光力科技股份有限公司投资者关系活动记录表 编号：20251219 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | √现场参观 | | | □其他 （请文字说明其他活动内容） | | | 国恩资本：吕旭川；珠海风满楼基金：王斐，张雨赫；河南聚盛基 | | 参与单位名称及 | 金：欧阳蒙；河南千领实业有限公司：朱永会；深圳穗景私募：张 | | | 博；杭州循道量化：仝胜利；河南昌诺基金：王海隆；海南岚昌创 | | 人员姓名 | 投资：李连沪；中博基金：王琳，个人投资者黄忆青，吴红，郭素 | | | 芬，何培军，等 14 投资者。 | | 时间 | 2025 年 12 月 19 日 14:30-16:30 | | 地点 | 公司郑州航空港厂区 号楼会议室 2 | | 上市公司接待人 | 总经理、董事：胡延艳 | | 员姓名 | 证券事务代表：关平丽 | | | 公司管理层简要介绍公司情况，带领各位投资者参观了公司生产车 | | | 间、展厅等区域，并与投资者就公司半导体封测装备业务、物联网 ...

补齐 CMP 关键拼图，平台化战略再进一步 半导体 证券研究报告 公司研究 / 公司点评 2025 年 12 月 19 日 | 报告原因： | | | | | --- | --- | --- | --- | | 买入（维持） | | | | | 市场数据： | 2025 年 | 12 | 月 18 日 | | 收盘价（元） | | | 272.72 | | 一年内最高/最低（元） | | | 319.11/164.88 | | 市净率 | | | 8.0 | | 股息率（分红/股价） | | | 0.11 | | 流通 A 股市值（百万元） | | | 170,762 | | 上证指数/深证成指 | | | 3,876/13,054 | | 注："股息率"以最近一年已公布分红计算 | | | | | 基础数据： | 2025 | 年 09 | 月 30 日 | | 每股净资产（元） | | 34.3 | | --- | --- | --- | | 资产负债率% | | 28.02 | | 总股本/流通 | A 股（百万） | 626/626 | | 流通 B 股/H | 股（百万） | -/- | 资料来源： ...

Group 1: Market Overview - As of December 18, 2025, the Shanghai Composite Index rose by 0.16% to close at 3876.37 points, while the Shenzhen Component Index fell by 1.29% to 13053.97 points, and the ChiNext Index decreased by 2.17% to 3107.06 points [1] - The overnight U.S. market saw the Dow Jones Industrial Average increase by 0.14%, the Nasdaq Composite rise by 1.38%, and the S&P 500 gain 0.79%. The Philadelphia Semiconductor Index surged by 2.51% [1] Group 2: Industry News - Anjie Liwei Electronics Co., Ltd. has undergone a significant change in its shareholder structure, with the original shareholder exiting and new investors from the National Integrated Circuit Industry Investment Fund III joining. This fund focuses on advanced manufacturing and high-end chip design, emphasizing supply chain strengthening and industry collaboration [2] - Micron Technology reported strong demand for memory chips, alleviating investor concerns about potential slowdowns in data center construction. The company’s first fiscal quarter revenue was $13.64 billion, exceeding analyst expectations of $12.95 billion, with adjusted net income of $5.482 billion compared to $3.469 billion in the same period last year. Micron's revenue outlook for the second fiscal quarter is between $18.3 billion and $19.1 billion, significantly above market expectations of $14.3 billion [2] - On December 18, Zhongwei Company announced plans to acquire a controlling stake in Hangzhou Zhonggui Electronics Technology Co., Ltd. through a share issuance, with the valuation and pricing of the target assets yet to be determined [3] - Since the fourth quarter of this year, institutions have been actively researching over 60 A-share companies in the AI glasses industry chain, indicating a shift from exploration to scalable growth in the sector. The development prospects for the AI glasses industry are promising, benefiting companies within the supply chain [3] - According to Minsheng Securities, the HBM industry’s upstream includes semiconductor raw materials and equipment suppliers, with domestic HBM production becoming essential. The current stage of domestic HBM is early, presenting opportunities for upstream equipment and materials expansion [3] Group 3: Related ETFs - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials and Equipment Index, which includes companies in semiconductor equipment (61%) and materials (23%). This sector is crucial for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution [4] - The Semiconductor Materials ETF (562590) and its linked funds also focus on semiconductor equipment (61%) and materials (21%), emphasizing the upstream semiconductor industry [4]

交银国际发布研报称，予内地科技行业领先评级。报告指，最近一个月，全球科技指数表现呈现分化， 存储价格继续飙升，该行维持预计供不应求的趋势或将延续至2026年底。半导体制造设备进口额10月同 比保持高速增长26%。该行继续看好内地半导体设备的投资前景并维持2026年市场规模较2025年继续增 长4.2%至542亿美元的预测。 该行认为全球AI基础设施过度建设的潜在风险总体可控，并看好2026年AI基础设施相关的投资前景。 相对于可比公司，NVIDIA(NVDA.US)近期股价表现相对滞后。该行认为该股在AI算力领域的主导地位 没有改变。该行看好半导体国产替代产业链机会，重点推荐北方华创（002371）(002371.SZ)和豪威集 团（603501）(603501.SH)。 ...

