登录新浪财经APP 搜索【信披】查看更多考评等级 对于闲置募集资金现金管理，证监会多年前已有相关规定，其还于今年6月进行了再次修订与监管升级。从目前市场关注来看，投资者和业内还呼吁上市公 司进一步详尽披露"闲置募集资金现金管理"信息。 ▍近三年共6家科创板公司闲置募集资金现金管理额超50亿元 智通财经星矿数据统计显示，若仅从只能购买安全产品的闲置募集资金来看，近三年内（即：2023年至2025年），19家A股公司的闲置募集资金现金管理额 超30亿元，其中包括12家科创板公司。 《科创板日报》记者注意到，在上述12家科创板公司中，又有6家公司的金额超50亿元，分别是华虹公司、摩尔线程、中微公司、联影医疗、晶合集成、芯 联集成，其闲置募集资金现金管理额分别为210亿元、75亿元、55亿元、52.00亿元、50亿元、50亿元。 | 股票代码 | 证券简称 | 募资方式 | 募资投向项目名称 | | --- | --- | --- | --- | | 688347.SH | 束可公司 | 新股发行 | 使用部分暂时闲置募集资金进行现金管 | | 688795.SH | 摩尔线程 | 新股发行 | 1 使用部分闲置募集 ...

海外科技巨头业绩不及预期，美股率先调整 开源证券近日发布电子行业周报：本周（2025.12.8-2025.12.12）电子行业指数涨1.36%，其中半导体领 涨3.30%。光学光电子跌1.23%，消费电子跌1.39%；海外科技方面，美联储宣布降息25个基点，将联邦 基金利率目标区间降至3.50%-3.75%，符合市场预期。但由于甲骨文以及博通业绩会交流不及预期，海 外科技大幅下跌，费城半导体下跌3.58%、英伟达跌4.05%、博通跌7.77%、特斯拉涨0.87%、Meta跌 4.33%、苹果跌0.18%。 以下为研究报告摘要： 合肥长鑫今年7月已经开始辅导。我们预计明年长鑫长存扩产将会有较高的同比增速，叠加先进逻辑厂 商的持续扩产，建议关注半导体设备的投资机会。 本周（2025.12.8-2025.12.12）电子行业指数涨1.36%，其中半导体领涨3.30%。光学光电子跌1.23%，消 费电子跌1.39%；海外科技方面，美联储宣布降息25个基点，将联邦基金利率目标区间降至 3.50%-3.75%，符合市场预期。但由于甲骨文以及博通业绩会交流不及预期，海外科技大幅下跌，费城 半导体下跌3.58%、英伟达跌4. ...

数字经济ETF工银（561220）业绩比较基准为中证诚通国企数字经济指数收益率，管理人为工银瑞信基 金管理有限公司，基金经理为史宝珖，成立（2025-05-21）以来回报为36.79%，近一个月回报 为-0.25%。 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。 来源：新浪基金∞工作室 12月15日，数字经济ETF工银（561220）开盘跌0.51%，报1.360元。数字经济ETF工银（561220）重仓 股方面，中芯国际开盘跌1.41%，海光信息跌1.05%，北方华创涨1.25%，中科曙光跌1.14%，中微公司 涨0.16%，浪潮信息跌1.20%，生益科技跌3.00%，芯原股份跌5.06%，中兴通讯跌1.09%，深南电路跌 0.66%。 ...

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。 芯片ETF天弘（159310）业绩比较基准为中证芯片产业指数收益率，管理人为天弘基金管理有限公司， 基金经理为洪明华，成立（2024-04-18）以来回报为104.32%，近一个月回报为0.75%。 来源：新浪基金∞工作室 12月15日，芯片ETF天弘（159310）开盘跌1.08%，报2.018元。芯片ETF天弘（159310）重仓股方面， 中芯国际开盘跌1.41%，寒武纪跌2.08%，海光信息跌1.05%，北方华创涨1.25%，澜起科技跌2.02%，兆 易创新跌2.32%，中微公司涨0.16%，豪威集团跌0.85%，芯原股份跌5.06%，长电科技跌0.92%。 ...

