证券研究报告 奕瑞科技 (688301 CH) 下游景气回升，新品值得期待 | 华泰研究 | | --- | 2025 年 7 月 03日│中国内地 专用设备 奕瑞科技是全球领先的 X 线核心部件及方案供应商，下游分布分散，其中探 测器业务在全球已形成局部领先地位，球管等 X 光核心部件产品线正不断扩 张。我们认为 25 年以来公司下游医疗、口腔、工业景气均有所回升，CT 球 管、硅基 OLED 微显示背板等新业务具备较大成长空间，维持"买入"评级。 下游医疗、口腔、工业景气均边际回升，业绩复苏值得期待 公司 24 年收入同比-2%，主要系下游景气不佳，而 25 年医疗、口腔、锂电 等下游景气均呈现边际复苏态势。24Q4 以来医疗设备公开招中标量持续复 苏，据众成数科，24Q1~25Q1 我国医疗设备公开招中标市场金额分别同比 -48.4%/-29%/-9%/+20.9%/+67.5%，逐季改善。齿科方面，25Q1 国产 CBCT 龙头美亚光电整体收入同比+18%，恢复增长。锂电方面，24Q1~25Q1 宁 德 时 代 购 建 固 定 资 产 、 无 形 资 产 支 付 的 现 金 分 别 同 比 -32%/ ...

导 语： 行业整合不可避免，多位业内人士预测，当前多家国产GPU企业中，可能只有2-3家能 够存活。 GPU作为数字经济的核心算力引擎，已成为全球科技竞争的战略高地。2025年6月，摩尔线程正式 递交科创板IPO申请，拟募资80亿元，标志着国产GPU企业进入资本加速期。 本文将从行业现状出发，分析摩尔线程的技术路线与竞争优劣势，通过与沐曦、壁仞科技等国内同 行的系统对比，揭示国产GPU产业的挑战与机遇。 当前国产GPU行业呈现"四小龙"格局：摩尔线程采取全功能GPU路线，产品覆盖AI计算加速、图形 渲染等多个领域；沐曦聚焦高性能GPU；壁仞科技以GPGPU见长；燧原科技专注云端AI训练和推 理。 摩尔线程2024年在中国数据中心GPU市场占有率达22%，消费级市场份额达70%，得益于其双端布 局策略。 02 优势与风险 摩尔线程计划募资80亿元用于新一代芯片研发。2022-2024年，公司营收从4608.83万元增长至4.38 亿元，复合增长率超200%。其AI智算产品收入占比从零提升至2024年的77.63%，达3.36亿元。 技术方面，摩尔线程的MUSA架构支持AI计算加速、图形渲染等多种能力。截至202 ...

Group 1 - The innovation drug sector in Hong Kong and A-shares has experienced a "general rise" since late May 2025, driven by significant deals in domestic innovative drugs going overseas and favorable regulatory policies [1][2] - On May 20, 2025, 3SBio announced a deal with Pfizer, with an upfront payment of $1.25 billion and a potential total exceeding 43 billion RMB, setting a record for domestic innovative drugs going abroad [2] - As of June 25, 2025, the Hong Kong innovation drug index has risen by 65.50%, while the Wind innovation drug index has increased by 24.83% [2] Group 2 - The global vaccine market is projected to reach $131 billion by 2030, with four major multinational pharmaceutical companies holding approximately 75% of the market share in 2022, indicating opportunities for domestic innovative vaccine companies [2] - Chengdu Kanghua Biological Products Co., Ltd. showcased its core product, HDCV human diploid cell rabies vaccine, at the "2025 Emergency Surgery Annual Conference," highlighting its leadership in rabies prevention [3][6] - Kanghua's HDCV has sold over 30 million doses since its launch, maintaining stable product quality and becoming the "gold standard" rabies vaccine in China [6][8] Group 3 - Kanghua has successfully entered the global market with its six-valent norovirus vaccine, signing a licensing agreement that includes a $15 million upfront payment [7] - The norovirus vaccine market in China is expected to grow from 1.53 billion RMB to 22.93 billion RMB between 2026 and 2031, with a compound annual growth rate of 71.85% [7] - The current trend in the innovation drug sector reflects a return of value for domestic innovative drug companies, with innovative vaccines potentially being the next focus for value recovery [8]

