特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 摘要 ： 行至年末，各家今年业绩如何？"国产替代"等政策红利是否转化为了企业业绩增长的实际动能？面对不确定性，各大企业又是如何通过战略调整寻求破 局？ 在近期北京高端科学仪器与传感器大会投融资论坛上，几组公开披露的核心数据直观印证了这一趋势： 82%的用户在政策风向变化后开始认 真考虑国产替代，61%的单位在采购环节已经写进了"国产比例要求" ，需求侧的"替代共识"正在快速转化为实际的采购行动。 行至年末，各家今年业绩如何？在充满机遇又遍布风险的2025年，科学仪器上市企业也交出了各自第三季度的答卷："国产替代"等政策红利 是否转化为了企业业绩增长的实际动能？面对不确定性，各大企业又是如何通过战略调整寻求破局？ 带着这些问题，仪器信息网特别统计了44家国内上市仪器企业2025年前三季度财报，试图透过这些数据，一窥行业正在经历的变迁。 营收：26家增长，18家下滑 2025年即将接近尾声，回望这一年的科学仪器行业，"承压"与"突围"无疑是贯穿始终的主线。 所谓"行业寒冬"早已不是停留在口头的感慨 ...

2025年11月28日，苏州纳芯微电子股份有限公司在香港联交所网站正式递交H股招股说明 书，预计将于12月8日正式挂牌交易。作为一家已在科创板上市、深耕模拟芯片领域多年的 企业，纳芯微正以A+H的架构迈入新的发展阶段，为其全球化布局打开更广阔的资本与产业 合作空间。 从招股书披露的内容来看，本次H股发行呈现出三个颇具信号意义的特征： 其一，基石投资者阵容极为亮眼，涵盖国家级战略基金、产业链龙头企业以及国际知名投资机构， 显示出多元资本对纳芯微未来增长的高度认可；其二，发行结构中，国际配售占比高达90%，面向 全球机构投资者，彰显出公司主动拥抱国际资本市场的战略方向；其三，纳芯微在多个关键细分赛 道已建立起稳固的技术与市场领先地位，为其国际化扩展提供了扎实的业务基础。 综合来看，这三大特征的叠加，使纳芯微此次赴港上市不仅成为公司自身发展的重要里程碑，也为 中国半导体企业深化国际化探索提供了一个具有代表性的样本。 国家级基金领投，组成最强基石组合 模拟芯片作为连接物理世界与数字世界的核心器件，是半导体产业中最基础、也最不可替代的环 节，广泛应用于汽车电子、工业控制、通信设备及大量智能终端。 然而，这一关键赛道长期 ...

Core Investment Logic - The demand explosion for AI computing power is a certain trend, with global AI computing entering a new phase characterized by super-scale clusters, high energy consumption, and high investment. Major companies like Nvidia and OpenAI are investing heavily, with Nvidia and OpenAI committing $100 billion to build a 10 GW AI data center, while domestic companies like Alibaba and Tencent are also making significant investments [1] - The historical opportunity for domestic substitution is accelerating due to escalating U.S. export controls. By 2024, China's chip market is expected to exceed 2.7 million units, with domestic AI chip shipments surpassing 820,000 units, accounting for over 30% of the market [1] - Strong policy support is acting as a catalyst, with national initiatives promoting AI integration across key sectors and local governments providing financial incentives to support enterprise development [1] Leading Companies and Emerging Players - Cambricon Technologies (688256) is a leading domestic AI chip company, reporting a significant revenue increase of 4230% year-on-year in Q1, with a net profit turning positive for the first time. The company has also received approval for a stock issuance to raise up to 3.985 billion yuan [1] - Haiguang Information (688041) is experiencing steady growth with a 45% year-on-year revenue increase in Q1. The planned acquisition of Zhongke Shuguang will create a complete ecosystem from chips to servers [1] - Huawei's Ascend ecosystem presents hidden investment opportunities, with its CloudMatrix384 super node outperforming Nvidia's H100 in certain scenarios, indicating significant advancements in domestic computing power [1] Key Technological Breakthroughs - Domestic GPUs are becoming competitive, with Huawei's CloudMatrix384 achieving a paradigm shift in architecture, outperforming Nvidia's H100 in model inference efficiency [1] - Significant revenue growth is expected for domestic integrated circuit companies, with Muxi Integrated Circuit projecting a 1354% increase in 2024 [1] - The development of software ecosystems by domestic companies is reducing user migration costs, with platforms like Huawei CANN and Cambricon BANG gaining traction [1] Investment Strategy - The current market adjustment has brought valuations back to reasonable levels, making it an opportune time for long-term investments. A phased accumulation strategy is recommended [1] - It is advised to allocate no more than 20% of total portfolio to domestic computing stocks, with 10% in leading stocks, 5% in growth stocks, and 5% in supporting companies [1] - Awareness of challenges such as technological iteration and ecosystem development is crucial, with strict stop-loss measures recommended [1] Future Outlook - The AI wave is expected to be significantly larger than the mobile internet era, with domestic computing chips poised for historic growth opportunities. Continuous technological breakthroughs and expanding application scenarios are likely to create numerous high-growth stocks [1]

