Core Viewpoint - The launch of China's first femtosecond laser corneal refractive treatment machine, developed by Andun Medical and Anyang Laser, marks a significant milestone in the domestic high-end medical equipment sector, ending the long-standing technological monopoly of foreign brands like Zeiss [2] Group 1: Product Development and Market Impact - The femtosecond laser treatment machine is expected to complete clinical trials by June 2026 and will be 100% domestically controlled in terms of core components, promoting a new phase of domestic substitution in high-end medical equipment [2] - The device features the FemtoYL series ultrafast fiber laser developed by Anyang Laser, with pulse energy stability controlled within 1%, and beam quality significantly surpassing that of foreign counterparts [2] - The anticipated pricing of the new device is expected to be 50% lower than that of imported products, which could lead to a substantial reduction in the costs of femtosecond laser surgeries, making advanced refractive correction technology accessible to a broader patient base [2] Group 2: Industry Context and Trends - The myopia rate among children and adolescents in China reached 52.7% in 2021, with high myopia at 10%, indicating a growing need for effective refractive correction solutions [3] - The SMILE (Small Incision Lenticule Extraction) procedure is currently one of the most advanced corneal refractive surgery methods, but reliance on imported equipment has kept surgery costs high, limiting technology dissemination [4] - The domestic launch of this equipment is expected to fundamentally change the market landscape by significantly lowering costs and enabling high-quality medical resources to reach grassroots levels [4] Group 3: Industry Growth and Competitive Landscape - The Chinese fiber laser market saw a steady increase in sales, reaching 13.59 billion yuan in 2023, with a year-on-year growth of 10.8% [7] - The rise of China's fiber laser industry is characterized by significant advancements, with companies like Anyang Laser, Raycus Laser, and Chuangxin Laser achieving breakthroughs in critical areas, thus enhancing the competitiveness of domestic products [8] - The complete industrial chain of fiber lasers in China has been established, covering core materials, fiber devices, and complete systems, positioning China to compete effectively on a global scale [4][8]

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 28.35 per share, indicating a potential upside of 26% from the current price of HKD 22.50 [5][15]. Core Insights - The company is a leader in the domestic neurovascular and peripheral vascular interventional medical device sector, demonstrating high research and development efficiency with a diverse product line of 73 items, of which 51 are commercialized in China [4][7]. - The company has achieved significant international expansion, with revenue from international markets reaching RMB 15.7 million in the first half of 2025, a year-on-year increase of 36.9% [3][9]. - The company reported a total operating revenue of RMB 482 million for the first half of 2025, representing a year-on-year growth of 31.69%, driven by strong sales in neurovascular and peripheral vascular interventional devices [4][12]. Summary by Sections Investment Highlights - The company has a robust R&D platform that has successfully launched several innovative products, including the Qilin blood flow guiding device and OCT-guided peripheral vascular plaque directional cutting guiding catheter series [4][7]. - The company is actively expanding its international presence, with 22 products commercialized in 27 countries and entering 7 of the top 10 global markets [3][9]. - The company’s revenue growth is supported by the strong performance of its neurovascular and peripheral vascular interventional devices, with neurovascular product sales reaching RMB 304 million, accounting for 63.3% of total revenue [4][12]. Financial Projections - Revenue projections for 2025-2027 are RMB 1.056 billion, RMB 1.377 billion, and RMB 1.797 billion, respectively, with net profits expected to be RMB 223 million, RMB 309 million, and RMB 389 million [5][15]. - The company’s net profit margin is projected to improve significantly, with a forecasted net profit growth of 122.5% in 2025 and 38.6% in 2026 [6][15]. Market Position - The company is well-positioned in the market due to its competitive advantages in domestic substitution and continuous investment in R&D [5][15]. - The optimization of centralized procurement policies by the healthcare authority is expected to further enhance the company's future performance [4][12].

