电子行业 证券研究报告 |公司深度研究报告 2025/12/23 存储+MCU国内龙头，端侧AI与国产替 代共驱增长 兆易创新深度报告—— 李珏晗 S1190523080001 证券分析师： 分析师登记编号： 张世杰 S1190523020001 证券分析师： 分析师登记编号： P2 报告摘要 全球领先Fabless芯片供应商，"感存算控连"多元布局。公司是全球领先的Fabless芯片供应商，在 传统优势业务Flash的基础上，持续推进MCU、利基型DRAM、传感器及模拟芯片业务领域新产品线，通 过外延并购和内部孵化等方式，新业务加速发展，形成"感存算控连"多元布局。受益下游需求回暖 和海外大厂退出利基市场的机会，存储市场迎来周期向上，公司存储产品量价齐升，25年前三季度实 现收入68.32亿元，同比增速20.92%，归母净利润10.83亿元，同比增速30.18%。 利基型DRAM供给端格局优化，定制化存储打开成长空间。为应对高性能计算对HBM、DDR5和LPDDR5产品 的爆发性需求，三星、SK海力士、美光等海外原厂逐步退出DDR3市场，同时大幅削减DDR4等利基型产 品的产能分配，海外大厂的退出为供给端带 ...

来源：@证券市场周刊微博 2025年三季度，制药装备相关上市公司业绩大都出现拐点，在此背后是需求端的恢复。随着制药行业复 苏，全球产能进入扩张周期，启动了新一轮产能建设，制药装备行业因此将大为受益。 而据森松国际半年报，2025年上半年其收入26.87亿元，同比下降22.7%；归母净利润3.4亿元，同比下 降10.1%。虽然营收和净利润均同比下滑，但森松国际在手订单却创出历史新高，主要是医药带动新签 订单超预期。上半年，森松国际新签订单59.96亿元，同比增长89.5%。其中，医药新签订单43.72亿 元，同比增长642%。截至2025年6月底，公司在手订单为105.66亿元，同比增长20.4%，创历史新高。 上半年新签订单中，海外订单占比达到92.8%，同比有较大提升。 在此背后是制药装备行业的恢复。随着制药行业复苏，全球产能进入扩张周期，制药装备行业大为受 益。 薛宇/文 2025年以来，在创新药行情催化下，医药行业股价整体表现较好。 其中，年初以来，港股上市公司森松国际（02155.HK）股价由4.303港元/股上涨至最高的11.68港元/ 股，涨幅接近两倍。深挖背后的原因，一方面源自行业恢复，公司订单 ...

Core Viewpoint - The domestic GPU industry is experiencing a capital frenzy as several companies prepare for IPOs, with significant market valuations and investor enthusiasm, despite the underlying financial challenges and losses faced by these companies [2][3][10]. Group 1: IPO and Market Performance - Moer Technology became the first domestic GPU stock on the Sci-Tech Innovation Board, opening at 650 CNY per share, a 468.78% increase from its issue price of 114.28 CNY, with a market cap exceeding 300 billion CNY [2]. - Muxi Co. also listed on the Sci-Tech Innovation Board, seeing an opening surge of over 568%, with its market cap quickly surpassing 300 billion CNY [2]. - On the same day as Muxi's listing, Birun Technology passed the Hong Kong Stock Exchange hearing, positioning itself to become the first GPU stock in Hong Kong [2]. Group 2: Financial Performance and Challenges - Moer Technology, Muxi Co., and Birun Technology are currently operating at a loss, with Moer reporting a loss of 724 million CNY in the first three quarters of 2025, Muxi at 346 million CNY, and Birun at 1.601 billion CNY in the first half of the year [3]. - In comparison, Nvidia's revenue for a single quarter in 2025 exceeded 30 billion USD, while domestic GPU companies' revenues are only in the range of several hundred million to a few billion CNY [3]. Group 3: Market Drivers and Trends - The IPO wave of domestic GPU companies is driven by a growing demand for computing power, a need for domestic alternatives, and a shift in capital investment logic [3][6]. - The demand for computing power has surged since the global AI model boom initiated by ChatGPT in 2023, with predictions indicating that China's total computing power will reach 3442.89 EFLOPs by 2029, growing at a compound annual growth rate of 40% [5]. Group 4: Competitive Landscape and Differentiation - The four leading domestic GPU companies, referred to as the "Four Little Dragons," are pursuing differentiated paths in technology, product positioning, and application scenarios [7]. - Moer Technology focuses on a full-featured GPU similar to Nvidia, while Muxi Co. specializes in AI computing GPUs, and Birun Technology emphasizes extreme computing power with its BR100 chip [8][9]. Group 5: Future Outlook - The domestic GPU industry is expected to face challenges in competing with Nvidia's established ecosystem, but there are structural opportunities for growth supported by national policies and a rich landscape of AI application scenarios in China [10][11]. - The future of domestic GPUs will depend on their ability to develop core technologies, production capabilities, and clear commercialization paths, with a focus on ecosystem service and scenario adaptation [12][13].