Core Insights - The IPO of Moore Threads, referred to as the "Chinese version of Nvidia," has attracted significant interest from public and private funds, indicating strong market confidence in the domestic GPU industry [2][5][7] Group 1: Fund Participation - A total of 94 public funds participated in the offline allocation of Moore Threads, with 3,670 products collectively acquiring 22.74 million shares, amounting to 2.599 billion yuan [3] - Notable public funds include E Fund, which acquired 3.8418 million shares worth 439 million yuan, and Southern Fund, which secured 3.5132 million shares valued at 401 million yuan [3] - Additionally, 113 private funds participated, with 2,019 products obtaining 501,800 shares, totaling approximately 57.34 million yuan [4] Group 2: Company Background and Potential - Moore Threads, established in 2020, focuses on autonomous GPU development, covering AI computing and digital twin technologies, and has a strong technical team with over 75% of its workforce in R&D [5] - The company has accumulated 514 patents, placing it among the top tier in the domestic industry [5] - The surge in interest from capital markets reflects a broader trend of policy, technology, and demand driving the growth of the domestic GPU sector [5][7] Group 3: Market Outlook - The collective investment in Moore Threads signals confidence in the future of the domestic GPU industry, with expectations of significant advancements in AI computing capabilities [6][7] - Analysts believe that the AI sector, while currently perceived as expensive, holds substantial growth potential, particularly as domestic hardware and talent continue to catch up with international competitors [6]

Core Insights - The capital expenditure demand in the AI investment sector is shifting from US suppliers to Chinese suppliers, indicating significant growth potential for Chinese technology assets, particularly in the domestic substitution direction [1][3][4] - The AI industry has transitioned from a "hundred schools of thought" competition to a commercialization phase, with vertical tracks and B-end commercialization becoming the core development direction [2][5] Investment Opportunities - Chinese technology assets, especially in the domestic substitution sector, still have unexpected growth potential despite recent market volatility [3] - The shift in capital expenditure demand towards domestic suppliers is expected to enhance the development prospects of China's AI industry, as leading companies begin large-scale procurement of domestic servers equipped with local chips [4] - The global positioning of Chinese assets remains relatively "underweight," suggesting significant room for increased allocation [3] Market Dynamics - The global model market has largely completed its consolidation phase, with only a few institutions remaining in the model development space [6] - The model capabilities are moving towards a "commoditization" stage, where differences among models are minimal, making vertical industry-specific data crucial for creating competitive advantages [6] Commercialization Pathways - The B-end commercialization path is clearer and easier to implement compared to the C-end, with examples in e-commerce and programming demonstrating cost-saving efficiencies [8] - The C-end commercialization faces challenges due to unclear monetization strategies and high competition, particularly in the Chinese market where free services provide excellent user experiences [8][9] Future Trends - The focus of AI development has shifted from "models" to "data and applications," with vertical industry data barriers and B-end cost reduction logic being the most evident paths for investment [9]

