中国经济网北京12月4日讯 箭牌家居(001322.SZ)今日收报8.33元，跌幅2.91%，总市值80.56亿元。 该股目前处于破发状态。 箭牌家居发行费用总额为6913.58万元，其中信证券股份有限公司获得承销保荐费4575.03万元。 （责任编辑：田云绯） 箭牌家居于2022年10月26日在深交所主板上市，公开发行不超过9899.6717万股，发行价格为12.68 元/股，保荐机构（主承销商）为中信证券股份有限公司，保荐代表人为杨锐彬、史松祥。 箭牌家居首次公开发行募集资金总额12.25亿元，募集资金净额为11.56亿元。箭牌家居于2022年9月 15日披露的招股书显示，公司拟募集资金11.56亿元，分别用于智能家居产品产能技术改造项目；年产 1000万套水龙头、300万套花洒项目；智能家居研发检测中心技术改造项目；数智化升级技术改造项 目；基于新零售模式的营销服务网络升级与品牌建设项目；补充流动资金。 ...

中信证券党委委员、经营管理委员会执行委员、研究部行政负责人朱烨辛在致辞中表示，当前全球经济 格局与技术革命深刻变革，中国正沿高质量发展航道破浪前行。消费领域正经历从规模化向品质化、个 性化的质变，多种新业态、新模式加速涌现，既满足14亿人美好生活需要，也为国内大循环注入新动 能。医疗健康产业依托生命科学突破，在精准医疗、数字健康、创新药、智慧养老等领域迎来黄金发展 期，既是民生保障基石，更是科技自立自强的战略支点。 朱烨辛表示，消费与医疗构成的双轮驱动将相互赋能。论坛旨在汇聚产业智慧、揭示趋势机遇，推动结 构性机遇转化为发展动能，为构建共生共荣的资本市场生态提供指引。 12月3日至4日，由中信证券主办的2025年"全球消费医药联合主题论坛"在上海举行。 ...

"十五五"宏观经济展望 不畏浮云遮望眼 玛西高娃 中信证券研究部 宏观经济联席首席分析师 2025年11月10日 请务必阅读末页的免责条款和声明 贸易摩擦压力或将持续存在 中国对美国出口和对非美地区出口 美国在中国出口的占比历史上来看主要受到汇率因素的影响 资料来源：Wind，中信证券研究部。注：截止2025年9月 资料来源：Wind，中信证券研究部 -40 -30 -20 -10 0 10 20 30 2024-01 2024-04 2024-07 2024-10 2025-01 2025-04 2025-07 % 对美贸易差额累计增速 中国对非美出口 中国对美出口 10 12 14 16 18 20 22 24 50 60 70 80 90 100 110 120 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 2025 % % 美元指数 中国出口中美国的比重(右) 3 核心观点 展望"十五五" ，贸易摩擦可能会进一步常态化，但受益于企业积极拓展新市场，中国出口将 保持韧性，贸易顺差仍然有望保持较高水平。同时，内需有望在2026年年中出现拐点，经济增 长 ...

[Table_Page] 投资策略报告|证券Ⅱ 证券研究报告 [Table_Title] 证券行业 2026 年投资策略 本源业务彩彻区明，整合出海铸一流投行 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-12-04 | [Table_PicQuote] 相对市场表现 -24% -14% -5% 5% 14% 24% 12/24 02/25 04/25 07/25 09/25 11/25 证券Ⅱ 沪深300 | [分析师： Table_Author]陈福 | | --- | | SAC 执证号：S0260517050001 | | SFC CE No. BOB667 | | 0755-82535901 | | chenfu@gf.com.cn | | 分析师： 严漪澜 | | SAC 执证号：S0260524070005 | | 0755-82544248 | | yanyilan@gf.com.cn | | 请注意，严漪澜并非香港证券及期货事务监察委员会的注 | 册持牌人 ...

Core Viewpoint - The current storage upcycle began in Q2 2025, driven by "supply optimization + AI demand," with significant price increases expected to continue through at least the end of 2026 [1][6] Historical Cycle Review - Demand-driven price increases are more significant and sustainable, as seen in the 2016-2019 cycle where supply-demand imbalances led to substantial price hikes [2] - DRAM/NAND mainstream particle spot prices saw a maximum increase of 223% during previous cycles, lasting 12-18 months, while the current cycle's price increase is primarily due to supply contraction [2][3] Current Price Dynamics - As of mid-November 2025, DRAM (DDR4/DDR5) spot prices increased by up to 896%/377%, and NAND Flash spot prices rose by 282%, with contract prices lagging behind [4][5] - Current DDR4/DDR5 spot prices have reached historical highs, exceeding 2024 peaks by approximately 5-10% [5] Future Outlook - The visibility of storage price increases over the next six months is high, with contract prices expected to catch up to spot prices, maintaining a favorable industry outlook until at least the end of 2026 [6] - The market has entered a seller's phase since September, with price increases across all categories, and significant price hikes anticipated for enterprise SSDs and niche storage products [6][9] Investment Strategy - The industry is in the early stages of a super cycle, with high visibility of shortages and expected price increases in contracts, particularly benefiting companies closely aligned with storage manufacturers [9] - Recommendations include focusing on niche storage companies, those rapidly progressing in enterprise storage, and companies involved in enterprise SSD/memory chip design [9]

