（原标题：中微公司现7笔大宗交易 均为折价成交） 中微公司1月14日大宗交易平台共发生7笔成交，合计成交量60.25万股，成交金额1.92亿元。成交价格均为318.32元，相对今日收盘价折价9.67%。 从参与大宗交易营业部来看，机构专用席位共出现在4笔成交的买方或卖方营业部中，合计成交金额为1.77亿元，净买入1.77亿元。 进一步统计，近3个月内该股累计发生71笔大宗交易，合计成交金额为29.22亿元。 证券时报•数据宝统计显示，中微公司今日收盘价为352.38元，上涨1.84%，日换手率为2.75%，成交额为61.15亿元，全天主力资金净流出1.91亿 元，近5日该股累计上涨0.01%，近5日资金合计净流出13.54亿元。 市盈率: 73.26倍 资金流向：最新份额为5.7亿份，减少了600.0万份，净申 赎-656.5万元。 | 成交量 | 成交金 额 | 成交价 | 相对当日 收盘折溢 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万 | 格 | 价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | ...

Group 1 - Domestic wafer fabs are experiencing a recovery in capacity utilization and a strong willingness to expand production, driven by AI, which is expected to lead to a super cycle in storage [1] - The semiconductor equipment demand is anticipated to rise due to increased domestic production rates and the push for self-sufficiency in logic chips [1] - The market is witnessing a significant increase in trading volume, indicating a high risk appetite, although short-term volatility is expected due to the further increase in margin financing [1] Group 2 - The AI-driven global storage chip industry is entering a "super cycle," with supply-demand mismatches leading to higher-than-expected price increases [1] - Domestic and international storage expansions are ongoing, with companies like Changxin and Changcun accelerating their IPO processes, which is expected to boost upstream semiconductor equipment investment opportunities [1] - The low domestic production rate of semiconductor equipment and tightening export controls from the US, Japan, and the Netherlands are likely to accelerate the progress of domestic semiconductor equipment production [1]

1月14日上午，存储器与半导体设备"卷土重来"！受益于存储"超级周期"首份年报预增超500%提振，多家存储公司开盘大涨。上游半导体设备由于核心受益 于存储需求高增，目前多股拉升。 高"设备"含量——半导体设备ETF（561980）盘中拉涨3.26%，实时成交额超1.4亿元，近期基金规模刚创新高。目前权重股中微公司涨超4%，海光信息涨超 6%，拓荆科技、长川科技涨超5%，寒武纪、北方华创、中芯国际、南大光电等涨超1%；成份股江丰电子、珂玛科技等持续拉升。 消息面上，美国放宽了H200芯片出口到中国的监管规定，此前已"条件性"允许向中国出售H200人工智能芯片。关于H200的放开，多家机构认为对国产算力 产业链影响非常有限，反而会提振国产替代信心。 此外，存储超级周期下的首份年报预告出炉，预计2025年净利润将大幅同比增长427.19%-520.22%，提振板块情绪。 从产业链来看，存储芯片属于半导体设备空间最大的下游市场之一。2025年-2026年存储价格持续上涨，TrendForce预估2026Q1一般型DRAM合约价还会季 增55-60%，Server DRAM价格季增逾60%，NANDFlash各类产品合 ...

华泰紫金中证半导体产业指数型发起A（021718）基金经理为毛甜。 1月14日，中微公司涨5.18%，截至发稿，报363.92元/股，成交29.73亿元，换手率1.35%，总市值 2278.67亿元。 资料显示，中微半导体设备(上海)股份有限公司位于上海市浦东新区金桥出口加工区(南区)泰华路188 号，成立日期2004年5月31日，上市日期2019年7月22日，公司主营业务涉及高端半导体设备的研发、生 产和销售。主营业务收入构成为：专用设备86.17%，备品备件12.84%，其他0.99%。 从基金十大重仓股角度 数据显示，华泰资管旗下1只基金重仓中微公司。华泰紫金中证半导体产业指数型发起A（021718）三 季度增持1.5万股，持有股数5.18万股，占基金净值比例为13.58%，位居第一大重仓股。根据测算，今 日浮盈赚取约92.87万元。 华泰紫金中证半导体产业指数型发起A（021718）成立日期2024年7月17日，最新规模3035.34万。今年 以来收益11.69%，同类排名498/5520；近一年收益84.5%，同类排名245/4203；成立以来收益128.83%。 截至发稿，毛甜累计任职时间8年36 ...

