【华西中小盘】官媒点名SiC，下游需求急速增长 2.1人民日报报道，数据中心变压器爆单至27年，点名使用SiC有望成为变压器未来重要趋势。 利空出尽，行业迎来反转 11.21台达电子宣布称，美团的数据中心采用了他们搭载了SiC技术的固态变压器（SST）。 近期各家SiC企业发布25年业绩预期，市场误读认为行业继续下行，叠加科技情绪不佳，市场表现下 【华西中小盘】官媒点名SiC，下游需求急速增长 2.1人民日报报道，数据中心变压器爆单至27年，点名使用SiC有望成为变压器未来重要趋势。 11.21台达电子宣布称，美团的数据中心采用了他们搭载了SiC技术的固态变压器（SST）。 利空出尽，行业迎来反转 近期各家SiC企业发布25年业绩预期，市场误读认为行业继续下行，叠加科技情绪不佳，市场表现下行，但实际市 场交易的是未来需求的增量，属于错杀。 未来三大需求AI电力、先进封装、AR眼镜需求量有望是当前市场7倍以上。 如人民日报点名的AI电力领域，下游已经在加速扩产， ➠50亿投资的泗水8英寸碳化硅晶圆厂竣工 11月 ➠株洲8英寸碳化硅晶圆线量产（36万片） 1月 ➠8英寸碳化硅芯片生产线通线（72万片） 据以上不完 ...

【华西中小盘】官媒点名SiC，下游需求急速增长 2.1人民日报报道，数据中心变压器爆单至27年，点名使用SiC有望成为变压器未来重要趋势。 11.21台达电子宣布称，美团的数据中心采用了他们搭载了SiC技术的固态变压器（SST）。 利空出尽，行业迎来反转 近期各家SiC企业发布25年业绩预期，市场误读认为行业继续下行，叠加科技情绪不佳，市场表现下行， 【华西中小盘】官媒点名SiC，下游需求急速增长 2.1人民日报报道，数据中心变压器爆单至27年，点名使用SiC有望成为变压器未来重要趋势。 11.21台达电子宣布称，美团的数据中心采用了他们搭载了SiC技术的固态变压器（SST）。 利空出尽，行业迎来反转 10月 # 三菱电机 50亿投资的泗水8英寸碳化硅晶圆厂竣工 11月 # 安森美 获36亿补贴新建8英寸碳化硅工厂 12月 # 意法半导体 获83亿信贷建8英寸碳化硅工厂（72万片） # 时代电气 株洲8英寸碳化硅晶圆线量产（36万片） 近期各家SiC企业发布25年业绩预期，市场误读认为行业继续下行，叠加科技情绪不佳，市场表现下行，但实际市 场交易的是未来需求的增量，属于错杀。 未来三大需求AI电力、先进封装、 ...

Core Viewpoint - The semiconductor industry is experiencing price increases in power devices like Mosfets, with expectations for similar trends in analog devices and MCUs, driven by rising raw material costs and recovering demand, particularly from AI applications [1] Group 1: Power Devices - Power devices such as Mosfets have seen initial price increases, with expectations for analog devices and MCUs to follow due to rising raw material costs and recovering demand from AI [1] - The SiC market is expected to benefit from long-term demand driven by AI data centers and the evolution of 800V architectures in new energy vehicles, with significant cost reductions leading to increased applications in diodes and transistors [1] - IGBTs are at a critical supply-demand juncture, with potential boosts from energy storage and new energy demands [1] Group 2: Packaging Industry - The packaging industry is experiencing improved market conditions, with rising capacity utilization rates and strong demand for both advanced and traditional packaging, leading some leading manufacturers to initiate price increases [1] - Advanced packaging is identified as a long-term trend due to the physical limits of semiconductor processes, with performance improvements increasingly reliant on advanced packaging techniques [1] Group 3: Storage Industry - The storage sector maintains a positive outlook, with new AI applications expected to drive terminal storage demand as a growth point [1] Group 4: Investment Trends - There is a strong expectation for increased capital expenditure from North American cloud service providers, driven by investments in AI infrastructure [1] - The Xinchuang ETF (159537) tracks the Guozhen Xinchuang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors to reflect the overall performance of the information technology innovation theme [1]