Core Insights - The next-generation large models (Gemini 3.0/GPT-5) are significantly beneficial for complex reasoning scenarios, marking the AI industry’s transition to a phase of large-scale implementation [1] - The commercial model is evolving from AI project delivery to AI-enabled existing applications and functional AI applications, with overseas markets leading in technology, payment environment, business models, and market space compared to domestic markets [1][3] - The report emphasizes the potential for domestic companies to leverage their product and engineering capabilities, innovation, and iteration speed to expand into overseas AI application markets [1] AI Application Industry Trends - The AI application industry is moving from a technological singularity to a commercial singularity, with large-scale implementation officially commencing [1] - The first phase involves AI project delivery starting in 2023, focusing on exploratory and non-standard projects due to significant changes in large model capabilities [1][2] - The second phase, starting in 2025, will see accelerated upgrades of existing applications, with many companies initially offering free trials or pilot programs to increase AI module fees [2] - The third phase, expected to begin in 2026, will likely see a proliferation of independent AI products with a primary focus on independent charging models [2] Overseas Market Dynamics - The overseas market is experiencing substantial demand, with both consumer (C-end) and business (B-end) potential market spaces significantly larger than those in the domestic market [3] - Technological advancements are evident, with major models like ByteDance and Google showing significant increases in daily token usage, and a projected investment of $162.4 billion in AI server fields by major cloud service providers by 2025, reflecting a year-on-year growth of 94% [3] - The payment environment in the domestic market lags behind due to user habits, market ecology, pricing strategies, and intellectual property protection issues [3] - The commercial model is evolving, with overseas SaaS companies increasingly developing towards B-end applications, enhancing user acceptance and profitability in high-value scenarios [3] Domestic AI Application Expansion - Domestic AI companies are positioned to capture global market share, driven by strong product and engineering capabilities [4] - The talent pool in China is substantial, with over 5 million STEM graduates expected by 2025, including more than 77,000 PhDs, providing a solid foundation for engineering capabilities [4] - Successful case studies, such as Kingsoft Office's competition with Microsoft Office, demonstrate the potential for domestic AI companies to leverage internet product capabilities and localized strategies for success [4] Company Performance Insights - Analysis of software companies within the CITIC Computer Index indicates that top AI application companies could achieve up to 90% of their revenue from overseas markets by 2024, with some experiencing growth rates exceeding tenfold [5]

每经AI快讯，中信证券研报表示，统计了本轮自25Q2开始，在"供给优化+AI需求驱动"背景下的主流存 储价格绝对涨幅及所处历史分位。我们认为，尽管2025Q4已全面进入"卖方市场"，涨幅斜率陡峭，但 仍处于超级景气周期前段，未来半年缺货可见度高，我们仍看好主流存储DRAM/NAND以及利基存储 价格在26H1保持上涨，合约价格有望保持快速上涨，追赶现货价涨幅，行业供不应求至少将持续至 2026年底，我们乐观看待本轮周期景气的持续性。 ...

人民财讯12月4日电，中信证券表示，存储仍处于超级景气周期初期，目前未来半年缺货可见度高，合 约价涨价幅度在2026年一季度末之前有望扩大或维持，累计涨幅追赶现货价涨幅。预计行业供不应求至 少持续至2026年底，乐观看待本轮结构性周期景气的持续性。更贴近存储原厂的公司在上行周期受益程 度更大、盈利持续性更强，核心推荐1)利基型存储开启涨价；2)企业级存储进展快、涨价受益逻辑强的 公司；3)企业级SSD/内存配套芯片设计公司有望间接受益。 ...

人民财讯12月4日电，中信证券指出，11月以来国内低轨卫星组网加速催化，卫星载荷为实现卫星组网 通信功能的关键，其中"星间激光链路"负责星-星传输，为微波通信的升级技术，技术壁垒高，为太空 算力从概念走向实用的关键支撑。预计伴随卫星数量增加、单星算力提升、卫星网络复杂度提升，星间 激光的重要性将进一步提升，建议关注当前在载荷端卡位领先的企业。 ...

中信证券研报认为，下一代大模型（Gemini 3.0/GPT5）实质利好复杂推理类场景，AI产业正走向规模 化落地阶段，商业模式逐步从AI项目交付、AI赋能存量应用、AI功能性应用演进。相较国内市场，海 外市场在技术进展、付费环境、商业模式和市场空间等维度均领先于国内，海外AI应用ARR数据持续 增长，正在加速落地。我们重视AI应用公司海外收入增长带来的投资机遇：例如有10%以上海外收入占 比的公司，海外收入增长50%以上，那么对公司整体收入的增速能上提5%，配合原本15%左右的内生增 长，增速就有望提升至20%，实现系统性价值提升。 ...