Core Viewpoint - The launch of the CCB CSI Selected Technology 50 ETF (code: 517950) on the Shanghai Stock Exchange marks a significant step in promoting China's strategic emerging industries and reflects the company's commitment to the national strategy of achieving high-level technological self-reliance [1][2]. Group 1: Product Overview - The ETF tracks the CSI Selected Technology 50 Index, which focuses on key sectors such as electronic semiconductors, communications, innovative pharmaceuticals, and advanced manufacturing, aligning with the national strategy for technological self-reliance [2]. - The index employs a rigorous selection process, including a minimum R&D expenditure threshold of 5%, and utilizes a three-dimensional optimization system based on market capitalization, profitability, and growth [2]. - The ETF aims to provide investors with an efficient tool to access core assets in China's hard technology sector across the A-share and Hong Kong markets, facilitating a comprehensive investment approach [2]. Group 2: Market Context and Policy Support - The "14th Five-Year Plan" emphasizes technological self-reliance as a core development goal, focusing on critical areas such as integrated circuits and industrial mother machines, supported by various policy measures [1]. - The expansion of the Shanghai-Hong Kong Stock Connect and the inclusion of high-quality companies from the Sci-Tech Innovation Board into the mutual market framework enhance the investment landscape for technology assets [1]. - The combination of policy incentives and industrial upgrades is expected to accelerate domestic substitution and deepen technological iterations, providing robust long-term growth potential for core technology assets in the three markets [1]. Group 3: Future Outlook - The company plans to continue enhancing its index product matrix and leverage its research-driven investment philosophy to uncover opportunities in cutting-edge technology sectors [3]. - The introduction of the ETF is seen as a way to meet diverse investor needs by combining on-market and off-market investment strategies, thus broadening access to the hard technology sector [2][3].

今年下半年，国产GPU行业的"造富"叙事几经上演。 8月，AI芯片公司寒武纪股价短暂超越曾经的A股"股王"贵州茅台，成为"新晋股王"。 几天后的12月17日，这样的情形再次重演。"国产GPU第二股"沐曦股份当日上市，截至收盘，沐曦股份收报829.90元/股，大涨692.95%，公司市值达到 3320.4亿元。 这场资本狂欢或将持续。 与摩尔线程与沐曦股份并称为"国产GPU四小龙"的壁仞科技、燧原科技也在推动上市进程；近期，又有消息称，百度旗下的昆仑芯科技即将完成股改，有 望在2026年上半年在港股上市。 在AI算力爆发的当下，GPU作为在AI的深度学习过程中，能够提供并行计算、处理海量数据和复杂矩阵运算的主流硬件，成了一条发展潜力巨大的赛 道。 更重要的是，资本市场认可了"国产替代+AI算力"的逻辑，将国产GPU企业视为是技术"卡脖子"的突破口，再加上有国际巨头英伟达作为参考，因此国产 GPU身上的想象力也跟着水涨船高。 12月5日，摩尔线程头顶"国产GPU第一股"的光环登陆科创板，上市首日高开468.78%，最终报收于600.50元/股，涨幅为425.46%。 只不过，资本的热捧与当前国产GPU企业普遍处于 ...

证券日报网讯12月18日，卫星化学（002648）在互动平台回答投资者提问时表示，POE下游应用广阔， 在光伏、新能源车、聚合物改性、日用消费等领域均有较好应用前景，目前国内POE主要依赖进口。公 司通过自主研发α-烯烃原料、催化剂及聚合工艺解决国产替代难题，将紧紧围绕以客户为中心为其提供 整体解决方案。 ...

