2025年，人工智能（AI）技术的全面爆发与深化应用，成为驱动全球半导体行业发展的核心引 擎。 就A股半导体板块而言，受益于需求提升，相关上市公司业绩在2025年实现新一轮增长。二级市场 方面，2025年，申万半导体行业指数大幅上行，以全年45.99%的涨幅跑赢大盘。从寒武纪市值飙升， 到摩尔线程、沐曦股份先后上市刷新新股盈利纪录，都让半导体成为A股市场热度最高的板块之一。进 入2026年，半导体板块在二级市场的热度不减。截至1月7日收盘，申万半导体行业指数在3个交易日内 累计上涨9.12%。 展望2026年，在外部环境充满变数的当下，国内半导体企业能否继续"穿越风浪"稳健发展？二级市 场能否再现"高光时刻"？ 2025年板块涨幅跑赢大盘 按申万二级行业分类，半导体行业指数去年涨幅显著。同花顺iFinD统计显示，该指数年内上涨 45.99%，跑赢沪深300指数28个百分点。从三级行业看，其中，印制电路板涨幅144%，半导体设备涨幅 60%，半导体材料涨幅36%。 中银证券认为，2025年，人工智能产业链迎来需求的较快增长，从下游的人工智能基础设施（AI Infra），到中游的AI服务器组装，再到上游的PCB（ ...

长江商报消息 ●长江商报记者 汪静 2026年，赴港上市热潮延续。1月4日晚间，景旺电子（603228.SH）公告，公司已正式向港交所递表。 景旺电子主要从事PCB（印制电路板）业务，据Prismark统计，2024年公司已成为全球第一大汽车电子 PCB供应商。 2025年上半年，景旺电子外销收入达到49.24亿元，营收占比38.9%。 长江商报记者注意到，景旺电子业绩表现较好。2023年—2025年前三季度，景旺电子实现营业收入分别 约为107.57亿元、126.59亿元、110.83亿元；归母净利润分别为9.36亿元、11.69亿元、9.48亿元。 推进赴港上市 1月4日晚间，景旺电子发布公告，公司已于2026年1月1日向香港联合交易所有限公司递交了发行H股股 票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。 联席保荐机构为中信证券、美银证券以及国联证券国际。 早在2025年10月28日，景旺电子便发布公告，正在筹划赴港上市。彼时，景旺电子表示，本次筹划发行 H股旨在深化全球化战略布局，提升公司国际化品牌形象及综合竞争力，并拓展多元化融资渠道。 时隔两个月，景旺电 ...

Core Insights - The fund managed by Ren Jie, Yongying Technology Smart A, achieved an impressive year-to-date return of 239.78% as of December 30, 2025, securing the annual fund champion title ahead of its competitors [1][3][7] - This performance surpassed the previous record of 226.24% held by legendary fund manager Wang Yawei for 17 years, setting a new historical record [1][7] - Ren Jie, a relatively new fund manager who began managing public funds in late October 2024, successfully transitioned from a researcher to a fund manager overseeing over 10 billion yuan [1][12] Performance Metrics - As of December 30, 2025, Yongying Technology Smart A recorded a maximum drawdown of 27.04% and an annualized volatility of 47.42% [3] - In comparison, the average return for equity mixed funds during the same period was approximately 33%, with an average maximum drawdown of about 15% and an average annualized volatility of around 23% [6] Fund Characteristics - Yongying Technology Smart A was established on October 30, 2024, with an initial scale of approximately 10.32 million yuan, of which about 98% was subscribed by Yongying Fund and company employees [6] - By the end of the third quarter of 2025, the fund's scale surged to 11.52 billion yuan, achieving over a thousand-fold growth in just one year [6] Investment Strategy - The fund's significant performance was attributed to a strategic shift towards the "overseas computing power industry chain" in the second quarter of 2025, which was a key differentiating decision compared to many tech funds that were still focused on domestic developments [8][10] - Ren Jie emphasized the importance of capturing "changes" in the market, focusing on both performance changes validated by high-frequency data and valuation changes driven by market dynamics [14][21] Stock Selection and Concentration - The fund's holdings were heavily concentrated in leading stocks within the optical communication and PCB sectors, which demonstrated substantial performance, with many stocks rising over 75% in the latter half of 2025 [10] - The top ten holdings as of the end of the third quarter included companies like Xin Yi Sheng, Zhong Ji Xu Chuang, and Tian Fu Communication, all of which are key players in the overseas computing power industry chain [10] Market Context and Future Considerations - The fund's extreme performance is seen as a result of deep industry research, precise sector shifts, and favorable market conditions, but it also faces challenges related to high concentration, volatility, and limited capacity [20][21] - The phenomenon of "champion curse" suggests that funds with extreme high returns often experience significant drawdowns in subsequent years, raising questions about the sustainability of such performance [20]