1月30日晚间，上交易上市审核委员会2026年第3次审议会议公告显示，斯达半导（603290）公开发行15 亿可转债项目获得通过。 一、公司基本情况 斯达半导体股份有限公司（Wind代码：603290.SH）成立于2005年4月27日，总部位于浙江省嘉兴市南 湖区科兴路988号，2020年2月4日在上海证券交易所主板上市。公司专业从事以IGBT为主的半导体芯片 和模块的设计研发、生产及销售，产品涵盖IGBT、SiC、GaN、MCU芯片及模块，电压等级覆盖100V ～3300V，电流等级10A～3600A，广泛应用于新能源汽车、工业控制、光伏、储能、白色家电等领 域。公司注册资本2.39亿元，法定代表人及董事长为沈华。 二、报告期业绩 截至2025年前三季度，公司实现营业收入29.90亿元，同比增长23.82%；归母净利润为3.82亿元，同比 下降9.80%；扣非归母净利润同比下降11.58%。业绩增长主要由新能源汽车、AI服务器等高增长领域需 求驱动，但净利润承压源于研发费用大幅增加至3.44亿元，占营业收入比重达11.5%。2025年第三季度 单季营收达10.51亿元，环比增长显著，显示收入端持续回暖。公司 ...

Group 1 - The company has changed its auditing firm to Tianjian Accounting Firm for the 2025 fiscal year, with the decision approved during the board meeting on July 25, 2025, and the first extraordinary shareholders' meeting on August 12, 2025 [1][2][3] - The new signing auditors are Chen Zhenwei and Weng Jincheng, while the new project quality reviewer is Li Zongwei, replacing the previous personnel due to internal adjustments at Tianjian [1][2][3][6] Group 2 - The company forecasts a net profit attributable to shareholders of the parent company for 2025 to be between 14 million and 21 million yuan, marking a turnaround from a loss in the previous year, with an increase of 28.47 million to 35.47 million yuan, representing a year-on-year growth of 196.77% to 245.15% [11][13] - The expected net profit after deducting non-recurring gains and losses is projected to be between 8 million and 12 million yuan, an increase of 41.99 million to 45.99 million yuan compared to the previous year, reflecting a year-on-year increase of 123.54% to 135.30% [11][13] - The improvement in performance is attributed to the recovery in the power semiconductor industry, increased demand for new power electronic devices, and the company's strategic adjustments in product offerings [15][16]

Core Viewpoint - The company, Hongwei Technology, is expected to turn a profit in 2025, with projected net profits ranging from 14 million to 21 million yuan, marking a significant increase compared to the previous year [1] Group 1: Financial Projections - The estimated net profit attributable to the parent company for 2025 is projected to be between 14 million and 21 million yuan, an increase of 28.47 million to 35.47 million yuan year-on-year, representing a growth of 196.77% to 245.15% [1] - The projected net profit after deducting non-recurring gains and losses is expected to be between 8 million and 12 million yuan, reflecting an increase of 41.99 million to 45.99 million yuan year-on-year, which corresponds to a growth of 123.54% to 135.30% [1] Group 2: Industry Outlook - The power semiconductor industry is anticipated to recover in 2025, driven by increased global investment in intelligent computing and rising chip power consumption [1] - There is a growing demand for new power electronic devices in sectors such as renewable energy generation, industrial control, and AI server power supplies, which is expected to accelerate the iteration of these devices [1] - The company is strategically expanding its product offerings, including IGBT, MOSFET, FRD, SiC, and GaN, to meet market demands and enhance overall profitability [1] Group 3: Operational Strategy - The company is actively adjusting its business strategy in response to improving market conditions and is focusing on clearing long-term inventory, which is expected to significantly reduce asset impairment losses and positively impact net profits [2]

（记者 曾健辉） 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，宏微科技1月30日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为1400万元~2100万元，较上年同期相比，将实现扭亏为盈，预计较上年同期增加2846.73万元~3546.73 万元，同比增加196.77%~245.15%。业绩变动主要原因是，主营业务的影响。2025年，公司所处的功率 半导体行业景气度回升。全球智算投资持续加码，芯片功耗攀升与机柜密度跃增驱动供电升级，新能源 发电、工业控制、AI服务器电源等领域对新型电力电子装置的需求加速迭代。公司把握市场机遇，持 续丰富IGBT、MOSFET、FRD及SiC、GaN产品组合，扩大业务外延，丰富客户结构，根据客户需求提 供定制化的功率器件解决方案，带动了整体盈利能力提升。 ...

