每日经济新闻 （责任编辑：张晓波 ） 【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 1月7日，新材料板块表现强势，新材料50ETF（516710）上涨2.10%，成分股彤程新材涨停，南大 光电、安集科技涨超13%。 2025年存储芯片价格大涨，带动存储厂扩产，直接拉动上游材料需求。国内存储龙头IPO募资扩 产，设备国产化率提升，推动国产材料进入供应链验证与批量采购阶段。 半导体与新材料的联动本质是"制造→设备→材料"的产业链传导，叠加技术迭代与国产替代的长期 逻辑，使材料成为半导体走强时的核心受益环节。 新材料50ETF（516710）紧密跟踪中证新材料主题指数，中证新材料主题指数选取50只业务涉及先 进钢铁、有色金属、化工、无机非金属等基础材料以及关键战略材料等新材料领域的上市公司证券作为 指数样本，以反映新材料主题上市公司证券的整体表现。 ...

Core Viewpoint - In December, the CSI 300 index rose by 2.28%, while the public utility index fell by 2.46% and the environmental index decreased by 0.04%, with relative monthly returns of -4.74% and -2.32% respectively [2] Market Review - The public utility and environmental sectors ranked 27th and 19th among 31 primary industry categories in terms of growth [2] - Within the electricity sector, coal-fired power dropped by 5.17%, hydropower decreased by 3.08%, and new energy generation fell by 0.39% [2] - The water sector declined by 2.55%, and the gas sector saw a slight decrease of 0.18% [2] Important Events - The State Council issued the "Comprehensive Solid Waste Management Action Plan," aiming for significant improvements in solid waste management by 2030, including controlling historical waste stockpiles and increasing the annual comprehensive utilization of major solid waste to 4.5 billion tons [2] Investment Strategy - Public Utilities: - Coal and electricity prices are declining, maintaining reasonable profitability for coal-fired power; recommended companies include Huadian International and Shanghai Electric [4] - Continued government support for new energy development is expected to stabilize profitability; recommended companies include Longyuan Power and Three Gorges Energy [4] - Nuclear power companies are expected to maintain stable profitability; recommended companies include China National Nuclear Power and China General Nuclear Power [4] - High-dividend hydropower stocks are highlighted for their defensive attributes; recommended company is Yangtze Power [4] - Gas companies with capabilities in marine gas trade are recommended, such as Jiufeng Energy [4] - Companies advancing in clean energy equipment manufacturing, like Xizi Clean Energy, are also recommended [4] - Environmental Sector: - The water and waste incineration sectors are maturing, with improved free cash flow; recommended companies include China Everbright Environment and Shanghai Industrial Holdings [4] - The domestic scientific instrument market has significant potential for domestic substitution; recommended companies include Juguang Technology and Wanyi Technology [4] - The EU's SAF blending policy is expected to benefit the domestic waste oil recycling industry; recommended company is Shangaohuaneng [4] - The agricultural biomass power generation sector is seeing cost improvements due to falling straw prices; recommended company is Changqing Group [4]

1月7日，存储强势叠加国产替代催化，聚焦上游半导体设备领域的半导体设备ETF（159516）大涨超5%。资金持续抢筹，近20日净流入超28亿元，当前规 模超100亿元，居同类产品第一。 存储扩产+国产替代，半导体设备投资确定性较强 大盘环境良好，上证指数破十年新高。 此外，直接推动力为存储强势，据Trendforce最新消息，近期对2026年第一季度存储合约价预期大幅度上修，预估2026Q1 DRAM、NAND合约价分别上涨 55%~60%、33%~38%。此外，据报道，三星与海力士已向服务器、PC及智能手机用DRAM客户提出涨价，今年一季度报价将较去年第四季度上涨 60%~70%。 存储涨价最直接的影响是带来存储扩产的预期。从目前A股存储的投资看，由于缺乏原厂的标的，所以存储扩产带来的半导体设备环节就会显得比较性感。 2025年12月30日晚间，长鑫科技披露招股书，筹划加上自有资金共计345亿元人民币，拟投资于存储晶圆制造量产线技术升级项目、DRAM存储器技术升级 项目、动态随机存取存储器前瞻技术研究与开发项目。 此外，深层逻辑是国产替代和需求爆发的共振。据浙商证券估计，2024年我国ALD、光刻、量测检测 ...

