根据港股招股书，2024 年国内车规模拟IC 市场约400 亿，国产化率仅为5%。公司为国内车规模拟IC 龙 头，基于三电系统的优势应用持续突破车身电子/智驾/底盘安全等领域，公司汽车电子领域相关产品持 续放量，预计高速接口Serdes 等新品也有望今年开始逐步进入量产阶段，公司量产单车价值量从当前 1500 元提升至3000~4000 元。 投资建议：纳芯微作为汽车模拟芯片龙头，显著受益于高端模拟芯片国产替代趋势，随着SerDes 芯片 等高价值量产品加速放量推动毛利率持续提升，同时收购麦歌恩带来的协同效应逐渐显现，业绩增长动 力强劲。根据公司业绩预告，我们调整此前业绩预测（2025.11.26）。预计公司2025-2027 年营收分别 为33.51/45.03/54.30 亿元（前值为32.76/42.02/50.30亿元），归母净利润分别为-2.10/1.36/3.91 亿元（前 值为-1.62/1.28/3.50 亿元）。维持"强烈推荐"评级。 公司发布2025 年业绩预告，1）营收层面：预计2025 年全年营收33 亿元~34 亿元，同比增长 68.34%~73.45%；对应Q4 单季度营收为9.3 ...

Report Industry Investment Rating Not provided in the given content Core Viewpoints - In the fifth week of January, industrial production remained stable. As the Spring Festival holiday approached, construction sites gradually shut down, leading to weak performance in the volume and price of investment products [33]. - In terms of inflation, the food price index continued to rise, but the increase in pork prices narrowed month - on - month [33]. - In terms of exports, the demand for ocean routes was weak, and the month - on - month decline in market container shipping prices widened [33]. - In terms of investment, the PMI of the construction industry dropped significantly in January, indicating that construction projects were gradually shutting down and workers were returning home for the Spring Festival. The asphalt production started to decline seasonally, and traditional off - season factors had a dominant impact on the volume and price of investment products before the Spring Festival [33]. - In the real estate sector, new home sales remained relatively low year - on - year, second - hand home sales slowed down slightly but remained at a high level. The listing price in January turned positive month - on - month, indicating an early start of the "spring market" with signs of stabilization in both volume and price. Attention should be paid to the rebound slope of trading volume and the sustainability of price recovery after the Spring Festival [33]. - For the bond market, with the data "blank period" in February and the approaching Spring Festival, the suppression of pre - holiday data on bond market sentiment is expected to weaken. The ex - factory price in the PMI continued to rise and returned to the expansion range. The month - on - month recovery of PPI in January is expected to continue. Attention should be paid to the impact of structural price improvement on bond market sentiment. On the other hand, due to the Spring Festival date shift, the year - on - year CPI reading may decline; regulatory authorities advocate weakening the scale of credit issuance, so the "good start" of credit in January may be mediocre; the second - hand home sales have started to slow down seasonally recently, and the impact of real estate fundamental factors is expected to decrease compared with January. The short - term impact of fundamentals on bond market expectations is reduced, and attention should be paid to the entry rhythm of pre - holiday allocation funds [33]. Summary by Directory I. Weekly High - Frequency Tracking: Economic Momentum Gradually Cools Down Before the Festival (1) Inflation - related: Food Price Increase Narrows - The increase in pork prices narrowed. From January 24th to January 30th, the average wholesale price of pork in China increased by 0.89% week - on - week, with a narrowing increase [8]. - The 200 - index of agricultural product wholesale prices and the wholesale price index of basket products increased by 0.38% and 0.45% week - on - week respectively, with narrowing increases [8]. (2) Import and Export - related: Container Shipping Prices Accelerate Weakening - The comprehensive container shipping index continued to weaken. This week, the CCFI index decreased by 2.7% week - on - week, and the SCFI decreased by 9.7% week - on - week, with an expanding decline [11]. - From January 19th to January 25th, the container throughput and cargo throughput of ports decreased by 4.35% and 1.70% respectively compared with the previous week before the festival, and increased by 9.6% and 6.9% year - on - year respectively [11]. - The increases of the BDI and CDFI indexes expanded. The pre - holiday transportation demand in the international dry bulk shipping market improved, and the market sentiment was positive. The Far - East dry bulk freight index rose [11]. (3) Industry - related: Pre - holiday Production Continues to Slow Down - Coal prices stopped falling and rebounded. This week, the price of thermal coal (Q5500) at