Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, highlighting strong growth potential in semiconductor equipment and humanoid robots [1][20]. Core Insights - The semiconductor equipment sector is expected to see a significant increase in capital expenditure and domestic equipment localization, with new order growth potentially exceeding 30% and reaching over 50% [2][18]. - The humanoid robot industry is approaching mass production, with key events such as the release of Tesla's V3 robot expected to catalyze order growth and market expansion [3][32]. - The engineering machinery sector is anticipated to experience a seasonal surge in Q1, driven by policy support and increased project initiation, with a projected annual growth rate of over 30% for excavators [3][33]. - The demand for optical modules is expected to rise due to increased shipments of AI servers, necessitating automation in production processes [4][35]. - The gas turbine market is poised for growth as AI data centers expand, with domestic manufacturers likely to benefit from increased demand for reliable power solutions [8][31]. Summary by Sections Semiconductor Equipment - Longxin's IPO plans indicate a total investment of 34.5 billion yuan, primarily for technology upgrades in memory chip production, signaling a robust growth trajectory for the sector [2]. - The domestic semiconductor equipment market is projected to reach 495 billion yuan in 2024, with a localization rate expected to rise to 22% by 2025 [18][19]. Humanoid Robots - The humanoid robot industry is set for significant changes with the upcoming release of Tesla's V3 robot, which is expected to drive orders and market standardization [3][32]. - Key companies to watch include Hengli Hydraulic and Top Group, which are positioned to benefit from the anticipated growth in this sector [3]. Engineering Machinery - The engineering machinery sector is entering a recovery phase, with Q1 typically seeing increased activity due to favorable weather and policy support [3][33]. - Major players such as Sany Heavy Industry and XCMG are expected to lead this recovery, with projected sales growth driven by domestic and international demand [33]. Optical Modules - The demand for optical modules is expected to increase significantly due to the rising shipments of AI servers, with automation becoming essential in production processes [4][35]. - Companies like Robotech and Aotewi are highlighted as key players in this space [4]. Gas Turbines - The expansion of AI data centers is driving demand for gas turbines, with domestic manufacturers like Jereh and Yingliu expected to capture significant market share [8][31]. - The gas turbine market is characterized by a shift towards domestic production, with companies forming partnerships with international leaders to enhance capabilities [8].

Core Viewpoint - The storage market is entering an upward cycle, with the company experiencing growth in both volume and price of storage products, particularly in the Fabless chip sector, which is expected to benefit from increasing demand in various applications, including AI and automotive electronics [1][19]. Group 1: Company Overview - The company is a leading global Fabless chip supplier, established in 2005 and listed in 2016, focusing on a diverse range of products including Flash, niche DRAM, MCU, analog chips, and sensor chips [4][7]. - The company has achieved significant milestones, such as launching the first domestic SPI NOR Flash in 2008 and expanding its product line through acquisitions, enhancing its market position [4][7]. Group 2: Business Segments - The main business segments include storage chips, microcontrollers (MCUs), and sensor products, with storage chips being the largest revenue contributor, growing from 1.839 billion in 2018 to 5.194 billion in 2024 [9][10]. - The company has a comprehensive product line in NOR Flash, NAND Flash, and niche DRAM, with a focus on low voltage and low power consumption, catering to various applications such as industrial control and automotive electronics [7][9]. Group 3: Financial Performance - The company reported a revenue of 73.56 billion in 2024, with a year-on-year growth rate of 27.69%, and a net profit of 11.03 billion, reflecting a significant increase of 584.21% compared to the previous year [10][13]. - The gross margin has improved, reaching 38% in 2024, with a net profit margin of 16.17% in the first three quarters of 2025, indicating effective cost management and operational efficiency [13][10]. Group 4: Market Trends - The NOR Flash market is expected to grow significantly, driven by AI and automotive electronics, with projections indicating a market size of 4.2 billion by 2029, reflecting a compound annual growth rate of 8.4% [19][22]. - The company has rapidly increased its market share in the NOR Flash segment, becoming the second largest globally and the largest in mainland China, with a market share of 18.5% [22][19]. Group 5: Future Outlook - Revenue forecasts for 2025-2027 indicate continued growth, with total revenues expected to reach 94.23 billion, 119.46 billion, and 149.62 billion respectively, alongside net profits projected at 17.76 billion, 25.29 billion, and 31.68 billion [56][2]. - The company is well-positioned to capitalize on the growing demand for customized storage solutions, particularly in the context of AI applications and automotive electronics, which are expected to drive future growth [54][50].

