随着锐石创芯（重庆）科技股份有限公司科创板IPO获受理，这家聚焦射频前端芯片及模组的企业，凭 借滤波器自主研发量产能力及OPPO、华为、小米等知名股东背书，成为国产替代赛道的关注焦点。 作为国家级专精特新重点"小巨人"企业，锐石创芯宣称已构建覆盖芯片设计、滤波器制造、模组封装与 测试的全产业链能力，2024年完成从Fabless向Fab-lite模式转型，跻身国内射频前端厂商第五位。但报 告期内（2022-2025年上半年）的财务数据显示，公司仍处于持续亏损状态，累计净亏损超11.5亿元， 核心财务指标表现疲软，与招股书中的发展愿景形成反差，也引发市场对其持续经营能力及信息披露真 实性的质疑。 低价策略背后 锐石创芯是国内极少数具备射频滤波器生产能力的射频前端模组厂商，2022年、2023年和2024年，公司 营收3.7亿元、6.49亿元和6.69亿元，同期亏损分别达3.28亿元、3.28亿元和3.53亿元。 毛利率持续低迷是锐石创芯最突出的财务痛点。报告期内，公司主营业务毛利率分别为7.95%、 13.90%、8.79%和9.79%，而同期国内同行业可比公司平均毛利率分别达26.31%、23.49%、20. ...

A股这7大板块，勾勒出中 国经济全貌 出品 | 妙投APP 作者 | 妙投团队 编辑 | 丁萍 头图 | AI制图 幸福的人大致相同，不幸的人各有各的不幸。 银河证券研报显示，截至1月31日，2956家A股上市公司已披露2025年年报业绩预告，披露率为54%。其中 电机、地面兵装、个护用品、风电设备预喜率 （包括扭亏、续盈、略增、预增等情形） 超过70%，汽车行 业超过50%，受益于AI算力需求的电子和通信行业，预喜率分别达到45%和37%。这些大体上属于科技、高 端制造、新消费等领域。 而传统行业，大多较为一般。 煤炭、房地产、轻工制造、建筑装饰、食品饮料、社会服务、石油石化等行业预喜率较低，均低于25%； 焦炭、体育、林业、农业综合、厨卫电器、油气开采、白酒行业预喜率更是均为0%；传统行业中预喜率较 高的，主要是非银金融、有色金属、钢铁、公用事业等少数行业。 展望2026年，有些业绩不错的行业，有望继续保持成长。而有些2025年经营惨淡的行业，也有边际复苏的 机会，或者有复苏的预期。 这句话放到宏观经济各个层面中来看，也是如此。有的行业经历着良好的增长，有的行业在期待着复苏的 曙光。 2025年到现在，无 ...

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI, epoxy resin, and conductive adhesives are identified as key growth areas, with significant market size and growth forecasts provided [8]. Investment Opportunities - The article outlines various advanced packaging materials and their respective market sizes, including: - PSPI: $528 million in 2023, expected to grow significantly [8]. - Conductive adhesives: projected to reach $3 billion by 2026 [8]. - Chip bonding materials: expected to grow from approximately $485 million in 2023 to $684 million by 2029 [8]. - The investment landscape is characterized by a shift towards domestic production, with numerous Chinese companies emerging as competitors to established foreign firms [7][8]. Industry Trends - The article emphasizes the trend of domestic substitution in advanced materials, particularly in sectors heavily reliant on imports from countries like Japan [7][8]. - It highlights the importance of innovation and R&D in maintaining competitive advantages within the industry [7][8]. Strategic Insights - Investment strategies vary across different stages of company development, from seed rounds to pre-IPO phases, with specific focus areas for investors at each stage [10]. - The article suggests that companies in the growth phase with established sales channels and increasing revenue present lower risk and higher return potential for investors [10].

