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， ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 12 月 25 日 人民币汇率走强，沪指六连阳，后续重点关注增量政策 观点： 总量视角 【A 股大势研判】 周三 A 股市场早盘呈现窄幅震荡格局，三大指数在震荡中逐步实现集体翻红。 午后市场做多热情进一步释放，非银金融板块率先发力拉升，军工概念活跃，有 效带动指数快速上行。截止收盘，沪深三大指数集体上涨，沪指六连阳，个股涨 多跌少。 全球流动性担忧的显著缓解，为 A 股反弹提供了外部支撑。另外，人民币汇 率预期企稳走强，外资系统性流出压力减轻，有望迎来阶段性增配。不过，市场 基本面的改善仍需时间验证，当前宏观经济数据虽有边际改善，但尚未形成明确 的复苏拐点，企业盈利的修复还需要进一步的观察。 对于市场而言，政策面的刺激无疑是重要的期待点，但结合此前重要会议释 放的信号来看，增量政策的出台大概率集中在春节前后，短期内政策面难以出现 超预期的利好支撑，这也在一定程度上限制了市场的上涨空间。 操作上，以不变应万变，我们维持前期的观点不变。无论是科技成长方向（半 导体芯片、泛 AI 主题及机器人行业等），还是顺周期行业（光伏、电池、储能、 化工、煤炭、 ...

Satellite Internet - Blue Arrow Aerospace has completed IPO guidance with a valuation of 20 billion yuan [1] - The Commercial Aerospace Industry Alliance's Science and Technology Innovation Fund has a first phase scale of 1-2 billion yuan, with plans to expand to 10 billion yuan in the future [1] - The Long March 10 carrier rocket has successfully completed its first flight of the network recovery plan [1] - Related ETF: Satellite Industry ETF (on-market: 159218) [1] Semiconductor - Samsung Electronics and SK Hynix have raised HBM3E prices for next year by nearly 20% [1] - Nvidia has suspended testing of Intel's 18A process technology [1] - Sell-side analysis indicates significant domestic substitution potential for semiconductor-grade blank mask plates [1] - Changdian Technology has recently completed factory audits, potentially initiating the introduction of domestic packaging materials [1] - Related ETF: Semiconductor Equipment ETF (on-market: 561980, off-market link: 020464) [1] Non-ferrous Metals - Tin prices have seen a slight correction following an association's call to resist irrational price increases [1] - Sell-side suggests monitoring the U.S. Treasury's quarterly refinancing plan for its reference value on gold [1] - The Jianxiawo lithium mine project is expected to resume production around the Spring Festival [1] - Related ETF: Mining ETF (on-market: 159690) [1] Artificial Intelligence - Sell-side analysis indicates that the domestic core targets for power supplies may see mass/small batch applications by 2026, with market space expected to triple [1] - Information circulating suggests that Google's business growth guidance for 2027 is more optimistic than previously expected by the market [1] - Related ETF: Cloud Computing ETF (on-market: 159890, off-market link: 021716), Software Leaders ETF (on-market: 159899, off-market link: 018385) [1] Market Observation - On December 24, trading volume reached 1.8803 trillion yuan, with an increase of 19.6 billion yuan [1] - The market has experienced six consecutive days of gains, with military, electronics, and building materials sectors leading the rise [1] - The satellite internet sector has performed better than expected, quickly attracting funds after adjustments; consumer and solid-state sectors also showed performance in low-position industry trends [1] - The technology sector is experiencing accelerated internal rotation, with a strong short-term market pattern continuing, but attention is needed for potential pullback risks next week after consecutive increases [1]

诚通证券近日发布电子行业2026年度策略：2025年初至今，电子行业涨幅居前的细分板块为PCB、半导 体设备、集成电路，市场表现与业绩高度匹配。PCB：指数上涨133.80%。AI服务器与高速交换设备对 高端产品需求高增，产业升级带来盈利弹性，2025年前三季度归母净利润同比高增77.76%。半导体设 备：指数上涨57.57%。全球AI算力投资与中国大陆晶圆厂扩产共振，前三季度营收、归母净利润均实 现30%以上的高增长。 以下为研究报告摘要： 电子行业2025前三季度回顾：业绩高增，PCB、半导体设备、集成电路领涨。 2025年初至今，电子行业涨幅居前的细分板块为PCB、半导体设备、集成电路，市场表现与业绩高度匹 配。PCB：指数上涨133.80%。AI服务器与高速交换设备对高端产品需求高增，产业升级带来盈利弹 性，2025年前三季度归母净利润同比高增77.76%。半导体设备：指数上涨57.57%。全球AI算力投资与 中国大陆晶圆厂扩产共振，前三季度营收、归母净利润均实现30%以上的高增长。集成电路：指数上涨 37.59%。国产替代加速，利润增速高于营收增速，盈利能力改善。 半导体：AI驱动全球半导体市场结构 ...