英大证券研究所证券研究报告 每 周 投 资 早 参 2025 年 12 月 15 日 美联储靴子落地及重要会议后，A 股修复行情有望延续，踏准板块轮动 节奏更重要 观点： 总量视角 【A 股大势研判】 2025 年 12 月 11 日，美联储联邦公开市场委员会(FOMC)发布了最新的利率决 议，宣布降息 25 个基点，将联邦基金利率目标区间降至 3.50%-3.75%，符合市场 "鹰派降息"预期。这也是美联储连续第三次会议宣布降息，全年的累计降息幅度 就此达到 75 个基点（数据来源：财联社）。我们认为，尽管降息 25 个基点，但 被视为未来利率路径"风向标"的点阵图却显示，美联储官员对明年降息的预测依 然保守，且维持 2026 年仅有一次降息的预期，这大大削弱了市场对即将开启长 期宽松周期的乐观想象。 中央经济工作会议 12 月 10 日至 11 日在北京举行。会议总结 2025 年经济工 作，分析当前经济形势，部署 2026 年经济工作。明年经济工作任务目标提到"推 动经济实现质的有效提升和量的合理增长，实现"十五五"良好开局"。尽管当前国 内物价仍存在一定下行压力，考虑到"十五五"开局保持较高经济增速的 ...

Core Viewpoint - The Chinese semiconductor industry is experiencing a significant wave of domestic substitution driven by the AI boom and a focus on self-sufficiency, with strong revenue and profit growth expected through 2025 [1][2]. Industry Overview - The semiconductor sector in China showed robust recovery in the first three quarters of 2025, with revenue reaching 479.38 billion yuan, a year-on-year increase of 11.49%, and net profit of 41.35 billion yuan, up 52.98% [8]. - The chip design segment remains highly prosperous, while the storage sector benefits from strong demand for high-end products like HBM and DDR5 due to AI computing needs [1]. Company Performance - Cambrian Technology, a leading AI chip company, saw its stock price surge, reaching 1,525 yuan per share, with a market cap exceeding 643 billion yuan, reflecting a 121.42% increase from late July to late August [6]. - Cambrian's revenue for the first nine months of 2025 reached 4.607 billion yuan, a staggering increase of 2,386.38% year-on-year, and it turned a net loss of 724 million yuan into a profit of 1.605 billion yuan [7]. Technological Advancements - Domestic companies are making significant technological breakthroughs, with SMIC achieving mass production of 14nm FinFET technology, reducing reliance on foreign foundries [9]. - The collaboration between domestic chip design and equipment companies is enhancing the entire semiconductor supply chain, leading to a positive cycle of process breakthroughs and capacity expansion [10]. Capital Market Dynamics - The implementation of the "1+6" policy on the Sci-Tech Innovation Board has opened smoother financing channels for hard tech companies, with semiconductor firms being major beneficiaries [12]. - Recent IPOs and fundraising efforts in the semiconductor sector, such as those by Moer Technology and Muxi Co., indicate a strong market interest and a shift towards valuing domestic technology [12][14]. Product Launches and Market Impact - Huawei's launch of the Mate XTs smartphone featuring the Kirin 9020 chip marks a significant return to high-end chip production, showcasing the company's resilience and technological advancements [16]. - The introduction of the Kirin 9030 Pro chip in various Huawei products demonstrates substantial performance improvements, enhancing the competitiveness of domestic high-end chips in the market [18]. Future Outlook - The ongoing technological advancements and capital influx are expected to reshape the global semiconductor market, positioning Chinese companies favorably in the international landscape [19].

