如果说规模实力决定企业的当下地位，那么发展能力就决定了它的未来高度。 在资本市场，增长可以靠并购短期拉高，营收可以靠补贴暂时支撑，但真正的增长能力，是企业对未来 趋势的预判力、对技术变革的适应力、对市场扩张的执行力和对竞争格局的塑造力。 一场技术革命，最先受益的是拥有前沿布局的企业；一次产业升级，最终胜出的是具备持续创新基因的 公司。当经济从"高速增长"转向"高质量发展"，发展能力，就成为企业穿越周期、引领行业的核心动 能。 基于济安金信最新发布的上市公司竞争力评级数据，我们整理出"A股发展能力"维度排名前100的公司 名单。这些企业不仅当前表现优异，更在研发投入、市场拓展、技术储备、战略前瞻性等方面展现出强 大的成长潜力。 本期榜单，带你看清谁是真正的"未来引擎"。 济安金信的"发展能力"评估，并非仅看营收增长率，而是重点考察： - 研发投入占比：是否持续加码核心技术 - 新产品/新市场贡献率：增长是否来自创新驱动 - 专利数量与质量：技术护城河有多深 - 战略前瞻性：是否提前布局未来赛道 得分越高，意味着企业在所属赛道中，增长动能越强，未来想象空间越大，长期价值释放潜力越足。 从数据来看，这份榜单高度集中 ...

Group 1 - Dongwu Securities issued a report on January 26, giving Chipone Technology (688521.SH) a "Buy" rating due to expected stable revenue in 2025 and a significant reduction in R&D expenditure ratio [1] - The company is experiencing accelerated mass production and steady growth in chip design [1] - The number of new orders signed each quarter has reached record highs, with backlogged orders remaining high for nine consecutive quarters [1]

目前，在AI/AR/VR眼镜领域，公司已为某知名国际互联网企业提供AR眼镜的芯片一站式定制服务，此 外还有数家全球领先的AI/AR/VR客户正在与芯原进行合作。 格隆汇1月26日丨芯原股份(688521.SH)近日在电话会议中表示，在边缘人工智能终端产品中，以AI/AR 眼镜为代表的智慧可穿戴设备被认为是继智能手机之后的下一个十亿级出货量的产品， 这类设备可搭 载更为自然的人机交互界面和越来越强大的本地AI处理能力，创新人们的数字生活和社交。芯原拥有 面向相关领域的极低功耗高性能芯片设计平台，可以打造适应不同功率模式的产品，满足超轻量实时在 线、低功耗以及全性能的全场景应用。 ...

2025 年业绩预告点评：订单兑现收入高增， 继续看好 AI ASIC 产业趋势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,338 | 2,322 | 3,154 | 5,661 | 8,612 | | 同比（%） | (12.73) | (0.69) | 35.84 | 79.49 | 52.11 | | 归母净利润（百万元） | (296.47) | (600.88) | (448.92) | 315.20 | 805.06 | | 同比（%） | (501.64) | (102.68) | 25.29 | 170.21 | 155.41 | | EPS-最新摊薄（元/股） | (0.56) | (1.14) | (0.85) | 0.60 | 1.53 | | P/E（现价&最新摊薄） | (366.46) | (180.81) | (242.01) | 344.67 | 134.95 | [Ta ...

基于自有的IP，公司已拥有丰富的面向人工智能（AI）应用的软硬件芯片定制平台解决方案，涵盖如智 能手表、AI/AR/VR眼镜等实时在线（Always on）的轻量化空间计算设备，AI PC、AI手机、智慧汽 车、机器人等高效率端侧计算设备，以及数据中心/服务器等高性能云侧计算设备。作为"AI ASIC龙头 企业"，芯原在云端算力（训练和推理）芯片定制领域已建立起显著优势；面向未来，公司将在持续服 务数据中心、高性能计算等市场需求的同时，大力拓展端侧AI市场，为端侧AI微调和推理提供高效的 算力支持。 格隆汇1月26日丨芯原股份(688521.SH)近日在电话会议中表示，近年来，随着人工智能技术的快速发 展，尤其是生成式人工智能（AIGC）模型的广泛应用，半导体产业迎来了高速增长期。AI ASIC凭借 其定制化架构、高计算密度和低功耗特性，可以在特定场景中实现高性价比和低功耗，正成为市场增长 的核心驱动力。2025年全年，公司新签订单金额59.60亿元，同比增长103.41%，其中AI算力相关订单占 比超73%，预计未来AI算力相关领域的客户需求将驱动公司业绩增长。 ...

目前，在AI/AR/VR眼镜领域，公司已为某知名国际互联网企业提供AR眼镜的芯片一站式定制服务，此 外还有数家全球领先的AI/AR/VR客户正在与芯原进行合作。 格隆汇1月26日丨芯原股份(688521.SH)近日在电话会议中表示，在边缘人工智能终端产品中，以AI/AR 眼镜为代表的智慧可穿戴设备被认为是继智能手机之后的下一个十亿级出货量的产品， 这类设备可搭 载更为自然的人机交互界面和越来越强大的本地AI处理能力，创新人们的数字生活和社交。芯原拥有 面向相关领域的极低功耗高性能芯片设计平台，可以打造适应不同功率模式的产品，满足超轻量实时在 线、低功耗以及全性能的全场景应用。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant revenue growth driven by strong order fulfillment, particularly in the AI ASIC sector, with a projected revenue increase of 35.84% in 2025 [7] - The company has seen a substantial increase in new orders, with a total of 5.96 billion yuan in new orders for 2025, representing a year-on-year growth of 103.41% [7] - The company’s R&D expenses are expected to decrease as a percentage of revenue, indicating improved efficiency in resource allocation [7] Financial Projections - Total revenue is projected to be 3,154 million yuan in 2025, with further increases to 5,661 million yuan in 2026 and 8,612 million yuan in 2027 [1][8] - The net profit attributable to the parent company is forecasted to be -448.92 million yuan in 2025, turning positive with 315.20 million yuan in 2026 and 805.06 million yuan in 2027 [1][8] - The earnings per share (EPS) is expected to improve from -0.85 yuan in 2025 to 1.53 yuan in 2027 [1][8] Business Performance - The company’s volume business revenue is expected to grow by 73.98% year-on-year in 2025, while chip design revenue is projected to increase by 20.94% [7] - The company has maintained a high level of orders, with a backlog of 50.75 billion yuan at the end of 2025, indicating strong future revenue potential [7] - The company’s revenue from data processing is expected to grow by over 95%, contributing approximately 34% to total revenue [7]

