Core Viewpoint - The article highlights the growing interest and investment in quantum technology, particularly in the context of China's "14th Five-Year Plan," which includes quantum technology as a strategic growth point for the new economy. The IPO wave in the quantum technology sector is beginning, with Guoyi Quantum Technology (Hefei) Co., Ltd. filing for an IPO on the Sci-Tech Innovation Board [1]. Company Overview - Guoyi Quantum focuses on the research and development of high-end scientific instruments, providing advanced scientific equipment and solutions for various fields, including quantum technology, materials science, and biomedicine [1][4]. - The company has launched several products, including electron paramagnetic resonance spectrometers and scanning electron microscopes, breaking the long-standing dominance of international giants in certain segments of the domestic market [4]. Revenue Composition - From 2022 to the first half of 2025, the revenue share from quantum information technology and spin resonance decreased from 49.32% to 25.26%, while the revenue share from electron microscope series increased from 24.46% to 56.02% [5][6]. - The company’s revenue figures for the years 2022 to 2025 (first half) are approximately 151 million, 400 million, 501 million, and 171 million respectively, with corresponding net losses of approximately -129 million, -146 million, -86 million, and -76 million [11]. Market Dynamics - The global market for laboratory analytical instruments is projected to grow from $82.95 billion in 2024 to $101.58 billion by 2029, with an average annual growth rate of 4.1% [12]. - China's laboratory analytical instrument market is expected to reach $9.28 billion in 2024, with a compound annual growth rate of 4.7% from 2024 to 2029, positioning it as the second-largest market among major economies [14]. Competitive Landscape - The high-end scientific instrument market in China has been dominated by foreign manufacturers, with over 75% of large scientific instruments in universities and research institutions being imported [18]. - Guoyi Quantum faces challenges in terms of historical accumulation, operational scale, product matrix, financial strength, market share, and brand recognition compared to established players like Thermo Fisher and Agilent [18]. Management and IPO Details - Guoyi Quantum, established in 2016, is led by a young management team, including a 1992-born chairman and general manager, He Yu, who has a PhD from the University of Science and Technology of China [21]. - The company aims to raise approximately 1.169 billion for projects related to high-end scientific instrument industrialization, quantum technology research, and application center network construction [22].

12月22日，国家组织高值医用耗材联合采购办公室（简称"联采办"）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）》（简称《采购文件》），明确第六批耗材集采申 报要求及关键时间节点，采购周期自执行日起至2028年12月31日。 申报产品需属采购范围且于2025年12月26日（含）前取得有效医疗器械注册证，申报企业需在2026年1月12 日17:00前确认供应产品。现场递交申报材料及信息公开将于1月13日开展。本次集采由天津市医药采购中 心承担日常工作并负责具体实施。 本轮集采锁定药物涂层球囊、泌尿介入两大高值耗材细分领域，均为临床使用频次高、市场需求刚性的核 心品类，合计覆盖12个细分品种，年度总需求量超340万个（套），基本覆盖临床常规使用产品。 | 品种 序号 | 类别 | 品种 | | --- | --- | --- | | 1 | | 冠状动脉药物涂层球囊 | | 2 | | 外周血管药物涂层球囊(用于动静脉醤透析通路) | | 3 | 药物涂层球囊类 | 外周血管药物涂层球囊(用于膝上部位,包括股浅动脉、股动脉、股 | | | | 胭动脉、近端胭动脉、胭动 ...

格隆汇12月23日｜长江证券研报指出，恒立液压作为国内液压件龙头，2016-2021年期间，公司实现业 绩、估值双击，股价最大涨幅超30倍，成长为工程机械行业白马代表。究其原因，核心因素在于：公司 持续进行研发投入和技术积累，不断扩宽产品系列和下游应用，借助2016年后工程机械行业高景气周期 的难得机遇期，成功实现从挖机油缸提份额，到挖机泵阀国产替代的成长动能加速，与此同时，平台化 发展持续拓展非挖业务贡献增量。公司挖机业务有望在行业周期上行趋势下快速增长，非标业务平台化 发展有望持续打开成长边界，国产替代持续加速。同时，公司布局丝杠、模组等精密传动产品，长期受 益国产替代、人形机器人行业发展，打造新增长曲线。预计公司2025-2026年分别实现归母净利润29.37 亿元、37.53亿元，对应PE分别为48倍、38倍，维持"买入"评级。 ...

