｜2025年12月25日星期四｜ NO.1国金证券：全球储能行业正开启增长新周期 国金证券指出，全球储能行业正开启增长新周期，预计2026年全球储能新增装机将达438GWh，同比增 长62%。增长动力由过去的单一新能源消纳，转变为"AI算力基建+能源转型刚需+电网阻塞"的三重驱 动。行业供需关系显著改善，由去库周期转入补库繁荣期，部分产业链环节将迎来量价齐升。 12月25日，中信建投研报称，可控核聚变因燃料充足、清洁环保、能量密度高且相对安全等优势，被认 为是能源革命的终极解决方案，也成为中美欧等地区大国在能源领域进行战略竞争的新焦点。随着高温 超导和AI技术突破赋能，政策红利和资本加持持续释放，大科学装置建设成为各国发力重点，商业聚 变项目也受到资本市场追捧。当前可控核聚变行业聚焦技术工程化与商业可行性突破，建设大科学装置 及实验堆催生大额订单，高价值量投资机会集中于中上游环节。 NO.2中信建投：低空经济产业有望实现良好增长 中信建投（601066）研报称，低空经济作为国家战略性新兴产业，需强化政策体系的系统性与前瞻性， 破解空域管理碎片化、审批效率需提高等核心矛盾。低空经济基础设施建设层面，需要加速硬基 ...

国金证券指出，全球储能行业正开启增长新周期，预计2026年全球储能新增装机将达438GWh，同比增 长62%。增长动力由过去的单一新能源消纳，转变为"AI算力基建+能源转型刚需+电网阻塞"的三重驱 动。行业供需关系显著改善，由去库周期转入补库繁荣期，部分产业链环节将迎来量价齐升。 （文章来源：第一财经） ...

国金证券近日发布储能与锂电行业2026年度策略：全球储能行业正开启增长新周期，预计2026年全球储 能新增装机将达438GWh，同比增长62%。增长动力由过去的单一新能源消纳，转变为"AI算力基建+能 源转型刚需+电网阻塞"的三重驱动。行业供需关系显著改善，由去库周期转入补库繁荣期，部分产业 链环节将迎来量价齐升。 贸易壁垒升级，供应链本土化：美国通过OBBBA法案将监管从FEOC升级为更严苛的PFE，与补贴挂 钩；欧盟《净零工业法案》引入非价格标准。具备海外本土化产能的企业将获得极高的溢价能力。 中国：预计26年装机250GWh，同比+67%，政策从"强配"转向"盈利"。"136号文"推动新能源全电量入 市，配合容量电价机制，储能商业模式从成本项转变为通过现货套利和容量补偿获利的独立资产。 美国：预计26年装机70GWh，同比+35%，AI驱动刚性增长。AI数据中心预计在2025-2028年带来18- 279GWh的储能需求。尽管政策有波动，但大储作为核心引擎确定性极强。 欧洲：预计26年装机51GWh，同比+55%，从"预期"走向"锁定"。意大利MACSE招标、西班牙创新招标 及英国容量市场通过长周期合约 ...

领益智造（002600）最新股价为15.52元，较前一交易日收盘价下跌0.43元，跌幅为2.70%，总市值 1133.90亿元。从行业市盈率来看，领益智造所处的消费电子行业滚动市盈率平均48.15倍，行业中值 50.30倍，领益智造49.63倍排名第38位。 2025年12月23日，领益智造披露接待调研公告，公司于12月22日接待睿远基金管理有限公司、光大证 券、华泰证券、恒大人寿保险有限公司、申银万国证券股份有限公司、太平洋资产管理有限责任公司等 107家机构调研。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9808，近一年增长65.73%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 调研情况显示，领益智造收购立敏达主要是为了获得服务器热管理领域的核心技术和客户资源。立敏达 在企业级服务器热管理领域具备深厚的核心技术积累，主营业务包括服务器液冷快拆连 ...

Group 1 - The PCB industry is expected to recover with a projected global output value of $73.565 billion, driven by advancements in AI computing infrastructure, consumer electronics innovation, and automotive intelligence [3] - The industry is anticipated to increasingly resemble the semiconductor sector, with a continuous increase in value [3] - There is a disconnect between market sentiment and the underlying data, highlighting the importance of recognizing market trends and potential risks [4] Group 2 - The current market phase is characterized by volatility, with only 20% of stocks expected to continue rising, while many investors may lose their positions during fluctuations [8] - Historical patterns indicate that the current market is in a second phase of differentiation, following a previous phase of valuation recovery [6] - Quantitative data reveals that significant market movements are often accompanied by institutional "inventory" and "recovery momentum," indicating potential market manipulation [13] Group 3 - Traditional methods of stock selection in the PCB sector may lead to misjudgments, emphasizing the need for a quantitative approach to understand fund behavior [11] - The disparity in institutional participation among different PCB stocks illustrates the essence of market differentiation [19] - Investors are encouraged to adopt a new cognitive framework, focusing on understanding fund language and accepting imperfect conditions in stock performance [20] Group 4 - The industry is projected to grow by 5.8%, prompting the need to identify companies that can outperform the average and those that may be eliminated from the market [21]

