业务板块新布局上，邦彦技术表示，公司已经形成包括融合通信事业部、信息安全事业部、云PC产品 线、AI Agent产品线的"2+1+1"业务板块布局。其中，融合通信事业部将整合原军工业务的舰船通信事 业部、融合通信事业部和信息安全事业部，由子公司北京特立信经营，主要面向军工领域提供信息通信 及信息安全的整体解决方案。 1月9日晚间，邦彦技术(688132)公告，广东省工业和信息化厅公示了2025年省级制造业单项冠军企业名 单，邦彦技术凭借其"船舰及融合指挥调度通信产品"成功入选。邦彦技术表示，这一荣誉不仅是对该公 司长期专注细分领域、持续创新能力的官方认可，也标志着其在相关产业领域的领先地位与核心竞争力 获得高度肯定。 同时，邦彦技术正加速智能化转型。邦彦技术表示，公司的业务逐渐从信息化向智能化转变，基于用户 需求叠加AI技术提供智能化的解决方案，形成"AI+网络通信""AI+智能指挥"等服务。另外，邦彦技术 加速推动产品与技术的国产自主可控，公司依托扎实的科研储备形成的技术和能力，面向民用领域行业 专网提供安全可信、自主可控的解决方案。 根据广东省相关政策，省级制造业单项冠军企业需长期专注于制造业特定细分领域 ...

Group 1 - The company focuses on the research and development of domestically produced, self-controllable storage solutions [1] - The company is highly attentive to industry dynamics and trends in AI technology [1]

Group 1: Overview of Major Companies in Wet Electronic Chemicals - BASF is a leading supplier in the industry with the highest global market share, offering a range of wet electronic chemicals including inorganic high-purity reagents and functional formulation liquids [2] - DuPont, following its split in 2019, continues to excel in organic silicon-based electronic chemicals and plans to spin off its electronic materials business by 2025 [2] - Honeywell specializes in high-purity inorganic chemicals and has significant production capabilities in ultra-pure acids and organic solvents [2] - Entegris, after acquiring Cabot Microelectronics, offers a wide range of high-purity chemicals for semiconductor applications [2] - Avantor is a major supplier of ultra-pure reagents and electronic-grade solvents, focusing on high-purity chemicals for the electronics industry [2] Group 2: Japanese Companies in Wet Electronic Chemicals - Sumitomo Chemical is a core supplier of ultra-pure chemicals for semiconductors and displays, with significant advantages in large wafer manufacturing applications [5] - Kanto Chemical holds a significant market share in ultra-pure acid and functional chemical production for semiconductor applications [5] - Shin-Etsu Chemical is a major producer of photoresists and associated wet electronic chemicals for the semiconductor industry [5] - Mitsubishi Chemical produces a variety of high-purity acids and cleaning agents for microelectronics processing [5] Group 3: South Korean Companies in Wet Electronic Chemicals - Dongwoo Fine-Chem, a subsidiary of Sumitomo Chemical, is a pioneer in developing high-purity chemicals for semiconductor and TFT-LCD manufacturing [8] - Dongjin Semichem has a strong presence in the wet electronic chemicals market for new display technologies, holding a monopoly in certain functional chemicals [8] - Soul-brain is recognized as a leading supplier of high-purity hydrofluoric acid in South Korea [8] Group 4: Taiwanese Companies in Wet Electronic Chemicals - Dongying Chemical Co., Ltd. focuses on producing stripping and developing liquids for semiconductors and TFT-LCD applications [9] - Kuan-Tung Hsin-Lin Technology Co., Ltd. has achieved top-tier quality in hydrogen peroxide production, alongside other electronic-grade chemicals [9] - Chang Chun Chemical Co., Ltd. is a major supplier of electronic-grade sulfuric acid and other chemicals for the semiconductor industry [9] Group 5: Chinese Mainland Companies in Wet Electronic Chemicals - Anji Microelectronics Technology Co., Ltd. projects a revenue of 1.545 billion yuan from CMP polishing liquids in 2024, with a production capacity of 33,100 tons [10] - Hubei Xingfu Electronic Materials Co., Ltd. is the market leader in electronic-grade phosphoric acid, with a projected revenue of 1.02 billion yuan in 2024 [10] - Jiangyin Jianghua Microelectronics Materials Co., Ltd. is one of the few companies capable of supplying electronic-grade hydrofluoric acid for 12-inch advanced processes [10]

