2026.01.07 值得关注的是，中国西电股价在2025年11月10日盘中一度创下历史次高（11.08元），其外资股东通用 电气新加坡公司在去年三季度进行了大幅减持1.53亿股，占总股本比例3%。外资的退出与国内资本的 涌入形成鲜明对比，勾勒出电网设备行业资本流向的微妙图景，而其背后是整个行业驱动力深刻的结构 性变化。 根据机构测算，2025年国内电网设备企业对应市场总规模超2万亿元，同比增长15%，网内约8230亿 元，同比增长9%，主要系国网与南网投资规模稳定增长，预计2026年国网主网投资有望同比提升 15%，这将进一步带动主干网输变电的投资规模。 本文字数：2398，阅读时长大约4分钟 作者 |第一财经 魏中原 2026年开年，电网设备板块成为A股市场的一抹亮色。1月7日，行业龙头中国西电（601179.SH）强势 涨停，直逼2025年的历史次高点11.08元。这家公司不久前刚中标国家电网逾14亿元的输变电项目，为 其新年业绩开了好头。值得关注的是，其外资股东通用电气新加坡在去年三季度进行了大幅减持。 外资股东的退出与国内资本的涌入，构成了当前电网设备行业资本流向的微妙图景。这背后是整个行业 景气度 ...

Core Viewpoint - The electric grid equipment sector is experiencing a significant upturn in the A-share market, with leading company China Xidian (601179.SH) recently winning a bid for over 1.4 billion yuan in transmission and transformation projects, marking a strong start to 2026 [3][4][6]. Industry Overview - The electric grid equipment industry is entering a new phase characterized by stable overall growth and structural differentiation, with domestic main grid transmission and transformation and overseas power equipment exports becoming core growth engines [3][4][7]. - The market size for domestic electric grid equipment enterprises is projected to exceed 2 trillion yuan in 2025, reflecting a year-on-year growth of 15%, driven by stable investment from State Grid and Southern Grid [7]. Investment Trends - The investment in the electric grid is expected to accelerate in 2026, supported by policy enhancements and the rapid approval of ultra-high voltage projects, which will provide clear guidance for State Grid's investment growth [9][10]. - The bidding volume for State Grid's transmission and transformation equipment saw a significant increase in 2025, with the total amount reaching 91.9 billion yuan, a year-on-year growth of 26% [7][10]. Structural Changes - The internal dynamics of the electric grid equipment sector are showing signs of structural differentiation, with high demand for main grid and transformer exports, while segments like smart meters are facing some pressure [7][10]. - The approval of ultra-high voltage projects is expected to provide ample project reserves for related enterprises, enhancing visibility for future performance over the next 2-3 years [10][11]. Export Opportunities - The demand for overseas upgrades and renovations in the electric grid is creating significant export opportunities for Chinese companies, with transformer exports reaching 5.5 billion USD in 2025, a year-on-year increase of 49% [7][11]. - The new generation of solid-state transformers is anticipated to become a key focus in 2026, with efficiency improvements over traditional transformers [11]. Market Sentiment - The recent surge in electric grid equipment stocks is attributed to market expectations of accelerated investment and sustained high demand for exports in 2026 [9][10]. - Analysts suggest that the electric power transformer has become a "hard currency" in the global supply-demand mismatch, indicating strong future demand for Chinese electric equipment exporters [11].

2026年1月2日，壁仞科技(06082.HK)正式登陆港交所，成为"港股GPU第一股"，开盘一度涨超110%。 随着壁仞科技的挂牌，加上此前已登陆科创板的摩尔线程(688795.SH)、沐曦股份(688802.SH)，以及已 完成IPO辅导、即将申报科创板上市的燧原科技，国产GPU"四小龙"齐聚资本市场的格局即将正式成 型。 "四小龙"即将齐聚 国产GPU"四小龙"的上市进程呈现出"A股+港股"双市场布局的鲜明特征。2025年12月5日，摩尔线程率 先登陆科创板，上市首日盘中最大涨幅超过500%，市值一度突破4400亿元；12月17日，沐曦股份紧随 其后登陆科创板，盘中最高涨幅超700%，单签盈利最高逼近40万元，刷新近十年A股上市首日单签盈 利纪录。 港股市场方面，壁仞科技于2026年1月2日挂牌，发行价19.6港元/股，开盘报35.7港元/股，涨幅达 82.14%，截至当日收盘，报34.46港元/股，总市值826亿港元；A股市场的收官之作则聚焦燧原科技，据 证监会官网公示，该公司已于2026年元旦完成IPO辅导工作，即将正式申报科创板上市，标志着其上市 进程进入实质性阶段。作为专注人工智能云端算力产品的 ...

