Market Overview - A-shares experienced a strong rise in early trading, with the Shanghai Composite Index approaching 4100 points, marking a new high in over 10 years, but later showed a slight decline in the afternoon [1] - The Shanghai Composite Index closed at 4085.77 points, up 0.05%, while the Shenzhen Component Index rose 0.06%, and the ChiNext Index increased by 0.31% [2] Sector Performance - The semiconductor sector showed strong performance, with stocks in the photolithography, memory chip, and advanced packaging segments collectively surging, leading to significant gains for companies like Chipone Technology and GigaDevice [5][7] - The coal sector also saw a strong rally, with companies like Dayou Energy and Shanxi Meimei rising by over 10% [3][8] - The rare earth sector experienced a notable increase, with companies such as Fangbang Co. and Zhongke Magnetic Materials rising over 12% and 7% respectively [11][13] Investment Insights - Analysts indicate that the semiconductor sector is benefiting from a price surge across the industry chain, sustained AI demand, and a strengthened domestic substitution logic, suggesting a structural market trend [7] - The coal market is expected to stabilize due to increased heating demand and supply constraints, with a positive outlook for high-quality coal companies in the next 3-5 years [9] - The rare earth market is anticipated to maintain stability, supported by pre-holiday stocking expectations and limited supply, which may bolster demand [13]

1月7日，A股三大指数集体收涨，沪指罕见14连阳，成交额连续两日超2.8万亿，市场近3200股飘绿。截 至收盘，沪指涨0.05%，深成指涨0.06%，创业板指涨0.31%。 盘面上，市场热点快速轮动，商业航天概念反复活跃，十余只成分股涨停，雷科防务6连板，金风科技2 连板。煤炭板块持续拉升，大有能源、陕西黑猫涨停。半导体设备股延续强势，中微公司、北方华创大 涨续创历史新高。光刻胶概念表现活跃，国风新材3天2板，南大光电、彤程新材涨停。可控核聚变概念 震荡走强，中国一重、中国核建涨停。 展望后市，东方证券认为，技术层面来看，经过二日大幅反弹后，沪综指逼近4100点整数关口，预计后 市上行速度将有所放缓，不排除大幅震荡可能。未来产业仍是关注焦点，但需要提防部分个股大幅炒作 后的调整风险，板块内部的高低切换值得把握。 热门板块 1、半导体产业链爆发 光刻机、光刻胶、存储芯片等半导体全线爆发，芯源微、彤程新材、芯源微等多股涨停。 点评：据券商中国报道，有分析人士指出，隔夜美股半导体板块大幅走高，在一定程度上带动了A股相 关概念股。另外，半导体国产替代逻辑持续强化，推动资金转向量价齐升的半导体产业链。 2、可控核聚变概 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 120 HKD [5] Core Views - The semiconductor industry is experiencing significant asset operations and expansion, with a focus on long-term capacity expansion and supply chain localization. The acquisition of 97.4988% of Huali Micro by the company is expected to enhance its performance and liquidity [1][2] - The integration of Huali Micro is projected to increase the company's net profit by 151%, raising the earnings per share (EPS) by 127% [3] - The company is well-positioned to benefit from the dual drivers of "specialized processes + logic processes," alongside the expansion of 12-inch capacity and technological synergies [1][4] Financial Impact on Balance Sheet - Without considering the financing, the total assets are expected to increase by 7.6% to 933.6 billion RMB, and the net assets will rise by 4.2% to 462.8 billion RMB [2][10] - If the financing is successful, total assets and net assets could increase by 16% and 21%, respectively, potentially pushing total assets beyond 1 trillion RMB [2][10] Financial Impact on Profit and Loss Statement - The acquisition is expected to contribute an additional 5.7 billion RMB to net profit, resulting in a total net profit of 9.6 billion RMB, a 151% increase compared to pre-acquisition figures [3][11] - The EPS is projected to rise from 0.22 RMB to 0.50 RMB, reflecting a significant enhancement in shareholder returns [3][11] Earnings Forecast and Valuation - Revenue forecasts for 2025, 2026, and 2027 are projected to grow by 20.9%, 28.8%, and 17.6%, reaching 24.2 billion, 31.2 billion, and 36.7 billion USD, respectively [4][20] - The company is valued at a price-to-book (PB) ratio of 4.2 times for 2026, reflecting its leading position in specialized processes within the semiconductor industry [4][12]

