6 证券研究报告 一、产业综合组： 3 月 1 日起，日本半导体材料巨头 Resonac 将铜箔基板（CCL）及黏合胶片售价 上调 30%以上。公司表示，尽管已采取多项成本优化措施，但受玻纤布、环氧树 脂、铜箔等关键原材料持续紧缺及价格上涨影响，为保障产品稳定供应与新技 术研发投入，不得不启动本轮调价。Resonac 此次调价将传导至 HDI 板、IC 载 板、高频高速 PCB 等高端制造环节。鉴于昨日英伟达发布的 2026 年一季度业绩 指引增长依然比较强劲，而且大模型在 Agent 模式的应用下未来增长的前景进 一步明确，因此我们继续看好覆铜板行业高景气度的持续。 证书编号：S1080525070001 昨日国产功率半导体厂商新洁能正式发布价格调整通知，宣布对其核心产品 MOSFET 进行价格上调，上调幅度 10%起，本次价格调整自 2026 年 3 月 1 日起发 货正式生效，已签订未发货订单按新价格执行。此外月初另一家国产功率半导 体大厂江苏捷捷微电子宣布，对其 MOS 系列产品提价 10%-20%，自 2026 年 2 月 1 日起，新发 MOS 成品均按新价格执行。士兰微、英飞凌等也更早上调价格， ...

一则涨价通知函，将市场的目光再次聚焦于功率半导体赛道。 2月24日，一份落款为宏微科技的产品涨价通知函在行业内流出，引发市场广泛关注。网传通知明确，公司将自3月1日起正式上 调IGBT单管及模块、MOSFET器件等核心产品价格，核心原因直指上游金属材料价格波动导致制造成本攀升。 值得注意的是，当日午后，宏微科技股价快速放量拉升，涨幅一度超11%，随后震荡整理，截至收盘报34.24元/股，创下近一年 新高，日内涨幅达4.29%。 | 分时量 ▼ 量: 1450 现年: 1450 | AU VIIII 13293 | | | --- | --- | --- | | 买4 34.16 | | 2 | | 6647 买5 34.15 | | 14 | | 明细 ▲ | | | | 1450 34.24 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 1450 | | | 针对涨价传闻，21快讯记者以投资者身份致电宏微科技核实，公司接线工作人员确认了提价事宜。"受上游有色金属等材料价格 上涨影响，公司确实对主要产品进行了提价，幅度大概在 ...

Group 1: Stock Performance - The stock of Dongwei Semiconductor opened at 94.64 yuan, peaked at 100.88 yuan (an increase of 6.02%), but closed at 98.12 yuan, indicating a high volatility of 7.76% throughout the day [1] - From January 15 to February 13, the stock experienced a total fluctuation of 17.85%, with a single-day increase of 7.27% on February 12, leading some investors to lock in profits during the peak [1] Group 2: Industry Sector Situation - Despite strong capital expenditure expectations for AI infrastructure (with the four major CSP manufacturers expected to exceed 670 billion yuan in 2026), the semiconductor sector showed flat overall performance (semiconductor index change was 0.00%) [2] - Market funds are shifting between sub-sectors, with more attention on storage chips, which may have diverted short-term focus from power semiconductor stocks [2] Group 3: Company Fundamentals - Dongwei Semiconductor reported a 41.60% year-on-year revenue growth and a 58.46% increase in net profit for Q3 2025, but the cash flow situation raised market concerns with a negative cash flow of -436.59% [3] - On the day in question, there was a net inflow of 27.19 million yuan from institutional investors, while retail investors experienced a net outflow, reflecting market divergence regarding short-term earnings quality [3]

经济观察网派瑞股份（300831）近期股价持续上涨，主要与基本面事件、资金面因素和技术面信号相 关。 股票近期走势 业绩经营情况 公司业绩预告显示净利润同比下降，但订单数据呈现积极信号：前三季度"收到客户订单"金额同比增 645.51%，暗示需求可能回暖。功率半导体行业景气度回升预期也形成外部支撑。需注意，当前市盈率 达480.28倍，估值较高，后续需关注合作项目进展及订单转化效率。 以上内容基于公开资料整理，不构成投资建议。 近期资金流向显示主力资金持续介入。例如，单日主力净流入3199.33万元，推动股价单日涨幅达 12.9%。截至换手率一度达8.75%，反映交易活跃度较高。此外，股东户数在期间减少5.36%，筹码集中 度上升可能减轻抛压。 股价情况 从技术指标看，股价在突破布林带上轨，收盘价站上所有主要均线。同期MACD柱状线转正且KDJ指标 J值升至99.65，显示短期动能强劲。 根据公告，派瑞股份与某高校签订为期三年的技术合作协议，共同攻关大容量功率半导体器件研发。尽 管协议不涉及具体金额且对当年业绩无重大影响，但市场关注其长期技术突破潜力，尤其在新能源、轨 道交通等战略领域的应用前景。 资金面情况 ...

