| C0044@capitalcom.tw | | | --- | --- | | 朱吉翔 A 股目标价(人民币) | 1450.0 | 2025 年 02 月 27 日 公司基本资讯 | 产业别 | | | 电子 | | --- | --- | --- | --- | | A 股价(2026/2/26) | | | 1168.80 | | 上证指数(2026/2/26) | | | 4146.63 | | 股价 12 个月高/低 | | 1595.88/520.67 | | | 总发行股数(百万) | | | 421.69 | | A 股数(百万) | | | 418.35 | | A 市值(亿元) | | | 4889.68 | | 主要股东 | | 陈天石(28.35%) | | | 每股净值(元) | | | 26.82 | | 股价/账面净值 | | | 43.57 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | -13.7 | -11.3 | 47.9 | 近期评等 | | | | 产品组合 | | | --- | --- | | 云端智能芯片和加 | 100% | | 速卡 ...

Core Viewpoint - The Hong Kong stock market shows a slight upward trend but remains weak overall, with the Hang Seng Index and Hang Seng Tech Index experiencing minor gains [1][2]. Company Performance - Baidu Group (HK09888) reported a total revenue of 129.1 billion yuan for 2025, with AI business revenue reaching 40 billion yuan; in Q4 2025, total revenue was 32.7 billion yuan, with AI business income accounting for 43% of general business revenue, exceeding market expectations [4]. - BeiGene (HK06160) achieved its first annual profit, with total revenue of 38.205 billion yuan, a year-on-year increase of 40.4%; product revenue reached 37.77 billion yuan, up 39.9%, driven by sales growth of drugs like Zebrutinib and Tislelizumab, with sales from licensed products from Amgen amounting to 3.471 billion yuan, a 33.6% increase [4]. - Tencent Holdings (HK00700) saw a slight rebound in early trading, with a gain of 1.07% [4]. Market Trends - Tencent's app, Tencent Yuanbao, re-entered the top 10 of the Apple App Store free app rankings, indicating a recovery in user demand post-Spring Festival [5]. - The technology sector stocks collectively rebounded, with Alibaba and JD.com showing slight increases, while the automotive sector weakened, with NIO dropping nearly 1% [5]. IPO Market Outlook - Multiple institutions express optimism regarding the Hong Kong IPO market for 2026, with UBS predicting a financing scale exceeding 300 billion HKD and around 150-200 listings [6]. - Huatai Securities estimates the main board IPO financing scale at approximately 310 billion HKD, with around 100 new companies [6]. - Deloitte forecasts about 160 new listings in the Hong Kong stock market, with a financing amount not less than 300 billion HKD [6]. - PwC anticipates around 150 new listings, with total fundraising between 320 billion to 350 billion HKD, potentially ranking among the top three globally [6]. - Analysts from China Merchants Securities note that the current valuation of the Hong Kong technology sector is at a historical low, suggesting it is undervalued in the context of the AI development and technology-driven growth era [6].

Core Viewpoint - In 2025, Suzhou Guoxin Technology Co., Ltd. reported a decline in total revenue, but significant growth in automotive electronic chips and industrial control chips, particularly in the automotive sector [2][3]. Group 1: Financial Performance - The company expects total revenue of 531.88 million yuan in 2025, a decrease of 7.37% year-on-year [2]. - The net profit attributable to the parent company is projected to be -240.79 million yuan, an increase in loss of 60.20 million yuan compared to the previous year [2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be -280.93 million yuan, with a year-on-year increase in loss of 56.92 million yuan [2]. - Basic earnings per share are forecasted to be -0.73 yuan [2]. Group 2: Revenue by Product Application - Revenue from the information innovation and information security business is expected to be 195.39 million yuan, a year-on-year increase of 39.38% [3]. - Revenue from automotive electronic chips and industrial control chips is projected to be 166.79 million yuan, a year-on-year increase of 78.65%, with the automotive electronic chip revenue reaching 126.50 million yuan, up 82.32% [3]. - The shipment volume of automotive electronic chips exceeded 13 million units in 2025, with a cumulative shipment of over 25 million units by the end of 2025 [3]. - Revenue from artificial intelligence and advanced computing is expected to be 169.50 million yuan, a year-on-year decrease of 50.24% due to delays in customer deliveries caused by external factors [3]. - Other business revenue is projected to be 198,300 yuan [3]. Group 3: Assets and Equity - As of the end of 2025, total assets are expected to be 3.26 billion yuan, a year-on-year increase of 2.01% [3]. - Equity attributable to the parent company is projected to be 1.97 billion yuan, a year-on-year decrease of 10.46% [3]. - The net asset value per share attributable to the parent company is expected to be 5.85 yuan, a year-on-year decrease of 10.46% [3]. - The share capital remains unchanged at 335.99 million shares [3]. Group 4: Factors Affecting Performance - The main factors impacting the 2025 operating performance include a 7.37% year-on-year decline in revenue due to delays in customer deliveries of custom mass-produced chips [4]. - Increased R&D expenses are expected to rise by 12.89 million yuan, a year-on-year increase of 3.99% [4]. - Management expenses are projected to increase by 12.75 million yuan, a year-on-year increase of 25.76% due to higher depreciation costs and share-based payment expenses [4]. - Government subsidies and other income are expected to increase by 7.86 million yuan, a year-on-year increase of 51.48% [4]. - Investment income is projected to decrease by 8.72 million yuan, a year-on-year decline of 57.57% [4]. - Asset impairment losses are expected to decrease by 9.85 million yuan, a decline of 45.59% [4].

