每经AI快讯，有投资者在投资者互动平台提问：董秘您好！无锡三期与南京一期已处于"按现有设备估 算基本饱和"状态，而8月纪要显示整体产能利用率已爬升至 90%~95%.想请您更新一下：目前上海、无 锡、南京三大基地各自的最新产能利用率分别是多少？高端机台与中端机台是否仍保持满产差？2026 年，若车规、算力等订单继续超预期，公司准备通过哪些具体措施（夜班轮替、新增设备、成都基地提 前投产等）将整体利用率维持在90% 以上？预计对应的资本开支节奏和折旧压力如何？ （记者 曾健辉） 伟测科技（688372.SH）1月5日在投资者互动平台表示，您好，公司整体产能利用率目前维持 90%~95%。公司将继续按照市场需求和战略规划安排资本开支计划，并致力于维持投资增长与财务稳 健之间的平衡，感谢您的关注！ ...

Market Performance - On December 29, 2025, the A-share market showed mixed results with the Shanghai Composite Index closing at 3965.28 points, up 0.04%, while the Shenzhen Component Index fell 0.49% to 13537.10 points, and the ChiNext Index dropped 0.66% to 3222.61 points. Over 3300 stocks declined, with total trading volume at 2.14 trillion yuan, a decrease of 20.8 billion yuan from the previous trading day [1] - The Hong Kong stock market opened higher but closed lower, with the Hang Seng Index down 0.71% to 25635.23 points, and a total trading volume of 224.5 billion HKD. The Hang Seng China Enterprises Index fell 0.26% to 8891.71 points, and the Hang Seng Tech Index decreased by 0.3% to 5483.01 points [1] - In the US market, the Dow Jones Industrial Average rose 0.61% to 47716.42 points, the S&P 500 increased by 0.54% to 6849.09 points, and the Nasdaq Composite gained 0.65% to 23365.69 points [1] New Stock Listings - Three new stocks were listed today with no new stock subscriptions. - Strong One Co., Ltd. (stock code 688809) listed at 85.09 yuan per share with a price-to-earnings ratio of 48.55. The company specializes in advanced integrated circuit wafer testing probe cards and provides semiconductor testing solutions globally [2] - Yufan Technology (stock code 001396) listed at 22.29 yuan per share with a price-to-earnings ratio of 19.77. The company focuses on underground pipeline management and operation, addressing urban flooding and water pollution issues [2] - Shuangxin Environmental Protection (stock code 001369) listed at 6.85 yuan per share with a price-to-earnings ratio of 16.19. The company is involved in the research, production, and sales of polyvinyl alcohol and related products [3] Regulatory News - The State Administration for Market Regulation outlined key tasks for 2026, emphasizing the need to strengthen antitrust and unfair competition enforcement, improve market entry and exit systems, and enhance the protection of intellectual property and trade secrets. The focus will also be on regulating platform economies and ensuring compliance with platform rules [4] Fiscal Data - From January to November, state-owned enterprises reported total operating revenue of 756257.6 billion yuan, reflecting a year-on-year growth of 1.0%. However, profits decreased by 3.1% to 37194.5 billion yuan during the same period [6][7]

格隆汇12月19日丨联动科技(301369.SZ)公布，自主研发的新产品QT-9800SoC测试系统，目前已顺利完 成实验室验证的关键阶段工作，其性能指标均已达到设计要求，具备产线量产测试条件。后续，公司将 加快推进QT-9800SoC测试系统的量产验证和市场推广。 近年来公司一直保持高强度的研发投入，积极拓展半导体SoC测试技术。公司本次推出的新产品QT- 9800SoC测试系统是公司在高端测试领域的重大技本公司及董事会全体成员保证信息披露的内容真实、 准确和完整，没有虚假记载、误导性陈述或者重大遗漏。术突破。公司将集中优势资源，加快该产品的 客户端验证工作和量产应用，形成"功率/模拟测试+SoC测试"的半导体测试产品矩阵，进一步增强公司 的核心竞争力，巩固公司在半导体测试领域的市场竞争力与市场占有率，对公司长期发展战略的实施具 有推动意义。 QT-9800SoC测试系统是以测试系统级芯片（SoC）为目标的高性能集成电路测试设备。针对SoC芯片高 集成度、并行多通道、高速率等特点，该产品拥有多通道并行测试能力、高速信号处理能力、高精度和 高可靠性，具有灵活配置和软硬件兼容的特点。QT-9800SoC测试系统 ...

智通财经APP讯，联动科技(301369.SZ)公告，公司自主研发的新产品QT-9800SoC测试系统，目前已顺 利完成实验室验证的关键阶段工作，其性能指标均已达到设计要求，具备产线量产测试条件。该新产品 尚未形成量产和对外销售。 公告显示，QT-9800SoC测试系统是以测试系统级芯片(SoC)为目标的高性能集成电路测试设备。针对 SoC芯片高集成度、并行多通道、高速率等特点，该产品拥有多通道并行测试能力、高速信号处理能 力、高精度和高可靠性，具有灵活配置和软硬件兼容的特点。QT-9800SoC测试系统是公司未来重点发 展的核心产品，符合公司在半导体测试领域深耕细作的战略发展目标。QT-9800SoC测试系统可应用于 算力类芯片(CPU/GPU/DPU)以及端侧AI算力、FPGA、ASIC等逻辑芯片，可广泛应用于机器人、AI盒 子、智能终端、智能识别、无人机等多种应用场景。 ...