Group 1 - The company has been a leading player in the domestic mask plate market since its establishment in 1997, focusing on research, production, and sales of mask plates, achieving a revenue of 260 million yuan in Q1 2025, representing a year-on-year growth of 47.09% [1] - The company is the first in China and the fourth globally to produce G11 mask plates, and it is the only domestic company capable of supporting various generations of panel production lines from G2.5 to G11, also mastering G6 and below AMOLED mask plate manufacturing technology [1] - The company is advancing in semiconductor mask plate technology, optimizing mature processes and breaking through advanced manufacturing techniques, which lays a solid foundation for entering more advanced mask plate manufacturing [1] Group 2 - The domestic mask plate market is expected to reach approximately 18.7 billion yuan by 2025, with a current localization rate of about 10% for semiconductor mask plates and only 3% for high-end mask plates, indicating significant growth potential for the company [2] - The company plans to issue convertible bonds totaling 615 million yuan in June 2025 to expand production capacity for semiconductor and high-precision flat panel display mask plates, highlighting its growth opportunities [2] - Revenue projections for the company are 1.138 billion yuan, 1.585 billion yuan, and 2.256 billion yuan for 2025-2027, with corresponding net profits of 222 million yuan, 345 million yuan, and 500 million yuan, suggesting a favorable growth outlook [2]

Investment Summary - The report maintains an "Overweight" rating for the semiconductor and consumer electronics sectors, highlighting the acceleration of semiconductor technology breakthroughs driven by AI, which is expected to enhance the upgrade of consumer electronics [1][2]. Semiconductor Technology Breakthrough - The semiconductor industry is experiencing a structural transformation due to the dual pressures of "bottleneck" and "breakthrough," leading to a decrease in the proportion of externally sourced chips from 63% in 2024 to 42% in 2025 [9]. - Emerging application fields such as low-altitude economy, commercial aerospace, AI, new energy vehicles, and intelligent robotics are driving the demand for precision electronic components, accelerating the domestic substitution process [9]. AIDC Sector - AI is driving an increase in server power, leading to a growth in demand for major equipment. The demand for data centers is continuously increasing due to the surge in data volume driven by cloud computing, big data, and AI technologies [12]. - The shift from traditional CPUs to GPUs in AI computing core devices is resulting in a significant increase in power requirements, necessitating higher system efficiency and reliability in power distribution [12]. Consumer Electronics - The market for domestic System on Chip (SoC) is growing, providing high-performance hardware support and customized software solutions for various industries, including smart homes and industrial automation [15]. - SoC chips are widely used in AI applications due to their high performance, low power consumption, and high integration, becoming essential components in consumer electronics such as smartphones and tablets [15]. CIS Market Recovery - The CIS market is experiencing rapid recovery, driven by increased shipments from manufacturers like OmniVision, Gekewei, and Sitaiwei, fueled by demand from smartphones, smart cars, and emerging fields like drones and AR/VR [17]. - Domestic CIS manufacturers are intensifying market expansion efforts, with high-end products expected to continue gaining market share, particularly in flagship smartphones [17].

今日（7月3日），A股三大指数集体上涨，沪指再创年内新高。截至收盘，沪指涨0.18%，收报3461.15点；深证成指涨1.17%，收报10534.58点；创业板指 涨1.90%，收报2164.09点。 沪深两市成交额为13098亿元，较昨日缩量672亿元。 个股方面，超过3200只股票上涨，逾60只股票涨停。消费电子、生物制品、电子元件、化学制药、电池、中药板块涨幅居前，船舶制造、采掘行业跌幅居 前。 今日A股依然活跃，沪指盘中创出年内新高，深证成指创3个月来新高，创业板大涨约2%。但细观盘面，有两点说明，目前点位红红火火之下，市场心态 其实还非常纠结。 一是成交量继续萎缩，沪深两市成交额较昨日缩量672亿元，总体而言仍是处于存量博弈中。 二是万得全A平均股价（8841719）修复滞后于指数涨幅。今日万得全A平均股价收于21.93元，距离3月高点22.84元还有约4%的距离。这说明有相当多股 票仍未能修复前期的"坑"，指数新高过程中个股冷热不均。"赚指数不赚钱"的感受可能较为普遍。 | 分时 多日 1分 5分 15分 30分 60分 日 周 月 更多 F9 不复权 超级叠加 画线 工具 砂 | | 全A平均股 ...

