智通财经APP获悉，华福证券发布研报称，2025~2026年，PCB行业整体供需紧平衡，结构性短缺尤为 突出。一方面，全球高阶PCB新增产能不及AI和高频高速市场需求，主流PCB公司产能受限于天然的扩 张周期、海外劳动力和基础设施瓶颈，短期内产能释放有限，供给释放滞后带来严重的供需缺口现象， 增量需求需要分散供应链来获得产能。核心主线聚焦高端PCB与材料龙头：重点关注价值量高、AI业务 进展领先、产能扩产积极的PCB龙头企业。把握供给短缺&材料涨价红利：2026年全行业产能、材料均 处于供应紧张格局，相关公司产品价格有望续涨，同时提升盈利能力有望攀升。 2026年国产算力放量大年，存储向上大周期，模拟复苏 国产算力产业链从2025年开始跑通，2026年或是国产算力芯片的放量大年(H200将于2026年进入国内市 场，这或会对国产算力发展有一定的影响)，2026年建议关注寒武纪、海光信息、摩尔线程与沐曦股份 等国产算力AI算力芯片的投资机会; 全球存储芯片市场自2025年上半年起进入景气周期，价格持续攀升。美光CEO暗示这一轮"存储芯片超 级周期"有望延续至2027年，进一步表明全球布局AI的热潮之下存储芯片需 ...

行 业 华福证券 电子 2026 年 02 月 02 日 行 业 投 资 策 略 截止到 2025Q3，三星 25Q1-Q3 全球智能手机出货量达到 6060 万 台，市场份额达 19%，保持全球第一；苹果 25Q3 出货量为 5650 万台， 同比上升 4%，市场份额位列第二；其次为小米/传音/vivo。据环球网 援引IDC 报告显示 2025年全球智能手机出货量预计将达到 12.4 亿部， 2024-2029 年 CAGR=1.5%，呈现温和增长。展望 2026 年，我们持续看 好手机结构化升级带来的创新需求，包括潜望式镜头成为安卓/苹果高 端手机标配带来渗透率持续提升。 研 究 电子行业 2026 年度策略报告：AI 与自主可控共 振 投资要点： 预计 2026 年手机行业温和复苏，看好结构创新带来增量需求 证 券 研 随着国产算力需求的不断增加，先进制程的产能需求也不断提升。 中芯国际、华虹公司、长鑫存储等企业的先进制程制造产能预计不断 增加。成熟制程工艺各个制造商各有千秋，特色工艺投资机会显现。 芯联集成、晶合集成、赛微电子各自特色领域优势显著。内生增长以 及外延并购提升半导体设备覆盖率。半导体制造 ...

Core Viewpoint - The control of Lianchuang Electronics has officially changed hands to Jiangxi State-owned Assets Supervision and Administration Commission, marking a significant shift in the company's governance structure while the company continues to show improved financial performance [1][2]. Group 1: Control Change - Lianchuang Electronics' control change was executed through a combination of share transfer and a private placement, with Jiangxi State-owned Assets becoming the actual controller [2]. - The share transfer agreement involves North Source Intelligent paying 900 million yuan to acquire 6.71% of the company's total shares, making it the controlling shareholder [2]. - A private placement is planned to raise up to 1.63 billion yuan, with funds allocated for working capital and debt repayment, further solidifying the control by Jiangxi State-owned Assets [2]. Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 4.22 billion yuan and a net profit of 24.09 million yuan, successfully turning a profit [4]. - For the first three quarters of 2025, revenue reached 6.489 billion yuan, with net profit increasing to 50.92 million yuan, a significant year-on-year growth of 210.26% [4]. - The core optical business has become the main revenue driver, contributing 3.304 billion yuan, which accounts for 50.91% of total revenue [4]. Group 3: Optical Business Growth - The automotive optical segment has emerged as a key growth engine, with revenue of 2.363 billion yuan, reflecting a year-on-year increase of 46.75% [4]. - The revenue from automotive lenses reached 1.381 billion yuan, showing a remarkable growth rate of 88.82% [4]. - Lianchuang Electronics has established strong technical barriers and customer resources in the automotive optical field, collaborating with major companies like Mobileye and Nvidia [5]. Group 4: Innovation and Patents - The company has accumulated 697 authorized invention patents and has been recognized as a national intellectual property demonstration enterprise [6]. - Digital upgrades have been implemented to achieve full lifecycle management of production, laying a solid foundation for technology transfer and market expansion [6].

Group 1 - The core viewpoint of the report is that Cheetah Technology (01478) has its target price raised by 9.8% from HKD 13.21 to HKD 14.5, with a "Buy" rating maintained [1] - The company reported a 15% year-on-year increase in revenue for the first half of 2025, exceeding both the bank's and market expectations by 5% and 8% respectively, while net profit surged by 168%, aligning with the previously announced profit warning [1] - The gross margin improved by 2.2 percentage points to 7.4%, driven by an increase in the proportion of high-end camera modules (CCM) and the recovery of fingerprint recognition module ASP/gross margin due to ultrasonic FPM growth [1] Group 2 - The company has raised its shipment guidance for 2025, projecting over 60% year-on-year growth in non-mobile camera module shipments, up from a previous forecast of over 40%, driven by automotive project mass production and orders from drones/laser radar [1] - The forecast for FPM shipments has also been increased to over 30% year-on-year growth, up from a previous estimate of over 20%, supported by growth momentum and market share gains in ultrasonic FPM [1] - The bank is optimistic about the upward trend in Cheetah Technology's profit forecasts for the second half of 2025, believing that the market underestimates the company's leadership and sales growth momentum in the non-mobile sector, particularly in drones and 360-degree cameras [2]