证券研究报告|投资策略周报 [Table_Date] 2026 年 01 月 04 日 [Table_Title] 春季躁动提前启动，牛市格局依旧未改 [Table_Title2] 投资策略周报 [Table_Summary] ·市场回顾：本周（2025/12/29-2026/1/2）韩国综合指数、港股恒生科技指数、中国台湾加权指数领涨全球，美股 三大股指领跌。A 股方面，周期、成长板块表现较好，一级行业中石油石化、军工、传媒领涨；公用事业跌幅居 前。元旦后首个交易日（1 月 2 日），港股迎来"开门红"，恒生科技指数单日大涨 4%，其中半导体、AI 算力、互 联网巨头方向大涨，显示市场风险偏好回暖。大宗商品方面，本周基本金属、原油上涨，贵金属下跌，其中 COMEX 白银、COMEX 黄金分别下跌 6.39%、4.63%。外汇方面，离岸人民币兑美元汇率继续走强，周五升破 6.97。 ·市场展望：春季躁动提前，牛市格局依旧未改。2026 年是多个正面因素叠加的"大年"，牛市基础仍扎实，且春 季躁动已提前演绎：一是宏观政策周期来看，2026 年作为十五五开局之年，多部门正密集出台配套产业政策和投 资规划，同时财政 ...

投资要点 市场回顾：本周（2025/12/29-2026/1/2）韩国综合指数、港股恒生科技指数、中国台湾加权指数领涨全球，美股三大股指领跌。A股方面，周期、成长板 块表现较好，一级行业中石油石化、军工、传媒领涨；公用事业跌幅居前。元旦后首个交易日（1月2日），港股迎来"开门红"，恒生科技指数单日大涨 4%，其中半导体、AI算力、互联网巨头方向大涨，显示市场风险偏好回暖。大宗商品方面，本周基本金属、原油上涨，贵金属下跌，其中COMEX白 银、COMEX黄金分别下跌6.39%、4.63%。外汇方面，离岸人民币兑美元汇率继续走强，周五升破6.97。 市场展望：春季躁动提前，牛市格局依旧未改。2026年是多个正面因素叠加的"大年"，牛市基础仍扎实，且春季躁动已提前演绎：一是宏观政策周期来 看，2026年作为十五五开局之年，多部门正密集出台配套产业政策和投资规划，同时财政货币政策的协同发力，为市场营造了友好的流动性环境；二是资 金层面，12月以股票型ETF为代表的机构资金出现抢跑，后续保险资金"开门红"叠加汇率升值驱动下外资回流，增量资金入市有望强化春季行情趋势；三 是基本面预期与产业周期来看，随着PPI降幅收窄，预 ...

