马年春节期间，深圳华强北商圈刮起科技消费新风潮，融合AI、AR等新技术的智能产品成为市民新春 送礼、自用的热门选择，其中AI眼镜销量同比暴涨80%，成为本次春节消费市场的最大亮点。 国内品牌的激烈角逐也吸引了国际科技巨头的入局，全球AI眼镜市场的竞争即将升级。苹果公司CEO 库克本月正式官宣苹果进军AI硬件领域，旗下首款AI眼镜有望于2026年正式发布，将进一步丰富苹果 的智能硬件生态；三星也计划于今年推出全新AR眼镜产品，主打多模态AI体验，通过整合语音、视 觉、手势等多维度交互方式，打造沉浸式的智能使用体验，两大国际巨头的入局将为AI眼镜市场带来 新的技术变革。 2026年春节华强北的科技消费热潮，印证了AI硬件产品正从专业领域走向大众消费市场，随着技术的 不断成熟和更多品牌的入局，AI穿戴设备将成为未来消费电子市场的核心增长点，而华强北作为全球 电子消费市场的风向标，也将持续推动AI智能产品的普及与创新。 春节期间的华强北不仅成为国内消费者的科技选购胜地，更吸引了大批外国游客和客商前来采购。数据 显示，春节期间到访华强北的外籍客商数量同比增长近100%，带有AI功能的各类智能产品成为国际采 购商的重点关 ...

Core Insights - The storage chip industry is undergoing an unprecedented "power reversal," transitioning from a state of overcapacity and price collapse to becoming a strong price setter amid the AI boom [1][2] - Major storage companies are actively adjusting their product structures, shifting capacity from traditional memory chips to high-bandwidth memory (HBM) required by AI data centers, thus managing supply to reclaim market power [1][12] Group 1: Industry Dynamics - The AI data center demand has siphoned off most of the production capacity, leading to a significant supply chain crisis for consumer electronics and automotive industries [1][12] - Counterpoint predicts that the average global smartphone price will increase by approximately 6.9% by 2026 due to rising storage costs [1][15] Group 2: Historical Context - Micron announced a $100 billion investment plan in October 2022 to build the largest semiconductor manufacturing facility in U.S. history, expected to create around 50,000 jobs [3] - The previous upcycle in the storage industry began in 2020 due to increased demand from remote work and online learning, leading to a surge in PC shipments by 13.1% [4] Group 3: Price Fluctuations - In 2021, the price of DRAM and NAND chips rose significantly, with average inventory levels at historical lows [4][8] - The price of HDDs surged due to the popularity of the cryptocurrency Chia, which relies on hard drive space for mining [5] Group 4: Current Market Conditions - By 2023, the average selling price of DRAM continued to plummet, with some types experiencing quarterly shipment declines of 13% to 18% [8][11] - Samsung's operating profit fell by over 80% year-on-year, marking the lowest record since 2009, while Micron's revenue halved [11] Group 5: Strategic Shifts - As AI data center demand surged, major storage companies proactively reduced production of DDR4/DDR5 to allocate capacity to more profitable HBM [12][13] - By 2027, SK Hynix plans to allocate nearly 40% of its DRAM capacity to HBM, with similar strategies announced by Samsung and Micron [13] Group 6: Future Projections - The price of HBM3e is projected to be 4-5 times that of DDR5 server memory, with profits from HBM being 10 times higher than DDR4 [15] - The global HBM market is expected to reach $100 billion by 2028, up from $4 billion in 2023, indicating a significant shift in profitability [15] Group 7: Competitive Landscape - Other players in the storage market, such as Western Digital and Seagate, have seen stock prices increase significantly due to rising demand for HDDs from AI data centers [16] - Chinese manufacturers like Changxin Storage and Nanya Technology are expected to benefit from the shift in production focus towards less demanding segments [16] Group 8: Challenges Ahead - Despite positive market signals, storage giants remain cautious about overexpansion due to fears of demand fluctuations [17] - HBM production faces challenges such as lower yield rates and higher wafer consumption compared to traditional DRAM, which could lead to supply-demand imbalances [18]

今日关注 新股上市：固德电材（301680.SZ） 三星于2月25日发布搭载人工智能技术的Galaxy S26系列手机 德国总理默茨于2月25日至26日访华 香港新一份财政预算案于2月25日发表 十四届全国人大常委会第二十一次会议2月25日至26日在北京举行 德中经济顾问委员会座谈会于2月25日举办 今日有3000亿元1年期中期借贷便利（MLF）和4000亿元14天期逆回购到期 中国央行在香港招标发行300亿元3个月期和200亿元1年期人民币央票 苹果举行2026年度股东大会 美国财政部将出售700亿美元的5年期国债 数据公布：欧元区1月CPI月率终值、美国至2月20日当周EIA原油库存(万桶)、2027年FOMC票委、里奇 蒙联储主席巴尔金发表讲话 隔夜市场 美国三大股指全线收涨，道指涨0.76%报49174.5点，标普500指数涨0.77%报6890.07点，纳指涨1.04% 报22863.68点。赛富时涨超4%，IBM涨逾2%，领涨道指。万得美国科技七巨头指数涨1.08%，特斯拉、 苹果涨超2%。芯片股多数上涨，AMD涨超8%，英特尔涨逾5%。纳斯达克中国金龙指数涨1.37%，万国 数据、世纪互联涨超6 ...

