如果您希望可以时常见面，欢迎标星收藏哦~ 近日，全球半导体行业再度被一股涨价浪潮席卷。 作为全球半导体行业的风向标，国际头部厂商的涨价动作拉开本轮风暴的序幕，德州仪器、英飞 凌、恩智浦、安森美...等行业巨头纷纷出手，调价幅度、覆盖范围均呈现显著升级，共同折射出行 业当前的供需格局与成本压力。 TI：价格涨幅高达85% 德州仪器（TI）作为模拟芯片领域的绝对龙头，成为本轮涨价潮中力度最大的厂商之一。 据悉，TI于近期宣布将于2026年4月1日启动近一年内的第三轮调价，也是第二次全面涨价，此次 涨价覆盖所有客户及数字隔离器、隔离驱动芯片、电源管理IC等核心产品线，实现"全品类、全客 户"无死角覆盖，打破了以往大厂对头部客户的折扣惯例，足见其产能吃紧的程度。 TI本次涨幅区间更是达到15%-85%， 其中工业控制领域涨幅最高， 部分产品超过85% ，汽车电 子领域以18%-25%涨幅紧随其后，消费电子领域相对温和（5%-15%），凸显出TI对高毛利市场 的战略倾斜。 在此之前，TI已在2025年8月对旗下超过6万个料号的产品调价10%-30%，2026年初又针对工业控 制、汽车电子等领域再次调价，连续调价的背后， ...

证 券 研 究 报 告 行业周报 英伟达GTC 2026正式开幕， OFC 2026见证"互连爆发" AI算力行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年03月23日 ◼ 分析师：何鹏程 ◼ SAC编号：S1050525070002 投 资 要 点 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 PAGE 2 重点关注公司及盈利预测 | 公司代码 | 名称 | 2026-03-20 股价 | | EPS | | | PE | | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024 | 2025E | 2026E | 2024 | 2025E | 2026E | | | 002130.SZ | 沃尔核材 | 24.61 | 0.67 | 0.81 | 1.39 | 36.73 | 30.38 | 17.76 | 未评级 | | 002475.SZ | 立讯精密 | 48.22 | 1.86 | 2.33 | 3.00 | 25.92 | 20.68 | 16.06 | 未评级 ...

本文字数：2160，阅读时长大约4分钟 作者 | 第一财经 齐琦 2026.03. 18 受国内云计算巨头接连宣布提价、三星罢工可能加剧"存储荒"的事件催化，A股存储芯片板块集体爆 发。 截至3月18日收盘，复旦微电（688385.SH）、国科微（300672.SZ）涨停，佰维存储 （688525.SH）、德明利（001309.SZ）分别收涨9.46%、5.65%，股价均创下历史新高；中证 芯片产业指数上涨2.56%，上证科创板芯片设计主题指数上涨2.17%。 资金借道ETF涌入，第一财经据Wind统计，截至当日收盘，芯片指数相关的27只ETF总成交额超51 亿元，其中有7只成交额超过亿元。科创芯片ETF嘉实成交额居首，达25.6亿元；华夏国证半导体芯 片ETF成交6.7亿元；鹏华国证半导体芯片ETF成交3亿元。 东海证券分析称，当前电子行业需求持续复苏，供给有效出清，存储芯片价格上涨，国产化力度超预 期。全球存储器产业已转向卖方市场，2026年价格涨势预计贯穿全年。同时，功率半导体厂商也陆 续宣布涨价，行业关注AI算力、半导体设备、关键零部件和存储涨价等结构性机会。 资金抢筹芯片ETF，科创类产品受青睐 在 ...

Core Viewpoint - The ongoing semiconductor price increase is affecting consumer electronics, leading to price adjustments by major brands like OPPO and vivo, with the root cause being the rising costs of semiconductors and storage components [1][3]. Group 1: Price Increases in the Semiconductor Industry - The current price surge in semiconductors began with storage chips and has spread to various sectors, including power devices and wafer foundries, with price increases ranging from 10% to 80% among A-share companies [3]. - Major foundries like UMC and World Advanced are expected to raise their prices by up to 10% starting in April 2026 due to rising costs in equipment, raw materials, and labor [3][4]. - The price adjustments are driven by three main factors: explosive growth in AI server demand, structural tightness in 8-inch wafer capacity, and rising upstream material costs [4][5]. Group 2: Impact on Consumer Electronics - The price increases are now affecting consumer electronics, with brands like OPPO and vivo announcing price hikes for their products due to the sustained rise in semiconductor costs [1][6]. - Honor's CEO indicated that the memory price increase is a widespread industry issue, expected to persist for 2 to 3 years, impacting not just smartphones but also home appliances and automobiles [8]. - The cost of DRAM in televisions has risen from 2.5%-3% of the BOM cost to 6%-7%, putting pressure on brand profitability, especially for smaller companies [8]. Group 3: Future Outlook - The semiconductor price increase is anticipated to continue affecting the market, with IDC predicting that the structural shortage caused by competition between AI infrastructure and consumer electronics will last until at least 2026, possibly extending into 2027 [8][9]. - Companies across the supply chain, from chip suppliers to end brands, need to prepare for this long-term structural adjustment in pricing and supply dynamics [9].

