开年以来，国家集成电路产业投资基金（下称"国家大基金"）在半导体板块的减持动作持续受到市场关 注。2月8日晚间，安路科技（688107.SH）发布公告称，股东大基金一期拟在未来三个月内减持不超过 公司总股本的2%。这已是安路科技自2025年以来第三次迎来大基金的减持计划。 与此同时，沪硅产业（688126.SH）、泰凌微（688591.SH）、慧智微（688512.SH）等多家半导体公司 也在近期相继披露了大基金的最新减持进展或计划。从已公布的信息来看，大基金一期、二期均有减持 操作，涉及公司多为已上市多年的半导体产业链企业。 尽管短期内减持动作频繁，但业内普遍认为，这是大基金作为产业投资基金的正常投资退出行为，长期 陪伴产业成长、助力国产替代的战略方向并未改变。 大基金多次减持安路科技、沪硅产业 在近期公告大基金减持计划或减持进展的半导体上市公司中，沪硅产业与安路科技都是在近半个月内迎 来二度减持。 截至公告日，大基金一期持有安路科技2295.45万股股份，占公司总股本的5.73%，均为IPO前取得。此 次减持计划显示，大基金拟在公告披露之日起15个交易日后的3个月内，通过集中竞价或大宗交易方式 减持不超过 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 自願公告 合肥附屬公司榮獲2025年度「科創新星企業」稱號 本公告乃由中生北控生物科技股份有限公司（「本公司」，與其附屬公司統稱為「本 集團」）自願作出，旨在向本公司股東及投資者提供最新資訊。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2026年2月4日舉行的合肥經濟技 術開發區2026年企業新春團拜會上，本公司間接非全資附屬公司－中生醫療科技（合 肥）有限公司（「中生醫療（合肥）」）憑藉其於體外診斷領域的創新實力及穩健發展 潛力，被授予「2025年度合肥經濟技術開發區科創新星企業」榮譽稱號。該榮譽由 合肥經開區黨工委及管委會授出，是對中生醫療（合肥）過往科技創新成果的權威 肯定，亦彰顯其未來發展潛力。 其中，中生醫療（合肥）自主研發的四光二十一色BioCyteX（臨床）高端流式細胞 儀已正式獲證（皖械注准20252220150)，是國內首款獲得四光高端流式細胞儀註冊 證的國產品牌產品。該產品性 ...

Core Viewpoint - The company is focusing on enhancing its product series and expanding into new application areas by collaborating with research institutions and responding to market demands [1] Group 1 - The company aims to achieve breakthroughs in fields such as life sciences, semiconductors, rare and precious metal separation and extraction, and nuclear-grade resins [1] - The company emphasizes its commitment to comply with relevant laws and regulations regarding information disclosure [1] - The company will announce any significant matters that meet disclosure standards in a timely manner [1]

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, with corresponding net profits of 36 million yuan, 122 million yuan, and 246 million yuan respectively [8][11]. - The company is expected to achieve a significant growth rate of 66.94% in 2026 and 65.46% 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 in the semiconductor backend testing equipment sector, with a focus on automated testing systems and laser marking equipment. It has successfully achieved import substitution in power semiconductor testing systems and is among the few Chinese semiconductor equipment companies to penetrate the international testing market [14]. - The report references a relative valuation analysis with a projected price-to-sales (P/S) ratio of 23.04x for 2025, supporting the "Buy" rating [14][15].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][10]. Core Insights - The company is strategically investing in core assets, which may lead to temporary profit pressure. It is projected to incur a net loss attributable to shareholders of between -12 million to -6 million yuan in 2025, primarily due to increased investments in key resources, advanced capacity, and talent reserves [3][5]. - The company has successfully completed its domestic and international capacity layout in Shenyang, Nantong, Beijing, and Singapore, significantly increasing its fixed asset scale to approximately 4.9 billion yuan, a growth of about 3.5 billion yuan compared to 2022 [4]. - The company is focusing on advanced process development, with new projects such as gas distribution plates and special coatings already validated and in mass production [4][10]. - The company is expected to achieve revenues of 3.75 billion, 5 billion, and 7 billion yuan in 2025, 2026, and 2027 respectively, with a projected net profit of -0.08 billion, 0.3 billion, and 0.66 billion yuan for the same years [5][9]. Financial Projections - Revenue is projected to grow at rates of 47.14%, 23.48%, 33.49%, and 39.80% for the years 2024, 2025, 2026, and 2027 respectively [9][12]. - The company’s EBITDA is expected to increase from 507.87 million yuan in 2024 to 1.41 billion yuan in 2027 [9]. - The net profit attributable to shareholders is forecasted to recover from a loss of 7.9 million yuan in 2025 to a profit of 660.43 million yuan in 2027, reflecting a significant turnaround [9][12].

| 市场数据：2026 2 | 年 | 月 6 日 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 97.30 | | 年内最高/最低（元/ | | | 103.18/33.17 | | 股）： | | | | | 流通 A 股/总股本（亿 | | | 0.91/0.91 | | 股）： | | | | | 流通 股市值（亿元）： A | | | 88.54 | | 总市值（亿元）： | | | 88.54 | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元/股)： | 1.00 | | --- | --- | | 摊薄每股收益(元/股)： | 1.00 | | 每股净资产(元/股)： | 10.36 | | 净资产收益率(%)： | 10.65 | | 资料来源：常闻 | | 分析师： 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 事件描述 1 月 22 日，公司发布定增说明书（ ...

