来源：第一财经 随着稀宇科技（MiniMax，00100.HK）1月9日在港交所的一声锣响，上海也创下了"一个月5家AI企业上 市"的纪录。 过去30天内，从GPU到AI制药，上海已有5家AI企业（壁仞科技、沐曦股份、英矽智能、天数智芯、稀 宇科技）接连登陆资本市场。这种罕见的"上市潮"背后反映出一个信号——上海AI产业正在进入"收获 期"。 这并非偶然的资本狂欢。不同于其他城市单点突破的模式，上海正在构建一个从"大脑"（算力算法） 到"血液"（语料）再到"四肢"（具身智能）的完整生命体。不同于互联网时代的"模式创新"，这5家AI 企业都具有极高的硬科技含量，资本市场之所以买单，是因为上海提供了"热带雨林式"的全产业链布 局。 上海交通大学、上海人工智能研究院院长宋海涛告诉第一财经记者，创新需要土壤，土壤需要有一定基 数的创新群体才能形成足够的厚度，而在人工智能领域，上海的各方面基数在国内是领先的，"上海集 聚了从硬件、软件、GPU、算法、模型训练到应用全产业链布局，这是全国其他城市不具备的"。 "模都"AI生态全产业链爆发 在AI 2.0时代，大模型是核心引擎。上海没有选择做简单的"应用套壳"，而是死磕底层 ...

Core Viewpoint - Shanghai's AI industry is entering a "harvest period" with five AI companies listed in one month, indicating a robust ecosystem that integrates hardware, software, and applications, unlike other cities that focus on singular breakthroughs [3][4]. Group 1: AI Industry Growth - In the past 30 days, five AI companies from Shanghai have gone public, showcasing a unique "listing wave" that reflects the city's comprehensive AI industry chain [3]. - Shanghai is building a complete ecosystem from "brain" (computational algorithms) to "blood" (data) and "limbs" (embodied intelligence), which is not seen in other cities [3][4]. - The AI industry in Shanghai is projected to exceed 550 billion yuan in scale by 2025, with a growth rate of over 30% [5]. Group 2: Major AI Companies - MiniMax, established in early 2022, is a representative of Shanghai's local AI model companies, achieving the fastest IPO globally with a workforce where 73.8% are R&D personnel [5][6]. - MiniMax's model, MiniMax-M2, has a code generation speed twice that of its U.S. counterpart Claude, at only 8% of the cost, demonstrating significant efficiency [5][6]. - By September 2025, MiniMax had 212 million personal users, with 73.1% of its revenue coming from overseas, highlighting its global expansion [6][8]. Group 3: GPU and Computational Power - Shanghai is recognized as China's "GPU capital," with four major GPU companies successfully listed, indicating a strong foundation for AI technology [10][12]. - The local integrated circuit industry has been developing for decades, positioning Shanghai as a leader in the global semiconductor landscape [12][13]. - The city has established a complete integrated circuit industry chain, fostering numerous leading enterprises across various segments [13]. Group 4: Embodied Intelligence and Robotics - Human-shaped robots are seen as the ideal carriers for embodied intelligence, with significant milestones achieved in mass production [15][17]. - Shanghai's local robotics companies are rapidly scaling up production, with plans for substantial increases in output capacity [17][18]. - The city is enhancing its embodied intelligence training facilities and supporting the establishment of unified training standards across regions [18][19].

这并非偶然的资本狂欢。不同于其他城市单点突破的模式，上海正在构建一个从"大脑"（算力算法）到"血液"（语料）再到"四肢"（具身智能）的完整生命 体。不同于互联网时代的"模式创新"，这5家AI企业都具有极高的硬科技含量，资本市场之所以买单，是因为上海提供了"热带雨林式"的全产业链布局。 上海交通大学、上海人工智能研究院院长宋海涛告诉第一财经记者，创新需要土壤，土壤需要有一定基数的创新群体才能形成足够的厚度，而在人工智能领 域，上海的各方面基数在国内是领先的，"上海集聚了从硬件、软件、GPU、算法、模型训练到应用全产业链布局，这是全国其他城市不具备的"。 "模都"AI生态全产业链爆发 在AI 2.0时代，大模型是核心引擎。上海没有选择做简单的"应用套壳"，而是死磕底层技术，正以大模型产业生态体系孵化AI产业。 作为创新策源地，上海集聚了上海人工智能实验室、脑科学与类脑研究中心等基础研发平台，还有上海期智研究院、中国电信上海人工智能研究院、上海算 法创新研究院、上海科学智能研究院和微软、亚马逊等行业创新中心和AI实验室、加速器等，并集聚了25万AI人才，占全国三分之一。 不同于其他城市单点突破的模式，上海正在构建一 ...

