Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.08%, driven by strong performances in the environmental protection, electronics, and communication sectors, while agriculture, forestry, animal husbandry, and coal sectors experienced declines [1] - The chip technology stocks showed significant strength, with the chip ETF (159995.SZ) rising by 0.52%, and notable increases in component stocks such as Beijing Junzheng (up 6.23%), Shengbang Co. (up 5.15%), SMIC (up 2.95%), Zhaosheng Micro (up 2.79%), and Hu Silicon Industry (up 0.88%) [1] Group 2 - According to the CFM flash memory market report, there is expected to be a significant supply shortage for server eSSD and DDR5 RDIMM in Q1 2026, with DDR5 RDIMM prices projected to rise by over 40% and eSSD prices expected to increase by 20% to 30% [3] - Embedded storage prices are anticipated to see substantial increases, with embedded NAND and DRAM contract prices expected to rise by as much as 30% and 45% respectively by Q4 2025, with further significant increases projected for Q1 [3] - Dongguan Securities indicated that the continuous rise in storage prices reflects strong demand driven by AI, suggesting that companies within the storage industry chain are likely to benefit from these price increases [3] - The chip ETF (159995) tracks the National Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

Core Viewpoint - The Hong Kong stock market is experiencing a strong surge in the semiconductor sector, with notable increases in stock prices for companies like SMIC and Hua Hong Semiconductor, driven by rising demand and price adjustments in the industry [1][3]. Group 1: Market Performance - On December 24, Hong Kong stocks in the semiconductor sector opened strongly, with SMIC and Shanghai Fudan rising by 5% and Hua Hong Semiconductor increasing by over 4% [1]. - The first Hong Kong ETF focused on the semiconductor industry, the Hong Kong Information Technology ETF (159131), saw a price increase of 1.9%, with real-time transaction volume exceeding 24 million yuan [1][2]. Group 2: Price Adjustments and Demand - SMIC has implemented price increases on some of its production capacities, with an approximate rise of 10%, which is expected to be executed soon [2][3]. - The increase in semiconductor product demand is attributed to the continuous growth in mobile applications and AI, leading to higher wafer demand [3]. - The capacity utilization rates for SMIC and Hua Hong are nearing or exceeding full capacity due to strong demand [3]. Group 3: ETF Composition and Strategy - The Hong Kong Information Technology ETF is structured with a composition of 70% hardware and 30% software, focusing on semiconductor, electronics, and computer software sectors, covering 42 Hong Kong tech companies [3]. - Key holdings in the ETF include SMIC with a weight of 20.48%, Xiaomi Group-W at 9.53%, and Hua Hong Semiconductor at 5.80%, excluding major internet companies like Alibaba and Tencent to enhance focus on AI and hard technology [3].

Market Overview - On December 24, the A-share market opened slightly higher, with the Shanghai Composite Index at 3920.35 points, up 0.01% [2] - The market experienced a brief surge before retreating, with the Shanghai Composite Index and Shenzhen Component Index showing slight gains, while the ChiNext Index was down [2][3] Sector Performance - The storage chip sector showed strength at the beginning of trading, with companies like Shenghui Integrated and Chuangyuan Technology achieving three consecutive trading limit increases [6] - Other active sectors included fiberglass, lithium batteries, and charging piles, while concepts like Hainan Free Trade Port and optical modules experienced corrections [3][4][5] Notable Stocks - Shengtong Energy achieved a trading limit increase for the ninth consecutive day, reaching a price of 34.79 CNY per share, with a cumulative increase of 114.44% over the past eight trading days [17][19] - Other stocks in the storage chip sector, such as Beijing Junzheng and Demingli, also saw significant gains, with increases of 5.90% and 8.68% respectively [14][13] Commodity Market - Precious metals futures continued to rise, with the main contract for silver on the Shanghai Futures Exchange increasing by over 7% [21][23] - The price of silver in the spot market also surged, breaking through 72.7 USD per ounce [26][27] Industry Insights - Reports indicate that SMIC has implemented price increases of approximately 10% on some of its production capacities, which is expected to be executed soon [16] - Analysts from Open Source Securities believe that the advanced logic expansion in 2026 is likely to see a significant surge, establishing a solid foundation for semiconductor equipment orders in the coming year [16]

