公告显示，苏大维格已通过参股方式投资了上海语荻，并约定了优先认购权、优先购买权、优先并购权 等相关权利。双方将围绕精密光学物镜及系统领域的创新技术和产业发展需求，进行多方面的合作，通 过合作研发、同条件下优先采购、扩大投资规模、产业整合、共享行业资源等方式，充分发挥和利用各 自优势，建立有效的信息和资源共享机制，进行精诚和紧密的合作，增强产业链供应链的自主可控能 力。 语荻光电主营产品为大口径非球面光学镜片及非球面光学系统，其主要客户包括部分国内半导体设备、 商业卫星等领域的头部公司，受益于半导体国产化趋势，以及商业航天和低轨通信卫星行业的发展，近 年来订单规模和销售规模实现了较快增长。 苏大维格（300331）(300331.SZ)公告，公司与上海语荻光电有限公司(简称"语荻光电")签署了《战略合 作框架协议》。本次合作方上海语荻是国内领先的精密光学物镜及系统生产商，主要涉及半导体设备精 密光学物镜及组件、卫星激光通信光学系统等领域。 ...

语荻光电主营产品为大口径非球面光学镜片及非球面光学系统，其主要客户包括部分国内半导体设备、 商业卫星等领域的头部公司，受益于半导体国产化趋势，以及商业航天和低轨通信卫星行业的发展，近 年来订单规模和销售规模实现了较快增长。 智通财经APP讯，苏大维格(300331.SZ)公告，公司与上海语荻光电有限公司(简称"语荻光电")签署了 《战略合作框架协议》。本次合作方上海语荻是国内领先的精密光学物镜及系统生产商，主要涉及半导 体设备精密光学物镜及组件、卫星激光通信光学系统等领域。 公告显示，苏大维格已通过参股方式投资了上海语荻，并约定了优先认购权、优先购买权、优先并购权 等相关权利。双方将围绕精密光学物镜及系统领域的创新技术和产业发展需求，进行多方面的合作，通 过合作研发、同条件下优先采购、扩大投资规模、产业整合、共享行业资源等方式，充分发挥和利用各 自优势，建立有效的信息和资源共享机制，进行精诚和紧密的合作，增强产业链供应链的自主可控能 力。 ...

来源：市场资讯 （来源：华泰证券策略研究） 上周港股在科技催化驱动下收涨，2026年首个交易日实现"开门红"。当前市场情绪、资金面环境比11月 更优，布局港股胜率提升。我们建议一方面继续配置有业绩兑现预期的科技链，在流动性环境催化下一 季度或有高斜率空间，同时考虑到驱动因素和资金属性变化，做现金流资产的均衡配置。 科技驱动港股"开门红" 上周恒生指数上涨2.0%，恒生科技指数上涨4.3%，涨幅集中在上周五。"开门红"呈现出较为特殊的交 易现象，也进一步验证了我们此前的判断。 1）周五A股未开盘，南向未交易，驱动市场上涨的资金是海外及香港本地资金。侧面佐证2025年11月 以来港股趋弱的资金面因素主要因南向而非外资，因机构而非个人 2）港股IPO对市场构成的负面压力是在市场本身趋弱情况下的放大器而不是直接因素。港股IPO上市对 二级市场的影响更看具体项目、行业情况而非数量，不可简单理解为上市数量多就一定会抽水二级市 场。上周五壁仞科技港股上市首日盘中涨超110%，对市场的乐观情绪影响以及半导体国产化预期催化 下港股半导体行业指数上涨7.9%，华虹半导体、中芯国际分别上涨9.4%、5.1%，昆仑芯分拆上市公告 催 ...

Investment Rating - The report maintains a positive outlook on the AI industry chain and core computing hardware, with a focus on AI copper-clad boards, PCBs, semiconductor equipment, and domestic computing power benefiting from the AI sector [1][2][3]. Core Insights - The capital expenditure (CAPEX) of the four major North American cloud service providers (CSPs) continues to grow, with a positive outlook for future spending. The total CAPEX for Microsoft, Amazon, Google, and Meta reached $97.3 billion in Q3 2025, a year-on-year increase of 65% [1][13]. - The demand for AI computing power is expected to remain strong, driven by the increasing need for ASICs and GPUs. The global market for ASICs is projected to grow at a compound annual growth rate (CAGR) of 54% from 2025 to 2029 [1][41]. - The semiconductor equipment industry is poised for growth due to the expansion of storage capacity and the push for domestic control, with significant opportunities for domestic equipment manufacturers [2][3]. Summary by Sections Section 1: Continued Optimism for the AI Industry Chain - The high CAPEX of cloud providers is expected to be sustainable, with Microsoft, Amazon, Google, and Meta showing strong growth in capital expenditures [1][13]. - AI server demand is projected to increase significantly, with a 20% year-on-year growth expected in 2026, driven by CSP investments in AI infrastructure [1][34]. Section 2: Semiconductor Equipment Industry - The storage expansion cycle, combined with the need for domestic control, is expected to benefit the semiconductor equipment supply chain. The introduction of 3D DRAM technology and increased stacking layers in NAND will drive demand for advanced manufacturing equipment [2][3]. Section 3: Domestic Computing Power Opportunities - Domestic cloud providers have significant room for increased capital expenditure, with major players like Alibaba planning to invest $58 billion in AI hardware infrastructure over the next three years [2][3]. Section 4: AI Edge Applications and Hardware Innovations - Apple's AI strategy focuses on hardware integration and edge AI applications, with expectations for growth in AI/AR glasses and related technologies [3][3]. Investment Recommendations - The report suggests a favorable outlook for AI copper-clad boards, PCBs, core computing hardware, semiconductor equipment, and domestic computing power, anticipating continued growth in these sectors through 2026 [3].