科创板政策及行业动态一览： l 科创板政策与行业动向： 近日，中芯国际、华虹公司、中微公司先后推出并购重组交易，并采取三类不同的并购整合策略。其 中，华虹公司拟发行股份收购"兄弟公司"华力微97.5%股权；中微公司拟发行股份及支付现金购买杭州 众硅64.69%股权；中芯国际则公告收购控股子公司中芯北方49%股权的交易草案。（以上个股仅作示 例，不作为投资建议） 自"科创板八条"发布以来，科创板公司已累计披露近170单股权收购交易，2025年全年超过100单，政策 效应显著。其中，重大资产重组达50单，2025年为37单，远超2019年至2023年累计的17单。 解读： 科创板股权收购交易均围绕产业整合展开。随着行业头部企业陆续上市，资本市场正成为并购重组的主 渠道。龙头企业积极把握政策机遇与市场窗口，通过并购补齐产业链关键环节，持续增强上市公司核心 竞争力。科创板并购市场活力持续释放，产业链资源配置效率进一步提升。 当前逆全球化加剧，自主可控需求迫切。科创板硬科技属性鲜明，主要聚焦于电子芯片、新兴软件和新 型信息技术服务、生物医药产业、智能制造装备产业等，映射了当前中国先进制造业的崛起。科创芯片 ETF基金（ ...

Investment Strategy - The report emphasizes focusing on FAB and storage manufacturers that are expanding production and the recovery cycle of analog chips [3] - Longxin plans to raise 29.5 billion yuan, while SMIC Southern will receive a total cash contribution of 7.778 billion USD from shareholders [3] - Recommended companies include SMIC, Hua Hong Semiconductor, Zhongwei Company, and others [3] Market Trends - Microchip CEO noted a broad recovery in multiple end markets, with initial orders for the new quarter significantly better than the same period last year [3] - The storage demand is driven by AI, with prices still in an upward cycle; TrendForce predicts a 55-60% increase in general DRAM contract prices for Q1 2026 [3][30] Company Performance - The semiconductor index rose by 4.47% in December 2025, underperforming the electronics sector by 0.69 percentage points but outperforming the CSI 300 index by 2.19 percentage points [8] - Notable stock performances included Micron Technology (+20.74%) and Microchip Technology (+18.92%) [10] Semiconductor Sales Data - Global semiconductor sales reached 75.28 billion USD in November 2025, marking a year-on-year increase of 29.8% [26] - China’s semiconductor sales accounted for 26.9% of the global total, with a year-on-year growth of 15% [36] Price Trends in Storage - DRAM and NAND Flash contract prices increased in November, with DRAM prices rising from 7.00 USD to 8.10 USD and NAND Flash prices from 5.19 USD to 4.35 USD [30] - Predictions indicate a 55-60% increase in general DRAM contract prices and a 33-38% increase in NAND Flash prices for Q1 2026 [30][32]

Core Viewpoint - The article emphasizes the investment strategy in the semiconductor industry, focusing on the expansion of FAB and storage manufacturers, as well as the recovery cycle of analog chips [3][5]. Group 1: Market Performance - In December 2025, the SW semiconductor index rose by 4.47%, underperforming the electronic industry by 0.69 percentage points but outperforming the CSI 300 index by 2.19 percentage points [3][5]. - The SW semiconductor index's PE (TTM) was 100.50x as of December 31, 2025, placing it at the 80.92 percentile since 2019 [3][17]. - The semiconductor sub-industries with the highest growth included semiconductor equipment (+9.08%), semiconductor materials (+8.49%), discrete devices (+5.56%), and analog chip design (+5.13%) [3][5]. Group 2: Fund Holdings and Investment Strategy - In Q3 2025, the proportion of semiconductor heavy holdings in active funds was 12.56%, an increase of 2.5 percentage points from the previous quarter [6][22]. - The top twenty heavy holdings in active funds saw the addition of Huahong Semiconductor and Yuanjie Technology, replacing OmniVision and Naxin Micro [6][26]. - The article suggests focusing on companies in the expansion phase, such as SMIC, Huahong Semiconductor, and others, as well as analog chip companies like Shengbang Technology and Jiewa Technology during the recovery phase [9][10]. Group 3: Global Semiconductor Sales and Pricing Trends - Global semiconductor sales in November 2025 reached $75.28 billion, marking a year-on-year increase of 29.8% and a quarter-on-quarter increase of 3.5% [7][28]. - The prices of DRAM and NAND Flash contracts continued to rise, with predictions of a 55-60% increase in DRAM contract prices in Q1 2026 [30][32]. - The article highlights that the demand for storage is driven by AI, with prices still in an upward cycle [9][30]. Group 4: Company Performance and Forecasts - The article provides forecasts for key companies, indicating that Huahong Semiconductor is expected to have a net profit of 0.90 billion yuan in 2025, with a PE ratio of 226 [11]. - The production capacity utilization rates for SMIC and Huahong Semiconductor were reported at 95.8% and 109.5%, respectively, indicating strong operational performance [35][37]. - The semiconductor industry is experiencing a significant recovery, with various companies expected to benefit from the ongoing expansion and demand for chips [9][10].

