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]

半导体行业景气度的春风吹向模拟芯片。12月初，赶在上行周期当中，模拟芯片企业纳芯微正式登陆香 港联交所主板。据招股书，这家成立于2013年的企业专注于芯片设计与销售，2022年已在上交所科创板 完成上市。而在此次港股挂牌后，它也成为国内模拟芯片领域少数实现A+H两地上市的企业。 在此次港股上市的发行阶段，产业资本用真金白银投下了认同票——据招股书及公开信息，公司与元禾 纳芯、Golden Link、好易得国际、Perseverance Asset Management等多家主体订立了基石投资协议，其 中Golden Link为比亚迪间接全资拥有、Green Better是小米集团的全资附属公司，巨头旗下投资平台入 主，被视作对纳芯微赛道前景的高度认可。 国内新能源车渗透率提升、电动智能化加速背景下，国元证券认为，纳芯微依托自身在新能源车赛道的 全产品布局，汽车模拟芯片业务占国内市场的份额有望从2024年的1.8%提升至2026年的2.8%。 纳芯微在公告中提及，此次募资将投向提升底层技术能力及工艺平台、进一步丰富产品组合、扩展海外 销售网络及市场推广、战略投资或收购，同时补充营运资金。业内人士此前向北京商报记 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 新材料是支撑制造业升级的"隐形基石"，更是国家间科技竞争的"关键战场"。 中国新材料产业正沿着一条清晰的阶梯式路 径突围——从前沿探索到国产攻坚，再到市场分化，最终实现全球领先。 理解这一发展脉络，不仅能把握产业脉搏，更能 看清未来投资与技术布局的方向 。本文将基于产业研究，为你完整呈现 新材料产业的四大发展阶段全景图 。 | | 产业成熟度 | | | | | --- | --- | --- | --- | --- | | | | E A | 国内 | | | | | | | 时间周期 | | 份段▶ | 萌芽初期 | 成长前期 | 成长中期 | 成熟后期 | | 特征▶ | 国内外共同起步 石墨烯材料 | 无产能或少产能 | 国外领先国内多年且大多已进入成熟期 外资主导 | 国内外均已成熟 部分先进钢铁材料 | | | 第四代半导体材料 纳米材料 | 主要特种工程塑料 (PPS、PEEK、PI等) | 部分显示材料 (玻璃基板、偏光片、 | (取向硅钢等) 部分新能源材料 | | | 增材材料 | 部 ...

Core Viewpoint - The article discusses the rapid growth and investment opportunities in advanced packaging materials, highlighting the potential for domestic companies to replace foreign imports in this sector [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 [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: estimated at $485 million in 2023, with a forecast of $684 million by 2029 [8]. - Domestic companies like Dinglong Co., Guofeng New Materials, and others are positioned to capitalize on these growth opportunities [8]. Competitive Landscape - The article compares domestic and foreign companies in the advanced packaging materials sector, noting that while foreign firms like Fujifilm and Toray dominate, domestic players are emerging rapidly [8]. - The competitive dynamics suggest a potential shift towards domestic production as companies seek to reduce reliance on imports [7][8]. Investment Strategies - Different investment stages in the new materials industry are discussed, emphasizing the importance of assessing team capabilities, market potential, and product maturity at each stage [10]. - The article suggests that investments in more mature companies with established sales channels present lower risks and higher returns [10].

报告导读： 扩内需逐步被提升至战略地位，消费板块有望触底反弹。白酒板块加速探底， 迈向供需平衡。大众品板块乳制品国产替代有望提速。 投资建议：成长为主线、重视供需出清下的拐点机会。 1）首选具有价格弹性标的，以及有望陆续出清标的；2）饮料结构性高增，重视低估值高股息；3）零 食及食品原料成长标的；4）啤酒；5）调味品平稳、牧业产能去化，餐供有望恢复。 白酒：加速探底，迈向供需平衡。 25Q3以来白酒行业加速探底，报表出清有助于降低渠道库存压力，展望2026年，龙头茅、五批价下行有望激发动销，从而 实现量价平衡。近期宏观及政策层面对消费板块预期形成积极催化，白酒作为顺周期资产，此前已进入加速调整阶段，板块估值分位偏低、股息率具备一定吸 引力，且对宏观环境变化较为敏感，我们认为在政策预期的引导下，股价有望先于基本面见底。 大众品：乳制品国产替代有望提速。 近期商务部对欧盟乳制品实施临时反补贴措施，涉及品类主要为乳酪和稀奶油，有望加速相关产品的国产替代过程，同 时有望增加耗奶量，加速行业周期反转。 风险提示： 宏观经济波动加大、行业竞争加剧、食品安全风险。 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称 ...