Qinhuangdao Port increased by 0.2% week - on - week, compared with a 1.7% decrease the previous week [15]. - The price of rebar slightly declined. The spot price of rebar (HRB400 20mm) decreased by 0.2% week - on - week, compared with a 0.69% decrease the previous week [15]. - The asphalt production rate accelerated its decline. This week, the operating rate of asphalt plants decreased by 1.3 percentage points to 25.5% week - on - week, and increased by 1.1 percentage points year - on - year [15]. - Copper prices stopped falling and rebounded. This week, the average price of copper in the Yangtze River Non - ferrous Metals Market increased by 1.9% week - on - week [18]. - The glass futures stopped falling and rebounded. The spot price of glass remained stable, and the overall trading situation was slightly weaker than before. The downstream enterprises mainly made rigid - demand purchases. Affected by weather factors, there were differences in production and sales between regions, and the industry inventory increased slightly [18]. (4) Investment - related: Second - hand Home Sales Decline Slightly - The decline in cement prices widened. This week, the weekly average of the cement price index decreased by 1.0% week - on - week, with an expanding decline [22]. - New home sales increased slightly. From January 23rd to January 29th, the transaction area of new homes in 30 cities was 1.328 million square meters, an increase of 14.1% week - on - week and 94% year - on - year. The high year - on - year increase was due to the Spring Festival date shift, and there was a slight end - of - month rush in terms of the week - on - week comparison [23]. - Second - hand home sales cooled down. From last Friday to this Thursday, the transaction area of second - hand homes decreased by 9.4% week - on - week, ending the continuous upward trend. However, it remained at a high level overall. As the Spring Festival holiday approached, second - hand home sales entered a seasonally low stage. In terms of price, the monthly listing price index of second - hand homes increased by 0.1% month - on - month in January, the first positive increase since January 2025. Attention should be paid to the volume and price performance after the Spring Festival [23]. (5) Consumption: Crude Oil Prices Rise Strongly - The increase in oil prices expanded. As of January 30th, the prices of Brent crude oil and WTI crude oil increased by 7.3% and 6.8% respectively week - on - week, with an expanding increase. Tensions in the geopolitical situation between the US and Iran may lead to a decrease in crude oil production. Coupled with the reduction of US crude oil inventories and the decline of the US dollar index, oil prices were jointly pushed up [24].

Report Industry Investment Rating No relevant information provided in the given text. Core Viewpoints of the Report - In the third week of January, the decline in food prices widened, and the macro - positive factors were basically digested. The upward trends of commodity futures and spot prices narrowed. - In terms of inflation, the decline in the food price index widened, and the supporting effect of pork on the index narrowed. - In terms of exports, container shipping demand remained stable. Except for the continued increase in freight rates on the North American route, other routes showed corrections. - In terms of investment, while the prices of rebar and coal continued to rise slightly month - on - month, the decline in cement prices continued to expand, and asphalt production remained at a relatively low level compared to the same period. The release of incremental infrastructure demand was still mild. - In terms of real estate, due to the impact of new policies, the transactions of new and second - hand houses increased month - on - month. - For the bond market, the PMI and import - export data in December exceeded expectations, showing a year - end data sprint characteristic. The Q4 economic data to be released on the 19th is expected to be strong, with GDP likely to reach around 5%. There may be a tail - end acceleration in production in December. - The macro - policy positives around the New Year's Day holiday have been basically digested, and with stricter financing supervision, the equity and commodity markets cooled this week. Looking ahead, during the key "good start" period in January, production and investment are expected to continue to gain momentum, and the PMI at the end of the month may still rise