截至2025年12月11日 10:21，上证180指数(000010)上涨0.04%，成分股东方电气(600875)上涨5.14%，德 业股份(605117)上涨4.70%，特变电工(600089)上涨4.19%，龙芯中科(688047)上涨2.97%，紫金矿业 (601899)上涨2.89%。上证180ETF指数基金(530280)最新报价1.2元。 上证180ETF指数基金紧密跟踪上证180指数，上证180指数从沪市证券中选取市值规模较大、流动性较 好的180只证券作为样本，反映上海证券市场核心上市公司证券整体表现。 数据显示，截至2025年11月28日，上证180指数(000010)前十大权重股分别为贵州茅台(600519)、紫金矿 业(601899)、恒瑞医药(600276)、中国平安(601318)、寒武纪(688256)、药明康德(603259)、招商银行 (600036)、工业富联(601138)、中芯国际(688981)、长江电力(600900)，前十大权重股合计占比26.13%。 上证180ETF指数基金(530280)，场外联接(平安上证180ETF联接A：023547；平安上证180ET ...

Core Viewpoint - The semiconductor ETF (159813) opened with a slight increase of 0.45%, indicating a stable market performance for semiconductor stocks [1] Group 1: ETF Performance - The semiconductor ETF (159813) opened at 1.105 yuan [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index return rate [1] - Since its establishment on April 17, 2020, the ETF has achieved a return of 65.12%, while its return over the past month has been -2.33% [1] Group 2: Major Holdings Performance - Key stocks within the semiconductor ETF include: - Cambrian (寒武纪) down 0.77% - SMIC (中芯国际) up 0.19% - Haiguang Information (海光信息) up 0.01% - Northern Huachuang (北方华创) up 0.22% - Lattice Semiconductor (澜起科技) up 2.75% - GigaDevice (兆易创新) up 1.46% - Zhongwei Company (中微公司) down 0.08% - OmniVision (豪威集团) up 0.23% - Changdian Technology (长电科技) down 0.08% - Unisoc (紫光国微) up 0.22% [1]

Core Viewpoint - The Chip 50 ETF (516920) opened with a slight increase of 0.10%, indicating a stable market performance for the semiconductor sector [1] Group 1: ETF Performance - The Chip 50 ETF (516920) opened at 1.021 yuan, reflecting a modest gain [1] - Since its establishment on July 27, 2021, the fund has achieved a return of 2.15% [1] - The fund's performance over the past month has seen a decline of 1.83% [1] Group 2: Major Holdings Performance - Among the major holdings, SMIC opened with a gain of 0.19% [1] - Cambrian fell by 0.77%, while Haiguang Information saw a slight increase of 0.01% [1] - Northern Huachuang rose by 0.22%, and Lanke Technology increased by 2.75% [1] - Zhaoyi Innovation gained 1.46%, while Zhongwei Company decreased by 0.08% [1] - OmniVision Technologies rose by 0.23%, and Chipone Technology increased by 0.18% [1] - Changdian Technology experienced a decline of 0.08% [1]

科创板融资余额较前一交易日减少8.42亿元，融券余额减少2160.99万元。268股融资余额环比增加，112 股融券余额环比增加。 证券时报·数据宝统计显示，截至12月10日，科创板两融余额合计2607.78亿元，较上一交易日减少8.63 亿元。其中，融资余额合计2598.90亿元，较上一交易日减少8.42亿元；融券余额合计8.88亿元，较上一 交易日减少2160.99万元。 融资余额方面，截至12月10日，融资余额最高的科创板股是寒武纪，最新融资余额147.80亿元，其次是 中芯国际、海光信息，融资余额分别为130.17亿元、79.54亿元。环比变动来看，268只科创板个股融资 余额环比增加，环比下降的有320只。融资余额增幅较大的是长光华芯、霍莱沃、仕佳光子，环比上个 交易日增加17.32%、13.47%、12.87%；降幅居前的有C摩尔、华依科技、品高股份，环比下降44.72%、 12.25%、12.13%。 （文章来源：证券时报网） 科创板融资余额增幅排名 | 代码 | 简称 | 最新融资余额 | 融资余额环比增 | 最新融券余额 | 融券余额环比增 | 当日涨跌幅 | | --- | --- | - ...