对于马年股市"开门红"，市场多评价"意料之内"。"这是一个积极的信号，表明在众多政策利好的推动 之下，市场对后续发展抱有积极预期。"无锡市上市公司协会相关负责人表示，抛开"过去十年节后'开 门红'占多数"这种经验性分析不谈，马年股市开门红，是政策强力托底、资金集中回流、外围普涨带 动、春节消费超预期等叠加形成的共振行情。 值得关注的是，全国两会前后，A股市场或将以政策催化为核心驱动力，资金将围绕政策导向的产业主 线与主题机会展开博弈，呈现"政策热点轮动、风格快速切换"的特征。此外，随着上市公司2025年年报 披露进入密集期，以及后续2026年一季报逐步亮相，业绩超预期标的有望获得资金重点聚焦，成为后续 行情的核心主线之一。（陈文君） 从行业分布来看，此次飘红的锡企主要集中在存储芯片、磷化工、环保设备、新能源汽车和电网设备等 当下市场热点板块。个股方面，除涨停个股外，德科立、亿能电力、怡达股份、电工合金等企业股价也 表现亮眼，涨幅居前，形成鲜明的板块联动效应。 太极实业表现强劲，当日涨幅9.91%，成交额达32.66亿元，成交量3.06亿股。"太极实业的涨停与存储 芯片行业的持续升温密切相关。"无锡市上市公司协 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【导读】科技股美股市场上涨，闪迪股价遭"空袭"大跌 中国基金报记者 储是 隔夜美股市场，利好来袭，科技巨头集体上涨。 美股三大指数收涨 美东时间2月24日（周二），美股三大指数小幅高开后集体收涨。 截至收盘，标普500指数涨0.77%，报6890.07点；纳斯达克综合指数涨1.04%，报22863.68点；道琼斯工 业平均指数涨0.76%，报49174.5点。 当地时间2月24日，美国总统特朗普将在美国国会发表年度国情咨文，特朗普关于中东地缘政治和关税 问题的表态受到市场关注。 另外，英伟达将于本周三盘后发布财报，该数据受到市场关注。 科技主题领涨市场 美股科技"七巨头"普涨，特斯拉、苹果涨超2%，亚马逊、微软涨超1%。利好消息催化AMD盘中大涨， 半导体板块表现亮眼。 据路透社报道，最新预测显示，微软、谷歌、亚马逊、Meta等四家科技巨头2026年计划在AI领域的投 资总额将突破6500亿美元（约合45000亿元人民币）。相关资金将投向新建数据中心，以及包括AI芯 片、网络线缆、备用发电机等在内的一系列设备。 公司消息方面，Meta与 ...

大疆起诉美国联邦通信委员会 近日，有网友报料，其在购买厦门至宜兴返程票时，凌晨3点才收到候补成功通知，因熟睡未及时查 看，醒来时列车已发车，近1700元车票无法全额退款。当事人承认自身存在疏忽，此前成功购票后候补 订单会自动取消，此次未及时取消候补，自己负有一定责任。但她认为，凌晨3点收到通知，距离发车 仅5小时，未能及时查看信息情有可原，且两张车票行程高度重叠，系统未进行有效拦截，近1700元损 失全部由个人承担，让她难以接受。 针对候补机制与退改规则问题，12306工作人员表示，旅客购票后应及时取消冗余候补，系统将按规则 处理行程冲突问题，发车后未乘车的车票仅可改签，手续费及差价按相关规定执行。（新京报） 油价迎来年内第三次上涨 据央视财经，记者2月24日从国家发展改革委了解到，2月24日24时国内成品油零售调价将开启上调窗 口。据国家发展改革委价格监测中心监测，本轮成品油调价周期内（2月3日—2月23日）国际油价震荡 上行。2月24日24时起，国内汽、柴油零售限价每吨分别上调175元、170元。全国平均来看：92号汽 油、95号汽油、0号柴油分别上调0.14元、0.15元、0.14元。记者算了笔账，用9 ...