这波暴涨绝非偶然，AI算力爆发、存储周期上行、国产替代提速的"三重buff"叠加，作为芯片产业的"卖铲人"，半导体设备行业正站在业绩兑现的风口 上。 回头看此前的板块波动，本质是短期情绪与长期逻辑的"短暂错位"：晶圆厂阶段性备货调整、海外制裁担忧等扰动已逐步消退，而全球半导体复苏、国内 扩产提速的核心逻辑愈发清晰，资金自然重新回流这一高确定性赛道。 本周五A股反弹行情中，半导体设备板块的表现备受关注，拓荆科技、中科飞测等个股盘中涨超10%，板块指数大涨3.26%逼近前高，资金抢筹迹象十分 明显。 海内外共振，设备市场升温 首先，全球半导体行业正进入复苏快车道。根据WSTS（世界半导体行业协会）数据，2025年上半年全球半导体市场规模达到3460亿美元，同比增长 18.9%，全年预计还要涨15.4%，直奔7280亿美元。 技术升级更让设备需求"量价齐升"。3D NAND堆叠层数向5xx层甚至1000层突破，对高深宽比刻蚀、先进薄膜沉积的要求大幅提升，泛林半导体测算， NAND堆叠层数从1yy层提升至5xx层，相关设备市场规模将增长1.8倍。 国内市场更是"双线发力"，一边扩产提速，一边国产替代加速。长鑫存储已经 ...

来源：新浪基金∞工作室 12月15日，科创ETF（588050）开盘跌1.01%，报1.369元。科创ETF（588050）重仓股方面，中芯国际 开盘跌1.41%，海光信息跌1.05%，寒武纪跌2.08%，澜起科技跌2.02%，中微公司涨0.16%，联影医疗跌 0.14%，金山办公跌1.27%，芯原股份跌5.06%，石头科技跌0.99%，传音控股跌0.45%。 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。 科创ETF（588050）业绩比较基准为上证科创板50成份指数收益率，管理人为工银瑞信基金管理有限公 司，基金经理为赵栩，成立（2020-09-28）以来回报为-3.35%，近一个月回报为-2.02%。 ...

交银国际研究 行业剖析 科技行业 2026 年展望：人工智能超级周期或继续，"十五五"科技国产替代或加速 | 估值概要 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | (%) | | 英伟达 | NVDA US | 买入 | 245.00 | 179.59 | 2.938 | 4.631 | 61.1 | 38.8 | 56.15 | 31.43 | 0.0 | | 台积电 | TSM US | 买入 | 360.00 ...

Investment Rating - The report maintains a positive outlook on the semiconductor equipment industry, particularly benefiting from the AI-driven demand surge in storage solutions [1][27]. Core Insights - The AI technology evolution is significantly increasing storage demand, leading to a supply-demand gap that is pushing prices higher. DRAM prices are expected to rise by approximately 58% year-on-year in 2026, with industry revenue projected to grow by about 85%, surpassing $300 billion for the first time [1]. - The NAND Flash market is also anticipated to see a 21% year-on-year increase in supply volume by 2026, with revenue reaching $110.5 billion, reflecting a 58% increase [1]. - Domestic semiconductor equipment manufacturers are expected to experience a new wave of rapid growth due to the advancements in storage technology and the expansion projects of local firms [1][27]. - Companies like Broadcom and Google are showing strong performance and optimistic forecasts regarding AI-related revenues, indicating robust growth in the semiconductor sector [1][27]. Summary by Sections Semiconductor Equipment - The semiconductor equipment market is projected to grow significantly, with key equipment such as etching and thin film deposition expected to see growth rates of 1.7x and 1.8x, respectively [1]. - The report highlights the importance of domestic manufacturers in the semiconductor equipment supply chain, especially in light of international supply chain constraints [1][24]. AI-PCB and Core Computing Hardware - The demand for AI-PCB is strong, with many companies reporting full production and sales, indicating a sustained high growth trajectory into the next year [4][27]. - The report emphasizes the potential of AI-driven products, particularly in the consumer electronics sector, with Apple expected to benefit significantly from AI integration in its devices [5][27]. Storage Market - The storage market is entering a clear upward trend, driven by increased demand from cloud service providers and consumer electronics, with significant price increases expected for DRAM and NAND Flash products [21][23]. - The report suggests that the storage sector will see a resurgence in capital expenditures as companies prepare for increased demand [23][27]. Passive Components and Display Panels - The passive components market is expected to benefit from the rising demand for AI applications, with significant growth in MLCC and other components [19][21]. - The display panel market is stabilizing, with effective production control measures in place, ensuring steady pricing and supply [20][21]. IC Design and Semiconductor Materials - The IC design sector is projected to see continued growth, particularly in the memory segment, as demand from cloud service providers increases [21][23]. - The semiconductor materials market is also expected to improve as production capacity increases and domestic suppliers gain market share [26][27].