Group 1: Macro Insights - The report highlights that in 2026, the scale of maturing medium- and long-term deposits for households and enterprises is estimated to be 58.3 trillion, an increase of 5.6 trillion compared to 2025, with household deposits reaching 37.9 trillion, marking the highest level in five years [3] - A significant portion of these deposits, over 54%, will mature in the first quarter of 2026, which is expected to alleviate pressure on bank interest margins and potentially reduce banks' liability costs by approximately 550 billion [3] - The influx of maturing household deposits is anticipated to provide incremental funds to the equity market, particularly benefiting the stock market during the expected "spring rally" [3] Group 2: Industry Performance - In the basic chemical sector, SiC prices have stabilized at a low point, with the transition to 8-inch wafers improving supply-demand dynamics [4] - The coal industry saw a slight production increase in 2025, with a projected domestic coal production increase of only 2 to 3 million tons in 2026, reaching 385 million tons, which is a year-on-year growth of about 0.6% [5][6] - The report indicates that coal imports in December 2025 increased by 11.94% year-on-year, totaling 58.6 million tons, while the total coal imports for the year decreased by 9.6% [6] Group 3: Energy Sector - The total electricity consumption in 2025 is projected to grow by 5%, with December's electricity consumption reaching 908 billion kWh, a year-on-year increase of 2.77% [12] - The report notes that the decline in thermal power generation has narrowed, with a year-on-year decrease of 3.2% in December, which is an improvement compared to previous months [7] - Recommendations include focusing on high-dividend thermal power leaders and companies with stable electricity prices and coal-electric integration [13] Group 4: Company-Specific Insights - Anta Sports is expected to maintain stable operations in 2025, with a projected net profit of 13.194 billion to 14.035 billion yuan, corresponding to a PE ratio of 15 times for 2026 [14] - Tonghuashun's annual performance is expected to exceed expectations, with a projected net profit of 2.735 billion to 3.282 billion yuan for 2025, reflecting a year-on-year increase of 50% to 80% [15] - Yanjing Beer anticipates a net profit of 1.584 billion to 1.742 billion yuan for 2025, with a growth rate of 50% to 65% year-on-year [17]

Core Viewpoint - The ongoing control dispute over Nexperia, a semiconductor company, involves its current temporary European management and its sole shareholder, China's Wingtech Technology, with a court hearing scheduled for January 14, 2026 [1] Group 1: Control Dispute Background - The dispute traces back to late September to early October 2025, when the Dutch Ministry of Economic Affairs issued a ministerial order that temporarily "froze" Nexperia's operations, leading to a court ruling that suspended CEO Zhang Xuezheng's position and limited Wingtech's control [1] - Despite the Dutch government's withdrawal of the ministerial order, the court's ruling remains effective, resulting in a deadlock over the company's control [1] Group 2: Allegations Against Wingtech - The allegations against Wingtech and its principal Zhang Xuezheng center on two main issues: "asset stripping" and "technology transfer" [2] - Wingtech's rebuttal indicates that Nexperia held approximately $396 million in its accounts at the time of the alleged "interference," contradicting the asset stripping claims [2] - Wingtech argues that internal discussions regarding "Project Haven," "Project X," and a second brand plan were merely preliminary responses to supply chain risks and were never implemented due to feasibility issues [2] Group 3: Knowledge and Technology Transfer Allegations - Wingtech refutes claims of "intellectual property theft" and "capacity transfer," asserting that Nexperia's market success does not rely on exclusive technology, as many core technologies are widely available or can be licensed [3] - The establishment of WSS was primarily to address Nexperia's capacity bottlenecks and supply chain pressures, with WSS investing approximately 12 billion RMB (over $1.7 billion) in factory construction, which Wingtech claims is independent of asset transfer motives [3] Group 4: Strategic Transformation and Governance Conflict - The governance conflict stems from strategic transformations initiated by Wingtech after acquiring Nexperia, which had previously struggled with insufficient R&D investment and slow growth [4] - Following the acquisition, Nexperia's revenue grew from approximately $1.43 billion in 2020 to $2.06 billion in 2024, with net profit increasing from $103 million to $331 million during the same period [4] - R&D expenditures rose from about $63 million in 2019 to $156 million in 2024, with a significant increase in patent applications, indicating a shift towards systematic innovation [4] Group 5: Impact of Governance Disruption - The governance disruption has led to supply chain challenges, with key customers facing delays or interruptions in product deliveries, potentially forcing them to diversify their supply chains [5] - The internal order at Nexperia has been severely impacted, with reports of halted salary payments to thousands of employees in China, creating uncertainty and anxiety within the workforce [5] Group 6: Wingtech's Call for Restoration of Rights - Wingtech emphasizes the urgency of resolving the control deadlock, warning that continued intervention could lead to irreversible losses in corporate value and employee welfare [6] - The company argues that the initial intervention by Dutch authorities was based on factual and legal errors, reflecting a bias against Chinese investors [6] - Wingtech's proposed solution is the unconditional restoration of its shareholder rights and the reinstatement of Zhang Xuezheng as CEO [6] Group 7: Broader Implications - The Nexperia case has escalated beyond commercial and legal issues, drawing attention from government entities, with China's Ministry of Commerce calling for the Dutch government to rectify its administrative interventions [7] - The ministry stresses the need for cooperation to ensure the stability of the global semiconductor supply chain [7]