slightly. Attention should be paid to the impact of strong data on market expectations [4][37]. Summary According to the Directory Inflation - related - The decline in food prices widened. This week (January 10 - 16), the 200 - index of agricultural product wholesale prices and the wholesale price index of basket products decreased by 0.65% and 0.73% month - on - month respectively, with the decline expanding. - Pork prices rose moderately, with the national average wholesale price of pork increasing by 0.45% month - on - month. Fruit prices rebounded from a decline, rising by 0.7% [4][10][37]. Import - export related - Container shipping prices showed a split trend, with the CCFI index rising by 1.3% month - on - month and the SCFI index falling by 4.5% month - on - month. In response to the impact of the Spring Festival holiday in February, the cargo volume in the export container shipping market increased slightly, and the freight rates of different routes showed different trends. - Bulk shipping weakened. The BDI and CDFI indices both saw an expansion in their declines [4][15][37]. Industry - related - Coal prices continued to rise. Although the daily consumption of coastal power plants decreased after reaching a peak, the heating and replenishment demand increased, and the rigid demand for procurement in the building materials and chemical industries provided support. - The increase in rebar prices slightly expanded. Supported by phased replenishment and infrastructure project rush - work, the apparent demand for rebar rebounded, but the terminal demand has not substantially recovered. - The asphalt production rate increased month - on - month, but there were regional differences in demand. - The increase in copper prices narrowed. The continued rise was supported by factors such as loose liquidity expectations and geopolitical risks, but the increase was restricted due to factors such as the Fed's statement and volatile oil prices. - The glass futures market turned from rising to falling, and the spot inventory decreased [16][18][22]. Investment - related - The decline in cement prices expanded, with the cement price index decreasing by 1.20% week - on - week on average. The supply and demand in the national cement market were both weak, with regional differences. - The transactions of new and second - hand houses showed a slight recovery. From January 9 - 15, the transaction area of new houses in 30 cities increased by 26% month - on - month and 7% year - on - year. The transaction area of second - hand houses increased by 17.3% month - on - month, and the year - on - year decline narrowed to 13.4% [5][25][28]. Consumption - related - In the first week of January, the retail sales of passenger cars decreased by 32% year - on - year. From January 1 - 11, the retail sales volume of the passenger car market was 328,000 units, with a year - on - year decrease of 32% and a month - on - month decrease of 42%. - Oil prices maintained a moderate increase. As of January 16, Brent crude oil and WTI crude oil prices increased by 1.25% and 0.5% respectively month - on - month, with the increase narrowing [3][31].

Core Viewpoint - The company, Zhaomin Technology, focuses on the research, production, and sales of precision injection molded parts and associated molds, with a strategic emphasis on expanding its market share in various sectors, including automotive and high-end home appliances [2]. Group 1: Business Overview - The main business of the company includes precision injection molded parts and precision injection molds [2]. - Product lines consist of components for automotive engines, transmission systems, braking systems, smart toilet functions, household water heater functions, household water purifier functions, precision industrial parts, medical device parts, and components for new energy vehicles [2]. Group 2: Market Strategy - The company aims to expand its market share in the automotive sector, including new energy vehicles, and high-end home appliance precision components [2]. - The company is actively laying out business in humanoid robots, energy storage, aviation, industrial, and medical sectors as part of its market strategy [2].