(1)合肥厂因处于产能爬坡期，当期相应的折旧及人工费用等固定成本及费用较上年同期有所增长； (2)在高效散热、高结合力等高性能芯片、车规级高稳定性铜柱芯片封装的研究、高刷新率及高分辨率 显示驱动芯片的测试研究等先进集成电路封测领域，公司在继续扩充产能的同时持续加大研发投入，当 期研发费用较上年同期有所增长； (3)为了吸引和留住优秀人才及核心骨干，公司实施限制性股票激励计划，当期相应摊销的股份支付费 用较上年同期有所增长。 格隆汇2月26日丨颀中科技(688352.SH)公布2025年度业绩快报，2025年度，公司实现营业收入21.90亿 元，较上年度增长11.78%；公司实现归属于母公司所有者的净利润2.66亿元，较上年度下降15.16%；实 现归属于母公司所有者的扣除非经常性损益的净利润2.48亿元，较上年度下降10.44%。 2025年度，公司持续扩大封装与测试产能，不断提升产品品质及服务质量，加大对新客户开发的同时， 持续增加新产品的开发力度，使得公司封装与测试收入保持增长。2025年度，公司扣非前后归属于母公 司所有者的净利润较上年度有所下降，主要是由于： ...

Group 1 - The core viewpoint is that global tech giants are entering a new wave of investment in artificial intelligence infrastructure, with annual capital expenditures reaching historical highs. Companies are focusing their funds on data center expansion, high-performance chip procurement, and cloud computing platform upgrades to rapidly expand computing resources in response to the growing demand for generative AI [1][5]. Group 2 - Companies like Amazon, Alphabet, Microsoft, and Meta have identified AI as a core strategic direction and significantly increased their capital expenditure budgets. Some companies are even expanding debt financing to support long-term construction plans, leading to a simultaneous expansion of their balance sheets [5]. - Nvidia has emerged as a key beneficiary in this round of computing power upgrades, while Apple is adopting a more cautious approach by collaborating with external technology partners to enhance its AI capabilities and reduce the pressure of one-time heavy asset investments [5]. - Despite the market's general recognition of AI's long-term potential, investors remain cautious about the pace of return realization. Current revenue growth from AI-related activities has not yet matched the massive scale of capital expenditures, and future profitability will require time to validate [5]. Group 3 - In terms of regional competition, Europe is strengthening its local computing power infrastructure and data compliance systems to enhance its autonomy in the global AI landscape. Local companies like Mistral AI are accelerating financing expansions, and semiconductor equipment leader ASML is actively participating in related layouts [6]. - However, there remains a significant gap in overall funding scale compared to US tech giants. The trend of centralized computing resources may further exacerbate industry differentiation in the coming years [6]. Group 4 - This capital race in AI is fundamentally a dual test of technological innovation and capital efficiency. In the short term, large-scale investments will continue to support the prosperity of the industry chain and increase volatility in related tech assets. However, in the medium to long term, the true determinants of winning will be commercial capabilities and cost control levels [6]. - Investors need to assess the degree of valuation and risk matching while focusing on growth opportunities [6].

Economic Comparison - The economic strength comparison between China and the United States is not a simple race but a complex international chess game [1] - In 2024, China's GDP is projected to reach approximately $18.93 trillion, ranking second globally, while the U.S. GDP is expected to be around $29.18 trillion, with a growth rate of 6.9% [3] - The gap in GDP between the two countries is significant, with the U.S. expected to reach $30.6 trillion by 2025, while China may reach $19.63 trillion, resulting in an $11 trillion difference [3] Industry Structure - The U.S. service sector accounts for over 80% of its economy, with finance, technology, and high-end services contributing nearly half of the global output [5] - China's service sector has increased to 54.6% of its GDP in 2023, but it still lags behind the U.S. in high-value and high-end service industries [5] - The transition from being the "world's factory" to an "innovation engine" is a critical challenge for China, as it faces "bottleneck" issues in technology [5] Technological Innovation - The semiconductor industry is a key battleground in U.S.-China competition, with U.S. companies holding over 60% of the global high-performance chip market [6] - In 2023, the top ten global R&D investors included five U.S. companies and only two from China, indicating a significant gap in innovation capabilities [8] - The future economic fate of both countries will hinge on their ability to innovate and achieve breakthroughs in technology [8] Income Disparity - In 2024, the per capita GDP in the U.S. is expected to exceed $86,000, while China's is around $13,000, representing only about 15% of the U.S. figure [9] - This income disparity reflects significant differences in living standards, healthcare, and educational resources between the two countries [9] Soft Power and Global Influence - The U.S. maintains control over major global financial systems, with the dollar as the world's primary reserve currency [12] - China is expanding its global influence through initiatives like the Belt and Road Initiative and the Asian Infrastructure Investment Bank [12] - The competition for soft power has evolved into a multi-faceted contest, where gaining international support is crucial for future global positioning [12] Trade Relations and Global Supply Chains - Trade tensions and tariff wars between the U.S. and China have led to adjustments in global supply chains, with many manufacturing orders shifting to emerging markets [14] - In 2023, China set a record for foreign direct investment, as companies seek to mitigate external risks [14] - The ongoing trade disputes have direct impacts on consumer prices and employment, affecting ordinary citizens [14] Future Economic Landscape - The global economic landscape is shifting from a U.S.-China dominance to a more diversified and complex structure, with countries like India and the EU seeking to close the gap [16] - The competition between China and the U.S. is not just about GDP figures but encompasses comprehensive national strength, innovation capacity, and the well-being of citizens [16] - The ability to improve technological strength and soft power while ensuring that more people benefit from economic growth is essential for China's long-term success [19]