来源：中时财经 随着国产芯片企业不断登陆资本市场，以及国产芯片行业的崛起，诞生了一批身价百亿甚至千亿级的科 技富豪。12月22日，被誉为"国产GPU四小龙"之一的上海壁仞科技股份有限公司（下称"壁仞科技"）正 式启动港股招股程序。后续还有多家芯片企业在排队上市，现实版"造富神话"可能还将继续。 之前，摩尔线程、沐曦股份在科创板上市，上市首日股价都迎来大涨，市值都曾超3000亿元。壁仞科 技、天数智芯、昆仑芯等芯片企业紧随其后，也都在抢滩资本市场。这一大波上市浪潮下，谁是最大赢 家？后来者能否后来居上？市场有没有泡沫？成为各方关注和热议的话题。 01 抢滩资本市场 张琦在一家投资机构工作，日前她对中国经济时报·中时财经记者表示，"最近国内芯片行业头部企业接 连IPO，纷纷抢滩资本市场，给人的感觉的确很火爆。" "我们在芯片行业的投资也不错，投中了摩尔线程，收益非常好。我们100亿元估值投的，摩尔线程市值 高的时候超4000亿元。"张琦说。 12月17日，沐曦股份在科创板上市，首日暴涨近700%，市值定格在3320亿元。更早上市的寒武纪，市 值高达5400亿元，摩尔线程市值也超过3300亿元。不过经过最近几天股价 ...

Investment Rating - The industry investment rating is "Hold" [2] Core Insights - The automotive sector experienced a slight decline of -0.10% in the past week, with the automotive services sub-sector performing the best at +3.73% [5] - In November, the retail sales of passenger vehicles decreased by 7% year-on-year, while Tesla launched a budget version of Model 3 in Europe [5] - The Ministry of Industry and Information Technology approved two L3 level autonomous driving models, indicating advancements in smart vehicle technology [6] - China FAW plans to mass-produce solid-state batteries by 2027, which will be used in high-end Red Flag models [6] - The automotive market is currently adjusting due to the expiration of several consumer stimulus policies, with a projected retail market of approximately 2.3 million units in December [6] - The EU has proposed to relax the 2035 ban on new fuel vehicle sales, allowing for a 90% reduction in emissions compared to 2021 levels [7] Summary by Sections Market Review - The automotive sector's performance was ranked 21st among 31 first-level industries, with notable companies like Zhejiang Shibao and Weidi Co. showing significant gains [5] - The overall market sentiment reflects a mixed performance, with some companies experiencing substantial growth while others faced declines [5] Sales Data - From December 1 to 14, retail sales of passenger vehicles reached 764,000 units, a year-on-year decrease of 24% [6] - The wholesale volume for the same period was 734,000 units, down 31% year-on-year [6] - The new energy vehicle market showed resilience with retail sales of 476,000 units, only a 4% decline year-on-year [6] Investment Recommendations - Focus on companies involved in smart vehicle technology and those with potential for overseas sales [7] - Consider component manufacturers that can benefit from domestic substitution effects [7]

创业板制度改革落地，引导资本活水精准滴灌硬科技、高潜力企业 创业板自成立之初，便明确了支持创新成长企业的战略定位。经过十余年的建设发展，创业板制度规则 的包容性、适应性不断提升，创新属性愈发鲜明，成长特色日益凸显。如今，创业板已形成阶梯式、多 元包容的上市标准，为符合国家战略方向的"高成长、高水平、高质量"企业拓宽了融资通道，让资本活 水精准滴灌技术创新能力显著的优质企业。大普微此次IPO过会也标志着创业板迎接首家优质未盈利企 业的落地，是"资本市场服务科技创新"的具体体现。 此次过会的大普微是一家国家级专精特新重点"小巨人"企业、国家知识产权优势企业、获广东省存储芯 片及系统工程技术研究中心认定企业。大普微的顺利过会，为创业板支持拥有核心技术、市场潜力突出 的新质生产力企业贡献了重要的制度实践与标杆案例，进一步强化了创业板作为中国创新驱动发展战略 重要阵地的核心地位。 2025年12月25日，深圳大普微电子股份有限公司(以下简称"大普微")于创业板IPO成功过会，市场各方 高度关注。 大普微是一家专注于企业级SSD产品的高科技公司，以"主控芯片+固件算法+模组"全栈自研能力为核心 支点，产品广泛应用于AI、 ...