Group 1: Market Performance - A-shares experienced fluctuations and a decline, with the Consumer ETF (159928) dropping by 0.74% and a trading volume exceeding 650 million yuan [1] - The Consumer ETF (159928) has seen a net subscription of over 470 million units during the day, accumulating over 600 million yuan in the last 20 days [1] - As of December 22, the latest scale of the Consumer ETF (159928) exceeded 21.3 billion yuan, leading its peers [1] Group 2: EU Dairy Products Subsidy - The EU has announced a preliminary ruling on dairy products, determining that subsidies exist with a countervailing duty rate ranging from 21.9% to 42.7% [3][7] - Starting December 23, temporary countervailing measures will be implemented on imported dairy products from the EU [3] - The additional countervailing duty is expected to increase import prices, potentially accelerating domestic substitution in the dairy sector [8] Group 3: Domestic Dairy Industry Impact - The countervailing duties are projected to shift the deep processing of dairy products to domestic enterprises, as domestic milk prices are currently lower than international prices [8] - The deep processing sector is anticipated to enhance demand for raw milk, improving the supply-demand balance in the upstream raw milk industry [8] - Domestic dairy companies are actively focusing on deep processing, which is expected to drive demand growth and stabilize the industry [8] Group 4: Consumer Sector Insights - The Consumer ETF (159928) is characterized by its resilience across economic cycles, with the top ten constituent stocks accounting for over 68.55% of its weight [13] - The ETF includes major players such as Yili (10.37%), Kweichow Moutai (9.94%), and Wuliangye (9.50%) [14] - The current valuation of the Consumer ETF (159928) is attractive, with a TTM P/E ratio of 19.4, placing it in the lower 3.13% of the past decade [5] Group 5: Future Consumption Trends - The service consumption sector is expected to grow significantly as China's GDP per capita exceeds $10,000, indicating a shift in consumer spending patterns [11] - Emerging consumer groups, particularly the Z generation and affluent elderly, are likely to drive demand for service-oriented consumption [12] - Investment opportunities in the service sector are anticipated, particularly in areas such as event economy and AI applications [12]

Core Viewpoint - The semiconductor industry is experiencing growth driven by AI demand, with significant increases in global semiconductor sales projected for 2025 and 2026 [1][2][3]. Group 1: Market Growth Projections - Global semiconductor sales are expected to reach approximately $612.1 billion in the first ten months of 2025, representing a year-on-year increase of 21.9% [1]. - The World Semiconductor Trade Statistics (WSTS) forecasts a 22.5% increase in global semiconductor revenue to $772 billion in 2025, followed by a 26.3% growth to $975 billion in 2026 [2]. - The semiconductor sales in mainland China are projected to be around $169.4 billion in 2025, with a year-on-year growth of 12.5% [1]. Group 2: Industry Trends and Drivers - The semiconductor industry is currently in an upward cycle, with high growth in segments such as AI, storage, and equipment [3]. - The demand for semiconductors is primarily driven by AI servers, AI edge devices, smart wearables, new energy vehicles, and robotics [3]. - The current trends indicate that the domestic advanced process development space is gradually opening up, benefiting from the ongoing construction of domestic computing power and adjustments in the global supply chain [2]. Group 3: Pricing and Inventory Dynamics - Prices for storage modules have increased between 140% to 600% since the beginning of 2025, while storage chip prices have risen between 50% to 700% [3]. - The inventory levels of global leading companies in CPUs, storage, analog, and MCUs are generally at historical highs, but have started to decline since Q2 2025, indicating a healthier inventory situation [3]. - The supply side shows an increase in wafer fab utilization rates, currently around 90%, with rapid growth in semiconductor equipment procurement [3].

