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 ...

Market Review - A-shares led global indices with major broad-based indices generally rising, particularly the CSI 500 and ChiNext, while the Shanghai Composite Index recorded an eight-day winning streak approaching 4000 points [1] - The market liquidity is abundant, with A-share trading volume continuing to expand, reaching over 2 trillion yuan on Friday, and the financing balance exceeding 2.5 trillion yuan, setting a historical high [1] - In terms of style, small-cap and growth styles outperformed, with sectors such as non-ferrous metals, defense, and electric equipment leading gains, while beauty care, social services, and banking sectors declined [1] Market Outlook - Multiple funds are rushing to capitalize on the "spring rally," with a focus on buying on dips. The uncertainty in overseas monetary policy is dissipating, and the upcoming Chinese New Year and "Two Sessions" are expected to support risk appetite [2] - The "spring rally" conditions are accumulating, with key factors including reasonable valuation levels, a loose liquidity environment, and catalysts to boost risk appetite such as domestic policies and external risk mitigation [2] - The latest risk premium for the CSI 300 is at the median level of the past decade, indicating reasonable A-share valuations, while the central bank emphasizes continued implementation of a moderately loose monetary policy [2] Fund Flows - The net subscription of A500 ETFs has become one of the important sources of incremental funds for A-shares at year-end, with a cumulative net subscription of 90.8 billion yuan in December, the highest since April [3] - The top six A500 ETF products saw a net inflow of 97.2 billion yuan since December, reflecting accelerated inflow of institutional funds [3] Financing and Currency Trends - The financing balance of A-shares reached a historical high of 2.53 trillion yuan as of December 25, with a net buy of 72 billion yuan in financing funds since December, indicating a recovery in market sentiment [4] - The strong performance of the RMB is favorable for foreign capital inflow, with the offshore RMB briefly surpassing the 7.0 mark against the USD, reflecting market confidence in the Chinese economy [4] Industry Allocation Recommendations - Focus on growth themes benefiting from industrial policy support, such as domestic substitution, robotics, commercial aerospace, nuclear fusion, innovative drugs, and energy storage [5] - Pay attention to sectors benefiting from "anti-involution" price increases, such as chemicals, energy metals, and new energy [5] - Look for potential catalytic opportunities in the consumer sector due to the deepening of consumption policies [5]

证券研究报告 2025 年 12 月 28 日 湘财证券研究所 行业研究 医疗耗材行业周报 第六批耗材集采启动，关注后续开标情况 相关研究： | 1. 《第五批耗材国采即将落地执 | | --- | | 行》 2025.02.18 | | 2.《年报披露密集期，耗材板块关 | | 注创新与业绩修复》 2025.04.01 | 行业评级：增持（维持） 近十二个月行业表现 -50.00% 0.00% 50.00% 沪深300 医疗耗材 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -3 | -8 | -9 | | 绝对收益 | -1 | -7 | 8 | 注：相对收益与沪深 300 相比 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地址：上海市浦东新区银城路 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 医疗耗材板块上周上涨 0.08% 根据 wind，上周，医药生物报收 8254.26 点，下跌 0.18%，涨幅排名位列 申万 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [7]. Core Insights - The report emphasizes that the liquor industry is expected to see a full risk release by 2025, with a dual improvement in supply and demand anticipated in 2026. Short-term sales are expected to improve, particularly during the Spring Festival, while medium-term recovery in sales, pricing, and financial reports is also expected [2][4]. - The report highlights the impact of the EU's anti-subsidy measures, which are likely to accelerate domestic replacements in deep processing, particularly in the dairy sector. This is expected to create opportunities in the food sector as companies prepare for the Spring Festival [4][8]. - The beer sector is experiencing a slight decline in major markets like China and the US, but global beer consumption is projected to grow by 0.5% in 2024, indicating a potential for recovery [3]. Summary by Sections Liquor Industry - The report discusses the proactive measures taken by leading liquor companies to optimize supply and enhance sales channels. Notable companies like Guizhou Moutai and Wuliangye are focusing on product structure and market innovation [2]. - The report suggests that companies such as Luzhou Laojiao and Yanghe Brewery are well-positioned for short-term recovery due to supply improvements and strong brand positioning [2]. Beer and Beverage Sector - Global beer consumption is projected to reach approximately 19.41 billion liters in 2024, with a slight increase despite declines in major markets [3]. - The establishment of a subsidiary in Thailand by Xiangpiaopiao is noted as a strategic move to enhance overseas business development [3]. Food Sector - The report indicates that the EU's anti-subsidy measures on dairy products will likely benefit domestic producers, particularly in the context of the upcoming Spring Festival [4][8]. - Companies like Yili and Anjoy Foods are highlighted as potential beneficiaries of the market expansion driven by these policy changes [8].

