Investment Rating - The report initiates coverage with a "Buy" rating for the company [8] Core Insights - The company is a leading domestic manufacturer of wet paper-based friction plates, essential components for automatic transmissions in passenger vehicles, successfully breaking the long-standing monopoly of foreign companies [5][6] - In the first three quarters of 2025, the company achieved revenue of 326 million yuan, a year-on-year increase of 68.9%, and a net profit attributable to shareholders of 107 million yuan, up 131.2% year-on-year [5] - The company is expanding its production capacity, with an expected capacity of 80 million plates per year by the end of 2025, and further growth to 97 million plates per year in 2026 [6] - The company is also venturing into the electronic limited-slip differential (ELSD) market, which is projected to grow significantly, with a global market size expected to reach 11.14 billion USD by 2032 [7] Financial Performance - Revenue projections for 2025, 2026, and 2027 are 421 million yuan, 554 million yuan, and 733 million yuan respectively, with corresponding net profits of 138 million yuan, 181 million yuan, and 238 million yuan [10][11] - The company’s gross margin is expected to improve from 43.7% in 2024 to 47.9% in 2027, indicating strong profitability [13] - The price-to-earnings (P/E) ratio is projected to decrease from 56.17 in 2024 to 19.16 in 2027, suggesting an attractive valuation over time [10][13]

证券日报网讯1月8日，创世纪（300083）在互动平台回答投资者提问时表示，公司通过多重策略构建风 险抵御能力，整体影响可控：(1)公司与核心供应商建立了长期稳定的合作关系，依托规模化采购优势 和持续的订单合作，对上游供应商具备较强的议价能力，能够有效对冲部分价格上涨压力；(2)公司建 立了全流程成本管控机制，通过优化采购流程、提升生产效率、规模化降本等方式，持续提升成本控制 的精细化水平，可消化部分外部成本波动影响；(3)公司已与华中数控（300161）等国内优质数控系统 厂商建立深度合作，可有效降低对进口系统的依赖，对冲进口成本上涨风险。后续公司将继续深化供应 链合作、推进国产替代进程，持续优化成本结构。 ...

Core Viewpoint - The Chinese semiconductor industry is experiencing an unprecedented IPO boom, with nearly all domestic chip companies vying for entry into the capital market, indicating strong investor interest and potential for rapid development in the sector [1][2][20]. Group 1: IPO Activity - A total of 95 semiconductor companies have initiated or accelerated their IPO processes, with 10 already listed and 85 preparing for listing [1]. - In the A-share market, there are 55 companies involved, with 4 already listed, while 40 companies are in the Hong Kong market, with 6 listed and 34 aiming for listing [2][7]. - Since 2025, 38 semiconductor companies have started the A-share IPO process, aiming to raise nearly 100 billion yuan, averaging 26.23 million yuan per company [4]. Group 2: Capital Raising Trends - The IPO fundraising amounts are diverse, with leading companies like Changxin Technology, Moer Thread, and Guangdong Yu Chip Semiconductor raising 295 billion yuan, 80 billion yuan, and 75 billion yuan respectively [5][12]. - Many companies are raising around 10 billion yuan, covering various fields such as RF front-end chips, electronic components, and semiconductor equipment [5][12]. Group 3: Market Dynamics - The current IPO wave reflects a dual focus on capital and technology, driven by ongoing innovation and favorable policies in the Chinese semiconductor industry [2][20]. - The demand for AI computing power is surging, with projections indicating that China's smart computing demand will reach 486 EFLOPS by 2025, over ten times that of 2023 [14]. Group 4: Sector Focus - The IPOs are concentrated in key areas such as AI chips, GPU, CPU, and storage chips, with significant interest in high-performance computing and advanced manufacturing processes [12][20]. - Companies like Moer Thread and Nuxin Technology have seen massive oversubscription rates during their IPOs, indicating strong market enthusiasm for these sectors [14][15]. Group 5: Future Outlook - The collective IPO efforts signal a maturation of the domestic semiconductor industry, emphasizing the need for capital to support technological advancements and competitive positioning in the global market [20]. - The trend towards "A+H" listings is also notable, with several companies seeking to expand their market presence both domestically and internationally [8][19].