变相提升进口价格，国产替代有望提速。根据商务部调查，2020-24M3 欧 盟相关产品进口数量占中国相关乳制品总进口量的 23.6-34.6%。根据中 国奶业贸易月报，2025 年 1-10 月欧盟在中国进口奶酪中占比 14.5%、稀 奶油中占比 29.4%。当前对欧盟征收反补贴税保证金，有望推动乳制品深 加工业务向国内转移，当前妙可蓝多、伊利、蒙牛、立高等企业均在着力 布局深加工业务，且目前国内奶价已低于海外，有望加速国产替代。 深加工带动需求扩容，推动原奶供需改善。对于上游原奶产业链，深加工 有望提升原奶耗奶量，从需求端进一步推动供需格局改善。国内主产区奶 价自 8 月以来底部企稳，主要由社会牧场去化实现供给出清，需求端增量 主要来自于奶茶等消费场景拓展及深加工，当前有望从需求端增加原奶消 耗，共同带动行业供需稳定。 证券研究报告 | 行业点评 gszqdatemark 2025 12 23 年 月 日 食品饮料 欧盟乳品反补贴落地，深加工国产替代提速 事件：2025 年 12 月 22 日，商务部公布对欧盟进口相关乳制品反补贴调 查初裁，12 月 23 日起对原产于欧盟的进口相关乳制品实施临时反补贴保 ...

投资要点 推荐逻辑：1）截至2025年11月我国包装机械出口均价不足200美元/台，而进口均价高达3.63万美元/ 台，价格差距明显，随着我国推进国产替代和走向高端化，公司作为细分行业龙头有望直接受益：2） 公司在液体包装设备制造已深耕近三十年，产品整体技术处于国内领先水平，并已经出口到多个国家： 3）公司目前手头订单充足，预计将从2025年开始持续放量，对公司形成业绩支撑。 盈利预测与投资建议。预计公司2025/26/27年营收分别为18.7、222、24.4亿元，归母净利润分别为1.3、 2.0、23亿元，EPS分别为0.64、0.99、1.16元，对应PE分别为23、15、13倍。我们给予公司2026年20倍 PE，对应目标价19.8元，首次覆盖，给予"买入"评级。 风险提示：原材料价格波动风险、市场竞争风险、供应链风险等。 包装机械制造市场国产替代趋势明显，下游消费复苏和升级助力可持续发展。 截至2025年11月，我国的包装专用设备产量已达175.55万台，同时我国包装专用设备逐渐突破国际垄 断，走向越南、印尼等新兴国家市场。国内厂商在性价比方面具备竞争力，占据中低端市场，但高端市 场仍被国际品牌垄断 ...

2025年12月的A股科创板，被两场国产GPU企业的上市盛宴推向高潮。 先是12月5日摩尔线程率先登陆，首日涨幅超400%；时隔12天后，沐曦股份紧随其后，上市首日涨幅飙 升至692.95%，两家企业市值均迅速突破3300亿元大关。 这场"国产GPU双雄"的密集上市与资本狂欢，不仅改写了A股科技股的估值版图，更引发市场对硬科技 企业上市潮的深度思考——以美股"七姐妹"为参照，A股是否正在迎来科技巨头引领的新时代？ 国产GPU双雄的上市狂飙路 摩尔线程与沐曦股份的上市之路，堪称科创板审核效率的"标杆案例"，更上演了一场"国产GPU第一 股"的竞速赛。 时间回溯至2025年6月30日，两家企业的科创板上市申请同日获受理，正式拉开IPO角逐序幕。其中， 摩尔线程推进更为迅猛，9月26日顺利过会创下科创板审核新纪录，12月5日便成功挂牌，率先摘得"国 产GPU第一股"头衔；沐曦股份亦不甘落后，从申请受理到正式上市仅耗时约170天，全程不足六个月。 01 竞速之外，两家企业的上市表现更堪称"资本狂想曲"。摩尔线程发行价为114.28元/股，开盘即暴涨 468%，上市五个交易日股价较发行价涨幅超7倍，股价一度逼近千元大关 ...

