商报讯(记者叶晓珺)湖州上市企业再纳新，即将迎来"国产空悬第一股"。近日，国内首家乘用车空悬系 统供应商、首家双腔空簧供应商——浙江孔辉汽车科技股份有限公司(以下简称"孔辉科技")在浙江证监 局完成辅导备案登记，正式启动A股IPO流程，辅导机构为中信建投（601066）证券。 2023年至2024年，孔辉科技在国内乘用车空气悬架市场的份额一度超过40%，稳居行业首位。截至2025 年9月，累计交付空气悬架超100万台套；其客户包括岚图、理想、极氪、比亚迪（002594）、阿维塔等 20余家车企，配套车型达27款；公司已获得埃安、小鹏、零跑等多家造车新势力企业的30余个新项目定 点。值得关注的是，孔辉科技还获得德国知名车企正式定点，这标志着该公司正式进入国际豪华汽车品 牌的供应链体系，国际化布局取得重要突破。 空悬龙头企业冲刺A股IPO 市占率位居行业第一 位于湖州的孔辉科技是目前国内乘用车空气悬架系统的头部供应商，成立于2018年，由中国工程院首批 院士、汽车行业首位院士郭孔辉与郭川及其核心团队联合创立，依托一百余项核心技术专利及院士级研 发体系，现已形成"空簧+主动稳定杆+双阀电控减震器+闭式阀泵"全栈技术 ...

Group 1 - Cleanroom engineering serves as a foundational support for advanced manufacturing, with a high concentration in the high-end market [2] - The domestic cleanroom market is projected to reach 286.8 billion yuan in 2024, with over half allocated to electronics, and the unit area cost expected to rise to 0.66 million yuan per square meter [2] - The global semiconductor investment remains robust, with significant domestic space for localization, as China's integrated circuit self-sufficiency rate was only 18.3% as of 2022 [2][4] Group 2 - The HBM market is rapidly expanding, with a forecasted size of 30 billion USD by 2026 and a compound annual growth rate of approximately 100% from 2023 to 2026 [3] - Major players in the HBM industry, including SK Hynix, Samsung, and Micron, dominate the market, holding 54%, 39%, and 7% market shares respectively in 2024 [3] - Global semiconductor capital expenditure is expected to exceed 200 billion USD by 2026, with cleanroom size projected at 217.2 billion yuan [4] Group 3 - The demand for cleanrooms in the medical sector is expected to grow steadily, with the cleanroom market projected to increase from 6.78 billion yuan in 2013 to 23.5 billion yuan in 2024 [6] - The number of hospitals in China has grown from 24,709 in 2013 to 38,355 in 2023, driving the expansion of medical cleanroom facilities [6] - Investment opportunities are identified in companies such as Yaxing Integration, Shenghui Integration, Huakang Cleanroom, Bocheng Co., and Meiyu Technology [6]