将投中网设为"星标⭐"，第一时间收获最新推送 近日，成立仅一年半的中法合资IC设计公司灵朔科技完成数千万元的天使轮融资，本轮由利城资本 独家投资。 作者丨簪竹 来源丨 投中网 黄金十年，英雄折戟 过去十年，是国产替代IC设计的黄金十年，2021年"缺芯潮"开始，中国一级市场对IC设计投资热情 迎来了高潮，大量国内基金涌入，热钱呼啸过后，国内许多IC设计标的都经历了多轮融资，但IC设 计行业受到半导体固有周期变化的影响，行业从2023年开始遇冷，真正被并购甚至能够走向科创板 的IC设计公司寥寥无几，于是英雄折戟，相当一部分投资，成为了国内芯片设计发展的花泥。 2025年，IC设计赛道，尤其是高端车规MCU设计赛道遇冷，市场上弹药充足且坚持投向芯片设计的 投资机构寥寥无几，过去十年芯片设计投资血和泪的教训让一级市场投资人甚至形成了少碰车规IC 设计的共识，毕竟道理是显然易见的：高昂的人工费用、严苛的主机厂测试流程、并不性感的毛利以 及并不低的估值，种种因素让投资人难以下手，进而让本就现金流难以打正的初创设计公司更加难以 维系，恶性循环之下，原本喧嚣的赛道，还没有真正辉煌就逐渐冷落下来。 逆行者 然而市场永远不乏" ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 推荐工程机械开门红机遇；持续推荐燃气轮 机&光模块设备 增持（维持） [Table_Tag] [1.Table_Summary] 推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、 华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科 技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】Q1 开工旺季即将来临，看好板块 Q1 确定性机会 工程机械板块存在明显的春季躁动，一般会在 Q1 出现明显上涨行情。复盘 2021-2025 年工程机械板块走势，板块一般在 Q1 会出现为期两周左右的超额 涨幅。春季躁动的来源主要系政策导向下，工程机械迎来开工+销售旺季。受 预算释放、春节后复工、气候适宜、两会后政策支持、市场促销等多方面因素 影响，Q1 一般为工程机械开工+销售旺季。开工层面来看，从挖机开工小时数 可以看出一般 3-4 月为全年开工高点。销售层面来看，2021-2024 年国内挖机 Q1 销量全年 ...