Group 1 - The core viewpoint of the report emphasizes that the semiconductor industry is experiencing an upward cycle, driven primarily by high growth in AI, storage, and equipment sectors. The first half of 2026 is expected to continue this structural high growth trend, while the second half will require attention to demand recovery and policy stimulation [5][6][7]. - Global semiconductor product sales from January to October 2025 showed a year-on-year increase of 21.19%, with silicon wafer shipment area increasing by 4.99% in Q1-Q3 2025. Storage module prices have surged between 140% to 600% since the beginning of 2025, indicating a significant supply-demand mismatch that may persist into the first half of 2026 [5][6]. - The report highlights that AI is experiencing a comprehensive resonance from cloud servers to edge applications, with long-term growth trends remaining strong despite short-term concerns about investment overheating. The AI industry is driving rapid growth in various upstream sectors, benefiting domestic companies in China [6][7]. Group 2 - Micron's performance exceeded expectations, with Q1 2026 revenue reaching $13.64 billion, a 57% year-on-year increase. The company anticipates further revenue growth to approximately $18.7 billion in the next quarter, driven by strong demand for high-bandwidth memory (HBM) [11][12]. - Xiaomi has launched its new large model MiMo-V2-Flash, showcasing significant performance improvements and cost-effectiveness in inference, which could accelerate the application of large models in China. The model's API call cost is only 2.5% of comparable closed-source models, indicating a breakthrough in performance-to-cost ratio [13]. - The report suggests focusing on structural opportunities in AI computing, AIOT, semiconductor equipment, and rising storage prices, as the electronic industry continues to recover from previous downturns [11][16].

Core Viewpoint - The A-share market experienced fluctuations with the hard technology sector showing resilience, particularly the Kexin Chip 50 ETF (588750), which rose by 1.38% and achieved a trading volume exceeding 79 million yuan [1][3]. Group 1: Kexin Chip 50 ETF Performance - The Kexin Chip 50 ETF (588750) saw most of its constituent stocks rise, with Haiguang Information and Cambricon both increasing over 3%, while companies like Tuojing Technology and Yuanjie Technology rose over 1% [3]. - The top ten constituent stocks of the Kexin Chip 50 ETF include Haiguang Information and Cambricon, both of which are in the electronics sector and showed significant gains [4]. Group 2: Global Semiconductor Trends - Nvidia's stock rose nearly 2%, with plans to export H200 series chips to China in mid-February, with an expected shipment of 5,000 to 10,000 modules, corresponding to approximately 40,000 to 80,000 H200 chips [5]. - The global AI server cabinet shipments from Nvidia are projected to reach 55,000 units in the next year, marking a 129% year-on-year increase, driven by major companies like Microsoft and Meta [5]. Group 3: AI and Semiconductor Market Outlook - The AI wave is driving strong demand for chips and related hardware, with expectations for the global AI computing chip market to exceed $370 billion by 2026 and $460 billion by 2027 [7]. - The semiconductor supply chain's self-sufficiency in China is seen as a core theme with long-term investment value, supported by domestic policy and strong internal demand [6]. Group 4: Domestic AI Chip Development - China's domestic AI chip market is characterized by a diverse range of manufacturers, with significant advancements in technology and production capabilities [13]. - By 2028, China's local chip self-sufficiency rate is expected to rise to 93%, up from 58% in 2025, indicating a substantial increase in domestic production capacity [13]. Group 5: Kexin Chip Index Characteristics - The Kexin Chip 50 ETF focuses on the core segments of the semiconductor industry, with a high concentration of 96% in upstream and midstream sectors, indicating strong growth potential [17][20]. - The index's quarterly rebalancing allows it to respond quickly to trends in the semiconductor industry, enhancing its performance compared to other indices [18]. Group 6: Investment Opportunities - The Kexin Chip 50 ETF is highlighted as a high-elasticity investment option, with a maximum increase of 173% since September, outperforming peers in risk-adjusted returns [21][22]. - Investors are encouraged to consider index-based investment strategies in the Kexin Chip sector to capitalize on the ongoing demand for semiconductor technology [16].