【导读】中微半导宣布旗下部分芯片产品价格将涨价15%～50% 中微半导1月27日发出涨价函，公司旗下部分芯片产品价格将上涨15%～50%。 东莞证券认为，AI驱动半导体产业链价格全线调涨，可能会对下游消费类电子（如手机、电脑等）成本端构成一定压力，进而影响终端出货，但AI 设施投入在2026年持续加大为确定性事件，建议关注半导体先进封装、先进封装相关设备、CPU的投资机遇。 涨价通知函称，受当前全行业芯片供应紧张、成本上升等因素的影响，封装成品交付周期变长，成本较此前大幅度增加，框架、封测费用等成本也 持续上涨。鉴于当前严峻的供需形势以及巨大的成本压力，经过慎重研究，决定于即日起对MCU、Norflash等产品进行价格调整，涨价幅度为15%～ 50%。 中微半导还强调，如果后续成本再次发生大幅变动，价格也将跟进调整。 华安基金基金经理刘璇子今日表示，长期来看，AI驱动的高端半导体赛道及国产替代主线仍受市场关注。整体而言，AI驱动的算力与存力需求爆 发、国产替代的持续突破，有望为芯片半导体板块提供广阔成长空间。 芯片半导体板块探底回升 二级市场方面，1月27日，芯片半导体板块探底回升，领涨市场。 截至收盘，中微 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The report centers on the **China Technology and Communications** sector, with a specific emphasis on AI opportunities in computing, networking, edges, and agents [1][30]. - **Market Outlook**: Despite three years of outperformance compared to MSCI China, there are high expectations and macro/sector risks anticipated for 2026 [1]. Core Insights and Arguments - **Valuation Trends**: H shares are preferred over A shares, with H shares trading 0.5 standard deviations above the 10-year historical forward P/E averages, while A shares are trading above 2 standard deviations [1][30]. - **AI Opportunities**: The report emphasizes embracing AI opportunities across various sectors, particularly in computing and networking, with localization in China being a significant factor [1]. - **Risks Identified**: Key risks include upstream supply issues, material cost increases, and downstream project delivery challenges [1]. - **Stock Recommendations**: - **Hardware/Components**: Luxshare, DSBJ, Lens Tech, Conant, TCL are preferred. - **Semiconductors**: Montage is highlighted. - **Software**: Kingdee is favored. - **Communication Infrastructure**: Eoptolink and TFC are recommended [1][2]. Market Projections - **Smartphone Shipments**: A forecasted decline of 5% YoY for global and China smartphone shipments in 2026, with an increase in average selling price (ASP) by 7% and 5% respectively [1]. - **Foldable Smartphones**: Anticipated shipments of foldable smartphones are projected to reach 20 million in 2025, 29 million in 2026, and 45 million in 2027, driven by the foldable iPhone [1]. - **Camera Lens Shipments**: Expected to reach 4.4 billion units in 2025, with a slight decline to 4.2 billion in 2026, and back to 4.4 billion in 2027 [1]. - **AI Glasses**: Global shipments are expected to reach 15 million in 2026, representing a 123% YoY increase [1]. - **AI-PCB Demand**: Total demand for AI-PCB is projected to be RMB 96 billion (US$ 13 billion) in 2026, with a growth rate of 101% YoY [1]. - **Optical Transceiver Market**: Expected to reach US$ 37.4 billion in 2026, with significant shipment increases [1]. Subsector Preferences - **Sector Performance**: Semiconductor sector is expected to lag behind hardware and communication infrastructure, with a projected earnings growth of 52% YoY for semiconductors in 2026 [23]. - **Investment Strategy**: Preference for semiconductor stocks, followed by communication and hardware, with IT services and software being the least favored [1][30]. Additional Insights - **Foreign Investment Trends**: Increased foreign investment in A-share tech names, with a notable rise in holdings in the overall A-share technology sector [13]. - **IPO Activity**: Anticipation of several IPOs in 1H26, which could provide quality tech names for investors [1][30]. - **Market Volatility**: Expected volatility in 1H26 due to high expectations for AI and potential market corrections [30]. This summary encapsulates the critical insights and projections from the conference call, providing a comprehensive overview of the China Technology and Communications sector's outlook for 2026.

Group 1 - The core viewpoint of the articles highlights a strong performance in the semiconductor materials and equipment sector, driven by geopolitical tensions and increasing domestic demand for semiconductor products [1][2] - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 1.02%, with notable gains from stocks such as Naiko Equipment (up 3.54%) and Jingyi Equipment (up 3.51%) [1] - The China Securities Index for semiconductor materials and equipment increased by 1.54%, with Jianghua Microelectronics leading with a 10.02% rise [1] Group 2 - CITIC Securities pointed out that geopolitical friction provides a window for domestic semiconductor alternatives, with companies like Huawei and Cambricon rapidly improving their computing chip performance [1] - The demand for AI is driving a price increase in storage chips, leading to a surge in performance for global storage industry companies [1] - The construction of storage production lines and the increase in domestic production rates are expected to accelerate, presenting investment opportunities in supporting semiconductor equipment and packaging/testing sectors [1]