公告显示，QT-9800SoC测试系统是以测试系统级芯片(SoC)为目标的高性能集成电路测试设备。针对 SoC芯片高集成度、并行多通道、高速率等特点，该产品拥有多通道并行测试能力、高速信号处理能 力、高精度和高可靠性，具有灵活配置和软硬件兼容的特点。QT-9800SoC测试系统是公司未来重点发 展的核心产品，符合公司在半导体测试领域深耕细作的战略发展目标。QT-9800SoC测试系统可应用于 算力类芯片(CPU/GPU/DPU)以及端侧AI算力、FPGA、ASIC等逻辑芯片，可广泛应用于机器人、AI盒 子、智能终端、智能识别、无人机等多种应用场景。 智通财经APP讯，联动科技(301369.SZ)公告，公司自主研发的新产品QT-9800SoC测试系统，目前已顺 利完成实验室验证的关键阶段工作，其性能指标均已达到设计要求，具备产线量产测试条件。该新产品 尚未形成量产和对外销售。 ...

Group 1: New Stock Offerings - Five new stocks are scheduled for subscription in the A-share market from December 15 to December 19, including Ningbo Jianxin Superconducting Technology Co., Ltd., Suzhou Jiangtian Packaging Technology Co., Ltd., Shanghai Yufan Environmental Technology Co., Ltd., Qiangyi Semiconductor (Suzhou) Co., Ltd., and Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. [1] - The subscription schedule is as follows: Jianxin Superconducting on December 15, Jiangtian Technology on December 16, and Yufan Technology, Qiangyi, and Shuangxin Environmental on December 19 [1]. Group 2: Company Profiles - Ningbo Jianxin Superconducting Technology Co., Ltd. focuses on the R&D, production, and sales of core components for medical MRI equipment, including superconducting magnets, permanent magnets, and gradient coils. It is the largest independent supplier of MRI superconducting magnets globally and has entered the supply chain of major companies like GE Healthcare [2][3]. - Suzhou Jiangtian Packaging Technology Co., Ltd. specializes in label printing products for the food and daily-use sectors, providing integrated label solutions for high-end consumer brands, including material selection and process design [3]. - Shanghai Yufan Environmental Technology Co., Ltd. is engaged in the operation and maintenance of underground pipeline networks, focusing on detection, investigation, and non-excavation repair, addressing urban flooding and pollution issues through green and intelligent technologies [3]. - Qiangyi Semiconductor (Suzhou) Co., Ltd. is a supplier of semiconductor testing solutions, specializing in the R&D, design, manufacturing, and assembly of testing probe cards, with a strong independent R&D and design team [3]. - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. develops and produces products along the polyvinyl alcohol (PVA) industry chain, including PVA fibers and calcium carbide, which is a fundamental raw material in the organic chemical industry [4].

Macro Insights - In October 2025, industrial enterprises' profits fell to -5.5% year-on-year from 21.6% in September, while revenue growth also declined to -3.3% from 3.1% [2] - The cash flow of industrial enterprises continues to improve, with cash and short-term investments rising to 5.3% year-on-year in September from 5% in August [2] Fixed Income Analysis - The report discusses the transition of China's economy into a new phase of old and new driving forces, emphasizing the need for a new framework for fundamental analysis [2] Consumer Sector Strategy - The real estate cycle, particularly changes in real estate prices, is crucial for assessing the recovery of consumption in 2026, with expectations of structural stabilization in housing prices [3] - The current allocation and valuation of the essential consumer sector are at historical lows, indicating a high probability of a bottoming out, suggesting opportunities for investment [3] Aerospace and Defense - The report highlights the advancements in reusable rocket technology, with China actively developing rockets like Zhuque-3 and Long March 12A, which are expected to enhance space transportation capacity and reduce costs [5] - The success of reusable rockets is anticipated to accelerate the construction of large satellite constellations, particularly in satellite internet [5] Company-Specific Insights - BOSS Zhipin (2076 HK) is rated "Buy" with a target price of 107.6 HKD, benefiting from its leading position in online recruitment and expected steady profit growth [6] - Advantest (6857 JP) is also rated "Buy" with a target price of 23,000 JPY, poised to benefit from the increasing complexity of AI chips and the growth of the semiconductor testing market [6] - Gaotu Group (GOTU US) reported a revenue of 1.58 billion CNY for Q3 2025, a year-on-year increase of 30.7%, with a focus on improving profitability through AI technology [9] - Atour (ATAT US) achieved a revenue of 2.628 billion CNY in Q3 2025, reflecting a year-on-year growth of 38.4%, with a strong outlook for both hotel and retail segments [10] - Zhongjiao Holdings (839 HK) reported a revenue of 7.363 billion CNY for FY25, indicating a year-on-year growth of 11.9%, transitioning towards a focus on internal growth and value enhancement [10]

