设备、软件开发行业合计占比近75% 篇 上证科创板100指数 由科创板中市值中等且流动性较好的100只股票组成,聚 焦中小科创企业,电子、医药生物、计算机、电力设备 行业合计占比超80%,其中电子、医药生物行业占比较高 a 上证科创板综合指数 本周，科创成长指数上涨6.1%，科创100指数上涨5.9%，科创综指上涨5.4%，科创板50指数上涨3.2%。 天风证券表示，2025年全球半导体延续乐观增长走势，AI驱动下游增长。同时，国产化持续推进，三季度各环节公司业绩 亮眼，展望四季度半导体旺季期，建议关注存储/功率/代工/ASIC/SoC的业绩弹性以及设备材料、算力芯片的国产化。 | | 上证科创板50 | 上证科创板100 | 上证科创板 | 上证科创板成长 | | --- | --- | --- | --- | --- | | | 成份指数 | 指数 | 综合指数 | 指数 | | 本周涨跌幅 | 3.2% | 5.9% | 5.4% | 6. 1% | | 指数滚动 市盘率 | 148.0倍 | 207. 4倍 | 203. 6倍 | 149.5倍 | | 滚动市盈率 | 94. 8% | 该指数2023 ...

Core Viewpoint - The A-share market showed a positive trend with major indices recovering after a low opening, driven by gains in the semiconductor and memory chip sectors, indicating a strong market response to the ongoing AI wave and domestic production needs [1] Industry Summary - The semiconductor industry is experiencing growth, with the China Securities Semiconductor Industry Index rising by 0.9% and the China Securities Semiconductor Materials and Equipment Theme Index increasing by 2.2% as of 11:20 AM [1] - Key stocks in the semiconductor sector, such as Tuojing Technology and Zhongke Feimeng, saw increases of over 4% [1] - The demand for advanced production lines in the semiconductor sector is expected to continue, driven by the AI trend and the need for domestic production capabilities [1] Index Composition - The China Securities Semiconductor Materials and Equipment Theme Index consists of 40 stocks related to semiconductor materials and equipment, with semiconductor equipment accounting for 60% and semiconductor materials for 20% of the index [1] - The China Securities Chip Industry Index includes 50 stocks involved in chip design, manufacturing, packaging, testing, as well as semiconductor materials and production equipment, with digital chip design representing over 50% and semiconductor equipment about 17% of the index [1] Investment Opportunities - The EasyOne ETF (159558) and the Chip ETF (516350) track the aforementioned indices, providing investors with a streamlined way to invest in leading companies within the semiconductor industry [1]

Group 1: Computer Industry Insights - In 2026, AI is expected to deeply drive the growth of the computer industry, resonating with high-growth sectors such as domestic production, quantum technology, financial IT, and intelligent driving [2] - The rapid iteration of models and high demand for computing power may accelerate commercialization [2] - Industrial software is moving into a "deep water zone," which will support the strategy of becoming a manufacturing powerhouse [2] - These dynamics could jointly promote the industry's dual recovery in performance and valuation [2] Group 2: Debt Market Opportunities - Current divergences in the stock market may create a rare allocation window for the bond market [5] - The yield of ten-year government bonds is suggested to have significant value [5] - The bond market may return to a fundamental pricing logic under the "low interest rate + high volatility" scenario in 2026 [5] Group 3: Deep Sea Technology Outlook - Deep sea technology is projected to release trillion-level opportunities by 2026 [7] - The acceleration of deep-sea mining by the U.S. and its inclusion in China's government work report may reshape the global competitive landscape [7] - There is potential for deep-sea mining to achieve cost parity by 2033, sparking a new wave of equipment investment [7] - Investors are advised to consider short-term FPSO supply chain opportunities and long-term underwater robotics [7] Group 4: Meituan Q3 Performance Review - Meituan's Q3 takeaway business reported a nearly 20 billion loss, raising questions about whether this is the peak [9] - Management's guidance on profitability recovery for Q4 following intense price competition is under scrutiny [9] - The in-store travel business is facing challenges with slowing growth and declining profit margins [9] - The expansion pace and investment efficiency of the new overseas engine, Keeta, in markets like Brazil are being evaluated [9]

根据披露的机构调研信息2025年11月21日，泉果基金对上市公司汇川技术进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为237.87亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得31.79%。 回复：流程工业对产品可靠性、系统性和解决方案要求比较高。经过多年准备，公司面向流程工业应用 的产品和解决方案有了较大的提升，业务取得一定的增长。目前来看，公司在流程工业的拓展上看到比 较好的切入点：①国产化趋势；②流程工业正面临数字化、智能化转型和新型工业化再造，公司以数据 为核心，助力中国流程工业实现新型工业化，推动行业工艺突破。公司正在补强在数字化、大型PLC领 域的能力，打造样板点，切入流程行业。 泉果基金Q2、PLC 作为自动化的核心，公司如何看待中大型PLC的发展机会和未来展望? 回复：近几年，公司加大了PLC产品的投入力度。其中，中大型PLC带有核心工艺、复杂的运动控制， 是公司拓展中高端应用市场的核心产品之一。过去几年,公司紧抓市场机会，借助中大型PLC产品在光 伏、锂电、手 ...

