受访人士表示，尾盘拉升并非普涨，而是资金集中追逐高确定性标的的结构性行情，亦折射出避险情绪升温。不过，从当前两市成交额来看，具备支 撑"春季躁动"的基础，接下来宜保持"重概念、轻指数"思路。 零售、军工板块熄火 今日，沪指收涨0.07%报3919.98点，创业板指收涨0.41%报3205.01点，深证成指收涨0.27%。科创50、沪深300、上证50微涨，北证50微跌。 12月23日，A股午后下探、尾盘拉升，主要指数多数收红，成交额放量突破1.9万亿元，却有3856只个股收跌，电力设备、半导体板块相对强势。 市场放量391亿元，成交额升至1.92万亿元；杠杆资金持续加码，截至12月22日，沪深京两融余额刷新至2.52万亿元。 盘面上，大消费与军工板块领跌，商业航天、天机互联、北斗导航、航空航天装备、零售以及休闲服务跌幅居前。半导体、英伟达概念、动力电池回收、 氟化工、麒麟电池、稀有金属等概念则涨幅居前。 | 名称 | . | 米幅% ↓ | 涨停家数 | 跌停家数 | 成交额 | 年初至今涨幅% | 5日涨幅% | | --- | --- | --- | --- | --- | --- | --- | --- ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The fluid control equipment industry is upgrading from traditional mechanical drive to intelligent perception, precise control, and remote operation and maintenance due to the rise of emerging fields such as new energy, semiconductors, and biomedicine [3]. - The upstream of the fluid control equipment industry chain will develop towards material upgrading, intelligent production, and green supply chain, while the downstream shows obvious trends in the growth of emerging industry demand, technological innovation applications, and market pattern changes [4]. - The market scale of China's valve and dispenser segments in the fluid control equipment industry is expected to continue to grow steadily in the future [5]. - Domestic enterprises in the fluid control equipment industry have achieved import substitution in the mid - and low - end markets and are breaking into the high - end market [11]. Summary by Relevant Catalogs Fluid Control Equipment Industry Overview - Fluid control equipment is a core part of industrial automation and process control, which can actively intervene and precisely regulate the fluid flow state, physical parameters, and transmission process [7]. - It is classified into flow control equipment, pressure control equipment, flow direction control equipment, and state control equipment, each with specific core functions, typical equipment, and technical requirements [8]. Fluid Control Equipment Industry Chain - **Upstream**: Raw materials account for 40% - 60% of the upstream cost, with basic metals and general polymers being self - supplied, but still relying on imports for high - end special alloys and polymers. Key components account for 25% - 35% of the upstream cost and have the highest technical barriers [4]. - **Midstream**: Composed of core products such as dispensers, coating machines, precision valves, and automation integration systems. International giants lead the high - end market, while domestic leading enterprises are the main force for import substitution in the mid - and low - end markets and are breaking into the high - end market [11]. - **Downstream**: Widely used in industries such as industrial manufacturing, energy, automotive, semiconductors, water treatment, and medical. The 3C electronics and semiconductor industries are the core application fields, and the new energy field is growing rapidly [11]. Valve Market - The market scale of China's valve industry has been expanding from 2020 - 2024, and the localization rate is gradually increasing. It is expected to reach $16.96 billion in 2025 and $21.78 billion in 2029, with a compound growth rate of 6.4% from 2024 - 2029 [5][15]. - High - growth application fields of valves include new energy, semiconductors, and hydrogen energy; stable - growth fields include petrochemical, municipal water, and medicine; and low - growth fields include traditional thermal power and low - end manufacturing [18]. Dispenser Market - From 2020 - 2024, the market scale of China's dispenser industry increased from 26.273 billion yuan to 44.26 billion yuan, with an annual compound growth rate of 15.02%. It is expected to grow from 52.23 billion yuan to 101.25 billion yuan from 2025 - 2029, with a compound growth rate of 18.0% [5][22]. - The technical difficulty of dispenser applications in downstream fields varies. The semiconductor field has the highest technical difficulty, followed by consumer electronics, while the new energy vehicle and photovoltaic fields have relatively lower technical difficulties [23]. MFC Application Fields - MFC is applied in semiconductor, biomedicine, high - end chemical, pan - semiconductor, and general industrial fields. Each field has different core requirements, technical paths, key parameters, and price ranges [26].

