Core Viewpoint - The CMOS Image Sensor (CIS) market is experiencing structural growth, driven by the increasing penetration of L3+ autonomous driving, which is expected to increase the number of cameras per vehicle from 5-8 to 8-15 [3][4]. Market Position - The company has established a dual-layer market position as "third globally, first in segments." In 2024, the company holds a 13.7% share of the global CIS market, ranking third after Sony (approximately 40%) and Samsung (approximately 20%) [4]. - In the automotive CIS segment, the company leads with a projected market share of 32.9% in 2024, making it the global leader [5]. Business Composition - The company's core business is centered around CIS chips, which accounted for 82% of total revenue in 2023, expected to rise to 85% in 2024 and 88% by 2025. Other business segments, including display driver chips and semiconductor distribution, are gradually shrinking [5]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 21.78 billion yuan, a 15% year-on-year increase, and a net profit of 3.2 billion yuan, up 35% year-on-year. The third quarter of 2025 saw a record net profit of 1.1 billion yuan [6]. - The automotive CIS business generated 3.8 billion yuan in revenue in the first half of 2025, reflecting a 30% year-on-year growth, and is expected to maintain a growth rate of over 30% in 2026 [8]. Technological Advancements - The company has made significant strides in technology, with a total of 4,761 authorized patents as of June 2025. R&D expenses reached 2.1 billion yuan in the first nine months of 2025, accounting for over 9% of revenue, consistently above the industry average [10]. - The company is closing the gap in key technical indicators, with plans to launch a 160-megapixel sensor in 2024 and a 200-megapixel prototype in 2025, although it still trails behind Sony and Samsung in pixel count [13]. Globalization and Client Base - The company's business is highly internationalized, with overseas revenue expected to reach 21 billion yuan in 2024, accounting for 81.5% of total revenue. The top five clients include major smartphone brands and electric vehicle manufacturers, indicating a high client concentration [13]. - The company is strategically focusing on high-growth sectors such as automotive electronics and security monitoring, anticipating an increase in market share in these areas [13]. Future Plans - To strengthen its technological advantage and expand its global market presence, the company plans to issue up to 7.367 million shares, with proceeds aimed at R&D and channel development for new automotive and smartphone CIS products [14]. Market Observations - Since 2025, the company's stock price has experienced significant volatility, reflecting broader semiconductor market trends, and is currently stabilizing [15].

公司概览 豪威集团（以下简称"公司"）作为全球化Fabless半导体设计龙头企业，以CMOS 图像传感器（CIS）为核心产品，根据弗若斯特沙利文数据，2024年按图像传感器 解决方案收入计算，位列全球第三，市场份额达13.7%，在行业内具备显著的品牌 知名度和市场认可度。其业务覆盖智能手机、汽车、医疗、安防及新兴市场（机 器视觉、智能眼镜、端侧AI）等高增长领域，产品矩阵丰富且应用场景广泛，形 成了多元化的收入支撑体系。 公司采用Fabless业务模式，专注于半导体产品设计与销售，通过与全球领先的晶 圆代工、封装测试厂商建立长期战略合作，既规避了重资产运营的资本支出压力， 又能快速获取前沿制造技术，实现对市场需求的灵活响应。同时，公司保留核心 测试环节，内部测试设施与外部协作相结合，既保障了产品质量控制，又强化了 设计迭代能力，尤其适配汽车等对产品可靠性要求极高的市场需求。 公司业绩呈现强劲复苏态势，2024年实现收入257.07亿元，同比增长22.5%，净利 润32.79亿元，同比大幅增长501.2%；2025年上半年收入139.44亿元，净利润20.20 亿元，净利率提升至14.5%。毛利率持续优化，20 ...

Core Viewpoint - The article highlights the optimistic outlook for the A-share market in 2026, emphasizing the selection of 26 potential stocks across various categories, driven by favorable earnings expectations and market conditions [2][5][11]. Group 1: Market Outlook - The A-share market is expected to experience a structural bull market in 2026, transitioning from a technology-driven focus to a more balanced growth across sectors [5][6]. - Major indices are projected to see significant gains, with the Shanghai Composite Index expected to rise by 12% by the end of 2026 [7]. - The overall market sentiment is supported by positive macroeconomic policies, improving fundamentals, and a steady influx of capital [6][9]. Group 2: Earnings Growth - Forecasts indicate that the net profit growth rates for the CSI 300 index are expected to reach 9.18% and 9.23% for 2026 and 2027, respectively, while the ChiNext index is projected to grow by 30.52% and 22.98% [9]. - The profitability of non-financial companies in the A-share market is anticipated to stabilize, driven by rising producer prices [9]. - Goldman Sachs predicts a more optimistic profit growth of 14% and 12% for 2026 and 2027, respectively [9]. Group 3: Selected Potential Stocks - Data Treasure has identified 26 potential stocks for 2026, categorized into six cyclical stocks, five AI technology stocks, five undervalued dividend stocks, five domestic recovery stocks, and five overseas chain stocks [2][11]. - The cyclical stocks are expected to benefit from price increases due to the Federal Reserve's interest rate cuts and recovering producer prices [11][13]. - AI technology stocks are selected based on their anticipated strong performance in the TMT sector, with companies like SiTwei-W and Hohhot Information being highlighted [14]. Group 4: Investment Themes - The investment themes for 2026 include AI technology, high-end manufacturing, cyclical recovery, and domestic consumption recovery, with dividend stocks serving as a stable foundation [12][17]. - The focus on dividend stocks is reinforced by their high predicted dividend yields, with companies like Jianghe Group expected to have a dividend yield close to 6% [15]. - The potential stocks exhibit diverse characteristics, balancing growth potential and defensive qualities to navigate market volatility [17].