Group 1: Company Strategy and Operations - The company adopts a "one body, two wings" strategy, focusing on product and technology to create mineral processing solutions, supported by resource investment for product trials and process testing [2][3] - The company is cautious in resource investment, adhering to three principles: avoiding high-risk greenfield mines, projects with weak government oversight, and those with uncertain exploration accuracy and returns [2][3] - The company primarily targets small to medium-sized gold and copper mines, leveraging its equipment, technology, and financial advantages to collaborate with mine owners [3] Group 2: Business Development and Market Position - The company has made significant progress in its metal mining and overseas business, driven by historical experience, talent reserves, and proactive industry positioning [5] - Major contracts signed include a ¥149 million contract with a client in Uzbekistan and a ¥296 million equipment procurement contract with Xijin Mining, which present both challenges and opportunities for the company [6] - The company’s success in securing large contracts is seen as a key opportunity for domestic equipment to replace imports, enhancing its market position [7][8] Group 3: Production Capacity and Challenges - The company does not currently face substantial production capacity bottlenecks, having invested in capacity expansion and upgrades, including a new factory and CNC equipment [9] - The company has sufficient capacity to meet market demand, although it needs to manage production scheduling effectively during peak order periods [9]

Core Viewpoint - The company anticipates significant revenue growth in its hydraulic components division, outpacing industry growth rates by 2025, with a focus on domestic production and market share expansion [2] Group 1: Revenue Growth and Production - The company projects that its hydraulic components division will achieve a revenue growth rate that significantly exceeds the industry average by 2025 [2] - Current domestic motor production capacity is approximately 350,000 units per year [2] - The Thai hydraulic components factory is expected to commence operations in May 2026 [2] Group 2: Strategic Directions - The company will concentrate on three main development directions: promoting domestic substitution of core products, increasing market share among major manufacturers, and expanding into non-excavation applications [2] - The company aims to deepen market penetration in agricultural machinery, road machinery, and aerospace sectors [2] - The successful collaboration with a well-known U.S. client is expected to drive high growth in overseas revenue [2] Group 3: Joint Ventures and Future Prospects - The joint venture with Kawasaki Heavy Industries, named Aizaki Precision, is anticipated to become a significant growth driver for the company's performance [2] - The operating performance of this joint venture is expected to achieve rapid growth by 2026 [2]

2026年以来，半导体产业链迎来新一轮涨价潮，从存储、CPU到封测、设计等细分领域，多家企业密集 发布涨价函，二级市场半导体板块也呈现全产业链共振的繁荣景象。 本轮芯片涨价周期的传导起点，源于AI需求爆发引起的供需失衡。全球半导体龙头企业资本开支计划 积极，明确指向先进逻辑与存储芯片的产能扩张，释放出全产业链需求持续扩张的强烈信号。 在此背景下，两大核心因素催生了半导体产业链的涨价潮：一是模拟芯片等领域经过上一轮周期调整， 库存已经回归合理水平，而AI算力需求的爆发式增长，造成存储芯片短缺，叠加头部厂商缩减传统产 能，在供需双向挤压下，行业缺口持续扩大；二是金银铜等资源品价格攀升，推高了芯片制造成本，晶 圆代工、封装测试双线提价，企业不得不通过涨价来转移成本压力。 半导体的全链涨价，或许标志着产业周期正从结构性景气走向全面复苏。事实上，半导体的另一条叙事 逻辑同样关键——国产替代。近两年来，由于国际供应链的不确定性，半导体设备国产替代进程也持续 推进。 从行业景气度来看，当前半导体产业呈现结构性分化特征。存储板块已处于景气高点，且持续性或超预 期；消费类芯片如SOC、模拟芯片等仍处于景气低点。值得注意的是，中 ...