Core Insights - The "2024 Win in Dongguan Innovation and Entrepreneurship Competition" successfully held its year-end project roadshow and award ceremony, focusing on the new materials industry, with many awarded projects expressing a strong intention to establish themselves in Dongguan, thereby injecting new momentum into the local new materials industry [1][9] Group 1: Event Overview - The competition, themed "Dongguan Materials Leading, Intelligent Manufacturing Future," featured 42 cutting-edge new materials projects selected from 206 national entries, covering fields such as new energy, electronic information, biomedicine, and advanced metals [3][4] - The event included policy promotion and project matchmaking to further energize the development of Dongguan's new materials industry cluster [3] Group 2: Project Highlights - Local projects showcased innovations such as the DEAP high dielectric biomimetic material, which requires no mechanical stretching for direct polarization, and the PHA microsphere project targeting the trillion-yuan medical beauty market, seeking 20 million yuan in funding for technology transformation [4] - External projects presented breakthrough technologies, including a Chinese innovation in thermal insulation materials seeking 32 million yuan for funding, aimed at high-end applications in special equipment and aerospace [4][6] Group 3: Awards and Recognition - The award ceremony revealed four first prizes, 16 second prizes, and 17 excellence awards, with first prize winners receiving up to 1 million yuan and second prize winners up to 600,000 yuan in support [7] - Notable first prize projects included a key component technology for high-purity domestic quartz materials and a new generation solid-state battery project focused on high-end electronics, with intentions to establish R&D centers in Dongguan [7][8] Group 4: Policy Support and Future Outlook - Dongguan's Science and Technology Bureau announced comprehensive policy support for awarded projects, including subsidies for R&D investment, support for achievement transformation, talent settlement rewards, and financial assistance [8][9] - The event marked the conclusion of the 2025 "Dongguan Materials Industry Competition," positioning it as an accelerator for high-quality development in the new materials sector, with Dongguan aiming to enhance its innovation ecosystem and support emerging enterprises [9]

| 序号 | J日期 | | | 内节 | | --- | --- | --- | --- | --- | | | | 上涨家数 | 平盘家数 | | | 1 | 2025-12-18 | 2.845 | 199 | 2.416 | | 2 | 2025-12-17 | 3.626 | 198 | 1.635 | | 3 | 2025-12-16 | 1,091 | ୧୧ | 4,302 | | ব | 2025-12-15 | 2,314 | 175 | 2,968 | | 5 | 2025-12-12 | 2,683 | 162 | 2,612 | | દિ | 2025-12-11 | 1.033 | 46 | 4.378 | | 7 | 2025-12-10 | 2,435 | 178 | 2.844 | | 8 | 2025-12-09 | 1.308 | 90 | 4.058 | | ਰੇ | 2025-12-08 | 3,409 | 181 | 1,866 | | 10 | 2025-12-05 | 4,387 | ਰੇਖੋ | 975 | | 11 | 2025-12-04 | 1,455 | ...

证券日报网讯 12月18日，常山北明在互动平台回答投资者提问时表示，公司在国产替代、自主可控方 面进行了布局，公司作为华为核心战略合作伙伴，围绕华为鲲鹏、昇腾产业布局，合力共建鲲鹏、昇腾 AI产业生态，基于华为盘古大模型拓展智能机器人、数字人等智慧应用解决方案。公司打造了百余项 鲲鹏、昇腾、华为云各应用场景下的联合解决方案，并组建了华为鸿蒙开发团队，团队成员全员通过了 HarmonyOS应用开发者高级认证，致力于鸿蒙应用开发。此外，公司已取得749项软件著作权和32项发 明专利，为自主可控技术提供了坚实支撑。 （文章来源：证券日报） ...

每经记者｜赵云 每经编辑｜彭水萍 12月19日，沪指震荡回升，创业板指冲高回落，此前一度涨超1.5%。截至收盘，沪指涨0.36%，深成指涨 0.66%，创业板指涨0.49%。 板块方面，海南、乳业、零售等板块涨幅居前，贵金属、半导体等板块跌幅居前。 全市场近4500只个股上涨。沪深两市成交额1.73万亿元，较上一个交易日放量704亿。 今天，A股迎来了本月第二次实打实的"普反"，上涨个股近4500家，超过了12月5日的4387家。 | 区号 | ↓日期 | | | | | --- | --- | --- | --- | --- | | | | 上涨家数 | 本體家教 | | | 1 | 2025-12-18 | 2,845 | 199 | 2.416 | | 2 | 2025-12-17 | 3,626 | 198 | 1.635 | | 3 | 2025-12-16 | 1.091 | ୧୧ | 4.302 | | ব | 2025-12-15 | 2,314 | 175 | 2,968 | | 5 | 2025-12-12 | 2.683 | 162 | 2.612 | | 6 | 2025-12-11 ...