Core Viewpoint - The A-share market is expected to maintain a slow bull trend driven by earnings in 2026, with a consensus among institutions on a "balanced and strong" market structure, focusing on sectors like AI technology, high-end manufacturing, cyclical stocks, undervalued dividend stocks, and domestic demand recovery [1][21][27] Group 1: Market Outlook - The A-share market in 2025 showed a structural rally, with major indices rising over 18% and 29 out of 31 sectors experiencing gains [1][21] - Institutions predict a shift from a technology-dominated market to a more balanced bull market across various sectors in 2026 [5][27] - Major foreign investment banks, including Morgan Stanley and Goldman Sachs, have optimistic projections for the A-share market, with targets for the CSI 300 index set at 5200 points, indicating a 12% increase from 2025 [7][30] Group 2: Earnings Growth - Earnings growth for the CSI 300 index is forecasted at 9.18% and 9.23% for 2026 and 2027, respectively, while the ChiNext index is expected to see growth rates of 30.52% and 22.98% [11][32] - The STAR 50 index is projected to have a remarkable earnings growth of 88.46% in 2026 and 33.54% in 2027 [11][32] Group 3: Investment Opportunities - A total of 26 potential stocks for 2026 have been identified, categorized into cyclical stocks, AI technology stocks, undervalued dividend stocks, domestic recovery stocks, and overseas expansion stocks [1][14] - The cyclical stocks are expected to benefit from the Federal Reserve's interest rate cuts and a recovery in the Producer Price Index (PPI) [14][35] - AI technology stocks selected are based on strong future earnings growth predictions, including companies like Siwei Technology and Huahai Qingke [15][36] Group 4: Institutional Sentiment - Institutions are generally optimistic about the A-share market, with many reports indicating a favorable outlook for 2026 [5][27][28] - The average number of rating agencies covering the identified potential stocks is close to 17, indicating strong institutional interest [40][42] - Stocks like Yanjing Beer and Hisense Home Appliances have received attention from over 20 rating agencies, reflecting their attractiveness to institutions [40][42]

2026年26票權力股一览 | 类别 | 代码 | 简称 | 2025年 涨跌幅(%) | 类别 | 代码 | 简称 | 2025年 涨跌幅(%) | | --- | --- | --- | --- | --- | --- | --- | --- | | 顺周期 | 603993 | 洛阳铝业 | 210.27 | | 601555 | 东吴证券 | 21.31 | | | 603185 | 弘元绿能 | 87.69 | 低估红利 | 600012 | 皖通高速 | -12.90 | | | 002466 | 赣锋锂业 | 67.82 | | 600575 | 淮河能源 | -14.36 | | | 000933 | 神火股份 | 67.37 | | 601155 | 新城控股 | 16.64 | | | 600989 | 宝丰能源 | 21.60 | | 000729 | 燕京啤酒 | -4.52 | | | 002601 | 龙佰集团 | 14.86 | 内部司示 | 600729 | 重庆百货 | -6.77 | | AI科创 | 688615 688120 | 合合信息 英语清材 | 58.74 37 ...

合肥晶圆龙头，又一重磅项目动工！ 全文字数：1016字，预计阅读时间：3分钟 题图：晶合集成 据晶合集成官方消息，总投资额达355亿元的晶合集成四期项目已于近期正式启动建设，新项目厂房确定落户合肥新站区。 公司表示，在逻辑工艺技术领域，已与客户合作完成了28纳米多个工艺平台的开发。 该项目产品旨在满足多个前沿应用领域的市场需求，可广泛应用于OLED显示面板、AI手机、AI电脑、智能汽车以及各类人工智能设备。 晶合集成的"前三期" 早在九年前，晶合集成的起步项目（一期）于2015年10月动工建设，2017年10月正式投产，经过多年发展，一期和二期项目均已达到满产状态。 以此为基础，晶合集成在液晶显示驱动芯片代工领域取得了全球领先的市场份额，并成功将产品线拓展至CMOS图像传感器（CIS）、微控制器（MCU） 等领域。 而在2022年末，总投资210亿元，月产能5万片的晶合三期（建设主体为合肥皖芯集成电路有限公司），也于2024年8月正式投产。 该项目核心内容是建设一条12英寸晶圆代工生产线，规划月产能为5.5万片。 总投资355亿元，月产能5.5万片的"四期" 在技术布局上，生产线将重点覆盖40nm及28nm的 ...