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report In the third week of December, year - end food prices continued to rise, the operating rate continued to decline, and real estate sales started the year - end sprint, but the slope was significantly lower than that of last year. In terms of inflation, the increase in the food price index narrowed, and the decline in pork prices widened. In terms of exports, container shipping prices continued a slight increase, mainly boosted by the year - end signing season. In terms of investment, cement prices increased slightly for three consecutive weeks, mainly due to rising demand and price hikes in the central and southern regions, while demand in other regions remained weak. The apparent demand for building materials and rebar improved slightly. In the real estate sector, both new and second - hand housing sales increased month - on - month, and the year - end sprint slope may be similar to the rhythm of 2023. For the bond market, the economic data in November showed a continued decline in momentum, but the bond market was insensitive. There may be certain expectations for the "good start" in the first quarter of next year. In the short term, potential disturbances to the bond market sentiment such as the new regulations on fund fees still exist, but as the cross - year allocation window approaches, some allocation funds have begun to enter the market gradually. Looking forward to 2026, fiscal and macro - policies may continue to be implemented earlier, and the probability of a "good start" in data is relatively high, which may jointly suppress sentiment. Especially with the base adjustment in 2026, the inflation performance in the first quarter may further affect expectations and requires careful observation [3][37]. Summary by Directory Inflation - related: Food price increases narrowed - This week, the 200 - index of agricultural product wholesale prices and the wholesale price index of vegetable basket products increased by 0.8% and 1.0% week - on - week respectively, with the increase lower than last week. The average wholesale price of pork in the country decreased by 1.1% week - on - week, and the decline widened; the average wholesale price of 28 key - monitored vegetables decreased by 0.3% week - on - week, turning from an increase to a decrease; the average wholesale price of 7 key - monitored fruits increased by 1.7% week - on - week, and the increase narrowed [6][7]. Import and Export - related: Container shipping prices continued a slight increase - The CCFI and SCFI indices continued to rise. This week, the CCFI index increased by 0.6% week - on - week, and the SCFI index increased by 3.1% week - on - week. Affected by the year - end signing season, the spot booking prices on the North American routes continued to rise, and the freight rates on the West and East US routes increased by 11.9% and 7.3% respectively compared with last week. From December 8th to December 14th, the container throughput and cargo throughput of ports decreased by 0.9% and 1.2% week - on - week respectively, continuing to decline compared with the previous week. The decline of the BDI and CDFI indices widened [8][11]. Industry - related: The operating rate generally declined - The decline of coal prices continued to expand. This week, the price of thermal coal (Q5500) at Qinhuangdao Port decreased by 5.5% week - on - week. The rebar price stopped falling and rebounded, with the spot price of rebar (HRB400 20mm) increasing by 0.3% week - on - week. The asphalt operating rate continued to decline, with the asphalt plant operating rate decreasing by 0.2 percentage points to 27.6% week - on - week, a year - on - year decrease of 0.9%. The increase of international copper prices converged, and the glass price continued to fall [16][20]. Investment - related: New home sales increased slightly - Cement prices continued a slight increase. This week, the weekly average of the cement price index increased by 0.44% week - on - week, rising for three consecutive weeks. The transaction area of new homes in 30 large and medium - sized cities stopped falling and rebounded, with a week - on - week increase of 15.4% from December 12th to December 18th. The transaction area of second - hand homes in 17 cities increased by 5.3% week - on - week, showing a seasonal upward trend [25][28]. Consumption: Passenger car retail sales in mid - and early December decreased by 24% year - on - year - From December 1st to 14th, the retail sales of the national passenger car market were 764,000 vehicles, a year - on - year decrease of 24% and a month - on - month increase of 2%. As of December 19th, the prices of Brent crude oil and WTI crude oil decreased by 1.1% and 1.6% week - on - week respectively, continuing to fall [31].