公司状况 公司于同日公告，此前使用闲置募集资金7000万元购买的结构性存款已到期赎回，本金及收益归还至募 集资金账户。截至公告日，公司闲置募集资金进行现金管理的余额为6.85亿元。该公告向市场传递了公 司资金充裕、财务稳健的信号。 经济观察网根据2026年2月12日的公开信息，新洁能（605111）(605111.SH)股价上涨可能与以下因素相 关。 资金面情况 当日该股主力资金净流入7478.14万元，成交金额达12.09亿元，换手率为6.22%，显示出资金参与度较 高。 股价情况 从技术面看，该股当日突破多条均线，表现强于半导体板块(+2.43%)和电子板块(+1.73%)。市场对功率 半导体行业景气度回暖的预期，尤其是新能源汽车、AI算力等下游需求的增长，可能对股价形成支 撑。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Insights - The report highlights the phenomenon of "AI-driven price spillover," indicating that demand for AI hardware is leading to price increases in various industries, with traditional capacities being squeezed and driving supply-demand turning points earlier than expected [1][6][7] - The report summarizes the basic rules of the "high prosperity spillover" market since September 2025, emphasizing that while the fundamental elasticity may not be as strong as the high prosperity itself, there can still be elasticities in spillover markets [1][22] - It identifies specific sectors in the A-share market that are experiencing AI price spillover, recommending attention to fiberglass and optical fiber due to their favorable valuations and visible price increases [1][26][31] Summary by Sections AI Price Spillover - AI hardware demand is experiencing high prosperity, leading to traditional industries facing supply constraints and price increases [1][6] - The spillover market can yield returns from two sources: performance improvements from supply being squeezed and valuation recovery from previously low historical levels [1][22] - The report notes that the success rate of such markets is not very high, suggesting the need for additional alpha logic, such as companies with strong pricing power or potential entry into high prosperity sectors [1][25] Industry Analysis - **Fiberglass**: Driven by AI computing demand, special fabrics are experiencing high prosperity, with traditional fiberglass showing a confirmed bottom in asset turnover and manageable downside risks [1][26][28] - **Optical Fiber**: The industry has confirmed a bottom in the operating cycle, with traditional capacity being squeezed and a clear upward option due to high-profit products entering the market [1][31][32] - **Niche Storage**: Benefiting from AI price spillover, with supply shortages driving price increases, although mid-term performance may be limited [1][11][37] - **Wafer Foundry**: The exit of overseas leaders from 8-inch plants is expected to benefit domestic foundries, with short-term price increases anticipated [1][37] - **Power Semiconductors**: AI-driven demand is strong, but the uncertainty in fundamental recovery may limit the potential for similar market performance as seen in lithium batteries [1][40] - **CPU**: The supply of CPUs is tight due to AI chip demand, but the corresponding A-share market shows limited fundamental realization [1][43]

Core Viewpoint - The strategic partnership between Tianyu Semiconductor and EYEQ Lab Inc. marks a significant step in Tianyu's international expansion, focusing on the supply of high-quality silicon carbide (SiC) epitaxial wafers for power semiconductor applications [1][2]. Group 1: Strategic Cooperation - Tianyu Semiconductor has signed a three-year strategic cooperation agreement with EYEQ Lab, prioritizing the procurement of SiC epitaxial wafers [1]. - The agreement includes the supply of high-specification epitaxial products ranging from 6 to 8 inches and voltage ratings from 650V to 20,000V, supporting EYEQ Lab's R&D and production [1]. - This partnership establishes a deep cooperation framework around epitaxial wafer supply and application, enhancing Tianyu's presence in the international market [1][2]. Group 2: Market Positioning - The Korean market has been dominated by European, American, and Japanese manufacturers, particularly in the high-end SiC epitaxial wafer sector, where stability and consistency are crucial [2]. - Tianyu's entry into the Korean customer system signifies a shift in its international strategy from "product export" to "system integration" [2]. - The collaboration enhances Tianyu's presence in the Asian high-end power semiconductor supply chain and lays a solid foundation for future expansion in Japan, South Korea, and Southeast Asia [2]. Group 3: Technological Capabilities - Tianyu Semiconductor is recognized as China's largest manufacturer of SiC epitaxial wafers, with industry-leading maturity in 6-8 inch wafer processes [3]. - The company has achieved breakthroughs in key technologies such as thick epitaxy, high-voltage epitaxy, and low defect density control, with stable mass production capabilities for 20kV products [3]. - These technological advantages are critical for downstream device performance and yield, making Tianyu a trusted partner for international clients [3]. Group 4: Production Capacity and Global Strategy - The cooperation signals a substantial advancement in Tianyu's global layout, with the new Dongguan base expected to release production capacity over the next two years [5]. - The stable international orders will enhance capacity utilization, optimize cost structures, and support the company's bargaining power in the global market [5]. - Tianyu is forming a development path centered on "technological leadership, capacity expansion, and global layout," ensuring competitiveness in the high-end epitaxial wafer market [5]. Group 5: Future Outlook - Tianyu plans to deepen cooperation with clients in Japan, South Korea, Europe, and North America, aiming to play a more strategic role in the global third-generation semiconductor supply chain [6]. - The partnership with EYEQ Lab is a milestone in Tianyu's globalization process, establishing a stronger foundation for future international competition [6].