星宸科技：回购完成，车载/机器人预计放量，持续推荐【申万通信】 行业缺货背景下，客户因外挂存储缺货/价格暴涨而转向公司的内置存储产品，带来增量订单同时提升议价能力， 将供应链能力转化为增长动力与竞争壁垒。 #此前24日晚公告回购股份方案已实施完毕。 回购数量约175万股（占总股本约0.4%），成交总金额约1.19亿元（接近回购计划资金总额上限1.2亿元），未来拟 用于实施股权激励和/或员工持股计划。 #存储涨价受益，"芯片+内置存储"一体化方案打造差异化壁垒。 星宸每年KGD采购量过亿级，凭借规 星宸科技：回购完成，车载/机器人预计放量，持续推荐【申万通信】 #此前24日晚公告回购股份方案已实施完毕。 回购数量约175万股（占总股本约0.4%），成交总金额约1.19亿元（接近回购计划资金总额上限1.2亿元），未来拟 用于实施股权激励和/或员工持股计划。 #存储涨价受益，"芯片+内置存储"一体化方案打造差异化壁垒。 星宸每年KGD采购量过亿级，凭借规模效应优先锁产能/争最优价，可持续供应。 （1）车载：SAC8712等芯片适用车载视觉感知及L1-L2辅助驾驶，已在众多国内外知名车厂量产或于26H1量产； 车规级 ...

2026年2月27日星期五 ➢ 美伊会谈有进展；全球手机市场料萎 缩。A股弱势震荡。上证指数收跌0.01% 报4146.63点，深证成指涨0.19%，创业 板指跌0.29%。算力硬件股集体爆发。 港股单边下跌。香港恒生指数收跌 1.44%报26381.02点，恒生科技指数跌 2.87%，恒生中国企业指数跌2.44%。工 业板块抗跌，科网股全面走低。大市 成交额2592.769亿港元。外盘方面，欧 洲三大股指收盘全线上涨，美国三大 股指收盘涨跌不一，道指涨0.03%报 49499.2 点 ，标 普 500 指数 跌 0.54%报 6908.86点，纳指跌1.18%。美伊日内瓦 会谈取得进展，下周将继续新一轮磋 商。IDC预计全球智能手机市场今年将 大幅萎缩。 | 26381.02 | -1.44 | 2.93 | | --- | --- | --- | | 8814.29 | -2.44 | -1.12 | | 5109.33 | -2.87 | -7.37 | | 118.81 | 1.69 | -3.77 | | 4146.63 | -0.01 | 4.48 | | 14503.79 | 0.19 | 7. ...

据Theinformation报道，Meta公司在多款芯片的研发上都遇到了问题。该公司放弃了一款内部代号为Iris的第二代训练芯 片。之后，该公司开始研发一款更先进的训练芯片，代号为Olympus，但现在这款芯片也已被放弃。 一位知情人士透露，Meta 最初计划与 Olympus 合作构建大型服务器集群，但高管最终认为，在与 OpenAI 和 Google 等老 牌竞争对手展开激烈竞争之际，这样做会给新模型的训练带来重大风险。例如，用于训练芯片的软件稳定性不如英伟达的 产品，而且 Olympus 复杂的设计也可能导致难以大规模生产。 与此同时，据报道，Meta Platforms 已经与谷歌签订一项价值数十亿美元的协议，租用谷歌的 AI 芯片（即张量处理单元） 来开发新的 AI 模型。这必将加剧谷歌和英伟达的芯片竞争。 Meta的定制芯片之旅 Meta 进军定制芯片领域是一项深思熟虑的战略，旨在克服现成 AI 加速器在技术和财务方面的局限性。首先从财务上看， Meta自研芯片应该是大有可为。 鉴于 Meta Platforms 在研发和资本支出方面投入了巨额资金——预计 2025 年，其研发投入约为 500 ...

