1月6日，京泉华涨0.62%，成交额4.16亿元。两融数据显示，当日京泉华获融资买入额5793.56万元，融 资偿还5047.61万元，融资净买入745.95万元。截至1月6日，京泉华融资融券余额合计3.52亿元。 分红方面，京泉华A股上市后累计派现6483.30万元。近三年，累计派现2918.30万元。 责任编辑：小浪快报 资料显示，深圳市京泉华科技股份有限公司位于广东省深圳市龙岗区坪地街道坪桥路10号京泉华科技产 业园，成立日期1996年6月25日，上市日期2017年6月27日，公司主营业务涉及主要从事磁性元器件、电 源及特种变压器研发、生产及销售业务。主营业务收入构成为：特种变压器44.52%，磁性元器件 35.37%，电源19.16%，其他(补充)0.95%。 截至12月19日，京泉华股东户数4.77万，较上期增加4.92%；人均流通股4845股，较上期减少4.69%。 2025年1月-9月，京泉华实现营业收入26.00亿元，同比增长23.96%；归母净利润7186.68万元，同比增长 69.74%。 融资方面，京泉华当日融资买入5793.56万元。当前融资余额3.52亿元，占流通市值的5.01%，融 ...

消费电子 | | | 执业证书编号：S0740521120002 分析师：洪嘉琳 执业证书编号：S0740524090003 Email：hongjl@zts.com.cn | 总股本(百万股) | 7,285.75 | | --- | --- | | 流通股本(百万股) | 7,269.27 | | 市价(元) | 56.71 | | 市值(百万元) | 413,174.61 | | 流通市值(百万元) | 412,240.16 | Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 1、《立讯精密：25Q3 归母超预期， 端+云 AI 打开成长空间》2025-10-31 2、《消费电子稳健增长，AI 算力& 汽车打开增量空间》2025-08-26 3、《24 年业绩符合预告，25H1 预 计保持 20%+增长》2025-04-28 立讯精密 AI 通讯业务深度 ——全面布局铜光热电，深度受益 AI 浪潮 立讯精密（002475.SZ） 证券研究报告/公司深度报告 2026 年 01 月 05 日 | 评级： ...

深交所官网显示，12月30日，山东春光科技集团股份有限公司（简称：春光集团）更新了招股说明书 （申报稿）等一系列文件。文件显示，今年上半年，公司经营性现金流继续下降，应收账款激增。 据招股书，春光集团拟在深交所创业板上市，募资总金额为7.51亿元。募集资金拟用于智慧电源磁电材 料项目、研发中心升级建设项目、补充流动资金。 春光集团主要从事软磁铁氧体磁粉的研发、生产和销售，并沿产业链发展软磁铁氧体磁心、电子元器件 和电源等产品。公司产品广泛应用于新能源汽车及充电桩、智能家居及智能家电、通信电源及通信设 备、绿色照明、光伏储能、物联网、医疗等领域。 报告期内，公司分别实现营业收入101,509.94万元、92,960.32万元、107,655.17万元和 54,615.52万元， 实现净利润7,713.75万元、8,703.32万元、9,888.97万元和5,851.25万元，扣非净利润分别为7,362.35万 元、8,514.58万元、9,275.71万元和 5,600.45万元。 | 项目 | 2025 年 1-6 月 / | 2024 年度/ | 2023 年度/ | 2022 年度/ | | --- | ...

据悉，通业科技（300960）作为轨道交通电气设备供应商，产品覆盖电源、控制、电机等多环节，深度 服务中国中车、国铁集团等大型客户。思凌科则聚焦电力通信芯片，主要客户为国家电网、南方电网。 双方在客户类型、供应链资源、研发体系等方面高度契合，协同空间广阔。 供应链方面，双方在PCB、电子料、研发软件等领域可实现资源共享，通业科技有望借助规模优势提升 整体议价能力。 管理上，两家公司均面向大型央企客户，招投标与服务模式相似，整合后有助于提升市场响应速度与服 务效率。 此次并购不仅是业务的简单叠加，更是通业科技从轨交设备向电力物联网延伸的战略跨越。未来公司可 依托思凌科的技术与客户网络，拓展轨交智能化、电网通信等新兴市场，打造真正的"第二增长曲线"。 业务层面，思凌科的载波通信芯片可应用于轨道交通电网、信号、车辆通信等系统，提升数据传输效 率，降低布线成本。其新能源电力电子技术也可迁移至通业科技的辅助逆变器等产品，实现技术融合与 成本优化。 ...