Group 1 - The National Integrated Circuit Industry Investment Fund increased its stake in SMIC from 4.79% to 9.25% as of December 29, 2025 [1] - SMIC announced a new joint venture contract and capital increase agreement with the National Integrated Circuit Fund, introducing new investors including the third phase of the big fund and the leading integrated circuit fund [1] - The total capital increase for SMIC Southern is $7.778 billion (approximately 54.3 billion RMB), with $3.5773 billion allocated to registered capital and $4.2007 billion to capital reserves [1] Group 2 - In December 2025, the semiconductor sector experienced a structural market driven by price increases in the industry chain, expanding AI computing power demand, and strengthening domestic substitution logic [2] - The equipment and materials segments are expected to have the strongest certainty due to top-level design support, while digital chips and advanced packaging and testing are highlighted as key areas of focus due to technological iterations [2]

芯片设备行业的爆发点在哪 20251231 摘要 存储周期扩展、先进制程自主可控提升以及先进封装等新技术突破，为 2026 年设备领域带来巨大投资机会，工艺复杂度提升使得单位产能对 设备需求量增加。 Q&A 一颗芯片是如何生产出来的？ 芯片的生产过程涉及多个复杂的步骤。首先，芯片的基础材料是一片硅片。在 这片硅片上，通过一系列操作制造出许多晶体管，这些晶体管可以进行 0 和 1 的计算。接下来，通过光刻、刻蚀等工艺，将这些晶体管连接起来，形成多层 电路，就像搭建摩天大楼一样。这些电路最终构成一个完整的集成电路，即我 们常见的芯片。 在这个过程中，需要使用各种设备。例如，光刻机用于在硅片 上的光刻胶层上进行激光照射，规划出电路图；刻蚀机则负责将这些规划好的 路径打通或导通；薄膜沉积设备和原子沉积设备用于填充金属，使其能够导电 并交换信号。最后，通过封装技术将脆弱的芯片保护起来，并使其能够与外界 电路（如 PCB 板）连接，从而实现实际应用。 半导体行业具有周期性，目前全球半导体产业处于哪个周期位置？ 半导体行业通常每五年左右经历一个周期。从历史来看，2019 年至 2021 年 期间，半导体行业经历了一个强劲的 ...

在铜、黄金价格持续刷新历史高位的2025年，紫金矿业无疑是"大赢家"。 12月31日，紫金矿业发布的2025年业绩预告显示，预计当期归母净利润约为510-520亿元，较上年同期 增加约189-199亿元，同比增幅约59%-62%。 展望后市，市场对于铜、黄金仍持乐观态度。 受益于AI对算力的急剧需求，作为基建核心材料的铜仍保持高位。高盛预计2026年全年均价为1.14万美 元/吨。 受到货币政策不确定性等因素的影响，黄金价格或仍保持增长态势。Yardeni Research总裁Ed Yardeni预 计到2029年年底，金价将触及10000美元大关。 不过世界黄金协会给出了极端情形下，黄金回调压力的风险提示：若全球经济超预期复苏、利率持续上 行、美元强势回归，黄金则可能面临5%至20%的回调压力。 紫金矿业计划明年继续提产，2026年的矿产金、矿产铜产量分别为105吨、120万吨，预计较2025年分别 同比增长15吨、11万吨。 持续扩产的底气源自紫金矿业的全球化布局，目前其已在境外17个国家拥有重要矿业投资项目。 2025年，紫金矿业通过收购哈萨克斯坦Raygorodok金矿，进一步完善了在全球核心成矿带的 ...

Core Viewpoint - Changxin Technology's IPO application has been accepted, marking a significant step towards its listing on the STAR Market, with plans to raise 29.5 billion yuan by issuing up to 10.622 billion new shares [1][6]. Group 1: IPO Details - Changxin Technology's IPO is the first "pre-review" project accepted on the STAR Market, indicating a new regulatory approach aimed at protecting sensitive information and reducing the time to market [1]. - The company aims to use the raised funds for various projects, including 13 billion yuan for its second-phase wafer manufacturing project and 9 billion yuan for next-generation DRAM technology research and development [6]. Group 2: Company Overview - Changxin Technology operates under an IDM (Integrated Device Manufacturer) model, combining chip design, manufacturing, packaging, testing, and sales, distinguishing it from fabless companies [6]. - The company has no controlling shareholder, with its largest shareholder holding 21.67% of the shares, and a diverse ownership structure that includes state-owned enterprises and industry funds [7]. Group 3: Product Development - The company has adopted a "jump generation R&D" strategy, successfully launching four generations of technology platforms since its establishment in 2016, with products covering DDR4 to DDR5 [7]. - Changxin's LPDDR5X product achieves a maximum speed of 10,667 Mbps, a 66% increase over the previous generation, and its first domestic DDR5 product reaches 8,000 Mbps [7]. Group 4: Market Position and Financial Performance - By 2024, Changxin Technology is projected to be the largest DRAM manufacturer in China and the fourth globally, with a market share of 3.97% as of Q2 2025 [9]. - The company's revenue has shown explosive growth, with figures of 8.287 billion yuan in 2022, 9.087 billion yuan in 2023, and an expected 24.178 billion yuan in 2024, reflecting a compound annual growth rate of 70.81% [10]. - Despite significant revenue growth, the company reported net losses of 8.328 billion yuan, 16.340 billion yuan, and 7.145 billion yuan from 2022 to 2024, primarily due to the downturn in the DRAM market [10]. Group 5: Future Outlook - Changxin Technology anticipates a turnaround in profitability, projecting revenues of 55 billion to 58 billion yuan in 2025, with a net profit of 2 billion to 3.5 billion yuan [11]. - The company expects to reach a breakeven point by 2026 or 2027, depending on market conditions and product pricing [11]. - The DRAM market is transitioning from DDR4 to DDR5 and HBM, with Changxin's IPO funds aimed at upgrading processes and expanding capacity to enhance competitiveness against global giants [14].