Core Insights - Since the beginning of the 14th Five-Year Plan, China has approved 220 innovative drugs, which is 6.2 times the number approved during the 13th Five-Year Plan, indicating a significant increase in the vitality of the pharmaceutical industry's innovation [1] - The approval of these products has greatly met clinical treatment needs, filling gaps in various therapeutic areas and providing new hope for patients [1] - The rapid approval of numerous innovative drugs marks China's entry into a "fast lane" for innovative drug development, with an increasing number of domestic drugs successfully entering international markets [1] Innovative Drug Approval Trends - The approved innovative drugs during the 14th Five-Year Plan have shown a clear clustering effect, particularly in three main therapeutic areas: anti-tumor drugs and immune modulators, systemic anti-infectives, and gastrointestinal and metabolic drugs [2] - Over 80 anti-tumor innovative drugs have been approved, covering various solid tumors and hematological malignancies, with significant advancements in treatment options for small cell lung cancer and non-small cell lung cancer [3][4] Breakthroughs in Specific Therapeutic Areas - In breast cancer treatment, new drugs have expanded options for hormone receptor-positive and HER2-negative breast cancer, while also introducing targeted therapies for PIK3CA-mutated breast cancer and triple-negative breast cancer [4] - The rapid development of CAR-T therapies has provided more treatment options for hematological malignancies, with several CAR-T cell therapies approved in the past five years [4] - In the field of immune modulators, innovative drugs have significantly advanced treatment options for systemic lupus erythematosus, graft-versus-host disease, and alopecia areata, while also making previously expensive therapies more accessible [5] Systemic Anti-Infectives - More than 40 systemic anti-infective drugs have been approved, including vaccines, allergens, antibiotics, antifungals, and antiviral drugs [6] - The approval of new antibiotics addresses the challenge of highly resistant bacteria, while multiple new drugs for HIV, hepatitis B, and influenza have also been introduced [7] Gastrointestinal and Metabolic Drugs - The newly approved gastrointestinal and metabolic drugs primarily include antidiabetic medications, with a focus on DPP-4 inhibitors, SGLT-2 inhibitors, and GLP-1 receptor agonists [8] - The approval of innovative drugs with new mechanisms, such as glucose kinase activators, marks a significant advancement in diabetes treatment [8] Progress in Traditional Chinese Medicine - During the 14th Five-Year Plan, 28 innovative traditional Chinese medicine products were approved, demonstrating significant progress in the modernization of traditional medicine [9] - These products have undergone large-scale clinical trials, confirming their safety and efficacy across various therapeutic areas [9] Systemic Changes in Pharmaceutical Innovation - The pharmaceutical innovation ecosystem in China has undergone systemic changes, transitioning from a focus on generics to innovation-driven development, supported by reforms in review and approval systems, dynamic negotiations for medical insurance, and centralized procurement policies [10] - China's share of global innovative drug R&D has increased from 4% in 2014 to 30% in 2024, positioning it as the second-largest new drug development country after the United States [10][11] - The industry is expected to continue evolving, with a focus on original innovation and advancements in cutting-edge fields such as cell and gene therapy, bispecific antibodies, and AI drug development [10][11]

"随着行业集中度的不断提高，下游大型封测厂或芯片设计公司对供应商的要求水涨船高。无论是在技 术指标的精密度，还是质量的稳定性，乃至供应规模的保障能力上，都设立了更高的门槛。"新恒汇董 事长任志军坦言，面对激烈的行业竞争，唯有掌握核心技术，才能立于不败之地。 面向即将到来的"十五五"时期，新恒汇（301678）已绘制了清晰的发展蓝图。 当前，在国产芯片加速自主化的宏大背景下，集成电路封装材料作为产业链的关键一环，正迎来前所未 有的发展机遇。作为一家集芯片封装材料研发、生产与销售为一体的集成电路企业，新恒汇凭借在蚀刻 引线框架等核心领域的深耕细作与技术突破，展现出强劲的市场竞争力。 作为今年刚登陆资本市场的行业新锐，新恒汇以其硬核的技术实力与清晰的战略布局，成为观察山 东"芯"力量崛起的绝佳窗口。 核心技术构筑行业护城河 面对生成式AI等新兴产业蓬勃发展带来的算力需求爆发，以及为打破高端芯片依赖进口的行业现状， 国内产业链正加速自主化进程。引线框架作为芯片封装的关键基础材料，是实现这一目标不可或缺的重 要一环。 新恒汇在今年成功登陆资本市场，这不仅是企业发展史上的里程碑，更为其高质量发展注入了新动力。 "公司上市 ...

