证券之星消息，12月31日元件板块较上一交易日下跌1.6%，骏亚科技领跌。当日上证指数报收于 3968.84，上涨0.09%。深证成指报收于13525.02，下跌0.58%。元件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603386 | 骏亚科技 | 15.33 | -6.24% | 41.18万 | 6.42 Z | | 603228 | 景旺电子 | 73.09 | -4.24% | 18.91万 | 14.01亿 | | 920491 | 圆迪威 | 29.91 | -3.92% | 6.59万 | 2666T | | 300814 | 中富申路 | 73.94 | -3.27% | 6.12万 | 4.56亿 | | 002384 | 东山精密 | 84.65 | -3.15% | 33.89万 | 28.94亿 | | 300476 | 胜宏科技 | 287.58 | -3.01% | 24.87万 | 72.37亿 | | 002636 | 金安国纪 | ...

Group 1: Strategy Overview - The report indicates that the market is gradually shifting focus from a single narrative around AI to a broader range of sectors, suggesting that a new investment theme for 2026 is emerging as the market stabilizes and industry rotation accelerates [5][12][15] - The report highlights that the recent rally in the market is driven by a recovery in global risk assets, with expectations of a cross-year market trend starting to take shape [5][12] Group 2: Metal Industry Insights - The report notes that the sharp rise in non-ferrous metals is likely driven by increased demand from high-margin and growth-oriented sectors, which are more tolerant of price increases [5][13] - It emphasizes that the relationship between metal prices and AI investments is similar to the past dynamics between coal/power and new energy sectors, indicating a potential for significant price movements in metals due to AI-related consumption [5][13] Group 3: Currency and Trade Dynamics - The report discusses a new cycle of RMB appreciation, driven by changes in export structure and settlement methods, suggesting that the impact of RMB appreciation on export competitiveness may be less severe than previously thought [6][14] - It highlights that the current high-value export sectors in China possess significant market share and production capacity, which enhances their resilience against trade protectionism [6][14] Group 4: Investment Recommendations - The report recommends focusing on industrial resource products that resonate with AI investments and global manufacturing recovery, including copper, aluminum, tin, lithium, crude oil, and oil transportation [7][15] - It also suggests investing in Chinese equipment export chains that have confirmed cyclical bottoms, such as power grid equipment, energy storage, lithium batteries, photovoltaics, and engineering machinery [7][15] Group 5: Company-Specific Insights - For Yun Aluminum Co. (000807.SZ), the report recommends a long-term investment due to favorable conditions for aluminum exports and potential price increases driven by supply-side reforms and low inventory levels [17] - For Hengli Hydraulic (601100.SH), the report highlights the company's growth potential due to rising global market share and collaboration with leading companies in robotics [18] - For China Southern Airlines (1055.HK), the report notes the expected improvement in industry supply-demand dynamics and the company's large fleet size as key growth drivers [21] - For Li Ning (2331.HK), the report points to management improvements and the upcoming Olympic cycle as catalysts for growth [24] - For Blue Special Optics (688127.SH) and Shengyi Technology (600183.SH), the report emphasizes strong demand in downstream sectors and the potential for price increases due to supply constraints [26][27] - For Te Bao Biological (688278.SH), the report highlights the expected commercial success of its growth hormone product and the potential for new indications to drive revenue growth [28]

证券研究报告 电子 | 元件 北交所|公司点评报告 hyzqdatemark 2025 年 12 月 30 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | 12 | 月 29 | 日 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | 29.20 | | | 一 年 最 | / | | | | | | | 42.88/19.56 | 内 | 最 | 高 | | 低 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | 4,121.38 | | | | | | | | 流通市值（百万元） | | | | | | | 3,3 ...

Event Summary - The annual report disclosure schedule for 2025 has been released, with ChipGuide Technology being the first to disclose on February 3, 2026, and *ST Huawang on February 13, 2026 [1] Industry Insights - Key sectors expected to show improved or sustained high growth in annual report performance include "price-increasing commodities," "new energy and high-end manufacturing," "export-oriented sectors," and "TMT sectors with strong or improving demand" [1] - In the "price-increasing commodities" category, items with price increases exceeding 200% include black tungsten concentrate, VC, and lithium hexafluorophosphate, while those with increases over 100% include platinum and cobalt [4] - The new energy and high-end manufacturing sector is benefiting from high growth in military equipment orders and expanding demand for industrial robots and energy storage [6] - The export sector has seen significant growth, with high-tech and electromechanical product exports increasing by 7.7% and 9.7% year-on-year, respectively [6] Company Performance - A list of companies expected to see net profit growth exceeding 50% for the year has been compiled, based on preliminary quarterly report data [8] - Notable companies include Yuanjie Technology, with a projected net profit increase of 1726.36%, and Runze Technology, with an increase of 262.73% [9] - The semiconductor industry is projected to grow by 13.7% in sales in 2025, driven by strong demand for memory chips [7]