一盒内存条=一套房？老黄在CES上放了把火，存储市场直接炸了！ 1月5日CES展上，英伟达CEO黄仁勋不光秀了新一代AI芯片，还特别强调将引入全新的存储技术层级。 这话一落地，本就热到发烫的存储赛道，直接迎来烈火烹油的劲爆场面！ 其实啊，早在黄仁勋发话之前，存储芯片涨价的剧本就已经开演了，靠着全球涨价潮+ 国产替代的双重 Buff加持，存储板块从2025年4月就一路开挂，指数累计涨幅超60%。 个股表现更是卷到飞起！江波龙股价从2025年初的低点直接飙涨超170%，香农芯创更是涨超400%，好 多核心选手都接连刷出历史新高！ 有涨价这个硬底气撑腰，再加上黄仁勋这波神助攻，1月7日，A股存储板块直接嗨翻，整个板块涨幅拉 满，牛股多到数不过来！ 1月7日，芯源微、南大光电、雷科防务等多家公司直接涨停封死！兆易创新、澜起科技这些大佬，也分 别涨了4.67%和1.63%——整个板块强势走高，满屏飘红。 投行更是放出狠话：今年服务器内存价格最高能涨144%！存储的涨价趋势或将贯穿整个2026年。 现在行业里都在传：内存价格一天一个样！256G的DDR5服务器内存，单条价格直接冲破4万，买一盒 100根就得花400万！这 ...

最近，蔚来李斌就喊话说，汽车最大的成本压力不是在金属原材料，而是在内存上，搞汽车的要跟搞AI的抢内存。 说白了，金属顶多是一两倍的涨，内存是十几倍的涨，就是大家手机、电脑里边内存条，这一年成了涨价王，16GB的DDR4内存模块去年价格暴 涨1800%，DDR5内存模块涨价超过500%。 现在涨到什么程度了？ 一根265G的DDR5服务器内存条价格已经是到4万了，如果100根一盒总价是400万，已经可以在上海一些地方置换一套房了。 而对我们普通人来说，最大影响就是手机、电脑、汽车要涨价，像内存一般占到手机和电脑硬件成本的10%—20%，当他们的价格涨了几倍，那 我们买新电脑或者新手机是不是就得多掏几成的钱呢？就看手机厂商会不会直接把成本转移给消费者了，或者干脆给消费者简配不减价，把手机 悄悄变小。 汽车就更别说了，现在汽车已经相当于是四个轮子的手机，车机、智能座舱、自动驾驶，哪块都离不开大量的内存，这块对内存的需求未来是比 手机、电脑更猛的，被涨价的影响也更大。所以，李斌的喊话就是在说，今年车价可能要绷不住了。 那为什么内存价格涨这么多呢？ 美光在2025年9月暂停报价后，恢复报价的新价格普遍上涨约20%，并宣 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：一观大势 核心观点：中国新兴科技产业处于生命周期早期阶段，估值偏高，创新优势显著的公司市值有望增长； 制造和消费产业成熟度更高，全球竞争力稳固的公司估值有望提升。 摘要 ▶从全球比较视野，看中国龙头公司重估机会。在全球经济格局深度调整与科技竞争加剧的背景下，中 国新兴产业正经历从"规模追赶"到"价值重估"的历史性转变。本文系统性梳理了海内外先进制造、科 技、大消费三大领域近百家龙头公司所处的基本面位置以及估值水平，发现在先进制造领域，中国公司 已展现出较高的产业成熟度和更强的全球竞争力，盈利能力突出且估值更具性价比；硬科技正经历 从"跟跑"到"并跑"的关键阶段，应用端具备较好地估值性价比与成长空间；商品消费已展现出较强的盈 利能力，但全球化程度仍待提升，服务消费尚处发展初期，经济结构转型下成长空间广阔。 ▶新兴科技：硬科技加速追赶，应用估值性价比显著。当前，中国新兴科技产业（如半导体、创新药、 通信设备）整体仍处于成长初期，在营收规模和盈利能力上与国际龙头尚有差距，但资本市场已给予较 高估值，体现了对技术自主与产业追赶的乐观预期， ...