所长 早读 国泰君安期货 2026-02-27 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 今 日 发 现 人民币汇率创三年新高，定价未现极端偏离 观点分享： 节后首周，人民币对美元汇率延续节前偏强走势。2 月 26 日，在岸人民币对美元汇率盘 中升破 6.84 关口，离岸人民币对美元盘中升破 6.83 关口，均刷新 2023 年 4 月以来高点。 中银证券全球首席经济学家管涛分析称，近期人民币对美元升值加速主要有以下支撑因素： 第一，1 月中旬以来美元指数冲高回落，延续了 2025 年开启的弱势调整；第二，当地时间 2 月 20 日，美国最高法院裁定特朗普政府大规模关税政策违法，美国被迫以 15%的进口附加 税替代对等关税和芬太尼关税，有助于降低对华关税水平，强化市场对中国出口韧性的预 期；第三，前期国内企业持有大量美元多头，近期人民币升值引发美元多头回撤，市场结汇 盘增加，反过来推动人民币进一步升值；第四，全国两会召开在即，市场对于利好政策有所 憧憬。另外，中美经贸关系回稳及我国整体外部环境改善，美联储独立性屡屡受到冲击等因 素，也是近段时间人民币对美元汇率走强的重要背景。对于后市，管涛 ...

2026年02月27日 | 黄金：震荡上行 | 2 | | --- | --- | | 白银：震荡格局 | 2 | | 铜：库存持续增加，限制价格回升 | 4 | | 锌：关注地缘扰动 | 6 | | 铅：缺乏驱动，价格震荡 | 8 | | 锡：震荡偏强 | 9 | | 铝：区间震荡 | 10 | | 氧化铝：供应压力未缓解 | 10 | | 铸造铝合金：跟随电解铝 | 10 | | 铂：箱体震荡 | 12 | | 钯：高频数据偏弱 | 12 | | 镍：沪镍投机情绪仍存，持续关注镍矿矛盾 | 14 | | 不锈钢：成本支撑重心上移，淡季累库约束弹性 | 14 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 2 月 27 日 国泰君安期货商品研究晨报-贵金属及基本金属 观点与策略 产 业 服 务 研 究 所 白银：震荡格局 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | ...

资讯日报：美伊日内瓦会谈取得进展 股票市场概览 港股市场表现 美股市场表现 2026 年 2 月 27 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常跌 | 間微跌 | 年初至今 湖铁 | | --- | --- | --- | --- | --- | | | | (%) | (%) | | | | | | | (%) | | 恒生指数 | 26.381 | (1.44) | (0.12) | 2.93 | | 恒生科技 | 5.109 | (2.87) | (1.96) | (7.37) | | 恒生国企 | 8.814 | (2.44) | (1.62) | (1.12) | | 上证指数 | 4.147 | (0.01) | 1.58 | 4.48 | | 日经225 | 58.583 | 0.29 | 3.39 | 16.71 | | 新加坡海峡 | 5.008 | (0.87) | (1.06) | 0.00 | | 标普500 | 6.946 | (0.54) | (0.01) | 0.93 | | 纳斯达克 | 23.152 | (1.18) | (0.03) | (1. ...

2026年02月27日 国泰君安期货商品研究晨报 观点与策略 | 黄金：震荡上行 | 3 | | --- | --- | | 白银：震荡格局 | 3 | | 铜：库存持续增加，限制价格回升 | 5 | | 锌：关注地缘扰动 | 7 | | 铅：缺乏驱动，价格震荡 | 9 | | 锡：震荡偏强 | 10 | | 铝：区间震荡 | 11 | | 氧化铝：供应压力未缓解 | 11 | | 铸造铝合金：跟随电解铝 | 11 | | 铂：箱体震荡 | 13 | | 钯：高频数据偏弱 | 13 | | 镍：沪镍投机情绪仍存，持续关注镍矿矛盾 | 15 | | 不锈钢：成本支撑重心上移，淡季累库约束弹性 | 15 | | 碳酸锂：供需偏紧，关注市场情绪变化 | 17 | | 工业硅：关注上游复产情况 | 19 | | 多晶硅：关注节后现货成交 | 19 | | 铁矿石：预期回暖，矿价震荡上扬 | 21 | | 螺纹钢：震荡反复 | 22 | | 热轧卷板：震荡反复 | 22 | | 硅铁：板块情绪扰动，价格宽幅震荡 | 24 | | 锰硅：南非矿产税务信息扰动，资金低位拉涨 | 24 | | 焦炭：震荡偏弱 | 26 | ...