晚上关于字节要采购昇腾100亿+400亿的新闻已经刷爆了各个群，按照这个新闻的描述，已经采购了 百亿即将交付，2026年会采购400亿，那加起来就是500亿了，跟前几天传的小作文的数字是一样 的。 在周五的文章中，我们提到过这个合作，我自己问到的是目前有100亿的合作，但后续合作的金额还 不知道。 其实理性分析一下这400亿，即便字节有意愿，也不会直接下单400亿了，毕竟950还没有量产出来， 所 以可能是个框架性的采购协议，具体能落地多少，要看950的实际表现了。 从目前业内朋友对950的分析，我对950还是比较有信心的。 关于昇腾的片间互联，这里简单说一下，在目前昇腾出货量最多的8卡机里面，8个NPU的互联方式 主要采用HCCS高速缓存一致性系统，这是华为自研的高速互连技术，对标NVIDIA的NVLink，用 于实现NPU之间的低延迟、高带宽通信，支持缓存一致性和直接内存访问。8个NPU通常分为两个组 （每组4个NPU），每个组的4个NPU通过HCCS实现全连接（full-mesh）拓扑，提供更高带宽和更 低延迟；8个NPU使用6个高速线模组，总的价值量大概是5.5w左右。 关于高速线模组的测算，网上有个 ...

在技术研发方面，合见工软表现突出，承担了科技部重点研发计划及国家级、省市级科研项目，并荣获 国家级专精特新"小巨人"企业、高新技术企业等多项荣誉。这些成就不仅体现了企业的技术实力，也展 示了国家对其在关键领域自主创新能力的认可。 资金实力方面，截至2025年底，合见工软已完成7轮融资，累计融资额超过40亿元，创下国内EDA行业 的融资规模纪录，充分展现了资本市场对其发展前景的高度信心。据披露，截至本报告出具日，上海虞 齐直接持有公司17.04%的股份，为公司控股股东。 EDA工具是芯片设计的"工业母机"，被誉为芯片产业的"皇冠上的明珠"，其技术壁垒高、市场集中度 高，长期以来被国际巨头垄断。随着全球半导体产业格局变化和国内芯片自主化进程加速，国产EDA 企业迎来前所未有的发展机遇。 合见工软所处的数字芯片验证领域是EDA中技术难度最高、市场规模最大的细分赛道之一。公司全流 程解决方案的推出，填补了国内在该领域的多项空白，为国产芯片设计企业提供了可替代进口工具的选 择。 12月26日，中国证监会官网披露了国泰海通证券股份有限公司关于上海合见工业软件集团股份有限公司 的首次公开发行股票并上市辅导备案报告，标志着这 ...

证 券 研 究 报 告 思特威-W（688213）深度研究报告 强推（首次） L3 获批有望加速智驾落地，"安防+手机+汽 车"共驱成长 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,968 | 9,206 | 12,218 | 15,142 | | 同比增速(%) | 108.9% | 54.3% | 32.7% | 23.9% | | 归母净利润(百万) | 393 | 1,001 | 1,431 | 1,902 | | 同比增速(%) | 2,662.8% | 154.8% | 43.0% | 32.9% | | 每股盈利(元) | 0.98 | 2.49 | 3.56 | 4.73 | | 市盈率(倍) | 98 | 38 | 27 | 20 | | 市净率(倍) | 9.2 | 7.6 | 6.0 | 4.8 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 12 月 26 日收盘价 公司研究 集成电路 2 ...

国内新能源车渗透率提升、电动智能化加速背景下，国元证券认为，纳芯微依托自身在新能源车赛道的全产品 布局，汽车模拟芯片业务占国内市场的份额有望从2024年的1.8%提升至2026年的2.8%。 在此次港股上市的发行阶段，产业资本用真金白银投下了认同票——据招股书及公开信息，公司与元禾纳芯、 Golden Link、好易得国际、Perseverance Asset Management等多家主体订立了基石投资协议，其中Golden Link为 比亚迪间接全资拥有、Green Better是小米集团的全资附属公司，巨头旗下投资平台入主，被视作对纳芯微赛道 前景的高度认可。 半导体行业景气度的春风吹向模拟芯片，行业巨头随即释放出明确的提价信号。 全球头部厂商亚德诺近日向客户下发调价通知，2026年2月起全产品线启动提价，部分品类最高涨幅达30%；行 业龙头德州仪器早在今年8月已率先开启调价，覆盖6万余个产品型号，涨幅区间达10%—30%。 开源证券研报指出，此次海外大厂涨价除了成本因素驱动，更对应着下游需求的回暖信号——工控、汽车领域 正缓慢复苏，AI数据中心也在拉动高功率、大电流模拟芯片的需求；随着明年下游需求持续 ...