高价股一览 以最新收盘价计算，A股平均股价为13.69元，其中股价超过100元的有153只，相比上一个交易日增加4 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至12月5日 收盘，沪指报收3902.81点，上涨0.70%，A股平均股价为13.69元，个股股价分布看，股价超过100元的 有153只，股价在50元至100元的有421只，股价在30元至50元的有755只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1430.01元，上涨0.42%，其次是寒武纪、C摩 尔等，最新收盘价分别为1355.00元、600.50元。 市场表现方面，收盘股价超百元股中，今日平均上涨4.20%，跑赢沪指3.50个百分点。今日上涨的有95 只，涨停的有中坚科技、长光华芯等，下跌的有56只，跌幅居前的有中科蓝讯、菲菱科思等。 追溯发现，最新百元股近一个月平均上涨1.80%，其间沪指下跌1.45%，涨幅居前的有长光华芯、天普 股份、常友科技等，涨幅分别为89.78%、54.98%、47.77%，今年以来平均涨幅为116.51%，强于沪指 100.07%，累计涨幅居前的有上纬新材、天普 ...

以最新收盘价计算，科创板平均股价为40.31元，其中股价超100元的有67只，股价最高的是寒武纪-U。 证券时报·数据宝统计显示，科创板股今日上涨的有484只，下跌的有106只，以收盘价为基准测算，科 创板平均股价为40.31元，其中，收盘价超过100元的有67只，股价在50元至100元之间的有135只，股价 在30元至50元的有150只。 科创板股中，收盘价最高的是寒武纪-U，今日报收1355.00元，下跌1.02%，其次是C摩尔-U、源杰科技 等，最新收盘价分别为600.50元、598.90元。 科创板百元股中，今日平均上涨7.32%，具体来看，今日上涨的有33只，涨幅居前的有C摩尔-U、长光 华芯、步科股份等。下跌的有32只，跌幅居前的有中科蓝讯、东芯股份、影石创新等。 资金流向方面，科创板百元股今日主力资金合计净流入27.32亿元，净流入资金居前的有C摩尔-U、长光 华芯、国盾量子等，净流入资金分别为{6}；净流出资金居前的有寒武纪-U、东芯股份、海光信息等， 净流出资金分别为44824.31万元、35631.58万元、21828.33万元。 融资融券方面，百元股最新（12月4日）融资余额合计926. ...

Group 1 - The report maintains a positive outlook on the AI chain, emphasizing the impact of the storage cycle and the acceleration of self-control in the industry [1] - In 2026, the focus will be on the AI chain, storage cycles, and the acceleration of self-control, with expectations of continued growth in the electronics sector driven by AI data centers and terminal demand recovery [1][3] - The storage sector is expected to enter a price increase cycle starting in the second half of 2025 due to significant supply-demand imbalances [1][3] Group 2 - The Scaling Law remains effective, transitioning into a 2.0 phase that enhances model capabilities and drives demand for computing power [2][18] - The demand for high-end PCBs is anticipated to increase significantly in 2026, driven by the upgrade of AI server platforms and the growth of cloud service providers' self-developed ASICs [2][73] - The AI-driven demand for storage is expected to grow rapidly, with major storage manufacturers like SanDisk, Micron, and Samsung announcing price increases, indicating a sustained upward trend in storage prices [3][60] Group 3 - The domestic storage chip and module manufacturers are expected to benefit from the upward cycle in storage prices, with a focus on DRAM and NAND markets [3][4] - The trend towards domestic production in the storage sector is expected to continue, with companies like Changxin and Changcun expanding capacity and market share [4][66] - The consumer electronics sector may face pressure from rising storage prices, particularly affecting Android smartphones and PCs, while new product innovations could catalyze market recovery [5][72] Group 4 - The report highlights the importance of advanced processes and domestic production in the semiconductor industry, with a focus on improving production capacity and technology [4][68] - The AI chip market is projected to grow significantly, with a compound annual growth rate (CAGR) of 35.19% expected from 2025 to 2030, driven by strong demand for AI training and inference [60][66] - The custom AI chip market is anticipated to expand rapidly, with a forecasted CAGR of 53% from 2024 to 2028, as domestic internet companies increasingly adopt a dual approach of third-party procurement and self-developed ASICs [72][73]