Cleanroom Engineering Investment Opportunity Summary Industry Overview - The cleanroom engineering sector is experiencing explosive demand driven by the surge in AI computing power requirements, particularly in advanced process chips, advanced packaging, PCB, and server assembly fields. Data center investments are expected to grow significantly in the coming years [1][2] - The decoupling between China and the US is accelerating capacity transfer, with Taiwanese enterprises relocating to Southeast Asia, further stimulating cleanroom engineering demand, especially in emerging markets like the US and Southeast Asia, which are facing severe labor shortages [1][2] Key Insights and Arguments - Cleanroom investment density per unit area is increasing as production precision requirements rise. The demand for cleanroom construction is driven by risk aversion due to US-China decoupling and the need for AI computing power [1][5] - The electronics industry is the primary contributor to cleanroom demand, accounting for 70%-80%. In capital expenditures for chip wafer fabs, engineering costs represent 20%, with cleanroom systems making up 60% of that [1][7] - The cleanroom industry has high barriers to entry due to complex technology and high customization, leading to deep binding relationships between clients and service providers. Taiwanese service providers are benefiting from the trend of overseas factory construction [1][10] Market Dynamics - The cleanroom engineering sector has shown strong performance this year, driven by changes in both demand and supply. The global demand for AI infrastructure has surged, leading to significant growth in cleanroom engineering [3][4] - The US and Southeast Asia cleanroom markets are in a developing phase, facing severe labor shortages, which has allowed engineering service providers to increase their prices and improve profit margins [4][14] - Despite significant price increases in major stocks, there remains investment potential due to the ongoing demand for higher production cleanliness and the need for new capacity construction driven by AI computing and supply chain security [5][18] Future Growth Sources - The macro trend indicates that smaller process nodes correspond to higher production precision requirements, leading to increased investment density per unit area. The two main short- to medium-term drivers are risk aversion and AI computing demand [8] - The semiconductor self-sufficiency rate in mainland China has room for improvement, and the ongoing relocation of foreign capital will continue to drive market growth. For instance, the cleanroom construction market in mainland China is approximately 50 billion yuan, with potential investments of about 900 billion yuan if Taiwanese companies fully relocate to Southeast Asia [5][8] Competitive Landscape - The cleanroom engineering market can be divided into three tiers, with the first tier serving chip packaging, PCB, precision manufacturing, and data centers. The competition is intense, especially in mainland China, which is transitioning from an emerging to a mature market [11][12] - Key players in the cleanroom engineering sector include Shenghui Integration and Yaxiang Integration, which are positioned to benefit from orders related to factory construction in the US and Southeast Asia [10][15] Investment Recommendations - Focus on companies that can enter emerging markets like the US and Southeast Asia. Shenghui Integration and Yaxiang Integration are highlighted as key investment targets due to their shared technology and customer resources with their Taiwanese parent companies [15][16] - Shenghui Integration is expected to see significant revenue growth starting in 2026, while Yaxiang Integration has already secured multiple major orders and is expanding its business into Southeast Asia [16][18]

Core Viewpoint - The stock price of Yuanjie Technology has shown exceptional performance in 2025, reaching a peak of 633.39 yuan, marking a year-to-date increase of 348%, surpassing its downstream major client, Zhongji Xuchuang [2][3]. Group 1: Financial Performance - In the first three quarters of 2025, the company's revenue reached 383 million yuan, a year-on-year increase of 115.09%, while net profit attributable to shareholders was 106 million yuan, up 19,348.65% [7]. - The gross margin improved to 54.76%, an increase of 33.42 percentage points year-on-year, primarily due to the growth of high-margin data center products [7]. Group 2: Market Trends and Technology - The demand for AI computing is driving a transformation in interconnect technology, with a shift from traditional copper interconnects to more integrated optical solutions like Co-Packaged Optics (CPO) [12][15]. - The penetration rate of silicon photonics technology in optical modules is expected to rise from 34% in 2023 to 52% by 2029, with the global market for silicon photonics modules in data centers exceeding $3 billion by 2029 [21]. Group 3: Competitive Landscape - The domestic market for 50G and above EML chips is largely dominated by leading companies from the US and Japan, with a localization rate of less than 20% [26]. - Yuanjie Technology's high-end products, such as the 100G EML and CW laser sources, are positioned to benefit from the growing AI market, with significant orders already received [26][33]. Group 4: Strategic Positioning - Since its listing on the Sci-Tech Innovation Board in 2022, Yuanjie Technology has been transitioning from the telecom market to the AI-driven data center market, with data center revenue surpassing telecom revenue for the first time, reaching 51.04% [30]. - The company's vertical integration manufacturing (IDM) model allows for better control over product performance and expansion into overseas markets [28][32]. Group 5: Future Outlook - The company is focusing on increasing its market share in the data center sector, with significant growth in construction projects and new orders indicating a positive trend [33]. - The development of the 200G EML chip is crucial for the company to seize opportunities in the upcoming 1.6T era [35].

