聚焦核心龙头及边际变化。 当前，正进入半年末，市场风险偏好波动可能加大，确定性将成为投资的核心抓手。 对计算机行业而言，目前板块位置及持仓水平较低，建议从两方面把握确定性： 1 ）底部的核心龙头，特别是 AI 及国产化领域的龙头； 2) 边际变化较大的细分领域及个股。 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨 本周观点聚焦 周观点 持续聚焦核心龙头及边际变化 桂 杨 SAC执业证书编号：S0190524040005 1、本周 观 点： 持续聚焦核心龙头及边际变化 2、深度跟 踪 ： 从火山 Force 原动力大会看大厂 AI 生态 使用本研究报告的风险提示及法律声明 兴业证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本报告仅供兴业证券股份有限公司（以下简称"本公司"）的客户使用，本公司不会因接收人收到 本报告而视其为客户。本报告中的信息、意见等均仅供客户参考，不构成所述证券买卖的出价或征价 邀请或要约。该等信息、意见并未考虑到获取本报告人员的具体投资目的、财务状况以及特定需求， 在任何时候均不构成对任何人的个人推荐。客户应 ...

据了解，等离子体射频电源系统是半导体设备零部件国产化最难关卡之一，技术壁垒高、研发投入大、研发周期长、生产的"精确复制"要求极 高，因而国产化率极低。根据弗若斯特沙利文统计，2023年中国大陆半导体领域等离子体射频电源系统的国产化率不足7%，属于被"卡脖子"最严 重的环节之一。 恒运昌聚焦于等离子体射频电源系统的技术攻关，历经十年，先后推出CSL、Bestda、Aspen三代产品系列，成功打破了美系两大巨头MKS和AE 长达数十年在国内的垄断格局。恒运昌自主研发的第二代产品Bestda系列可支撑28纳米制程，第三代产品Aspen系列可支撑14纳米先进制程，达到 国际先进水平，填补国内空白。与此同时，国内主要晶圆厂被美国商务部列入实体清单后，无法向原海外设备供应商采购备件或申请维修服务， 恒运昌为此承接了进口等离子体射频电源系统的原位替换及维修的业务。 恒运昌已具备成熟的规模化量产能力，公司产品已量产交付拓荆科技、中微公司、北方华创、微导纳米、盛美上海等国内头部半导体设备商，并 成为薄膜沉积、刻蚀环节国内头部设备商的战略级供应商。截至2024年末，恒运昌与上述客户已实现百万级收入的自研产品共30款，实现千万级 ...

行情回顾 本周板块表现：上周（2025/06/09-2025/06/13）5 个交易日，SW 机械设备指数下跌 1.17%，在申万 31 个一级行 业分类中排名第 21；同期沪深 300 指数下跌 0.25%。2025 年至今表现：SW 机械设备指数上涨 6.04%，在申万 31 个一级行业分类中排名第 8；同期沪深 300 指数下跌 1.80%。 核心观点 投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 英国政府加码投资可控核聚变，可控核聚变板块迎来内外共振。根据英国政府宣布，对聚变能源研发投资预计 在 5 年内达 25 亿英镑，包括在诺丁汉地区建造世界领先的 STEP 球形托卡马克能源生产项目，推动核聚变发 展。可控核聚变是长期各个国家能源必争之地，本次英国政府加码继续推动了各国家在核聚变领域推进的节 奏，今年以来中国可控核聚变领域进入资本开支扩张周期，我国可控核聚变正处于实验堆建设、工程堆验证阶 段；看好可控核聚变产业在"十五五"期间有望进入密集的资本开支期，看好可控核聚变板块资本开支扩张带 来的投资机会。 1X 发布 Redw ...

策 略 研 究 新股申购 2025 年 06 月 15 日 广信科技（920037）：绝缘纤维材 料"小巨人" ——北交所新股申购策略报告之一百三十三 本期投资提示： 相关研究 - 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 郑菁华 A0230123060001 zhengjh@swsresearch.com 联系人 郑菁华 (8621)23297818× zhengjh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 报 告 ⚫ 基本面：绝缘纤维材料制品"小巨人"。公司 2004 年成立，总部位于湖南邵阳，主要产 品为绝缘纤维材料及其成型制品，下游覆盖输变电系统、电气化铁路及轨道交通牵引变压 系统、新能源产业以及军工装备等领域。持续注重研发，掌握多项行业核心技术。公司是 国内少数具备 750kV 以上特高压等级绝缘纤维材料（含整体出线装置）产品生产能力的 企业之一，同时，公司早在 2009 年研发设计的超高压绝缘纤维材料打破了这一领域的国 外技 ...