人民财讯12月5日电，12月5日，N摩尔-U（688795）(即摩尔线程)登陆科创板，该股开盘涨幅达到 468.8%，A股市值直接飙升至3000亿元以上。截至今日收盘，公司股价报收600.5元/股，取代源杰科 技，成为当前A股第三高价股。排在前两位的是贵州茅台、寒武纪-U。 | | | A股高价股排名 | | | | --- | --- | --- | --- | --- | | 代码 | 简称 | 收盘价 | A股市值 | 甲力行业 | | | | (元/股) | (亿元) | | | 600519 | 贵州茅台 | 1430.01 | 17907.59 | 食品饮料 | | 688256 | 寒武纪-U | 1355.00 | 5713.83 | 电子 | | 688795 | N 摩尔-U | 600. 50 | 2822. 52 | 电子 | | 688498 | 源杰科技 | 598. 90 | 514. 74 | 电子 | | 300308 | 中际旭创 | 537.05 | 5967. 26 | 通信 | | 688027 | 国盾量子 | 461.88 | 475. 09 | 通信 | | 0 ...

Summary of China AI Semiconductor Conference Call Industry Overview - The focus is on the **China AI semiconductor industry**, particularly the advancements in AI chip supply and demand dynamics leading up to 2026 [1][2][3]. Key Insights - **Strong Performance**: China's AI-related stocks have shown robust performance in 2025, driven by innovations from **DeepSeek** and local AI chip advancements [1]. - **Consolidation Phase**: The market has entered a consolidation phase since October 2025, raising concerns about the sustainability of growth in the AI sector [1]. - **Future Projections**: The supply chain upside is expected to take center stage in 2026, with significant growth anticipated in AI capital expenditures (capex) [2][12]. Financial Projections - **AI Capex Growth**: AI capex is projected to grow at a **25% CAGR** from 2025 to 2028, reaching **USD 172 billion** by 2028 [2][29]. - **Total Capex for CSPs**: Total capex for China’s Cloud Service Providers (CSPs) and telecommunications is expected to grow at **13% CAGR**, reaching **USD 267 billion** by 2028 [2][27]. - **Healthy Spending**: Total capex for listed players is only **40-60%** of their free cash flow, indicating healthy spending levels [2]. Supply Chain Dynamics - **Bottlenecks**: The primary bottleneck currently is the constrained local advanced logic production capacity, which limits AI chip output [3]. - **Capacity Expansion**: Advanced logic capacity is expected to accelerate starting in 2026/27, leading to a significant increase in local AI chip sales by 2027/28 [3][55]. - **Market Share Shift**: Local players are projected to capture over **90%** of the market share by 2028, especially as NVIDIA's sales in China are not expected to resume due to ongoing investigations [3]. Company-Specific Insights - **Cambricon**: Upgraded to **Outperform** with a price target of **CNY 2,000**, reflecting strong growth potential due to increased AI chip demand [7][10]. - **Hygon**: Rated **Outperform** with a price target of **CNY 280**, based on projected earnings growth [7]. - **Hua Hong**: Rated **Outperform** with price targets of **HKD 100** for H-shares and **CNY 140** for A-shares [8]. - **SMIC**: Rated **Outperform** with price targets of **HKD 100** for H-shares and **CNY 150** for A-shares, driven by advanced logic capacity expansion [9]. - **NAURA and Piotech**: Both rated **Outperform** with price targets of **CNY 600** and **CNY 375**, respectively [10]. Investment Implications - **Sector Ranking**: The investment ranking is **AI chip > Semicap > Foundry**, with a strong preference for AI chip vendors like Cambricon due to growth momentum [15]. - **Defensive Stocks**: Semicap stocks are viewed as more defensive with reasonable valuations, benefiting from the shift in memory demand towards local suppliers [4]. Risks and Challenges - **NVIDIA Resumption**: The biggest risk is if NVIDIA resumes sales in China, which could undermine local vendors [14]. - **Market Sensitivity**: Chinese AI stocks may be affected by broader market trends, including potential crashes in US AI stocks [14]. - **Supply Chain Self-Sufficiency**: The advanced logic supply chain is not fully self-sufficient, which could delay capacity expansion in extreme scenarios [14]. Conclusion - The China AI semiconductor industry is poised for significant growth, driven by local innovations and increasing demand for AI chips. However, potential risks from global competitors and market dynamics must be closely monitored.