Group 1 - The three major indices collectively declined, with the ChiNext Index dropping over 2% at one point. The total trading volume in the Shanghai and Shenzhen markets reached 2.78 trillion yuan, an increase of 69.4 billion yuan compared to the previous trading day. Over 3,100 stocks fell across the market [1] - The chemical sector showed strong performance, with over ten constituent stocks hitting the daily limit, including Hongbaoli, Shandong Heda, Weiyuan Co., and Hongqiang Co. The precious metals concept continued to be strong, with Hunan Silver hitting the daily limit. The real estate sector was active, with Dayuecheng and City Investment Holdings also hitting the daily limit [1] - The AI application sector saw some gains, with stocks like Jiayun Technology, Yue Media, and Zhejiang Wenhu gaining the daily limit. In contrast, sectors such as computing hardware and commercial aerospace experienced significant declines, with commercial aerospace stocks collectively dropping, including Shenjian Co. facing four consecutive limit downs and Aerospace Power facing two consecutive limit downs [1] Group 2 - CITIC Securities noted that the heat in the domestic computing sector is driving growth in the semiconductor equipment sector. Despite an overall slowdown in industry expansion, the increase in domestic penetration rates remains a key growth driver for the equipment sector. It is expected that the domestic equipment manufacturing rate will see rapid growth, with leading equipment manufacturers projected to achieve order growth of 20-30% by 2025 [1] - Guosheng Securities highlighted that a significant amount of household deposits will mature, potentially bringing new funds into the equity market. In 2026, the scale of maturing medium- and long-term deposits for households and enterprises is expected to reach 58.3 trillion yuan, an increase of 5.6 trillion yuan compared to 2025, with household deposits accounting for 37.9 trillion yuan [2] - CICC suggested paying attention to trading opportunities in the real estate sector, as recent policy changes have led to some positive developments on the supply side, despite weak demand. It is recommended to adjust focus based on changes in natural inventory and the progress of existing housing storage policies [3]

Group 1 - The semiconductor materials and equipment theme index from Zhongzheng fell by 0.26% as of January 20, 2026, with mixed performance among constituent stocks, including a 10.63% increase in ShenGong Co., and a 4.07% decrease in ChipSource Micro [1] - The semiconductor equipment ETF Huaxia (562590) experienced a decline of 0.44%, but saw a net inflow of funds over the past 10 days, with a maximum single-day net inflow of 365 million yuan, totaling 1.794 billion yuan, averaging 179 million yuan daily [1] - The STAR Market semiconductor materials and equipment theme index rose by 0.15%, with ShenGong Co. increasing by 13.68% and the STAR semiconductor ETF (588170) rising by 0.11%, also benefiting from a net inflow of 1.657 billion yuan over three days, averaging 552 million yuan daily [1] Group 2 - The STAR semiconductor ETF (588170) and its linked funds track the STAR Market semiconductor materials and equipment theme index, focusing on semiconductor equipment (60%) and materials (25%), benefiting from the domestic substitution trend and AI-driven semiconductor demand [2] - The Huaxia semiconductor equipment ETF (562590) and its linked funds also emphasize semiconductor equipment (63%) and materials (24%), targeting the upstream semiconductor sector [2] Group 3 - Dongwu Securities predicts that by 2026, driven by AI, domestic semiconductor equipment will enter a strong expansion cycle, with industry order growth potentially exceeding 30% [1]

Group 1 - The semiconductor materials and equipment theme index on the STAR Market has seen a strong increase of 1.03%, with notable gains from stocks such as Aisen Co., Ltd. rising by 5.79% and Chipone Technology by 4.44% [1] - The semiconductor materials and equipment index from China Securities has surged by 1.51%, with Nanda Optoelectronics up by 10.87% and Sanjia Technology by 9.99% [1] - Long-term outlook from Guojin Securities indicates that semiconductor equipment is the cornerstone of the semiconductor industry chain, with significant growth potential in domestic substitution driven by storage expansion and self-sufficiency [1] Group 2 - The STAR Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (60%) and materials (25%), making it the only index in the STAR Market that precisely targets these sectors [2] - The semiconductor equipment ETF from Huaxia (562590) has the highest market share in semiconductor equipment (62%) and a significant portion in semiconductor materials (24%), emphasizing its focus on the upstream semiconductor industry [2]