Group 1 - The semiconductor sector has seen significant gains at the beginning of the year, with semiconductor equipment stocks reaching new highs, including a 4.17% increase in the Sci-Tech Semiconductor ETF and a 1.71% rise in the Chip ETF [1][2] - ASML, a major player in semiconductor equipment, has increased by over 5%, reaching a historic market capitalization, while TSMC has also risen over 3%, achieving a market value of $1.7 trillion [2] - Samsung Electronics and SK Hynix plan to raise server DRAM prices by 60% to 70% in Q1 of this year, indicating a tightening supply and demand situation in the semiconductor market [3] - TSMC's 2nm process technology has commenced mass production as scheduled, with initial capacity expected to reach 35,000 wafers per month, projected to increase to 140,000 wafers per month by the end of the year, surpassing previous market estimates [3] - NVIDIA showcased its new AI platform Rubin at CES, featuring six new chips with five times the inference computing power of the previous generation, now in full production [3] Group 2 - The Sci-Tech Semiconductor ETF (588170) focuses on domestic semiconductor replacement equipment and materials, rising by 4.17%, with key components including companies like Zhongwei Company and Huahai Qingke [4] - The largest chip industry ETF in the market, the Chip ETF (159995), has increased by 1.71%, with a total scale reaching 26.222 billion yuan, covering the entire semiconductor industry chain and including leading stocks like SMIC and Cambrian [4]

Market Overview - The A-share market opened strongly on January 5, 2026, with the Shanghai Composite Index breaking through 4000 points, while the Hang Seng Index maintained its gains after a 2.76% increase on January 2 [1][7] - Chinese Ping An saw a significant increase, reaching a peak of 72.85 with a rise of 6.51%, which could lead to increased buying volume in index funds due to its large market capitalization [2][8] Investment Strategies - The analysis suggests that investment opportunities in the Hong Kong market are greater than in the A-share market due to the passive appreciation of the RMB, recommending the selection of leading stocks and index funds [2][8] - For technology investments, the Hong Kong Information Technology ETF (159131) is highlighted as a unique product that tracks the only on-market index fund focused on the "Hong Kong chip" industry chain [2][10] ETF Composition - The top ten components of the Hong Kong Information Technology ETF include: - Semiconductor International (15.32%) - Xiaomi Group (14.21%) - Lenovo Group (7.93%) - SenseTime (6.86%) - Others including UBTECH and Sunny Optical Technology [3][9] - The ETF's composition is 70% hardware and 30% software, focusing on semiconductors, electronics, and computer software, which enhances its ability to capture trends in AI and hard technology in the Hong Kong market [4][10] Additional Investment Options - For investments in soft technology, the Hong Kong Internet ETF (513770) is recommended, which tracks the China Securities Hong Kong Internet Index and focuses on core AI assets in the Hong Kong market, with a current scale of 12.342 billion [6][10]

2025年12月30日，深交所官网消息，成都超纯应用材料股份有限公司（简称"超纯股份"）的创业板IPO申请正式被受理。 加入"中国IC独角兽联盟"，请点击进入 技术层面，超纯股份的核心竞争力很突出。 目前公司已经能适配刻蚀、光刻、量检测、退火、薄膜沉积、硅片外延等多种半导体设备的零部件需求，更 厉害的是，它还是国内少数几家能供应5nm及以下制程半导体刻蚀设备核心零部件的企业。这一突破不仅补上了国内高端制程核心零部件供应的短板，还 打破了海外企业在这一领域的技术垄断，为我国芯片制造向更先进制程突破筑牢了基础。 市场表现上，超纯股份的行业地位有权威数据背书。 根据弗若斯特沙利文的统计，2024年在半导体设备特殊涂层零部件的本土企业中，超纯股份以5.7% 的市场份额拿下了中国大陆市场第一的位置。值得一提的是，中国大陆有着全球最大的半导体消费市场和设备销售市场，但目前半导体设备的国产率还比 较低，而超纯股份已经在刻蚀设备、热处理设备、薄膜沉积设备等多个关键领域实现了营收，展现出了全面适配市场需求的能力。 这次IPO，超纯股份计划募集11.25亿元资金，重点投入五个核心项目：半导体设备核心光学零部件产业化、半导体材料及 ...

Group 1 - The core viewpoint of the article emphasizes a consensus on a "slow bull" market, with a focus on "uncrowded growth" opportunities in sectors like AI and high-end manufacturing [2][13] - The macro liquidity environment is expected to remain ample, supporting a favorable capital market for 2026, with a recovery in investor risk appetite [2][13] - There is a recognition of potential valuation bubbles in certain industries, prompting a strategy to identify quality companies that are not overvalued and have solid performance [2][13] Group 2 - The investment outlook for 2026 includes a focus on the AI industry chain, semiconductor domestic substitution, and the expansion of China's advantageous manufacturing overseas [2][13] - The report highlights the importance of structural growth deepening, with a significant emphasis on sectors that are expected to benefit from global technological innovation [2][13] - The article notes that while some industries show signs of valuation bubbles, there is a commitment to continuously track areas with positive marginal changes to ensure sustainable returns for investors [2][13]

