格隆汇12月3日｜华安证券研报指出，富创精密2025年第三季度归母净利润2521万元，同比减少63%， 环比减少27%；公司利润端承压，主要是公司为应对未来需求，主动实施产能、技术、人才前置战略， 导致成本大幅增加。坚定推行产能与人才前置战略，研发投入持续加码公司着眼于长期国产替代与国际 化竞争机遇，坚定加大关键资源投入。2025年第三季度研发费用约7400万元，同比增长35%，研发费率 提升至7%。前三季度公司在生产及研发运营类人才上投入显著增加，为高效运行和技术突破提供保 障。随着新产能规模效应逐步释放以及人才团队成熟，公司有望在未来构筑更强的交付能力，逐步消化 前期投入。由于公司投入增大，调整2025-2027年公司归母净利润为0.98、1.72、4.01亿元（前值分别为 3.25、4.39、6.44亿元），对应的EPS分别为0.32、0.56、1.31元，最新收盘价对应 PE 分别为199x、 114x、49x，维持"增持"评级。 ...

Core Viewpoint - The domestic industrial CT sector is experiencing a significant rise, marked by a surge in financing and impressive performance from listed companies, indicating a strong trajectory for high-end manufacturing in China [2][3]. Group 1: Financing Surge - The frequency and scale of financing in the domestic industrial CT sector have notably increased, with at least five key enterprises completing significant funding rounds in 2025, ranging from several million to several billion yuan [4]. - This influx of capital reflects strong market confidence in domestic alternatives and technological innovation potential, providing crucial momentum for subsequent R&D, capacity expansion, and market development [4]. Specific Financing Cases - Yimu Wanxiang completed several million yuan in Pre-A round financing, aimed at market expansion and technology development [5]. - Weituo Precision secured several million yuan in Pre-A round financing to support mass production and AI algorithm development [6][7]. - Xinhong Electronics raised several hundred million yuan in strategic financing to enhance production capacity for its carbon nanotube X-ray source technology [8]. - Chaoqun Detection announced over 500 million yuan in strategic financing to bolster its position in the domestic X-ray core component market [9]. - Focus completed several million yuan in A+ round financing to upgrade its production base and accelerate market deployment in high-end manufacturing sectors [10]. Group 2: Performance Highlights - Listed companies in the industrial CT sector reported impressive financial results for the first three quarters of 2025, with revenue and net profit both achieving double-digit growth [11]. - Dayun Technology recorded revenue of 737 million yuan, a year-on-year increase of 44.01%, with net profit reaching 125 million yuan, up 16.95% [12]. - Zhengye Technology's revenue was 581 million yuan, reflecting a 13.66% increase, while net profit surged by 120.19% [13]. - Yirui Technology achieved revenue of 1.549 billion yuan, a 14.22% increase, and net profit of 471 million yuan, up 20.61% [14]. - Sanying Precision's revenue reached 211 million yuan, a 33.51% increase, with net profit nearly doubling at 30 million yuan [15]. Group 3: Policy and Technological Advancements - The advancement of domestic industrial CT is driven by supportive policies and technological innovations, with the government promoting self-sufficiency in high-end equipment [16]. - A collaborative innovation ecosystem has emerged, with several companies founded by individuals with academic backgrounds, enhancing the sector's technological capabilities [16]. - Despite challenges from foreign brands, domestic companies are making significant strides in core technologies and market share, indicating a shift in the competitive landscape [17].

（来源：大D谈芯） 近期，上交所官网显示，武汉长进光子技术股份有限公司披露科创板IPO首轮审核问询回复，并更新招股说明书（申报稿）。 01 募集资金 公司本次募集资金将投资于高性能特种光纤生产基地及研发中心和补充流动资金。 | | | | | 单位: 力元 | | --- | --- | --- | --- | --- | | 序号 | 项目 | 实施主体 | 预计投资规模 | 预计投入募集资金 | | | 高性能特种光纤生产基地及研 | 长进光子 | 70,000.00 | 68.000.00 | | | 发中心 | | | | | 2 | 补充流动资金 | 长讲光子 | 10,000.00 | 10,000.00 | | | 合计 | | 80,000.00 | 78,000.00 | 03 营收情况 在先进制造领域，公司已实现美国出口管制掺镱光纤及6kW 以上高功率掺镱光纤的批量生产销售，主要性能指标与国外先进水平同步，是锐科激 光、创鑫激光、杰普特等主要激光器厂商的核心供应商； 在光通信领域，公司生产的超宽带L波段掺铒光纤波长达到1627nm，主要性能指标达到国际先进水平，助力我国400G光传输网实现 ...