首创证券（601136）认为，1)北美算力：AI大模型算力需求持续刚性扩张，北美算力产业链在服务器组 装、高端PCB、光模块等环节具备成熟产能与技术壁垒，是算力基础设施建设的核心支撑环节；2)国产 算力：AI大模型与国内芯片厂已逐步形成技术协同的完整生态，叠加国产芯片厂产能持续扩张，国产 算力芯片在"自主可控+供应链安全"的双重逻辑下，有望加速打入国内算力基础设施供应链。 中信证券认为，2025年以来，中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出 现局部爆发机会。展望2026年，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年 以来的长牛行情。一方面，半导体设备、AI芯片等在海外管制下发展紧迫性增强，国产替代是大势所 趋；另一方面，国内芯片厂已初步探索出超节点等解决方案，以多卡数量优势补足单卡性能劣势，实现 算力突围。多卡集群的建设对零组件的数量和质量提出更高要求，并为产业链上下游带来更大的投资机 遇，液冷、存储、电源、光模块、PCB、量子计算等细分领域有望迎来更高的业绩弹性。 ...

欧盟聚变战略发布在即；北大校友企业零点聚能完成超 5000 万天使轮融资。 1 ） 2025 年 12 月 22 日，根据美国聚变产业协会（ FIA ）发布的最新议 程，欧盟委员会首份《欧盟聚变战略》发布进程值得关注。欧洲议会将于 2026 年 1 月 27 日举行 " 欧洲聚变能源：呼吁行动 " 高级别听证会，会议旨在汇 聚政策制定者、产业领袖与投资者，探讨如何将政治支持转化为聚变能的产业化落地，以构筑欧洲能源安全基石。 2 ）近日，北大系可控核聚变企业 " 零点 聚能 " 完成超 5000 万元天使轮融资。本轮融资将为其全新聚变技术路线的实验验证提供关键资金支持，推动低成本、高参数聚变能源技术的研发进程。对 于本轮超 5000 万元融资的用途，零点聚能明确将重点投向一号实验装置的研制，开展基于磁零点位形聚变新路线的关键验证实验，为后续技术研发筑牢基 础，最终实现从参数验证到商业验证的关键跨越。 美德实验室联手通过交叉验证模拟攻克聚变激光技术瓶颈 ， JT-60SA 完成快速等离子体位置控制线圈制造 。 1 ） 2025 年 12 月 22 日，美国劳伦斯利弗 莫尔国家实验室（ LLNL ）与德国弗劳恩霍夫 ...

Core Viewpoint - The company has been providing power supply services to various domestic research institutions, with products covering the aerospace sector, but this segment represents a small portion of the company's overall business and has limited impact on its performance [1] Group 1: Business Overview - The aerospace-related business falls under the company's "research institutions" sub-sector category, with annual order volume being extremely small [1] - The company is focused on expanding its power supply applications in the fields of new energy, new materials, and high-end equipment, currently covering over 40 sub-industries [1]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Jingquan Technology, indicating a significant increase in stock price and trading activity throughout the year [1][2] - As of December 29, Jingquan Technology's stock price decreased by 2.80% to 27.39 CNY per share, with a total market capitalization of 7.42 billion CNY [1] - The company has seen a year-to-date stock price increase of 92.51%, with notable gains of 4.22% over the last five trading days, 7.41% over the last twenty days, and 42.95% over the last sixty days [1] Group 2 - Jingquan Technology's main business segments include special transformers (44.52% of revenue), magnetic components (35.37%), and power supplies (19.16%), with other contributions at 0.95% [1] - For the period from January to September 2025, the company reported a revenue of 2.6 billion CNY, reflecting a year-on-year growth of 23.96%, and a net profit attributable to shareholders of 71.87 million CNY, marking a 69.74% increase [2] - The company has a total of 47,700 shareholders as of December 19, with an average of 4,845 circulating shares per shareholder, which has decreased by 4.69% from the previous period [2] Group 3 - Since its A-share listing, Jingquan Technology has distributed a total of 64.83 million CNY in dividends, with 29.18 million CNY distributed over the last three years [3]

