天风通信丨1月&2月金股华懋科技：COHR&LITE大涨，核心供应商华懋科技坚定看好600亿以上目标市值持续坚 定推荐！ COHR和LITE昨日继续大涨COHR和LITE+5%。 我们继续坚定核心推荐核心供应商华懋科技，光模块&算力卡放量CPO布局先进封装，重视三大预期差！ 预期差一（高速光模块）： 光模块26-27年景气度供不应求。 COHR和LITE昨日继续大涨COHR和LITE+5%。 公司高速光模块PCBA卡位早，草案披 我们继续坚定核心推荐核心供应商华懋科技，光模块&算力卡放量CPO布局先进封装，重视三大预期差！ 天风通信丨1月&2月金股华懋科技：COHR&LITE大涨，核心供应商华懋科技坚定看好600亿以上目标市值持续坚 定推荐！ 预期差三（算力板卡）：公司作为国内算力卡龙头板卡独家供应商，当下需求非常旺盛，同时未来超节点、液冷 等新产品新方案的迭代、价值量和弹性空间都有望充分释放。 预期差二（npo/cpo/先进封装）： 我们反复强调华懋NPO和CPO先进封装逻辑，可市场认知依旧完全不清楚公司这 块到底做什么，未来会有怎样的机会。 # 首先公司已经形成下列cpo/npo产品的供货：Lumentu ...

Group 1 - The core point of the article highlights the recent stock performance of Shenzhen Technology Co., Ltd., which saw a decline of 2.59% on February 27, with a current price of 33.79 CNY per share and a total market capitalization of 53.107 billion CNY [1] - The company has experienced a year-to-date stock price increase of 33.66%, with a 15.13% rise over the last five trading days and a 44.53% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on February 13, where it recorded a net purchase of 183 million CNY [1] Group 2 - Shenzhen Technology Co., Ltd. was established on July 4, 1985, and went public on February 2, 1994. Its main business includes the research and production of hard disk heads, advanced manufacturing of electronic products, metering systems, payment terminal products, digital home products, and LEDs [2] - The revenue composition of the company is as follows: high-end manufacturing 50.52%, storage semiconductor business 27.13%, metering intelligent terminals 21.70%, and others 0.66% [2] - As of February 10, the number of shareholders of Shenzhen Technology was 200,600, a decrease of 0.78% from the previous period, with an average of 7,834 circulating shares per person, an increase of 0.79% [2] Group 3 - The company has distributed a total of 3.958 billion CNY in dividends since its A-share listing, with 702 million CNY distributed over the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 28.6221 million shares, an increase of 15.6346 million shares from the previous period [3]

证券研究报告 | 策略点评 2026 年 02 月 26 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260226 今日关注 指数涨跌情况：今日 A 股主要指数涨跌不一。截止收盘，沪指微跌 0.01%，收 报 4146.63 点；深证成指涨 0.19%，收报 14503.79 点；创业板指跌 0.29%， 收报 3344.98 点；科创 50 指数涨 0.85%，收报 1485.86 点。总体上，全天个 股涨跌互现，Wind 数据显示，全市场 2481 只个股上涨，2866 只个股下跌， 130 只个股收平。沪深两市今日成交额合计 25384 亿元，较上个交易日放量 759 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，通信、电子、国防军工、机械 设备、钢铁等行业领涨，涨幅分别为 2.84%、1.98%、1.52%、1.41%、1.33%， 房地产、传媒、非银金融、商贸零售、食品饮料等行业领跌，跌幅分别为 2.25%、 1.45%、1.42%、1.22%、1.20%。 概念板块涨跌情况：今日涨幅居前 ...

