Company Overview - Since its listing in 2018, the company has experienced continuous revenue growth, with net profit showing fluctuations due to non-recurring factors such as exchange gains and government subsidies, while maintaining a stable gross margin of around 40% [1] - In the first three quarters of 2025, both revenue and profit achieved year-on-year positive growth [1] Industry Insights - The company's two main business segments, instruments and components, are in niche growth sectors, benefiting from accelerated domestic substitution and expanding demand in high-end manufacturing and emerging scenarios, indicating a broad market space [1] - High-end microscopes and medical optics are currently in a window of domestic substitution and technological upgrade, allowing the company to leverage its technological advantages for rapid growth [1] - The barcode machine vision business is experiencing steady revenue growth due to the global high-end manufacturing industry's expansion, and the company is collaborating with leading clients on complex downstream module businesses to further open up growth opportunities [1] - The demand for automotive lidar is rapidly increasing with the trend of autonomous driving, while emerging fields such as lawn mowing robots and unmanned delivery robots are quickly rising, becoming another important application market for lidar products after automotive [1] - The company is expanding the application of its core optical products in emerging fields such as artificial intelligence and semiconductors, seizing opportunities in the domestic semiconductor equipment market to promote diversified business development [1]

上交所上市审核委员会今年首场审议会议召开，联讯仪器科创板IPO过会。 1月14日，上交所上市审核委员会召开2026年第1次上市审核委员会审议会议，审议苏州联讯仪器股份有限公司（简称"联讯仪器"）首发事项，最终公司顺 利过会。 联讯仪器是国内领先的高端测试仪器设备企业，主营业务为电子测量仪器和半导体测试设备的研发、制造、销售及服务，专业为全球高速通信和半导体等 领域用户提供高速率、高精度、高效率的核心测试仪器设备，助力人工智能、新能源、半导体等前沿科技行业提升产品开发和量产效率。 联讯仪器构建了以高速信号处理、微弱信号处理和超精密运动控制为核心的平台级核心技术体系，掌握了低损耗低噪声高速信号电路设计、超微弱信号产 生与测量等16项核心技术，覆盖材料配方、加工工艺、产品结构等多个维度。在电子测量仪器领域，公司突破了海外企业在高速光模块测试仪器的垄断， 成为全球第二家量产1.6T光模块全部核心测试仪器的厂商；在半导体测试设备领域，公司产品全面覆盖光电子器件、功率器件、半导体集成电路等核心场 景，多个细分市场份额稳居国内第一。 市场地位的持续提升让联讯仪器在国产替代进程中占据主导地位。根据Frost&Sullivan ...

人民财讯1月14日电，新华百货（600785）1月14日发布澄清公告，公司关注到有个别投资者在相关媒体 平台发表不实言论及传闻，针对公司控股股东协议转让部分股份事宜，将涉及后期向公司注入半导体、 集成电路、芯片等相关资产，引发公司股票市场波动。经公司与控股股东及控股股东股权受让各方(杭 州景祺电子信息合伙企业(有限合伙)及厦门联芯美企业管理合伙企业(有限合伙))沟通核实，不存在市场 传闻所述事项。 ...

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise 1.954 billion RMB to enhance its capabilities in high-end testing instruments for the telecommunications and semiconductor industries [1]. Group 1: Company Overview - Lianxun Instrument is a leading domestic enterprise specializing in high-end testing instruments, focusing on the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1]. - The company provides core testing instruments that support advanced technology sectors such as artificial intelligence, new energy, and semiconductors, enhancing product development and mass production efficiency [1]. Group 2: Product Offerings - The electronic measurement instruments include communication testing instruments and electrical performance testing instruments, with the former primarily targeting optical communication testing [1]. - The semiconductor testing equipment includes devices for optical communication testing, power device testing, and semiconductor integrated circuit testing, showcasing a comprehensive product range [1][2]. Group 3: Market Position - Lianxun Instrument is one of the few manufacturers globally that can meet the testing needs across the optical communication industry chain, producing core testing instruments for 400G, 800G, and 1.6T high-speed optical modules [2]. - The company is recognized as the second globally to launch all core testing instruments for the highest level of 1.6T optical modules [2]. Group 4: Financial Performance - Projected revenues for Lianxun Instrument are approximately 214 million RMB, 276 million RMB, 789 million RMB, and 806 million RMB for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [2]. - The net profit figures for the same periods are projected to be -37.89 million RMB, -56.70 million RMB, 141 million RMB, and 97.69 million RMB, indicating a turnaround in profitability by 2024 [2]. Group 5: Financial Metrics - Total assets are expected to grow from 520.88 million RMB in 2022 to 1.61025 billion RMB by September 30, 2025 [3]. - The equity attributable to the parent company is projected to increase from 381.29 million RMB in 2022 to 808.70 million RMB by September 30, 2025 [3]. - The company's debt-to-asset ratio is anticipated to rise from 26.71% in 2022 to 49.74% by September 30, 2025, reflecting increased leverage [3].