首创证券（601136）认为，1)北美算力：AI大模型算力需求持续刚性扩张，北美算力产业链在服务器组 装、高端PCB、光模块等环节具备成熟产能与技术壁垒，是算力基础设施建设的核心支撑环节；2)国产 算力：AI大模型与国内芯片厂已逐步形成技术协同的完整生态，叠加国产芯片厂产能持续扩张，国产 算力芯片在自主可控+供应链安全的双重逻辑下，有望加速打入国内算力基础设施供应链。 中泰证券（600918）认为，AI算力成为通信行业主要增长引擎，看好算力产业链投资机会，头部光模 块厂商交付能力将成为成长关键，重视光芯片、OCS、空芯光纤、液冷、电源等细分方向。国产算力重 视芯片进展，以及国产模型追赶变化，将影响AIDC景气节奏。 中信证券认为，2025年以来中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出现 局部爆发机会。展望2026年，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年以 来的长牛行情。一方面，半导体设备、AI芯片等在海外管制下发展紧迫性增强，国产替代是大势所 趋；另一方面，国内芯片厂已初步探索出超节点等解决方案，以多卡数量优势补足单卡性能劣势，实现 算力突围。多卡集群的建 ...

Core Insights - In December, 39 out of 360 industry/theme ETFs reached new highs, primarily in the communication, non-ferrous metals, and military (aerospace) sectors, indicating strong market consensus on these areas [2][11] - Established sectors like communication and non-ferrous metals are seen as core investment themes, while emerging sectors such as commercial aerospace are gaining traction amid market volatility [1][3] Group 1: Performance of ETFs - The communication ETFs saw an average increase of 10% since October, with an annual average increase of 91.5% [2][12] - Non-ferrous metal ETFs experienced an average increase of 20.1% since October, with an annual average increase of 95.2% [2][12] - Military and aerospace ETFs had an average increase of 18.7% since October, with satellite ETFs rising by an average of 34.5% [2][12] Group 2: Emerging Investment Themes - Commercial aerospace is viewed as an active investment choice during market fluctuations, similar to previous low-altitude themes, driven by narratives around US-China space infrastructure competition [3][4] - The commercial aerospace sector, while promising, does not match the scale of humanoid robotics or low-altitude economies, indicating a more modest growth potential [4][14] Group 3: Under-the-Radar Sectors - Sectors like chemicals and engineering machinery are quietly rising and have reached new annual highs, reflecting China's manufacturing competitiveness and pricing power [5][15] - These sectors are characterized by low media attention and fragmented industry discussions, making them susceptible to being overlooked despite their potential for profit margin improvement [5][15] Group 4: Anti-Inflation Trends - Sectors related to anti-inflation, such as new energy and steel, are showing signs of recovery, with market sensitivity to supply dynamics increasing [6][16] - Recent supply chain disruptions in the new energy sector have led to positive stock price reactions, indicating market expectations for tangible supply reductions [6][16] Group 5: Investment Strategy - The current market strategy emphasizes structural opportunities in a volatile market, focusing on sectors with low heat and concentration but increasing attention and potential for long-term ROE improvement, such as chemicals, engineering machinery, and new energy [7][17] - The strategy also includes monitoring the trend of RMB appreciation, with sectors like brokerage and insurance being positioned as both offensive and defensive choices [7][17]