其他通用机械 行业动态点评 领先大市-A(维持) 北美数据中心缺电持续，关注气体发电机组国产替代&出海机会 2026 年 2 月 9 日 行业研究/行业动态分析 其他通用机械板块近一年市场表现 事件： 资料来源：常闻 【山证其他通用机械】互联网巨头算力 需求爆发，重视 AIDC 设备投资机会-行 业动态点评 2025.2.18 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 执业登记编码：S0760525120001 相关报告： 【山证其他通用机械】大模型迭代刺激 亿美元，同比增长 18%，增长主要源于终端用户设备销售量提升和经销商补 库需求。利润端，25Q4 营业利润 26.6 亿美元，同比下降 9%；调整后营业利 润率从 24Q4 的 18.3%下降至 15.6%，利润下滑主要受关税上调及铁路部门 存货减值影响。分业务板块来看，动力与能源板块（E&T）是业务增长的主 要推动力，单季营收达到 94 亿美元，同比增长 23%。全球 AI 算力基础设施 的爆发带动公司数据中心备用电源、天然气发电及往复式发动机的需求激 增，销售额增长 37%。2025 年底公司在 ...

| 市场数据：2026 2 | 年 | 月 6 日 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 97.30 | | 年内最高/最低（元/ | | | 103.18/33.17 | | 股）： | | | | | 流通 A 股/总股本（亿 | | | 0.91/0.91 | | 股）： | | | | | 流通 股市值（亿元）： A | | | 88.54 | | 总市值（亿元）： | | | 88.54 | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元/股)： | 1.00 | | --- | --- | | 摊薄每股收益(元/股)： | 1.00 | | 每股净资产(元/股)： | 10.36 | | 净资产收益率(%)： | 10.65 | | 资料来源：常闻 | | 分析师： 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 新材料 泛亚微透（688386.SH） 买入-B ...

Investment Rating - The report maintains a positive outlook on the machinery industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [12]. Core Insights - The machinery industry is projected to experience steady performance with technological advancements driving value recovery. Key sectors such as space photovoltaics, machine tools, robotics, and laser technology are highlighted as areas of growth [3][6]. - The report forecasts significant revenue growth for 21 tracked machinery companies in Q4 2025, with notable performers including Zoomlion (183%), DingTai High-Tech (179%), and Wolong Electric Drive (82%) [3][4]. Summary by Sections Space Photovoltaics - The commercial space sector is entering a new phase characterized by large-scale deployment and capability upgrades, leading to increased demand for space photovoltaics. The upcoming decade is expected to see a super cycle in satellite manufacturing and launching, directly impacting the demand for satellite energy systems [3]. - Key equipment suppliers in this sector include Maiwei Co., Aotwei, and others, focusing on the transition from traditional energy solutions to advanced photovoltaic technologies [3]. Machine Tools & Cutting Tools - The machine tool sector is anticipated to shift towards high-end transformation and domestic substitution of core components. The production of metal cutting machine tools is expected to reach 868,300 units in 2025, a 9.7% increase year-on-year [3]. - The cutting tool market is also expected to benefit from rising prices of tungsten and increased domestic demand, with companies like DingTai High-Tech and Huari Precision being recommended for investment [3]. Robotics & Components - The human-shaped robot industry is progressing towards commercialization, with significant developments expected in 2025. Major players like Tesla and Huawei are entering the market, and various forms of robots are being tested in real-world applications [3]. - Companies such as Lide Harmony and Yujian Technology are highlighted as key players in this evolving market [3]. Laser Technology - General laser technology is experiencing rapid growth due to high power and new technology iterations, while specialized lasers are seeing increased demand from sectors like AI PCB drilling and photovoltaic battery production [6]. - Recommended companies in this field include Baichu Electronics and Dier Laser [6]. Engineering Machinery - The engineering machinery sector is expected to benefit from both domestic and international demand, with significant infrastructure projects and capital expenditures anticipated [6]. - Key companies to watch include Sany Heavy Industry and XCMG [6]. Forklifts - The forklift market is projected to grow, with total sales expected to reach 1.4518 million units in 2025, a 12.9% increase year-on-year. The trend towards automation and smart logistics is reshaping the industry [6]. - Recommended companies include Anhui Heli and Hangcha Group [6]. Rail Transit Equipment - The railway investment is expected to maintain high growth, with fixed asset investments projected to reach 901.5 billion yuan in 2025, a 6.0% increase year-on-year [6]. - Key players in this sector include CRRC Corporation and Siwei Control [6].

芯东西（公众号：aichip001） 作者 | ZeR0 ADI在光模块领域拥有独到的控制链路技术，已与行业内几乎所有头部客户建立合作，产品从400G到1.6T，未来将推进至3.2T乃至光电合封技 术。ADI正致力于在算力之外，突破数据中心数据传输的瓶颈。 编辑 | 漠影 芯东西2月9日报道，近日，ADI中国区销售副总裁Thomas Zhao向芯东西等媒体分享了ADI过去一年的业绩表现，并就涨价、国产替代、供应 链策略、模拟AI等行业热点话题进行交流。 Thomas Zhao提到一个值得关注的行业数据：3年前，整个半导体行业产值约为5000亿美元，当时麦肯锡给出了一个大胆的预测——到2030 年，半导体行业将达到1万亿美元销售额。时至今日，这个预测似乎显得保守，因为在2026年，半导体行业就已经有望冲破1万亿美元，远超预 期。 这一切得益于AI的推动，ADI在这股浪潮之中也是受益者。 2025年是ADI（亚德诺半导体）成立60周年。展望2026年，Thomas Zhao判断AI的下一个前沿智能将是物理智能，边缘AI的下一步演进方向将 是智能体，模拟AI计算技术将迎来显著发展。随着AI持续发展，未来将是一个智能 ...