Core Viewpoint - The article highlights the emergence of Zhejiang-based company PAIENJIE Semiconductor as a global leader in silicon carbide (SiC) chips, breaking a 20-year monopoly held by foreign companies and addressing critical needs in the electric vehicle, photovoltaic, and AI sectors [1][8]. Group 1: Importance of Silicon Carbide Chips - Silicon carbide chips are essential for several industries due to their superior performance compared to traditional silicon-based chips [3]. - In the electric vehicle sector, SiC chips can enhance vehicle range by 5%-8% and support 800V fast charging, with a projected penetration rate of 42% in China by 2025 [3]. - For photovoltaic energy storage, SiC chips can achieve conversion efficiencies exceeding 99%, with national mandates for their use in energy storage stations by 2026 [3]. - In AI applications, SiC chips can reduce operating temperatures by 15-20°C, with an expected demand increase of 1.5 billion yuan in this sector by 2025 [3]. Group 2: Market Growth Projections - The global silicon carbide market is projected to exceed 22 billion yuan by 2025 and soar to 85 billion yuan by 2030, indicating a significant growth trajectory [4]. Group 3: PAIENJIE's Competitive Edge - PAIENJIE's success is attributed to its technological advancements, including reducing the cell size of SiC MOSFETs from 4.8μm to 3.2μm and achieving embedded packaging technology that stabilizes performance at high temperatures [5]. - The company follows an IDM (Integrated Device Manufacturer) model, controlling the entire process from design to manufacturing and advanced packaging, thus providing comprehensive solutions to clients [5]. - Since its establishment in 2018, PAIENJIE has rapidly achieved vehicle certification and has delivered 4 million chips, helping clients reduce costs by 25% [5]. Group 4: Client Base and Partnerships - PAIENJIE has established strong partnerships with leading domestic companies like BYD, securing significant orders in the electric vehicle sector [6]. - The company has also penetrated the international market, becoming a top-tier supplier for major European automotive manufacturers [6]. - In the AI sector, PAIENJIE is collaborating with leading providers to develop high-voltage direct current solutions, positioning itself in the emerging AI cooling market [6]. Group 5: Support for Domestic Industry - PAIENJIE's rise reflects the broader trend of domestic silicon carbide industry development, supported by strong government policies promoting strategic mineral resources and domestic semiconductor alternatives [7]. - The market demand is expected to surge, with projections of over 22 million electric vehicles sold globally by 2025 and 500 GW of new photovoltaic installations, creating ample growth opportunities for domestic companies [8].

将投中网设为"星标⭐"，第一时间收获最新推送 人民币基金从0到1的起步究竟"迷茫"到什么状态，这是当下投资人完全难以想象的。 嘉宾丨 费建江 对话丨 杨博宇 小野酱 编辑丨 蒲凡 来源丨 投中网 钱，本应该是没有性格的，但风险投资带来了 " 意外 " 。 正如 20 世纪 50 年代《小企业投资法案》诞生， 60 年代 " 仙童八叛将 " 创立英特尔、 AMD 等公司，吸引 资本进入半导体产业，以股权投资为核心的限时风险投资基金涌现， 70 年代红杉资本与 KPCB 引领 " 沙丘路 " 崛起，推动了 " 风投集群 + 大学技术转化 + 创业生态 " 的硅谷模式形成。 可以说，风险投资自诞生起，就带着强烈的、饱满的，甚至过剩的思考，来自人们想主导 " 经济规律 " 的野 心，是一次主动的巧思。 所以虽然中国的风险投资行业的启蒙、发展来自美元基金，但美元基金终归只能成为一个 " 阶段性 " 的教材。 随着中国经济走向真正意义的崛起，逐渐拥有了足够庞大又足够独立的生态，中国创投市场将不得不完成自上而 下的 " 重新思考 " 。 而其中最重要的一个命题：风险投资是否需要一套专属于 " 人民币 " 的运行规则？ 我们 ...