Market Overview - The Shanghai Composite Index experienced a decline of 0.31%, closing at 4126.09, while the Shenzhen Component Index rose by 0.56% and the ChiNext Index increased by 0.82% [2][4] - The total trading volume in the Shanghai and Shenzhen markets reached 3.94 trillion, an increase of 290.4 billion compared to the previous trading day, marking the third consecutive day above 3.5 trillion [1][4] Sector Performance - The AI application sector saw significant gains, with over 20 stocks hitting the daily limit, including Liou Co., which achieved six consecutive limit-ups in nine days, and other notable performers like Shengguang Group and Xinhua Net [1][4] - The semiconductor sector also performed well, with stocks like Yaxin Integration hitting historical highs [1] - Conversely, sectors such as energy metals, insurance, and banking faced declines, with lithium mining stocks like Guocheng Mining hitting the daily limit down [1][4] Technical Analysis - The market showed strong bullish momentum in the morning, but faced a quick downturn in the afternoon due to news regarding margin requirements, which increased from 80% to 100% [4] - Despite the fluctuations, the overall trend remains bullish, with the market expected to continue upward as long as new highs are being set [4][11] Investment Opportunities - The tungsten sector is highlighted as a strong performer, with prices increasing over 60% in the past month, indicating potential for mining companies to realize significant profits [17] - Specific stocks in the tungsten sector are noted for their potential to catch up with rising tungsten prices, suggesting a buying opportunity [17][20]

Group 1: Financing Margin Adjustment - The financing margin ratio for investors in the Shanghai and Shenzhen North Exchanges has been increased from 80% to 100% for new financing contracts, aimed at reducing leverage and protecting investor rights [1] - This adjustment follows a previous reduction in August 2023, where the margin was lowered to 80%, leading to increased financing scale and trading volume [1] Group 2: Market Performance - The Shanghai Composite Index closed down 0.31%, while the Shenzhen Component Index and the ChiNext Index rose by 0.56% and 0.82% respectively, with a total trading volume of 3.94 trillion yuan, an increase of 290.4 billion yuan from the previous trading day [2] - Over 2,700 stocks rose in the market, with significant gains in AI application concepts and semiconductor sectors, while energy metals and banking sectors faced declines [2] Group 3: Gold Prices - Domestic gold jewelry prices have mostly increased, with the highest price reported at 1438 yuan per gram [3] Group 4: Automotive Industry - In 2025, China's automotive production and sales reached 34.53 million and 34.40 million units respectively, marking a year-on-year increase of 10.4% and 9.4%, maintaining the position as the world's largest automotive market for 17 consecutive years [4] - New energy vehicle sales exceeded 16 million units, with domestic new car sales accounting for over 50% [4] Group 5: Metal Prices - The price of tin on the London Metal Exchange (LME) surged above $52,000 per ton, reaching a new record high, driven by strong demand from the AI and data center sectors [5] - Tin prices have increased by nearly 40% over the past year, with a year-to-date increase of over 25% in 2026 [5] Group 6: IPO and Corporate Actions - Xiangyu Medical announced a shareholder's plan to reduce holdings, marking the first such action since its IPO, while emphasizing the need for capital restructuring [6] - Tongrun Equipment will change its name to "Zhengtai Power" effective January 16, 2026, to better align with its shareholder structure [6] Group 7: Financial Performance Forecasts - Jinhaitong expects a net profit of 160 to 210 million yuan for 2025, representing a year-on-year increase of 103.87% to 167.58% [7] - Yonghe Co. anticipates a net profit of 530 to 630 million yuan for 2025, reflecting a growth of 110.87% to 150.66% compared to the previous year [8] - CITIC Bank projects a net profit increase of 2.98% for 2025, with total revenue slightly declining by 0.55% [9]

