Core Viewpoint - The article highlights the significant milestone of Changxin Technology Group's IPO application on the Sci-Tech Innovation Board, marking the entry of China's first vertically integrated memory chip manufacturer into the A-share market, amidst a global semiconductor industry restructuring and accelerated domestic substitution [1][3]. Group 1: Company Overview - Changxin Technology has progressed from technology catch-up and capacity expansion to market breakthrough within nine years, aiming to raise 29.5 billion yuan for upgrading memory wafer manufacturing technology and advancing DRAM research and development [3][20]. - The company operates under the IDM (Integrated Device Manufacturer) model, managing the entire process from chip design to production, which enhances efficiency and reduces reliance on external suppliers [6][12]. Group 2: Competitive Advantages - The IDM model allows for seamless collaboration between design and manufacturing, enabling rapid technological iterations and the introduction of advanced products like DDR5 and LPDDR5X, which have significantly improved performance metrics [8][9]. - Changxin has improved its production yield from 85% in 2022 to over 94% by 2025, demonstrating effective cost control and quality management, with a product sales rate nearing 90% in early 2025 [9][13]. Group 3: Market Position and Financial Performance - By 2025 Q3, Changxin has become the fourth largest DRAM manufacturer globally, capturing an 8% market share, while its revenue is projected to reach between 55 billion to 58 billion yuan for the year, reflecting a nearly threefold increase from 2022 to 2024 [13][20]. - The company is expected to achieve a gross margin exceeding 30% and a net profit between 2 billion to 3.5 billion yuan in 2025, with a potential turning point to profitability anticipated in 2026 or 2027 [13][20]. Group 4: Funding and Support - Changxin's growth has been supported by substantial capital investments from various sources, including state-owned enterprises and private equity, with significant funding milestones achieved since its establishment in 2016 [15][16]. - The company has attracted investments from major players like Xiaomi, Alibaba, and Tencent, alongside state-backed funds, which have bolstered its valuation to over 150 billion yuan following a 10.8 billion yuan financing round in 2024 [15][16]. Group 5: Implications for the Semiconductor Industry - The IPO of Changxin is seen as a pivotal moment for the domestic semiconductor industry, indicating a shift towards scale and capitalization, with expectations for increased production capacity and market share in the coming years [20]. - The success of Changxin is anticipated to catalyze further development in China's semiconductor sector, moving from reliance on imports to achieving a competitive stance in the global market [20].

2025年，骄成超声凭借半导体设备突破与新能源业务复苏，实现市值与业绩双爆发。2025年全年股价涨 幅为176.90%，年末总市值为129.85亿元；前三季度归母净利润同比激增359.81%，半导体先进封装设备 打破海外垄断，成为第二增长曲线。投资者关系管理方面，全年接待机构调研22次，覆盖超400家机 构，信息披露考评维持B级。 一、市值管理与投资者关系核心成效 1.1 市值表现：股价翻倍，市值近130亿元 骄成超声（688392.SH）2025年全年股价涨幅为176.90%，年末总市值为129.85亿元，全年成交额为 502.38亿元，换手率达785.72%。 公司2025年业绩表现强劲，前三季度实现营业收入5.21亿元，同比增长27.53%；归母净利润9403万元， 同比增长359.81%。受益于动力电池设备需求回暖、半导体先进封装设备突破及高毛利配件业务持续放 量，市场对公司成长性预期显著提升，推动股价与交易活跃度同步走高。 1.2 投资者关系管理：高频调研+透明沟通 ●机构交流：全年发布投资者接待纪要22次，覆盖458家次机构（单次最高118家，10月29日），重点沟 通半导体设备进展、固态电池布局 ...

Core Viewpoint - Xinguangyi Electronic Co., Ltd. has successfully listed on the ChiNext board, marking a significant milestone in its growth as a leading high-tech enterprise specializing in high-performance specialty functional materials [2][3]. Company Overview - Xinguangyi focuses on the research, production, and sales of specialty functional materials, particularly anti-bleed adhesive films and high-resistance specialty films, which are critical in high-end manufacturing sectors like flexible printed circuits (FPC) [7]. - Established in 2004, the company has transitioned from a follower to a leader in the industry, breaking the technological monopoly of foreign giants and achieving the highest market share in its segment [7][9]. Technological Advancements - The company has successfully developed key technologies in anti-bleed adhesive films, overcoming the previous dominance of Japanese firms like Mitsui Chemicals and Sumitomo Chemical [9]. - Xinguangyi has also made significant strides in high-resistance specialty films, which are essential for extreme environments, further establishing its competitive edge in the market [10]. Market Position and Growth - Xinguangyi has established partnerships with several top global FPC manufacturers, solidifying its position as a leading supplier in the anti-bleed adhesive film sector [9]. - The company has expanded into new areas, such as acoustic films for high-end headphones, achieving breakthroughs that allow it to compete with established international players [12]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 455.26 million yuan to 657.17 million yuan, with net profit increasing from 81.51 million yuan to 115.70 million yuan [14]. - In the first half of 2025, Xinguangyi reported revenue of 313.39 million yuan and a net profit of 59.21 million yuan, indicating a strong growth trajectory [14]. Strategic Alignment - The company's focus on high-performance specialty functional materials aligns with China's "14th Five-Year Plan," which emphasizes the importance of new materials and core technology innovation [16]. - Looking ahead to the "15th Five-Year Plan" (2026-2030), the emphasis on technological self-reliance and high-end manufacturing presents significant opportunities for Xinguangyi in the functional film materials sector [16].

