东莞证券也指出，随着海内外大模型调用量呈爆发式增长，行业已进入规模化落地阶段，驱动上游算力 需求不断提高。国内AI芯片企业快速发展，国产替代取得阶段性成果，随着摩尔、沐曦等AI芯片企业 加快资本市场布局，叠加腾讯等互联网厂商积极适配国产算力芯片，国产算力生态有望加速形成。 本文源自：智通财经网 智通财经获悉，芯片股早盘走高，截至发稿，华虹半导体(01347)涨5.22%，报76.6港元；中芯国际 (00981)涨4.14%，报71.7港元。 消息面上，中原证券表示，半导体行业2025年延续上行趋势，美国半导体出口管制不断升级，"十五 五"规划建议将科技自立自强水平大幅提高列入"十五五"时期经济社会发展的主要目标，半导体是实现 科技自主的关键领域。展望2026年，AI算力需求持续景气，云侧AI算力硬件基础设施仍处于高速成长 中，AI眼镜、具身智能、智能驾驶等端侧AI创新百花齐放；AI推动半导体周期继续上行，存储器或迎 来超级周期，半导体自主可控有望加速推进。 ...

Core Viewpoint - The Hong Kong technology sector is experiencing a strong rally, driven by multiple favorable factors including increased expectations for Federal Reserve interest rate cuts and improved market liquidity, alongside significant revenue growth in Alibaba's cloud business and a resurgence in AI focus [1]. Group 1: Market Performance - As of November 27, 2025, the CSI Hong Kong Stock Connect Technology Index (931573) has seen a strong increase, with notable gains in constituent stocks such as Huahong Semiconductor (up 5.36%), Kangfang Biotech (up 4.89%), and Li Auto (up 3.87%) [1]. - The Hong Kong Technology ETF (159751) has risen by 0.73%, marking its fourth consecutive increase, with the latest price reported at 1.1 HKD [1]. Group 2: Influencing Factors - The recent rally in the Hong Kong technology sector is attributed to the anticipated easing of monetary policy by the Federal Reserve, which is expected to enhance liquidity in the market [1]. - The combination of the Federal Reserve's halt on balance sheet reduction and the relaxation of SLR regulations is expected to limit liquidity pressure in the medium term [1]. Group 3: Index Composition - The CSI Hong Kong Stock Connect Technology Index comprises 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of leading technology stocks within the Hong Kong Stock Connect [1]. - As of October 31, 2025, the top ten weighted stocks in the index include Alibaba-W, Tencent Holdings, and SMIC, collectively accounting for 66.81% of the index [2].

华西证券最新观点认为， AI芯片国产化进程是长期必然趋势，当前时点是国产芯片发展最佳时机。持 续看好包括先进制程制造、芯片架构升级对整体国产算力水平的拉动，有望推动国产算力份额持续提 升。 来源：新浪基金 11月27日早盘，港股芯片半导体产业链持续上行，恒生科技指数涨近1%，华虹半导体大涨逾5%，中芯 国际、建滔积层板涨超4%，鸿腾精密、美图公司、小米集团等多股涨超3%。全市场首只聚焦"港股芯 片"产业链的港股信息技术ETF（159131）场内价格现涨2.26%冲击三连涨，进一步确认触底回升形态， 截至发稿实时成交额超3300万元。 | | | 分时 多日 1分 5分 30分 60分 日 简 月 · | | | | F9 盘前盘后 叠加 九环 图线 工具 @ 0 > | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0351 | | | | 159131]随段偏电技术ETF] 1005 价 0951 游戏 (1021(226) 48的 0.942 威安量 8134 TOPV 0.948 ...

每经AI快讯，港股芯片股早盘走高。截至发稿，华虹半导体(01347.HK)涨5.22%，报76.6港元；中芯国 际(00981.HK)涨4.14%，报71.7港元。 （文章来源：每日经济新闻） ...

消息面上，中原证券（601375）表示，半导体行业2025年延续上行趋势，美国半导体出口管制不断升 级，"十五五"规划建议将科技自立自强水平大幅提高列入"十五五"时期经济社会发展的主要目标，半导 体是实现科技自主的关键领域。展望2026年，AI算力需求持续景气，云侧AI算力硬件基础设施仍处于 高速成长中，AI眼镜、具身智能、智能驾驶等端侧AI创新百花齐放；AI推动半导体周期继续上行，存 储器或迎来超级周期，半导体自主可控有望加速推进。 芯片股早盘走高，截至发稿，华虹半导体(01347)涨5.22%，报76.6港元；中芯国际(00981)涨4.14%，报 71.7港元。 东莞证券也指出，随着海内外大模型调用量呈爆发式增长，行业已进入规模化落地阶段，驱动上游算力 需求不断提高。国内AI芯片企业快速发展，国产替代取得阶段性成果，随着摩尔、沐曦等AI芯片企业 加快资本市场布局，叠加腾讯等互联网厂商积极适配国产算力芯片，国产算力生态有望加速形成。 ...