与此同时，长江商报记者注意到，公司积极推进产能扩张与全球化布局，境内市场根基稳固，境外业务 实现爆发式增长。2026年初，甬矽电子发布公告，宣布拟投资不超过21亿元布局海外生产基地，在行业 复苏周期中展现出强劲的成长韧性与长期竞争力。 受益于 集成电路 行业景气度持续提升， 甬矽电子 （688362.SH）经营业绩持续高涨。 2月24日，甬矽电子披露2025年年度业绩快报，2025年全年实现营收44.00亿元，同比增长21.92%；实现 归母净利润8224万元，同比增长23.99%。营收与归母净利润均实现两位数增长。 作为专注 先进封装 赛道的科创板企业，甬矽电子坚持以技术创新为核心驱动，近年来研发投入连年攀 升，2021年—2025年前三季度，研发投入累计达8亿元，在高端封装、 汽车电子 、射频通信等领域形成 核心技术壁垒。 近五年累投8亿研发 在业务布局方面，近年来，甬矽电子积极推进项目建设，扩大产能规模，并重点布局先进封装和汽车电 子领域。 2025年上半年，甬矽电子晶圆级封测产品收入达8528.19万元，同比大增150.80%。在汽车电子领域，公 司产品在车载CIS、 智能座舱 、车载MCU及 激光雷 ...

Group 1 - The core viewpoint of the news highlights a significant increase in the Sci-Tech Semiconductor ETF (588170), which rose by 6.21% as of February 25, 2026, driven by positive market sentiment and overseas chip stock performance during the Spring Festival [1] - Key stocks contributing to the ETF's performance include Yuyuan Silicon, which hit the daily limit, Linweina, which also reached the limit, and Fuchuang Precision, which increased by 15.19% [1] - The driving factors for the increase include robust capital expenditure guidance from major North American cloud providers, with Meta committing to purchase millions of chips from Nvidia, and a projected 90%+ surge in DRAM prices due to a supply-demand gap [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) tracks the only semiconductor equipment theme index on the Sci-Tech Board, with approximately 50% of its focus on advanced packaging, targeting cutting-edge equipment companies [2] - The Huaxia Semiconductor Equipment ETF (562590) tracks the CSI Semiconductor Materials and Equipment Theme Index, with about 63% of its focus on semiconductor equipment, benefiting from the global chip price surge and the increasing demand for equipment suppliers [2]

来源：新浪证券-红岸工作室 2月24日，汇成股份涨0.64%，成交额5.78亿元，换手率3.50%，总市值164.49亿元。 异动分析 存储芯片+先进封装+OLED+芯片概念+人民币贬值受益 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 2、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 3、2024年7月3日公司投资者关系活动记录表：公司目前OLED客户主要包括联咏、瑞鼎、 ...

近日，盛合晶微半导体有限公司(下称"盛合晶微")更新科创板上会申报稿。 据公开信息，上海证券交易所上市审核委员会将于2月24日对公司的首发上市事项进行审核。对于正处于重构阶段的全球封测产业而言，盛合晶微的上市 进程正受到资本市场愈发密切的关注。 业内普遍认为，先进封装供应商的核心壁垒，并不仅限于技术能力和产能规模，更体现在其能否通过严格的头部客户验证。全球主要芯片企业对新供应商 的认证需经历极为严苛的流程，周期较长，且往往对制造标准、产品稳定性和量产一致性提出更高要求。尤其是在部分客户供应链布局集中度较高的情况 下，进入供应链后能够保持合作延续的企业更具稀缺性。 盛合晶微在多个核心领域的持续通过验证，在一定程度上反映出其在交付能力、质量控制及工艺迭代方面的长期积累。 核心经营指标稳步向好 行业竞争力与成长性同步增强 在稳固客户基础的同时，公司主要经营指标亦保持稳步增长。 全球头部客户持续扩容 供应链壁垒进一步稳固 近年来，全球集成电路产业链持续调整，先进封装成为行业增长最快的板块之一。无论是智能终端、5G通信还是高算力人工智能芯片，市场对更高性 能、更低功耗的封装技术需求明显提升。 在此背景下，深耕先进封测多 ...