Core Insights - The rapid evolution of AI is outpacing the development of computing infrastructure, leading to a significant gap in computing power that is expected to widen by 2026. This gap will manifest in two key areas: a growing demand for core computing capabilities across chips, storage, packaging, and cooling, and a shift towards edge computing to reduce cloud latency and costs, resulting in an explosion of applications from AI smartphones to integrated robots [1]. Industry Overview - The electronic sector has reached a record high in Q3 2025, driven by AI, with the electronic index rising by 44.5% year-to-date, outperforming the CSI 300 index by 26.6% [12][13]. - The semiconductor sector has shown significant growth, with various sub-sectors experiencing substantial increases: PCB (+114%), consumer electronics (+51%), and semiconductors (+40%) year-to-date [12][13]. - The overall electronic industry reported a revenue increase of 19% and a net profit increase of 35% in Q1-Q3 2025, with all major segments showing positive growth [18][24]. Performance Metrics - The electronic sector's inventory levels have risen, particularly in consumer electronics and PCBs, indicating strong demand and recovery in terminal markets [22][25]. - The semiconductor sector's monthly sales growth has rebounded since June 2023, with a notable increase in demand for digital, storage, and equipment segments [34][41]. AI Impact on Semiconductor Cycle - The semiconductor market is entering an upward cycle, with significant growth in capital expenditures from both domestic and international cloud service providers, driven by AI demand [41][42]. - Major cloud providers are expected to increase their capital expenditures significantly, with projections indicating a 50%-60% growth in 2026 [43]. Consumer Electronics Trends - Global smartphone sales are projected to recover, with a forecast of 1.29 billion units in 2024, reflecting a 6.1% year-on-year increase [26][27]. - The PC market is also expected to grow, with global sales reaching 263 million units in 2024, a 1.0% increase year-on-year [27][29]. Automotive Sector Insights - The automotive market is experiencing a weak recovery, with global sales expected to reach 92.23 million units in 2025, reflecting a 1.8% year-on-year increase [39]. - The penetration rate of electric vehicles is projected to rise, with expectations of 20% in 2025 for global sales [39]. AI Narrative Acceleration - The competition among AI model developers has intensified, with significant advancements in model capabilities and applications across various sectors [47][50]. - The demand for AI-related spending is expected to reach $3-4 trillion by 2030, driven by the need for enhanced computing power and applications [58]. Edge Computing and Hardware Development - The shift towards edge computing is becoming crucial, with predictions indicating that the global edge AI market will grow to ¥1.2 trillion by 2029, with a CAGR of 39.6% [69]. - Major AI companies are actively entering the edge hardware market to enhance user experience and profitability [69].

无论是摩尔线程还是沐曦股份，超低的中签率恰恰说明了资本对于硬科技企业的追捧。在政策引导下， 上市生态持续优化，资本市场的投资理念也在同步发生改变。对于未盈利的硬科技企业，投资者的估值 认可度大幅提升。 但估值溢价并非泡沫，而是有着明确的逻辑支撑。 从某种程度上而言，寒武纪在资本市场的发展路径点燃了A股市场对国产硬科技企业的资本信心，吸引 各路资金愿意为同类别的硬科技未盈利企业支付估值溢价。 从时间线来看，资本点赞硬科技正在加速度，对硬科技企业的估值认可度大幅提升。相比寒武纪，摩尔 线程享受到了资本对于硬科技企业更早、更高的估值溢价。 资本市场持续改革，一大亮点就是进一步聚焦服务新质生产力发展。"科创十六条"、"科创板八 条"、"并购六条"、科创板"1+6"等政策红利陆续出台，"唯盈利论"已成过去式，包容度的提升持续拉近 硬科技企业与资本市场的距离。 摩尔线程之后，另一家国产GPU头部企业沐曦股份上市在即，政策信号很明确，只要"含科量"足够高， 就有可能驶入资本市场的"快速道"。 继上市首日大涨逾4倍之后，摩尔线程股价在12月10日盘中再度大涨逾20%，再创上市后新高。从寒武 纪到摩尔线程，资本市场用真金白银对 ...

