我们从去年持续强调：＃建筑+科技赛道——2026年核心主线。 今天科技情绪继续上行，【上海港湾】涨停，【亚翔集成】、【圣晖集成】大涨，当前时间我们继续重申，请持 续关注重视！ 我们从去年持续强调：＃建筑+科技赛道——2026年核心主线。 ...

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年2月9日，亚翔集成（sh603929）触及涨停，涨停价149.27元，涨幅10%，总市值318.48亿元，流 通市值318.48亿元，截止发稿，总成交额7.01亿元。 根据喜娜AI异动分析，亚翔集成涨停原因可能如下，半导体洁净室+公司治理优化+海外市场： 1、亚翔 集成在半导体洁净室领域拥有核心技术，还取得了CNAS检测认证。公司为IC半导体等高科技电子产业 提供洁净室工程等服务，半导体行业发展前景广阔，其技术优势能助力公司在市场竞争中占据有利地 位。同时，公司取消监事会并修订多项制度，简化了决策流程，提高了运营效率，有助于公司治理结构 的优化。 2、近期半导体板块受市场 ...

证券研究报告 工业/基础材料 上周国常会再次指出促进有效投资对于稳定经济增长、增强发展后劲具有重 要作用，提升 26Q1 投资稳增长预期，北方地区补齐防洪排涝抗灾基础设施 短板有望迎政策催化，防水及工程管材有望受益。上周玻纤电子布再度提价， 7628 电子布提价 0.5 元/米以上，幅度和时点均超市场预期，体现出高端电 子布景气"下沉"向普通电子布传导的特征。此外，我们继续看好商业航天 中高端材料需求，主要包括耐高温纤维材料、太阳翼能源系统中的钙钛矿材 料和 UTG 玻璃等细分品类。建议 26Q1 继续均衡布局新兴产业成长与传统 顺周期，重点推荐亚翔集成、精工钢构、中材国际、四川路桥、中国建筑国 际、中国联塑、凯盛科技、华新建材、北新建材、旗滨集团。 细分行业回顾：普通电子/纱布提价时点和幅度超预期 截至 2 月 6 日，上周全国水泥价格周环比-0.9%；水泥出货率 24.6%，周环 比/同比-7.8/+2.5pct。国内浮法玻璃均价 62 元/重量箱，周环比/同比 +0.4%/-17.8%，样本企业库存 4949 万重箱，周环比+0.4%。3.2/2.0mm 光 伏玻璃主流订单价格 17.8/10.8 元/ ...

Summary of Conference Call Records Industry Overview - The focus is on the cleanroom industry, particularly companies like Yaxing Integration and Shenghui Integration, which are leaders in this sector [1][2]. Key Insights and Arguments - **AI Demand and Capital Expenditure**: Recent financial reports from several overseas leaders have exceeded expectations, confirming the robust demand for AI and indicating that AI capital expenditures are entering an expansion phase. Cleanrooms, as a front-end infrastructure segment, are expected to see a corresponding increase in demand [1]. - **U.S. Semiconductor Investments**: The U.S. has significantly increased investments in the semiconductor manufacturing chain, attracting major companies like TSMC and Samsung to establish factories in the U.S. By the end of 2024, TSMC is expected to have invested $65 billion in the U.S. and announced an additional $100 billion investment in March 2025. Recent "tariff-for-investment" policies have led TSMC and other Taiwanese companies to commit to at least $250 billion in direct investments in the U.S., which is likely to drive rapid growth in regional cleanroom demand [1]. - **Southeast Asia Developments**: - **Singapore**: The RIE2030 initiative plans to invest SGD 37 billion over the next five years in key economic sectors like semiconductors, aiming to double the output of the semiconductor and related manufacturing industries by 2030. This initiative is attracting major players such as UMC, World Advanced, and Micron to establish factories [2]. - **Vietnam and Thailand**: These countries are leveraging labor cost advantages and industrial cluster benefits to accelerate the transfer of precision manufacturing (PCB) and other supply chains, leading to robust regional capital expenditures [2]. Supply Side Dynamics - Cleanroom production capacity is primarily concentrated in mainland China and Taiwan, with the top five companies holding nearly 40% of the market share. Mainland leaders like Shenzhen Sanda A are actively pursuing overseas expansion. However, there are potential restrictions on mainland capacity moving to the U.S., leading to a significant mismatch in supply and demand in the U.S. market. It is anticipated that there will be an accelerated introduction of Taiwanese cleanroom leaders to the U.S. market, with project profit margins expected to exceed expectations, contributing significantly to performance growth. Continuous recommendations are made for Yaxing Integration (a Taiwanese cleanroom leader securing multiple large contracts in Singapore) and Shenghui Integration (which has established a U.S. subsidiary and is expected to benefit from TSMC's orders) [2]. Risk Factors - Potential risks include a downturn in semiconductor capital expenditures, increased competition within the industry, and the possibility that expansion efforts in the U.S. may not meet expectations [3].

