智通财经APP获悉，国泰海通发布研报称，维持现代牧业(01117)"增持"评级。该行预计公司2026-27年 EPS分别为0.05、0.19元/股。公司为牧业行业龙头，受益于肉奶周期反转，给予2025年公司1.3倍P/B， 对应目标价1.85港元/股。公司持续推进圣牧收购事宜，整合后规模效应有望进一步增强，目前周期筑 底存栏加速去化，反补贴政策落地有望加快国产替代进程。 国泰海通主要观点如下： 收购进展持续推进，强强联合优势互补 25H1中国圣牧收入同比-3.1%至14.44亿元，其中销量同比+6.3%至37.30万吨，销售均价同比-8.9%至3.87 元/kg;奶牛存栏环比-0.09万头至14.36万头。本次收购将整合大股东蒙牛旗下上游牧场资源，进一步强化 规模效应整合完成后，公司牛群规模将超过61万头，原奶产量将超过400万吨，特色奶产量占比将从8% 提升至逾20%;公司将与中国圣牧在资源、技术、市场及管理等方面协同互补，产品及资产结构有望优 化，规模效应下采购成本有望进一步下降。 周期筑底存栏加速去化，政策落地加快国产替代 11月奶牛存栏加速去化，主因资金压力持续与后备牛补栏减少影响初现，后续补栏断档影 ...

Core Insights - The actuator industry in China has established a complete industrial chain, with upstream focusing on raw materials and core technology components, midstream accelerating towards intelligent development, and downstream driven by traditional industries and emerging fields like robotics and renewable energy [1][5][9]. Industry Overview - Actuators are critical components in automation control systems, converting controller signals into mechanical actions to regulate production parameters [2][3]. - The actuator market is projected to reach 33 billion yuan in 2024 and 82 billion yuan by 2030, driven by technological upgrades and domestic replacements [1][13]. Upstream Development - The upstream sector includes key components like motors, reducers, and sensors, with domestic breakthroughs in motors and reducers, but a notable gap in high-end precision components like encoders [7][9]. - Domestic companies have made significant progress in servo motors and harmonic reducers, but high-end encoder markets remain dominated by international firms [7][9]. Downstream Demand - The demand for actuators is characterized by a dual structure of traditional and emerging markets, with industrial automation as the foundation and new energy and robotics as growth drivers [9][10]. - The humanoid robot sector is expected to see explosive growth, with the market projected to increase from approximately 2.4 billion yuan in 2025 to 25.4 billion yuan by 2030, highlighting the actuator's role as a core component [11][12]. Market Segmentation - The actuator market is segmented into electric, pneumatic, hydraulic, and special actuators, with electric actuators leading growth due to their advantages in smart applications [14][15]. - The electric actuator market is expected to reach 17.8 billion yuan by 2025, while pneumatic and hydraulic actuators maintain stable growth in their respective applications [14][15]. Competitive Landscape - The actuator industry features a diverse competitive landscape with foreign brands dominating high-end markets and domestic leaders making significant inroads through innovation and localization [15][16]. - Domestic brands are expected to capture 58% of the market share by 2024, with projections to exceed 70% by 2030, driven by technological advancements and market responsiveness [15][16]. Future Trends - The industry is set to evolve with a focus on technological innovation, market optimization, and industrial upgrades, emphasizing the integration of IoT and AI into actuator products [16][17]. - The market will see a shift towards high-end applications and a collaborative development model among core and supporting enterprises, enhancing overall competitiveness [18].