国产DRAM（动态随机存取存储器）龙头长鑫科技IPO获受理。上海证券交易所网站于2025年12月30日披露，长鑫科技集团股份有限公司（下称"长鑫科 技"）科创板IPO上市申请已经获得受理，将发行不超过106.22亿新股，拟募集资金295亿元，保荐机构为中金公司和中信建投证券，意味着这家中国最大的 DRAM设计制造企业距离上市走出关键一步。 21世纪经济报道记者彭新 值得注意的是，长鑫科技IPO是科创板首单获受理的"预先审阅"项目。在招股书获受理的同日，上交所同步披露了两轮预先审阅问询与回复，显示监管层已 先后于2025年11月5日及11月19日发出问询。 2025年6月18日，证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，首次明确提出试点IPO预先审阅机制。该制度可保护信息与 技术安全，满足关键核心技术攻关企业诉求，减少上市"曝光"时间，避免过早披露敏感信息引发经营与竞争风险 。正式申报时同步披露预审问询回复，压 缩审核周期，提高申报文件质量 。 A股市场存储芯片第一股 根据Omdia数据统计，按2024年产能和出货量计算，长鑫科技已成为中国第一、全球第四的DRAM厂商。2025年第二季 ...

Core Viewpoint - The recent surge in tin prices is driven by multiple factors, including supply disruptions in major producing countries and increased demand from emerging sectors, leading to significant pressure on downstream industries [1][4]. Group 1: Price Movements - Since December 2025, tin prices have increased significantly, with LME tin rising by 11.5% and SHFE tin by over 13%, translating to an increase of more than 40,000 yuan per ton in just half a month [2]. - LME three-month tin futures and SHFE main contracts have reached record highs, surpassing $43,900 per ton and 348,000 yuan per ton, respectively [3][4]. - The price increase has been more pronounced in tin compared to other industrial metals, with the best-performing copper only rising by less than 7% during the same period [2]. Group 2: Supply and Demand Dynamics - Supply from major producing countries like the Democratic Republic of Congo and Myanmar is stabilizing, with domestic tin smelting capacity fully released, resulting in a production of 189,000 tons from January to November, a 6.2% year-on-year increase [4]. - Despite growth in demand from sectors like photovoltaics and automotive electronics, traditional sectors show stable demand, with global tin consumption expected to grow by nearly 3% in 2025, lagging behind production growth [4]. - The global tin market is currently experiencing a supply surplus of approximately 10,000 tons, attributed to a slowdown in overseas demand [4]. Group 3: Industry Challenges - The rapid price increase has created significant pressure on downstream industries, particularly for small and medium-sized enterprises in sectors like solder, tinplate, and chemicals, leading to difficulties in fulfilling long-term contracts and maintaining product quality [2][8]. - The electronic manufacturing sector, a major consumer of tin-based solder, faces acute cost pressures due to soaring tin prices, impacting profit margins in PCB manufacturing and semiconductor packaging [8]. - The Tin Industry Association has called for a rational and cautious approach from all market participants to avoid speculative behavior and to guide prices back to a reasonable range [8].

近期，作为"算力金属"的关键材料的锡价，在刚果(金)延长锡等金属手工矿6个月禁令和当地M23冲突持续，以及缅甸矿区复产缓慢等多重因素作用下屡 创新高。 12月23日，中国有色金属工业协会锡业分会(下称"锡业分会")的倡议书在业内广泛流传。 2025年12月以来，伦锡累计涨幅达到11.5%，沪锡涨幅超13%，短短半个月时间每吨锡上涨超4万元。 在LME上市的几个主要工业金属品种，伦锡本月涨幅确实处于明显领先位置，如同期表现最好的伦铜涨幅亦未超过7%。 21世纪经济报道记者从业内了解到，与其他有色金属行业相似，锡行业上游主要生产企业积极参与衍生品市场套期保值，下游终端中小企业参与有待提 升，在近期锡价的上行过程中，部分下游企业在经营中感受到了压力。 对此上述倡议书指出，对于下游用锡企业而言，如焊料、马口铁、化工等行业，成本的急剧上涨带来了沉重压力，部分中小企业已陷入"原料买不起、订 单不敢接"的困境，长期合同履行困难，产品质量稳定性也随之受到挑战。"冷门"品种异动 锡，是基本金属中相对"冷门"的品种。 交易量、流动性与市场权重，显著低于铜、铝等主流品种，并且整体价格波动幅度不大，12月以来伦锡、沪锡10%以上的涨 ...