联系电话：0731-88218880；0731-88218891 证券代码：300672 证券简称：国科微 公告编号：2026-010 湖南国科微电子股份有限公司 关于办公地址变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 湖南国科微电子股份有限公司（以下简称"公司"）在长沙市新增一处办公地 点，总部主要办公地址发生变更，公司董事会秘书、证券事务代表联系地址等同 步变更。为便于投资者与公司沟通交流，现将变更具体情况公告如下： | 项目 | 变更前 | | 变更后 | | | --- | --- | --- | --- | --- | | | 湖南省长沙经济技术开发 | | 湖南省长沙经济技术开发区东四路 | | | 办公地址 | 区泉塘街道东十路南段 | 9 | 南段 号国科集成电路产业园 128 | 9 | | | 号 | | 号栋 | | | 邮政编码 | 410131 | | 410100 | | 除上述变更外，公司网址、联系电话、传真、电子邮箱等其他联系方式均保 持不变，具体如下： 公司网址：www.goke.com 传真：0731-885 ...

证券代码：300672 证券简称：国科微 公告编号：2026-011 湖南国科微电子股份有限公司 关于公司 2020 年员工持股计划股票出售完毕暨终止的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 湖南国科微电子股份有限公司（以下简称"公司"）2020年员工持股计划 （以下简称"本员工持股计划"）所持有的公司股票已全部出售完毕，根据 《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上市公 司自律监管指引第2号——创业板上市公司规范运作》等相关规定，现将相关情 况说明如下： 一、公司2020年员工持股计划基本情况 2022年4月8日，公司召开第三届董事会第四次会议，审议通过《关于公司 2020年员工持股计划存续期展期的议案》，董事会同意将本员工持股计划存续 期进行展期，展期期限自2022年4月15日起不超过12个月，即存续期延长至2023 年4月14日。 2023年4月12日，公司召开第三届董事会第十二次会议，审议通过了《关于 公司2020年员工持股计划存续期展期的议案》，同意将2020年员工持股计划存 续期进行展期，展期期限自2023年4 ...

Core Viewpoint - The article highlights the performance of the A-share and Hong Kong stock markets, with a particular focus on the semiconductor and marine economy sectors, which are experiencing significant growth and investment opportunities [2][3][7][11]. A-share Market Performance - The Shanghai Composite Index closed down 0.26% at 4084.79 points, while the Shenzhen Component Index rose 0.19% and the ChiNext Index increased by 1.41% [2]. - A total of approximately 2.34 trillion yuan was traded across the Shanghai, Shenzhen, and North markets, a decrease of over 770 billion yuan from the previous day [2]. - Over 2800 stocks in the A-share market were in the green, with declines in sectors such as steel, coal, electricity, and non-ferrous metals [2]. Semiconductor Sector Surge - The semiconductor sector saw a strong afternoon rally, with notable increases in storage and MCU chips [5]. - Stocks like Baiwei Storage (688525) surged over 13%, reaching a historical high, while Huahong Semiconductor and Guokai Microelectronics rose over 10% [5][6]. - Reports indicate a potential new wave of price increases in the semiconductor industry, with companies like Texas Instruments and NXP announcing price hikes of up to 85% for certain products starting April 1 [7]. Marine Economy Sector Growth - The marine economy sector showed significant upward movement, with stocks like Deepwater Haina rising over 15% and hitting the daily limit [9][10]. - The Ministry of Natural Resources emphasized the importance of planning for marine economic development, encouraging social capital participation and the development of emerging marine industries [11]. - Analysts suggest that the marine economy, including offshore wind power and marine biomedicine, is becoming a crucial area for high-quality economic growth, with substantial market potential [11].

