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骄成超声(688392):半导体及液冷等新领域持续突破,构建多元成长曲线
Changjiang Securities· 2025-10-10 10:15
丨证券研究报告丨 公司研究丨点评报告丨骄成超声(688392.SH) [Table_Title] 骄成超声:半导体及液冷等新领域持续突破,构 建多元成长曲线 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 骄成超声深耕超声波技术,在新能源、半导体、医疗等领域持续发力,且有望开拓更多市场, 平台化能力强,长期成长空间足;此外,设备+耗材模式更优,盈利能力强。看好公司平台化发 展和"设备+耗材"商业模式。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 屈奇 杨文建 SAC:S0490517110001 SAC:S0490520030003 SAC:S0490524070003 SAC:S0490525070003 SFC:BRP550 骄成超声(688392.SH) cjzqdt11111 [Table_Title 骄成超声:半导体及液冷等新领域持续突破,构 2] 建多元成长曲线 [Table_Summary2] 事件描述 《科创板日报》10 日讯,据证监会官网,长鑫科技已发布 IPO 辅导工作完成报告。 事件 ...
【科技自立·产业自强】华润微电子:功率半导体创新突围,擎动高端应用芯图景
Zheng Quan Shi Bao Wang· 2025-10-08 03:04
未来,华润微电子将继续以创新为驱动,与产业链共成长,巩固在功率半导体的领先地位,为中国科技 自立自强贡献坚实的"芯"力量。 面对算力需求的爆发式增长,华润微电子正加速全场景布局,依托先进封装与制程工艺,针对边缘计 算、服务器等场景开发高效能电源管理芯片,优化电源转换效率以降低数据中心能耗;同时,针对AI 服务器高密度供电需求,推出集成化功率模块,提升功率密度,满足高算力场景的严苛要求。公司亦前 瞻性卡位智能驾驶、低空经济、伺服电机等新兴领域,开辟多元化增量空间。 人民财讯10月8日电,华润微电子聚焦功率半导体与智能传感器核心领域,在第三代半导体方面,SiC MOSFET等产品性能比肩国际先进水平,已规模化应用于新能源汽车主驱、光伏储能等领域。 公司以"两江三地"战略布局,夯实发展根基。重庆12吋功率半导体晶圆生产线已于2025年9月满产,月 产能达30000片,深圳12吋特色模拟集成电路生产线2024年底通线,90nm平台多颗产品已量产,重庆先 进功率封测基地2022年底通线,产品覆盖消费电子、工业控制、汽车电子、5G、AIOT等新基建领域, 迪思高端掩模项目2024年顺利通线,重点支持90nm及以下高端节点 ...
集成电路ETF(159546)涨超3%,消费电子创新与算力需求成焦点
Mei Ri Jing Ji Xin Wen· 2025-09-30 08:46
招商证券指出,电子行业消费电子进入旺季,创新周期开启,AI手机、AI PC、AI眼镜等高端智能 终端加快渗透,叠加旺季和国补持续,行业需求有望持续回暖。半导体领域算力基建需求旺盛,先进半 导体持续受益,云端AI资本开支维持高位,直接拉动高端GPU、HBM存储及先进封装需求,供给端产 能向高端产品倾斜,DRAM存储器价格持续走强。半导体国产替代持续深化,算力需求延续景气,行业 景气度较高。 集成电路ETF(159546)跟踪的是集成电路指数(932087),该指数从市场中选取涉及半导体设 计、制造、封装测试及相关材料设备等业务的上市公司证券作为指数样本,以反映集成电路产业相关上 市公司证券的整体表现。成分股具有高技术含量和成长性特征,代表了中国集成电路产业的发展水平与 趋势,行业配置主要集中于电子、信息技术等领域。 没有股票账户的投资者可关注国泰中证全指集成电路ETF发起联接C(020227),国泰中证全指集 成电路ETF发起联接A(020226)。 注:如提及个股仅供参考,不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考,不 预示未来表现。市场观点随市场环境变化而变动,不构成任何投资建议或承诺。文中 ...
推理驱动算力需求高歌猛进,高阶PCB迎量价齐升
2025-09-26 02:29
推理驱动算力需求高歌猛进,高阶 PCB 迎量价齐升 20250924 摘要 英伟达向 OpenAI 投资千亿美元,预示数据中心对 GPU 和 ASIC 芯片的 巨大需求,进而驱动 PCB 行业需求增长。 英伟达产品迭代,从八卡架构到 GB200/GB300 系列,再到 Ruby 系列, PCB 规格显著提升,层数和密度增加,单芯片 PCB 价值量显著提高。 Ruby 系列引入正交背板方案替代部分铜缆连接,提高组装效率,单 72 模块正交背板 PCB 价值量约为 15-20 万人民币。 Ruby CPX 芯片设计新增 44 层 mid plane 和 22 层 5 阶 HDI PCB,并 升级至马九材料,进一步扩大 PCB 市场规模。 预计 2026 年全球 PCB 市场需求将达 900 多亿人民币,但因重资产和 投产周期长,供给端产能仍紧张,海外投产进度慢于预期。 未来几年 PCB 产能将相对紧缺,沪电股份、胜宏科技等公司加速扩产, 但扩产速度慢于需求爆发速度,供需关系持续紧张。 沪电、胜宏和鹏鼎等公司以及上游材料厂商生益科技具备超预期潜力, 生益科技在英伟达和亚马逊产业链份额提升,弹性大。 Q&A 目前 P ...
