【机构：第六批医用耗材国采文件发布，规则细节及报量符合预期】 今日（12.25），沪指录得七连阳，医疗器械板块反弹。全市场费率最低档的医疗器械ETF基金(159797)收涨1.58%，连续第二日走强！资金面上，医疗器械 ETF基金(159797)已连续6日净流入，近10日累计"吸金"超3100万元！ 国金证券认为，报量结果符合预期，主要品种国产化率高。从冠脉药物球囊的报量情况来看，上市公司乐普医疗位居第二，占比16%；山东吉威（蓝帆医疗 子公司）位居第五，占比8%；微创医疗、先瑞达医疗占比相对较少。从外周药物球囊的报量情况来看，先瑞达医疗、归创通桥、心脉医疗前三家国产企业 占据市场71%的份额，国产头部企业报量情况基本符合预期，此次大部分品种由于此前已经历过省级或区域联盟集采，国产化率已相对较高。此外，由于采 用多轮报价，企业中选率大幅提升。 消息面上，2025年12月22日，国家组织高值医用耗材联合采购办公室发布《国家组织药物涂层球囊类、泌尿介入类医用耗材集中带量采购文件(GH-HD2025- 1)》的公告，企业申报材料递交及信息公开将在2026年1月13日进行。本次集中带量采购周期自联盟各地区中选结果实际 ...

人民财讯12月25日电，据上海临港（600848）公众号消息，今天（12月25日）上午，入选上海市重大工 程项目的 "数字光源芯片先进封测基地项目" 在临港新片区正式动工。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，聚焦Micro-LED光显一体车用光源芯片领域， 将有力推动高端车用光源芯片的国产替代进程。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。 ...

Group 1: Strategic Partnership - Ningbo Dongli and Nidec have signed a global strategic partnership agreement, marking a new phase of long-term, systematic, and global cooperation in the precision transmission field [1] - Ningbo Dongli is the first A-share listed company in China's gear industry, recognized for its solid foundation in precision processing, quality management, and large-scale delivery [1] - Nidec is a leading player in the global small precision reducer market, with deep technical accumulation in core transmission technologies for advanced automation and robotics [1] Group 2: Market Dynamics - The global precision reducer market is predominantly led by Japanese companies, with over 80% of industrial robots using precision reducers being dominated by Japan [2] - Chinese companies are making significant strides in overcoming technical bottlenecks, with domestic brands moving from low-end to high-end markets, supported by favorable policies and increasing diverse demands [2] - The global precision transmission components market is projected to exceed $42 billion by 2025, with a steady compound annual growth rate of 6.8% over the past five years [2] Group 3: Future Growth Potential - The global reducer market is expected to reach $28 billion by 2025, with China's market size reaching $15 billion, accounting for nearly 40% of the global market [3] - The demand for automation upgrades in traditional manufacturing and the rise of humanoid robots are key growth drivers, with each humanoid robot requiring 10 to 20 precision reducers [3] - By 2030, the global precision transmission components market is anticipated to reach $65 billion, driven by the expected sales of over 500,000 humanoid robots by 2027 [3]

受此消息刺激，张江高科股价直线猛拉，尾盘一度暴涨超8%。 今年以来，光刻机国产化不断提速。有券商机构认为，光刻机技术的突破将带动上游材料、精密机械等配套产业升级，加速光刻胶、光学部件等"卡脖子"材料的国产 化进程。 国产光刻机突传重磅。 12月25日，据中国政府采购网公示，上海微电子装备（集团）股份有限公司（以下简称"上海微电子"）中标zycgr22011903采购步进扫描式光刻机项目，设备数量为一 台。 光刻机大消息 12月25日，据中国政府采购网公示，上海微电子中标zycgr22011903采购步进扫描式光刻机项目，设备数量为一台，成交金额10999.985万元。 公司官网信息显示，上海微电子主要致力于半导体装备、泛半导体装备、高端智能装备的开发、设计、制造、销售及技术服务。公司设备广泛应用于集成电路前道、 先进封装、FPD面板、MEMS、LED、Power Devices等制造领域。 上海微电子的光刻设备主要包括，SSX600系列步进光刻机、SSB500系列步进光刻机、SSB300系列步进光刻机、SSB200小Mask系列曝光机、SSB200大Mask系列曝光 机。 | 网 | 供应商名称 | 货物名称 ...