信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深市场中选取涉及半导体、软件 开发、计算机设备等信息技术领域的上市公司证券作为指数样本，以反映信息技术创新领域相关上市公 司证券的整体表现。该指数偏重大盘风格，成分股平均市值较高，行业配置侧重于半导体、软件开发及 IT服务。 （文章来源：每日经济新闻） 申万宏源证券指出，半导体全产业链与生产制造工艺高度绑定，国产晶圆厂在设备限制下开发出新技术 路径，而海外EDA工具无法支撑分化的国产工艺，这为国产EDA厂商创造了独立市场空间。近期EDA 行业IPO和并购活跃，交易金额逐步放大，标的趋向数字IC设计核心环节，行业进入加速发展阶段。地 方政府及国家大基金对EDA产业的支持将推动头部厂商整合，形成2~3家平台型领军企业。中长期看， 国产EDA厂商将通过并购整合打通数字IC设计全流程，并布局先进制程制造类工具，与国产晶圆厂匹 配，未来随产线成熟将迎来收入释放。行业当前处于先进领域攻坚与并购活跃并行的阶段，政策、资本 及产业链协同将加速这一进程。 1月8日，信创ETF（159537）盘中涨超2.5%，行业壁垒与国产替代空间受关注。 ...

Core Viewpoint - The news highlights a significant surge in the "信创" (Xinchuang) sector, with the 信创50ETF (560850) rising nearly 2%, driven by government initiatives to promote AI in manufacturing and the performance of key stocks in the sector [1][5]. Group 1: Market Performance - The 信创50ETF (560850) has seen a notable increase of nearly 2% [1]. - The software sector is also performing well, with the 软件50ETF (159590) rising close to 1% [3]. - Key stocks within the 信创50ETF have shown positive performance, including 海光信息 (Haiguang Information) up over 9% and 中科曙光 (Zhongke Shuguang) up over 4% [5]. Group 2: Government Initiatives - Eight departments are advancing the "AI + Manufacturing" initiative, aiming for secure supply of core AI technologies by 2027, with a focus on deep application of 3-5 general large models and the creation of 100 high-quality industrial datasets [5][8]. - The initiative also emphasizes the importance of attracting social capital through industrial investment funds and building an open-source ecosystem to support companies going global [5]. Group 3: Industry Insights - Long-term prospects for AI applications are optimistic, with expectations for significant revenue realization by 2026 as AI capabilities improve and application costs decrease [7][8]. - The market is witnessing a shift towards a more autonomous and controllable ecosystem in software and hardware, driven by geopolitical tensions and the need for domestic alternatives [7][8]. - The AI sector is expected to enhance the value of applications, with concerns about large models overshadowing application markets being viewed as potential opportunities [8]. Group 4: ETF Composition - The 信创50ETF (560850) tracks the 中证信创指数, with major weightings in computer software (43%), cloud services (23%), computer equipment (18%), and semiconductors (13%) [9]. - The 软件50ETF (159590) follows the 中证全指软件指数, with approximately 67% of its weight in application software and over 15% in AI-related fields [9].

证券研究报告 基础化工 | 化学制品 非金融|首次覆盖报告 hyzqdatemark 2026 年 01 月 08 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 胡文瀚 huwenhan@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 01 | 07 | | | | 2026 | 日 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 57.50 | | | | | | | | 一 年 内 高 最 | 最 | / | | | | | | 低 | | | | | | （元） | | | | | | | 70.35/36.03 | | | | | | | 总市值（百万元） | | | | | | | | | | | | 7,795.08 | | 流通市值（百万元） | | | | | | | | | | | | 2,170.36 | | 总股本（百万股） | | | ...

2026年1月8日，国产通用GPU行业的领军者上海天数智芯半导体股份有限公司正式在香港联合交易所主板挂牌上市。 受访者供图 智通财经（www.thepaper.cn）记者当天从天数智芯获悉，此次IPO，天数智芯共计募资37亿港元，全球发行2543万股，其中香港公开发售占比 10%，获得约414.24倍超额认购；国际发售占比90%，获得10.68倍超额认购。资本市场的热烈追捧，为公司后续发展注入了强劲动力。 上海天数智芯是中国领先的通用GPU高端芯片及超级算力系统提供商，致力于开发自主可控、国际领先的高性能通用GPU产品，探索通用GPU 赶超发展道路，加快建设自主产业生态，为全产业提供高端算力解决方案。当前，我国通用GPU市场国产替代空间广阔，天数智芯在港交所上 市，标志着国产通用GPU产业迈入新阶段。天数智芯表示，未来将借助资本助力，加大研发投入，推动产品性能跃升，拓展更多应用场景，引 领中国通用GPU行业实现更高水平进口替代。 上海高科技上市企业又添新成员。 2026年1月8日，国产通用GPU行业的领军者上海天数智芯半导体股份有限公司（以下简称天数智芯）正式在香港联合交易所主板挂牌上市。上 市首日，天数智芯 ...