] - The Hong Kong Internet ETF (513770) and the Hong Kong Innovation Drug ETF (520880) also saw gains of over 1%, indicating a broader recovery in technology-related assets [1][27][30] - The Hong Kong Innovation Drug ETF (520880) has shown signs of recovery after a significant pullback, with a trading volume of 2.48 billion and a 1.09% increase [18][20][30]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [5][11]. Core Views - The company is recognized as a "hidden champion" in high-end glass materials, with its semiconductor substrates and electronic cloth fibers expected to create a second growth curve. The glass materials business is expanding, and the basic performance is likely to recover, driving growth elasticity. The optical glass business has seen revenue growth and improved gross margins since 2024, although the specialty glass segment faces short-term pressure due to the end of major customer orders and delays in onboarding new clients. Increased R&D investment and strategic partnerships are expected to enhance collaboration in the semiconductor field, indicating a potential operational turning point [5][9][13]. Summary by Sections 1. Company Overview - The company has over a decade of experience in the optical glass industry, with core technologies in glass formulation, melting, testing, and production line design. It has expanded its product offerings to include optical glass, specialty functional glass, and semiconductor application glass [19][20]. 2. Market Performance - The global market for nano-microcrystalline glass is projected to grow at a CAGR of 30% from 2024 to 2029, driven by the rapid increase in Android smartphone shipments. The company is positioned to benefit from this trend as one of the few manufacturers capable of mass production [6][34]. 3. Growth Opportunities - The company is strategically expanding into semiconductor glass substrates and electronic cloth fibers, which are critical materials for advanced semiconductor packaging. The domestic market is expected to see significant growth opportunities as local companies accelerate their production capabilities [7][8][13]. 4. Financial Performance - The company is projected to achieve net profits of 44 million, 133 million, and 207 million yuan from 2025 to 2027, with corresponding P/E ratios of 127, 42, and 27 times. The company is considered a leader in high-end glass materials in China, with growth potential in new business areas [9][11][12]. 5. Industry Trends - The optical glass industry is experiencing a shift towards high-end products and domestic substitution, with the company positioned among the top tier of domestic manufacturers. The demand for optical glass is expected to rise due to advancements in consumer electronics, automotive electronics, and security monitoring [37][41].