国睿科技首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 宋博(分析师) | 010-83939829 | songbo3@gtht.com | S0880522120007 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 股 票 研 雷达装备龙头夯实主业，工业软件与智慧轨交拓展新空间 国睿科技(600562) 公司深耕雷达装备、工业软件与智慧轨交等领域，是国内雷达整机及系统解决方案 的重要供应商。受益于国防信息化推进、民用雷达与智能交通需求扩容，公司多元 业务协同发展，持续加大研发投入与平台化建设，业绩有望在结构优化中稳健增长。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3,282 | 3,400 | 3 ...

更多访谈点击查看《基金佳问》专栏 【编者按】2025年，A股市场迎来里程碑式发展：总市值站上100万亿元的高峰，上证指数涨破4000点创下近十年新高。站在"十五五"规划的开局之年， 2026年A股市场又将如何演绎？哪些行业将孕育新的投资机遇？ 搜狐财经《基金佳问》栏目特别推出"基遇2026"专题系列报道，复盘A股市场细分领域年内行情，展望及预测2026年各热门赛道的投资机遇，把握后市资产 配置的主逻辑，寻找具有投资潜力的基金产品。 出品｜搜狐财经 作者｜汪梦婷 12月31日，在岁末展望之际，博时基金权益投资四部投资副总监、基金经理肖瑞瑾做客搜狐财经直播间，回顾了过去一年A股的结构性行情，并对2026年的 市场走势、风格切换以及备受关注的AI产业投资脉络进行了深度解析。 肖瑞瑾：关键的变量取决于国内外两个因素。国外需要关注美联储的降息周期。目前市场普遍预期明年还有两次降息。如果美联储本轮降息周期结束，可能 意味着货币宽松周期暂时告一段落，这可能导致全球资金配置和市场份额出现一定变化。国内则关键在于房地产数据何时能够企稳甚至回升，以及国内宏观 经济能否在年内触底回升。如果宏观经济触底回升的预期增强，从利率端看，长 ...

Core Viewpoint - Changxin Technology has submitted its IPO prospectus, signaling a potential turnaround with expectations of profitability in 2025 after years of heavy investment and losses [3][21]. Group 1: Company Overview - Changxin Technology is the largest and most advanced DRAM IDM (Integrated Device Manufacturer) in mainland China, ranking fourth globally in terms of market share [4][22]. - The company operates under the IDM model, which integrates chip design, wafer manufacturing, and packaging testing, a model dominated by global giants like Samsung, SK Hynix, and Micron [5][22]. Group 2: Financial Performance - The company has shown explosive revenue growth, with revenues increasing from 82.9 billion yuan in 2022 to an expected 241.8 billion yuan in 2024, nearly doubling in two years [6][23]. - Despite previous losses, the company forecasts a significant turnaround in 2025, with expected revenues between 55 billion and 58 billion yuan, representing a growth of 127.5% to 139.9% compared to 2024 [8][26]. - The net profit is projected to turn positive, reaching between 2 billion and 3.5 billion yuan, with a significant improvement in net profit attributable to shareholders, expected to be between 2.8 billion and 3 billion yuan [8][26]. Group 3: Market Position and Competition - Changxin Technology holds approximately 3.9% of the global DRAM market share as of Q2 2025, establishing itself as a key player in a highly concentrated market [5][22]. - The company has made strides in technology, with its LPDDR5X products achieving speeds of over 10,667 Mbps, positioning them competitively in the mainstream consumer market [12][29]. Group 4: Investment and Future Plans - The company plans to raise 34.5 billion yuan through its IPO, with 29.5 billion yuan allocated for projects including capacity upgrades, technology iterations, and forward-looking research [16][36]. - The investment will focus on enhancing manufacturing efficiency, upgrading DRAM technology, and developing next-generation storage technologies [16][36]. Group 5: Leadership and Team - The leadership team includes industry veterans, with Chairman Zhu Yiming and CEO Cao Kanyu leading a workforce where over 30% are R&D personnel, emphasizing the company's commitment to innovation [14][35].