Core Insights - The public fund quarterly report for Q4 2025 shows that both active and passive funds performed well, but there is a clear divergence in fund flows, with active equity funds experiencing a decline in scale while passive funds saw significant growth [1] Group 1: Fund Performance and Trends - Active equity funds have seen a decrease in scale, while passive funds have experienced a notable increase in net subscriptions, indicating a shift in investor preference [1][7] - Despite a market recovery, institutional funds are maintaining a cautious approach, as evidenced by a reduction in overall fund positions [1] - The concentration of holdings in active equity funds has increased, suggesting a focus on a few high-certainty directions rather than diversified allocations [1] Group 2: Active Fund Investment Strategies - Active funds have concentrated their investments in three main areas: cyclical sectors, AI, and non-bank financials, with a focus on cyclical and small-cap growth styles [2] - The cyclical sector has seen systematic increases in allocations, particularly in metals, chemicals, oil and gas, steel, and building materials, driven by a re-evaluation of resource pricing amid supply constraints and new demand from AI and renewable energy [3] - The AI industry chain is a key focus, with active funds investing in computing power and electricity sectors, as demand for high-performance chips and related hardware surges [4] - Non-bank financials, especially the insurance sector, are gaining traction due to favorable interest rate environments and improved investment returns, making them a significant area for active fund allocation [5] Group 3: Passive Fund Investment Strategies - Passive funds are reflecting a direct response to index weights and investor preferences, with increased allocations in telecommunications, metals, and banking, while reducing exposure to electronics, power equipment, and pharmaceuticals [6][7] - The structure of passive fund allocations shows a shift towards larger-cap stocks, with a decrease in the proportion of investments in smaller-cap indices [7] - There is a growing recognition of cyclical and value attributes among passive funds, as evidenced by increased allocations to value indices and a reduction in growth-oriented indices [7] Group 4: Market Signals and Strategic Adjustments - Active funds have significantly reduced their exposure to Hong Kong stocks, with the total value of heavy holdings dropping from 19.26% to 16.23% of total holdings, indicating a strategic repositioning [8] - The overall market environment in Q4 2025 did not exhibit extreme conditions, yet fund flows have shown a clear trend: passive funds are returning while active funds are consolidating, with a focus on cyclical and value investments alongside AI growth [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2026, the world will be in a macro - background of deepening "de - globalization" and the resonance of loose fiscal policies of major economies. Supply - chain vulnerability and demand expansion will lead to a tightening of resource supply - demand relations, and intensify strategic competition for key minerals and energy [1]. - China's economy will be based on the principle of "internal stability and external control" in 2026. Exports will remain a mainstay, investment will play a supporting role, and consumption will focus on equipment updates and service - scenario innovation. The de - dollarization trend and the weakening of the US dollar credit will bring opportunities for international capital inflows into RMB assets, and Sino - US competition will focus on technology and supply - chain security [1]. - In 2026, a macro - hedging portfolio should be constructed under the premise of seeking certainty. Commodity assets will have prominent allocation value, with the order of commodity > equity > bond. Attention should be paid to potential uncertainties such as recessions in Europe and the US, domestic inflation repair, geopolitics, and real - estate risks [2]. Summary by Directory I. Cycle Changes: Resonance of "De - globalization" and Loose Fiscal Policies (1) The Wave of De - globalization: From Great - Power Games to the G2 Pattern - International events such as the COVID - 19 pandemic, the Russia - Ukraine war, and the Trump administration's high - tariff policies have led to the wave of de - globalization, which is essentially the reshaping of the world order [6]. - Traditional capitalist powers like the US and the UK are withdrawing from international alliances, while emerging - market countries led by China are exploring new international cooperation models. A G2 competition pattern between China and the US is gradually taking shape in key technologies and resources [7]. - The wave of de - globalization has increased the vulnerability of the global supply chain, deteriorated the global trade environment, and accelerated the rotation and increased the volatility of global major assets. The credit systems of the US dollar and US Treasury bonds have been shaken [9]. (2) Loose Fiscal Resonance: Upward Global Manufacturing and Inventory Cycles - In 2026, the fiscal policies of major overseas economies such as the US, Europe, and Japan are expected to expand further. The US "big and beautiful" bill may increase the fiscal deficit by $4.1 trillion in the next decade, and EU countries will increase their defense spending to 5% of GDP by 2035. Japan will implement a trillion - level economic stimulus plan. This will lead to an increase in economic activity demand and drive up the global manufacturing and inventory cycles [15]. (3) Resource Shortage: Tightening Supply - Demand Balance - De - globalization has increased supply - chain vulnerability, and loose fiscal policies will stimulate demand, leading to a tightening of the global industrial supply - demand relationship. Countries will pay more attention to resource competition for national security. The US is seizing resources through trade control and military actions. Core resources such as minerals and energy will see price increases in 2026 [16]. II. The Game between Endogenous Momentum and External Changes (1) Endogenous Economic Transformation: Long - Term Policy Guidance of the 15th Five - Year Plan - In 2026, as the starting year of the 15th Five - Year Plan, China aims to achieve a reasonable GDP growth rate while gradually realizing structural transformation. New - quality productivity sectors such as AI, biomedicine, and new energy will become new pillar industries [17]. - Investment will be the supporting force for achieving economic growth goals, while consumption will be the main growth driver. Exports will remain a mainstay due to factors such as reduced Sino - US trade - dispute volatility, fiscal expansion in developed economies, and the rise of emerging markets. Investment in infrastructure, manufacturing, and new areas will support economic growth, and real - estate's negative impact on the economy is expected to turn neutral [18][19][23]. - In the consumption area, policies will focus on releasing existing demand through subsidies and exploring incremental demand by expanding service - consumption scenarios [27]. (2) External Changes and Game: Coexistence of Challenges and Opportunities - The weakening of the US dollar credit due to the expiration of the "petro - dollar" agreement and the establishment of a new cross - border settlement mechanism provides an opportunity for RMB assets. International capital will flow back to the Asia - Pacific market and drive up the prices of RMB - denominated assets. China can promote RMB internationalization [30]. - Sino - US relations will remain a key variable in 2026. The two countries have long - term competition and phased balance in technology and resource issues. The competition pattern will not change significantly, and extreme decoupling is unlikely [31]. III. Guidance on Major Asset Allocation: Constructing a Macro - Hedging Portfolio (1) Between "Change and Constancy": Unchanging Competition Relations and Changing Cycle Rotations - The long - term competition exists among all global economies due to limited resources and growing economic demand. China's economic recovery has three main lines: technological independence, price repair, and expansion of domestic demand. The US will try to avoid recession and stagflation, and continue to rely on the stock market and AI to support the economy [33]. (2) 2026: Seeking Certainty and Constructing a Major Asset Portfolio: Commodity > Equity > Bond - In 2026, asset allocation should pursue certainty and balance risks. Attention should be paid to risks such as recessions in Europe and the US, slow domestic inflation repair, intensified de - globalization, and a downward real - estate market [36]. (3) Grasping the Rhythm and Main Lines in the Short, Medium, and Long Terms - Based on economic - cycle theory, in the high - inflation and high - growth stage (2026 - 2027 expected), commodities will be dominant. Different commodity sectors will rotate in the order of risk pricing, expected trading, and real - situation regression [37]. - In 2026, the four quarters will be dominated by different factors: Q1 is dominated by short - term liquidity, driving up the prices of precious metals and non - ferrous metals; Q2 focuses on correcting the mid - term narrative; Q3 verifies the long - term logic; Q4 is for brewing cross - year expectations [39].

