本报记者 许林艳 1月7日，北方华创科技集团股份有限公司（以下简称"北方华创"）发布公告称，公司实控人北京电子控 股有限责任公司（以下简称"北京电控"）已收到北京市人民政府国有资产监督管理委员会（以下简 称"北京市国资委"）批复，同意北京电控以非公开协议转让方式向国新投资有限公司（以下简称"国新 投资"）转让其所持北方华创1448.18万股股票，占总股本2%，股份转让价格为426.39元/股，股份转让 总价款为61.75亿元。 "随着国产替代深化，具备核心技术壁垒的企业将主导行业集中度提升，预计未来3－5年半导体设备领 域并购重组规模将持续增长，推动全产业链竞争力实现质的跃升。"詹军豪对记者说。 1月7日，北方华创股价收涨6.06%，报515.42元/股。 公开资料显示，北方华创专注于半导体基础产品的研发、生产、销售和技术服务，主要产品为电子工艺 装备和电子元器件。其中，电子工艺装备包括半导体装备、真空及新能源装备。电子元器件包括电阻、 电容等。2025年前三季度，北方华创营收实现273.01亿元，同比上涨32.97%；归母净利润实现51.30亿 元，同比上涨14.83%。 当前，我国半导体设备产业已进入新一 ...

| 陸号 | 时间区间 | 基金代码 | 基論御称 | 基金成立日期 | | --- | --- | --- | --- | --- | | 1 | 过去一年(2025.1.1--2025.12.31) | 020899 | 天弘中证全指通信设备指数发起式(A类) | 2024-04-15 | | 2 | 过去一年(2025.1.1--2025.12.31) | 020691 | 博时中证全指通信设备指数发起式(A类) | 2024-05-07 | | 3 | 过去一年（2025.1.1--2025.12.31） | 008326 | 东财中证通信技术主题指数发起式(A类) | 2020-01-20 | | 4 | 过去一年(2025.11-2025.12.31) | 022083 | 华安中证有色金属矿业主题指数发起式(A 类) | 2024-09-26 | | 5 | 讨去一年(2025.1.1--2025.12.31) | 018132 | 博时中证有色金属矿业主题指数(A类) | 2023-05-16 | 作为该基金的基金经理，天弘基金张戈对通信设备板块有着清晰的解读。他强调，2025年科技市场的核心 ...

Core Viewpoint - The recent fluctuations in the global non-ferrous metals market are driven by the evolving US-China trade relations and tariff policies, but the fundamental drivers of the industry remain unchanged [1] Group 1: Supply and Demand Dynamics - The global supply chain is undergoing restructuring, with increasing "resource nationalism" leading to supply constraints for key minerals like copper and rare earths [2][3] - The competition for resources is intensifying due to strategic industries such as AI, new energy, and semiconductors, which are resource-intensive [2] - Supply-side constraints are exacerbated by insufficient capital expenditure in mining over the past decade and geopolitical tensions affecting key mineral exports [2][3] - The cobalt market is expected to shift from surplus to shortage by 2025, while Chile's copper production forecasts have been downgraded, further tightening supply [2] Group 2: Structural Changes in Demand - Demand is becoming more strategic and rigid, driven by technology and manufacturing rather than traditional real estate cycles [3] - Countries are motivated to stockpile resources even at high prices to ensure supply chain security, with the US planning significant tungsten purchases in the coming fiscal years [3] Group 3: Macroeconomic Environment - The Federal Reserve has entered a rate-cutting cycle, which is expected to lower the opportunity cost of holding non-yielding assets like gold and enhance the purchasing power of metal prices [4] - Major economies are entering a fiscal expansion phase, with significant government investments expected to drive demand for industrial metals like copper and aluminum [4] - Goldman Sachs predicts a substantial increase in global copper demand for defense purposes by 2030, reflecting the tangible impact of fiscal policies on metal demand [4] Group 4: Investment Opportunities - Gold is viewed as a "credit anchor" amid geopolitical tensions and high sovereign debt, with central banks expected to increase their gold reserves significantly by 2025 [7] - Copper is identified as a cornerstone for energy transition and AI revolution, with demand expected to surge while supply remains constrained [8] - Small metals like cobalt and rare earths are positioned as strategic assets, with potential price increases due to supply restrictions and geopolitical factors [9] Group 5: Market Sentiment and Strategy - The current volatility in the non-ferrous metals sector is seen as a pause in a bull market, with underlying logic intact and opportunities still present [10] - Patience is advised for investors, as the majority of companies in the non-ferrous sector are expected to remain profitable by 2025 [11] - A diversified approach is recommended for investing in small metals, while maintaining a focus on gold and copper during market fluctuations [12]

Core Insights - Huazhu Microelectronics Co., Ltd. reported a revenue of 10.119 billion yuan for 2024, representing a year-on-year growth of 2.20% [1] - The net profit attributable to the parent company for 2024 was 762 million yuan, with the fourth quarter showing a revenue of 2.647 billion yuan, up 11.65% year-on-year [1] - In Q1 2025, the company achieved a revenue of 2.355 billion yuan, marking an 11.29% increase year-on-year, and a net profit of 83 million yuan, which is a significant growth of 150.68% [1] Revenue Breakdown - In 2024, the revenue from the new energy sector (including automotive and new energy) accounted for 41% of the product and solution segment [1] - Power IC products saw a substantial market share increase in the motor market, with a revenue growth of 69% year-on-year [1] - Industrial control products and automotive electronics experienced revenue growth of 39% and 26% respectively compared to the same period last year [1] Manufacturing and R&D - The advanced packaging (PLP) business revenue grew by 44% year-on-year, while the power packaging business from the advanced testing base project saw a remarkable increase of 237% [2] - The company completed the establishment of a 90-40nm process technology platform for high-end masks, with 90nm products entering mass production [2] - In 2024, Huazhu Micro invested approximately 1.167 billion yuan in R&D, the highest since its listing, with R&D expenditure accounting for 11.53% of revenue [2]