Core Insights - The National Bureau of Statistics has released implementation opinions on strengthening data technology innovation, emphasizing the construction of a unified national computing power network to support data technology research and verification [1] Group 1: Industry Trends - AI computing power is becoming a major growth engine in the telecommunications industry, with investment opportunities in the computing power supply chain, particularly in optical chips, OCS, hollow-core fibers, liquid cooling, and power supply [1] - The computing power sector has outperformed the market since 2025, with significant growth in both models and applications, indicating potential for a long-term bullish market similar to the US stock market in 2023 [1] Group 2: Domestic Developments - Domestic computing power is gaining momentum, with performance elasticity and investment certainty, driven by advancements in semiconductor equipment and AI chips under overseas restrictions, making domestic substitution a prevailing trend [1] - The collaboration between AI large models and domestic chip manufacturers is forming a complete technological ecosystem, with continuous capacity expansion expected to accelerate the integration into the domestic computing power infrastructure supply chain [2]

英伟达产业链观点更新 20251228 摘要 国产替代加速：国内设备厂商能力提升，合作范围扩大，推动半导体设 备如量检测、涂胶显影及空白掩模板等领域的国产替代率显著提高，尤 其在半导体级别应用中潜力巨大。 算力需求激增：下游应用如手机、智能终端推动算力需求，液冷、电源 系统等配套设施成为关键。太空算力、新型电源结构等新兴途径为中国 在 AI 领域提供竞争优势。 海外算力产业链催化：2026 年第一季度海外算力产业链将迎来多重催 化，英伟达 COWS 流片产能预计 2026 年增长 60%-70%，2027 年增 长 50%-60%，谷歌 TPU 出货量预计 2027 年接近千万级别，同比增长 近 100%。 中际旭创盈利预测：市场预期中际旭创 2026 年利润约为 350 亿至 400 亿人民币，若英伟达和谷歌在 2027 年保持高速增长，其利润可能翻倍 至 700 亿至 800 亿人民币，估值有望达到 1 万亿至 1.2 万亿元。 大模型关注焦点：市场关注 OpenAI 的 GPT 和 XAI 的 Grok 大模型，若 基于 B 系列芯片训练的大模型在 2026 年发布后表现超预期，将验证 Scaling ...

Summary of Key Points from Conference Call Records Industry Overview Real Estate Market - Relaxation of real estate policies in first-tier cities significantly supports demand for low-priced housing, with expectations for other core cities to follow suit, potentially leading to more measures to stabilize the real estate market, such as land acquisition and mortgage interest subsidies [1][2][4] - Recent policy changes in Beijing include allowing multi-child families to purchase additional properties and lowering social security requirements for non-residents, which are expected to stimulate demand for affordable housing [2][4] Coal Market - Domestic supply tightening and demand recovery have led to a narrowing decline in thermal coal prices, with expectations for price stabilization in the future [1][5] - The market for coking coal is under short-term pressure due to increased imports and expectations of lower downstream demand for coke, with a forecast of a weak and stable trend for coke prices [1][6] - By 2026, the thermal coal market supply-demand balance is expected to improve, benefiting companies like China Shenhua due to reduced imports from Indonesia [1][8][9] Cleanroom Engineering Industry - The cleanroom engineering market is projected to reach 350 billion yuan by 2026, driven by demand from the electronics industry, particularly in semiconductor and AI technology sectors [1][10][12] - Key players in the cleanroom engineering sector include Shenghui Integration and Yaxiang Integration, which have shown significant revenue growth and are expanding their market presence [12][13] Solar Thermal Power - The government aims to achieve a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with policies in place to support this growth and improve revenue structures for solar thermal plants [1][14][15] - Companies to watch in this sector include Xizi Energy and Material Energy, which have experience in related projects and technologies [15] Key Market Trends and Projections PX and PTA Market - PX prices have risen due to limited new supply expected in the coming years, with a significant increase in demand from downstream products [1][18][19] - PTA is also experiencing a supply vacuum, with no new capacity added this year, leading to improved supply-demand dynamics by 2026 [1][19] Polyester Filament Yarn Industry - The polyester filament yarn industry is seeing price increases due to coordinated production cuts among major manufacturers, with a positive outlook for 2026 driven by both domestic and international demand [1][20] Organic Silicon Market - The organic silicon market is expected to improve in supply-demand balance, with a focus on new applications in renewable energy and electric vehicles driving demand growth [1][21][22] - Companies to monitor include Hesheng Silicon, Xin'an Chemical, and Dongyue Silicon [22][23] Investment Opportunities - Recommended companies for investment consideration include: - In the polyester chain: Tongkun Co., New Fengming, Hengyi Petrochemical, and others [23] - In the organic silicon sector: Hesheng Silicon, Xin'an Chemical, and others [23] This summary encapsulates the key insights and projections from the conference call records, highlighting significant trends and potential investment opportunities across various industries.