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 华福证券指出，2025年第三季度半导体行业表现创历史新高，全球营收达到2163亿美元，环比增长 14.5%，首次单季突破2000亿美元大关。按照这一增速，2025年全年营收有望突破8000亿美元。半导体 行业增长动力从英伟达和存储领域向外扩散，前四大企业（英伟达、三星、SK海力和美光科技）合计 贡献了全球半导体行业超过40%的营收，凸显AI加速器和高端存储产品的持续主导地位。 半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数聚焦于半导体产业链 上游的材料与设备领域，选取从事半导体材料研发生产、精密设备制造等业务的上市公司证券作为指数 样本，以反映半导体产业核心基础环节相关企业的整体表现。作为技术密集型产业的重要指标，该指数 成分股具有显著的创新属性和成长潜力，能够有效追踪全球半导体技术升 ...

若未达标，思凌企管仅以其届时所持通业科技全部股票出售所得（税后）为限进行现金补偿；股价下跌 或持股被稀释将直接削弱补偿能力。这种条款会将部分业绩风险转嫁给上市公司及中小股东。 在半导体国产化与新基建浪潮下，通业科技的跨界并购不仅是一次资本运作，更是一场技术驱动的战略 升级。随着交易落地，这家轨道交通龙头能否在芯片赛道复制成功，市场正拭目以待。 2025年12月28日晚，轨道交通电气设备龙头通业科技发布公告，拟以5.61亿元现金收购北京思凌科半导 体技术有限公司91.69%股权，同时公司股东向思凌科实控人转让6%股份。 据公告，思凌科100%股权评估值为6.12亿元，较其账面净资产1.26亿元增值387.41%。尽管标的公司 2025年前7个月因电网采购季节性因素亏损325.3万元，但其核心产品电网高速电力线载波（HPLC）通 信芯片及模块、高速双模（HDC）通信芯片及模块已进入国家电网供应链，2023年、2024年分别实现 净利润2771.29万元、2031.80万元，技术壁垒与市场地位显著。 通业科技此次跨界并非盲目扩张，而是基于技术协同与市场互补的精准布局。作为轨道交通电气装备领 军企业，公司2025年前 ...

Core Insights - The 2025 Annual Financial Thinkers Ceremony highlighted key discussions on macro trends, consumer behavior, and investment opportunities for 2026, emphasizing the importance of rationality and professionalism in economic discourse [1][6]. Group 1: Achievements and Impact - The "Yi Cai Hao" platform has gathered over 1,000 authors in five years, contributing significantly to economic discussions and providing valuable insights [2][3]. - In 2025, the platform published over 700 in-depth articles and produced more than 1,500 videos, achieving over 60 million views, indicating a strong public demand for rational economic voices [3]. Group 2: Economic Outlook for 2026 - A survey of 180 economists indicated that over 60% expect China's GDP growth target for 2026 to be between 4.5% and 5.0%, reflecting a pragmatic approach to economic stability and progress [4]. - 88.2% of experts believe that significant advancements in "technological innovation and industrial upgrading" will be key areas for China's economic success in 2026, with a focus on artificial intelligence, robotics, and semiconductor localization [4]. Group 3: Emerging Consumer Trends - Health and wellness, along with cultural and experiential consumption, are viewed as potential new engines of growth, with approximately 70% of experts recognizing their importance [5]. - The real estate sector is shifting focus from mere housing availability to enhancing livability through urban renewal and redevelopment initiatives [5]. Group 4: Global Economic Context - Experts anticipate that the Federal Reserve will begin a gradual interest rate reduction in 2026, contributing to a stable global liquidity environment and a stable dollar index [5]. Group 5: Recognition of Thought Leaders - The "Annual Financial Thinkers" award recognizes individuals who provide clarity and insight on complex economic issues, emphasizing the importance of independent thought and scientific rigor in economic analysis [6][7].