半导体设备用磁浮运动平台的主要生产商 | 总部 / 国家 | 公司名称 | 业务介绍 | | --- | --- | --- | | 德国 | Beckhoff Automation | Beckhoff Automation 是一家全球自动化技术公司，专注于开 | | | | 发和制造基于 PC 控制技术的开放式自动化系统及组件。其 | | | | 主要业务包括工业 PC 、 I/O 与现场总线模块、驱动技术、 | | | | 自动化软件、无控制柜自动化解决方案和机器视觉硬件等产 | | | | 品，这些硬件和软件既可作为独立部件使用，也能集成成完 | | | | 整的控制系统，覆盖从数控机床到智能建筑等广泛行业应 | | | | 用。 Beckhoff 以其 PC-based 控制理念、 TwinCAT 自动化软 | | | | 件和 EtherCAT 实时现场总线技术为核心，为全球客户提供 | 半导体设备用磁浮运动平台，是指在半导体制造、检测与封装设备中，以电磁力或电磁 - 永磁混合力实现被载体（如晶圆、 掩模、基板等）与基座之间完全非接触悬浮，并通过闭环控制实现多自由度、高精度、高动态定位与扫描运动的 ...

截至2025年12月23日 13:34，上证科创板100指数上涨0.93%，成分股华丰科技上涨14.54%，杰华特上涨 13.07%，厦钨新能上涨6.61%，茂莱光学上涨6.26%，中科飞测上涨6.02%。科创100ETF华夏 （588800）上涨1.00%，最新报价1.31元。 流动性方面，科创100ETF华夏（588800）盘中换手10.9%，成交2.80亿元，市场交投活跃。拉长时间 看，截至12月22日，科创100ETF华夏（588800）近1月日均成交2.83亿元，领先同类。 截至2025年12月23日 13:36，上证科创板半导体材料设备主题指数强势上涨1.98%，成分股神工股份上 涨6.60%，和林微纳上涨6.46%，艾森股份上涨6.13%，中科飞测，龙图光罩等个股跟涨。科创半导体 ETF（588170）上涨1.85%，最新报价1.54元。 消息面上，受益于投资者重估中国科技行业价值，以及家庭储蓄流入股市等利好，今年中国股票强劲反 弹。高盛最新预测，中国股票在2026年料将延续涨势。高盛分析师认为，中国股市周期正从'预期驱 动'转向'盈利驱动'，在这一阶段，盈利兑现与估值温和扩张将成为推动回报的核 ...

需求侧：算力驱动数据中心建设热潮，带动产业链公司订单显著增长 燃气轮机环节：量价齐增背景下，关注上游部件(应流股份(603308.SH)等)、HRSG部件企业，国产化替 代标的(上海电气(601727.SH)等)及终端服务企业(杰瑞股份(002535.SZ))。 柴发环节：受益于交付速度优势，国内企业承接海外产能外溢订单，重点关注国产化替代(潍柴重机 (000880.SZ)等)与出海方向(科泰电源(300153.SZ)等)。 招商证券主要观点如下： 全球数据中心扩产主力为北美AI巨头与中国互联网大厂，北美头部企业资本开支从2023Q2的241亿美元 增至2025Q3的760亿美元，国内大厂2024Q4资本开支达772亿元阶段性高峰。北美、中国为核心增量区 域，海外龙头仍有大量待建项目，国内受算力卡进口受限影响暂缓后，有望迎来需求反弹。数据中心电 力需求激增，预计2028年美国数据中心电力需求占比将达6.7%-12%。 供给端：能源与设备双重瓶颈 北美面临电网老化、发电设备老旧与能源结构转型矛盾，燃气轮机机龄居全球首位，电力供需缺口推高 电价；中国核心约束为算力卡与海外设备进口收缩，国产化替代成关键。2026年 ...

