证券日报网讯 2月4日，景嘉微在互动平台回答投资者提问时表示，公司将密切关注相关技术发展趋势 及行业产业政策，持续推动芯片迭代优化以及生态体系建设，助力打造具备安全可控性能的国产化算力 底座。 （文章来源：证券日报） ...

Core Viewpoint - The company, Jingjia Micro (300474), has significantly increased its R&D investment, indicating a strong focus on innovation and technology development in the GPU and radar sectors [1] Group 1: R&D Investment Overview - In 2023, the company's R&D investment reached 331 million yuan, accounting for 46.44% of its operating revenue [1] - For 2024, the projected R&D investment is 281 million yuan, which will represent 60.18% of the operating revenue [1] - In the first three quarters of 2025, the R&D investment is expected to be 234 million yuan, making up 47.41% of the operating revenue [1] Group 2: Focus Areas of R&D - The company's R&D efforts are primarily concentrated on GPU chips, graphics display control, small specialized radar, and related technology fields [1]

Group 1 - The company Jingjia Micro (300474) has become the controlling shareholder of Chengheng Micro by holding 34.65% of its shares and acquiring a total of 66.93% of voting rights through a concerted action relationship [1] - Chengheng Micro will become a subsidiary of Jingjia Micro following this acquisition [1]

Group 1 - The core point of the article is that Jingjia Micro (300474) reported a total of 91,045 shareholders as of January 20, 2026 [1]

Core Viewpoint - The company is significantly increasing its research and development (R&D) investment, indicating a strong focus on innovation and technology advancement in the GPU and radar sectors [1] Group 1: R&D Investment - In 2023, the company's R&D expenditure was 331 million yuan, accounting for 46.44% of its operating revenue [1] - For 2024, the R&D investment is projected to be 281 million yuan, which will represent 60.18% of the operating revenue [1] - In the first three quarters of 2025, the R&D spending reached 234 million yuan, making up 47.41% of the operating revenue [1] Group 2: R&D Focus Areas - The primary focus areas for the company's R&D efforts include GPU chips, graphics display control, and small specialized radar technologies [1] Group 3: Future Profitability - The company has not provided specific details regarding its profitability for the year 2016, suggesting that further information will be available through official announcements [1]

Group 1 - The core viewpoint of the article highlights that Jingjia Micro (300474.SZ) has a wide application of its products in specialized fields that require high reliability, including aerospace, aviation, marine, and automotive sectors [1] Group 2 - The company's products are also utilized in general fields, indicating a diverse market presence [1]

Group 1 - Hunan's main expected goals for 2026 include a GDP growth of around 5%, a local general public budget revenue growth of about 1.5%, and an industrial added value growth of 6% [1] - The province plans to implement approximately 389 key projects with a total investment of about 2 trillion yuan, focusing on infrastructure projects such as energy integration and urban infrastructure upgrades [1] - Hunan aims to create 700,000 new urban jobs and ensure that residents' income growth outpaces economic growth, with a target for consumer price inflation at around 2% [1] Group 2 - The "Top Ten Technical Tackling Projects" include key technologies such as AI breeding for traditional medicinal materials and quantum navigation technology [2] - Local listed companies are supporting these projects, with examples including Lens Technology's new production capacity for assembly robots and Chengheng Micro's AI SoC chip development [3] - Hunan will focus on enhancing its modern industrial system, promoting 13 key industrial chains and advanced manufacturing clusters, while upgrading traditional industries and expanding emerging sectors [3] Group 3 - Specific projects under the "Top Ten Industrial Projects" include the new generation lithium battery industrialization project and the advanced steel material product structure upgrade project [4] - Other notable projects include the 3D glass R&D and production base by Lens Technology and the electric drive system manufacturing project by CRRC [4]