寒武纪-U成交额达100亿元，现跌0.39%。 ...

昨天股价猛拉之后，寒武纪今天盘中回落超3%。股价大幅波动源于一篇"小作文"。昨天下午，一则 "小 作文"流传称，寒武纪计划明年将AI芯片产量提升超三倍，对标华为抢占市场份额，填补英伟达空缺。 报道还称，寒武纪计划2026年交付50万个AI加速器，其中包括多达30万个其最先进的思元590和690晶 片。寒武纪昨天原本跌近3%。消息一出，尾盘放量拉升，收盘涨2.75%。晚间，寒武纪立马发布严正声 明称，相关信息均为误导市场的不实信息。提醒广大投资者提高信息辨别能力，不传播、不采信来源不 明或未经核实的虚假信息。东海证券分析认为，阿里、腾讯、字节等国内云厂商持续加码AI资本开 支，国产算力替代需求增强。今年以来，公司股价累计涨幅超100%。甚至在8月一度超越贵州茅台登顶 A股 "股王"。 ...

截至12月4日，市场融资余额合计2.47万亿元，较前一交易日增加13.00亿元，其中，沪市融资余额 12476.16亿元，较前一交易日增加6.27亿元；深市融资余额12113.57亿元，较前一交易日增加6.82亿元； 北交所融资余额75.15亿元，较前一交易日减少894.86万元。 证券时报·数据宝统计显示，具体到个股，12月4日共有1812只股获融资净买入，净买入金额在千万元以 上的有340只，其中15只融资净买入额超亿元。三花智控融资净买入额居首，当日净买入7.79亿元，其 次是天孚通信、贵州茅台，融资净买入金额分别为5.64亿元、4.25亿元，融资净买入金额居前的还有新 易盛、中国铝业、寒武纪-U等。 12月4日融资客净买入金额排名 | 代码 | 简称 | 12月4日涨跌幅 | 融资净买入额（万 | 最新融资余额（万 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 元） | 元） | （%） | 业 | | 002050 | 三花智 | 7.51 | 77861.20 | 716439.98 | 4.34 ...

AI芯片板块领跌，下跌1.56%，其中景嘉微下跌3.4%，寒武纪下跌3.36%，海光信息下跌3.34%，国科 微、云天励飞、瑞芯微跌超2%。（AI生成） AI芯片板块领跌，下跌1.56%，其中景嘉微下跌3.4%，寒武纪下跌3.36%，海光信息下跌3.34%，国科 微、云天励飞、瑞芯微跌超2%。（AI生成） ...

2025.12.05 成立于2016年的寒武纪，于2020年7月上市科创板，首日开盘大涨逾288%。成立于2020年的摩尔线程， 于2025年上市，首日开盘涨近五倍，俨然是寒武纪的第二个故事，更高的溢价。 仅从上市首日股价涨幅来看，市场对摩尔线程的期待似乎远高于对寒武纪。 然而，回顾寒武纪的K线，亦反映国产芯片初创企业从64.39元的发行价起步，一度破发探至46元附 近，经历漫长的估值消化与业绩亏损的质疑；随后在AI产业浪潮的推动下，其股价在近年上演惊人逆 转，历史最高曾突破1500元，市值高峰时超过8000亿。这梦幻般的五年，充分演绎了市场对前沿科技公 司从"追捧到怀疑，到再次追捧"的极端情绪转换。 本文字数：2382，阅读时长大约4分钟 作者 |第一财经 魏中原 12月5日，国内GPU"第一股"摩尔线程（688795.SH）在科创板挂牌上市，开盘价650元，涨幅468.78%， 总市值接近3000亿元。截至发稿，摩尔线程股价报580元，涨幅407%，总市值2726亿元。 摩尔线程作为国产高端芯片领域备受瞩目的新锐，其持续亏损、高估值、强技术预期的特征，让人不禁 想起五年前同样在科创板上市、被称为"AI芯片 ...