证券研究报告 2025 年 12 月 25 日 湘财证券研究所 行业研究 食品饮料行业点评 深加工是中国乳业的发展方向 ——对欧盟乳制品征收反补贴政策点评 相关研究： | 1.《品类创新扬帆，穿越液奶周期 | | | --- | --- | | ——伊利股份2026年经销商大会 | | | 点评》 | 2025.12.19 | | 2.《妙可蓝多：品牌破圈，国产替 | | | 代加速》 | 2025.11.28 | | 3.《板块情绪回暖，估值极具性价 | | | 比》 | 2025.11.24 | 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 | 相对收益 | -3.8% | 0.3% | -22.9% | | --- | --- | --- | --- | | 绝对收益 | 4.4% | 1.4% | -13.7% | | | | 注：相对收益与沪深 300 相比 | | 分析师：张弛 证书编号：S0500525110001 Tel：17621838100 Email：zc08241@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 ❑ 首先利好 ...

Core Viewpoint - The semiconductor industry is experiencing a new wave of price increases driven by rising demand, particularly from AI applications, and supply-side capacity shortages [2][3]. Group 1: Price Increases - Semiconductor companies such as SMIC and GlobalFoundries have issued price increase notices to downstream customers, primarily focusing on the 8-inch BCD process platform with an increase of around 10% [3]. - The NAND price index has surged by 173% and the DRAM price index by 169% since the end of July, with expectations of further increases in DDR5 RDIMM prices by over 40% and eSSD prices by 20-30% in Q1 2026 [3]. Group 2: Market Growth - According to SEMI, global semiconductor manufacturing equipment sales are projected to reach $133 billion in 2025, marking a 13.7% year-on-year increase, with continued growth expected in the following years, reaching $145 billion in 2026 and $156 billion in 2027 [4]. - The semiconductor equipment ETF (561980) tracks an index where nearly 60% is composed of equipment, and over 90% is focused on the upstream sectors of the semiconductor industry, indicating significant potential for domestic substitution [4]. Group 3: Investment Opportunities - The semiconductor equipment ETF has a strong focus on leading companies such as Zhongwei Company, North Huachuang, and Cambrian, with the top ten holdings accounting for nearly 80% of the index, showcasing high elasticity characteristics [7]. - As of December 24, the index has seen a year-to-date increase of over 65%, outperforming other mainstream semiconductor indices, suggesting it may have greater resilience in the upcoming semiconductor upcycle [7].

Core Viewpoint - The storage chip sector in A-shares is experiencing a strong rally, becoming the leading segment in the semiconductor industry, driven by significant demand from AI applications and a favorable market cycle [1][2] Group 1: Market Performance - The storage chip sector has shown robust performance, with key stocks like Tian'ao Electronics and Hengsuo Co. hitting the daily limit, igniting profit-making sentiment across the sector [1] - There is a notable influx of capital into the market, indicating high recognition of the storage chip industry's cyclical reversal and growth potential [1] Group 2: Industry Dynamics - AI demand is driving a significant increase in high-end storage needs, with Micron Technology reporting a quarterly revenue of $13.6 billion, a 57% year-over-year increase, and a net profit of $5.5 billion, up 169% [1] - The storage requirements for AI servers are eight times that of regular servers, with global AI server shipments expected to grow by 180% in 2025, leading to a 220% surge in high-end storage chip demand [1] Group 3: Price Trends and Inventory Levels - The storage chip industry has seen prices soar, with DDR5 memory prices increasing by 80% from September to December, and HBM2e prices rising nearly 50% [2] - Inventory levels have dropped to a five-year low, with major players like Samsung and Micron reducing production, resulting in inventory levels falling from 12-16 weeks to 2-4 weeks [2] Group 4: Domestic Market Developments - Domestic companies are accelerating their market presence, with Shunming Storage achieving mass production of the first domestic ferroelectric memory, ranking among the top five global suppliers [2] - Changxin Storage's DDR5 memory module has entered the supply chains of major companies like Huawei, with revenue surpassing $1 billion in Q3 2025 [2] Group 5: Benefiting Sectors - The storage chip design and module sector is directly benefiting from the explosion in AI demand and rising prices, with companies like Beijing Junzheng and Jiangbolong positioned to gain from the industry's upward trend [3] - The storage chip materials and equipment sector is also seeing growth due to domestic production expansion and technological advancements, with companies like Shunming Storage achieving full localization of materials and equipment [3] - The AI server and computing equipment sector is experiencing synergistic growth, with a significant increase in demand for AI servers and storage chips [3]