消息面上，据多方媒体报道，中芯国际已经对部分产能实施了涨价，涨幅约为10%。 编辑 ｜ 钉钉 12月24日，中芯国际AH股开盘均涨超2%，截至发稿，A股中芯国际报122.5元/股，港股报70.35港元/ 股。 | < W | 中芯国际(688981) | | | | | --- | --- | --- | --- | --- | | | 交易中 12-24 09:25:01 融 通 科 | | | | | | 122.50 额 1.18亿 股本 80.00亿 市盈™ | | 204 万得 | | | | 2.60 2.17% 换 0.05% 市值 6275亿 市净 6.48 | | 20 | | | | 港股 70.350 +1.450 +2.10% | | 溢价(H/A) -47.96% | | | 分时 | 五日 日K | 周K 月K | | | | 叠加 | | 均价:122.50 | 盘口 资金 | | | 122.50 | 2.17% 卖五 122.58 | | | 31 | | | | | 卖四 122.57 | 24 | | | | | 東三 122.56 | 2 | | | | | 更二 12 ...

12月24日，港股半导体股盘初拉升，中芯国际、上海复旦涨约5%，华虹半导体涨4%，贝克微、英诺赛 科跟涨。 消息上，有媒体从多个渠道求证获悉，中芯国际已经对部分产能实施了涨价，涨幅约为10%。有公司反 映，预计涨价会很快执行。但由于之前存储产品价格过低，晶圆厂早已率先对其实施了涨价。 "由于手机应用和AI需求持续增长，带动套片需求，从而带动了整体半导体产品需求的增长。"对于中芯 国际涨价的原因，有半导体业内人士解读，原材料涨价也是其中因素。 此外，台积电确认整合8英寸产能，并计划在2027年末关停部分生产线，或也引发晶圆厂涨价预期。事 实上，由于需求旺盛，中芯国际、华虹公司的产能利用率持续增长，并已接近满载或超过满载。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01385 | 上海复旦 | 44.800 | 4.77% | | 00981 | 中芯国际 | 72.150 | 4.72% | | 01347 | 材料大学体 | 73.050 | 3.91% | | 01304 | FORTIOR | 125.100 | 2.04% | | 021 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong surge in the semiconductor sector, with notable increases in stock prices for companies like SMIC and Hua Hong Semiconductor, alongside the launch of the first ETF focused on the Hong Kong semiconductor industry [1][7]. Group 1: Market Performance - On December 24, the Hong Kong stock market saw significant gains in semiconductor stocks, with SMIC and Shanghai Fudan rising by 5% and Hua Hong Semiconductor increasing by over 4% [1][7]. - The first ETF focusing on the Hong Kong semiconductor industry (159131) recorded a price increase of 1.9%, with a real-time transaction volume exceeding 24 million CNY [1][7]. Group 2: Price Increases and Demand - SMIC has implemented price increases on some of its production capacities, with an approximate rise of 10% expected to be executed soon [8][9]. - The demand for semiconductor products is driven by the continuous growth in mobile applications and AI, leading to increased wafer demand [9]. - The capacity utilization rates for SMIC and Hua Hong are nearing or exceeding full capacity due to strong demand [9]. Group 3: ETF Composition and Strategy - The ETF's index is composed of 70% hardware and 30% software, heavily investing in Hong Kong's semiconductor, electronics, and computer software sectors, covering 42 hard-tech companies [9]. - SMIC holds a weight of 20.48% in the ETF, while Xiaomi Group-W and Hua Hong Semiconductor have weights of 9.53% and 5.80%, respectively [9].

| 688135 | 利扬 | 22576.92 | 11.14 | 0.00 | | 0.96 | | --- | --- | --- | --- | --- | --- | --- | | | 芯片 | | | | | | | 688150 | 莱特 | 31931.18 | 11.08 | 157.65 | 29.33 | 0.83 | | | 光电 | | | | | | | 688629 | 华丰 | 112440.72 | 10.23 | 377.00 | 125.88 | 14.27 | | | 科技 | | | | | | | 688290 | 景业 智能 | 25501.99 | 10.14 | 26.00 | -11.64 | -7.80 | | | 德科 | | | | | | | 688205 | 立 | 112346.95 | 9.84 | 172.30 | 31.46 | 2.52 | | 688651 | 盛邦 安全 | 1 1136.94 | 9.38 | 0.00 | | -4.78 | | 68831 1 | 盟升 电子 | 19413.49 | 8.99 | 0.00 | ...