Core Viewpoint - Chip Origin Co., Ltd. (芯原股份) has announced its 2025 annual performance forecast, projecting a revenue increase but continued net losses, indicating a narrowing of losses compared to previous years [1] Financial Performance Summary - The company expects to achieve an operating revenue of approximately 3.153 billion yuan in 2025, representing a growth of 35.81% compared to 2024 [1] - The projected net profit attributable to shareholders for 2025 is approximately -449 million yuan, which is a reduction of 152 million yuan from the previous year, reflecting a narrowing of losses by 25.29% [1] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is approximately -627 million yuan, with a reduction of 16 million yuan compared to the previous year, indicating a narrowing of losses by 2.49% [1] - Historical revenue figures for 2022 to 2024 are 2.679 billion yuan, 2.338 billion yuan, and 2.322 billion yuan respectively [1] - Historical net profit figures for the same period are 73.81 million yuan, -296 million yuan, and -601 million yuan respectively [1] - Historical net profit figures after deducting non-recurring gains and losses are 13.29 million yuan, -318 million yuan, and -643 million yuan respectively [1] - The net cash flow from operating activities for the years 2022 to 2024 are -329 million yuan, -8.52 million yuan, and -346 million yuan respectively [1] Fundraising and IPO Details - Chip Origin Co., Ltd. was listed on the Sci-Tech Innovation Board on August 18, 2020, with an issuance of 48.3193 million shares at a price of 38.53 yuan per share, raising a total of 1.862 billion yuan [2] - The net amount raised after deducting issuance costs was 1.678 billion yuan, which was 888 million yuan more than the original plan [2] - The company planned to use the raised funds for various projects, including IP application solutions for smart wearable devices, smart cars, smart homes, and upgrading the R&D center [2] - The total issuance costs for the IPO were 184 million yuan, with underwriting fees amounting to 164 million yuan [3] - In a subsequent issuance on July 3, 2025, the company issued 24,860,441 shares at a price of 72.68 yuan per share, raising a total of approximately 1.807 billion yuan, with a net amount of approximately 1.780 billion yuan after costs [3][4]

消息面上，三星电子将第一季度NAND闪存供应价格上调100%以上，涨幅远超市场预期。这是继 DRAM内存价格上调近70%后，存储市场释放的又一调价信号。 （文章来源：每日经济新闻） 招商证券认为，2026第一季度各品类存储价格环比涨幅超预期，预计2026年全年全球存储供给整体维持 偏紧状态，AI需求增长持续高于产能扩张速度，其他消费类存储和利基型存储受到产能挤压和下游恐 慌备货等因素，价格涨幅也远超常规水平。今年国内存储产业链多环节都将受益于缺货涨价浪潮，核心 建议关注存储原厂、存储模组/芯片公司、存储封测/代工等环节。 1月26日午后，市场延续震荡调整走势，截至14:35，上证科创板芯片设计主题指数下跌1.1%。 上证科创板芯片设计主题指数由科创板内不超过50只业务涉及芯片设计领域的股票组成，指数前五大权 重股为海光信息、澜起科技、寒武纪、芯原股份、东芯股份，数字芯片设计行业合计占比超75%，在AI 驱动的新范式下具备长期成长潜力。 ...

消息方面，北京表示要大力发展高精尖产业。巩固壮大实体经济根基，推动集成电路重点项目扩产量 产，高水平建设国际医药创新公园，全生态链推进绿色先进能源、新能源汽车、机器人、商业航天等重 点项目。加快建设全球数字经济标杆城市，全面实施"人工智能+"行动，建设国家人工智能应用中试基 地。推进未来产业先导区建设，培育6G、量子科技、生物制造等新增长点，推动传统产业提质升级， 促进制造业数智化转型。 兴业证券认为，流动性充裕是支撑本轮春季行情向上的核心驱动力，背后来源于险资"开门红"支撑新增 保费入市、居民存款集中到期与人民币升值吸引的境外资金回流。流动性充裕的环境中，偏暖的基本面 和政策为市场风险偏好形成托底，从而资金对于各类宏观和产业层面的叙事做出积极响应，推动赚钱效 应不断扩散，或将成为本轮春季行情结构上的一个重要特征。 随着A股上市公司年报预告进入披露高峰，叠加北美科技巨头财报集中披露，业绩对结构的影响或将更 加显著，继续聚焦基本面挖掘亮点。结合年报业绩预告线索与近期盈利预期边际上修情况，当前业绩具 备亮点且本轮涨幅偏低的行业主要集中在AI硬件（北美算力、消费电子）、电池、医药、钢铁、非银 等。 随着市场热点轮动 ...