来源：新浪基金∞工作室 科创信息技术ETF摩根（588770）业绩比较基准为上证科创板新一代信息技术指数收益率，管理人为摩 根基金管理(中国)有限公司，基金经理为何智豪，成立（2025-03-14）以来回报为37.55%，近一个月回 报为4.71%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 12月29日，科创信息技术ETF摩根（588770）开盘涨0.44%，报1.382元。科创信息技术ETF摩根 （588770）重仓股方面，海光信息开盘跌0.33%，中芯国际涨0.74%，寒武纪涨0.47%，澜起科技涨 0.00%，金山办公跌0.25%，芯原股份涨1.64%，华虹公司跌0.48%，石头科技涨0.03%，传音控股跌 0.46%。 ...

Market Overview - The AI sentiment concerns have eased, leading to an overall increase in electronic technology stocks, with the electronic industry index rising by 4.71% and semiconductors up by 5.07% during the week of December 22-26, 2025 [1] - The consumer electronics sector saw a rise of 3.48%, while optical and optoelectronic stocks increased by 0.94% [1] - In the overseas market, the Christmas rally contributed to a general rise in tech stocks, with the Nasdaq increasing by 1.22% and the Hang Seng Tech index up by 0.37% [1] Industry Updates - The storage market continues to see price increases, with NAND flash wafer prices rising over 10% and SSD prices increasing by 15% to 20% in December [3] - Major storage suppliers like Samsung and SK Hynix have raised HBM3E prices by nearly 20% for 2026 [3] - Semiconductor manufacturers are also adjusting prices, with companies like Beijing Junzheng implementing new pricing for some storage and computing chips [3] Product Launches and Developments - Huawei launched the nova15 series, featuring the Kirin 9010S processor and advanced imaging systems [2] - Samsung introduced the Exynos 2600, the industry's first 2nm process smartphone application processor, claiming a performance improvement of up to 39% [2] - Groq and NVIDIA have signed a non-exclusive licensing agreement for inference technology, indicating ongoing collaboration in computing power [2] Investment Recommendations - The strong performance in the tech market and the acceleration of AI deployments by major companies suggest potential investment opportunities in firms like SMIC, Beijing Junzheng, and Huafeng Technology [4] - The ongoing price increases in storage and wafer production may benefit companies involved in these sectors [4]

每经AI快讯，12月29日，港股半导体股直线拉升，上海复旦涨超11%，中芯国际涨超3%，华虹半导体 涨超1%。 ...

半导体设备零部件迎来新一轮 fab 扩产周期，板块如何布 局？20251227 摘要 全球存储芯片市场处于高景气周期，价格持续超预期上涨，利好国内存 储厂商如长江存储和长鑫存储。若明年存储芯片价格维持高位，大规模 扩产将缩短投资回收期，预计明年将是国内存储扩产大年。 随着国产 AI 芯片出货量增加和先进制程需求高峰期到来，2026 年半导 体设备市场前景看好。今年年底至明年初是下单半导体设备的关键时期， 当前仍是布局半导体上游设备及零部件环节的核心时期。 中芯国际已完成 SN1 工厂 3.5 万片/月的扩产计划，SN2 工厂计划继续 扩产 3.5 万片/月。华虹公司 7 号和 9 号工厂今年已分别爬产并投产 4 万 片/月，9 号工厂剩余 4 万片将在明年投出，明年扩产增速较高。 长江存储和长鑫存储的月产能分别为 13 万片和 20 多万片，目标是追赶 海力士 50 万/月及美光 30 万/月的水平。未来几年，两家公司需分别扩 产 20 多万及 10 多万月度规模，国内存储厂商的扩展弹性显著大于逻辑 制造商。 拓荆科技、中微公司、华海清科、北方华创等公司具有较高确定性。中 科飞测与精测电子在量检测环节表现突出 ...