Group 1: China Satellite (600118) - China Satellite is a leading player in the domestic satellite manufacturing sector and a key support for the national satellite internet strategy, handling over 50% of domestic low-orbit communication satellite orders [1][20] - The company has a monopoly advantage in small and micro-satellite platform technology, with products covering optical remote sensing, communication, and navigation [1][20] - It benefits from the increasing density of domestic satellite launches and the acceleration of constellation networking processes [1][20] Group 2: China Satcom (601698) - China Satcom is the only domestic telecom operator with independent satellite communication resources, managing multiple commercial communication satellites and providing a global satellite communication network [2][21] - The company plays a dominant role in aviation satellite internet services, providing high-speed and stable satellite-ground connectivity for flights [2][21] - Its business model encompasses the entire chain from satellite operation to bandwidth leasing and value-added services, benefiting from the growing demand for satellite bandwidth resources [2][21] Group 3: Shanghai Huguang (603131) - Shanghai Huguang is a core player in the private satellite manufacturing sector, with capabilities in the assembly, integration, and testing (AIT) services for the G60 Qianfan constellation project [3][22] - The company has a production capacity of over 100 satellites annually, supporting the deployment of 15,000 satellites for the Qianfan constellation [3][22] - It leverages advanced welding technology and automation to meet precision manufacturing requirements, achieving a 20% improvement in weld strength compared to traditional methods [3][22] Group 4: Chengchang Technology (001270) - Chengchang Technology is one of the few companies providing complete solutions for satellite internet phased array T/R chips, focusing on GaN, GaAs, and silicon-based processes [4][23] - The company’s products are widely used in various scenarios, achieving international advanced performance levels [4][23] - It benefits from the growing demand for satellite communication chips and the domestic replacement of high-end RF chips [4][23] Group 5: Huali Chuantong (300045) - Huali Chuantong is a core supplier of satellite communication terminals, playing a key role in the satellite communication functionality of Huawei's Mate60 series [5][24] - The company’s products cover satellite communication, BeiDou navigation, and simulation testing, with significant advantages in both military and civilian sectors [5][24] - It is well-positioned to benefit from the increasing penetration of consumer-grade satellite communication terminals [5][24] Group 6: Haige Communication (002465) - Haige Communication has a complete technology system in the low-orbit satellite internet sector, providing integrated solutions from chips to terminals and systems [6][25] - The company is deeply involved in major domestic BeiDou navigation and satellite internet projects, with a strong customer base in military satellite communication [6][25] - It is positioned to benefit from the dual growth of military and civilian markets through its collaborative development model [6][25] Group 7: Qian Zhao Optoelectronics (300102) - Qian Zhao Optoelectronics is a leading supplier of gallium arsenide solar cells in the commercial aerospace sector, holding over 50% market share [7][26] - The company has achieved vertical integration from gallium arsenide epitaxial wafers to chips, with products suitable for extreme space environments [7][26] - It benefits from the increasing satellite launch volumes and the growth of the commercial aerospace industry [7][26] Group 8: Aerospace Electronics (600879) - Aerospace Electronics specializes in providing key electronic devices and control systems for satellites and rockets, serving as a core support for the aerospace industry [8][27] - The company has a strong technical reserve in inter-satellite links and high-precision measurement and control [8][27] - It is positioned to benefit from the rapid development of commercial aerospace and the increasing demand for aerospace equipment [8][27] Group 9: Zhenlei Technology (688270) - Zhenlei Technology is a core supplier in the satellite internet chip sector, with a market share exceeding 40% in satellite RF chips and power management chips [9][28] - The company has achieved breakthroughs in high-end chip domestic production, with reliability and performance reaching international standards [9][28] - It is well-positioned to benefit from the demand for satellite internet core components and the domestic replacement of imported products [9][28] Group 10: Guobo Electronics (688375) - Guobo Electronics is a leading company in the satellite phased array T/R component sector, focusing on the development of compound semiconductor devices [10][29] - The company has a complete technical system for the design, manufacturing, and testing of phased array T/R components [10][29] - It is positioned to benefit from the growing demand for high-frequency communication in satellite applications [10][29] Group 11: Zhongke Xingtou (688568) - Zhongke Xingtou is a leader in satellite remote sensing data processing and visualization, providing critical data support for satellite internet applications [11][30] - The company has a full-chain technology for satellite remote sensing data acquisition, processing, analysis, and visualization [11][30] - It is positioned to benefit from the explosion of satellite remote sensing data and the digital transformation of industries [11][30] Group 12: Siwei Tuxin (002405) - Siwei Tuxin is a leader in high-precision mapping and positioning navigation, providing integrated solutions for satellite internet applications in smart driving [12][31] - The company has a leading high-precision map database and core technology for BeiDou navigation [12][31] - It is positioned to benefit from the integration of satellite positioning technology and map data in the automotive sector [12][31] Group 13: Shanghai Huanxun (300762) - Shanghai Huanxun is a core enterprise in the military communication and satellite internet integration sector, serving as the exclusive payload supplier for the G60 Qianfan constellation [13][32] - The company has developed core technologies for 6G communication, enhancing frequency utilization and anti-interference capabilities [13][32] - It is positioned to benefit from the dual growth of military and civilian satellite communication markets [13][32] Group 14: Obit (300053) - Obit specializes in the development and production of core electronic devices for satellites, adapting to the trends of satellite miniaturization and lightweight [14][33] - The company’s products are widely used in various satellites and spacecraft, ensuring stable operation in orbit [14][33] - It is positioned to benefit from the increasing demand for satellite electronic products as commercial satellite launches rise [14][33] Group 15: Aerospace Hanyu (688523) - Aerospace Hanyu focuses on the development and production of structural components and electronic devices for satellites and rockets, serving as a key support for the aerospace industry [15][34] - The company has a complete capability from product design to mass production, meeting high reliability and precision manufacturing requirements [15][34] - It is positioned to benefit from the acceleration of satellite networking and the increasing launch density of rockets [15][34] Group 16: Tongyu Communication (002792) - Tongyu Communication is a leading company in the satellite communication antenna sector, focusing on the development of antennas for satellite and mobile communication [16][35] - The company has a complete capability from antenna design to testing, with products applied in various satellite communication projects [16][35] - It is positioned to benefit from the construction of ground facilities for satellite internet and the upgrading of communication equipment [16][35] Group 17: Tianyin Electromechanical (300342) - Tianyin Electromechanical is a core supplier of satellite attitude control system components, playing a significant role in commercial satellite systems [17][36] - The company’s products ensure stable satellite attitude and energy supply, with applications in various commercial satellites [17][36] - It is positioned to benefit from the increasing demand for attitude control system components as satellite launches rise [17][36]

Core Insights - The domestic "non-GPU" AI chip sector has reached a milestone with Qingwei Intelligent completing over 2 billion RMB in Series C financing and initiating preparations for an IPO [1] - The financing round was led by Beijing state-owned enterprise Jingneng Group, with participation from 15 other institutions, indicating strong capital recognition of the company's growth prospects [1] - The funds will primarily focus on the R&D of next-generation reconfigurable chips, large-scale deployment in intelligent computing scenarios, and attracting high-end talent [1] Company Highlights - Qingwei Intelligent's core product, the TX series chips, is based on self-developed reconfigurable computing architecture, showcasing significant competitive advantages in various scenarios with a 3x improvement in energy efficiency and a 50% reduction in overall costs compared to peers [2] - The company has developed over ten models within the TX5 and TX8 series, covering diverse applications such as smart security, intelligent manufacturing, intelligent computing centers, and autonomous driving [2] - Qingwei Intelligent has completed large-scale deployments in over ten intelligent computing centers across multiple regions, with cumulative orders for reconfigurable computing cards exceeding 20,000 and total chip shipments surpassing 30 million [2] Industry Position - According to IDC, Qingwei Intelligent ranked sixth in sales of domestic non-GPU (including reconfigurable new architecture and AISC) acceleration cards in the first half of 2025, successfully entering the first tier of domestic computing power [4] - The company contributes significantly to the development of the domestic chip industry amid the "domestic substitution" trend [4]

