证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-05 2025-07 2025-09 2025-12 2026-02 -22% -15% -8% -1% 6% 13% 20% 27% 34% 41% 48% 中芯国际 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 115.82 | | --- | --- | | 总股本/流通股本（亿股）80.01 | / 20.00 | | 总市值/流通市值（亿元）9,266 | / 2,316 | | 52 周内最高/最低价 | 140.13 / 81.28 | | 资产负债率(%) | 35.2% | | 市盈率 | 251.78 | | 第一大股东 | HKSCC NOMINEES | | LIMITED | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 中芯国际(688981) 收入创新高 l 投资要点 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 发布时间：2026-02-25 产业链切换迭 ...

智通财经APP讯，中微半导(688380.SH)公告，公司股东周彦拟参与首次公开发行前股东询价转让，出 让方拟转让股份的总数为800.73万股，占公司总股本的比例为2.00%。 ...

延续隔夜美股的反弹势头，亚太股市回暖势头持续，日韩股市接力上演"创新高"行情。 2月25日，日韩股指开盘后即走强。日本股市方面，日经225指数高开0.7%，截至收盘涨2.2%或1262.03 点，报58583.12点；日本东证指数同样走强，截至收盘涨0.71%，报3843.16点。韩国综合指数（韩国 KOSPI指数）表现在亚太股中最为耀眼，截至收盘涨1.91%，报6083.86点，历史上首次突破6000点关 口，年内涨幅已超40%，跻身全球表现最佳的股市之列，其中半导体与汽车股领涨。 其他亚太股市均录得上涨。25日，澳大利亚S&P/ASX200指数收涨1.17%，报9128.3点。东南亚股市方 面，泰国股市领涨，泰国SET指数上涨1.72%，报1516.01点；富时新加坡海峡指数收跌0.26%，报 5007.73点；印尼综指上涨0.5%，收报8322.23点；越南胡志明指数收跌0.42%，报1859.82点；菲律宾马 尼拉指数收涨1.1%，报6619.87点；富时马来西亚综指收跌0.35%，报1747.81点。 日韩股市继续狂飙，原因何在？印尼股市闪崩后缓和，泰国股市一度创新高，接下来，东南亚股市将如 何演绎 ...

美股科技股2026年开局失速，正在成为压制大盘上行的关键变量，而英伟达即将公布的财报被市场视为 能否扭转情绪的关键。 英伟达将于周三美股收盘后发布季度业绩。在AI相关抛售是否"杀过头"、承压科技股何时迎来拐点的 争论升温之际，这家半导体巨头的业绩与指引可能对整个科技产业链产生外溢影响。 截至目前，标普500信息技术板块年内下跌3.5%，创2022年以来最差开局。板块内部撕裂明显，软件公 司因AI颠覆担忧遭遇重挫，而半导体、硬件则保持上涨，反映资金对"AI受益端"与"AI冲击端"的重新 定价。 更重要的是，科技股对指数的影响仍难以被替代。科技板块在标普500中权重约33%，显著高于第二大 板块金融的12.4%。即便资金轮动推升材料、能源等板块，大盘要实现实质性上行仍离不开科技板块企 稳回升。 软件股重创，创史上最差开局 科技板块内部出现明显分化，软件行业首当其冲。市场担忧新一代AI工具将从根本上颠覆软件公司的 商业模式，导致标普500软件及服务指数年初至今重挫23%，为该指数有史以来最差年度开局。 个股层面，财务软件商Intuit股价今年以来暴跌约46%，该公司将于周四公布财报；Salesforce股价下滑 3 ...

证券日报网讯 2月25日，海光信息发布公告称，公司预计2026年第一季度实现营业收入391000.00万元到 422000.00万元，同比增加150985.12万元到181985.12万元，同比增长62.91%到75.82%；实现归属于母公 司所有者的净利润62000.00万元到72000.00万元，同比增加11410.58万元到21410.58万元，同比增长 22.56%到42.32%。 （文章来源：证券日报） ...