证券日报网讯汇川技术11月25日发布公告，在公司回答调研者提问时表示，流程工业对产品可靠性、系 统性和解决方案要求比较高。经过多年准备，公司面向流程工业应用的产品和解决方案有了较大的提 升，业务取得一定的增长。目前来看，公司在流程工业的拓展上看到比较好的切入点：①国产化趋势； ②流程工业正面临数字化、智能化转型和新型工业化再造，公司以数据为核心，助力中国流程工业实现 新型工业化，推动行业工艺突破。公司正在补强在数字化、大型PLC领域的能力，打造样板点，切入流 程行业。 （文章来源：证券日报） ...

Core Viewpoint - The market is experiencing a decline in risk appetite, suggesting that investors should increase positions in certain directions and leading stocks during this period of volatility [1] Group 1: Market Analysis - The current market environment indicates a preference for stocks with cross-year certainty, focusing on valuation, earnings growth, and industry prosperity changes as core considerations [1] - The overall allocation in the computer sector is currently low, presenting a comparative advantage for positioning ahead of the spring rally [1] Group 2: AI Application Insights - Google's recent releases of Gemini3 and Nano Banana Pro have demonstrated significant performance improvements, reaffirming the effectiveness of Scaling Law and indicating sustained high demand in the AI sector [2] - The launch of xAI's Grok4.1 model and the public testing of Qianwen APP by Ant Group highlight ongoing advancements in AI capabilities, suggesting that the industry may be approaching a commercial singularity [2]

Group 1: Investment Opportunities - Two new stocks available for subscription next week: Moer Thread and Baiaosaitu [2][3] - Moer Thread is set to become the "first domestic GPU stock" in China [4] - Moer Thread's subscription code is 787795, with an issue price of 114.28 yuan per share and a total issuance of 70 million shares [5][6] Group 2: Moer Thread Financials - Moer Thread's projected revenues for 2022 to 2025 are 46.0883 million yuan, 124 million yuan, 438 million yuan, and 702 million yuan respectively, with net profits of -1.894 billion yuan, -1.703 billion yuan, -1.618 billion yuan, and -271 million yuan [6] - For 2025, Moer Thread expects revenues between 1.218 billion yuan and 1.498 billion yuan, representing a year-on-year growth of 177.79% to 241.65% [9][10] - The projected net profit for 2025 is expected to be between -1.168 billion yuan and -730 million yuan, showing a year-on-year improvement of 27.82% to 54.89% [9][10] Group 3: Baiaosaitu Overview - Baiaosaitu's subscription code is 787796, with total issuance of 47.5 million shares, and the subscription limit is 0.75 million shares [11] - The company operates in the preclinical CRO and biotechnology sectors, with four technology platforms including gene editing and antibody drug discovery [11] - Baiaosaitu has developed a proprietary CRISPR/EGE technology that increases gene editing efficiency by nearly 20 times [11] Group 4: Baiaosaitu Financials - Baiaosaitu's projected revenues for 2022 to 2025 are 534 million yuan, 717 million yuan, 980 million yuan, and 621 million yuan respectively, with net profits of -602 million yuan, -383 million yuan, 33.5418 million yuan, and 47.9991 million yuan [14] - For 2025, Baiaosaitu anticipates revenues of 1.351 billion yuan, a year-on-year increase of 37.75%, and a net profit of 135.3661 million yuan, reflecting a growth of 303.57% [16][17]