Core Viewpoint - The capital expenditure demand in the AI investment sector is shifting from US suppliers to Chinese suppliers, indicating significant growth potential for Chinese technology assets, particularly in the domestic substitution direction [1][2]. Group 1: Chinese Technology Assets - Chinese technology assets, especially in the domestic substitution sector, are expected to have unexpected growth potential despite short-term market volatility [2]. - The US's entry into a rate-cutting cycle will lead to increased market liquidity, prompting funds to pursue assets with higher potential returns [2]. - Chinese assets are currently underrepresented in global allocations, indicating significant room for increased investment [2]. - The recognition of China's model capabilities by global tech companies, particularly in the open-source field, is a positive sign for the future [2]. Group 2: Hardware Breakthroughs - By 2025, capital expenditure demand in the AI investment sector is expected to gradually shift from overseas suppliers to domestic suppliers [3]. - The current trend among Chinese tech companies is moving from hoarding imported hardware to actively embracing domestic solutions, which is optimistic for the AI industry [3]. - As leading companies begin large-scale procurement of domestic servers equipped with local chips, profits and capital will flow back to local suppliers, creating a virtuous cycle for technological breakthroughs [3]. Group 3: Global AI Market Dynamics - The global model market has transitioned from a "hundred schools of thought" to a commercialization phase, with a focus on vertical companies [4]. - The funding focus in the AI market is expected to shift towards hardware, with anticipation for the emergence of application-level breakthrough products [4]. - The integration phase of the global model market is nearly complete, with only a few institutions remaining in model development [4]. - Vertical industry data will become key to creating differentiated advantages as model capabilities become more homogeneous [4]. Group 4: AI Commercialization - The path to AI commercialization is clearer for B-end applications compared to C-end applications, making implementation easier [6][7]. - In the e-commerce sector, AI can replace traditional models, reducing operational costs significantly [6]. - The logic behind B-end commercialization is clear and reasonable, focusing on cost savings rather than creating entirely new AI revenue streams [7]. - C-end commercialization faces challenges due to unclear directions and intense competition, with user willingness to pay being low in the Chinese market [7].

答：目前下游客户面对的市场需求尚未明显暖，市场新项目有限，竞争也仍旧激烈，增量业务的毛利率依 然处于较低水平。但对于公司而言，我们坚决贯彻 "通过增量占领存量"的竞争策略，只要是具有战略意 义的客户、项目，我们一定会尽全力拿下，所以在部分增量业务项目中有所降价，毛利率较以前确实有所 下滑。目前增量业务毛利率已经处于很低的水平，根据我们的判断，增量业务毛利率再大幅下降的可能性 不大，且随着竞争的加剧，市场向头部企业集中的趋势更明显，有利于公司提升增量市场份额。在现在的 市场环境下，比起增量业务毛利率，公司更看重增量业务能为未来存量业务提供的坚实基础。公司存量业 务的毛利率相对稳定。 证券之星消息，2025年11月28日中密控股（300470）发布公告称南方基金秦乾一 王天瑜 严必行、兴业证 券郭亚男、华福证券邓娴仪、东证资管李疆、华宝基金贺喆、杨国泰基金陈雨、太平养老张凯、华泰资产 丑凯亮、易方达基金郑涛岳、长江资管施展于2025年11月28日调研我司。 具体内容如下： 问：目前行业发展格局处于什么阶段？ 答：机械密封全球市场是一个较集中的市场，竞争格局保持相对稳定，约翰·克兰、伊格尔·博格曼、福斯 三家国际巨 ...