在现有主流高速计算互连技术中，PCIe具备广泛应用、标准成熟、生态丰富、兼容性强等特 点 ， 广 泛 应 用 于 个 人 电 脑 、 服 务 器 、 数 据 中 心 、 AI 计 算 等 领 域 。 根 据 市 场 研 究 机 构 SNS Insider的数据，2023年全球PCIe交换芯片市场规模为17.8亿美元（人民币约128亿元），预 计2032年市场规模可达48亿美元，年复合增长率为11.7%。从区域市场来看，中国占全球 PCIe 交换芯片需求的35%-40%，但是目前中国市场还是主要由国际厂商主导，本土企业市占 率不超过10%。不过，这一状况在逐渐改变。 近日，井芯微电子技术（天津）有限公司正式发布自主研发的高性能 PCIe Gen4 交换芯片 —— JXW8848 ，标志着我国在高端互连芯片领域迈出了关键一步，为实现核心芯片自主可控的国产计 算生态提供了有力支撑。 该 芯 片 采 用 无 阻 塞 交 换 架 构 ， 支 持 48 通 道 、 12 端 口 ， 单 通 道 速 率 达 16GT/s ， 总 带 宽 可 达 768Gbps，满足多主机架构、冗余容错、灵活组网等高可靠、高性能应用场景需求 ...

在现有主流高速计算互连技术中，PCIe具备广泛应用、标准成熟、生态丰富、兼容性强等特 点 ， 广 泛 应 用 于 个 人 电 脑 、 服 务 器 、 数 据 中 心 、 AI 计 算 等 领 域 。 根 据 市 场 研 究 机 构 SNS Insider的数据，2023年全球PCIe交换芯片市场规模为17.8亿美元（人民币约128亿元），预 计2032年市场规模可达48亿美元，年复合增长率为11.7%。从区域市场来看，中国占全球 PCIe 交换芯片需求的35%-40%，但是目前中国市场还是主要由国际厂商主导，本土企业市占 率不超过10%。不过，这一状况在逐渐改变。 近日，井芯微电子技术（天津）有限公司正式发布自主研发的高性能 PCIe Gen4 交换芯片 —— JXW8848 ，标志着我国在高端互连芯片领域迈出了关键一步，为实现核心芯片自主可控的国产计 算生态提供了有力支撑。 产 品 定 位 面向高性能计算与存储的高性能互连芯片 JXW8848 是一款支持 PCIe Gen4 协议的高性能交换芯片，向下兼容 PCIe 3.0/2.0/1.0 协议，具 备良好的生态兼容性与系统适配能力。 该 芯 片 采 用 无 ...

Group 1 - The article highlights the critical importance of tungsten, noting that the U.S. holds over 30% of the world's proven reserves while China relies on imports for 95% of its tungsten needs [3][5] - The potential impact of U.S. supply disruptions on various sectors, including military, automotive, machinery, and chemicals, is discussed, emphasizing that such disruptions could lead to increased prices for consumers [3][5][7] Group 2 - The article proposes three strategies for China to address its tungsten dependency: diversifying procurement sources, accelerating domestic production and technology development, and establishing strategic reserves [5][7] - It suggests that China should deepen cooperation with countries like Vietnam and African nations for tungsten sourcing and processing, while also encouraging domestic research and development to enhance tungsten processing capabilities [5][7] - The establishment of strategic reserves is recommended to ensure a buffer against supply disruptions, similar to reserves for food and oil [5][7]