上周品牌工程指数多只成分股表现强势。具体来说，中国中免上涨11.46%，排在涨幅榜首位；阳光电 源上涨10.38%，居次席；中际旭创和国瓷材料分别上涨9.67%和8.09%；兆易创新、中芯国际、盐湖股 份涨逾7%；安集科技、兰石重装涨逾6%；泰格医药、沪硅产业涨逾5%；亿纬锂能上涨4.73%；豪威集 团、中航高科、视源股份、信立泰涨逾3%；长电科技、澜起科技、恒生电子、宝信软件、东方财富等 多只成分股涨逾2%。 □本报记者 王宇露 上周市场上涨，中证新华社民族品牌工程指数上涨2.03%，报2008.97点。中国中免、阳光电源、中际旭 创等成分股上周表现强势；2025年以来，中际旭创、阳光电源、兆易创新等成分股涨幅居前。展望后 市，机构认为，目前权益资产总体具备相对吸引力，2026年市场或将逐步转为盈利驱动，在泛科技行业 和传统行业双双进入业绩释放期的背景下，市场风格也有望较2025年趋于均衡。 多只成分股表现强势 上周市场上涨，上证指数上涨1.88%，深证成指上涨3.53%，创业板指上涨3.90%，沪深300指数上涨 1.95%，品牌工程指数上涨2.03%，报2008.97点。 展望后市，星石投资认为，短期来 ...

Core Insights - The report highlights a continued slowdown in corporate profits, with the cumulative profit of large-scale industrial enterprises in China showing a year-on-year increase of only 0.1% from January to November 2025, down from 1.9% in the previous period [3] - The report suggests that the current economic environment is characterized by a weak demand, necessitating further policy support to stimulate internal demand and address rising inventory levels [6][25] - The report emphasizes the importance of the upcoming spring market rally, suggesting a dual focus on technology and cyclical sectors for investment strategies [12] Macro Economic Analysis - The cumulative operating revenue of large-scale industrial enterprises from January to November 2025 increased by 1.6%, a slight decrease from the previous year's 1.8% [3] - November's profit margin saw a significant decline, with a year-on-year drop of 13.1%, indicating a challenging environment for industrial profitability [4] - The report notes that the inventory-to-sales ratio has risen significantly, indicating a need for policy intervention to stimulate demand [6] Industry Insights Chemical Industry - The report indicates an overall upward trend in the polyester industry chain, driven by rising prices of PX and PTA, with PX prices increasing by 6.97% and PTA by 8.95% as of December 26, 2025 [35] - The report highlights the importance of the "anti-involution" policy in supporting price stability and profitability within the chemical sector [36] Real Estate - The report notes a month-on-month increase in new and second-hand housing transaction areas, with Beijing further optimizing housing purchase restrictions [40] - The report indicates that various policies aimed at stabilizing the real estate market are beginning to take effect, contributing to a gradual recovery in housing prices [41] Electronics - The electronics sector is experiencing a high level of prosperity, with significant price increases expected in storage components, driven by strong demand and supply constraints [46][49] - The report highlights the positive performance of semiconductor stocks, with notable increases in stock prices for major players like SK Hynix and Micron [46] Biotechnology - The report discusses the upcoming IPO of Rebio Biotech, which focuses on innovative siRNA technology platforms for treating chronic diseases and cancers [52][54] - The company has established multiple clinical research pipelines and has secured significant partnerships with major pharmaceutical firms, indicating strong growth potential [55]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant recovery in the electronic sector, with a notable increase in stock prices driven by improved sentiment around AI and strong performance in semiconductor and consumer electronics segments [3][4] - The storage market continues to show high demand, with price increases for NAND flash wafers and SSDs, reflecting a bullish outlook for the sector [6][7] Market Review - The electronic industry index rose by 4.71% this week, with semiconductors up 5.07% and consumer electronics increasing by 3.48%. Notable stock performances include SK Hynix rising by 9.51% and Micron by 7.10% [3][4] - The report highlights the impact of the Christmas season on tech stocks, contributing to overall market gains [3] Industry Updates - New product launches are driving market excitement, including Samsung's first 2nm processor and Huawei's nova 15 series, which features advanced technology and performance improvements [4] - Major companies are enhancing their computational power collaborations, with significant projects like Oracle's data center approved in Michigan [5] Pricing Trends - The report notes a continuous upward trend in storage prices, with NAND flash wafer prices increasing by over 10% and SSD prices rising by 15% to 20% [6] - Expectations for price hikes in wafer production are also noted, with companies like SMIC and TSMC implementing price adjustments [6] Investment Recommendations - The report suggests several beneficiaries from the current market conditions, including SMIC, Beijing Junzheng, and Huafeng Technology, among others [7]