Core Viewpoint - Fiberroad has successfully developed and tested two new products, the FR-TSN3000 and FR-TSN6000, which are fully domestically produced and controllable substations network switches, aimed at enhancing the communication network for smart substations [1][3]. Group 1: Product Features - The FR-TSN3000 and FR-TSN6000 utilize a "domestic + TSN" design approach, focusing on critical business scenarios such as GOOSE and SV, to improve the predictability and stability of secondary system communications in the power sector [3]. - Both products are built with entirely domestic components, ensuring information security and supply chain stability, and comply with the latest technical specifications for Ethernet switches in the power industry [3][4]. - The switches are optimized for harsh electromagnetic interference and complex power conditions, supporting 110V/220V DC input with a ±20% voltage fluctuation tolerance, as well as 220V AC input [3]. Group 2: Testing and Compliance - The FR-TSN3000 and FR-TSN6000 have passed the national grid system network access tests and received certification from the China Electric Power Research Institute [4]. - They have also undergone information security testing and component selection analysis by the Ministry of Industry and Information Technology's Fifth Research Institute, confirming their reliability and consistency [4]. Group 3: Application and Industry Impact - The products adhere to the DL/T 860 (IEC 61850) modeling and communication framework, allowing for unified modeling and management of substation equipment, and enabling fine control over critical messages like GOOSE and SV [4]. - The release of these TSN switches signifies a maturation in the integration of domestically produced controllable switches with TSN deterministic Ethernet technology within the power system [4]. - Fiberroad aims to continue advancing domestic industrial Ethernet technology in collaboration with the new power system, providing safer, more reliable, and sustainable network infrastructure for the power industry [4].

Core Insights - The core viewpoint of the article highlights that Qiyuan Technology's basic simulation platform software has passed domestic independent controllability certification, indicating a significant advancement in the military simulation industry as demand for military intelligence increases [2] Company Summary - Qiyuan Technology is expanding and deepening its application in the military simulation industry, driven by the rising demand for military intelligence [2] - The company possesses sustainable operational capabilities, which are essential for long-term growth in the sector [2] - Qiyuan Technology's multi-level integrated simulation technology architecture, which combines "system + signal + joint," enhances its competitive product offerings and comprehensive solutions in the communication field [2] Industry Summary - The military simulation industry is experiencing growth due to the increasing need for intelligent military solutions, leading to a continuous expansion of application areas [2] - The integration of Qiyuan Technology's strengths in communication with its simulation system capabilities is expected to create a strong competitive advantage in the market [2]

Core Viewpoint - Beijing Biran Technology announced a strategic cooperation agreement with Jieyue Xingchen and Shanghai Yidian Zhikuan Services, aiming to enhance complementary advantages and explore technological innovation and model breakthroughs [1] Group 1 - The strategic cooperation will create a closed-loop industry chain that is independently controllable from underlying hardware to upper-level applications [1]

Core Viewpoint - Dapu Micro is set to become the first unprofitable IPO company accepted for listing on the ChiNext board, with its application submitted on June 27, 2025, and sponsored by Guotai Junan Securities [2] Group 1: Main Business - Dapu Micro specializes in the research and sales of enterprise-level SSD products for data centers, being one of the few domestic providers with full-stack self-research capabilities in "controller chips + firmware algorithms + modules" [3] - The company has shipped over 4,900 PB of enterprise-level SSDs, with more than 75% of shipments featuring self-developed controller chips, maintaining a leading market share in the domestic enterprise SSD sector [3] - Dapu Micro's PCIe SSD products are recognized for their high read/write speeds, durability, low latency, and significantly lower average failure rates than JEDEC standards, positioning them at an internationally advanced level [4] Group 2: Technological Innovation - The company has obtained 162 domestic and international invention patents, with several enterprise-level SSD technologies being industry-leading, and has participated in multiple national and provincial research projects [5] - Dapu Micro has been awarded various honors, including recognition as a "specialized and innovative" enterprise and has established a strong brand presence in the industry [5] Group 3: Financial Data - The company reported revenues of 557 million, 519 million, 962 million, and 748 million yuan over the past four years, with net profits of -368 million, -642 million, -195 million, and -361 million yuan, indicating it has not yet achieved profitability [10] - As of June 30, 2025, total assets amounted to 1.981 billion yuan, with a debt-to-asset ratio of 63.40% and a net loss of 354.21 million yuan for the first half of 2025 [11] Group 4: Shareholder Structure - Dapu Haide holds 13.72% of the company's shares and possesses special voting rights, controlling 54.78% of the voting rights, making it the controlling shareholder [8] - Yang Yafei, through Dapu Haide and Dapu Haiju, controls 66.74% of the voting rights, establishing him as the actual controller of the company [8] Group 5: Fundraising Utilization - The company plans to raise approximately 1.877 billion yuan, with funds allocated to the next-generation controller chip and enterprise-level SSD R&D, production testing base, and working capital [9] Group 6: Market Position and Future Plans - Dapu Micro aims to enhance the resilience and security of the domestic enterprise SSD supply chain and has established partnerships with major clients in various sectors, including internet, cloud computing, and telecommunications [6] - The company is committed to advancing the "computational storage" and "intelligent storage" industries, focusing on becoming a platform-based, international, and innovative provider of storage products and solutions [13] - Future plans include continuous research and innovation in core SSD technologies and expanding product offerings to include network cards and RAID cards for data center applications [14]