内容概要：受益于新能源汽车市场的爆发式增长，近年来我国碳化硅功率模块的市场需求进入高速扩容 阶段，800V高压平台车型的快速渗透，直接带动主驱逆变器、车载充电机等核心部件对碳化硅模块的 大规模采用，成为需求增长的核心引擎，与此同时，光伏储能、新型电网、轨道交通等工业领域，也因 对"高效率、高功率密度、高可靠性"的技术升级诉求，持续扩大碳化硅功率模块的应用比例，多场景需 求共振推动我国碳化硅功率模块市场规模持续扩大，据统计，2024年我国碳化硅功率模块行业市场规模 统计达50亿元，同比增长31.6%，占全球碳化硅功率模块行业整体规模的28.4%。 相关上市企业：华润微（688396）、三安光电（600703）、时代电气（688187）、士兰微（600460）、 斯达半导（603290）、扬杰科技（300373） 相关企业：意法半导体（中国）投资有限公司、安森美半导体（深圳）有限公司、英飞凌科技（中国） 有限公司、派恩杰半导体（浙江）有限公司、深圳基本半导体股份有限公司、泰科天润半导体科技（北 京）有限公司、比亚迪半导体股份有限公司、广东芯聚能半导体有限公司 关键词：碳化硅功率模块行业发展历程、碳化硅功率模块市场 ...

2025年，上海资本市场在高质量发展道路上稳步前行。截至12月末，上海辖区A股上市公司总市值达10.97万亿元，占全国上市公司总市值的9.23%；前三季 度实现净利润3614.32亿元，同比增长13.34%。在复杂多变的内外部环境下，上海上市公司展现出强劲韧性和创新活力，成为实体经济高质量发展的"排头 兵"。 牛股涌现：科创板上演"速度与激情" 2025年涨幅榜见证了科创板的"造富效应"。上纬新材以1812%的全年涨幅惊艳全场，创造了"一年翻十八倍"的资本市场佳话。年度"大牛股"菲林格尔、顺灏 股份涨幅均超500%。涨幅前二十名中，科创板与创业板占据六成席位，芯片产业链的沐曦股份、东芯股份涨幅超400%，充分展现了科技创新企业的成长爆 发力。与此同时，部分传统消费与地产板块在结构调整中面临短期压力，但也为产业升级腾出了更多资源与空间。 此外，云汉芯城、超捷股份全年涨幅均超过400%，宏和科技、建发致新等上市公司全年涨幅均超过300%。 共性来看，高涨幅企业集中于硬科技、高成长赛道，科创板"造富效应"显著，反映资本市场对创新驱动型企业的强烈认可，也体现上海辖区产业结构向高端 制造、科技创新倾斜的趋势。 | 22 ...