Core Insights - The global semiconductor industry underwent significant changes in 2025, transitioning from chaos to order and from divergence to consensus, driven by macroeconomic policies and the rise of artificial intelligence [1] - The A-share semiconductor sector experienced a recovery trajectory throughout the year, culminating in a strong performance in the second half [1] - The Kexin Chip ETF (588200) emerged as the largest product in the semiconductor theme, achieving a return of 154.35% since its listing, with an annualized yield of 34.88% [1] Industry Overview - The semiconductor industry is at a critical juncture, with AI transitioning from training to inference and domestic substitution moving into deeper waters [1][28] - The Kexin Chip Index has shown a cumulative increase of 69.94% since April 8, 2025, outperforming other semiconductor indices [4] - The market sentiment shifted positively towards semiconductor stocks, with 54% of tracked A-share semiconductor companies achieving record quarterly revenues in 2025 [6][12] Market Performance - The Kexin Chip ETF (588200) has seen significant inflows, with a net inflow of 3.18 billion yuan in 2025 and an average daily trading volume of 2.6 billion yuan [2][24] - The index's constituent stocks demonstrated impressive growth, with a 39% year-on-year revenue increase and a 94% rise in net profit in the first three quarters of 2025 [22] - The semiconductor market is expected to experience double-digit growth for three consecutive years, driven by AI infrastructure and traditional chip demand recovery [14] Investment Opportunities - The Kexin Chip ETF (588200) provides a convenient way to invest in core assets of the semiconductor industry, covering the entire supply chain from design to manufacturing [18][21] - The ETF's liquidity and strong market recognition make it an attractive option for both institutional and individual investors [24][25] - The underlying assets of the ETF include leading companies in the semiconductor sector, such as SMIC and Cambrian, which are positioned to benefit from ongoing industry trends [19][30] Future Outlook - The semiconductor industry is poised for growth, with domestic companies benefiting from increased production capacity and innovation in AI applications [28][30] - The Kexin Chip Index is expected to maintain its status as one of the most growth-oriented indices in the A-share market, capitalizing on trends in AI computing and domestic substitution [30][31]

Group 1 - The article discusses various companies and technologies in the semiconductor industry, focusing on EDA (Electronic Design Automation) tools and their applications in digital front-end and back-end processes [2][4][5] - It highlights key players in the EDA market, including PARCAS, UNIVISTA, and HyperSilicon, among others, emphasizing their contributions to the industry [2][4] - The article also mentions the importance of manufacturing and packaging technologies, showcasing companies like North Huachuang and AMEC, which are pivotal in semiconductor equipment [4][6] Group 2 - The article outlines the advancements in semiconductor materials, particularly focusing on silicon and compound semiconductors like GaN (Gallium Nitride) and SiC (Silicon Carbide), which are crucial for high-performance applications [14][16] - It identifies leading companies in the storage sector, such as Yangtze Memory Technologies and Longsys, which are making significant strides in NAND and DRAM technologies [16] - The article emphasizes the growing demand for automotive chips and the role of companies like BYD Semiconductor and others in developing SoCs (System on Chips) and MCUs (Microcontrollers) for the automotive industry [17][19] Group 3 - The article discusses the networking and communication chip sector, highlighting companies like Zhaolong and Aurasemi, which are innovating in network interconnect technologies [18] - It mentions the increasing importance of optical modules and related technologies, with companies like Huagong Technology and Zhongji Xuchuang leading the way in optical communication solutions [18] - The article concludes with a focus on the mobile chip market, indicating the competitive landscape and the key players involved in smartphone chip development [19][20]

芯片龙头ETF（516640）业绩比较基准为中证芯片产业指数收益率，管理人为富国基金管理有限公司， 基金经理为张圣贤，成立（2021-08-19）以来回报为19.13%，近一个月回报为13.34%。 来源：新浪基金∞工作室 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。 1月13日，芯片龙头ETF（516640）开盘跌0.08%，报1.188元。芯片龙头ETF（516640）重仓股方面，中 芯国际开盘跌0.13%，寒武纪跌1.65%，海光信息跌0.00%，北方华创跌0.37%，澜起科技涨0.00%，兆易 创新涨1.59%，中微公司跌1.20%，豪威集团涨0.19%，芯原股份涨0.23%，长电科技跌0.41%。 ...