Core Insights - Dongjie Intelligent announced a procurement contract with Aobo (Shandong) Intelligent Robot Co., Ltd. for a total price of 24.325 million yuan, including 50 welding robots and 5 dual-arm coffee robots to enhance automation and employee experience [1] - Aobo was established in 2020 with a registered capital of 200 million yuan, and its legal representative is the same person as Dongjie Intelligent's controlling shareholder [3] - Aobo has transitioned from a startup to a leading player in the collaborative robot market, achieving significant cost advantages and high performance compared to imported robots [4][5] Procurement and Automation Enhancement - Dongjie Intelligent's subsidiary, Taiyuan Dongjie Equipment Co., Ltd., aims to improve its production workshop's automation level, which has been low since its establishment in 2009 [1] - The procurement includes 250 welding robots for various projects, including the Haicheng Heze project and the Malaysia PTT project [1] Aobo's Growth and Market Position - Aobo has grown from a small startup to a company with a global sales volume of over 10,000 collaborative robots by 2021, becoming the second-largest in global shipments from 2022 to 2025 [21][22] - The company has achieved a 98% localization rate for its core components, significantly reducing dependency on imports and enhancing its competitive edge [23] Future Plans and Market Potential - Aobo plans to invest 5 billion yuan to build a robot industrial base in Zibo, aiming for an annual production capacity of 100,000 robots by 2027, which is more than five times the output in 2023 [24] - The Chinese collaborative robot market is projected to grow significantly, with sales expected to reach 124,000 units and a market size exceeding 7 billion yuan by 2028 [24] Technological Innovation and Industry Impact - Aobo's success has spurred the growth of domestic core component suppliers, fostering a symbiotic relationship that enhances the overall Chinese robotics industry [22] - The company has diversified its applications into new sectors such as new energy, retail, and healthcare, showcasing the versatility of its robots [24]

Core Insights - The article emphasizes the successful path taken by JD Cloud in the context of domestic chip and software development, highlighting the shift from policy-driven to market-driven approaches by 2025 [1][14] - JD Cloud's methodology of "gradual true replacement" is gaining traction as a practical model for domestic innovation, focusing on real business scenarios to validate technology [4][6] Group 1: Domestic Chip and Software Development - By 2025, domestic chips are expected to account for 40% of the market, with a notable increase in the performance of domestic software stocks [1] - The AI industry in China is transitioning from "usable" to "usable and effective," with AI workloads projected to dominate cloud computing by 2029 [1][10] Group 2: Challenges in Domesticization - The main challenges in domesticization are categorized into three areas: usability, controllability, and trustworthiness [2][3] - Usability issues arise from the need for stability in high-demand environments, particularly with the coexistence of X86 and ARM architectures [2] - Controllability concerns involve hidden costs related to software restructuring and personnel training, which can delay domesticization efforts [3] - Trustworthiness is critical, as businesses cannot afford the risks associated with complete system overhauls [3] Group 3: JD Cloud's Approach - JD Cloud's strategy includes multi-chip management to ensure system availability despite individual chip failures [5] - The gradual replacement strategy allows for controlled risk and cost management by starting with small-scale pilot projects [5] - JD Cloud leverages real business scenarios to refine its hardware and software solutions, ensuring continuous upgrades [5][9] Group 4: Technological Advancements - JD Cloud's JoyScale AI computing platform integrates various domestic chips, providing efficient computing solutions validated through extensive real-world testing [12] - The JoyBuilder model development platform enhances training and inference speeds while significantly reducing application costs [13][14] - Data security is prioritized through the use of national encryption standards and secure sandbox technologies, ensuring compliance and safety [14] Group 5: Market Perception and Future Outlook - The market's perception of domesticization is shifting from mere availability to the effectiveness and value of solutions [14] - By 2025, the focus will transition from policy-driven initiatives to commercially viable solutions that withstand extreme testing scenarios [14] - Companies like JD Cloud, which continuously enhance their capabilities, are expected to thrive in the competitive landscape of digital sovereignty [14]

京东云这条路走对了。 2025年，国产化已从政策议题演变为资本市场的核心主线。TrendForce数据显示，2025年国产芯片预期占比将提升至40%，加之近来国产软件板块持续发力，相关概 念股逆势表现活跃。在"安全可控"成为数字基建底层逻辑的背景下，市场不再满足于概念炒作，而是聚焦于真正具备落地能力的技术路径与商业闭环。 当大模型迈入全栈国产化时代，中国AI产业正从"能用"向落地深度应用要"好用"跃迁。Gartner预测到2029年，AI工作负载将占据云计算的50%，这意味着未来几年 AI将成为云技术发展的核心驱动力。数智化水平的提升，不仅倒逼算力基础设施升级，更对系统的可用性、可控性和可信度提出前所未有的挑战。 在此过程中，京东云以"渐进式真替真用"为方法论，依托万亿级真实业务场景打磨技术底座，其路径选择正引发行业广泛关注。 国产化三大关卡：可用、可控、可信 多位信创领域专家指出，当前国产化推进的最大瓶颈并非技术空白，而是生态割裂与迁移成本过高。"很多企业愿意支持国产，但不敢'一步到位'。"一位行业人士 坦言，"一旦核心系统停摆几小时，损失可能远超替代收益。" 三是"可信"鸿沟。企业无法承受"推倒重来"的风 ...