Core Insights - The mechanical industry is showing signs of recovery after three years of stagnation, with nominal GDP growth beginning to rise since Q4 2024, positively impacting the mechanical sector [17] - Domestic demand is weak while external demand is strong, particularly in the engineering machinery sector, where exports are gradually increasing due to improvements in the European and American markets [17][19] - The investment landscape is shifting towards overseas expansion and new industries, with a focus on automation and sectors supported by government subsidies [17][19] Industry Overview - The mechanical industry is experiencing a dual trend of weak domestic demand and strong external demand, with engineering machinery showing signs of recovery but still facing a fragile foundation [17] - Domestic investment in real estate continues to decline, with a 14.7% year-on-year drop in real estate development investment from January to October 2025, while infrastructure investment growth has also slowed significantly [19][23] - The overall investment environment is expected to stabilize as the gap between domestic and foreign demand narrows, with structural opportunities in infrastructure projects like water conservancy and high-standard farmland construction [23] 2026 Domestic Outlook - The investment gap is expected to narrow, with infrastructure investment declining from high levels and real estate investment under pressure, leading to a focus on structural opportunities [19][23] - Manufacturing investment is crucial, with the core focus on PPI and inventory levels, as domestic manufacturing orders remain sluggish [26][28] - The expectation is that PPI will improve in 2026, driven by factors such as reduced internal competition and improved domestic demand [28] 2026 Overseas Outlook - The downward trend in interest rates is a significant macro narrative, with the U.S. and Europe entering a phase of fiscal expansion, which is expected to benefit Chinese manufacturing [29][38] - The global inventory levels are at historical lows, which could lead to a new investment cycle as demand recovers [35] - The second wave of globalization for Chinese manufacturing is anticipated, driven by fiscal expansion in the U.S. and Europe, and a recovery in industrial product demand [38][40] Stock Selection Strategy - The stock selection strategy for 2026 focuses on two main themes: benefiting from overseas expansion and new industries, particularly in sectors like engineering machinery and specialized equipment [44] - Key sectors include engineering machinery, shipbuilding, and high-tech equipment, with a focus on companies that are expected to maintain stable performance and low valuations [44] - Emerging industries such as AI equipment, lithium battery production, and semiconductor manufacturing are highlighted as areas of significant opportunity [44][45] Investment Recommendations - Recommended stocks include SANY Heavy Industry, XCMG, and China Shipbuilding, which are expected to perform well in the current market environment [7] - Companies in the AI and semiconductor sectors, such as Longchuan Technology and Zhongwei Company, are also recommended due to their growth potential [7] - Future-oriented assets like humanoid robots and controllable nuclear fusion are noted as areas to watch for significant industry changes [7][45]

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Viewpoints - The storage sector is crucial for AI inference, driving rapid growth in storage demand, particularly for HBM, DRAM, and SSD, characterized by decreasing costs and increasing capacities [5][13]. - AI-driven storage demand is expected to surge, with projections indicating a need for hundreds of exabytes (EB) of storage capacity in the near future [5][24]. - The report emphasizes the broad space within the industry chain, highlighting opportunities in eSSD, MRDIMM, SPD, and VPD chips, as well as CXL storage pooling [5][79]. Summary by Sections 1. Storage as Tokens for AI Inference - AI servers utilize various storage types, including HBM, DRAM, and SSD, with a focus on high bandwidth and large capacity to support efficient data processing [13][17]. - The demand for SSD and HDD is projected to grow significantly, with estimates suggesting a requirement of 49 EB for ten Google-level inference applications by 2026 [24]. 2. AI-Driven Storage Demand Growth - eSSD is identified as a core demand area for AI and storage servers, with increasing needs for high bandwidth and large capacity due to long-context inference and RAG databases [25][26]. - The market for AI server eSSD is expected to expand, with theoretical maximum capacities of 59 EB, 89 EB, and 120 EB for 2024, 2025, and 2026 respectively [27][34]. 3. MRDIMM Applications - MRDIMM is anticipated to enhance performance in large model inference, providing significant bandwidth improvements and capacity expansions [38][39]. 4. SPD and VPD Chip Opportunities - The transition to DDR5 memory modules presents growth opportunities for SPD and VPD chips, driven by increased specifications and demand [45][46]. 5. CXL Storage Pooling - CXL technology facilitates storage pooling, enhancing computational efficiency and enabling better resource allocation for AI applications [53][54]. - The report notes significant TCO advantages in KV Cache performance when utilizing CXL in high-concurrency, long-context workloads [56][59]. 6. Investment Recommendations - The report suggests focusing on storage industry chain-related entities, as AI-driven storage prices are expected to rise, leading to improved profit margins for manufacturers [79].