半导体国产化浪潮下，核心材料与设备领域的优质企业加速登陆资本市场。 先普科技目前持有70余项国家专利，并且成为国家气体标准化委员会委员单位，牵头编制了气体分析-痕量分析用气体纯化技术国家标准 （GB/T 33360-2016），填补了该领域国家标准的空白。凭借过硬的产品品质， 先普科技 产品已实现全球出货量30000+，90%以上客户将其纯 化器直接用于工艺终端纯化，品牌稳定性经过15年以上市场验证。在生产能力方面，目前拥有千级、万级及百级超净间，并建成专门的超净焊 接间和独立气体分析室，2023年底启动的4.3万平方米新厂房预计2024年底投入使用，将进一步提升规模化生产能力。 先普科技目前已获得半导体产业链核心企业的重点加持。根据企查查信息，华为旗下哈勃科技、中芯国际间接持股的聚源绍兴创投基金、华虹 集团旗下华虹虹芯私募基金均为公司股东。值得一提的是，华虹虹芯私募基金还曾在2024年初领投先普科技B轮融资，本轮融资资金主要用于 保障新厂房建设，足见产业链龙头对其技术实力与发展前景的认可。从财务数据来看，公司业绩保持稳健增长，2024年实现营业总收入1.78亿 元，净利润4539.26万元；2025年一季度 ...

近日获悉，青岛思锐智能科技股份有限公司（下称"思锐智能"）完成数亿元C轮融资。本轮融资由国开制造业转型升级基金、中国国有企业结构调整基金 联合领投，招银国际、中银资产、光谷金控等多家具有深厚产业背景的知名投资机构共同参与。 从早期的"中车系"资本加持到如今"国家队"基金领衔入局，思锐智能的融资历程勾勒出企业深耕半导体核心设备领域的成长轨迹，其精准的产品定位则在 破解"卡脖子"难题的产业浪潮中占据了关键赛道。 从产业赋能到资本聚焦，七年六轮融资构建坚实后盾 自2018年成立以来，思锐智能的融资进程与企业发展战略深度绑定，形成产业资本引路、多元资本跟进、国家级资本压轴的鲜明特征。 我们梳理一下其融资脉络： 2019年，成立仅一年的思锐智能完成天使轮融资，投资方锁定中车资本与中国中车，凭借"中车系"背景的产业资源加持，为企业初期的技术布局奠定基 础。2022年，企业完成A轮融资，吸引了中车资本等12家企业参与，资金助力下，思锐智能加速了ALD技术的国产化落地进程。2023年A+轮融资的完 成，进一步夯实了企业的研发实力，为后续离子注入机的研发攻坚提供了支撑。 2024年成为思锐智能的融资密集期，先后完成B轮与B+轮 ...

Market Overview - The Shanghai Composite Index has stabilized above the 60-day moving average, indicating a continuation of the upward trend in the market. Other major indices such as the ChiNext Index, Shenzhen Component Index, and CSI 500 have also surpassed the 60-day moving average, showing a clear strengthening of the market. The year-end cautious sentiment is gradually dissipating, and the selling wave under the "locking in profits" sentiment has come to a pause, signaling the beginning of a year-end rally in A-shares [1] Future Outlook - December's uncertainties are largely resolved, setting the stage for the spring market in the coming year. Key uncertainties include the Federal Reserve's interest rate decision, inflation, employment data releases, and the latest interest rate decision from the Bank of Japan. Current indications from officials of the Federal Reserve and the Bank of Japan are neutral to dovish, alleviating the tight liquidity environment in global financial markets at year-end, which had previously constrained the upward movement of A-shares. After a prolonged period of sideways movement since October, the market is now positioned for further upward expansion. A recovery in supply and demand in the mid-to-lower reaches of the manufacturing sector is likely in 2026, which could lead to a significant rebound in the earnings growth of A-share listed companies. The current market fluctuations may be preparing for a new level in the index as 2025 comes to a close, making it an ideal time to prepare for the upcoming spring market [1] Sector Focus - In December, sectors benefiting from dividends and price increases are expected to outperform, with short-term attention on banks, public utilities, coal, and non-ferrous metals. Consumer sectors may also gain attention due to event-driven factors. In 2026, technology remains the market's main focus, with particular attention on AI, lithium batteries, military industry, and robotics after a phase of adjustment. Key points of interest include: 1. The trend in AI hardware remains established, with a continuous increase in the token usage of major AI models, indicating a peak in AI applications expected in 2026. 2. The domestic production of robots and their integration into daily life is a confirmed trend for 2026, with robot products expanding from humanoid robots to quadrupedal and functional robots, creating recurring opportunities in sensors, controllers, and dexterous hands. 3. The trend towards semiconductor localization continues, with a focus on semiconductor equipment, wafer manufacturing, semiconductor materials, and IC design. 4. The military industry is expected to see a continued recovery in orders in 2026, with many sub-sectors like ground equipment, aviation equipment, and military electronics showing signs of bottoming out in their third-quarter performance. 5. The innovative drug sector is entering a harvest period after nearly four years of adjustment, with positive net profit growth for four consecutive quarters since Q3 2024, and an anticipated turning point in fundamentals in 2025, continuing an upward trend into 2026 [2]