Group 1: Company Overview and Technology - The company has strong advantages in radiation-hardened design, with several products successfully applied in high-grade radiation-resistant processors and memory markets [3] - The core components of the control system have achieved lightweight, high integration, and high performance, laying a foundation for large-scale industrialization [3] - The company is focusing on the development of new-generation intelligent nuclear robots and special equipment robots, aiming to build an innovation system that integrates industry, academia, and research [4] Group 2: Market Strategy and Future Outlook - The company aims to consolidate its position in the aerospace chip market while actively expanding into commercial aerospace and industrial control sectors [3] - The rapid development of the commercial aerospace industry is expected to increase demand for high-reliability, high-performance, and miniaturized chip products, with market growth anticipated [6] - The company plans to enhance its market presence and project development while maintaining cost control and budget management to support steady operational growth [6] Group 3: Research and Development - The company is increasing its R&D investment, successfully overcoming technical challenges in key products for railway vehicle safety detection and maintenance [4] - Several high-performance chips are transitioning to evaluation and production stages, indicating progress in core technology development [4] Group 4: Corporate Social Responsibility - The company integrates social responsibility into its core operations, focusing on balancing corporate and social interests [6] - It emphasizes employee rights protection, establishing a scientific compensation management system to ensure labor rights [6] - The company promotes green production and sustainable development practices [6]