Core Insights - The closure of the Canon factory in Zhongshan marks the end of an era, with the factory once considered a "golden rice bowl" employing over 10,000 people and generating an industrial output of nearly 3.2 billion yuan in 2022 [1][11] - This closure is part of a broader trend of Japanese companies retreating from the Chinese market, with significant examples including Nissan's Wuhan factory acquisition by Lantu Automotive for 732 million yuan, Mitsubishi's exit from Chinese automotive manufacturing, and Sony's withdrawal from the smartphone market in China [3][13] - Japanese companies are experiencing a "comprehensive collapse" in various sectors, with market shares plummeting, such as Japanese cars in China dropping from 25% to 11.2% [5][15] Industry Trends - The market share of domestic smart toilets has surpassed 60%, while Japanese companies like Sharp and Yakult have struggled to adapt to local consumer preferences, leading to significant losses [5][15] - Trust issues have arisen due to scandals involving Japanese companies, which have eroded consumer confidence and contributed to their decline in market share [5][15] - Japanese firms are now adopting a "K-shaped differentiation" strategy, withdrawing from low-end production while heavily investing in high-end sectors, such as Toyota's $2 billion investment in a wholly-owned electric vehicle company in Shanghai [7][17] Strategic Shifts - Japanese companies are transitioning from being seen as low-cost manufacturers to becoming sources of technological innovation and large-scale markets in China [7][17] - The appointment of local executives, such as Li Hui as the first Chinese general manager of Toyota China, signifies a shift towards localized decision-making [7][17] - Investments in high-tech sectors, including semiconductor packaging and medical aesthetics, indicate a strategic pivot to enhance competitiveness against domestic players [7][17]

博大资本国际行政总裁温天纳称，港股首个交易日延续升势并突破26000点，AI新股上市首日一度翻倍 对市场情绪形成提振，部分企业计划分拆AI业务上市，进一步拉升科技股估值。风险层面则需要关注 全球贸易争端、地缘政治变化（包括委内瑞拉事件影响等）及美股估值处于高位等因素。温天纳预计， 科技股有望继续主导港股行情，资金对中国人工智能商业化及国产替代方向保持热情，行情结构或呈分 化。当前A股整体估值不高，若美股泡沫担忧升温，部分资金或继续回流中国资产。 信达证券策略分析师李畅表示，2025年12月下旬上证指数以"11连阳"收官，主要受风险偏好修复及中证 A500 ETF放量推动。1月2日港股走强，除南下资金布局外，人民币升值及半导体产业催化密集亦构成 利好，或支撑A股节后表现。李畅预计，春节前流动性环境大概率维持宽松，市场或延续偏强格局，春 季行情或呈缓步启动特征，后续指数突破需观察经济数据及居民入场意愿能否同步加速。历史数据显 示，12月及1月经济预期相对平稳，2月至6月波动或加大。资金层面，保险、私募等机构仍有补仓需 求，短期产业趋势强或催化密集的主题占优，但主题持续性需订单或业绩验证，市场中枢显著回升需居 民与 ...

业内人士建议继续聚焦科技股投资。 A股在2025年底迎来"十一连阳"，而港股在科技股带领下，2026年1月2日实现了"开门红"，恒生指数上 涨2.76%，报收26338点，恒生科技指数上涨4%。 慧研智投投资顾问李谦分析，本轮行情具备"科技牛"特征，港股表现往往领先A股。元旦期间科技、人 工智能、军工航天板块利好密集释放，叠加A股节前十一连阳带动，港股2日显著反弹，科技指数大涨 并反哺A股情绪。2026年行情或更趋机构化，跨年阶段主线仍围绕科技、军工、航天、人工智能展开， 板块轮动或加速，建议操作上维持牛市思维。 光大证券国际策略师伍礼贤向第一财经记者表示，港股大涨预示A股复盘后上涨概率较高。从板块观 察，科技股成为主要向上动力，或对A股相关科技板块产生正面带动。港股收盘站上26000点，该点位 为重要技术区间，1月港股依然有上涨表现的空间。 博大资本国际行政总裁温天纳称，港股首个交易日延续升势并突破26000点，AI新股上市首日一度翻倍 对市场情绪形成提振，部分企业计划分拆AI业务上市，进一步拉升科技股估值。风险层面则需要关注 全球贸易争端、地缘政治变化（包括委内瑞拉事件影响等）及美股估值处于高位等因素。温 ...