转债周策略 20260104 如何跟踪转债相对股票的性价比 glmszqdatemark 如何跟踪转债相对股票的性价比 （1）转换价值大于等于 130 元的股性转债，涨跌仍相对正股存在一定的"钝化"， 但和正股涨跌的相关性明显高于转换价值更低的转债。 通过计算日频的跟涨比数据和跟跌比数据，可以统计得到月频的平均跟涨比数据 和跟跌比数据，月频的涨跌比数据。从月度转债跟涨比和跟跌比来看，我们可得 到以下分析结论： 风险提示：转债估值压缩风险，个股业绩波动风险。 2026 年 01 月 04 日 [Table_Author] | 分析师 | 徐亮 | | --- | --- | | 执业证书： S0590525110037 | | | 邮箱： | xliang@glms.com.cn | | 分析师 | 林浩睿 | | 执业证书： S0590525110039 | | | 邮箱： | linhaorui@glms.com.cn | | 研究助理 | 黄涵静 | | 执业证书： S0590125110075 | | | 邮箱： | huanghanjing@glms.com.cn | 相关研究 本公司具备证券投资咨询 ...

"924行情"一周年那天，A股交出了一份令人瞠目的成绩单：全市场4458只个股上涨，股民人均盈利高达5万元。 这个数字像一颗糖衣炮弹，甜得让人恍惚。 但只要你真正打开自己的账户，心里那杆秤马上就能称出真假——人均赚5万的背后，是科技龙头一骑绝尘而多数人手里的股票还在山脚下徘徊的结构性裂 痕。 回顾"924行情"启动一年来，A股总市值从70.79万亿元猛增至103.92万亿元，足足增长了33.13万亿元。 创业板指、科创50、北证50三大指数涨幅全部翻倍， 分别达到103.50%、118.85%和158.01%。 全市场近3000只个股涨幅超过50%，其中1435只股价实现翻倍，甚至出现了3只涨幅超过10倍的"妖股"。 这场牛市的核心驱动力来自科技板块。 电子、通信、综合三大行业涨幅分别达到203.35%、177.08%和129.05%，而石油石化、煤炭等传统周期板块涨幅均不 足10%。 A股万亿市值俱乐部也从传统的金融、能源为主，扩围至包括宁德时代、工业富联、招商银行、中芯国际等科技和新经济企业。 与2014年类似的行情相比，当前市场环境存在本质差异。 当时的行情从低位启动，利率环境和企业盈利基础都与现在不同 ...

Core Insights - Strong One Co., Ltd. officially became the 600th listed company on the Sci-Tech Innovation Board, marking a significant milestone in its journey from facing technological barriers to becoming a top player in the global semiconductor probe card industry [2][3] - The company has successfully developed its own technology and patents, achieving a total of 182 domestic invention patents by September 30, 2025, and has positioned itself among the top six globally in the probe card sector [3][4] Company Development - The probe card industry has been historically dominated by foreign manufacturers, creating significant challenges for domestic companies due to technology and material barriers [3] - Strong One was founded in 2015 with the mission to provide China with independent choices in semiconductor core hardware, leading to a decade-long effort to overcome technical challenges [3][4] Technological Advancements - The company emphasizes the importance of long-term commitment to core technology for achieving self-sufficiency in the semiconductor industry [4] - Strong One has made breakthroughs in 2D/2.5D MEMS probe cards, enhancing product performance in terms of current tolerance and testing lifespan, which supports the development of domestic chip industries [4] Strategic Initiatives - Following its listing, Strong One plans to invest raised funds into R&D and production projects in Nantong and Suzhou, creating a closed-loop system of "R&D—Production—Validation" [5][6] - The Nantong project focuses on expanding high-end probe card production capacity, while the Suzhou project aims at advancing core technology and domestic material substitution [5][6] Competitive Advantages - Strong One's competitive edge lies in its technology, cost-effectiveness, and service quality, with a focus on local production and rapid delivery of customized solutions [6] - The company has established stable orders with over 400 domestic clients in chip design, wafer foundry, and packaging testing sectors, enhancing its market position [6] Market Outlook - The semiconductor industry is expected to see sustained demand growth, driven by emerging sectors like cloud services and artificial intelligence, alongside domestic and global capacity expansions [7] - Strong One anticipates a shift in the competitive landscape, with domestic manufacturers gaining market share due to technological advancements and local service advantages [7] Future Plans - The company aims to maintain high R&D investment, focusing on the development of advanced MEMS and high-frequency probe cards, while exploring potential mergers and acquisitions to enhance industry collaboration [8] - Strong One's goal is to become a globally competitive domestic probe card manufacturer, contributing to the self-sufficiency of China's semiconductor hardware [8]