成份股方面，华虹半导体涨近7%，中芯国际涨超3%，双双刷新近2月阶段新高！九方智投控股大涨 8%，商汤-W、天岳先进携手涨超5%，金蝶国际、ASMPT涨超4%。 消息面上，港交所权益披露，中芯获被称为"国家大基金"的国家集成电路产业投资基金，于去年12月29 日以每股平均价74.2元人民币，增持逾3.57亿股，涉资约265.15亿元人民币。"国家大基金"持有中芯股 权由4.79%增加至9.25%，超过5%持股披露门槛。 1月6日早盘，港股科技延续强势，恒生科技、港股通信息C、港股互联网指数携手大涨逾1%。全市场首 只聚焦"港股芯片"产业链的港股信息技术ETF（159131）继昨日跳空大涨3.63%后今日继续强势高开高 走，场内价格现涨1.91%，实时成交额超1200万元。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 月 * | | | | | F9 盘前盘后 叠加 九村 画饶 工具 @ 2 > | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0,963 | | | ...

来源：兵哥事务所 2026年A股第一个交易日（1月5日），开门大红，吃春药一样使劲涨。 上证指数直接冲破4000点，恒生指数虽然涨得少，但是1月2号大涨了2.76%，今天保住了成果，十分不 容易。 因为A股和港股的交易时间差，持有港股的小伙伴们今天才能看到账面收益，我瞅了一眼自己账户，今 天盈利30万左右，我25年12月回调了大概78万，这样三天就能回来。 中国平安今天很猛，上午盘中最高72.85，涨幅6.51%，恭喜恭喜再恭喜。 对于这种大盘股，涨幅越大，在各类指数基金的权重就越高，带动更大的买入量，同时因为各类主动类 指数基金前几年持有的中国平安实在是太少了，现在连个像样的空军都没有，反而可能出现空转多，趋 势一旦逆转，会走很久，甚至可能走到另一个极端。 这就是市场，有基本面的规律，有市场情绪的规律，有风格的选择，也有政策的规律，各种规律混在一 起，光怪陆离，我们一定要敬畏市场，因为你不知道哪个规律和你犯冲，忽然成了主要矛盾，就把你放 倒了。 但是拉长时间看，距离市场稍微远一点，就会发现其实还是有主要逻辑的，一个是价值的根本驱动力， 一个是市场偏好的共振。 | | 代码 7 | 简称 | 收盘价(原始币种 ...

2026年A股首个交易日（1月5日），A股港股携手飘红，港股科技强势上攻，恒生科技、港股通信息 C、港股互联网指数携手大涨逾4%。全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131） 跳空高开，现涨3.63%，实时成交额超2400万元。 | | | | 分時 3日 1分 5分 15分 30分 60分 日 周 月 * | | | | | F9 盘前盘后 酷加 九转 面线 工具 @ 1 > | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.949 | | | | | 159131[MINGLOBACKETE] 09:49 6 0.942 游戏 0.033(3.63%) 均价 0.937 球交量 1285 IOLA 0.9485 4.30M | | | | ਦ | | 0.942 +0.033 +3.63% | | | Dan Vara | | | | | | | | | 2.19% | 净值皮纹 | SZSE CNY 9:49:03 交易中 查看(2全国 发宝中 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [33]. Core Insights - The company has shown accelerating revenue growth in 2025, with year-on-year growth rates of 20.94%, 23.93%, and 27.49% in the first three quarters, respectively [2]. - The net profit for the first three quarters of 2025 reached 351 million yuan, representing a year-on-year increase of 14.55% [2]. - Key products, such as "Scanner King" and "Business Card King," have demonstrated significant growth, with increases of 27.4%, 25.3%, and 32.4% in the first three quarters [2]. - The company has maintained a technological leadership in the text recognition field for over 18 years, leveraging AI technologies to enhance product capabilities [6]. - The C-end products align with the trends of digitalization and mobile office, fostering strong user engagement through document classification and storage [6]. - The company has a revenue structure primarily driven by C-end products, with "Scanner King" accounting for 68% of revenue in 2024 [6]. - The continuous improvement in AI model capabilities is expected to accelerate the application of AI, benefiting the company as a C-end focused AI application enterprise [6]. - The C-end product payment rate increased from 4.05% in Q4 2023 to 4.90% in Q3 2025, with cumulative paid users reaching approximately 9.27 million, a year-on-year growth of 35.18% [6]. - The company submitted a listing application for the Hong Kong stock market in June 2025, aiming to enhance business development through financing [8]. - A stock incentive plan was introduced in September 2025, reflecting positive growth expectations [8]. - The gross profit margin for the first three quarters of 2025 was 86.4%, an increase of 2 percentage points compared to the same period in 2024 [8]. - The company has experienced a steady increase in contract liabilities, reaching 557 million yuan in Q3 2025, indicating a solid order backlog [8]. - The report forecasts EPS for 2025, 2026, and 2027 to be 3.08 yuan, 3.82 yuan, and 4.85 yuan, respectively, with corresponding P/E ratios of 69.41, 55.95, and 44.04 based on the closing price of 213.59 yuan on December 23 [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has completed the issuance of convertible bonds, raising a total of 828 million yuan, with 688 million yuan allocated to the "Dingjie Intelligent Ecosystem Empowerment Platform Project" and 140 million yuan for working capital [4] - The project aims to establish an ecosystem empowerment platform, focusing on various technological components to enhance AI commercialization [6] - The projected average annual revenue from the platform is approximately 701 million yuan, with an internal rate of return of 12.57% and a payback period of about 8.64 years [6] - The company has integrated AI applications into multiple product systems, enhancing its offerings in key business areas [6] - The manufacturing sector's AI agents are expected to see rapid growth due to high customer willingness to pay and a rich customer resource base [6] - The company forecasts revenues of 2.625 billion yuan, 3.044 billion yuan, and 3.606 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 209 million yuan, 252 million yuan, and 312 million yuan for the same years [5][6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 2,625 million yuan, with a year-on-year growth rate of 12.6% [5] - The projected net profit for 2025 is 209 million yuan, reflecting a year-on-year growth of 34.4% [5] - The company expects a gross margin of 60.1% in 2025, increasing to 62.5% by 2027 [5] - The return on equity (ROE) is projected to be 8.7% in 2025, rising to 10.9% by 2027 [5]