Core Viewpoint - Anhui Jinyan Kaolin New Materials Co., Ltd. successfully listed on the Hong Kong Stock Exchange on December 3, 2025, with a strong market debut and a total market capitalization exceeding 700 million HKD [1][3] Group 1: IPO Details - The company launched a global offering on November 25, 2025, with a final issue price of 7.30 HKD per share, raising approximately 177 million HKD [3] - A total of 24.3 million H shares were offered, with 2.43 million shares available for public sale in Hong Kong and 21.87 million shares for international sale [3] - The net proceeds from the offering, after deducting listing expenses, are approximately 124 million HKD, intended for various projects including deep processing of kaolin materials and repayment of bank loans [3] Group 2: Resource Advantages - The company owns the Shuli Kaolin Mine in Anhui, which has a total mineral resource of approximately 18,649 thousand tons and a remaining mining life of 16 years based on an annual production capacity of 400,000 tons [4] - The mine produces rare coal-series kaolin with an Al₂O₃ content exceeding 40%, providing a competitive edge in high-end product manufacturing [4] Group 3: Technological Strength - The company has established an integrated process that coordinates various stages of kaolin production, including mining, processing, and waste utilization [5] - It holds 50 patents and has 18 patents pending, recognized as a national-level specialized "little giant" enterprise with strong R&D capabilities [5] Group 4: Market Position - The company is the largest producer of precision casting mullite materials in China, holding a market share of 19.1% as of 2024 [6] - In 2024, the company achieved a revenue of 267 million CNY and a net profit of 52.6 million CNY, with consistent growth in revenue and profit over the past three years [6] Group 5: Future Prospects - The listing in Hong Kong will enable the company to expand production capacity and deepen R&D while leveraging the international platform to explore global markets [7] - With its unique resource reserves, leading technology, and solid market position, the company is well-positioned to benefit from domestic substitution and industry growth, promising long-term value for investors [7]

Core Viewpoint - The transaction by Dongfang Precision Engineering to sell its core European asset to a U.S. capital firm for 6.3 billion RMB is seen as a strategic shift rather than a forced retreat, reflecting a proactive decision to pivot towards new growth areas [1][3][9]. Financial Summary - The total assets of the target company are 298,594.02 million RMB, while the listed company has total assets of 752,857.70 million RMB, indicating that the target company represents 39.66% of the listed company's total assets [7]. - The net assets of the target company are 150,463.78 million RMB, compared to the listed company's net assets of 497,737.95 million RMB, which means the target company accounts for 30.23% of the listed company's net assets [7]. - The revenue of the target company is 321,063.44 million RMB, while the listed company has revenue of 477,785.56 million RMB, showing that the target company contributes 67.20% to the listed company's revenue [7]. Strategic Shift - The sale of the European asset is part of a broader strategic transition for Dongfang Precision Engineering, moving away from traditional manufacturing towards new industries such as marine power equipment and intelligent robotics, which are supported by national policies [11][20]. - The company has already achieved a degree of localization and replacement in its marine equipment segment, indicating potential for breakthroughs in a market dominated by foreign giants [11][15]. Market Context - The competitive landscape in the new sectors is intense, and success will depend on technological breakthroughs and capital investment. The company aims to leverage the funds from the asset sale to enhance its competitiveness in these new areas [13][20]. - The transaction is not merely a financial maneuver but a calculated risk to reposition the company for future growth, reflecting a trend among traditional manufacturers in China to seek transformation towards smart and green manufacturing [22]. Regulatory Considerations - The transaction will undergo multiple approval processes, including shareholder meetings and foreign investment reviews in Italy and the U.S., which could impact the completion of the deal [17][20].

投资建议 由于公司投入增大，我们调整2025-2027年公司归母净利润为0.98、1.72、4.01亿元（前值分别为3.25、 4.39、6.44亿元），对应的 EPS 分别为0.32、0.56、1.31元，最新收盘价对应 PE 分别为199x、114x、 49x，维持"增持"评级。 公司利润端承压，主要是公司为应对未来需求，主动实施产能、技术、人才前置战略，导致成本大幅增 加。其中，前三季度新增产能折旧费用同比增加7880万元（期间费用的折旧费1953万元，计入生产相关 的折旧费5927万元）；而人才储备导致人工成本同比增加1.6亿元。公司主动加大了在关键资源、先进 产能及人才方面的前瞻性投入，为后续产能释放奠定了坚实基础。 坚定推行产能与人才前置战略，研发投入持续加码公司着眼于长期国产替代与国际化竞争机遇，坚定加 大关键资源投入。 2025年第三季度研发费用约7400万元，同比增长35%，研发费率提升至7%。前三季度公司在生产及研 发运营类人才上投入显著增加，为高效运行和技术突破提供保障。随着新产能规模效应逐步释放以及人 才团队成熟，公司有望在未来构筑更强的交付能力，逐步消化前期投入。 事件 公司2025 ...