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

证券日报网讯2月2日，亚翔集成（603929）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司的股东数为22924户。 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The cleanroom market is expanding due to increased investment in high-tech industries, benefiting companies like Yaxiang Integration, with related companies including Shenghui Integration and Bocheng Co., Ltd. [3][4] - The real estate market is showing signs of marginal improvement, with significant potential for transformation and development [5] Summary by Sections Cleanroom Industry - The growth in high-tech industry investments is driving the expansion of the cleanroom market, with Micron Technology planning to invest $24 billion in a NAND factory in Singapore over the next decade, which will include 700,000 square feet of cleanroom space [4] - The World Semiconductor Trade Statistics (WSTS) predicts a 26.3% increase in the global semiconductor market by 2026, reaching $975 billion, further supporting the cleanroom industry's growth [4] - Yaxiang Integration's parent company reported a consolidated revenue of NT$9.5 billion (approximately RMB 2.1 billion) in December, a year-on-year increase of 165.2% [4] Real Estate Market - The Central Economic Work Conference in December 2025 emphasized stabilizing the real estate market through targeted policies, including controlling inventory and encouraging the acquisition of existing properties for affordable housing [5] - An article published on January 2, 2026, highlighted the importance of managing expectations in the real estate market, which has significant financial asset attributes and broad social implications [5] Recommended Companies - The report recommends Yaxiang Integration for the cleanroom sector, with related companies including Bocheng Co., Ltd. and Shenghui Integration [7] - Other sectors recommended include commercial aerospace, controllable nuclear fusion, and renewable energy, with specific companies highlighted for each sector [7]

Key Insights on Infrastructure Investment Opportunities - A seasonal infrastructure construction boom occurs from the end of the Spring Festival to the conclusion of the National People's Congress, lasting approximately 1-1.5 months, presenting significant investment opportunities[2] - The report identifies 10 strong sub-sectors with high odds and win rates, including engineering consulting services, environmental equipment, environmental governance, general equipment, specialized engineering, non-metallic materials, new metallic materials, specialized equipment, decoration, and plastics, with average returns of 12-15% and excess returns of 4-8% over the past decade[2][10] Selected Stocks from Strong Sub-sectors - The report highlights a portfolio of 18 stocks selected from the 10 strong sub-sectors based on a scoring model, which includes: - Engineering consulting: Qidi Design (average excess return 22.7%, win rate 100%) and Jian Ke Yuan (average excess return 16.4%, win rate 100%)[3][19] - Environmental equipment: Xianhe Environmental (average excess return 11.7%, win rate 90%) and Senyuan Co. (average excess return 12.2%, win rate 80%)[3][20] - Environmental governance: Shanghai Washba (average excess return 36.0%, win rate 100%) and Dechuang Environmental (average excess return 19.1%, win rate 89%)[3][23] - General equipment: Jialitu (average excess return 35.3%, win rate 100%) and Jinyang Sun (average excess return 28.8%, win rate 100%)[3][26] Performance and Risk Considerations - The selected 10 strong sub-sectors have consistently shown high absolute and excess return probabilities, with a stable performance track record over the past decade[10][13] - Risks include limitations of comparative studies, market learning effects leading to volatility, unexpected market downturns, and individual stock risks impacting the overall portfolio[4]

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