Core Insights - The integrated circuit packaging and testing (ICPT) industry is a crucial part of the semiconductor supply chain, ensuring chip usability and quality certainty, and is supported by various national policies in China [1][4] - The global ICPT market is experiencing fluctuating growth, with a significant shift of capacity towards emerging Asian markets, particularly Taiwan, mainland China, and the USA [1][4] - Advanced packaging is becoming the main growth driver in the post-Moore's Law era, with the largest market segment being flip-chip packaging and the fastest growth in multi-chip integration packaging [1][5] Industry Overview - ICPT encompasses both packaging and testing, connecting wafer manufacturing with end applications, providing physical protection and performance validation [2][3] - The industry is supported by national policies aimed at technological breakthroughs and market expansion, with recent initiatives focusing on energy electronics and AI [4] Global Market Analysis - The global ICPT market is projected to reach $117.85 billion by 2026, with advanced packaging expected to grow at a compound annual growth rate (CAGR) of 13.2% from 2024 to 2026, significantly outpacing traditional packaging's 3.9% CAGR [4][5] - The market is currently in a downturn due to weak demand in consumer electronics and global economic uncertainties, but is expected to recover in 2024 as demand stabilizes [4] China Market Analysis - The mainland China ICPT market is expected to grow from 250.95 billion yuan in 2020 to 353.39 billion yuan by 2025, with a CAGR of 7.09% [6][7] - Advanced packaging is gaining traction, with its market share projected to reach 20.86% by 2025, driven by domestic demand and technological advancements [7] Competitive Landscape - The global ICPT industry is dominated by a few key players, with the top three companies holding approximately 50% of the market share by 2024 [12] - Mainland China has four companies in the global top ten, showcasing its competitive strength in the ICPT sector [12] Future Development Trends - The industry is expected to shift towards high-end, collaborative, and differentiated development, focusing on advanced packaging technologies and enhancing domestic supply chains [13][14] - There will be a continued emphasis on optimizing demand structures, with a shift from traditional consumer electronics to high-end applications like automotive electronics and AI [15]

Group 1 - The core viewpoint of the article is that Feikai Materials is strategically investing in Jingdezhen Naichuang Ceramic Materials Co., Ltd. with a cash injection of 20 million RMB to enter the inorganic materials sector, particularly focusing on precision ceramic substrates [2][3] - Jingdezhen Naichuang Ceramic, established in March 2024, specializes in the R&D, production, and sales of high-performance metallized ceramic substrates, which are crucial for thermal management in high-end applications such as communication RF, laser devices, silicon photonic modules, and chip packaging [2][3] - The investment aligns with Feikai Materials' existing business in organic fine chemicals and aims to fill the gap in its inorganic materials portfolio, enabling a dual-driven business structure of organic and inorganic materials for future growth [3] Group 2 - The demand for core materials in high-end manufacturing is increasing due to the rapid adoption of third-generation semiconductors, automotive-grade chips, and optical communication modules, creating significant market opportunities for inorganic materials like ceramic substrates [3] - Feikai Materials has established a comprehensive business layout in organic synthesis fine chemicals, covering multiple segments including photoresists and electronic chemicals, which are synergistic with the downstream applications of ceramic substrates [3]

在 AI 驱动半导体产业打破周期性定律、全球市场规模预计达 9750 亿美元（WSTS 数据）的 关键节点，半导体全产业链协同已成为突破技术瓶颈、把握结构性增长机遇的核心路径。由 半导体行业观察 与 慕尼黑上海光博会 联合主办的 《从器件到网络的协同创新论坛》 ，将于 2026年3月18日 登陆上海新国际博览中心。 论坛紧扣 "光电融合、算力革新、国产攻坚" 三大行业主线，串联 "趋势 — 基础 — 核心 — 器件 — 组件 — 应用 — 协同" 全链路，打造契合产业演进方向的高端交流平台。 Part.01 呼应产业变局，破解协同痛点 当前半导体产业正经历多重结构性变革：AI 算力需求推动硅光技术从 800G 向 1.6T 快速迭代 （2026 年 1.6T 光模块渗透率预计突破 20%）、国产算力芯片进入大规模应用关键期（海光信 息、寒武纪等企业已实现多场景落地）、先进封装成为后摩尔时代性能提升核心路径（CoWoS 产 能持续扩张）。本次论坛精准锚定这些趋势，线下汇聚 200 位运营商、设备商、EDA 企业等核心 从业者，线上通过半导体行业观察视频号同步直播，构建 "线下技术对接 + 线上趋势传播" 的双线 ...