日研究 /公司深 2025 年 12 月 30 日 报告原因: 首次覆盖 (首次评级) | 市场数据: 2025 年 12 月 29 日 | | --- | | 收盘价（元） 100.65 | | 一年内最高/最低（元） 122.00/19.59 | | 市净率 16.2 | | 股息率%（分红/股价） 0.55 | | 流通 A 股市值 (百万元) 83,723 | | 上证指数/深证成指 3,965.28/13,537.10 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 . | | --- | --- | | 每股净资产（元） | 6.20 | | 资产负债率% | 54.02 | | 总股本/流通 A 股 (百万) | 832/832 | | 流通 B 股/H 股 (百万) | | 一年内股价与大盘对比走势: 沪深300指数 相关研究 杨海晏 A0230518070003 yanghy@swsresearch.com 联系人 陈俊兆 A0230124100001 chenjz@swsresearch.com 申万宏源研究微信服务号 生益电子 受益 AI ...

其中，中南传媒被连续持仓长达55个季度，位居榜首。中邮证券近期研报指出，尽管出版传媒行业面临转型，但公司正积 极推动门店改造升级，探索"书店+IP"等多元新业态，并持续推进核心门店的标准化与信息化升级，其净利润增长显示了较 强的经营韧性。 从持仓市值看，传音控股以超过45亿元的市值位居第一。开源证券11月研报指出，这家深耕新兴市场的手机巨头，正凭借 在非洲等地的稳固基本盘，持续向中高端产品转型，并积极拓展AIoT、家电、储能等新业务领域，成长空间受到机构关 注。 作为典型的长期资金与"耐心资本"，社保基金的投资轨迹历来备受关注。 据第一财经等媒体统计，截至今年三季度末，全国社保基金重仓持有科技股（涵盖电子、通信、计算机、传媒四大板块） 的期末市值已突破469亿元，创下历史同期最高纪录。与2011年同期相比，更是实现了超过18倍的惊人增长。 据数据宝统计，截至今年前三季度，有6只科技股票被社保基金连续重仓达24个季度（即6年）及以上。 | | | 社保基金长期重仓科技股一览 | | | | --- | --- | --- | --- | --- | | 信标 | 理级特有 | 三季度期末 | | 同比增减(%) ...

来源：市值风云 虽然分拆上市了，但母公司还不忘常来割肉。 作者 | 贝壳XY 编辑 | 小白 当前，随着DeepSeek等开源大模型推动AI应用全面爆发，AI服务器、光模块、交换机等底层硬件需求持续攀升，直接带动PCB（印制电路板）产业链进 入新一轮高景气周期。PCB厂商纷纷扩产备货，一场行业"军备竞赛"已然展开。 但老话说得好："淘金热中，卖铲子的往往最赚钱。"在这轮产业淘金潮里，处于PCB产业链上游的设备制造商，正扮演着那个确定性最高的"卖铲人"角 色。 特别声明：以上内容仅代表作者本人的观点或立场，不代表新浪财经头条的观点或立场。如因作品内容、版权或其他问题需要与新浪财经头条联系的，请 于上述内容发布后的30天内进行。 ...

Core Viewpoint - The article discusses the current boom in the PCB (Printed Circuit Board) industry driven by the demand for AI applications and related hardware, highlighting the role of upstream equipment manufacturers as key beneficiaries in this cycle [1][3]. Group 1: Industry Trends - The emergence of open-source large models like DeepSeek is fueling a comprehensive explosion in AI applications, leading to a sustained increase in demand for AI servers, optical modules, and switches [3]. - This surge in demand is propelling the PCB industry into a new high prosperity cycle, prompting PCB manufacturers to expand production and stock up [3]. - An "arms race" is underway within the industry as companies compete to meet the rising demand for PCB-related products [3]. Group 2: Investment Opportunities - Equipment manufacturers in the upstream PCB supply chain are positioned as the most reliable "shovel sellers" during this industrial gold rush, suggesting a strong investment opportunity in these companies [3].