科创板IPO跑出"加速度"。坤元资产FOF生态圈伙伴沐曦股份(688802.SH)正式公告将于12月5日开启申 购，上市进程进入最后冲刺阶段。作为继摩尔线程之后第二家登陆A股的国产GPU公司，104.66元/股的 申购价也使沐曦股份成为今年发行价第二高的新股。此次IPO势必将加速GPU国产替代进程，为构建自 主可控的信息技术体系提供关键支撑。 作为"硬科技"领域的坚定拥护者，坤元资产长期深耕布局以芯片半导体、人工智能、商业航天等为代表 的前沿赛道，携手FOF生态圈伙伴助力包括国产GPU"四小龙"里的沐曦股份和燧原科技等在内的科创企 业，并推动关键领域的国产替代从单点突破向系统化演进。 智算引擎 再启"芯"程 在人工智能迅猛发展的当下，GPU作为这一领域不可或缺的算力基石，已从单纯的图形处理器演变为通 用计算加速器。无论是ChatGPT的语言生成，还是自动驾驶的视觉识别，背后都离不开GPU的强大计算 能力，其被广泛应用于科学模拟、金融分析以及人工智能等领域，特别是在深度学习训练中发挥着不可 替代的作用。根据Precedence Research数据，预计2030年全球AI芯片市场规模将达到3,360.7亿美元。 ...

Core Viewpoint - Zhejiang Zhongcheng (002522.SZ) is undergoing a transformation in product structure, focusing on differentiated and domestically produced substitute products, with gradual market application expected in the future [1] Group 1: Company Strategy - The company has been adjusting its product structure over the past two years, aiming for differentiation and the development of domestic substitute products [1] - The development and application process of these products is gradual and cyclical, indicating a long-term strategy [1] Group 2: Product Development - Products related to the cosmetics sector have already begun to be applied in the market [1] - There is currently no application of the company's products in the field of robotic skin [1] Group 3: Future Outlook - The company plans to continue its focus on innovation and differentiation through 2026, with the goal of overcoming current challenges and providing returns to shareholders [1]

Core Viewpoint - The domestic GPU company, Moore Threads, is set to be listed on the stock market, attracting significant attention from investors and local enterprises in Xiamen, with expectations for strong market performance [1]. Group 1: Company Overview - Moore Threads is recognized as the only domestic company to achieve full-function GPU mass production, setting a record for the fastest approval process on the Sci-Tech Innovation Board, taking only 88 days from acceptance to approval [1]. - The company is often referred to as the "Chinese version of Nvidia," highlighting its strategic importance in the AI computing and domestic substitution trends [4]. Group 2: Investment Participation - Numerous Xiamen-based funds and enterprises are shareholders in Moore Threads, including Xiamen Hengxing Group and Yingqu Technology, which have made significant investments [1][3]. - Sunshine Ronghui Capital holds 3.0437 million shares, representing a 0.9223% stake, while other investors like Chen'an Zhizhi and Xiamen Guomao Industrial Development Fund also have notable shareholdings [3]. Group 3: Strategic Partnerships - The investment by Hengxing Group, amounting to 110 million yuan, is seen as a strategic collaboration rather than a mere financial investment, aiming for mutual development in the education technology sector [4]. - Yingqu Technology's investment is driven by strategic diversification goals, intending to enhance its competitiveness in related fields through collaboration with Moore Threads [4].

Core Viewpoint - Shanghai Shenkai Petroleum Instrument Co., Ltd. has successfully developed the Haoyue fully automatic gasoline octane value measuring machine, which has passed the acceptance test by Sinopec Petroleum and Chemical Research Institute, marking a significant milestone in the localization of high-end oil testing equipment in China [2][3]. Group 1 - The Haoyue fully automatic gasoline octane value measuring machine competes with CFR's F1/F2 octane value machines, showing stable data and convenient automated operation, thus breaking the import monopoly [2][3]. - The Sinopec Research Institute has stringent requirements for the precision and automation of testing equipment, and the reliance on CFR equipment has highlighted issues such as low automation and high operational costs [3]. - Shenkai Instrument has over 20 years of industry experience and has achieved a breakthrough in domestic high-end testing equipment through independent innovation [3]. Group 2 - The previously deployed Shenkai Instrument CFR-A1 gasoline octane value measuring machines at Fushun Research Institute have demonstrated reliable performance and ease of operation, gaining user recognition [4]. - Since its launch, the octane value measuring machine has been widely validated and recognized in both domestic and international markets, being applied in major companies like China National Petroleum and Sinopec, as well as various third-party testing institutions [4]. - The product has also been successfully exported to multiple countries, including Russia, South Korea, Singapore, and Malaysia, achieving dual market expansion [4].