来源：凯恩斯 2026年注定是不平凡的一年，不仅是十五五规划的第一年，而且是众多行业的元年。A股股民其实是最 喜欢炒概念的市场之一。有一些概念2025年作为概念已经炒的很热，比如液冷，比如商业航天，比如可 控核聚变，当然，有很多一些行业还没有产品落地，但不影响概念的炒作" 1，自动驾驶元年；2，液冷元年；3，国产HBM元年；4，端侧AI元年； 5，固态电池元年；6，AI应用元年；7，量子计算元年；8，存算一体芯片商用元年；9，类脑计算元 年；10，低空经济元年；11，商业航天元年；12，人型机器人元年；13，硅光元年；14，可控核聚变元 年。 2026年会如何？根据目前机构的宏观和行业研究报告，我总结了一下2026年大概率发生的事件和十大预 测。 一，2026年美联储降息2次以上。 从11月美国的经济数据来看，基本呈现低通胀（2.6%）高增长 （4.3%）态势，考虑到新任美联储主席上任，即使从预防和储备货币政策工具的角度，美联储上半年 也会继续降息，并且大概率上半年就会降息2次，每次25个基点。下半年则要看经济数据，有不确定 性，可能只降息1次。 二，人民币升值到6.5。 美联储降息导致美元走弱，全球金资本关 ...

证券代码：300757 证券简称：罗博特科 罗博特科智能科技股份有限公司投资者关系活动记录表 编号：2025-06 答复：总体来说，根据未来市场端的快速增长态势及来自 于核心客户的预测来看，公司未来确实亟待迅速提升其产能匹 配的能力。得益于该业务板块属于轻资产业务特征及公司模块 化集成化的业务模式，公司的产能具有一定的弹性特点，公司 也已经从以下几个方面着手准备：一是，依托重组后上市公司 对 ficonTEC 的持续赋能，提升团队专业人才效能，重点强化 设计、组装、调试等关键环节的人才储备，根据客户滚动更新 的需求预测，灵活调配生产及服务资源；二是，计划通过港股 融资重点支持产能扩张与全球服务网络构建，以满足全球客户 的需求。目前，ficonTEC 的整体服务团队规模已得到较大的 扩充；三是，在供应链端，通过共建生态、供应商拓展、部分 关键环节备货等手段持续优化。 公司预测伴随着硅光、CPO 的产业化进程，对 ficonTEC 的设备需求量将不断增长，ficonTEC 设备交付区域覆盖亚太、 北美、欧洲等地区，公司将根据需求，在国内外同步提升产能 | | 特定对象调研 □分析师会议 ☑ | | | | --- ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for eight companies, including Robotech (300757.SZ), which is preparing for a listing on the Hong Kong Stock Exchange [1] Group 1: Company Operations and Business Scope - Robotech is involved in photovoltaic manufacturing, battery solutions, and the research, assembly, production, and sales of new energy equipment, as well as semiconductor-related production equipment [1][3] - The company focuses on providing high-precision assembly and testing equipment for silicon photonic devices and photovoltaic cell manufacturing solutions [4] Group 2: Fundraising and Legal Compliance - The CSRC has requested Robotech to clarify the use of raised funds and ensure consistency between the filing report and the prospectus regarding the maximum issuance quantity [2][3] - The company must verify the legality and compliance of its establishment and any changes in equity, providing conclusive opinions on these matters [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for eight companies, including Robotech (300757.SZ), which is preparing for a listing on the Hong Kong Stock Exchange. The CSRC has requested clarification on the use of raised funds and other operational details from Robotech [1][2]. Group 1: Company Operations and Business Scope - Robotech is involved in the manufacturing of photovoltaic equipment, battery solutions, and the research and development of semiconductor devices and related production equipment [1][3]. - The company focuses on providing high-precision assembly and testing equipment for silicon photonic devices and solutions for photovoltaic cell manufacturing [4]. Group 2: Fundraising and Legal Compliance - The CSRC has requested Robotech to ensure that the issuance quantity in its filing aligns with the prospectus, and any discrepancies must be addressed with updated documents [2]. - The company is required to verify the legality and compliance of its establishment and any changes in equity structure, providing conclusive opinions on these matters [2].

