本周（12.15-12.21）均价跟踪的100个化工品种中，共有42个品种价格上涨，37个品种价格下跌，21个 品种价格稳定。跟踪的产品中47%的产品月均价环比上涨，44%的产品月均价环比下跌，9%的产品月均 价环比持平。周均价涨幅居前的品种分别是硝酸（华东地区）硫酸（浙江巨化98%）、原盐（山东海 盐）、双酚A（华东）、TDI（华东）；周均价跌幅居前的品种分别是PVA、NYMEX天然气、LLDPE （余姚7042/吉化）、三氯乙烯（华东）乙二醇。 本周（12.15-12.21）国际油价下跌，WTI原油期货价格收于56.52美元/桶，收盘价周跌幅1.60%；布伦特 原油期货价格收于59.82美元/桶，收盘价周跌幅2.13%。宏观方面，根据21世纪经济报道，在美国政府 结束"停摆"后，通胀数据意外低于预期。美国劳工部12月18日发布的数据显示，11月美国消费者价格指 数（CPI）同比上涨2.7%，低于9月的3%。剔除波动较大的食品和能源价格后，11月核心消费者价格指 数同比上涨2.6%。供应方面，根据EIA数据，截至12月12日当周，美国原油日均产量1,384.3万桶，较前 一周日均产量减少1.0万桶，较去年同 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report suggests focusing on undervalued leading companies in the industry, the impact of "anti-involution" on supply in related sub-industries, and companies in electronic materials and certain new energy materials amid rising prices [2][12] - The report highlights that the supply-side expansion peak has passed, and there is potential for recovery in industry prosperity [4] Industry Dynamics - The average price tracking 100 chemical products shows that 42 products increased in price, 37 decreased, and 21 remained stable during the week of December 15-21 [9][29] - International oil prices fell, with WTI crude oil futures closing at $56.52 per barrel, down 1.60%, and Brent crude oil futures at $59.82 per barrel, down 2.13% [30] - The report notes a decrease in the average price of isooctanol and glyphosate, with isooctanol averaging 6,612 CNY/ton, down 4.97% week-on-week, and glyphosate at 24,901 CNY/ton, down 1.58% week-on-week [31][32] Investment Recommendations - The report recommends focusing on leading companies with low valuations, such as Wanhua Chemical and Anji Technology, and suggests monitoring companies in emerging fields like semiconductor materials and new energy materials [12][19] - It emphasizes the potential for demand recovery supported by policies and the continuous optimization of the supply side, which could enhance the performance and valuation of leading companies [12][17]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 安徽滁州市一家电子公 司内的集成电路封测生产线。图/IC | 销售收入增速 | 2014年-2018年 | 2018年-2024年 | 2014年-2024年 | | --- | --- | --- | --- | | 设计、制造、封测三业 | 21.3% | 14.1% | 16.9% | | 未合体设备业 | 32.2% | 37.2% | 35.2% | | 半导体材料业 | 16.5% | 19.1% | 18.1% | | 全行业总计 | 21.3% | 15.0% | 17.5% | | | 2014年 | 2018年 | 2024年 | | --- | --- | --- | --- | | 上市企业数量 | 20家 | 36家 | 超过 180家 | | 上市企业总市值 | 936亿元 | 2700亿元 | 超过30000亿元 | | 上市企业销售毛利率 | 26.2% | 29.1% | 32.6% | | 上市企业研发投入强度 | | 10.5% | 20.6% | 中国集成电路产业近十年的"自主可控"攻坚战已经取得 ...

Core Viewpoint - The company is actively engaging in domestic substitution and self-controllable technology, positioning itself as a core strategic partner of Huawei to develop AI industry ecosystems based on Huawei's Kunpeng and Ascend technologies [2] Group 1: Strategic Partnerships - The company collaborates with Huawei to build an AI industry ecosystem around Huawei's Kunpeng and Ascend technologies [2] - It has developed over a hundred joint solutions for various application scenarios involving Kunpeng, Ascend, and Huawei Cloud [2] Group 2: Technological Development - The company has established a development team for Huawei's HarmonyOS, with all members certified as advanced developers [2] - It has obtained 749 software copyrights and 32 invention patents, providing strong support for self-controllable technology [2]