Core Viewpoint - The SMO (Site Management Organization) landscape is stable, and the industry is expected to enter a new growth cycle, driven by the increasing demand for clinical trials and the recovery of innovative drug development [13][20][31]. Market Review - The CITIC Pharmaceutical Index decreased by 0.19%, underperforming the CSI 300 Index by 2.14 percentage points, ranking 26th among 30 primary industries [6]. - The top ten stocks by growth this week included Hongyuan Pharmaceutical and Luyuan Pharmaceutical, with growth rates of 59.43% and 37.34% respectively [5][6]. Overall Viewpoint and Investment Themes - The innovative drug sector is transitioning from quantity to quality, emphasizing differentiated products and international pipelines, with a focus on companies that can deliver profits by 2025 [8]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and home medical devices are benefiting from subsidy policies [8]. - The CXO and life sciences services sector is expected to see a rebound in investment, with a focus on high-growth potential companies as the industry recovers from previous downturns [8]. SMO Industry Insights - The number of clinical trials in China is steadily increasing, with a projected 4,900 new drug clinical trials in 2024, reflecting a 13.9% year-on-year growth [17]. - The SMO industry is expected to reach a market size of 35 billion yuan by 2030, driven by the rising complexity of clinical trials and the demand for high-quality services [17][20]. - The introduction of AI technology in SMO processes is anticipated to enhance efficiency and reduce costs, particularly in labor-intensive tasks [25]. Investment Recommendations - The medical device sector is recommended for investment, particularly in imaging equipment and home medical devices, which are expected to see significant growth due to policy support and market recovery [46]. - The low-value consumables market is also showing signs of improvement, with domestic manufacturers experiencing a rebound in orders as inventory levels normalize [47]. - The pharmaceutical retail sector is poised for growth due to the acceleration of prescription outflow and an improving competitive landscape, particularly for listed chain pharmacies [53]. Specific Company Insights - Companies like Pusens and Tianzhong have shown resilience and growth in their operational metrics, with Pusens improving its gross margin from 16.23% in Q1 2025 to 25.58% by Q3 2025 [22]. - The domestic SMO market is still in its early stages, with the top five players holding approximately 25-30% market share, indicating potential for consolidation and growth [27]. - The life sciences service sector is expected to benefit from increased domestic and international demand, with a focus on companies that can leverage their capabilities for growth [52].

内容概要：金属表面处理作为支撑制造业发展的关键配套领域，其发展与汽车制造、机械制造、航空航 天、电子电器等下游行业发展紧密相关，近年来，随着新能源汽车产业的飞速发展，动力电池壳体、电 驱系统零部件对防腐、耐磨的表面处理需求持续攀升，轻量化金属部件的表面强化工艺更是成为刚需， 同时，航空航天领域对特种涂层的耐高温、抗高压等性能要求不断提高，为等离子喷涂、纳米涂层等高 端处理技术提供了广阔应用场景，此外，5G通信设备、半导体器件等新兴领域的发展推动电磁屏蔽镀 层、精密抛光等工艺的发展，新兴领域的需求正成为我国金属表面处理行业增长的核心动力，据统计， 2024年我国金属表面处理行业市场规模达7949.6亿元，同比增长5.3%，其中，电镀处理约占21.2%，物 理处理约占26.5%，化学处理约占23.0%，热处理类约占11.5%。 相关上市企业：扬子新材（002652）、上海新阳（300236）、三孚新科（688359）、东威科技 （688700）、金力泰（300225）、宜安科技（300328） 相关企业：广西鑫扬金属表面处理有限公司、南京佳盛金属表面处理有限公司、巴斯夫（中国）有限公 司、阿克苏诺贝尔（中国）投资 ...

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 sizes and growth rates anticipated [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 collaboration among domestic companies to enhance competitiveness in the global market [21]. Strategic Insights - Investment strategies vary across different stages of company development, from seed rounds to pre-IPO phases, with a focus on team capabilities, market potential, and product maturity [10]. - The article suggests that companies in the growth phase with established sales channels and increasing revenue present lower investment risks and higher potential returns [10].

www.hczq.com 证券研究报告 | 医药生物 | 2025年12月27日 华创医药投资观点&研究专题周周谈 · 第156期 SMO格局稳固，行业有望开启成长新周期 本周专题联系人：王宏雨 华创医药团队： | 首席分析师 郑辰 | | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | --- | --- | --- | | 联席首席分析师 | 刘浩 | | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | 高初蕾 | | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | | | 执业编号：S0360524070007 | 邮箱：zhukec ...