解读此轮 PCB 钻针、液冷、发电行情及后市展望 20251228 摘要 PCB 钻针市场需求旺盛，价格坚挺，技术创新加速，Q 布等新材料应用 推动价格调整。鼎泰高科等企业积极扩充产能，应对市场需求，并计划 通过港股上市进一步提升产能。 2025 年 PCB 行业呈现寡头竞争格局，中国市场由鼎泰和荆州主导。各 公司通过产品结构升级推动 ASP 提升，而非统一调价。钨价上涨对成本 构成影响，鼎泰高科已开始与中小客户进行涨价谈判。 液冷板块迎来第二波行情，GB300 全液冷方案将使市场空间达到今年的 五倍。谷歌第七代 GPU 采用全液冷方案，需求增加，大型科技公司开始 在国内审厂并下订单。 珠三角制造业向 AI 转型，多家企业通过并购整合液冷产业链，如春秋电 子收购 STAC，中石收购迅冷，领益收购利敏达，加速产业整合与扩张。 思泉新材在台湾测试设备领域绑定独供，受益于英伟达份额落地，预计 明年测试冷板市场规模可观。同时，作为阿里链条中进展最快的柜内柜 间液冷模组供应商，有望实现显著放量。 Q&A 2025 年 PCB 钻针行业的主要发展情况和未来展望如何？ 2025 年，PCB 钻针行业经历了显著的发展，特别是 ...

摘要 华锐精密一至三季度业绩同比环比持续增长，基本面向上趋势显著，受 益于行业需求回升及库存反弹，中小企业停工加速市场份额向龙头集中。 公司积极布局人形机器人、燃机等新兴领域，已成为国内人形机器人刀 具加工及解决方案领先企业，与宇树合作推出核心零部件解决方案。 原材料价格上涨通过价格传导机制提升公司收益，下半年至明年上半年 持续受益，同时 AI 刀具系统每台售价 3-5 万元，对应数百万台机床需求， 有望成为重要增量。 公司战略转型，从非标刀具转向标准化刀具，深耕中高端市场，加大研 发投入，拓展整包项目和海外市场，直销收入翻倍，占比达 20%。 公司推出智家工业软件系统，实时监测刀具加工状态，与机床数控系统 互补，已达成 1 万套左右意向签约，计划优先向存量刀具客户推广。 预计 2025 年公司业绩 1.8 亿至 2 亿元，2026 年有望达 2.5 亿至 3 亿 元，刀具涨价、新产品放量及新产业布局提供增长动力，看好未来发展 前景。 刀具行业与制造业景气度挂钩，国产刀具在一般场景可平替日韩品牌， 但高端市场仍需提升，国内供应数量占比高但价值量占比低，国产替代 空间广阔。 华锐精密 20251228 Q&A ...