基金分析报告 迎接科技新周期：博时上证科创板 100ETF 投资价值分析 2025 年 07 月 03 日 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 ➢ 政策利好、宏观经济回暖、权重行业景气度增强，科创板资产配置优势凸显： ➢ 科创 100 指数投资价值分析： ➢ 博时上证科创板 100ETF 投资价值分析： ➢ 风险提示：1）基金历史业绩不代表未来业绩。本报告仅对基金产品进行定 量不定性分析，不做任何推荐建议。2）量化统计未来有失效风险。 [Table_Author] | 分析师 叶尔乐 | | --- | | 执业证书： S0100522110002 | | 邮箱： yeerle@mszq.com | | 分析师 关舒丹 | | 执业证书： S0100524060004 | | 邮箱： guanshudan@mszq.com | 相关研究 1.量化分析报告：2025 年 6 月社融预测：42 157 亿元-2025/07/01 2.量化周报：维持震荡偏乐观判断-2025/06/ 29 3.量化专题报告：把握爆品脉搏：新消费量化 洞察与选股-2025/06/29 4.金融 ...

Core Viewpoint - The strategic partnership between China Resources Pharmaceutical and Haohai Biological Technology marks a significant move into the medical aesthetics sector, leveraging each company's strengths to enhance market presence and product offerings [1][2][4]. Group 1: Partnership Details - The collaboration aims to establish a comprehensive "R&D-Production-Channel" cooperation system, integrating China Resources' extensive OTC network across 28 provincial regions with Haohai's industrial base advantages [1][2]. - Haohai Biological, recognized as one of the "three giants" in medical aesthetics, reported a gross margin of 77.47% for its medical aesthetic products last year, highlighting the profitability of this sector [1][4]. - The partnership is expected to facilitate Haohai's expansion into second- and third-tier markets, utilizing China Resources' established distribution channels [2][4]. Group 2: Market Context - The Chinese medical aesthetics market is projected to grow from 189.2 billion yuan in 2021 to 410.8 billion yuan by 2025, with a compound annual growth rate (CAGR) exceeding 17% [6][8]. - Non-surgical aesthetic procedures are anticipated to grow at a rate of over 15% annually, indicating a robust demand for these services [1][6]. - The entry of traditional pharmaceutical giants into the medical aesthetics space is accelerating, with companies like Sinopharm and Shanghai Pharmaceuticals expanding their presence through various strategies [6][8]. Group 3: Financial Implications - Haohai's revenue from medical aesthetics and wound care products is expected to reach 1.195 billion yuan in 2024, accounting for 44.38% of its total revenue, with hyaluronic acid products contributing 742 million yuan [3][4]. - The collaboration is anticipated to optimize cost structures, allowing Haohai to reduce its R&D expenses by 25.40% in the first quarter of 2025, as it will no longer need to invest heavily in building its own sales team [4][6]. Group 4: Industry Trends - The medical aesthetics industry is witnessing a shift towards brand consolidation and standardization, driven by stricter regulations and evolving consumer preferences [7][8]. - The consumer demographic is diversifying, with an increasing proportion of male and older consumers, leading to a broader range of aesthetic service offerings [7][8]. - The partnership between China Resources and Haohai is seen as a new model for upstream and downstream collaboration in the medical aesthetics industry, potentially driving the sector towards a more clustered and standardized future [7][8].