格隆汇1月14日｜有投资者在互动平台向骄成超声提问：超声波脑机接口，公司是否考虑？ 骄成超声回复称，公司专注于超声波技术的研发与应用，以超声波技术为底层核心，打造覆盖功率超声 与检测超声的全面技术平台，通过平台化能力拓展新能源、半导体等多领域应用，并通过较强的研发投 入持续丰富自身专业技术平台，不断提升核心竞争力。目前，公司产品主要应用于新能源、半导体等领 域，并持续拓展超声波技术在半导体先进封装、医疗等领域的应用。 ...

Group 1 - The key industries for the Shanghai Composite Index to break through 5000 points in 2026 are electronics, non-bank financials, non-ferrous metals, banking, military industry, machinery, and automobiles [10][12][15] - In the optimistic PE + neutral EPS scenario, the EPS growth rates for 2025 are projected to be 26% for electronics, 46% for non-bank financials, and 31% for non-ferrous metals, with expected growth rates of 42%, 53%, and 36% respectively in 2026 under neutral assumptions [15][12][10] - The banking sector, despite lower EPS growth, holds a significant weight of 17.1% in the index, indicating its potential to contribute to index growth if valuations or earnings improve [15][12] Group 2 - The insurance sector is expected to benefit from a surge in short-term premium income and improved mid-term investment returns, driven by a significant amount of high-interest deposits maturing in 2026 [18][13] - The brokerage sector shows a significant valuation divergence, with a PE of 18.2 times and a PB of 1.41 times, indicating potential for valuation recovery due to strong fundamentals and policy catalysts [21][23] - The electronics industry has seen a substantial increase in its market weight, with its share in the Shanghai Composite Index rising from 1.6% at the end of 2015 to 11.5% by the end of 2025, supported by trends in AI and semiconductor industries [24][4] Group 3 - The non-ferrous metals sector is expected to experience performance elasticity due to tight supply conditions and increased demand from AI and energy sectors, potentially leading to price increases in 2026 [25][5] - The high-end manufacturing sector is anticipated to expand, with strong performances expected in commercial aerospace and humanoid robotics, driven by policy support and technological advancements [29][6] - Historical data suggests that the 2015 bull market was significantly driven by financial and real estate sectors, indicating that the current bull market may similarly rely on technology and manufacturing sectors to reach 5000 points [30][7]

Core Viewpoint - The company, Dali Kipu, specializes in high-end applications including semiconductor equipment, smart medical devices, military industry, transportation information technology, aerospace, satellite internet systems, and 5G/6G optical communication systems, indicating significant future value potential [1] Group 1: Company Performance - The company aims to increase its revenue following the completion of its fundraising project phase one last year [1] - The company holds a 5.4% share of the global market for RF microwave MLCCs, ranking 6th globally and 1st among Chinese companies according to the "2025 China MLCC Market Competition Research Report" [1]

1月14日，市场冲高回落，沪指午后快速翻绿，此前一度涨超1%。A股成交额3.99万亿元，创历史天量，较上一个交易日放量2880亿元。这也是1月9日成 交额突破3万亿元后，市场连续4个交易日维持3万亿以上规模。盘面上，市场热点快速轮动，全市场超2700只个股上涨。截至收盘，沪指跌0.31%，深成 指涨0.56%，创业板指涨0.82%。 值得一提的是，今日午盘，经中国证监会批准，沪深北交易所发布通知调整融资保证金比例，将投资者融资买入证券时的融资保证金最低比例从80%提高 至100%。 有数据显示，2025年全年新开两融账户达154.21万户，创下近十年以来的最高纪录，较2024年增加了53.36万户，增幅超52%，较2018年的阶段性低点 40.34万户增长近3.8倍。2025年末两融账户总数突破1564万户，较2024年末实现跨越式增长。截至2025年末，全市场融资余额从2024年末的1.85万亿元升 至2.52万亿元，增幅超36%，投资者参与两融业务的热情高涨。 海能投顾公司投资顾问刘航表示，今天市场在上午和下午经历了冰火两重天节奏，主要受午间消息方面对于市场情绪的影响，行情的趋势没有改变、不过 市场的节奏 ...