Core Viewpoint - Chipone Technology announced a strategic capital increase for TianSui Semiconductor, acquiring control of ZhuDian Semiconductor, which is expected to enhance its position in the semiconductor industry and improve its AI ASIC market competitiveness [1][6]. Group 1: Capital Increase and Shareholding Structure - On December 12, Chipone Technology signed a capital increase agreement with TianSui Semiconductor and five investment partners, with TianSui planning to increase its registered capital by 940 million yuan [1]. - Chipone will contribute 350 million yuan in cash and an additional 20 million yuan through its existing 2.11% stake in ZhuDian Semiconductor, resulting in a significant ownership stake [1]. - After the capital increase, TianSui's registered capital will rise from 10 million yuan to 950 million yuan, with Chipone becoming the largest shareholder with a 40% stake [5]. Group 2: Investment Partners - The investment partners include prominent entities such as Huaxin Dingxin, Guotou Xiandao, Yitang Yuanchuang, and Hanzhe Chuangtou, contributing a total of 550 million yuan to support the acquisition [4]. - Huaxin Dingxin invested 300 million yuan, while Guotou Xiandao contributed 150 million yuan, showcasing a strong backing from established investment firms [4]. Group 3: Strategic Implications - ZhuDian Semiconductor, established in 2004, is a leading provider of video and display processing chip solutions, holding over 160 patents and dominating the 3LCD projector control chip market with over 80% share [5]. - The acquisition allows Chipone to offer a comprehensive solution from image preprocessing to postprocessing for mobile clients, enhancing its capabilities in emerging fields like AI smartphones and cloud gaming [5]. - The market analysis suggests that this strategic acquisition aligns with the trend of domestic semiconductor replacement and policy support, potentially setting a new benchmark for industry consolidation [6].

最近一个月，全球科技指数表现呈现分化。统计11月11日至12月10日，MSCI信息科技指数涨0.5%，小 幅跑赢MSCI全球指数（+0.3%）。A股Wind信息技术指数逆势涨2.8%，成为同期全行业指数中唯一实 现正收益的板块，而沪深300同期则录得1.3%的跌幅。摩尔线程上市后市场反应积极。港股市场或受外 部波动影响，恒生指数跌4.3%；恒生科技指数跌5.8%，跌幅仅次于以大型互联网企业为核心成分的恒 生传媒指数。估值方面，美股科技股估值在11月下旬普遍下跌后有所反弹，该行认为这一波动或主要来 自美联储降息预期的不确定性以及对AI泡沫的市场讨论。A股申万电子/申万半导体指数市盈率均有所 回升。 智通财经APP获悉，交银国际发布研报称，之前市场对于AI泡沫的讨论发生时点与美联储降息不确定性 重合，与AI强相关的芯片设计和晶圆代工企业随之回调。认为全球AI基础设施过度建设的潜在风险总 体可控，并看好2026年AI基础设施相关的投资前景。 交银国际主要观点如下： 不同市场科技股走势分化，A股表现亮眼 台积电11月营收同比增长24% 存储价格继续飙升，维持预计供不应求的趋势或将延续至2026年底 根据DRAMexc ...

在传统主业日益疲软的情况下，越来越多的企业寄希望于转型半导体，以求获新生。 日前，国内户外用品上市公司探路者公告称，拟以3.21亿元收购深圳贝特莱电子51%股权，同时以3.57亿元收购上海通途半导体51%股权。 上述两笔交易总额达6.78亿元，且均是高溢价收购，收购贝特莱的增值率为363.26%，收购上海通途的增值率更是高达2119.65%。 斥巨资收购半导体标的背后，是探路者的传统户外用品主业日益疲软，"紫光系"李明入主之后，公司便大刀阔斧向半导体行业进军。 不过二级市场对上述交易似乎并不看好。收购公告发布以来，探路者股价累计跌幅超12%，截至12月8日收盘，报10.35元/股，最新市值91.46亿元。 从"卖冲锋衣"到"卖芯片" 在国内户外用品领域，探路者的资历颇老。公司成立于1999年，2009年作为首批企业之一登陆创业板，也被称作"户外用品第一股"。 产品涵盖户外服装、户外鞋品和户外装备三大系列，旗下品牌有探路者、探路者童装、Discovery Expedition（已退出授权运营），其市占率曾排名第一， 是中国最大的户外用品企业之一。 和很多传统企业一样，探路者过去十年面临的最大难题是，如何找到新的 ...

转自：新华财经 新华财经北京12月9日电 新华财经和面包财经研究员梳理公开资料显示，11月，4600余只2025年11月之前成立的主动权益基金（初始基金口径，包括普通股 票型、偏股混合型、灵活配置型、平衡混合型基金）平均收益率为-2.35%，中位数收益率为-2.22%，同期沪深300指数、上证指数收益率分别 为-3.89%、-2.47%。 11月，绩优和绩差产品收益率首尾相差超过20个百分点。共有20余只主动权益基金收益率超过5%，其中华西基金、银河基金等旗下产品收益率相对居前。 同泰基金、富安达基金等旗下20只主动权益基金11月净值下跌超过10%，表现相对落后。 华西基金、银河基金等旗下20余只产品11月净值上涨逾5% 根据不完全统计，2025年11月，共有20余只主动权益基金收益率超过5%，来自华西基金、银河基金、东方阿尔法基金等机构。其中，5只基金11月净值上涨 超过10%。 | | 2025 | | --- | --- | | 基金代码 | 基金简称 | | 019747.OF | 华西优选价值A | | 011629.OF | 银河核心优势A | | 025777.OF | 东方阿尔法瑞享A | | ...