Group 1 - The core viewpoint of the article highlights the significant tax reductions and incentives provided by the Sichuan Provincial Taxation Bureau, amounting to over 850 billion yuan by 2025, aimed at supporting technological innovation and manufacturing development, thereby energizing the business environment and promoting industrial innovation and structural upgrades [1][2][3][4] Group 2 - In terms of technological investment and results, the implementation of policies such as R&D expense deductions and VAT exemptions for technology transfer is expected to lead to over 230 billion yuan in tax reductions, with more than 90% of this coming from R&D expense deductions, enhancing companies' willingness to innovate [1] - The focus on tackling "bottleneck" technologies and nurturing talent is supported by over 50 billion yuan in tax reductions, aiding in the gathering of high-end talent and breakthroughs in core technologies, exemplified by Chengdu Kumagaya Electric Co., which benefited from 12 million yuan in tax incentives [2] - The cultivation and quality enhancement of high-tech enterprises and emerging industries are supported by over 130 billion yuan in tax reductions, with significant benefits for the new energy vehicle sector, impacting over 546,000 taxpayers [2] - Policies encouraging equipment updates and technological transformations have led to over 35 billion yuan in tax reductions, facilitating the replacement of outdated production capacities and the upgrade of production equipment, as seen with Zigong Dongfang Color Steel Structure Co., which achieved a 12.3% increase in annual revenue [3] - The manufacturing sector is poised for high-quality development, with over 400 billion yuan in tax reductions supporting advanced manufacturing, which constitutes nearly 40% of the total tax incentives for technological innovation and manufacturing development [3] - The Sichuan Provincial Taxation Bureau plans to leverage big data to enhance the "policy outreach" mechanism, ensuring that businesses can fully benefit from tax incentives, thereby supporting the construction of a modern industrial system and promoting high-quality development in Sichuan [4]

Market Overview - The Shanghai Composite Index closed with a small increase, but overall market volume decreased significantly, with over 3700 stocks declining, indicating a persistent money-losing effect [1] - There is a notable shift in risk appetite, with funds moving from high-risk sectors to safer ones, resulting in a lack of effective profit-making opportunities across most sectors [1] Space Photovoltaics - The sector experienced a short-term surge due to news related to Elon Musk, but quickly weakened after companies like Double Good Energy and JinkoSolar denied collaboration announcements, showcasing a typical one-day trading pattern [2] - The Economic Reference reported that space photovoltaics is entering a commercial phase, potentially becoming a trillion-dollar market, but faces multiple technical challenges [2] AI Applications - AI applications showed a mixed performance with a slight recovery in some areas, but overall, the sector is experiencing structural differentiation and a lack of sustained funding [3] - Alibaba's Qianwen project is set to launch a 3 billion yuan Spring Festival initiative, and the company is testing an AI video creation tool, which may drive interest in AI applications related to consumer scenarios [4] Commercial Aerospace - The commercial aerospace sector remains weak, lacking sustained buying support and clear leading stocks to drive market sentiment [5] - SpaceX has submitted an application to launch a million satellites, and the U.S. FCC is processing this application, indicating ongoing developments in the commercial space sector [6] Technology Sector - The technology sector is under pressure due to declines in U.S. tech stocks, with hardware experiencing further drops, although some segments like power semiconductors showed recovery [8] - Alphabet's Q4 2025 revenue exceeded expectations, with a significant increase in cloud business revenue, indicating strong performance in AI infrastructure investments [9] Consumer Sector - The consumer sector has become a core area for risk-averse funds, successfully attracting mainstream investment and demonstrating strong resilience in a volatile market [10] - Upcoming government briefings and new tax policies in Hainan are expected to stimulate consumer spending and support the sector [11] Cross-Strait Relations - The mainland is set to resume travel for Shanghai residents to Kinmen and Matsu, aiming to normalize exchanges and benefit both sides [12] Humanoid Robots - FF has launched a new robotics company and introduced several series of humanoid robots, with plans for initial deliveries by the end of February [13]

Group 1 - Infineon has announced a significant increase in demand for its power switches and integrated circuit products due to the surge in AI data center deployments, leading to shortages and necessitating substantial investments in wafer fabrication facilities [1] - The company plans to raise prices for related products, with the new pricing effective from April 1, to address rising costs of raw materials and infrastructure, which internal efficiency improvements can no longer offset [1] - The demand for power semiconductors and related analog/power management chips has seen a "non-linear increase" driven by AI server applications, resulting in a shift in production capacity towards the AI sector, thereby impacting supply for traditional industries like telecommunications and automotive [1] Group 2 - Power semiconductors, including power switch devices, MOSFETs, and IGBTs, are viewed as direct beneficiaries of the AI industry's boom, with the current price increase trend spreading beyond Infineon to other leading domestic peers [2] - JieJie Microelectronics, which focuses on the development of power semiconductor devices such as thyristors and MOSFETs, is expected to benefit from the industry-wide price increases [3] - SDIC, a pioneer in domestic IGBTs, is actively expanding into emerging fields such as AI servers and aerospace [4]