Core Viewpoint - The company, Jinghe Integrated, has officially launched the construction of its Phase IV project with a total investment of 35.5 billion yuan, aiming to enhance its 12-inch wafer foundry capacity and meet the growing demand for high-performance semiconductor services [1][2]. Group 1: Project Overview - The Phase IV project will establish a production line with a capacity of 55,000 wafers per month, focusing on 40nm and 28nm processes for CIS, OLED, and logic applications [1]. - The project is expected to begin equipment installation in Q4 2026 and reach full production by the end of 2028 [2]. Group 2: Business and Financial Performance - Jinghe Integrated specializes in 12-inch wafer foundry services and has achieved mass production of various products, including display driver ICs (DDIC), CMOS image sensors (CIS), microcontrollers (MCU), power management ICs (PMIC), and logic applications [3]. - For the first three quarters of 2025, the company reported revenue of 8.13 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 550 million yuan, up 97.24% year-on-year [3]. - The company has successfully mass-produced 40nm high-voltage OLED display driver chips and is making progress in the development of 28nm OLED display driver chips, as well as Micro OLED technology for AR/VR applications [3].

作为一家全球化Fabless半导体设计公司，CMOS图像传感器(CIS)是公司主要产品。豪威集团主要从事 三大业务线：图像传感器解决方案、显示解决方案以及模拟解决方案，能够提供多样化的图像传感器、 显示产品、模拟IC和其他半导体组件组合。根据Frost&Sullivan资料，按2024年图像传感器解决方案收 入计，公司是全球第三大数字图像传感器供应商，市场份额为13.7%。 当前豪威集团持续扩大产品和解决方案品类和覆盖范围，赋能智能手机、汽车、医疗、安防及新兴市场 (机器视觉、智能眼镜及端侧AI)等高增长行业，并在全球范围内获得稳固的市场认可。据公司财报， 2025年前三季度，公司实现营业收入217.83亿元，同比增长15.20%，归母净利润32.10亿元，同比增长 35.15%，扣非归母净利润30.60亿元，同比增长33.45%。其中，第三季度，豪威集团实现营收78.27亿 元，同比增长14.81%，归母净利润11.82亿元，同比增长17.26%；扣非归母净利润11.09亿元，同比增长 20.40%，该季度营收和扣非归母净利润均再创单季度新高。 本报讯(记者张文湘见习记者占健宇)12月31日，全球数字图像传 ...

豪威集团是一家全球化无晶圆厂（Fabless）半导体设计公司。公司为客户提供图像传感器解决方案、显示解决方案及模拟解决方案，可用于智能手机、汽 车、医疗、安防、及新兴市场（机器视觉、智能眼镜及端侧AI）等高增长行业。 12月31日，有两只来自A股市场的半导体龙头在港股开启招股，包括兆易创新（603986.SH）（03986.HK）、豪威集团（603501.SH）（00501.HK）。 其中，豪威集团拟全球发售约4580万股H股（视乎超额配售权行使情况而定），采用B机制发行。其中，香港公开发售458万股，占约10%，国际发售4122万 股，占约90%，另有约15%超额配股权。 最高发售价为每股104.80港元，若按该价格，假设超额配股权未获行使，预期募集资金净额为约46.93亿港元。其中，约70%将在未来5至10年用于投资关键 技术的研发；约10%用于强化全球市场渗透及业务扩张；约10%用于战略投资及/或收购，聚焦能与现有业务产生协同效应的领域；剩余约10%被分配至营运 资金及一般公司用途。 豪威集团的招股期为12月31日至2026年1月7日，预期将于1月12日上市，每手100股，入场费为10585.69港元。 ...

报道称，三星电子在上周发布了奥斯汀工厂的机械和电气项目经理的招聘信息，这些职位将负责工厂的连接工作。连接工作是为设施建设管道，以供应气体 和水等公用事业。这些经理需要协调设计师、供应商和设备工程师的意见，显示出三星在生产过程中的细致规划。 此外，三星还在为该工厂招聘技术人员和工程师，负责清洁设备，这些设备用于清洁硅晶圆的表面。清洁过程对于确保生产的芯片不受杂质影响至关重要， 因为不必要的氧化层和铸造缺陷会导致电路缺陷，这个过程占据了生产步骤的40%。 12月24日消息，据韩国媒体Thelec报道，三星电子计划在美国德克萨斯州奥斯汀的工厂安装生产设备，以生产将供应给苹果的CMOS 图像传感器（CIS）。 这项计划的推进，显示出三星在影像技术供应链中的扩张意图，尤其是在与苹果的合作关系上。 12月初，三星已经通知奥斯汀市议会，计划在其奥斯汀设施投资190亿美元，这笔资金将用于购买、维修和维护先进半导体设备。据消息人士透露，这项额 外投资与三星在8月获得的供应苹果CIS的新协议有关。 三星计划使用晶圆对晶圆的混合键合技术，将三个晶圆堆叠以制造新一代的CIS芯片。每个晶圆将用于光电二极管、晶体管和模拟/数字转换器，这 ...