Economic Growth and Achievements - In 2025, China's GDP is projected to exceed 140 trillion yuan, marking a significant milestone in economic growth during the "14th Five-Year Plan" period [1] - Over the past five years, China's economic increment surpassed 36 trillion yuan, with grain production reaching 1.4 trillion jin and electricity consumption exceeding 10 trillion kilowatt-hours [2] - The automotive industry continues to thrive, with production and sales both surpassing 34 million units, maintaining China's position as the world's largest automotive market for 17 consecutive years [2] Innovation and R&D Investment - National R&D expenditure increased from 2.8 trillion yuan in 2021 to 3.9 trillion yuan in 2025, with an average annual growth rate of 10% during the "14th Five-Year Plan" [5] - China has achieved significant advancements in high-performance chips, operating systems, and has surpassed 5 million effective invention patents, positioning itself as one of the fastest-growing economies in terms of innovation [5] Industrial Transformation - The modernization of the industrial system is accelerating, with exports of "new three types" products growing by 27.1% and industrial robot exports increasing by 48.7% [6] - China has cultivated over 60 advanced manufacturing clusters in emerging industries, with laser manufacturing technology reaching the international first tier [6] - The manufacturing value added is expected to increase by 8 trillion yuan during the "14th Five-Year Plan," contributing over 30% to global manufacturing growth [6] Future Outlook - The "15th Five-Year Plan" is set to outline new strategies for China's economic and social development, with proactive macro policies expected to be implemented [6]

Economic Growth and Stability - China's economy is projected to exceed 140 trillion yuan by 2025, indicating a more stable economic environment which benefits the general public [1] - The increase in economic size allows for enhanced social safety nets, including consistent pension increases and expanded healthcare coverage [1] Employment and Job Creation - The continuous growth of China's economy contributes to job stability, with an estimated 2 million new jobs created for every 1% increase in economic growth [3] - New industries and professions are emerging as the economy grows, with significant advancements in high-performance chips, AI, and advanced manufacturing [5] Income Growth and Consumer Impact - The economic total of 140 trillion yuan represents a 5% increase from the previous year, correlating with a 5% real growth in per capita disposable income [7] - The growth in the economy and income levels reflects the collective effort of the population, emphasizing the interconnectedness of individual contributions to economic progress [7] Policy and Future Outlook - The current year marks the beginning of the "15th Five-Year Plan," with numerous policies aimed at boosting consumption, investment, and overall economic development being implemented [7] - The expectation is that the economy will continue to thrive, leading to improved living standards for the population [7]

Group 1 - The core viewpoint is that China's economy is projected to exceed 140 trillion yuan by 2025, which signifies a more stable economic environment that benefits the general public [1] - The increase in economic output is expected to enhance employment stability, with estimates suggesting that a 1% growth in the economy could create approximately 2 million new jobs [3] - The growth in economic output has led to the emergence of new industries and professions, such as AI trainers and aerospace engineers, contributing to job creation and innovation [5][6] Group 2 - The economic total of 140 trillion yuan represents a 5% increase from the previous year, which aligns with a 5% growth in residents' disposable income, indicating synchronized economic and income growth [8] - The current year marks the beginning of the "15th Five-Year Plan," with numerous favorable policies in consumption, investment, industry, and public welfare being implemented [10]

Core Viewpoint - China's economy is projected to exceed 140 trillion yuan by 2025, indicating a more stable economic environment that benefits the general public through improved social security and employment opportunities [1][2]. Economic Growth and Public Benefits - The increase in China's economic total supports a stronger social safety net, with pension benefits rising for 21 consecutive years and expanded medical insurance coverage [1]. - Since the 14th Five-Year Plan, over 70% of fiscal spending has been directed towards improving the livelihoods of citizens [1]. - Economic growth of 1% is estimated to create approximately 2 million new jobs, enhancing employment stability [1]. New Industries and Job Creation - The growth in economic output has led to the emergence of new industries and professions, particularly in high-performance chips, artificial intelligence, and advanced manufacturing [2]. - The manufacturing sector is expected to see an increase of 8 trillion yuan in value added over five years, contributing to job creation in innovative fields [2]. - The economic growth rate of 5% aligns with a 5% increase in real disposable income for residents, indicating synchronized economic and income growth [2]. Future Outlook - The current year marks the beginning of the 15th Five-Year Plan, with positive developments in consumption, investment, and social policies expected to further enhance economic growth [3]. - The overall sentiment is optimistic, suggesting that the economy will continue to thrive, leading to improved living standards for the public [3].