Major Announcements - SMIC's application for issuing shares to purchase assets has been accepted by the Shanghai Stock Exchange [2] - Gree Electric's largest shareholder plans to reduce its stake by no more than 2% [35] - Haiguang Information expects a net profit increase of 22.56% to 42.32% in Q1 2026 [18] Company Developments - SMIC plans to issue shares to acquire 49% of the equity in Zhongke North Integrated Circuit Manufacturing [2] - Bona Film Group reports normal operations with no significant changes in the internal and external business environment [2] - ST Xinhua Jin is under investigation by the CSRC for information disclosure violations [3] - Shandong Haihua plans to invest 48.37 billion yuan in a soda ash facility upgrade for energy efficiency [4] - ST Yanshi warns of potential delisting risks due to significant stock price fluctuations and unresolved audit issues [5] - Saifutian's subsidiary has resumed production, stabilizing the supply of photovoltaic battery products [6] - Jin'an Guoji's subsidiary has been recognized as a high-tech enterprise, benefiting from tax incentives [7] - Chuanjinno reports market rumors regarding U.S. national security priorities affecting its operations [8] - Lingyi Zhi Manufacturing plans to invest in a fund focused on advanced equipment manufacturing [9] - Songsheng Co. is establishing a joint venture for digital energy products [10] - Longbai Group's subsidiary has partially resumed production after safety inspections [10] - Tongyuan Petroleum reports no significant changes in its business environment despite stock price fluctuations [11] Financial Performance - Haiguang Information's 2025 revenue reached 14.376 billion yuan, a 56.91% increase, with a net profit of 2.542 billion yuan, up 31.66% [18] - Sainuo Medical's 2025 revenue was 525 million yuan, a 14.53% increase, with a net profit of 47.286 million yuan, up 3057.05% [19] - Koweil's 2025 revenue was 514 million yuan, a 7.39% increase, with a net profit of 64.8996 million yuan, up 32.32% [20] - United Imaging's 2025 revenue reached 13.821 billion yuan, a 34.18% increase, with a net profit of 1.888 billion yuan, up 49.6% [21] - Nanya New Materials reported a 2025 net profit of 241 million yuan, a 378.65% increase [22] - Yanzhou Coal's Australian subsidiary reported a 2025 after-tax profit of 440 million AUD [23] - Lante Optical's 2025 net profit was 388 million yuan, a 76.09% increase [24] - Huafeng Measurement's 2025 net profit was 538 million yuan, a 61.22% increase [26] - Hancable's 2025 net profit was 592 million yuan, a 9.59% decrease [27] - Transsion Holdings reported a 2025 net profit of 2.584 billion yuan, a 53.43% decrease [27] - Aiko Optoelectronics reported a 2025 net profit of 64.0919 million yuan, a 307.63% increase [28] - Huachuang Technology's 2025 net profit was 42.678 million yuan, an 89.45% increase [29] - Honghua Digital's 2025 net profit was 529 million yuan, a 27.63% increase [29] - Zhujiang Beer reported a 2025 net profit of 903 million yuan, an 11.42% increase [30] - Xindong Lian Ke's 2025 net profit was 302 million yuan, a 36.1% increase [31] - Qingda Environmental's 2025 net profit was 181 million yuan, a 94.62% increase [33] - Shenkong Co.'s 2025 net profit was 101 million yuan, a 146.54% increase [34] - Chip Micro's 2025 net profit was 290 million yuan, an 80.42% increase [34]

证券日报网讯 2月25日，长光华芯在互动平台回答投资者提问时表示，根据公司的公开信息，公司已研 制出的双结单管芯片室温连续功率超过132W（芯片条宽500μm）。这是公司在超高功率单管芯片结构 设计与研制技术上取得突破性的进展，并非商用的产品。 （编辑 丛可心） ...

（编辑 王雪儿） 证券日报网讯 2月25日，长光华芯在互动平台回答投资者提问时表示，公司将依托IDM全产业链与 VCSEL技术积累，围绕AI数据中心短距高速互联需求，公司已经量产100G VCSEL，目前正在研发 200G VCSEL。 ...

Group 1 - The A-share market is likely to witness a new 10-year high, with the Shanghai Composite Index approaching the 4190-point mark, indicating a potential upward trend rather than a peak for the year [1][5] - The real estate sector has seen significant gains, particularly among stocks with an average price exceeding 30,000, primarily in the Hong Kong market, suggesting a divergence in investment opportunities based on market perception [3] - Key sectors contributing to the index's rise include liquor, securities, and semiconductors, with energy prices also playing a role in lifting the index temporarily [5][7] Group 2 - The current market environment is characterized by structural trends and sector rotation, indicating that the market is in a mid-to-late phase rather than at the end of a bull market [5] - The prolonged consolidation around the 4200-point level may be beneficial for a future breakout, as the average holding cost has increased, suggesting that a significant upward movement could be imminent [7] - Investors are advised to remain patient and not to be overly concerned about short-term fluctuations, as long as major market players do not trigger a downturn [7]

证券日报网讯 2月25日，北京君正在互动平台回答投资者提问时表示，公司产品应用于大部分汽车品牌 中，某单一汽车品牌不会对公司业绩造成重大影响，但目前整体市场对存储的需求在增长。 （文章来源：证券日报） ...