证券研究报告 | 2025年12月18日 唯特偶（301319.SZ） 优于大市 深耕电子焊接材料，双平台战略打造新增长极 前三季度营收同比增长 24.00%，扣非归母净利润同比增长 3.51%。公司发前 三季度实现营收 10.60 亿元(YoY +24.00%)，实现归母净利润 0.70 亿元(YoY -4.84%)，扣非后归母净利润为 0.62 亿元（YoY +3.51%）。其中，公司单三 季度实现营收 3.96 亿元(YoY +19.67%)，实现归母净利润 0.27 亿元(YoY +15.98%)。前三季度公司确认的非经常性损益为 758.63 万元，主要为政府 补助及金融资产公允价值变动损益等。 综合盈利能力稳健，经营性现金流大幅改善。公司前三季度综合毛利率为 16.26%，归母净利率为 6.56%。归母净利润同比小幅下滑主要系去年同期非 经常性损益基数较高所致，而扣非归母净利润的稳健增长彰显了主营业务的 良好发展态势。公司经营质量显著提升，前三季度经营活动产生的现金流量 净额达 0.82 亿元，同比大幅增长 1578.59%，主要系收入增长的同时公司强 化回款管理所致。费用方面，公司持续加大研发投 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is rapidly growing in the GPU chip market, focusing on high-performance GPU solutions for various advanced fields, with significant revenue growth and a strong product pipeline [1][4][7]. Company Overview - Muxi was established in 2020 and plans to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board by December 2025, with headquarters in Shanghai and subsidiaries in multiple cities [1]. - The company specializes in providing full-stack GPU chips and solutions for heterogeneous computing, applicable in smart computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [4]. Business Focus - The core business includes "training and inference integrated GPU boards," with additional offerings like "smart computing inference GPU boards," "training and inference integrated GPU servers," and "IP licensing," primarily targeting the domestic market for domestic substitution [5]. - Muxi is one of the few companies in China that has mastered the technology for high-performance GPU chip research, design, and mass production, focusing on independent design capabilities and a comprehensive product line [5]. Product Development - The flagship product, Xiyun C600, utilizes a 12nm process technology and is produced by SMIC, achieving a Chiplet yield of over 92%. It is theoretically close to NVIDIA's H100 but not yet comparable to Blackwell Ultra [5]. Financial Performance - Revenue grew from several million in 2022 to 1.236 billion in the first three quarters of 2025, indicating rapid commercialization of products [7]. - Despite ongoing losses, the company has seen a significant narrowing of losses in 2025, with some quarters achieving profitability, suggesting a move towards breakeven revenue levels [9]. Profitability Metrics - The gross margin is around 50-60%, which is relatively high compared to other sectors, and is not expected to drop to levels seen in Bluetooth chip industries [11]. - However, operating expenses are high, with over 85% of revenue consumed by these costs, and R&D expenses alone accounting for more than half of total revenue [13]. Cash Flow and Investment - The net cash flow from operating activities is unlikely to turn positive in the short term, as revenue growth will continue to require significant working capital [15]. - The company has been utilizing funds from its pre-IPO financing for investment purposes, similar to other companies in the sector, raising concerns about the sustainability of its business model [19].

Group 1 - The high valuation of Muxi is driven by a combination of technology, team expertise, market timing, and policy catalysts, rather than being coincidental [35] - The "Four Dragons of Domestic GPU" each have distinct strategies, indicating that competition is not merely homogeneous [25][32] - The recent wave of AI company IPOs signifies a shift in the industry from "storytelling" to "result verification" [33] - Current conditions present both opportunities and risks; stakeholders should understand the underlying logic of valuations and avoid being swayed by emotions [34] Group 2 - Muxi's market capitalization reached 332 billion, with a significant first-day price increase, reflecting investor enthusiasm [6][34] - The team behind Muxi, including founder Chen Weiliang and co-founders Peng Li and Yang Jian, possesses extensive experience in GPU design, which is crucial for the company's success [13][17] - The U.S. chip export restrictions have created a pressing demand for domestic GPU solutions, leading to a surge in orders for Muxi [22][23] Group 3 - The four domestic GPU companies—Muxi, Moer, Birran, and Suiruan—each focus on different market segments and technological approaches, akin to various martial arts styles [25][32] - The investment strategy of top-tier firms like Sequoia emphasizes "certainty" over mere potential, focusing on the team's track record rather than just the technology [28][29] - The current landscape of AI infrastructure investment reflects a growing recognition of the importance of foundational technologies over application-level innovations [33]

Core Viewpoint - Shanghai Birun Technology Co., Ltd. has officially passed the Hong Kong Stock Exchange hearing, aiming to become the "first GPU stock" in Hong Kong, focusing on self-developed GPGPU chips and intelligent computing solutions [1] Group 1: Business Performance - Birun Technology achieved significant revenue growth from 62.03 million to 336.8 million from 2023 to 2024, with a strong order backlog of over 1.2407 billion as of December 15, 2025 [1] - The company has commercialized specialized technology products since August 2022, with intelligent computing solutions contributing to revenue starting in 2023 [1] Group 2: Technological Innovation - Birun Technology has developed a GPGPU architecture tailored for large-scale AI workloads, implementing a "1+1+N+X" platform strategy, and has created the BR110 and upgraded BR166 chips [2] - The company ranks first among Chinese GPGPU firms with 1,158 patent applications and has a 100% authorization rate for 388 granted patents [2] Group 3: Market Position and Ecosystem - The management team includes top scientists and experienced business professionals, with the founder having over 10 years of experience in AI and hardware technology [3] - Birun Technology has established deep collaborations with major telecom operators and has served nine Fortune China 500 companies, five of which are also on the Fortune Global 500 list [3] Group 4: Industry Outlook - The Chinese intelligent computing chip market is expected to reach $50.4 billion by 2025, with the GPGPU market projected to hit $40.9 billion [4] - The Hong Kong stock market has been a leading platform for fundraising since 2025, providing strong capital support for technology companies [4]