Market Performance - A-share indices showed mixed performance, with the Shanghai Composite Index down 0.01%, while the ChiNext Index rose 0.19% and the Shenzhen Component Index increased by 0.21% [1] - The Hang Seng Index opened higher, gaining 0.02%, and the Hang Seng Tech Index rose by 0.07%, with notable increases in stocks like SMIC and Hua Hong Semiconductor, both up over 4% [1] Sector Performance - Strong sectors included photovoltaic glass, energy metals, memory chips, gold, and fluorine chemical stocks, while weak sectors included Hainan Free Trade Zone, commercial aerospace, nuclear fusion, and dairy themes [1] - The semiconductor sector continued to strengthen, with companies like Shenghui Integrated and Chuangyuan Technology achieving three consecutive trading days of gains, and SMIC implementing a price increase of approximately 10% on some production capacities [2] Bond and Commodity Markets - In the domestic bond market, the 30-year main contract fell by 0.09%, while the 10-year main contract remained flat, and the 5-year and 2-year contracts decreased by 0.02% and 0.01%, respectively [1] - The domestic commodity futures market opened mostly higher, with platinum futures hitting the daily limit, and significant increases in silver, palladium, lithium carbonate, and nickel [1][9] Index Openings - The Shanghai Composite Index opened at 3920.35 points, up 0.01% [3] - The Shenzhen Component Index opened at 13378.48 points, up 0.07% [4] - The ChiNext Index opened at 3207.41 points, up 0.07% [5] - The CSI 300 opened at 4623.68 points, up 0.06% [6] - The Sci-Tech 50 opened at 1342.13 points, up 0.16% [7] Currency Exchange - The RMB against the USD appreciated by 52 points to 7.0471, marking a new high since September 30, 2024 [8]

消息面上，据报道，中芯国际已经对部分产能实施了涨价，涨幅约为10%。有公司反映，预计涨价会很 快执行。对于中芯国际涨价的原因，有半导体业内人士解读，原材料涨价也是其中因素。此外，台积电 确认整合8英寸产能，并计划在2027年末关停部分生产线，或也引发晶圆厂涨价预期。事实上，由于需 求旺盛，中芯国际、华虹公司的产能利用率持续增长，并已接近满载或超过满载。 招银国际认为，展望2026年，维持四大核心投资主线推荐：1)人工智能驱动的结构性增长；2)中国半导 体自主可控趋势；3)高收益防御性配置；4)行业的整合并购。自2024年以来人工智能驱动的投资与科技 自主可控两大主题一直是该行的首选推荐，并已实现显著回报。东莞证券认为，展望2026年，该行认为 人工智能仍为科技行业创新主线，算力、存力、设备、先进封装等多环节有望受益。 芯片股涨幅居前，截至发稿，上海复旦(01385)涨4.68%，报44.76港元；中芯国际(00981)涨4.28%，报 71.85港元；华虹半导体(01347)涨3.34%，报72.65港元。 ...

招银国际认为，展望2026年，维持四大核心投资主线推荐：1)人工智能驱动的结构性增长；2)中国半导 体自主可控趋势；3)高收益防御性配置；4)行业的整合并购。自2024年以来人工智能驱动的投资与科技 自主可控两大主题一直是该行的首选推荐，并已实现显著回报。东莞证券认为，展望2026年，该行认为 人工智能仍为科技行业创新主线，算力、存力、设备、先进封装等多环节有望受益。 消息面上，据报道，中芯国际已经对部分产能实施了涨价，涨幅约为10%。有公司反映，预计涨价会很 快执行。对于中芯国际涨价的原因，有半导体业内人士解读，原材料涨价也是其中因素。此外，台积电 确认整合8英寸产能，并计划在2027年末关停部分生产线，或也引发晶圆厂涨价预期。事实上，由于需 求旺盛，中芯国际、华虹公司的产能利用率持续增长，并已接近满载或超过满载。 智通财经APP获悉，芯片股涨幅居前，截至发稿，上海复旦(01385)涨4.68%，报44.76港元；中芯国际 (00981)涨4.28%，报71.85港元；华虹半导体(01347)涨3.34%，报72.65港元。 ...