Core Viewpoint - The ongoing control dispute over Nexperia, a semiconductor company, involves its temporary European management and its sole shareholder, Wingtech Technology from China, with significant implications for the company's operations and governance [1][4]. Group 1: Control Dispute Background - The dispute traces back to late September to early October 2025, when the Dutch Ministry of Economic Affairs issued a ministerial order that temporarily "froze" Nexperia's operations, leading to a court ruling that suspended CEO Zhang Xuezheng's position and limited Wingtech's control [1]. - Despite the Dutch government's withdrawal of the ministerial order, the court's ruling remains effective, resulting in a deadlock over the company's control [1]. Group 2: Allegations Against Wingtech - The allegations against Wingtech primarily focus on two core issues: "asset stripping" and "knowledge, technology, and capacity transfer" [2][3]. - Wingtech's rebuttal to the "asset stripping" claims highlighted that Nexperia held approximately $396 million in its accounts at the time of the alleged intervention, contradicting the accusations [2]. - The company argued that internal discussions regarding projects aimed at addressing supply chain risks were misrepresented as evidence of asset stripping, emphasizing that these plans were never implemented due to feasibility concerns [2]. Group 3: Knowledge and Technology Transfer Allegations - Wingtech refuted claims of "intellectual property theft" and "capacity transfer," asserting that Nexperia's success does not rely on exclusive technology and that many core technologies are widely available in the industry [3]. - The establishment of WSS was explained as a response to Nexperia's capacity bottlenecks and supply chain pressures, with WSS investing approximately 12 billion RMB (over $1.7 billion) in factory construction, indicating independent commercial logic rather than asset transfer [3]. Group 4: Financial and Strategic Transformation - Since Wingtech's acquisition in late 2019, Nexperia has undergone significant strategic transformation, improving financial performance with revenue rising from approximately $1.43 billion in 2020 to $2.06 billion in 2024, and net profit increasing from $103 million to $331 million during the same period [5]. - The company's annual R&D expenditure grew from about $63 million in 2019 to $156 million in 2024, with a substantial increase in patent applications, indicating a shift towards systematic and scalable innovation [5]. Group 5: Impact of Governance Disruption - The governance disruption has negatively affected Nexperia's supply chain, with key customers facing delays or interruptions in product delivery, potentially forcing them to diversify their supply chains [6]. - Internal order has been severely impacted, with reports of halted salary payments to thousands of employees in China, creating uncertainty and anxiety within the workforce [6]. - The control deadlock has persisted for over three months, with no resolution in sight, prompting Wingtech to express a strong sense of crisis regarding the company's future [6][7]. Group 6: Broader Implications - The situation has escalated to government-level concerns, with the Chinese Ministry of Commerce attributing the root cause of the issue to improper administrative intervention by the Dutch government, calling for the withdrawal of administrative orders to facilitate negotiations [8].