具体板块上，他表示，成长方向看好AI、国产自主可控、消费电子端侧、互联网应用、军工卫星、高 端装备、机器人、储能、电力设备；周期方向看好反内卷基调下的光伏、生猪养殖、航空、快递、化工 等领域。在他看来，云厂商算力需求的大幅增加，有望推动国内算力芯片产业链快速发展并形成闭环， 未来国产厂商市场份额或大幅提升。云服务行业受AI需求爆发和出海需求回流，也有望迎来快速增 长。此外，先进制程的扩产、国产光刻机的突破也将进一步提升相关行业市场空间。 中证报中证网讯(记者张韵)12月18日晚间，前海开源基金投资部总监、基金经理崔宸龙在做客中国证券 报"中证点金汇"直播间时分享表示，展望2026年，看好大盘龙头价值标的投资机会。多数龙头公司2025 年涨幅远落后于中小盘和科技成长公司，从估值水平来看，龙头价值标的更具性价比。同时，伴随着反 内卷政策的发力，国内经济有望逐步回升，龙头公司或将在这一过程中受益。 ...

Group 1: Market Overview - The three major indices opened lower, with the Shanghai Composite Index down 0.17%, the Shenzhen Component down 0.21%, and the ChiNext Index down 0.24% [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 560 billion yuan within the first half hour, a decrease of over 70 billion yuan compared to the same time yesterday, with an expected total trading amount of over 1.7 trillion yuan for the day [1] Group 2: Industry Insights - The communication sector significantly outperformed the market, with a year-to-date increase of 64.67% as of November 27, ranking second among 31 sub-sectors in the Shenwan industry classification [1] - The driving factors for the communication sector's performance include the commercialization of AI by overseas companies, which has positively impacted the stock prices of key players in optical modules [1] - The communication industry's TTM PE ratio ranks 16th among all industries, indicating it remains undervalued within the TMT sector [1] - The outlook for the communication industry is optimistic, with expectations of accelerated performance from 1.6T shipments and IDC, liquid cooling, and IoT modules, potentially leading to a scenario where "the more it rises, the lower the valuation" by 2026 [1] Group 3: Lithium Iron Phosphate Industry - The lithium iron phosphate industry is experiencing a collective price increase, with major manufacturers raising prices by 2,000 to 3,000 yuan per ton since early December [2] - Orders for lithium iron phosphate products are reportedly booked until the first quarter of 2026, with some companies halting new orders due to tight supply conditions for high-end products [2] - The supply side is constrained, as new production capacity will take time to come online, while low-end capacity is being phased out, leading to a persistent market gap [2] - There is potential for further price increases in lithium iron phosphate through 2026, supported by cost factors, indicating a clear trend of rising processing fees in the short term [2]

Core Viewpoint - The communication industry is expected to experience a "lower valuation as prices rise" scenario by 2026, driven by accelerated shipments of 1.6T technology and the performance release of IDC, liquid cooling, and IoT modules [1][2]. Group 1: Communication Industry Outlook - The communication index has significantly outperformed the market, with a 64.67% increase as of November 27, 2025, ranking second among 31 sub-sectors in the Shenwan industry classification [2]. - The communication industry's PE-TTM (excluding negative values) stands at 24.6x, ranking 16th across all industries and still considered undervalued within the TMT sector [2]. - The focus remains on AI computing infrastructure and satellite internet opportunities, alongside domestic self-controllable and operator dividend opportunities [1][2]. Group 2: Overseas Cloud Giants and Investment Trends - Major North American cloud companies, including Microsoft, Google, Meta, and Amazon, are increasing capital expenditures, with Nvidia projecting global AI investment to reach $3 trillion to $4 trillion by the end of 2030, reflecting a CAGR of approximately 40% [3]. - Google is establishing a commercial closed-loop model with its TPU and Nvidia's GPU expected to compete in 2026, potentially enhancing high-speed network connections [3]. - The deployment of hollow-core optical fibers is anticipated to accelerate due to their low latency and loss characteristics, with liquid cooling expected to reach a turning point [3]. Group 3: Domestic Companies and Self-Sufficiency - Domestic giants like Alibaba, ByteDance, and Tencent are increasing capital expenditures despite a slowdown due to chip export controls [4]. - Alibaba plans to enhance its investment beyond the previously announced 380 billion RMB over three years, focusing on domestic AI chip procurement [4]. - The development of supernodes is expected to gain momentum, with domestic companies launching related platforms [4]. Group 4: Satellite Internet Development - 2025 is projected to be a milestone year for China's commercial space development, with significant policy support and the establishment of a commercial space administration [5]. - Domestic satellite constellations "StarNet" and "G60" are expected to accelerate satellite launch schedules, driven by increasing demand in various sectors [5]. - Opportunities in the satellite manufacturing and operation sectors are anticipated as the industry matures [5]. Group 5: Dividend Opportunities in Telecom Operators - High dividend and yield configurations are becoming increasingly valuable, supported by favorable policies and a downward trend in long-term interest rates [6]. - Telecom operators have shown stable operations with increasing dividend ratios, providing a solid foundation for dividend yields [6]. - The rapid development of new businesses such as IDC, cloud computing, and AI within telecom operators is expected to enhance their growth value and potentially elevate valuations [6].