Group 1 - The A-share market showed mixed performance on December 3, with the Shanghai Composite Index down by 0.13%, while sectors such as telecommunications, home appliances, and banking saw gains [1] - The chip technology sector is experiencing a period of consolidation, with the chip ETF (159995.SZ) rising by 0.36% and notable increases in component stocks like Zhongwei Company (up 2.35%) and Tuojing Technology (up 1.80%) [1] Group 2 - Major NAND manufacturers are adopting strict production control strategies for 2025, with Samsung Electronics reducing its wafer production by approximately 7% to 4.72 million pieces, and Kioxia lowering its forecast from 4.8 million pieces to 4.69 million pieces [3] - The overall NAND capacity is tightening due to leading manufacturers actively limiting production, which may benefit domestic storage companies by increasing their market share [3] - The chip ETF (159995) tracks the National Chip Index, including leading companies in materials, equipment, design, manufacturing, packaging, and testing within the A-share chip industry [3]

截至2025年12月3日 10:01，上证科创板半导体材料设备主题指数上涨0.87%，成分股华海诚科上涨 7.15%，芯源微上涨3.16%，京仪装备上涨2.54%，中微公司上涨2.52%，拓荆科技上涨2.30%。科创半导 体ETF（588170）上涨0.88%。 资金流入方面，科创半导体ETF最新资金净流入3013.45万元。拉长时间看，近10个交易日内有6日 资金净流入，合计"吸金"1.78亿元，日均净流入达1781.99万元。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 东吴证券策略团队发布报告称，进入12月，前期压制性因素开始转向，看好"春季行情"的提前开 启。从外部环境来看，对于A股市场的压制正逐步缓解：流动性方面，美联储短期降息预期已升至80% 以上，整体氛围偏暖。产业趋势方面，海外科技股股价已初步呈现企稳态势，对A股相关板块的情绪传 导压力有所减轻。内 ...

12月2日半导体芯片板块继12月1日上涨后出现调整，但行情有所分化，与海外算力产业链相关性高的通信板块逆势录得上涨。近日，海内外AI相关的催 化事件不断，相关产品的渗透率提升。我们继续看好AI算力领域的高景气及大国博弈/"十五五"背景下的国产替代趋势，并建议投资者同时关注国内和海 外的AI算力产业链，通过通信ETF（515880）、半导体设备ETF（159516）等产品布局相关机会。 从财报数据及指引来看，一方面，海外云厂商的资本开支屡创新高，并对2026年的投资口径保持乐观；另一方面，AI已成为云业务加速成长的核心驱动 力，微软/谷歌/亚马逊/阿里的云业务最新增速（YoY）达到40%/34%/20%+/34%，AI的商业闭环正在逐步形成。（提及具体公司仅为说明行业观点，不构 成投资建议，下同） 根据中金公司预测，在头部科技企业加速部署自研AI ASIC集群的背景下，有望驱动光模块需求在2026年继续维持高增长，其中对800G/1.6T的需求有望达 到4000万/2000万只以上（25年预计分别为2000万/100万）。 而在中美地缘政治博弈加剧的背景下，算力领域的竞争正成为焦点。前段时间发布的"十五五规划" ...

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company is experiencing a growth phase with significant revenue and profit increases, driven by new product launches and market expansion [4][11] - The company has successfully developed a range of refrigerant leak detection sensors, which are expected to become a continuous growth driver [6] - The semiconductor gas instruments sector presents substantial potential for domestic substitution, with the company already securing orders from major domestic semiconductor equipment manufacturers [7] - The international market expansion is showing initial success, with overseas revenue increasing significantly [10] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 722 million yuan, a year-on-year increase of 33.56%, and a net profit of 107 million yuan, up 74.20% [4] - In Q3 2025, the company reported revenue of 214 million yuan, a year-on-year increase of 6.75%, and a net profit of 23 million yuan, up 14.39% [5] - The gross margin for Q3 2025 was 42.30%, with a net profit margin of 11.02% [5] Future Projections - Revenue projections for 2025-2027 are 1.098 billion yuan, 1.428 billion yuan, and 1.880 billion yuan, representing year-on-year growth rates of 25.8%, 30.0%, and 31.7% respectively [11] - Net profit projections for the same period are 157 million yuan, 221 million yuan, and 325 million yuan, with corresponding year-on-year growth rates of 39.2%, 41.0%, and 46.8% [11] Market Position and Strategy - The company is enhancing its global footprint by establishing subsidiaries in the US and South Korea, contributing to nearly 30% of revenue from overseas markets [10] - The company is focusing on cost control and has seen improvements in expense management, which is expected to stabilize as sales scale up [5]