哈喽大家好，今天小无带大家聊聊摩尔线程上市的狂欢大戏。千亿市值风光背后藏着巨额亏损，这波资本热潮到底藏着多少隐忧？ 这意味着什么？中一签的投资者最高能赚近27万元，妥妥的年内最"造富"新股啊！当时我寻思着，这是要开启算力股的新时代了？ 结果没想到，高光没撑多久，股价摸到688元的高位就开始往回撤。 发行价才114.28元/股，开盘价直接冲到650元，对应市值瞬间突破3055亿元。 | 全栈式软件 | 人工智能 | 科学计算 | 数字变生 | 游戏娱乐 | 机器人与自动驾驶 | | --- | --- | --- | --- | --- | --- | | 应用于不同场景 | 833 | 英 | G | 6:0) | P | | | MUSA软件找 | 编程语言和API按口 | | 开发者工具链 | | | | ష్ట | 编译器平台 运行环境 | | | 内核驱动 | | MUSA 统一系统架构 | | | | | | | | 硬件层 | 全功量GPUZ片 | | | | | | a p | AI计算引擎 | 科学计算引擎 | 图形计算引擎 | 智能多媒体计算引擎 | | | | 加 | 图 | 12 | 头 ...

定量研究 | 定量研究专题报告 证券研究报告 2025 年 12 月 10 日 报告日期 分析师:郑兆磊 S0190520080006 zhengzhaolei@xyzq.com.cn 分析师:薛令轩 S0190523090001 xuelingxuan@xyzq.com.cn 相关研究 【 兴证金工】持续获取超额,严控风险 ―关注中银沪深 300 指数增强 A 暴露- ( 004881 ) 投资机会-2025.12.05 【 兴证金工 】西学东渐 -- 海外文献推 荐系列之一百八十-2025.12.03 【兴证金工】岁末年初,掘金红利资产 投资机遇-2025.12.03 乘政策技术东风,聚焦 AI 产业投资机遇 投资要点: 请阅读最后评级说明和重要声明 1/31 ● 政策导向叠加技术深化，AI 产业迎来配置良机 > 系统部署"人工智能+"行动,推动智能经济发展。2025年8月26日,国务院正 式发布《关于深入实施"人工智能+"行动的意见》( 简称"意见")，意见提出, 到 2030 年,智能经济成为我国经济发展的重要增长极,有望催化 AI 应用加速 落地。此外，2024 年中央经济工作会议提出的"人工智能+ ...

沪深股通今日合计成交2044.14亿，其中寒武纪和中际旭创分居沪股通和深股通个股成交额首位。板块主力资金方面，房地产板块主力资金净流入居首。 ETF成交方面，标普消费ETF（159529）成交额环比增长591%。 龙虎榜方面，海南板块全天强势，其中神农种业20cm涨停，获四家机构买入2.65亿元，同时获一家量化资金席位（开源证券西安西大街）买入4258万元。地 产板块今日快速拉升，万科A涨停，获三家一线游资席位（国泰海通证券上海江苏路、国泰海通证券成都北一环路、东方证券厦门仙岳路）分别买入1.47亿 元、0.94亿元、0.44亿元，同时遭另一家游资席位（招商证券深圳深南大道）卖出2亿。 从深股通前十大成交个股来看，中际旭创位居首位；新易盛和宁德时代分居二、三位。 二、板块个股主力大单资金 从板块表现来看，海南、贵金属、零售等板块涨幅居前，培育钻石、银行、有机硅等板块跌幅居前。 | | | 星矿板块主力资金监控：今日买入前五榜（2025年12月10日） | | | --- | --- | --- | --- | | 排名 | 板块名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | 1 | 房地 ...

科创板百元股中，今日平均上涨0.59%，具体来看，今日上涨的有39只，涨幅居前的有C摩尔-U、长光 华芯、华盛锂电等。下跌的有32只，跌幅居前的有海博思创、聚辰股份、普冉股份等。 资金流向方面，科创板百元股今日主力资金合计净流出24.31亿元，净流入资金居前的有华盛锂电、长 光华芯、思瑞浦等，净流入资金分别为17170.58万元、14485.21万元、7247.72万元；净流出资金居前的 有寒武纪-U、中芯国际、德科立等，净流出资金分别为38522.97万元、26568.09万元、23367.00万元。 以最新收盘价计算，科创板平均股价为41.30元，其中股价超100元的有71只，股价最高的是寒武纪-U。 融资融券方面，百元股最新（12月9日）融资余额合计988.30亿元，融资余额居前的有寒武纪-U、中芯 国际、海光信息等，最新融资余额分别为149.60亿元、130.82亿元、80.90亿元。最新融券余额合计为 4.20亿元，融券余额居前的有海光信息、寒武纪-U、中芯国际等，最新融券余额分别为0.47亿元、0.44 亿元、0.25亿元。（数据宝） 证券时报·数据宝统计显示，科创板股今日上涨的有246只，下跌的 ...