国泰海通证券研报指出，海光信息是国内领先的高端处理器厂商，产品覆盖通用处理器（CPU）和协处 理器（DCU）。曙光X640性能出色，或加速国产卡训练场景突破，海光DCU芯片加速多场景拓展，业 绩预计快速增长。考虑到国内AI需求加速增长，伴随国产替代趋势增强，业绩有望加速成长。维持公 司2025/2026/2027年EPS为1.36/2.92/4.49元。参考可比公司PE估值，考虑到公司营收、净利润规模与寒 武纪接近，给予其2026年120倍PE，上修目标价至350.4元，维持"增持"评级。 ...

Market Overview - The Shanghai Composite Index rose by 0.36%, the Shenzhen Component Index increased by 0.66%, and the ChiNext Index gained 0.49% as of the market close on December 19, with nearly 4,500 stocks rising across the market [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion yuan, an increase of 70.4 billion yuan compared to the previous trading day [2] Sector Performance - Sectors such as Hainan, dairy, and retail saw significant gains, while precious metals and semiconductors experienced declines [2] - The average stock price across the A-share market increased by 1.24%, nearly surpassing all trend lines [4] Consumer Sector Insights - The consumer sector, including retail, dairy, duty-free shops, and beverage manufacturing, showed strong performance, although some short-term popular stocks experienced rapid declines towards the market close [6] - The e-commerce sector reported a 9.1% growth in online retail sales from January to November, with significant increases in digital products and online service consumption [8] Policy and Economic Outlook - The recent implementation of the Hainan Free Trade Port's full island closure marks a new phase in regional openness, benefiting consumer prices for electronic products [8] - The central economic work conference emphasized the importance of deepening and expanding artificial intelligence and self-reliance in technology, which is expected to drive attention towards semiconductor equipment and commercial aerospace sectors [5] Investment Recommendations - Analysts suggest maintaining a balanced allocation in technology and consumer sectors, as the market is expected to continue its upward trend amid external uncertainties being alleviated [5] - The commercial application of L3 autonomous driving is progressing, with the approval of the first batch of L3-level vehicles, indicating a significant step towards commercialization in the intelligent driving sector [10][11]

证券研究报告·行业点评报告·机械设备 机械设备行业点评报告 西门子海南总装基地落地，协同国产零部件 扩产缓解燃机交付压力 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 投资建议： 推荐高额燃机订单持续落地【杰瑞股份】、聚焦高技术壁垒透平叶片 国产替代【应流股份】、燃机缸体与环类主力供应商【豪迈科技】、卡特 彼勒供应商【联德股份】。 ◼ 风险提示： AI 投资不及预期、国际贸易摩擦、国产替代不及预期。 ◼ 事件：西门子新基地落地海南，完善燃机一体化流程 2025/12/18 官方公众号公布西门子能源在儋州设立海南公司，公司预 计于 2027 年实现其首个中国燃机总装基地及服务中心建成投运，形成覆 盖总装、应用验证、备件、运维的一体化体系，完善公司全球燃机布局。 海南自贸港全岛封关落地，通关及贸易投资便利度显著提升，具备为高端 装备制造、工程建设提供稳定环境的条件。西门子新基地将支撑海南清洁 能源岛建设，并依托本土供应链与制造能力，在燃机领域缩短交付周期、 提升项目效率，抬升海南全球能源产业链地位。 ◼ 燃机龙头产能饱和，总装&零部件扩产有望缓解交付瓶颈 燃气轮机行业核心利润 ...

Core Insights - The central economic work conference in 2025 emphasizes innovation-driven growth, with high demand in emerging application areas becoming a growth engine for the new materials industry [1] - The semiconductor materials demand is driven by AI computing power, data center expansion, and the rise of smart driving, with core materials like photoresists and electronic chemicals experiencing a phase of "demand expansion + accelerated domestic substitution" [1] - The OLED sector continues to grow rapidly, with the market size and domestic production rate of organic materials increasing quickly [1] Industry Trends - The humanoid robot industry chain development is generating new demand for high-performance materials such as PEEK and MXD6, which have significant application potential in robotics due to their lightweight and high-strength characteristics [1] - The AI wave is driving growth in demand for high-frequency, high-speed resins and liquid cooling materials [1] - The new materials industry benefits from both technological innovation and domestic substitution, with notable growth potential in specific segments [1] Investment Opportunities - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which selects listed companies engaged in the research, production, and sales of new materials as index samples [1] - The constituent stocks of the index are characterized by high technological content and strong innovation, widely applied in fields such as new energy, electronic information, and biomedicine [1] - The index focuses on sub-sectors like chemical new materials, metal new materials, and non-metal new materials to reflect the overall performance of listed companies in the new materials sector [1]