Market Overview - The A-share market opened positively on December 23, with the Shanghai Composite Index up by 0.12%, the Shenzhen Component Index up by 0.04%, and the ChiNext Index up by 0.09% [1] - The Hainan Free Trade Port concept stocks continued to show strength, while the chemical sector experienced a notable rise [1] Hainan Free Trade Port Concept Stocks - Hainan concept stocks such as Hainan Ruize (002596) and Hainan Qiyuan (603069) hit the daily limit, with other stocks like Kangzhi Pharmaceutical (300086) and Hainan Haiyao (000566) also rising [3] - Sanya's duty-free sales exceeded 1 billion yuan for four consecutive days from December 18 to 21, with total sales surpassing 20 billion yuan for the year as of December 19 [5] Chemical Sector Performance - The chemical sector saw significant upward movement, with companies like Wanrun Co. (002643), Dongcai Technology (601208), and Jitai Co. (002909) reaching their daily limit [6] - Current valuations in the chemical industry are at historical lows, with potential for increased dividend capabilities among listed companies [8] Semiconductor Sector Activity - The semiconductor sector experienced fluctuations, with Shenghui Integrated (603163) achieving a two-day consecutive limit increase and reaching a historical high [9] - National policies since 2025 have been strengthening, leading to active mergers and acquisitions in the semiconductor field, which is expected to improve the efficiency of merger reviews and the refinancing environment for tech companies [11]

关联个股： 拓荆科技（688072）、华海清科（688120）、沪硅产业（688126）、中科飞测（688361）、安集科技 （688019）、芯源微（688037）、天岳先进（688234）、华峰测控（688200）、盛美上海（688082）、 中芯国际（688981） 券商研究方面，招商证券指出，存储和逻辑产能持续扩张，预计2026年国内先进存储及产线扩产有望提 速，国内上游设备、零部件及材料厂商将受益于下游扩产和自身新品突破；同时，半导体设备板块当前 PE-TTM估值显著低于历史中位数。国开证券则认为，存储超级周期与国产化替代共振开启新机遇， 2025年以来政策端持续强化，半导体领域并购重组活跃，市场预期并购审核效率及科技企业再融资环境 将进一步改善，推动行业从"做大规模"转向"补短板、强链条"，以构建更为完整、安全的供应链体系。 关联产品： 科创半导体ETF鹏华（589020） 消息面上，国际半导体产业协会（SEMI）发布报告预测，2025年全球半导体制造设备总销售额预计将 达到1330亿美元，同比增长13.7%，并将创下历史新高，该积极预期提振了半导体设备板块的市场表 现。 截至12月23日09:4 ...

Group 1: New Stock Offerings - This week (December 8 to 12), there are five new stocks available for subscription, including one from the Shenzhen main board, one from the Shanghai main board, two from the ChiNext board, and one from the Sci-Tech Innovation board [1] - The subscription dates are as follows: Nabai Chuan and Youxun Co., Ltd. on December 8, Yuanchuang Co., Ltd. on December 9, and Tiansu Measurement and Xihua Technology on December 12 [1] Group 2: Company Highlights - Nabai Chuan focuses on thermal management systems for power batteries in electric vehicles and has become a benchmark enterprise in the domestic battery liquid cooling plate sector, benefiting from over ten years of technological accumulation [2] - Youxun Co., Ltd. is a leading enterprise in the optical communication chip sector, recognized for providing comprehensive optical communication chip solutions and has achieved significant market presence in both domestic and global markets [3][4] - Yuanchuang Co., Ltd. is a major player in the rubber track industry, offering over a thousand types of rubber track products and recognized for its technical strength and industry position [4] - Xihua Technology specializes in the research, manufacturing, and sales of components for large high-end equipment, particularly wind power gearbox components, and is a leader in the global industry [4] - Tiansu Measurement, established in 2009, is a national independent third-party measurement and testing service provider, recognized as a national high-tech enterprise and a champion in the manufacturing sector [5]