Group 1 - The A-share market has limited valuation upside after two consecutive years of growth, with future index increases expected to come from earnings and the continuation of "anti-involution" policies, which may support profit growth due to a low base in the first half of the year [1] - Key sectors for investment include technology growth and high dividend strategies, focusing on domestic support policies under the backdrop of US-China competition, internet technology companies with independent growth, and high dividend low volatility sectors such as telecommunications, utilities, and banking [1] - The top five sectors for net inflow include new energy vehicles, auto parts, military industry, non-ferrous metals, and pharmaceuticals, while the top five concepts are state-owned enterprise reform, Belt and Road Initiative, energy storage, and free trade zones [1] Group 2 - The panel industry is expected to see a positive long-term outlook due to improved competition dynamics, with profit release logic shifting from price increases to value creation, driven by large-size demand, cost reduction through domestic production, and recovery of minority shareholder rights [3] - The aviation sector is facing capacity constraints due to low new aircraft introductions and maintenance issues, but there is a recovery in business travel demand, with expectations for profitability to return by 2025 [4] - The Federal Reserve is anticipated to lower interest rates by 25 basis points, with mixed opinions among policymakers regarding the impact on inflation and the labor market, while the macro environment remains favorable for gold [6] Group 3 - The Shanghai Composite Index has been fluctuating around 3900 points for an extended period, indicating a transition phase rather than a clear bull or bear market, with a focus on domestic economic circulation and sustainable growth [10] - The communication equipment industry is seeing increased demand due to the launch of satellite IoT business trials and advancements in technology, although current valuations are high, requiring sustained industry performance [10]

关于报告的所有内容，请于公众『市场分析报告』阅读原文 《十大外资对2026年A股的建议》 兴业证券分析师梳理整合了包括摩根大通、高盛、瑞银等在内的十家国际主流机构对2026年A股的年度展望，旨在呈现外资视角下对中国资产的结构性共识 与配置逻辑，很有参考价值。 一、摩根大通 即将进入2026年，A股市场的变化趋势已逐渐清晰。以摩根大通为代表的外资机构认为，上市公司能否实现实实在在的"盈利"，将成为推动中国资产上涨的 核心动力。市场的关注点正从前期估值的普遍修复，转向企业业绩的兑现能力。 该机构预测，2026年沪深300指数有望达到5200点，这意味着相较于2025年12月的收盘价，存在约13%的上涨空间。对应的市场平均估值约为15.9倍市盈 率，而上市公司整体的每股收益（EPS）预计将增长15%。这一轮盈利复苏具有广泛基础，调查显示，超过三分之一的细分行业已经进入收入增长区间，盈 利前景得到上调的公司数量比例创下2020年以来的新高。 摩根大通将投资机会归纳为四条清晰的主线：抑制过度竞争（反内卷）、人工智能（AI）、全球化拓展（出海）以及国内需求的局部复苏。 抑制过度竞争（反内卷）：政策正直接对"低价倾销"等行 ...

Group 1 - The high valuation of Muxi is driven by a combination of technology, team expertise, market timing, and policy catalysts, rather than being coincidental [35] - The "Four Dragons of Domestic GPU" each have distinct strategies, indicating that competition is not merely homogeneous [25][32] - The recent wave of AI company IPOs signifies a shift in the industry from "storytelling" to "result verification" [33] - Current conditions present both opportunities and risks; stakeholders should understand the underlying logic of valuations and avoid being swayed by emotions [34] Group 2 - Muxi's market capitalization reached 332 billion, with a significant first-day price increase, reflecting investor enthusiasm [6][34] - The team behind Muxi, including founder Chen Weiliang and co-founders Peng Li and Yang Jian, possesses extensive experience in GPU design, which is crucial for the company's success [13][17] - The U.S. chip export restrictions have created a pressing demand for domestic GPU solutions, leading to a surge in orders for Muxi [22][23] Group 3 - The four domestic GPU companies—Muxi, Moer, Birran, and Suiruan—each focus on different market segments and technological approaches, akin to various martial arts styles [25][32] - The investment strategy of top-tier firms like Sequoia emphasizes "certainty" over mere potential, focusing on the team's track record rather than just the technology [28][29] - The current landscape of AI infrastructure investment reflects a growing recognition of the importance of foundational technologies over application-level innovations [33]