Market Overview - A-shares experienced a significant increase on December 12, with trading volume exceeding 2 trillion yuan, reaching 2.12 trillion yuan, a rise of 233.7 billion yuan from the previous day [2][9] - The Shanghai Composite Index rose by 0.41% to 3889.35 points, while the ChiNext Index increased by 0.97% to 3194.36 points [2] Sector Performance - The power equipment sector saw a surge, with 19 stocks hitting the daily limit, including Zhongneng Electric and Tongguang Cable, which both rose by nearly 20% [6][7] - Technology stocks, particularly in controllable nuclear fusion, high-bandwidth memory, superconductors, and fourth-generation semiconductors, performed strongly, while consumer sectors lagged due to a lack of performance inflection points [4][9] - Among 31 first-level industries, 21 sectors recorded gains, with notable increases in non-ferrous metals, electronics, power equipment, machinery, communication, and defense industries, all exceeding 1% [5] Investment Sentiment - The central economic work conference has positively influenced market sentiment, signaling supportive macro policies that bolster investor confidence [9][10] - The adjustment of the CSI 300 index components has led to increased passive investment in technology and communication sectors, further enhancing market sentiment [10] Future Outlook - Analysts suggest that the A-share market may continue its upward trend, supported by ongoing positive policy signals and active performance in technology sectors [11][12] - Structural opportunities are expected to arise, particularly in technology, new energy, and communication sectors, as well as in areas benefiting from policy support and domestic substitution [12]

Group 1 - The Central Economic Work Conference was held in Beijing from December 10 to 11 [1] - The Ministry of Commerce plans to enhance policy support for the retail industry during the "14th Five-Year Plan" period, focusing on innovation and high-quality development [2] - The Ministry of Commerce is also working with the Dutch government to facilitate discussions regarding semiconductor cooperation [2][3] Group 2 - Nandu Power announced a potential change in control and stock suspension starting December 12, with a maximum suspension period of two trading days [3] - Zhongwei Electronics reported progress in its control change, with stock resuming trading on December 12 [3] - Zhaoxin Co. plans to acquire 70% of Youde New Energy Technology for a maximum price of 220 million yuan, enhancing its capabilities in the renewable energy sector [4][5] Group 3 - Victory Energy disclosed a control change, with stock resuming trading on December 12, and the new controlling shareholder will be Qiteng Robotics [4][6] - The stock price of Victory Energy increased by over 87% this year, with a market capitalization of 4.163 billion yuan as of December 4 [4][6] - Zhongxing Communications is in communication with the U.S. Department of Justice regarding compliance with the Foreign Corrupt Practices Act [8] Group 4 - Tefa Information received a court ruling regarding a fraud case, with over 170 million yuan to be returned to the company [8] - Landun Optoelectronics decided to terminate a transaction to acquire shares in Star Semiconductor for 80 million yuan, aiming to control investments and protect shareholder interests [9] Group 5 - CITIC Securities reported that the global PCB industry is entering a new upcycle driven by AI, with opportunities across the entire supply chain [10]

Core Insights - The 2025 International Electronic Circuit (Shenzhen) Exhibition is a significant event for the global electronic circuit industry, showcasing trends driven by AI and high-frequency technologies [1] - The exhibition features over 600 top companies and covers an area of 80,000 square meters, serving as a hub for product displays, business matchmaking, and technical exchanges [1][2] Industry Trends - The PCB industry is undergoing unprecedented technological upgrades due to the penetration of AI and the popularity of applications like 5G and electric vehicles [2] - The exhibition focuses on two main themes: "AI" and "high-frequency and high-speed," highlighting breakthroughs across the entire industry chain from upstream materials to downstream applications [2] Exhibition Highlights - Over 600 companies, including industry leaders and emerging firms, showcased their latest innovations in advanced manufacturing equipment and smart factory solutions [3] - More than 100 new exhibitors made their debut, reflecting the strong manufacturing capabilities in response to the demands of AI computing and data center construction [3] Global Engagement - The exhibition attracted international buyers from countries such as South Korea, the USA, Germany, and Singapore, indicating a growing interest in China's PCB industry [4] - The event serves as a key platform for overseas buyers to connect with Chinese suppliers and explore partnership opportunities [4] Knowledge Sharing - Nearly 40 high-level technical forums were held during the exhibition, addressing industry pain points and trends related to AI, advanced packaging, and green manufacturing [5] - Experts from various sectors provided valuable insights to support the electronic circuit industry's transformation and high-quality development [5]