（原标题：上海寒武纪信息科技公司增资至37亿元，增幅约37%） 该公司成立于2016年4月，法定代表人为王在，经营范围为计算机软件、计算机科技、信息技术、智能 化科技领域内的技术开发、技术咨询、技术服务、技术转让，计算机系统集成，计算机软件开发，计算 机软件及辅助设备的销售，从事货物及技术的进出口业务。股东信息显示，该公司由寒武纪（688256） 全资持股。 天眼查App显示，近日，上海寒武纪信息科技有限公司发生工商变更，注册资本由27亿元人民币增至37 亿元人民币，增幅约37%。 ...

直指港股芯片超级周期！可以T+0的港股芯片产业链ETF来了——全市场首只聚焦"港股芯片"产业链的 港股信息技术ETF（159131），标的指数由"70%硬件+30%软件"构成，重仓港股"半导体+电子+计算机 软件"，涵盖42只港股硬科技公司，其中中芯国际权重达20.48%，小米集团-W权重9.53%，华虹半导体 权重5.80%；不含阿里巴巴、腾讯、美团等大市值互联网企业，锐度更高，更易捕捉港股AI硬科技行 情。（截至2025.11.30） 数据来源：中证指数公司，沪深交易所。 12月19日早盘，港股走强，恒生科技异动拉升逾1%，港股芯片产业链发力。全市场首只聚焦"港股芯 片"产业链的港股信息技术ETF（159131）场内价格现涨1.94%，实时成交额2500万元。 | | | 1200 2-1 15 75 155 303 603 603 11 11 11 11 - | | 159131 [图图图悉地表区ETF] 1020 价 0.095 图图 0.017(1.94%) 编修 0.889 成交量 1.01万 KOPV 0.89. | | | 19 gaught gu 7th mir The @ 0 x | | ...

Core Insights - The 2025 Technology M&A Market Survey Report indicates a decline in the number of M&A transactions in the computer software, hardware, and semiconductor sectors during the first three quarters of 2025, while the transaction value increased by 60.2% to reach $787.1 billion [1] Group 1: Market Trends - The transaction value in the global technology M&A market is dominated by the United States, accounting for approximately two-thirds of the total [1] - The global technology M&A landscape is becoming more fragmented, with Europe and Asia emerging as new hotspots for transactions [1] Group 2: Investment Preferences - Respondents show a preference for acquiring younger companies with a development time of two to five years [1] - There is a strong interest in high-growth opportunities, particularly in disruptive sectors such as AI and cybersecurity [1]

Group 1 - The Hong Kong stock market's chip industry chain is experiencing a strong rally, with notable increases in stocks such as Hua Hong Semiconductor rising by 4% and SMIC, Shanghai Fudan, and Hong Teng Precision all gaining over 3% [1] - The first Hong Kong ETF focused on the chip industry, the Hong Kong Information Technology ETF (159131), has seen a price increase of 1.70% with a trading volume exceeding 33 million CNY [1][3] - Bernstein's report indicates that China's AI industry is transitioning into a new phase of supply chain growth, with 2026 being a pivotal year for this development [2] Group 2 - The Hong Kong Information Technology ETF (159131) is structured with a composition of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors, including significant weights for SMIC (20.27%) and Xiaomi Group (9.11%) [3] - The ETF excludes major internet companies like Alibaba, Tencent, and Meituan, allowing for a sharper focus on AI hard technology trends in the Hong Kong market [3] - Bernstein emphasizes that AI chips will lead the growth in the supply chain, while semiconductor equipment will benefit from domestic substitution needs, providing stable returns [2]

Group 1 - The Hong Kong stock market's hard technology sector experienced a notable rise, with the Hong Kong Information Technology ETF (159131) increasing by over 1.8% in early trading on December 4 [1] - Key stocks such as UBTECH, Kingsoft Cloud, and InnoCare showed strong performance, each rising over 3%, while companies like Hua Hong Semiconductor, Xiaomi Group, and others increased by more than 2% [1] - Semiconductor giant SMIC's stock price turned from decline to an increase, reaching nearly 1.5% during trading [1] Group 2 - SMIC announced the completion of equipment installation and debugging for its 12-inch wafer fab expansion project at the end of November, with production expected to commence in Q1 2026 [1] - Xiaomi Group-W launched a new generation of bionic robots on November 30, featuring self-developed AI models and achieving commercial mass production [1] - According to Everbright Securities, the overall profitability of the Hong Kong stock market is strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals, indicating a high cost-performance ratio for long-term allocation despite recent price increases [1] Group 3 - The first Hong Kong ETF focusing on the "Hong Kong chip" industry, the Information Technology ETF (159131), is composed of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors [2] - The ETF includes 42 hard technology companies in Hong Kong, with SMIC holding a weight of 20.27%, Xiaomi Group-W at 9.11%, and Hua Hong Semiconductor at 5.64% [2] - The ETF excludes major internet companies like Alibaba, Tencent, and Meituan, allowing for a sharper focus on capturing the AI hard technology market trends in Hong Kong [2]