Group 1 - The market is currently consolidating, with the domestic AI industry chain-focused ETF (589520) experiencing a slight decline of 0.35%, indicating strong buying interest as evidenced by frequent premiums in the market [1] - The U.S. government has decided to end the previous administration's investigation into Chinese chips, delaying additional tariffs for at least 18 months, which is seen as a signal for stabilizing U.S.-China relations [2] - Domestic AI industry chain is gaining attention due to the urgency of localizing the semiconductor supply chain, as the U.S. has imposed comprehensive controls on advanced logic and memory industries [3] Group 2 - East China Securities recommends focusing on the domestic AI industry chain, highlighting the low global supply share of self-controlled enterprises in various sectors, indicating significant potential for domestic growth [3] - The rise of AI applications is driving the need for high-end chips, which may accelerate technological upgrades among domestic chip manufacturers [3] - The Sci-Tech Innovation Artificial Intelligence ETF (589520) and its linked funds are strategically positioned in the domestic AI industry chain, with over 70% of the top ten holdings concentrated in the semiconductor sector, indicating a high level of aggressiveness [4] Group 3 - In terms of stock performance, Zhongke Xingtou led with a rise of over 3%, while other companies like Xinghuan Technology and Aobi Zhongguang also saw gains, while companies like Chip Origin and Daotong Technology experienced declines [7]

中信建投指出，AI端侧应用兴起，高端芯片亟需国产。科技摩擦加剧背景下，有望推动我国芯片厂商 技术升级，加速AI芯片等高尖端科技领域突破。AI芯片领域国产替代有助于国内企业把握产业发展机 遇，实现产业升级。 【国产替代之光，科创自立自强】 12月25日早盘，市场盘整，重点布局国产AI产业链的科创人工智能ETF（589520）随市回调，场内价格 现跌0.35%，值得关注的是，该ETF场内溢价频现，显示买盘资金更为强势，或有资金逢跌进场布局！ 成份股方面，中科星图领涨超3%，星环科技涨逾2%，奥比中光、云天励飞、亚信安全等个股跟涨。另 一方面，芯原股份跌近6%，道通科技、海天瑞声跌逾1%，跌幅居前，拖累指数表现。 | 序号 名称 | | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交額 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中科星图 | 3.92% | STATUTE AND THE FORM | 计算机 | 日服务Ⅱ | IT服务Ⅲ | 407亿 | 8.21亿 | | 2 ...

鼎阳科技在研发和新产品发布方面有哪些重要进展？ 鼎阳科技一直持续加大研发投入，从 2020 年的 2000 多万元增加到 2024 年 的 1.07 亿元，占比接近 20%。公司陆续推出了多款打破海外技术垄断、国内 领先的产品，如手持示波表、12 比特的 2G、4G、8G 及 16G 示波器等。仅在 公司各项费用增速下降，研发和销售费用增速分别降至 20%-30%和个 位数或十几个百分点，利润端或有更好表现，净利率预计维持高位，毛 利率预计稳定在 60%左右波动。 为应对关税问题和全球布局，鼎阳科技在马来西亚设立生产基地，已于 2025 年上半年投产，运转良好，虽成本略高于深圳工厂，但综合产能 利用率逐步上升，对整体利润影响不大。 2025 年，公司就发布了 15 款新产品，其中包括 20G 示波器，将数字示波器 的带宽水平提升至新的高度。高端产品占比从 2017 年的 2%提升至 2025 年 前三季度的 30%。 鼎阳科技 20251224 摘要 鼎阳科技研发投入持续增长，从 2020 年的 2000 多万元增至 2024 年 的 1.07 亿元，占比近 20%，驱动公司不断推出打破海外垄断的创新产 品， ...