Group 1: Company Recommendation - The core recommendation is for Guokewai (300672), highlighting that product price increases are expected to enhance profitability [3] - The company is projected to achieve revenues of 1,670 million, 2,280 million, and 3,080 million CNY for the years 2025 to 2027, with growth rates of -15.57%, 36.53%, and 35.09% respectively [3] - The net profit forecast for the same period is -191 million, 327 million, and 506 million CNY, with growth rates of -297.06%, 270.71%, and 54.67% respectively [3] Group 2: Market Strategy Insights - The report indicates that geopolitical tensions in the Middle East have led to fluctuations in oil prices, causing continued volatility in global financial markets [4] - It is suggested to maintain strategic discipline and optimize industry structure while avoiding excessive pessimism or blind optimism [4] - The report recommends a combination of new and old energy sectors as a strategic focus, with an emphasis on both offensive and defensive positions in investment [4][6] Group 3: Macro Economic Analysis - The M1-M2 negative differential is narrowing, indicating an improvement in the liquidity situation compared to previous periods, although M1 growth remains lower than M2 [7] - The improvement in M1 is primarily driven by corporate financing expansion and project advancement, with further observation needed on its impact on consumer spending and the real estate sector [7]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the optical communication sector, including Dongshan Precision, Shenghong Technology, and others [7][11]. Core Insights - The OFC 2026 conference is set to take place from March 15 to March 19, 2026, in California, coinciding with a critical point in the demand for optical interconnects driven by AI data centers [1][14]. - The report highlights the significant advancements in optical communication technologies, including the transition from 800G to 1.6T products and the evolution of architectures from copper cables to Co-Packaged Optics (CPO) [1][15]. - NVIDIA's investment of $4 billion in optical technology, including $2 billion each in Lumentum and Coherent, indicates a strategic move to secure key components for future optical interconnects [3][4]. - The penetration rate of CPO technology in AI data center optical communication modules is expected to reach 35% by 2030, driven by advancements in silicon photonics and CPO packaging technologies [3][4]. Summary by Sections OFC 2026 Conference Preview - The OFC 2026 conference will feature key players from the optical communication industry, including Coherent, Lumentum, and major tech companies like NVIDIA, Google, and Meta, focusing on the future of optical interconnect technologies [1][14]. - The conference will address critical topics such as the technology paths for 1.6T and 3.2T optical modules, CPO, and new optical I/O architectures [1][16]. NVIDIA's Strategic Moves - NVIDIA's NVLink 6 protocol supports a single-channel 400G SerDes, with a bandwidth limit of 3.6 TB/s per GPU, highlighting the limitations of copper cables in high-frequency transmission [2][3]. - The company is preparing for future bandwidth demands by investing in optical transmission solutions, which are essential for scaling up data center interconnects [2][3]. Supply Chain Dynamics - Lumentum reports a 25%-30% supply gap for EML components, with orders locked in until the end of 2027, indicating strong demand for optical components [4][20]. - Dongshan Precision is rapidly entering the optical communication market through its acquisition of Solstice Photonics, which has a dual technology reserve in EML and silicon photonics [4][20]. Market Trends and Projections - The report indicates a significant shift in the optical communication landscape, with traditional copper interconnects nearing their physical limits, pushing the industry towards optical solutions [15][16]. - The demand for optical interconnects is expected to grow substantially, with predictions that over 35% of AI data center optical communication modules will utilize CPO technology by 2030 [3][4].

证券研究报告 | 公司深度 | 半导体 涨价提利，多元布局迎新机 ——国科微深度报告 投资要点 ❑ 主业稳健，高端化提振营收弹性 国科微作为国内领先的 AI 与多媒体芯片设计企业，当前主营业务布局稳健。公 司在超高清智能显示（机顶盒）、智慧视觉（安防）等板块凭借核心技术和产品 渗透，不断提升市场份额，预计将持续受益于这些领域的行业需求提升与客户结 构升级。同时，信创业务有望带动公司固态存储主控芯片等相关产品需求回升， 增强营收弹性。公司下游以安防等为主，国补变动对公司影响较小。 ❑ 产品涨价，毛利率有望持续提升 公司下游安防市场和机顶盒产品为主。2026 年 1 月 20 号，国科微发布涨价通知 函，计划对合封 KGD 产品进行价格调整，涨价幅度 40%~80%；公司部分产品 合封存储销售，存储涨价同步利好业绩，在内存涨价带动 soc 涨价过程中，公司 毛利率有望持续提升，盈利能力也有望持续改善。 ❑ 多元布局，长期发展前景广阔 中长期来看，国科微围绕主控芯片 AI 升级、自主 Wi-Fi6 芯片和汽车 SerDes 芯 片积极布局。公司 AI 芯片产品线不断完善，自研 Wi-Fi6 芯片即将导入主流客 户， ...