Core Viewpoint - ASML's CEO, Christoph Wouters, acknowledges a shift in demand from China, indicating a decline in orders due to the rise of local technology, marking a significant change in the company's outlook on the Chinese market [1][4]. Group 1: Market Dynamics - The demand from the Chinese market is transforming from "policy risk" to "order decline," with a forecasted significant drop in sales to China by 2026 [1]. - ASML's sales to China previously accounted for over one-third of its total revenue, but the competitive landscape is changing as local Chinese technology begins to erode this market share [1][5]. - Other Western companies, such as Applied Materials and Lam Research, are also expressing concerns about their reliance on the Chinese market, with significant portions of their revenues (37% for Applied Materials, 42% for Lam Research, and 44.4% for Tokyo Electron) coming from China [5]. Group 2: Technological Landscape - The narrative of Western technological superiority is being challenged as Chinese companies make significant strides in developing their own capabilities, moving away from a "copying" approach to a "system innovation" strategy [7][8]. - ASML's previous confidence in its technological edge is waning, as the gap in capabilities between Western and Chinese firms is narrowing, with the CEO indicating that the timeline for China to catch up is being compressed [8][11]. Group 3: Strategic Responses - ASML is attempting to maintain its market position by offering older technology models (like DUV equipment) to China, hoping to negotiate some leeway in the face of ongoing export restrictions [5][11]. - The company is caught in a dilemma between adhering to U.S. policies and maintaining trust with its largest customer, China, leading to a precarious balancing act [11].

Group 1: Company Overview and Capabilities - The company has a vertically integrated R&D and production capability in quartz materials, including quartz sand, rods, fibers, and electronic cloth, established since 1979 [1] - The company is a leading supplier of quartz fibers for aerospace applications and has been developing quartz electronic cloth since 2017 [1] - The company is currently in the small batch testing and certification phase for its quartz electronic cloth project [2] Group 2: Production Capacity and Planning - The company is constructing a new production line for quartz electronic yarn with a capacity of 1,000 tons [1] - The company will closely monitor market conditions to plan and invest in production capacity accordingly [1] Group 3: Client Relationships and Orders - The company has established stable relationships with a number of high-quality global copper-clad board manufacturers since starting the development of quartz electronic cloth [2] - Business cooperation and orders are subject to uncertainties due to client product iterations and adaptation testing [2] Group 4: Talent Management and Incentives - The company has implemented four phases of an equity incentive plan since its listing, covering nearly 1,000 participants [2] - In September 2025, the company introduced core team members to participate in a subsidiary's capital increase to maintain team stability and protect core interests, with core team members contributing 68.91% of the investment [2] Group 5: Industry Outlook - High-performance quartz glass materials are essential in semiconductor, aerospace, optical, and electronic circuit industries, presenting significant growth opportunities [2] - The semiconductor market is expected to remain robust, with the company positioned to benefit from domestic substitution trends [3] Group 6: Product Applications - Quartz glass fibers and composite materials are widely used in aerospace and marine equipment due to their high strength, low expansion coefficient, and excellent thermal and electrical insulation properties [3] - The company is one of the few manufacturers capable of mass-producing quartz glass fibers and has developed various composite materials for aerospace applications [3] Group 7: Semiconductor Business - The company is a pioneer in the domestic market for quartz materials used in semiconductor processes, with a full range of products and services [3] - The company has seen a gradual increase in market share for quartz glass materials and is actively pursuing technological advancements to support domestic production [3]

智通财经APP获悉，东兴证券发布研报称，2025年，化工品价格指数小幅震荡下行，化工行业仍处于低 景气阶段，但目前全球能源类成本已从高位回落，同时，从供给、需求、库存角度看，行业已出现积极 变化。展望2026年国内化工行业，供需格局有望改善，建议关注行业景气有望回升的子行业，如钛白 粉、部分农药品种、化纤、制冷剂等；资本开支和研发共同驱动中长期增长的龙头企业；受益于需求增 加或国产替代持续推进的部分高端化工新材料，如电子化工材料、高端陶瓷材料等。 从需求端来看，国内制造业需求弱复苏，新兴领域或带来增量；此外，大规模设备更新、消费品以旧换 新等具体政策，也有助于拉动汽车、家电产业链相关化工品的需求。因此国内部分化工子行业的供需格 局有改善趋势，看好钛白粉、部分农药品种、化纤、制冷剂等子行业的供需格局有望逐步好转。 (2)资本开支和研发共同驱动中长期增长的龙头企业。经历供给侧改革之后，国内化工行业的集中度已 经有了较大的提升。未来，受到环保、安全、能耗等政策限制，化工行业资本开支向龙头集聚，投资方 向主要是聚焦原有产品产能扩张、围绕产业链向下游高附加值产品延伸、或通过研发驱动向更多高壁垒 的精细化学品和新材料领域 ...