消息面上，中原证券表示，半导体行业2025年延续上行趋势，美国半导体出口管制不断升级，"十五 五"规划建议将科技自立自强水平大幅提高列入"十五五"时期经济社会发展的主要目标，半导体是实现 科技自主的关键领域。展望2026年，AI算力需求持续景气，云侧AI算力硬件基础设施仍处于高速成长 中，AI眼镜、具身智能、智能驾驶等端侧AI创新百花齐放；AI推动半导体周期继续上行，存储器或迎 来超级周期，半导体自主可控有望加速推进。 智通财经APP获悉，芯片股早盘走高，截至发稿，华虹半导体(01347)涨5.22%，报76.6港元；中芯国际 (00981)涨4.14%，报71.7港元。 东莞证券也指出，随着海内外大模型调用量呈爆发式增长，行业已进入规模化落地阶段，驱动上游算力 需求不断提高。国内AI芯片企业快速发展，国产替代取得阶段性成果，随着摩尔、沐曦等AI芯片企业 加快资本市场布局，叠加腾讯等互联网厂商积极适配国产算力芯片，国产算力生态有望加速形成。 ...

Core Viewpoint - The semiconductor sector in Hong Kong experienced a notable upward trend on November 27, with significant gains in several key companies. Group 1: Market Performance - The Hong Kong semiconductor sector saw a rise, with Hua Hong Semiconductor increasing by nearly 5% [1] - SMIC (Semiconductor Manufacturing International Corporation) rose by over 3% [1] - Other companies such as Innoscience and Shanghai Fudan also reported gains exceeding 2% [1]

Core Viewpoint - The U.S. Department of Defense has suggested including companies like Alibaba, Baidu, and BYD on a list of firms that assist the Chinese military, indicating potential scrutiny and implications for U.S. investors [1] Group 1: Companies Mentioned - Alibaba, Baidu, and BYD are identified as companies that may be involved with the Chinese military and are recommended for inclusion in the 1260H list [1] - Other companies mentioned include NewEase, Huahong Semiconductor, SUTENG, WuXi AppTec, and Zhongji Xuchuang, which also meet the criteria for the 1260H list [1] Group 2: Regulatory Context - The 1260H list aims to identify companies operating in the U.S. that are associated with the Chinese military, serving as a warning for U.S. investors despite lacking direct legal enforcement [1] - The letter from Deputy Secretary Stephen Feinberg to congressional leaders highlights the growing concern regarding U.S. investments in companies linked to the Chinese military [1]

Group 1 - The global investor confidence in AI is being restored, driven by the explosion of AI large models like Google's Gemini 3.0 and Alibaba's Qianwen, leading to renewed interest in storage chips as a crucial material for AI infrastructure [1] - The price of DDR5 memory is expected to rise significantly, with a monthly increase of over 102% for DDR5 16Gb and over 92% for DDR4 16Gb in October, as demand from AI applications continues to surge [1][2] - The global DDR5 memory capacity shortage is projected to be around 15% by 2025, with demand growing at an annual rate of 20%, indicating a strong market for memory products [2] Group 2 - Major memory manufacturers like Samsung and SanDisk have initiated a new round of price increases, with Samsung raising some memory chip prices by up to 60% in November [2] - The semiconductor industry is entering a new storage cycle driven by emerging technologies and AI demand, suggesting a potential increase in market size and product value [3] - Companies like SMIC and Huahong Semiconductor reported significant revenue growth in Q3, with SMIC's revenue at $2.382 billion (up 9.7%) and Huahong's at $635.2 million (up 20.7%), reflecting strong demand in the memory sector [4][5]

智通财经获悉，在谷歌Gemini 3.0、阿里千问、灵光等AI大模型应用爆发的带动下，全球投资者正在重 拾对AI的信心。作为AI基础设施最重要的物料之一，存储芯片再度受到投资者青睐。业内普遍认为， 存储芯片的涨价空间依然很大，且至少将持续至明年年中，后续DDR5的价格涨幅将更为可观；在国际 存储大厂不断调高产品价格的态势下，国内存储厂商正在跟进涨价。 集邦咨询10月底发布报告称，尽管第四季DRAM合约价尚未完整开出，供应商先前收到云服务商加单需 求后，调升报价的意愿明显提高。据此，调整第四季一般型DRAM(Conventional DRAM)价格预估，涨 幅从先前的8%-13%，上修至18%-23%，并且很有可能再度上修。 由于需求持续旺盛，三星电子、闪迪等头部厂商已经率先掀起新一轮涨价。三星电子在11月提高了部分 内存芯片的价格，较9月上涨最多达60%。闪迪也在11月大幅调涨了NAND合约价格，涨幅高达50%。 国金证券表示，每轮存储大周期(08年、16年等)的开启都是由新兴技术推动产品升级和创新，进而催生 新产品的总量、渗透率和存储器价值量的提升，推动存储器市场规模上升一个台阶，随着AI驱动需求 提升，当 ...