Core Viewpoint - The company, Jing Sheng Mechanical & Electrical (300316), is advancing in the production of silicon carbide (SiC) substrates, which are essential for third-generation semiconductor applications, particularly in electric vehicles, smart grids, and 5G communications. The company has achieved significant milestones in production capacity and technology development, positioning itself as a leader in the SiC substrate market. Group 1: SiC Substrate Development - The company has launched its first 12-inch SiC substrate pilot production line, achieving full domestic equipment development and marking a transition from parallel to leading in global SiC substrate technology [3][4]. - The pilot line covers the entire process from crystal growth to processing and testing, utilizing 100% domestic equipment, thus establishing a complete closed-loop system for 12-inch SiC substrates [4]. - The company is actively expanding its SiC production capacity, with projects including an annual production of 300,000 SiC substrates in Shaoxing and an 8-inch SiC substrate project in Penang, Malaysia [5]. Group 2: Market and Technical Progress - The company has achieved mass production and sales of 6-8 inch SiC substrates, with core parameters meeting industry-leading standards, and is successfully validating products with international customers [6]. - In the semiconductor equipment sector, the company has delivered 12-inch silicon epitaxy equipment to leading domestic clients, achieving international advanced levels in key performance indicators [7]. - The company is also innovating in the photovoltaic equipment sector, enhancing product technology and automation to improve efficiency for downstream customers [8]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 8.273 billion yuan, a year-on-year decrease of 42.86%, and a net profit of 900 million yuan, down 69.56% [10]. - The company has received buy ratings from seven institutions in the last 90 days, with a target average price of 50.14 yuan [10].

Core Viewpoint - The recent IPO of Moer Thread, China's first domestic GPU company, has attracted significant attention from nearly 4.83 million investors, with a final subscription rate of 0.036% after the allocation mechanism was activated [1][4]. Group 1: Investor Reactions - Investor Zhong Lei, a 20-year stock market veteran, received a notification of winning the lottery for shares and expressed a casual approach to new stock subscriptions, indicating that he has never lost money in this practice [1][2]. - Another investor, Chen Manqin, who has been participating in A-share new stock subscriptions for about four to five years, expressed excitement upon winning the lottery for the first time, highlighting the emotional aspect of the experience [5][6]. Group 2: Investment Strategies - Zhong Lei's strategy involves a "full coverage" approach to new stock subscriptions, where he applies for all available new stocks without discrimination between main board and Sci-Tech Innovation Board [4][6]. - Chen Manqin, on the other hand, plans to observe market conditions before deciding when to sell his shares, indicating a more flexible investment strategy compared to Zhong Lei's fixed selling plan [8][9]. Group 3: Company Insights - Moer Thread is recognized as a significant player in the domestic GPU market, with its founder being a former general manager of NVIDIA's China division, which adds credibility to its potential in the industry [6][8]. - Both investors have shown interest in the company's product performance and profitability, with Zhong Lei considering purchasing Moer Thread's products if his investment proves profitable [9].

Core Insights - The article highlights the strong market interest in Moole Technology, which has positioned itself uniquely in the domestic GPU market with its "full-function GPU" strategy, achieving the largest IPO on the Sci-Tech Innovation Board this year with a share price of 114.28 yuan [1][9]. Company Overview - Moole Technology was founded in 2020 by Zhang Jianzhong, a former leader at Nvidia China, with the goal of making full-function GPUs accessible to more users in China [2]. - The company has developed four generations of GPU architecture in less than five years, distinguishing itself from competitors by integrating multiple functionalities such as graphics rendering, AI computing, video processing, and scientific computing into a single chip architecture called MUSA [2][3]. Market Positioning - Moole Technology's full-function GPU is designed to be compatible with the existing global GPU ecosystem, particularly Nvidia's CUDA, which lowers the cost and barriers for users transitioning from Nvidia to Moole's platform [3]. - The company has established a comprehensive product matrix around its four generations of self-developed GPU architecture, focusing on AI computing products, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC products [3]. Industry Trends - The company is strategically positioned to benefit from two major trends: the domestic replacement wave and the explosive demand for AI computing power [4][6]. - The domestic GPU market is experiencing a significant supply-demand mismatch, particularly in the high-end segment, which Moole Technology aims to address with its innovative MUSA architecture [7]. Investment Appeal - The IPO attracted significant attention, with oversubscription rates exceeding 4000 times for online applications and 1572 times for offline applications, indicating strong investor confidence [1][10]. - Following the IPO, Moole Technology's total market capitalization is expected to exceed 53.7 billion yuan, reflecting its potential for growth and valuation in the rapidly expanding GPU market [9][12]. Future Outlook - Moole Technology is positioned as a key player in the domestic GPU sector, with its innovative technology and market strategies aligning with national policies supporting the semiconductor industry [7][13]. - The company is expected to continue growing its revenue and market share, becoming an important investment target in the context of China's digital economy and AI infrastructure development [13].