以最新收盘价计算，科创板平均股价为41.58元，其中股价超100元的有70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277只，下跌的有309只，以收盘价为基准测算，科 创板平均股价为41.58元，其中，收盘价超过100元的有70只，股价在50元至100元之间的有137只，股价 在30元至50元的有141只。 科创板股中，收盘价最高的是寒武纪-U，今日报收1287.00元，下跌2.17%，其次是C沐曦-U、摩尔线程- U等，最新收盘价分别为787.04元、705.71元。 科创板百元股中，今日平均下跌1.54%，具体来看，今日上涨的有16只，涨幅居前的有星环科技-U、东 芯股份、臻镭科技等。下跌的有54只，跌幅居前的有C昂瑞-UW、浩欧博、生益电子等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价440.35%，溢价幅度居前的有寒武纪-U、 安集科技、百利天恒等，溢价幅度分别为1898.76%、1488.71%、1309.39%。 688795 摩尔线程-U 705.71 -1.27 16.64 电子 688498 源杰科技 634.60 -4.43 4.56 电子 ...

天眼查工商信息显示，近日，寒武纪（688256）发生工商变更，注册资本由约4.18亿元人民币增至约 4.22亿元人民币，同时，部分高管也发生变更。中科寒武纪科技股份有限公司成立于2016年3月，法定 代表人为陈天石，经营范围含技术进出口、货物进出口、计算机系统服务、软件开发、销售计算机软件 及辅助设备等。股东信息显示，该公司由陈天石、北京中科算源资产管理有限公司、北京艾溪科技中心 （有限合伙）等共同持股。 （文章来源：每日经济新闻） ...

Core Viewpoint - The article discusses the recent market dynamics surrounding AI stocks, particularly focusing on the significant fluctuations in the stock price of the newly listed company, Moer Thread, and the implications of institutional investment behavior in the A-share market [6][9]. Group 1: Market Reactions and Trends - Moer Thread announced plans to use up to 7.5 billion yuan of raised funds for financial management, which led to a market reaction resulting in a single-day drop of over 19% and a subsequent decline of 6.13% [6][9]. - The extreme market conditions in the AI sector have raised concerns about a potential liquidity crisis, as institutional investors appear to be heavily concentrated in a few high-profile stocks, leading to a "二八分化" (80/20 phenomenon) where the majority of stocks are declining while a few are surging [11][12]. - Institutional funds are increasingly clustering around specific sectors while showing less interest in individual stocks, indicating a shift in investment strategies [12][17]. Group 2: Institutional Investment Behavior - As of the third quarter of 2025, 922 public funds held shares in Cambricon, with a total holding value of approximately 71.3 billion yuan, indicating a significant trend of institutional investment in AI-related stocks [14]. - The inflow of institutional funds into AI stocks from October 8 to December 15, 2025, was substantial, with Cambricon receiving approximately 129.7 billion yuan, highlighting the growing interest in AI leaders [14][15]. - New regulations in the public fund industry are likely to further catalyze this extreme concentration of institutional funds, as fund managers may prefer to invest in well-established stocks with strong performance certainty [17][18]. Group 3: Market Liquidity and Structural Issues - The article notes that while the A-share market has seen significant inflows, the overall market sentiment is not as vibrant as in previous bull markets, with a notable lack of widespread participation among retail investors [20][23]. - Insurance funds are increasingly being directed into the stock market, with projections suggesting an annual influx of around 500 billion yuan starting in 2025, primarily through ETFs [23][24]. - The current market environment is characterized by a "量化" (quantitative) approach to investment, where traditional active management strategies are being overshadowed by quantitative products, leading to a peculiar liquidity situation where funds are concentrated in a few sectors [24][25]. Group 4: Global Market Influences - The article highlights that while institutional investors in A-shares remain optimistic about AI stocks, external factors such as the recent sell-off of tech stocks in the U.S. are impacting market sentiment and raising concerns about AI valuations [27][34]. - The ongoing global competition for computing power and AI capabilities is becoming a focal point in the U.S.-China tech rivalry, with implications for market dynamics and investment strategies [31][32].

天眼查工商信息显示，近日，寒武纪（688256）发生工商变更，注册资本由约4.18亿人民币增至约4.22 亿人民币，同时，部分高管也发生变更。中科寒武纪科技股份有限公司成立于2016年3月，法定代表人 为陈天石，经营范围含技术进出口、货物进出口、计算机系统服务、软件开发、销售计算机软件及辅助 设备等。股东信息显示，该公司由陈天石、北京中科算源资产管理有限公司、北京艾溪科技中心（有限 合伙）等共同持股。 ...