Core Viewpoint - Jiangsu Zhanchip Semiconductor Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, focusing on high-reliability analog chips and micro-module products to support the military electronics industry in achieving high-quality development [1][2]. Group 1: Company Overview - Jiangsu Zhanchip specializes in the research, design, testing, and sales of high-reliability analog chips, primarily power management chips, including DC/DC converters, linear voltage regulators (LDO), and load switches [1]. - The company is expanding its product line to include signal chain chips, having developed a range of products such as current detection chips, voltage reference chips, comparators, operational amplifiers, and timing chips [1][3]. Group 2: Industry Context - The military electronics industry in China is experiencing rapid growth due to strong national support for defense development and the strategic importance of domestically produced chips [2]. - The trend towards self-reliance in military electronics is accelerating, with Jiangsu Zhanchip contributing to the stability of the domestic supply chain and the modernization of national defense [2]. Group 3: Research and Development - Jiangsu Zhanchip has built a strong R&D team, holding 41 authorized invention patents, 5 utility model patents, and 46 integrated circuit design layout rights as of mid-2025 [3]. - The company has developed 15 core technologies related to chip design and packaging, leading to the creation of high-reliability analog chips and micro-modules with excellent performance parameters [3]. Group 4: Market Position and Client Base - Jiangsu Zhanchip has successfully supplied products to over 1,600 clients, including major groups such as China Electronics Technology Group and Aviation Industry Corporation of China, enhancing its market presence [4]. - The company’s established client relationships provide a foundation for promoting new product series and driving future business growth [4]. Group 5: Financial Performance - From 2022 to the first half of 2025, Jiangsu Zhanchip's revenue figures were 366.76 million yuan, 465.75 million yuan, 412.59 million yuan, and 340.16 million yuan, with an annualized revenue growth rate of 22.87% [5]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 144.62 million yuan, 167.59 million yuan, 87.43 million yuan, and 123.27 million yuan during the same period, indicating a phase of rapid growth and innovation [5]. Group 6: Future Plans - The funds raised from the IPO will be invested in projects focused on high-reliability power management chips and signal chain chip R&D, as well as the construction of headquarters and testing centers [5]. - The investment strategy aims to enhance testing capabilities, upgrade the R&D system, accelerate new product industrialization, and support working capital, aligning with the company's future operational strategy [5].

已量产：曦思N100（智算推理）、曦云C500（训推一体） 在研：曦云C600已于2025年7月回片点亮，官方定位对标英伟达H100 12月17日，沐曦集成电路（上海）股份有限公司（股票代码：688802） 成功在科创板上市。开盘表现 极为亮眼，股价高开568.8%，报700元，公司总市值一举突破2800亿元。以此计算，中一签（500股） 投资者首日盈利接近30万元，成为近期热门新股。 | | | A股迈入全面注册制以来, | | | 新股中签收益排行榜TOP10 | | | --- | --- | --- | --- | --- | --- | --- | | 100 | 证券名称 | 正券代码 | 市首日最高价 | 首发价格 | 中一条收益 | 首发上市日 | | | | | JI./ 版 | 元/股 | (以500脸计 | | | | 沐曦股份 | 688802. SH | 700 (开盘价) | 104. 66 | 297670 | 2025-12-17 | | 2 | 摩尔线程 | 688795. SH | ୧୫୫ | 114. 28 | 286860 | 2025-12-05 | | 3 | 长联 ...

Summary of Key Points from the Conference Call on Gaon Electronics Company Overview - Gaon Electronics focuses on EDA (Electronic Design Automation) software, particularly in the storage chip design sector, with deep collaborations with companies like Samsung. The company aims to become the first listed company in China to achieve deep synergy between EDA and IP (Intellectual Property) [2][3][13]. Financial Performance - The primary revenue source for Gaon Electronics comes from software licensing, accounting for 70%-80% of total revenue, with a gross margin maintained at around 90% [4][6]. - Despite fluctuations in profits due to increased R&D investments and stock incentives in 2023 and 2024, the company is expected to maintain a long-term stable growth trajectory [2][6]. - Revenue is projected to increase by 70%-80% following the successful acquisition of Ruicheng Chip Micro and Naneng Micro, with expected revenues of 7.3 billion yuan post-acquisition [15]. Industry Dynamics - The EDA industry is experiencing stable growth, with a projected compound annual growth rate (CAGR) of 9.21% from 2025 to 2034. The primary markets are the United States and the Asia-Pacific region [2][7]. - The industry faces challenges such as increasing technological complexity, high R&D costs, and international competition, particularly from the U.S. restrictions on China's semiconductor industry [8][10]. Competitive Landscape - Gaon Electronics holds a significant position in the global EDA market, competing with major players like Synopsys, Cadence, and Siemens, which dominate over 80% of the market share [3][10]. - The company has a leading edge in certain niche tools, especially in storage chip design, and has received certifications for its NanoSpace products from Samsung for 3nm and 4nm processes [3][11]. Acquisitions and Growth Strategy - The ongoing acquisitions of Ruicheng Chip Micro and Naneng Micro are expected to enhance Gaon Electronics' competitive edge and expand its market share internationally [13][15]. - The company has completed multiple acquisitions since 2012, with the latest ones aimed at strengthening its capabilities in physical IP and wired interface technologies [5][13]. Valuation and Risks - Gaon Electronics has a price-to-sales (PS) valuation of approximately 15-20 times, which is comparable to its U.S. counterparts, while its competitors like Huada Jiutian have higher valuations [4][16]. - Key risks include the need for continuous technological innovation and the substantial capital required for R&D, which has led to profit fluctuations in recent years [17]. Future Outlook - The overall outlook for Gaon Electronics is optimistic, with a strong growth potential and a reasonable valuation in the global EDA software market. The company is well-positioned to leverage its acquisitions and maintain its technological leadership [18].