算力需求专题解读
2025-09-24 09:35
算力需求专题解读 20250923 摘要 字节跳动计划 2025 年将 60%的资本开支用于海外算力储备,而阿里巴 巴则主要投资于国内,但预计 2026 年海外投资比例将增至三分之二, 以应对国内产能不足和推理卡需求的不确定性。 海外市场主要采购高端英伟达系列卡用于复杂模型训练,而国内市场则 侧重于垂直模型训练和推理业务,并逐渐向国产化转移,腾讯已采购大 量 AMD 显卡。 国内云厂商主要采购海光、海五记和平头哥三家的国产卡,自有 PPU 现 有约 3 万张,加上其他如寒光 800 等,总计约 10 万张,主要用于淘宝 搜推和钉钉魔法棒等产品。 阿里巴巴在超级计算节点方案上的进度相对较慢,但投入正在增加,超 节点方案主要由平头哥生产,并与达摩院和阿里云协同运作。 2026 年国产 GPU 卡的采购比例预计将达到 60%以上,但由于中芯国 际产能限制,实际落地可能面临挑战。制定高比例的原因在于难以通过 正常途径购买英伟达卡。 趋势来看,这一比例可能会发生变化。预计到 2026 年,大约三分之二的资本 开支将用于海外,以应对国内产能不足及推理卡需求不确定性的问题。 在海外市场购买算力设备时采取何种合作形式? 目前 ...
中伟股份(300919.SZ):公司与兆易创新、长鑫等国内一线存储品牌原厂的合作均已超过5年
Ge Long Hui· 2025-09-24 04:46
Core Viewpoint - The company has established long-term partnerships with leading domestic storage brands and has recently acquired agency qualifications from Kioxia, enhancing supply reliability and diversifying its business across various sectors [1] Group 1: Partnerships and Supply Chain - The company has collaborated with major domestic storage brands such as Zhaoyi Innovation and Changxin for over five years [1] - The acquisition of agency qualifications from Kioxia this year further strengthens the company's supply chain reliability [1] Group 2: Business Diversification - The company's storage business spans multiple downstream sectors, including consumer electronics, servers, data centers, and mobile communications, effectively mitigating risks associated with single industry fluctuations [1] Group 3: Market Trends and Growth Potential - The proliferation of AI technology and the surge in computing power demand are driving accelerated growth in market demand for storage capacity [1] - Both existing demand in traditional consumer electronics and new demand from emerging sectors provide a solid and potential growth foundation for the company's performance [1]
科股早知道:AI应用普及拐点已至,海内外算力需求持续景气
Tai Mei Ti A P P· 2025-09-24 00:24
Group 1 - DeepSeek online model has been upgraded to version DeepSeek-V3.1-Terminus, indicating a significant advancement in AI applications driving the demand for computing power [2] - First Shanghai Securities expresses optimism about the sustained high growth of computing power demand driven by AI applications, suggesting that the domestic computing power capacity bottleneck has been broken and is expected to see a release by 2026 [2] - The overseas computing power demand is anticipated to remain robust as AI applications continue to expand [2] Group 2 - High Bandwidth Memory (HBM) has emerged as the main growth driver in the DRAM market, effectively addressing bandwidth bottlenecks, high power consumption, and capacity limitations [3] - Yole forecasts that the global HBM market size will grow from $17 billion in 2024 to $98 billion by 2030, with a compound annual growth rate (CAGR) of 33% [2] - The introduction of HBM significantly enhances AI performance and quality, surpassing traditional memory performance [3] Group 3 - The HBM industry chain includes upstream suppliers of semiconductor materials and equipment, midstream HBM production, and downstream applications in AI, data centers, and high-performance computing [3] - The TSV process in HBM manufacturing is identified as a major challenge, involving complex processes such as photolithography, coating, and etching, representing the highest value segment [3] - The domestic HBM production is deemed essential, with current developments indicating it is in the early stages, presenting expansion opportunities for upstream equipment and materials [3]
调研速递|广合科技接受全体投资者调研 透露业绩增长与产能布局要点
Xin Lang Cai Jing· 2025-09-19 13:28
Core Viewpoint - Guangzhou Guanghe Technology Co., Ltd. held an investor meeting on September 19, 2025, revealing key information about the company's development and performance [1] Group 1: Business Operations - The company reported a strong operating status with sufficient orders on hand, indicating positive performance for the second half of the year [2] - The company is actively pursuing new customers and products to meet the growing demand for computing power, while also enhancing internal digital transformation to improve efficiency and reduce costs [2] - The Thai factory commenced production in June 2025 and is currently ramping up capacity, with plans to accelerate customer certification and product introduction in the second half of the year [2] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 2.425 billion yuan, a year-on-year increase of 42.17%, and a net profit of 492 million yuan, up 53.91% year-on-year [2] - The net cash flow from operating activities increased by 182 million yuan compared to the previous year, indicating healthy cash flow and consistent profit trends [3] Group 3: Technological Innovation - The company emphasizes technological innovation, focusing on materials, manufacturing processes, and product iteration, with plans to increase R&D investment in the future [3] Group 4: Capacity and Market Strategy - The company is expanding its manufacturing bases in Hubei and Thailand to align with business development plans, ensuring timely and high-quality delivery [4] - The Huangshi and Dongguan factories have achieved profitability, while the Thai factory is in the ramp-up phase, with a strong order backlog [4] Group 5: Talent Management - The company has established a talent management strategy to support future business development needs through a comprehensive talent development system [4]