Core Insights - The flow cytometer industry in China is projected to reach a market size of approximately 3.599 billion yuan in 2024, reflecting a year-on-year growth of 19.21% [1][9] - The industry is achieving systematic breakthroughs along three main paths: expanding detection limits, enhancing analytical dimensions, and integrating functional platforms [1][9] Industry Overview - Flow cytometers utilize lasers to detect scattered light and fluorescence signals from cells or particles in a high-speed flow state, enabling rapid multi-parameter analysis, sorting, and quantitative characterization [2] - The core principle involves hydrodynamic focusing technology that allows cells to pass through the laser detection area in a single file, capturing forward scatter (indicating cell size), side scatter (indicating internal complexity), and fluorescence signals [2] Industry Development History - The flow cytometer industry in China has evolved over 40 years, starting with the introduction of the first FACS III in 1981, leading to significant milestones in domestic production and technology breakthroughs from 2013 onwards [4] - Key advancements include the introduction of the first clinical spectral flow cytometer and the first flow mass spectrometer with IVD registration, marking significant progress in high-end equipment [4] Market Size - The flow cytometer market is experiencing a shift from laboratory to clinical applications, with a notable increase in market size and technological advancements [9] - Noteworthy innovations include the development of nano-flow technology by Fuliu Biotechnology, which extends detection limits to 24nm, and the NL-CLC spectral flow cytometer by Xiatai Biotechnology, the first clinical-approved full-spectrum product in China [9] Key Companies - Major players in the flow cytometer market include Mindray Medical, which has integrated instruments, reagents, and software into a comprehensive platform, and Fuliu Biotechnology, a leader in nano-flow technology [10][11] - Mindray's revenue for the first three quarters of 2025 was 25.834 billion yuan, a decrease of 12.38% year-on-year, with a net profit of 7.570 billion yuan, down 28.83% [11] Industry Trends - The industry is witnessing accelerated technological iteration, with a focus on high-end and intelligent advancements, including the integration of AI for data analysis and high-throughput sorting [12] - Applications are expanding beyond clinical and research fields into broader industrial and public health areas, such as environmental monitoring and food safety [13] - The domestic production process is accelerating, driven by supply chain security and the need for local alternatives, reshaping the competitive landscape [14]

Core Viewpoint - Hanon Medical, the first domestic company to achieve the localization of ECMO systems, is facing significant financial challenges despite its technological breakthroughs and plans for an IPO to raise funds for production and sales capabilities [2][4][11]. Financial Performance - Hanon Medical reported a revenue of 37.35 million yuan in the first half of 2025, with a net loss of 82.27 million yuan, indicating a narrowing loss trend [4][5]. - Cumulative losses since 2022 have exceeded 670 million yuan, with the company still in a state of continuous loss [4][5]. - The company has invested approximately 434 million yuan in R&D since its establishment, with R&D expenses significantly exceeding revenue, reaching 138.66% of revenue in the first half of 2025 [6][7]. Market Position and Challenges - The company’s ECMO system has been adopted by over 140 hospitals, including top-tier institutions, but the high price point of over one million yuan per unit has hindered revenue scaling [5][9]. - Hanon Medical faces intense competition in the ECMO market, dominated by foreign brands, and is under pressure from a declining willingness of hospitals to purchase new equipment [8][10]. - The company relies heavily on a limited number of medical trading companies for sales, which poses risks if these intermediaries face operational difficulties [9][10]. Funding and Future Prospects - The IPO aims to raise 1.062 billion yuan, with 500 million yuan allocated for R&D center construction and 250 million yuan for working capital, highlighting the company's reliance on external funding [7][11]. - The company’s ability to transition from a technology leader to a commercially successful entity will depend on resolving its profitability issues and navigating market challenges effectively [11].

内容概况：我国的步进电机在二十世纪七十年代初开始起步，七十年代中期至八十年代中期为成品发展 阶段，新品种和高性能电机不断开发，为行业奠定了坚实基础。在永磁材料、半导体技术及计算机技术 持续进步的推动下，步进电机如今已在众多领域中实现广泛应用。作为全球最重要的工业制造基地之 一，中国拥有庞大且增长迅速的步进电机市场。近年来，伴随中国制造业的转型升级，市场对步进电机 的需求持续增加，同时国内消费者对产品品质与性能的要求也日益提升。在此背景下，中国政府通过制 定科技创新规划和技术标准化规范等一系列政策措施，积极支持并引导行业技术进步与健康发展。数据 显示，中国步进电机行业市场规模已从2016年的17.39亿元稳步增长至2024年的38.9亿元，年复合增长率 达到10.59%。展望未来，步进电机市场空间广阔，预计产业规模将进一步扩大，2025年市场规模有望 达到41.24亿元。 上市企业：江苏雷利（300660）、鼎智科技（920593）、鸣志电器（603728）、兆威机电（003021）、 三协电机（920100）、雷赛智能（002979）、宝钢股份（600019）、首钢股份（000959）、鞍钢股份 （00089 ...