Investment Rating - The report assigns a rating of 5.7 out of 10 for the IPO of the company, suggesting a recommendation for subscription based on the potential growth in AI computing demand and the company's strong technological barriers and order reserves [16]. Core Insights - The company focuses on general-purpose graphics processing unit (GPGPU) chips and intelligent computing solutions, which are critical for AI model training and inference, positioning itself as a key player in the AI infrastructure market [1]. - The company has achieved significant revenue growth, with projected revenues of RMB 3.37 billion in 2024 and RMB 589 million in the first half of 2025, supported by a strong order backlog totaling RMB 20.63 billion [2][5]. - The Chinese intelligent computing chip market is expected to reach USD 50.4 billion by 2025, indicating substantial growth potential for the company, which aims to capture approximately 0.2% of the market share [3][9]. Company Overview - The company has developed a complete solution comprising hardware systems and software platforms, including PCIe cards, OAM modules, and servers, which enhance energy efficiency in data centers [2]. - The company is the first in China to adopt 2.5D chip packaging technology for dual AI computing bare chips, showcasing its advanced technological capabilities [1][4]. - The company holds a robust patent portfolio with 613 patents granted and 972 pending, indicating strong technical reserves [4]. Industry Status and Prospects - The market is characterized by a concentration of leading players, with the top two companies holding 94.4% of the market share, providing a unique competitive space for the company [3]. - The domestic competition in the intelligent computing chip sector is expected to grow, with local companies projected to increase their market share from 20% in 2024 to 60% by 2029, benefiting the company as a local core enterprise [9]. Advantages and Opportunities - The company has a strong technical barrier and iterative capability, with a high proportion of R&D personnel (83%) and significant investment in R&D, exceeding 70% of total operating expenses from 2022 to 2024 [4]. - The company has a solid order reserve, with 24 unfulfilled binding orders valued at RMB 822 million and additional sales agreements worth RMB 1.241 billion, indicating strong revenue certainty for the future [5]. Commercialization Progress - The company has begun generating revenue from its intelligent computing solutions in 2023, with a steady increase in customer quality, moving from small trial customers to leading enterprises in the ICT and data center sectors [2][5]. - The company operates under a fabless model, focusing on core design and solution integration, allowing for flexible supply chain responses to customer needs [5].

宁夏东方钽业股份有限公司 投资者活动记录表 编号：2025-026 | 投资者关 | □ | □特定对象调研 | 分析师会议 | | --- | --- | --- | --- | | 系活动类 □ | □ | 媒体采访 | 业绩说明会 | | 别 | | | | | □ | □ | 新闻发布会 | 路演活动 | | ☑ | □ | 现场参观 | 电话会议 | | □ | （请文字说明其他活动内容） | 其他 | | | 参与单位 | 中和资本：徐轩；江西金控投资集团：熊天欣、邹凯 | | | | 名称及人 | | | | | 员姓名 | | | | | 时间 | 日上午 9:30—12:00 | 2025 年 12 月 22 | | | 地点 | 宁夏东方钽业股份有限公司 | | | | 上市公司 | | | | | 接待人员 | 副总经理兼董秘：秦宏武；证券部员工：尚满义 | | | | 姓名 | | | | | | 1、参观公司展厅和部分生产车间，介绍公司基本情况。 | | | | 投资者关 | | | | | 系活动主 | 2、公司主要产品和应用领域？ | | | | 要内容介 | | | | | 绍 ...