Group 1 - The company, Robotech (300757), responded to investor inquiries regarding its performance in the rapidly developing global silicon photonics sector, emphasizing its leading position in silicon photonics automation equipment [1] - The company stated that it adheres to relevant laws and regulations regarding the disclosure of significant contracts, specifically those exceeding 100 million RMB or cumulative contracts with the same counterparty reaching 100 million RMB within twelve months [2] - The company highlighted that it will disclose contracts that, while not meeting the above thresholds, are deemed to have a significant impact on the company, in accordance with the Shenzhen Stock Exchange's guidelines [2]

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating that the industry index is expected to outperform the market benchmark in the next six months [4][38]. Core Insights - The communication sector has shown strong performance, with the Shenwan Communication Index rising by 8.70% during the week of November 24-30, 2025, outperforming major indices [12][19]. - Key sub-sectors such as communication network equipment and devices saw significant gains, with the highest increase of 12.14% [15]. - Companies like Guangxu Technology and Tongyu Communication have experienced substantial stock price increases, with gains of 39.19% and 39.06% respectively [19]. Summary by Sections Market Review - The Shenwan Communication Index increased by 8.70%, marking the highest gain among 31 primary industries [12]. - Communication network equipment and devices led the sub-sector performance with a 12.14% increase [15]. - Individual stock performances highlighted significant gains for Guangxu Technology (39.19%) and Tongyu Communication (39.06%) [19]. Industry Dynamics - Huawei has entered the AI toy market with the launch of the "Smart Hanhai" toy, which sold out immediately upon release [24][26]. - Guangxu Technology plans to raise up to 3.5 billion yuan to enhance its optical communication capabilities, focusing on AI computing and high-speed transmission [29][30]. - China Mobile has announced a procurement of 700,000 optical modules for its own brand, with a budget of 220 million yuan [31][32]. - Tianfu Communication is experiencing high demand but faces temporary production bottlenecks for certain materials, emphasizing a flexible capacity strategy [33][34].

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index rose over 2% with strong performance in the pharmaceutical sector, including stocks like Guangji Pharmaceutical and Peking University Pharmaceutical hitting the daily limit [1] - The CPO and computing hardware stocks also saw significant gains, with Zhongji Xuchuang surging over 10% to reach a historical high [1] - The consumer sector rallied towards the end of the trading day, with stocks such as Guoguang Chain and Sanjiang Shopping hitting the daily limit, while the military industry faced collective adjustments with stocks like Jiuzhiyang and Jianglong Shipbuilding dropping over 10% [1] Hot Topics Optical Communication - The optical communication sector saw substantial gains, with stocks like Tefa Information achieving four consecutive limits, and Zhongji Xuchuang rising over 13% to set a new historical high [4] - The demand for continuous wave (CW) lasers is expected to grow significantly, with major suppliers likely to benefit from this trend [5] Pharmaceutical Sector - The pharmaceutical sector remained active, with Guangji Pharmaceutical achieving three consecutive limits and Peking University Pharmaceutical and Jindike reaching two consecutive limits [6] - The demand for flu medications such as Oseltamivir and Marbofloxacin has surged, with sales growth rates of 237% and 180% respectively over the past week [6] - The current flu season is expected to be more severe than in previous years, prompting a focus on the entire flu prevention and treatment process, which may lead to structural opportunities in the vaccine and antiviral drug markets [8] Consumer Sector - The consumer sector showed positive performance, with stocks like Maoye Commercial and Sanjiang Shopping hitting the daily limit [9] - The Ministry of Industry and Information Technology, along with five other departments, issued a plan to enhance the adaptability of consumer goods supply and demand, promoting the opening of flagship stores and new concept stores [10][11] - The "first launch economy," characterized by its trendy and high-quality offerings, is expected to accelerate under supportive policies, with technology such as AI and AR enhancing consumer engagement [13] Notable Stocks - Zhongji Xuchuang (300308.SZ) reached a price of 543.22 with a rise of 13.25% and a market cap of 600.53 billion [5] - Guangji Pharmaceutical (000952.SZ) achieved a price of 9.47 with a rise of 9.99% and a market cap of 3.26 billion [7] - Tefa Information (000070.SZ) reached a price of 13.92 with a rise of 10.04% and a market cap of 12.37 billion [5]