A 股指数震荡中枢上移，分歧后看好后续行情 2025 年 12 月 25 日 股指期货早报 2025.12.25 报告摘要： 海外方面，美上周初请失业金人数录得 21.4 万人，低于预期和 前值 22.4；隔夜圣诞节假期间，外围资产上涨，美三大股指集体收 涨，美债 2 年和 10 年期收涨，黄金震荡小幅收跌，纳斯达克金龙指 数小幅收跌，离岸人民币汇率继续升值。隔夜外围走势对 A 股中性偏 多。 国内盘面上看，周三大盘平开震荡上涨 0.53%，深成指上涨 0.88%，创业板指上涨 0.77%，市场呈现指数与个股一起反弹的走势。 前日下跌的商业航天昨日开盘就迎来上涨，午后带动市场的是券商和 算力的硬件。整体市场处于指数表现稳当，当氛围并未完全起来的状 况。板块上看，军工、电子、建筑材料、轻工制造涨幅居前，农林牧 渔、煤炭、食品饮料、银行下跌。全市场 4124 只个股上涨，1132 只 个股下跌。消息上看，美方拟自 2027 年起对华半导体产业征关税。 这也是美国对华科技竞争策略的一部分，后续国产替代的进程或加 快。 整体上看，外围进入圣诞假期，隔夜走势对 A 股中性偏多。国内 A 股步入年底，资金布局明年的行情， ...

中新网上海12月25日电 (记者 李姝徵)上海市重大工程项目之一——数字光源芯片先进封测基地项目25 日在中国(上海)自由贸易试验区临港新片区(以下简称临港新片区)动工。 项目总占地35亩，预计2027年上半年竣工，建成后将形成年产120万颗Micro-LED光源芯片及60万套车 灯模组的产能，产品将具备独立像素控制、微秒级响应等技术优势，契合智能交互照明的行业发展需 求。 晶合光电董事长余涛在当日开工仪式上表示，临港新基地的开工是公司打通Micro-LED芯片全产业链、 迈向高端光源制造的里程碑式一步。 余涛表示，面对行业"缺芯少芯"的痛点，公司将以该基地为核心，持续加大研发投入，深化与高校、产 业链伙伴及金融机构的产学研协同创新，全力攻克前沿技术，致力于将其打造为国际一流的先进封测基 地，为中国汽车电子产业的安全升级与自主可控提供坚实支撑。 该基地的建成不仅将实现高端车用光源芯片的国产化替代，降低本土智能汽车产业的供应链风险，更将 通过打造"芯片设计-封测智造-量产应用"协同的产业生态，吸引上下游企业集聚。(完) 该项目由晶合光电全资子公司上海智汇芯晖微电子有限公司投资建设，首期投资3亿元人民币，聚焦 M ...

Core Viewpoint - The article discusses the strategic transformation of Yintan Zhikong from a traditional distributor to a semiconductor IDM enterprise, highlighting its recent acquisitions and developments in the MEMS and OCS sectors as pivotal steps in this transition [1][31]. Group 1: Google TPU and Market Impact - Google's TPU is emerging as a significant competitor to NVIDIA in the AI computing space, with OpenAI leveraging TPU to negotiate a 30% reduction in NVIDIA's total cost of ownership [3]. - The success of Google's TPU has brought attention to MEMS-OCS (Optical Circuit Switch) technology, which is essential for efficient AI infrastructure [4][5]. Group 2: Yintan Zhikong's MEMS Development - Yintan Zhikong is one of the two companies in China capable of mass-producing MEMS micro-mirrors, which are critical for applications in automotive LiDAR, AR-HUD, and optical communication [9][14]. - The company has made significant progress in developing MEMS micro-mirrors, with plans to focus on automotive LiDAR and laser projection applications, having secured contracts with leading clients [10][13]. Group 3: Acquisitions and Strategic Goals - Yintan Zhikong plans to acquire Guanglong Integrated Technology and Aojian Microelectronics to enhance its capabilities in MEMS-OCS and analog chip sectors, aiming to create a complete vertical supply chain [17][26]. - Guanglong Integrated Technology specializes in optical switches and has made advancements in OCS technology, while Aojian Microelectronics focuses on high-performance analog chips, which are in high demand for domestic market replacement [21][26]. Group 4: Financial Performance and Future Outlook - Yintan Zhikong reported a total revenue of 5.346 billion in 2024, with a net profit of 60 million, indicating a need for improved profitability as most revenue comes from low-margin electronic component distribution [30]. - The company’s strategic acquisitions are viewed as essential for its transition to a semiconductor IDM, although challenges in integration and execution remain [30][31].

证券研究报告：食品饮料|点评报告 发布时间：2025-12-25 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 16521.46 | | 52 | 周最高 | 18638.17 | | 52 | 周最低 | 16379.5 | 行业相对指数表现（相对值） -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 食品饮料 沪深300 ⚫ 投资要点 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《政策利好叠加周期拐点预期，乳制品 板块表现强势》 - 2025.12.2 ...