Core Viewpoint - The company views universities and research institutions as important strategic markets and innovation partners, actively deepening cooperation in research fields amid national policies promoting technological self-reliance and domestic substitution [2] Group 1: Strategic Initiatives - The company is implementing multi-level measures to enhance collaboration with universities in the research sector and has already made initial progress [2] - The relevant supporting policies from the government and education authorities are creating historic development opportunities for domestic instrument manufacturers, including the company [2] Group 2: Market Focus - The company will closely monitor related policies and actively follow up to capture a larger market share [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][9]. Core Insights - The company has shown steady revenue growth, with a reported revenue of 233 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 3.48%. However, net profit attributable to shareholders decreased by 4.79% to 14 million yuan due to short-term impacts from share-based payments [4]. - The company focuses on independent innovation, with its products filling domestic technological gaps. Key technology indicators of its products are at a leading domestic and advanced international level, showcasing strong potential for domestic substitution [5]. - The company is expanding its market presence through collaborations with leading international and domestic firms, enhancing its core competitive barriers. Notable products like the QT-8400 series have made significant technological breakthroughs and are entering important customer supply chains [6]. - The company is accelerating the development of high-performance SoC testing machines, capitalizing on the growing demand for domestic alternatives in the high-end SoC testing market [7]. Financial Projections - Revenue projections for the company are estimated at 360 million yuan in 2025, 600 million yuan in 2026, and 1 billion yuan in 2027. Corresponding net profits are expected to be 36 million yuan, 122 million yuan, and 246 million yuan respectively [8][11]. - The company anticipates a significant growth rate in revenue, with projections of 15.7% in 2025, 66.9% in 2026, and 65.5% in 2027 [11]. - The earnings per share (EPS) is projected to increase from 0.51 yuan in 2025 to 3.49 yuan in 2027 [11]. Relative Valuation - The company is positioned as a leading supplier in the semiconductor testing equipment sector, with a focus on automation testing systems and laser marking equipment. The relative valuation analysis suggests a price-to-sales (P/S) ratio of 23.04x for 2025, supporting the "Buy" rating [14][15].

中生医疗(合肥)自2022年落户合肥经开区以来，依托区内优质创新资源加速成长，并在高端流式细胞仪 及配套试剂研发、市场推广等方面取得多项突破。该公司产品现已取得多项国家级及国际医疗器械认 证，业务覆盖全国31个省市自治区，并拓展至海外市场。 格隆汇2月9日丨中生北控生物科技(08247.HK)公告，于2026年2月4日举行的合肥经济技术开发区2026年 企业新春团拜会上，公司间接非全资附属公司－中生医疗科技(合肥)有限公司("中生医疗(合肥)")凭藉其 于体外诊断领域的创新实力及稳健发展潜力，被授予"2025年度合肥经济技术开发区科创新星企业"荣誉 称号。该荣誉由合肥经开区党工委及管委会授出，是对中生医疗(合肥)过往科技创新成果的权威肯定， 亦彰显其未来发展潜力。 其中，中生医疗(合肥)自主研发的四光二十一色BioCyteX(临床)高端流式细胞仪已正式获证(皖械注准 20252220150)，是国内首款获得四光高端流式细胞仪注册证的国产品牌产品。该产品性能达国产顶配水 准，比肩国际进口品牌，亦宣告国产流式在尖端领域取得实质性突破，积极响应国家"国产替代"号召。 产品采用四个精密半导体激光器协同工作，可同步激发 ...

获颁本次荣誉，不仅有助于提升集团研发和技术创新品牌影响力，亦为集团进一步拓展大健康领域市场 奠定坚实基础。公司将继续大力支持旗下附属公司技术创新与产业化发展，积极扩展优质业务，提升竞 争力，为公司股东创造更大价值。 其中，中生医疗(合肥)自主研发的四光二十一色BioCyteX(临床)高端流式细胞仪已正式获证(皖械注准 20252220150)，是国内首款获得四光高端流式细胞仪注册证的国产品牌产品。该产品性能达国产顶配水 准，比肩国际进口品牌，亦宣告国产流式在尖端领域取得实质性突破，积极响应国家"国产替代"号召。 产品采用四个精密半导体激光器协同工作，可同步激发21种荧光染料并获取24项关键参数，其检测灵敏 度、分辨率与稳定性均达到国际领先水平，满足临床高复杂度免疫分型、微小残留病(MRD)监测等核心 需求。此次BioCyteX流式细胞仪的成功获批，标志着国产流式在复杂光路设计、多色荧光解析等领 域，实现从"跟跑"到"并跑"的关键突破。 中生医疗(合肥)自2022年落户合肥经开区以来，依托区内优质创新资源加速成长，并在高端流式细胞仪 及配套试剂研发、市场推广等方面取得多项突破。该公司产品现已取得多项国家级及国际 ...