证券之星消息，12月29日元件板块较上一交易日上涨2.02%，博敏电子领涨。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。元件板块个股涨跌见下表： 从资金流向上来看，当日元件板块主力资金净流入10.36亿元，游资资金净流出6.3亿元，散户资金净流出 4.06亿元。元件板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002463 | 沪电股份 | | 5.13 Z | 6.67% | -2.62 Z | -3.40% | -2.51亿 | -3.27% | | 002384 | 东山精密 | | 4.01亿 | 7.95% | -1.35 亿 | -2.67% | -2.66 Z | -5.28% | | 603936 博敏电子 | | | 3.84 (Z | 29.54% | -2.22亿 | -17.10% | -1.62 ...

| 序号 | 板块 | 涨跌幅(%)▼ | 总成交量（万手）▼ | 总成交额（亿元） ▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 化学纤维 | 2.58 | 784.92 | 62.96 | -3.41 | 22 | 6 | | 2 | 元件 | 1.77 | 959.26 | 412.36 | 34.68 | 48 | 12 | | 3 | 多元金融 | 1.63 | 1016.16 | 96.15 | -0.57 | 19 | 7 | | ব | 塑料制品 | 1.60 | 1117.74 | 186.76 | 0.91 | 43 | 30 | | 5 | 串等属 | 1.59 | 603.00 | 92.17 | 6.21 | 8 | ന | | ଚ | 石油加工贸易 | 1.39 | 686.00 | 61.86 | 10.80 | 19 | ထ | | 7 | 风电设备 | 1.09 | 577.12 | 110.56 | -0.36 | 21 | ਰੇ | | 8 | 电机 ...

公司公告汇总 澳弘电子于2025年12月23日召开第三届董事会第十次会议，审议通过使用募集资金173,451,008.52元置 换预先投入募投项目及已支付发行费用的自筹资金，其中募投项目投入172,222,706.62元，发行费用 1,228,301.90元。募集资金已于2025年12月17日到账，置换时间未超过6个月，符合相关规定。 公司同意使用不超过45,000万元的闲置募集资金进行现金管理，投资安全性高、流动性好的保本型产 品，包括通知存款、定期存款、结构性存款、大额存单、收益凭证等，不得用于质押。投资期限为自董 事会审议通过之日起12个月内，资金可循环使用，该事项无需提交股东大会审议。 公司于2025年12月11日公开发行580万张可转换公司债券，募集资金总额58,000.00万元，扣除发行费用 后实际募集资金净额为574,097,169.81元，已全部到账。公司已开设募集资金专项账户，并与国金证 券、中信银行、招商银行、江苏江南农村商业银行签署《募集资金专户存储三方监管协议》，资金将专 用于"泰国生产基地建设项目"，不得他用。 截至2025年12月26日收盘，澳弘电子（605058）报收于30.39 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603228 | 景旺电子 | 73.57 | -4.27% | 32.76万 | 24.21亿 | | 600237 | 铜峰电子 | 9.20 | -3.97% | 70.80万 | 6.59亿 | | 002134 | 天津音林 | 25.59 | -3.43% | 19.19万 | 4.96 Z | | 688655 | 迅捷兴 | 17.49 | -3.42% | 2.37万 | 4197.00万 | | 300476 | 胜宏科技 | 291.99 | -2.51% | 30.01万 | 87.97亿 | | 688539 | 高华科技 | 50.85 | -2.02% | 12.65万 | 6.44亿 | | 002579 | 中京电子 | 11.79 | -1.91% | 33.74万 | 266.6 | | 603386 | 骏亚科技 | 15.11 | -1.88% | 22.52万 | 3.43亿 | | 301041 | 等 ...

| | | | 12月25日目标价涨幅排名 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 플날目牺牲 | 目标涨幅 | | | | | | (元) | (%) | | 300384 | 三联虹普 | 中信证券 | 买人 | 20.00 | 24.53 | | 600859 | 王府井 | 中信证券 | 买人 | 18.00 | 19.05 | | 601990 | 南京证券 | 华创证券 | 推荐 | 9.45 | 18.13 | | 600346 | 恒力石化 | 中信证券 | 买人 | 24.00 | 15.72 | | 601689 | 拓普集团 | 群益证券(香港) | 买进 | 81.00 | 12.77 | 从券商推荐家数来看，12月25日有20家上市公司得到券商推荐，其中领益智造获得2家推荐，国机重装、南京证 券等获得1家推荐。 | | 12月25日券商推荐家数排名 | | | | | --- | --- | --- | --- | --- | | 券代码 | 证券名称 | 收盘价 (元) | 评级 ...

南财投研通数据显示，12月25日，券商给予上市公司目标价共5次，按最新收盘价计算，目标价涨幅排名居前的 公司有三联虹普、王府井、南京证券，目标价涨幅分别为24.53%、19.05%、18.13%，分别属于专业工程、一般 零售、证券行业。 | | | | 12月25日目标价涨幅排名 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 플날目标伙 | 目标涨幅 (%) | | | | | | (元) | | | 300384 | 三联虹普 | 中信证券 | 买人 | 20.00 | 24.53 | | 600859 | 王府井 | 中信证券 | 买人 | 18.00 | 19.05 | | 601990 | 南京证券 | 华创证券 | 推荐 | 9.45 | 18.13 | | 600346 | 恒力石化 | 中信证券 | 买入 | 24.00 | 15.72 | | 601689 | 拓普集团 | 群益证券(香港) | 买进 | 81.00 | 12.77 | | ■ 12月20日 | | | 2011/2013 201 ...