全球第四，中国第一。 作者 | 小鑫 编辑 | 小白 2025年的最后一个交易日，半导体行业迎来了一枚重磅"彩蛋"。12月30日，长鑫科技集团股份有限公司 正式向上交所递交了科创板IPO招股说明书。 作为国产存储芯片产业链中备受瞩目的"独角兽"，长鑫科技的此次亮相，不仅带来了一份长达数百页的 详细" 家 底"报告，更释放了一个令市场为之一振的信号：在经历了长期的巨额投入与亏损后，公司预计 将在2025年实现历史性的全面盈利。 风云君今天就带大家通过这份新鲜出炉的招股书，剥开情绪的外衣，重新审视这家国产存储巨头的真实 价值。 稀缺的IDM样本：全球第四的成色 在半导体行业，存储芯片是市场规模最大的细分领域之一，而DRAM（动态随机存取存储器）又是其中 技术难度最高、市场集中度最高的赛道。 长鑫科技在产业链中的特殊性在于，它是目前中国大陆规模最大、技术最先进的DRAM设计制造一体化 企业。 所谓一体化，即IDM模式。不同于华为海思只做设计、台积电只做制造，IDM模式涵盖了从芯片设计、 晶圆制造到封装测试的全产业链环节。这种模式对资金壁垒、技术积累和产能管理的要求极高，放眼全 球，能够玩转这一模式的玩家屈指可数，主 ...

Group 1 - Northbound capital recorded a net purchase of 34.49 billion HKD in the Hong Kong stock market on December 31, with the Shanghai-Hong Kong Stock Connect contributing 30.97 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 3.51 billion HKD [1] - The total net purchase of Northbound capital for the year reached a historical high of 1.41 trillion HKD, significantly increasing from approximately 807.9 billion HKD in 2024 [1] - The most purchased stocks by Northbound capital included China Merchants Bank (03968), Industrial and Commercial Bank of China (01398), and China Construction Bank (00939) [1] Group 2 - Alibaba-W (09988) had a net purchase of 850 million HKD, while Tencent Holdings (00700) faced a net sell of 660 million HKD [2] - China Merchants Bank, Industrial and Commercial Bank of China, and China Construction Bank received net purchases of 7.24 billion HKD, 5.88 billion HKD, and 5.61 billion HKD respectively [4] - Semiconductor stocks also saw increased investment, with SMIC (00981) and Hua Hong Semiconductor (01347) receiving net purchases of 391 million HKD and 69.94 million HKD respectively [5] Group 3 - Xiaomi Group-W (01810) received a net purchase of 237 million HKD, supported by government policies promoting consumption [5] - Jiangxi Copper Co. (00358) had a net purchase of 158 million HKD, while Zijin Mining (02899) experienced a net sell of 682 million HKD [6] - UBTECH Robotics (09880) received a net purchase of 86.86 million HKD, as it announced plans to acquire a controlling stake in Fenglong Co. [6]

行 业 点 评 行情走势图 行 业 报 告 电子 行业点评 长鑫科技招股书披露，国产DRAM存储蓄势待发 强于大市( 维持) 相关研究报告 【平安证券】行业深度报告*电子*面板*强于大市 20230323 2023年03月23日 证券分析师 杨钟 投资咨询资格编号 S1060525080001 yangzhong035@pingan.com.cn 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 陈福栋 投资咨询资格编号 S1060524100001 CHENFUDONG847@pingan.com.cn 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 事项： 2025年12月30日晚间，上交所披露国产DRAM大厂长鑫科技科创板招股书。 平安观点： 证 券 研 究 报 告 强烈推荐 （预计6个月内，股价表现强于市场表现20%以上） 推 荐 （预计6个月内，股价表现强于市场表现10%至20%之 ...

Investment Rating - The report maintains an "Overweight" rating for the modern coal chemical industry, indicating an expectation that the industry index will outperform the market index by over 10% in the next six months [1]. Core Insights - The modern coal chemical industry aligns with national strategic needs and promotes industrial cluster development, with several supportive policies introduced in recent years [6][21]. - The domestic dependence on imported polyethylene resin has decreased, with the import dependency dropping to 29% as of November 2025, indicating a growing capacity for domestic production to replace imports [29]. - The industry is currently in a development phase characterized by modern coal chemical technologies, which are increasingly being adopted globally due to fluctuating oil prices [14][18]. Summary by Sections 1. Overview of Modern Coal Chemical Industry - Coal chemical processes convert coal into gas, liquid, and solid products, including clean energy and basic chemical raw materials [13]. - The industry is primarily located in resource-rich regions such as Inner Mongolia, Shaanxi, Ningxia, Shanxi, and Xinjiang, with major coal chemical bases established [13]. 2. Factors Promoting Healthy and Sustainable Industry Development - A series of policies have been implemented to promote industrial cluster development, including the establishment of four modern coal chemical industry demonstration zones [21][24]. - Domestic companies are actively advancing project construction and capacity release, with significant projects like Baofeng Energy's coal-to-olefins project progressing well [28]. - The tightening of macroeconomic controls and resource constraints is expected to stabilize the competitive landscape of the industry [32][33]. 3. Investment Recommendations and Key Company Analysis - The report suggests focusing on companies such as Baofeng Energy (600989), Hualu Hengsheng (600426), and Luxi Chemical (000830) due to their strategic positioning and growth potential [35]. - Baofeng Energy is noted for its advantageous location and strong technological capabilities, with ongoing projects aimed at enhancing production efficiency and reducing costs [37][38]. - Hualu Hengsheng is recognized for its cost control and innovative technologies that support sustainable development [42]. - Luxi Chemical is highlighted for its digital platform applications and strong market presence in export volumes [40][41].