Industry Overview - Nucleating agents are key additives for resins like polypropylene and polyethylene, enhancing product transparency, rigidity, and thermal stability, widely used in automotive parts, medical devices, and high-end packaging [1][12] - In 2024, China's demand for nucleating agents is projected to reach 13,000 tons, marking an 18.18% year-on-year increase, driven by the upgrading of manufacturing sectors such as automotive, home appliances, and packaging [12][1] Industry Development History - The nucleating agent industry in China has evolved through four stages: initial research and reliance on imports before the 1980s, technological accumulation from the 1980s to 1990s, rapid growth in the early 2000s, and a high-end development phase from 2010 onwards [3][4] - The current phase emphasizes technological innovation, with domestic companies developing nucleating agents with independent intellectual property, achieving performance levels comparable to international standards [4][14] Industry Chain - The upstream of the nucleating agent industry includes raw materials and production equipment, while the midstream focuses on manufacturing nucleating agents, and the downstream encompasses applications in modified plastics, biomedicine, food, and energy chemicals [6] Current Industry Status - The global nucleating agent market is in a stable expansion phase, with a projected market size of $968 million in 2024, reflecting a 2.87% year-on-year growth, driven by increasing performance requirements in packaging, automotive, and consumer goods sectors [10] Key Companies' Performance - The Chinese nucleating agent market is characterized by foreign dominance and the rapid rise of domestic companies. Companies like Chenghe Technology are breaking the import monopoly through technological breakthroughs and capacity expansion [14][16] - Chenghe Technology's nucleating agent production is expected to reach 10,800 tons in 2024, a 26.53% increase, with a sales volume of 9,700 tons, up 32.03%, and a gross margin of 55.91% [16] Industry Development Trends - Future trends include technological innovation and product upgrades, focusing on environmentally friendly, efficient, and multifunctional nucleating agents [20] - The demand for nucleating agents is expected to grow due to the rise of new technologies like 5G, IoT, and AI, as well as the expansion of domestic polyethylene and polypropylene production capacity [22] - The domestic market's reliance on foreign companies is decreasing as local firms enhance their technological capabilities and market competitiveness, leading to increased domestic production rates [23]

Core Viewpoint - The recent mergers and acquisitions in the semiconductor sector, driven by regulatory reforms, are aimed at enhancing the domestic supply chain and achieving self-sufficiency in China's semiconductor industry [1][2][3]. Group 1: Recent Mergers and Acquisitions - Haiguang Information's merger with Zhongke Shuguang will create a "computing power giant" with a market value of nearly 400 billion yuan, addressing chip shortages in the intelligent computing sector [2]. - Guokewei's acquisition of Zhongxin Ningbo will transform it into a chip company with its own wafer fab, enhancing industry synergy [2]. - Beifang Huachuang's acquisition of Chip Source Microelectronics will facilitate the integration of domestic semiconductor equipment [2]. - Gekun Electronics' acquisition of Ruicheng Chip and Huada Jiutian's acquisition of Chip and Semiconductor are seen as critical battles for the integration of China's EDA industry [2]. Group 2: Regulatory Environment - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" and the "Six Opinions on Deepening the Reform of the Mergers and Acquisitions Market" are providing a "system dividend" that supports mergers and acquisitions in the semiconductor sector [1][3]. - These policies aim to enhance resource allocation efficiency and promote the self-reliance of China's semiconductor industry [3]. Group 3: Industry Context - The semiconductor industry is crucial for national economic stability, with a global market value exceeding $600 billion, supporting various electronic products and the digital economy [2]. - China's semiconductor imports reached $385.6 billion in 2024, highlighting the ongoing trade deficit in this sector despite efforts to boost domestic production [3]. - The goal of developing the semiconductor industry is to ensure supply chain security and national security, rather than merely eliminating trade deficits [3]. Group 4: Future Outlook - The integration wave in the semiconductor sector is expected to accelerate domestic substitution and enhance China's competitive position in the global market [3]. - The emphasis on mid-to-low-end chips and the potential in compound semiconductors indicate a strategic focus on areas where China can achieve significant advancements [4].

Group 1 - Suzhou Meichuang Medical Technology Co., Ltd. has completed a Series B financing round of over 100 million yuan, with participation from various institutions including Suzhou Venture Capital and Sequoia China [1] - The company has raised over 300 million yuan in total financing within five months, highlighting its status as a capital focus in the high-end medical device sector [1] - The founder, Liu Wenjing, has 30 years of experience in the peripheral vascular and tumor intervention fields, emphasizing the importance of mastering core technologies for long-term success [3][4] Group 2 - Meichuang Medical has successfully overcome the technical challenges associated with medical-grade ePTFE material, becoming the first domestic company to achieve large-scale production [4] - The company is focused on three main areas: peripheral vascular intervention, tumor intervention, and blood access maintenance, with a diverse product line including vascular/non-vascular stents and artificial blood vessels [4] - The ePTFE tubing and membrane materials have completed the National Medical Products Administration documentation, clearing a significant hurdle for market entry [5] Group 3 - The recent financing will primarily support clinical trials for core products such as TIPs stents and artificial blood vessels, promoting domestic alternatives [5] - Investors express confidence in Meichuang Medical's growth potential, citing the founder's extensive experience and the company's innovative breakthroughs in ePTFE materials [5][6] - The company aims to enhance treatment accessibility through its proprietary ePTFE technology, addressing clinical needs and reducing reliance on expensive foreign suppliers [4][6]