Group 1 - The core viewpoint of the articles highlights the increasing focus on AI smart glasses as a key application of AI technology, with major companies entering the market, indicating a shift from infrastructure to end-user devices [1][2] - The Zhongzheng Consumer Electronics Theme Index (931494) has shown a decline of 1.03% as of December 18, 2025, with mixed performance among constituent stocks, where Zhaoyi Innovation (603986) led with a 7.17% increase [1] - The Consumer Electronics ETF (561600) has seen a net inflow of 57.41 million yuan over three days, with a peak single-day inflow of 27.69 million yuan, indicating strong investor interest [1][2] Group 2 - The AI smart glasses market is expected to enter a phase of intensive new product launches, driven by successful market entries like the Ray-Ban Meta glasses, which have attracted significant attention from various sectors including internet, consumer electronics, and XR hardware [2] - The top ten weighted stocks in the Zhongzheng Consumer Electronics Theme Index account for 56.39% of the index, with notable companies including Luxshare Precision (002475) and Cambricon Technologies (688256) [2]

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。 集成电路ETF（562820）业绩比较基准为中证全指集成电路指数收益率，管理人为嘉实基金管理有限公 司，基金经理为田光远，成立（2024-04-12）以来回报为117.04%，近一个月回报为-0.48%。 12月18日，集成电路ETF（562820）开盘跌0.88%，报2.148元。集成电路ETF（562820）重仓股方面， 寒武纪开盘跌1.19%，中芯国际跌0.43%，海光信息跌0.99%，澜起科技跌0.79%，兆易创新涨0.65%，豪 威集团跌0.60%，芯原股份跌1.45%，长电科技跌0.92%，紫光国微跌0.77%，通富微电跌1.57%。 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights the potential of HBF (High Bandwidth Flash) technology to meet the memory capacity requirements of AI large models, which have been increasing due to the growth in model parameters and context lengths [13][20] - Companies with a database technology foundation are well-positioned to develop data infrastructure software based on HBF, with major players including Huawei and Alibaba, as well as independent firms like StarRing Technology and PingCAP [29][32] - The maturity of HBF technology is expected to drive the application of related data infrastructure software, particularly in AI inference tasks [33] Summary by Sections HBF Technology Development - HBF is anticipated to become the optimal solution for meeting the memory capacity demands of AI large models, as current HBM (High Bandwidth Memory) solutions are insufficient [20][23] - The first batch of HBF samples is expected to be delivered in the second half of 2026, with integrated AI inference hardware projected for early 2027 [23] Data Infrastructure Software Opportunities - The report identifies a growing need for data processing software that can handle the high memory requirements of various AI models, particularly large language models and video generation models [28][30] - Companies with existing database technology capabilities are likely to develop software optimized for HBF, enhancing their competitive edge in the market [29][32] Key Company Valuations and Financial Analysis - StarRing Technology (688031.SH) has a current price of CNY 97.99 with a rating of "Increase" [8] - Cambricon (688256.SH) is rated "Buy" with a target value of CNY 1480.92, reflecting strong growth potential [8] - Inspur Information (000977.SZ) is rated "Increase" with a current price of CNY 62.85 [8] - Unisplendour (000938.SZ) is rated "Buy" with a target value of CNY 39.18 [8]

Group 1 - The first batch of ETFs tracking the Innovation and Entrepreneurship AI Index has been launched, with the largest being the E Fund Innovation and Entrepreneurship AI ETF (159140) at a scale of 1.336 billion CNY [10][11] - The investment value and logic in the AI sector are increasingly recognized, with many brokerages projecting AI to remain a key investment theme in the stock market through 2026 [1][2] - The recent economic work conference emphasized the need to "deepen and expand" the integration of AI, indicating strong policy and financial support for the sector in the coming year [2] Group 2 - The focus has shifted from model competition to practical application of AI, with diverse applications in finance, healthcare, and education, which will drive demand for computing power and infrastructure [3] - The Innovation and Entrepreneurship AI Index is uniquely positioned, selecting 50 major companies from the Sci-Tech Innovation Board and the Growth Enterprise Market, specifically targeting leading firms in the AI sector [4][5] - The index captures the strengths of both the communication equipment and semiconductor sectors, with over 70% of its composition in these areas, aligning with global AI computing demand and domestic development [5] Group 3 - The leading stocks within the index are primarily from the optical module and semiconductor sectors, indicating a high concentration that could drive the index's performance during an upcycle in the AI industry [7] - Profit forecasts for the index's constituent stocks show significant growth, with expected revenue growth rates of 36.16% and 25.08% for 2026 and 2027, respectively, and net profit growth rates of 81.99% and 34.58% for the same years [8][9] - The index's design allows for a streamlined investment approach, enabling investors to gain exposure to both optical modules and semiconductors simultaneously [7]

Group 1 - The core viewpoint of the article highlights the performance of the Invesco Chip ETF (159560), which opened down by 1.06% at 1.584 yuan on December 18 [1] - The major holdings of the ETF include companies such as SMIC, Cambricon, and Huagong Information, with varying performance; for instance, SMIC decreased by 0.43%, while Zhaoyi Innovation increased by 0.65% [1] - The ETF's performance benchmark is the CSI Chip Industry Index return, managed by Invesco Great Wall Fund Management Company, with a return of 60.58% since its establishment on November 9, 2023, and a return of 0.60% over the past month [1]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a slight decline, reflecting the overall performance of its major holdings in the semiconductor sector [1] Group 1: ETF Performance - The chip ETF Tianhong (159310) opened down by 0.25%, priced at 1.993 yuan [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 99.96%, with a monthly return of 0.58% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down by 0.43% - Cambricon (寒武纪) down by 1.19% - Haiguang Information (海光信息) down by 0.99% - Northern Huachuang (北方华创) down by 0.84% - Lattice Semiconductor (澜起科技) down by 0.79% - Zhaoyi Innovation (兆易创新) up by 0.65% - Zhongwei Company (中微公司) down by 1.13% - OmniVision (豪威集团) down by 0.60% - Chipone (芯原股份) down by 1.45% - JCET (长电科技) down by 0.92% [1]