证券研究报告 | 医药生物 | 2026年01月04日 www.hczq.com 华创医药投资观点&研究专题周周谈·第157期 2025年度医药业绩前瞻 | 华创医药团队: | | | --- | --- | | 直席分析师郑辰 | 执业编号: S0360520110002邮箱: zhengchen@hcyjs.com | | 联席直席分析师刘浩 | 执业编号:S0360520120002邮箱:liuhao@hcyjs.com | | 医疗器械组组长李婵娟 | 执业编号: S0360520110004邮箱: lichanjuan@hcyjs.com | | 中药和流通组组长高初蕾 | 执业编号: S0360524070002邮箱: gaochulei@hcyjs.com | | 高级分析师王宏雨 | 执业编号: S0360523080006邮箱: wanghongyu@hcyjs.com | | 高级分析师朱珂琛 | 执业编号: S0360524070007邮箱: zhukechen@hcyjs.com | | 分析师陈俊威 | 执业编号:S0360525060002邮箱:chenjunwei@hcyjs.c ...

Core Viewpoint - The company, Jucheng Co., Ltd., is planning a secondary listing in Hong Kong following a significant increase in net profit and market capitalization, aiming to enhance its global strategy and capital strength [1][3][8]. Financial Performance - In the first three quarters of 2025, Jucheng Co., Ltd. achieved a revenue of 933 million yuan, representing a year-on-year growth of 21.29%, while net profit surged by 51.33% to 320 million yuan, significantly outperforming the industry average [4][5]. - The company's dynamic price-to-earnings ratio is approximately 49 times, which is notably lower than the industry average of 120 times, indicating a valuation advantage that may attract international investors [5][6]. Business Strategy - The primary goal of the Hong Kong IPO is to broaden international financing channels and enhance capital operations, which will support overseas business expansion and improve the company's competitive position [3][7]. - Jucheng Co., Ltd. has a diversified product portfolio that includes storage chips, voice coil motor driver chips, and smart card chips, catering to various critical applications across multiple industries [3][4]. Market Context - The timing of the IPO aligns with favorable domestic policies supporting the semiconductor industry, including a national goal for a 40% self-sufficiency rate in key chip areas by 2027 and substantial funding initiatives [6][7]. - The global semiconductor industry is experiencing cyclical fluctuations, which may introduce uncertainties for overseas listings, making the choice of the right issuance window crucial for the company's success [7][8]. Industry Trends - The move towards a secondary listing in Hong Kong reflects a broader trend among semiconductor companies to leverage dual capital platforms for high-quality development and global expansion [8].

百度集团在港交所公告，1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交所提交上市申请表格（A1表格），以申请批准昆仑芯股份于香港联交 所主板上市及买卖。 在AI芯片产业迎来历史性机遇的当下，百度正式启动旗下昆仑芯的港股上市进程，标志着这家蛰伏十年的国产AI芯片企业正式走向资本市场的聚光灯下， 我们该怎么看这件事呢？ 首先，昆仑芯所处的硬件市场环境正全面向好，为其提供了前所未有的战略窗口期。当前全球AI算力需求激增，国产替代浪潮加速推进，政策与资本双重 驱动下，AI芯片成为硬科技投资的核心赛道。在此背景下，昆仑芯凭借已实现规模化部署的3.2万卡国产算力集群、中标中国移动近10亿元订单等实绩，迅 速跻身国产AI芯片第一梯队。IDC数据显示其2024年出货量位居行业第二，充分说明其产品已获得市场高度认可。这种"先落地、再扩张"的务实路径，使其 在竞争激烈的芯片红海中建立起差异化壁垒。 其次，百度对昆仑芯的长期投入构筑了深厚的技术与生态底蕴。自十几年前启动AI布局以来，百度持续押注底层算力基础设施，昆仑芯正是这一战略的结 晶。不同于部分初创芯片企业依赖外部场景验证，昆仑芯自诞生起便依托百度内部大规模AI训练与推 ...