Core Viewpoint - The company has experienced a decline in gross margin in the first three quarters of the year compared to the same period last year, primarily due to changes in product structure and industry competition, but there are signs of improvement in the second half of the year [2] Group 1 - The company's gross margin faced pressure in the second quarter but is expected to improve in the latter half of the year [2] - The company achieved a record high single-quarter revenue in the third quarter, indicating strong business growth [2] - The company is focused on expanding its business layout and increasing revenue scale as its top priority [2] Group 2 - The company anticipates further growth in its platform-based business, particularly in sectors such as automotive, AI, and industrial applications [2] - The management team, including the founder and core members, expresses confidence in the company's future business growth [2] - The company will comply with regulatory requirements regarding shareholder unlock announcements and encourages stakeholders to pay attention to future disclosures [2]

Core Viewpoint - InnoLux (02577) has seen a nearly 7% increase in stock price following the announcement of a memorandum of understanding with ON Semiconductor to explore opportunities in the GaN power device market [1] Group 1: Partnership and Market Strategy - ON Semiconductor plans to start providing samples in the first half of 2026, focusing initially on 40-200V power devices to enhance customer adoption rates [1] - The collaboration aims to integrate InnoLux's advanced GaN manufacturing capabilities with ON Semiconductor's expertise in system packaging and integration, accelerating the deployment of GaN technology in key sectors such as electric vehicles, artificial intelligence, data centers, and industrial applications [1] Group 2: Financial Implications - The strategic partnership is expected to generate several hundred million dollars in GaN sales for InnoLux over the coming years, providing both companies with a competitive edge in market expansion within the targeted sectors [1]

Core Viewpoint - InnoTech's stock price experienced significant fluctuations, with an increase of 7.21% to HKD 82.55 per share as of 10:10 AM on December 5, 2023, reaching a peak increase of nearly 8% earlier in the day [1]. Stock Performance - The stock reached a high of HKD 83.15 and a low of HKD 82.55, with a trading volume of 3.383 million shares [2]. - The average price was HKD 80.295, indicating a strong upward trend in the stock's performance [2]. Strategic Partnership - On December 3, InnoTech announced a strategic partnership with ON Semiconductor to accelerate the application and layout of Gallium Nitride (GaN) technology [3]. - The collaboration aims to integrate InnoTech's advanced GaN manufacturing capabilities with ON Semiconductor's expertise in system packaging and integration, targeting sectors such as electric vehicles, artificial intelligence, and data centers [3]. - This partnership is expected to generate hundreds of millions of dollars in GaN sales over the coming years and provide a competitive edge in market expansion for both companies [3].

Core Viewpoint - ON Semiconductor's stock price increased by over 6.4% to $54.78 following the announcement of a strategic partnership with Innoscience to accelerate the application and layout of gallium nitride (GaN) technology [1] Group 1: Strategic Partnership - Innoscience and ON Semiconductor have formed a strategic collaboration to enhance the gallium nitride industry [1] - The partnership will integrate Innoscience's advanced GaN manufacturing capabilities with ON Semiconductor's expertise in system packaging and integration [1] - This collaboration aims to expedite the deployment of GaN technology in sectors such as electric vehicles, artificial intelligence, data centers, and industrial applications [1]

Economic Overview - The economic data for the first three quarters of 2025 has been released, showcasing the performance of all 31 provinces in China, revealing new economic trends and highlighting which provinces are emerging as "dark horses" [1][4]. GDP Rankings - Guangdong and Jiangsu have both surpassed the 10 trillion yuan mark, with GDPs of 105176.98 billion yuan and 102811 billion yuan respectively, while Shandong is expected to join this club soon [2][3]. - The top ten provinces all have GDPs exceeding 4 trillion yuan, with Shanghai and Hunan entering the "4 trillion club" for the first time [3]. Growth Rates - Tibet leads the nation with a growth rate of 7.1%, followed by Gansu at 6.1% and Hubei at 6% [4]. - A total of 20 provinces have growth rates exceeding 5.2%, indicating a robust economic performance across various regions [4]. Industrial and Consumption Trends - The top ten provinces account for nearly 60% of the national GDP, with eight provinces outpacing the national growth rate, driven by industrial, consumption, and foreign trade dynamics [5]. - Notable industrial growth includes Jiangsu's high-end manufacturing and Zhejiang's surge in new product supply, such as industrial robots [5]. Regional Highlights - The Yangtze River Delta region, comprising Shanghai, Jiangsu, Zhejiang, and Anhui, has shown significant innovation-driven growth, contributing to 24.81% of the national GDP [5]. - The central region, including provinces like Henan, Hubei, and Hunan, is demonstrating a strong upward trend in economic performance [5]. Future Outlook - As provinces aim to meet their annual targets, there is a focus on ensuring the successful completion of the 14th Five-Year Plan while laying the groundwork for the 15th Five-Year Plan [5].