近日，国内半导体测试领域实现重大突破——内地首条高性能MEMS探针卡产线正式投产，标志着我国在长期被海外垄断的高端测试市场取得自主化的阶 段性胜利。这一进展将有效保障国内数十万片晶圆的测试需求，为产业链安全提供关键支撑。 作为晶圆测试的核心接口，探针卡性能直接决定芯片测试效率与良率。随着芯片复杂度持续提升，探针卡需要承载更高电流、传输更高速信号，其技术水 平成为影响测试成本与可靠性的关键因素。 行业概览：探针卡作为供应链安全的"战略要塞"，其技术路线演进与市场格局 深度剖析：国产探针卡行业面临的机遇与挑战 生态博弈：在国际巨头"生态绑定"的铜墙铁壁下，国内企业如何撕开缺口 投资分析：一级市场视角下，探针卡赛道的趋势研判与赛道选择 探针卡行业的技术演进与市场格局 （一）探针卡技术演进路径：向更高密度、更高频率、更长寿命迈进 半导体探针卡作为晶圆测试的核心媒介，其技术发展始终遵循着摩尔定律的节奏，以满足芯片性能持续提升的测试需求。从历史演进视角来看，探针卡主 要经历了从悬臂式、垂直式到MEMS微机电式三大技术阶段的跨越，每一次技术迭代都是为了解决前代技术在测试密度、频率响应和使用寿命方面的瓶 颈。 过去，探针卡领 ...

Group 1 - Japanese Prime Minister Sanae Takaichi's remarks on Taiwan and historical issues are seen as detrimental to regional stability and Japan's own interests [1] - Takaichi's policies are perceived as neglecting public welfare while aligning closely with the U.S., aiming for military expansion despite high inflation in Japan, which may lead to risks of yen depreciation and economic instability [1] - Criticism from mainstream media, the public, and opposition parties suggests that her rhetoric is inciting war and undermining trust with neighboring countries, raising concerns about her administration's future [1] Group 2 - The Japanese tourism industry is facing significant challenges due to a surge in cancellations of Chinese tourist bookings, with cancellations reaching 70% of overall orders within two days [3] - Hokkaido, a key destination for Chinese tourists, is experiencing a notable decline in visitor numbers, impacting local businesses such as hotels and tour services [3][4] - Predictions indicate that the cancellation of Chinese tourist bookings could lead to a reduction in Japan's tourism revenue by approximately 1.79 trillion yen (about 11.5 billion USD) over the next year, potentially decreasing Japan's GDP by 0.29% [4] Group 3 - The cancellation of the trilateral cultural minister meeting between China, Japan, and South Korea is attributed to rising tensions following Takaichi's comments, with China condemning her statements as harmful to regional cooperation [5] - The Nikkei 225 index fell by 2.4% to 48,625.88 points, marking a weekly decline of 3.48%, with significant drops in major stocks, particularly in the AI sector [5] Group 4 - The Bank of Japan's Governor, Kazuo Ueda, indicated that the central bank must consider the impact of a weak yen on import costs and inflation, suggesting potential tightening of monetary policy to support the yen [7] - Concerns are raised about the volatility in the Japanese market, which is perceived as more alarming than recent fluctuations in the U.S. stock market, with warnings of potential capital flight if investor confidence wanes [7]

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has achieved significant performance growth through technological breakthroughs and domestic substitution opportunities, but this growth is heavily reliant on related party transactions, particularly with Company B, which accounts for over 80% of its revenue [1][2][4]. Financial Performance - From 2022 to 2024, the company's operating revenue increased from 254 million to 641 million, while net profit surged from 15.62 million to 233 million, with a staggering year-on-year growth of 1149.33% in 2024 [2]. - The gross profit margin for Qiangyi's sales to Company B was significantly higher than that for other clients, with margins of 49.90%, 51.66%, 58.19%, and 61.62% over the reporting period, compared to only 35.45% for other customers [4][6]. Dependency on Related Parties - Company B has consistently been the largest customer, with revenue contributions of 50.29%, 67.47%, 81.84%, and 82.83% from 2022 to the first half of 2025, indicating a dependency increase of over 32 percentage points in three and a half years [2][4]. - Despite the high gross margins, the company has not disclosed specific details about Company B, only stating it is a globally recognized chip design enterprise with a strong market position [5]. Related Party Transactions - The actual controller, Zhou Ming, has significant control over "Nantong Yuan Zhuyuan," which became the largest supplier to Qiangyi shortly after its establishment, raising concerns about the independence and fairness of transactions [7][9]. - Qiangyi transferred certain business lines to Nantong Yuan Zhuyuan at a low price, with the asset transfer value being nearly seven times lower than the actual value, indicating potential manipulation of financial data [8][9]. Inventory and Production Capacity - Qiangyi plans to raise 1.5 billion for expansion, with 1.2 billion allocated to the development and production of probe cards, despite current sales being insufficient to absorb existing production capacity [10][12]. - The company's inventory has been increasing, with year-end balances rising from 41.52 million in 2022 to 111.72 million in the first half of 2025, and the provision for inventory depreciation has also increased significantly, indicating potential risks [13].