近期A股市场连续上涨，市场期待的跨年行情逐渐启动。在国内外基本面尚未出现重大变化之际，当下 反弹更像是前期分母端流动性紧缩预期边际缓和后的全球风险资产共振修复，海外主要股指均实现不同 程度的上涨。值得一提的是市场逐渐不再聚焦于AI中外映射行情的单一叙事，而是向更广泛的领域扩 散，呈现出AI、内需、涨价链、新的产业主题（商业航天）轮涨的格局。单一叙事驱动下的市场上涨 具备不稳定与高波动性，真正的牛市往往是广泛市场机会涌现与形成合力，在当前市场缓步向上，行业 轮动加速之际，2026年新的投资主线也正在慢慢浮出水面。 2 如何理解近期各产业链涨价：实物消耗的扩散与汇聚 当下涨价链成为市场焦点，通过梳理各行业涨价函具体内容与业内分析可以看到，原材料价格的上涨成 为价格主要推升因素；与此同时，反内卷政策的效果也正在显现，在面临上游涨价，下游压价的困境 时，部分企业开始选择自发减产与联合提价的方式维护产业合理竞争秩序。往后看由于需求端的景气程 度差异，涨价的持续性也有所不同。对于大宗商品而言，我们认为凌厉的上涨可能有两层原因：本轮有 色金属的上涨，可能在指示边际需求更多由大量高毛利与成长性的新兴部门所驱动，占后者的成本比 ...

2025 年 12 月 27 日 电子 英伟达收购 Groq，SK 海力士预计 26 年 1 月交付 12 层 HBM4 最终样品 据 CFM 闪存市场 12 月 24 日消息，据韩媒 dealsite 报道，SK 海力士 采用改进型电路的 HBM4 晶圆将于 12 月底完成晶圆制造，并于 26 年 1 月初向英伟达交付其下一代 12 层 HBM4 内存的最终样品。今年 9 月，SK 海力士向英伟达提供了首批 HBM4 客户样品。为了满足英伟达 紧迫的开发进度，SK 海力士甚至调整了其惯常流程，跳过了内部预 发布评审（PRA），直接交付了样品。因此，在后续的认证流程出现 了一些需要改进的地方。在系统级封装（SiP）测试中，暴露了速度 和可靠性问题。SK 海力士通过与英伟达、台积电"三方合作"，包括 共享缺陷数据，已查明导致缺陷的具体机制。报道称，该缺陷对工艺 良率没有造成重大影响。SK 海力士将按原计划推进 HBM4 的大规模量 产。如果 SK 海力士 26 年 1 月初能够提交更多优化后的样品，且质量 测试能够迅速完成，预计将于 2-3 月开始全面量产，产能提升在第二 季度将得以启动。 中芯国际部分产能涨价 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 天眼查资料显示，中芯国际集成电路制造（上海）有限公司，成立于2000年，位于上海市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本244000万美元。通过天眼查大数据分 析，中芯国际集成电路制造（上海）有限公司共对外投资了4家企业，参与招投标项目127次，财产线索 方面有商标信息150条，专利信息5000条，此外企业还拥有行政许可446个。 国家知识产权局信息显示，中芯国际集成电路制造（上海）有限公司取得一项名为"半导体结构的形成 方法"的专利，授权公告号CN120076397B，申请日期为2023年11月。 来源：市场资讯 ...