近日，武汉芯必达微电子有限公司宣布完成新一轮融资，本轮融资由张江高科领投，老股东新微资本持续跟投。 在这样的行业背景下，芯必达有望凭借此次融资实现加速发展。尤为值得关注的是，公司已与东风汽车等本地企业及科研机构建立长期合作，通过"产品 打磨工艺"的协同模式，助力打通区域汽车全产业链，为企业持续发展注入新动能。 声明：本文仅为信息交流之用，不构成任何投资建议，股市有风险，投资需谨慎。 加入"中国IC独角兽联盟"，请点击进入 芯必达成立于2022年，由国内资深汽车电子芯片研发团队创立，核心团队拥有超15年汽车芯片设计与量产经验，曾成功研发量产数十款汽车模拟功率芯 片、数字控制类芯片等核心产品，深厚的技术积淀为企业快速成长奠定了基础。作为专注于车规级芯片设计的企业，芯必达精准聚焦汽车电子核心需求， 构建了涵盖模拟功率芯片、系统基础芯片（SBC）、计算控制芯片等多条产品线的完整布局，其中自主研发的国内首款汽车智能SBC芯片已实现量产出 货，该产品通过高度集成技术将4-5颗分立芯片整合为一体，可节省30%-50%的开发板空间，降低20%以上能耗，有效解决了国内车企对高效、低成本车 规芯片的痛点需求。 芯必达目前已通过I ...

Group 1 - The core viewpoint of the article highlights that the basic chemical sector is expected to show significant growth, with a year-to-date increase of +41.4% as of December 26, 2025, ranking it fifth among all industries [3] - The basic chemical industry experienced a cyclical pattern in 2025, characterized by weak performance in the first half, a rebound driven by improved expectations in the middle, and active structural trends in the latter part of the year [3] - The performance of the basic chemical sector varied significantly across sub-industries, with lithium battery materials and phosphate chemicals benefiting from better-than-expected production and supply-demand improvements, leading to substantial price increases [3] Group 2 - The macroeconomic environment is gradually recovering, establishing a bottoming trend for the chemical industry, with downstream companies in a replenishment phase, which is expected to improve profitability [4] - The agricultural chemicals sector performed relatively well, with high prices for phosphate and potash fertilizers, while the pesticide industry is entering an initial recovery phase [4] - The lithium battery materials sector is seeing a significant recovery in profitability due to strong terminal demand and orderly expansion by leading companies [4] Group 3 - Emerging application areas such as AI, OLED, and robotics are becoming new growth engines for the basic chemical industry, driving strong demand for new materials [5] - The semiconductor industry is expanding due to increased AI computing power and data center construction, which in turn boosts demand for key materials like photoresists and electronic chemicals [5] - The rapid development of the humanoid robot industry is creating new demand for high-performance materials, with specific materials like PEEK and MXD6 showing high application potential due to their lightweight and high-strength characteristics [5]

Group 1 - BBSB International Limited has passed the listing hearing on the Hong Kong Stock Exchange's Growth Enterprise Market, focusing on large-scale transportation infrastructure projects in Malaysia [1] - BBSB's listing highlights the financing opportunities for regional engineering firms and the Hong Kong Stock Exchange's international appeal for overseas growth companies [1] Group 2 - Shenzhen Chengtai Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, specializing in the design, research, development, and manufacturing of millimeter-wave radar products [2] - Chengtai Technology is the largest domestic supplier in China's vehicle-mounted forward millimeter-wave radar market, with a market share of 9.3% in 2024 [2] - The listing reflects the Hong Kong Stock Exchange's attractiveness to hard-tech companies in the intelligent driving sector, aligning with trends in domestic substitution and increased penetration of intelligent driving [2] Group 3 - Yuxin Technology has submitted a second listing application to the Hong Kong Stock Exchange, aiming to establish an "A+H" dual capital platform [3] - The company provides full-stack technology solutions to a wide range of financial institutions, indicating a commitment to enhance AI research and global expansion through the Hong Kong listing [3] Group 4 - Hunan Hongxing Cold Chain Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange's main board, focusing on frozen food storage and rental services [4] - The company is the largest provider of frozen food storage services in Central China and Hunan Province, with market shares of 2.6% and 13.6% respectively [4] - Hongxing Cold Chain's listing is expected to strengthen its local market position and serve as a case for capitalizing regional deep-rooted enterprises [4]