Core Insights - The global semiconductor industry underwent significant changes in 2025, transitioning from chaos to order and from divergence to consensus, driven by macroeconomic policies and the rise of artificial intelligence [1] - The A-share semiconductor sector experienced a recovery trajectory throughout the year, culminating in a strong performance in the second half [1] - The Kexin Chip ETF (588200) emerged as the largest product in the semiconductor theme, achieving a return of 154.35% since its listing, with an annualized yield of 34.88% [1] Industry Overview - The semiconductor industry is at a critical juncture, with AI transitioning from training to inference and domestic substitution moving into deeper waters [1][28] - The Kexin Chip Index has shown a cumulative increase of 69.94% since April 8, 2025, outperforming other semiconductor indices [4] - The market sentiment shifted positively towards semiconductor stocks, with 54% of tracked A-share semiconductor companies achieving record quarterly revenues in 2025 [6][12] Market Performance - The Kexin Chip ETF (588200) has seen significant inflows, with a net inflow of 3.18 billion yuan in 2025 and an average daily trading volume of 2.6 billion yuan [2][24] - The index's constituent stocks demonstrated impressive growth, with a 39% year-on-year revenue increase and a 94% rise in net profit in the first three quarters of 2025 [22] - The semiconductor market is expected to experience double-digit growth for three consecutive years, driven by AI infrastructure and traditional chip demand recovery [14] Investment Opportunities - The Kexin Chip ETF (588200) provides a convenient way to invest in core assets of the semiconductor industry, covering the entire supply chain from design to manufacturing [18][21] - The ETF's liquidity and strong market recognition make it an attractive option for both institutional and individual investors [24][25] - The underlying assets of the ETF include leading companies in the semiconductor sector, such as SMIC and Cambrian, which are positioned to benefit from ongoing industry trends [19][30] Future Outlook - The semiconductor industry is poised for growth, with domestic companies benefiting from increased production capacity and innovation in AI applications [28][30] - The Kexin Chip Index is expected to maintain its status as one of the most growth-oriented indices in the A-share market, capitalizing on trends in AI computing and domestic substitution [30][31]

Core Insights - The global nylon market is poised to exceed $47 billion, driven by advancements in applications such as electric vehicles, electronics, low-altitude economy, embodied robotics, smart terminals, and medical devices, showcasing the material's enduring vitality and innovation [1] - The nylon industry is entering a critical phase of structural adjustment influenced by energy system restructuring, trade environment changes, and carbon reduction goals, presenting both challenges and strategic opportunities for domestic substitution, application upgrades, and global expansion [1] Event Overview - The "2026 Advanced Nylon Industry Innovation and Application Development Conference" will be held on March 19-20, 2026, in Guangzhou, focusing on addressing challenges and strategies in the nylon sector, with special activities including a visit to Xiaopeng Motors and a showcase for innovative material solutions [1][15] - The conference aims to gather over 300 domestic and international nylon enterprises and industry leaders to explore high-quality development paths for the industry [3][4] Conference Highlights - The event will feature more than 20 experts and industry leaders sharing insights on innovation pathways in the nylon sector [4] - A focus on establishing industry standards for advanced nylon materials specifically for key application areas such as electric vehicles, robotics, and eVTOL [4][6] Agenda Summary - The conference will include sessions on terminal trends and material demands, innovations in nylon applications in automotive and electronics, and case studies on nylon materials for low-altitude vehicles and embodied robotics [6][7] - Additional topics will cover nylon modification, innovative material selection, and the development of new resins and monomers [8][9] Participation Details - Registration fee is set at 3,500 yuan per participant, with an early bird price of 3,200 yuan available until January 20, 2025 [9] - End users from sectors such as electric vehicles and robotics can attend for free, with a limit of two representatives per company [9]