Core Viewpoint - Moore Threads has officially listed on the Science and Technology Innovation Board, becoming the first domestic GPU stock, with a significant market response on its debut, achieving a market capitalization of approximately 305.5 billion yuan at opening [1][2]. Group 1: IPO Highlights - The IPO process for Moore Threads took only 88 days from acceptance to approval, setting multiple records [2]. - The company issued 29,382,386 new shares, raising a net amount of 8 billion yuan, marking the largest IPO scale on the Science and Technology Innovation Board in nearly two years [2]. - The initial offering price was 114.28 yuan per share, resulting in a 2024 diluted static price-to-sales ratio of 122.51 times, which is higher than the industry average but lower than Cambricon's 478.25 times [2]. Group 2: Company Background - Founded in 2020, Moore Threads is led by Zhang Jianzhong, a former NVIDIA executive who significantly increased NVIDIA's market share in China [3][4]. - The company aims to develop domestic GPUs to support AI infrastructure, with a goal of achieving profitability by 2027 [2][11][15]. - Moore Threads has built a strong team by recruiting core engineers from major tech companies like NVIDIA, Intel, AMD, and Microsoft [5]. Group 3: Product Development and Market Position - The company has developed a comprehensive product matrix, including four generations of GPUs, targeting various applications such as AI computing, high-performance computing, and gaming [12]. - Moore Threads' self-developed MUSA architecture allows developers to use a unified development environment across its GPU series, indicating a focus on creating a proprietary computing platform [6]. - The company is currently positioned primarily for domestic market replacement, competing directly with NVIDIA [7]. Group 4: Financial Performance - Moore Threads has shown a trend of increasing revenue, with reported revenues of 46.08 million yuan in 2022, 124 million yuan in 2023, and projected revenues of 438 million yuan in 2024 [12]. - Despite the revenue growth, the company has also reported significant net losses, which are gradually narrowing, with losses of 1.894 billion yuan in 2022 and 1.703 billion yuan in 2023 [12][14]. - The company has committed to substantial R&D investments, with expenditures of 1.116 billion yuan in 2022 and 1.334 billion yuan in 2023, representing a high ratio of R&D costs to revenue [11].

Core Viewpoint - The continuous rise in storage prices is primarily driven by the demand from large tech companies for computing power infrastructure in the AI era, with price increases for general DRAM in Q4 2025 adjusted from 8-13% to 18-23% [1] Group 1: Storage Price Impact - The increase in storage prices is expected to pressure the consumer electronics sector, with anticipated overall smartphone costs rising by 5-7% and the cost of notebook storage exceeding 20% of total costs [1] - The expansion of storage manufacturers is showing structural differentiation, with Samsung and SK Hynix accelerating the construction of 1c DRAM capacity, potentially leading to tighter supply-demand conditions for consumer-grade storage [1] Group 2: Opportunities for Domestic Manufacturers - The rise in storage prices creates a favorable environment for domestic storage manufacturers to expand production, benefiting both original manufacturers and related semiconductor equipment suppliers [1] - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), focusing on key upstream materials and equipment in the semiconductor industry, reflecting the overall performance of this high-tech barrier segment [1]

Group 1 - The core viewpoint of the article highlights the continuous rise in storage prices, with TrendForce adjusting the price increase forecast for general DRAM in Q4 2025 from 8%-13% to 18%-23% [1] - The demand for storage chips is primarily driven by large technology companies building computational infrastructure in the AI era, indicating strong sustainability in demand [1] - The significant increase in storage prices is putting pressure on the consumer electronics sector, with TrendForce predicting a 5%-7% rise in overall smartphone costs next year, and the cost share of notebook storage exceeding 20% [1] Group 2 - There is a differentiation in the expansion structure of storage manufacturers, with Samsung and SK Hynix accelerating the construction of 1c DRAM capacity, potentially leading to tighter supply and demand for consumer-grade storage [1] - The rise in storage prices provides a favorable environment for domestic storage manufacturers to expand production, benefiting both original manufacturers and related semiconductor equipment suppliers [1] - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), focusing on the upstream materials and equipment sectors of the semiconductor industry, reflecting the overall performance of the foundational support segments of the semiconductor industry [1]