Core Viewpoint - The recent supply disruption of CMP slurry, specifically DST slurry produced by AGC in Taiwan, has accelerated the pace of domestic alternatives in the semiconductor industry, highlighting the urgency for local manufacturers to innovate and adapt [1][2]. Group 1: Importance of CMP Slurry - CMP slurry is essential for the chemical mechanical polishing process in semiconductor manufacturing, akin to smoothing and leveling surfaces in construction [2]. - The slurry consists of ultra-fine abrasives, chemical agents, and water, and is crucial for achieving the required surface smoothness in logic and memory chip production [2]. Group 2: Market Dynamics - The CMP slurry market is predominantly controlled by American and Japanese companies, with Cabot Microelectronics holding 33% of the global market share, while Japanese firms account for an additional 23% [3]. - Domestic manufacturers currently hold a market share of 25-30%, which is even lower in high-end processes (e.g., below 28nm) [3]. - The global CMP slurry market was valued at $1.89 billion in 2021 and is projected to exceed $2.6 billion by 2026, with a compound annual growth rate (CAGR) of approximately 6% [3]. - In China, the CMP slurry market is expected to grow from approximately 2.3 billion yuan in 2023 to 4.6 billion yuan by 2028, reflecting a CAGR of 15% [3]. Group 3: Demand Surge Factors - The demand for CMP slurry is increasing due to the growing complexity of high-end processes, with the number of CMP steps for 14nm logic chips doubling, requiring more types of slurry [3]. - The rise of 3D NAND memory chips, with increasing stacking layers, necessitates more intricate polishing processes, leading to a significant increase in CMP slurry usage [3]. Group 4: Domestic Players - Anji Technology has been a leader in CMP slurry since 2006, achieving a market share of over 5% globally and increasing its share in China from 20.9% in 2020 to 30.8% in 2021 [4]. - Sanhe New Materials focuses on diamond polishing liquids for hard materials and is gradually increasing its market share by supplying to companies like SMIC [4]. - Dinglong Co. is a key player in the domestic polishing pad market, offering a comprehensive solution that includes polishing liquids, cleaning liquids, and polishing pads, enhancing its competitive edge [5].

Core Viewpoint - The A-share market is experiencing a rebound, particularly in the semiconductor sector, with significant capital inflow into the Sci-Tech Chip 50 ETF, indicating a bullish sentiment among investors [1][5]. Group 1: Market Performance - The Sci-Tech Chip 50 ETF (588750) has seen a capital inflow exceeding 64 million yuan over the past two days, despite a slight decline of 0.1% [1]. - The performance of constituent stocks within the ETF is mixed, with notable movements including a 2.32% increase in Lanke Technology and a 4.63% decrease in Chip Origin Technology [6]. Group 2: EDA Market Developments - Major EDA software companies, including Synopsys, Cadence, and Siemens, have resumed services to China, which is crucial for the semiconductor design process [3]. - The global EDA market is dominated by these three companies, holding a combined market share of over 70% [3]. Group 3: Domestic EDA Industry Growth - The domestic EDA industry is expected to accelerate its development, with companies like Huada Jiutian and Gai Lun Electronics making significant advancements [4]. - The Chinese EDA market is projected to reach 4.22 billion yuan by 2028, with a compound annual growth rate of 21.2% from 2024 to 2028 [4]. Group 4: Semiconductor Industry Outlook - The semiconductor sector is entering an upward cycle, with a projected global sales growth rate of 17% in 2024 [5]. - The net profit of the semiconductor sector is expected to increase by 15.1% year-on-year in Q1 2025, with the Sci-Tech Chip 50 ETF's constituent companies projected to see a net profit growth of 70% in Q1 2025 [5]. Group 5: AI and Semiconductor Demand - The rapid growth of AI is anticipated to create a second growth curve for the semiconductor industry, with major internet companies increasing their capital expenditures on AI-related chips [7]. - The global AI chip market is expected to grow significantly, reaching over $400 billion by 2027 [7]. Group 6: Domestic Equipment Replacement - The trend of domestic equipment replacement in the semiconductor industry is gaining momentum, with local equipment manufacturers increasing their market share from 7% in 2020 to an estimated 19% in 2024 [4]. - The average validation cycle for domestic semiconductor equipment is expected to decrease from 24 months to 14 months by 2024 [4].