Core Insights - The global High Bandwidth Memory (HBM) market is experiencing rapid growth, with shipments expected to increase from 1.5 billion gigabytes (GB) in 2023 to 5.7 billion GB by 2026, and revenues projected to rise from $4.35 billion in 2023 to $50 billion in 2026 [6][7][8]. HBM Industry Definition and Advantages - HBM is a high-performance semiconductor memory based on 3D stacking technology, offering high bandwidth and energy efficiency, primarily used in high-performance computing and networking applications [1][4]. - HBM has four main advantages over traditional DRAM: high bandwidth, high capacity, low power consumption, and small size [2][3]. HBM Industry Development Status - HBM technology is becoming a standard for AI acceleration cards (GPUs, TPUs, etc.), with its value share continuing to increase [4][6]. - The demand for HBM is driven by the needs of AI and high-performance computing, with significant growth expected in the coming years [6][10]. HBM Industry Chain - The HBM industry chain includes upstream materials (electrolytes, precursors, IC substrates) and semiconductor equipment (lithography machines, etching machines), with midstream focusing on HBM production and downstream applications in AI, data centers, and high-performance computing [8][9]. HBM Industry Competitive Landscape - The global HBM market is dominated by foreign manufacturers, with SK Hynix holding a 53% market share, followed by Samsung at 38% and Micron at 9% [14][15]. - Domestic companies in China, such as Changxin Memory, Changdian Technology, and others, are making significant progress in the HBM supply chain, aiming to increase local production capabilities [15][16]. HBM Industry Development Trends - HBM is positioned as a critical hardware component for AI and high-performance computing, with its unique 3D stacked structure providing superior bandwidth compared to traditional memory solutions [16][17]. - The future memory landscape will be heterogeneous, with HBM focusing on training scenarios, while other memory types will cater to specific workloads, creating a diverse memory ecosystem for the AI era [17].

Core Viewpoint - The low-altitude economy sector is showing mixed results for 2025, with 22 companies expected to be profitable while another 22 are projected to incur losses, indicating a significant divergence in performance within the industry [3]. Performance Forecast Summary Profit Growth - 11 companies are expected to report profit increases, with notable projections including: - Xinzhi Group (002664.SZ) and Shangluo Electronics (300975.SZ) anticipating several-fold increases in net profit [4]. - Weihai Guangtai (002111.SZ), Tongyu Heavy Industry (300185.SZ), and Guangyang Co. (002708.SZ) expecting over 50% growth in net profit [4]. - Wan Feng Aowei (002085.SZ) and Zongshen Power (001696.SZ) also forecasted net profit growth [4]. Losses - 22 companies are projected to incur losses, with several notable cases: - Zhongtian Rocket (003009.SZ) and Andavil (300719.SZ) have shifted from profit to loss [7]. - Haige Communication (002465.SZ) is investing heavily in R&D, leading to increased costs and a projected loss [7]. - Companies like Aerospace Power (600343.SH) and Sihua Electronics (600990.SH) are also expected to continue reporting losses [8]. Industry Insights - The low-altitude economy's contribution to overall profits remains limited, with most revenue still coming from aircraft manufacturing and infrastructure construction [3]. - Companies like Wan Feng Aowei are leveraging their low-altitude business to drive profit growth, supported by strong orders in general aviation aircraft manufacturing and strategic acquisitions [5]. - The industry is witnessing a shift towards commercial applications of low-altitude technologies, with companies preparing for a significant commercialization phase in 2026 [9][10]. Strategic Developments - Companies are increasingly focusing on integrating low-altitude infrastructure and management platforms, as seen with Suzhou Keda's strategic investments in civil aviation infrastructure [11]. - The emphasis on R&D and market expansion in emerging fields like low-altitude economy is evident, with companies aiming to enhance their competitive edge through innovative solutions [7][11].

1月29日，景嘉微大宗交易成交7.8万股，成交额596.54万元，占当日总成交额的0.54%，成交价76.48 元，较市场收盘价76.48元持平。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-29 | 300474 | 景喜微 | 76.48 | 7.80 | 596.54 | 机构专用 | 机构专用 | ...