主力资金 | 尾盘主力资金逆市抢筹4股
Zheng Quan Shi Bao Wang· 2025-09-18 10:54
Market Overview - On September 18, A-shares experienced a collective pullback across the three major indices, with the automotive services and tourism hotel sectors showing resilience while precious metals, energy metals, non-ferrous metals, real estate services, diversified finance, small metals, and securities sectors faced significant declines [1] - The net outflow of main funds in the Shanghai and Shenzhen markets reached 76.044 billion yuan, with six industries seeing net inflows, led by coal, real estate, and oil and petrochemicals, with inflows of 999 million yuan, 228 million yuan, and 144 million yuan respectively [1] Industry Fund Flows - Among the 25 industries with net outflows, the non-bank financial and electronics sectors had the largest outflows, each exceeding 10 billion yuan, while the computer, power equipment, and non-ferrous metals sectors saw outflows exceeding 7 billion yuan [2] - The coal, real estate, and oil and petrochemical sectors were the top three industries with net inflows, indicating a shift in investor sentiment towards these sectors [1] Individual Stock Performance - A total of 77 stocks experienced net inflows exceeding 100 million yuan, with 8 stocks seeing inflows over 600 million yuan [3] - Heertai led with a net inflow of 979 million yuan, followed by Chuanrun with 930 million yuan, as both companies are involved in significant developments in their respective fields [4] - Conversely, 60 stocks had net outflows exceeding 300 million yuan, with Dongfang Wealth and Shenghong Technology leading the outflows at 5.046 billion yuan and 2.014 billion yuan respectively [4] End-of-Day Trading Activity - At the end of the trading day, the main funds saw a net outflow of 19.621 billion yuan, with only the coal industry experiencing a net inflow exceeding 100 million yuan [5] - Individual stocks such as Shanzi Gaoke, Yongtai Energy, Hengtong Optic-Electric, and Heertai saw significant end-of-day buying, each exceeding 100 million yuan [5] ETF Performance - The Food and Beverage ETF (product code: 515170) tracked the sub-index of the food and beverage industry, with a recent five-day decline of 3.91% and a net outflow of 54.453 million yuan [7] - The Gaming ETF (product code: 159869) followed the animation and gaming index, showing a five-day increase of 6.33% but also a net outflow of 52.870 million yuan [7] - The Cloud Computing 50 ETF (product code: 516630) tracked the cloud computing and big data index, with a slight five-day decline of 0.81% and a small net inflow of 42.1 thousand yuan [8]
北交所公司迎机构调研热潮业绩增长与技术突破成关注焦点
Zhong Guo Zheng Quan Bao· 2025-09-14 20:14
Core Insights - The article highlights a surge in institutional research activities among companies listed on the Beijing Stock Exchange since September, focusing on product development, technological reserves, and market expansion as key areas of interest for investors [1] Group 1: Company Performance - Shuguang Digital's revenue increased by 43.23% year-on-year in the first half of the year, driven by the deployment of its new C8000 immersion liquid cooling products, with immersion liquid cooling revenue growing by 212.82% [1] - Kaite's actuator product sales rose by 77.41% year-on-year, with sales proportion increasing from 36.67% to 44.91% [2] - Wantong Hydraulic's overseas revenue grew by 41.24% year-on-year, attributed to enhanced product adaptability and performance [2] Group 2: Research and Development - Shuguang Digital's R&D expenses increased, focusing on core technology breakthroughs and expanding the application boundaries of their products [3] - Wantong Hydraulic's R&D expenses rose by 15.93% year-on-year, with investments in high-precision planetary roller screws and innovative oil-gas separation balance equipment for humanoid robots [3] - Yuanchuang Precision is advancing the development of ultra-thin nickel-based materials, achieving a key technological upgrade [3] Group 3: Market Expansion - Shuguang Digital has a robust order backlog, with expectations for fourth-quarter revenue to maintain growth levels seen in the first half of the year [4] - Kaite is actively advancing its fundraising projects and expanding production capacity, aiming for quicker market entry [5] - Wuxi Jinghai is expanding into the amino acid market for special medical foods and microelectronics cleaning, anticipating increased demand in various sectors [5]