Core Insights - The company emphasizes a long-term development strategy, focusing on steady progress rather than short-term market fluctuations [2][9] - The semiconductor materials industry requires strategic determination and deep technical accumulation over decades, rather than being driven by temporary market trends [2][9] Company Strategy - The company has set an ambitious growth target of "ten times in ten years," driven by the vast growth potential within the domestic semiconductor industry [4] - The company believes that the push for self-sufficiency in the supply chain will lead to a rapid growth phase in the next five to ten years, supported by ongoing breakthroughs in key technologies [4] - The company has maintained a stable median growth rate of around 20% despite fluctuations in recent years [4] Location and Talent - The company has strategically chosen to establish its operations in Kunshan due to its proximity to a dense semiconductor customer base and manageable operational costs [4] - Kunshan's appeal lies in its ability to attract and retain talent, providing a balance between operational costs and quality of life for employees [4] Business Segments - The company has evolved from a follower to a leader in the semiconductor electroplating sector, achieving international standards in product performance [6] - The company has expanded into the photoresist market, becoming a key player in advanced packaging, with a goal to lead the industry [6][8] - Currently, electroplating accounts for 70% of total revenue, while photoresist contributes approximately 25%, with expectations for balanced growth in the future [6] Competitive Position - The company is one of the few in China capable of providing a complete material solution for advanced packaging, integrating both electroplating and photoresist [7] - The company has achieved significant differentiation in the market, particularly in the photoresist sector, where it competes effectively with international giants [8] Research and Development - The company invests heavily in R&D, with nearly 40% of its workforce dedicated to this area, which is typical for semiconductor material firms [8] - The company has filled domestic technological gaps, such as in the PSPI (photo-sensitive polyimide) sector, establishing a first-mover advantage [9]

今日早盘，半导体产业链热度回升，上游设备环节表现活跃。热门半导体设备ETF（561980）盘中直线 拉升上证1.23%，成份股海光信息大涨3%，安集科技、北方华创涨超2%，芯源微、中芯国际、华海清 科、中科飞测等多股涨超1%。 风险提示：市场有风险，投资需谨慎 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 中信证券指出，2025年9月以来，受下游大客户一系列注资合作、存储原厂陆续涨价等事件催化，头部 半导体设备公司股价快速上行。考虑到本轮存储上行周期以及下游积极的逻辑需求，预计2025年/2026 年全球半导体晶圆制造设备（WFE）市场规模将维持高个位数百分比同比增长，且存储占比有望进一 步提升。同时，预计2026年中国大陆市场需求的正常化也将使得此前管制不确定性等风险逐步降低。看 好半导体设备行业的投资机遇。 资料显示，半导体设备ETF（561980）中证半导，标的指数中半导体设备、材料、设计等"卖铲人"环节 合计占比超过9成，成份股聚焦北方华创、中微公司、中芯国际等细分领域龙头，前十大集中度将近8 成，具备较高的行业代表性与弹性特征。投资者或可借道把握本轮半导体"全球周期+国产替代"共振机 遇。 ...

Core Insights - The article discusses the performance and developments related to the AI sector, particularly focusing on the ByteDance industry chain and its associated ETF, which has shown positive market movements and significant growth in AI model usage [1][3]. Group 1: Market Performance - The AI-focused ETF (589520) experienced fluctuations, with a peak increase of 0.71% and a current rise of 0.18% [1]. - Key stocks within the ETF, such as AsiaInfo Security and Yuke Technology, saw gains exceeding 2%, while several others, including Amlogic and Stone Technology, rose over 1% [1]. Group 2: AI Model Developments - The release of the Doubao model 1.8 on December 18 introduced enhanced agent capabilities, upgraded multimodal understanding, and improved context management [3]. - The daily usage of the Doubao model has surpassed 50 trillion calls as of December, marking a tenfold increase compared to the previous year and a 417-fold increase since its initial launch [3]. Group 3: Strategic Importance of AI - The current period is described as a "golden window" for the AI sector, driven by policy support and a focus on technological self-reliance as outlined in the new five-year plan [5]. - As of Q3 2025, 20 out of 30 companies in the AI ETF reported profitability, with 22 showing year-on-year net profit growth, indicating strong industry performance [5]. - The geopolitical landscape emphasizes the need for domestic AI solutions, reinforcing the long-term viability of AI and domestic alternatives [5]. Group 4: Investment Opportunities - There is a significant demand for domestic AI applications to catch up with international counterparts, suggesting a potential for price corrections and increased investment attractiveness [5]. - The ETF and its associated funds are heavily invested in the domestic AI industry, with over 70% of the top ten holdings focused on this sector, particularly in semiconductors [6].