当前DRAM（动态随机存取存储器）与NAND（闪存）库存仅够维持约4周，价格持续上涨已成定 局……2026年马年春节刚过，全球存储巨头SK海力士的最新发声，让全球存储市场的涨价潮再度升 温。2月24日，A股存储概念股持续走高，北京君正、太极实业、香农芯创等个股涨幅均超过5%。 在AI及算力发展浪潮的驱动下，自2025年第三季度起，全球存储市场迎来涨价行情。业内人士普遍预 计，全球存储芯片涨价将持续2026年一整年。 在产业高景气背景下，中国存储产业正加速突围，长江存储、长鑫科技等企业在技术、产能上持续突 破，国产模组厂商同步发力，中国存储力量的崛起正成为影响全球存储格局、决定行业发展走向的"胜 负手"。 事实上，自2025年第二季度起，全球存储行业景气度开始触底反弹，闪迪打响NAND涨价第一枪后，三 星、美光及长江存储、兆易创新等存储厂商（包括NAND、DRAM）纷纷跟进上调价格。 巨头最新发声：库存仅剩约4周 2月20日，SK海力士举行虚拟投资者会议，向高盛透露了最新的数据及对产业趋势的研判。 SK海力士表示，当前公司DRAM及NAND整体库存仅剩约4周，处于历史极低水平，从谷歌、微软等云 厂商，到Open ...

Core Insights - The mobile industry is experiencing significant shifts due to supply chain pressures, leading to different responses from companies like vivo, Meizu, and Nubia [1][2][3] - The rise in DRAM prices has disproportionately affected mid-tier smartphone manufacturers, pushing some towards the brink of collapse [2][3][5] - Historical parallels are drawn between the current situation and the fall of Nokia, emphasizing how supply chain dynamics can redefine industry leaders [2][13] Company Responses - Meizu has officially canceled the launch of its Meizu 22 Air due to rising memory costs, reflecting its inability to sustain operations [5][6] - Vivo has appointed Hu Baishan as the new president, signaling a strategic shift towards technology and innovation beyond smartphones [7][9] - Xiaomi is diversifying its business model by focusing on automotive and smart home sectors, indicating a shift in growth strategy [9][10] Market Dynamics - The high-end smartphone market is thriving, with predictions that devices priced over $600 will capture over 35% of the global market share by 2026 [6] - The mid-tier market is shrinking, with longer replacement cycles and reduced consumer willingness to upgrade due to rising costs [6][10] - The entry of AI into the smartphone market is creating new dynamics, with companies like ByteDance testing user willingness to cede control for convenience [11][12] Future Outlook - The combination of rising DRAM prices and the introduction of AI is reshaping the survival thresholds in the smartphone industry [13] - Companies that adapt to these changes, like Xiaomi with its automotive ambitions, may find new avenues for profitability [10][13] - The overall landscape of the smartphone market is expected to evolve significantly, with AI playing a central role in defining future consumer experiences [12][13]

Core Viewpoint - The global storage market is experiencing a price surge due to extremely low inventory levels of DRAM and NAND, with major players like SK Hynix predicting that this trend will continue throughout 2026 driven by AI and computing demands [2][3][5]. Group 1: Market Conditions - Current inventory levels for DRAM and NAND are approximately 4 weeks, marking a historical low, leading to increased price expectations as demand from various sectors remains unmet [3]. - SK Hynix reported record revenues and profits for the fiscal year 2025, with operating income reaching 97.15 trillion KRW and a profit margin of 49%, reflecting the ongoing price increases and strong demand in the storage market [4]. Group 2: Supply and Demand Dynamics - The imbalance in supply and demand is attributed to the explosive demand for storage driven by AI applications and slow expansion of cleanroom space necessary for chip manufacturing, limiting supply growth [5]. - Major price increases have been observed, with SK Hynix raising prices for high-end products by 15% to 20% and standard DRAM prices increasing by 10% to 15% in late 2025 [5]. Group 3: Chinese Storage Industry - The rise of the Chinese storage industry is seen as a potential game-changer in the global supply chain, with companies like Yangtze Memory Technologies and ChangXin Memory Technologies leading the charge [7]. - Chinese manufacturers are increasingly being considered by PC makers like HP and Dell for storage solutions, indicating a shift from being an alternative option to a viable choice in the global market [7]. - Predictions suggest that Chinese storage capacity will gradually be released between the second half of 2026 and 2027, potentially alleviating global supply constraints and stabilizing prices [7]. Group 4: Future Outlook - Analysts believe that the current storage cycle's intensity and duration may surpass previous cycles, driven by the ongoing demand from AI and high-performance computing [6]. - Long-term contracts are being discussed between suppliers and major clients to secure future supply and pricing, indicating a strategic shift in the industry [3].

Bofa Hartnett AI 巨头宣布削减 Capex 将成为触发市场新一轮重大轮动的核心催化剂 距离中期选举还有 9 个月，对于 Hartnett 来说 2026 年美国中期选举是美股核心驱动因 素，其为此次选举布局的核心思路是做多本土经济相关标的、做空华尔街金融类标的，具 体要点如下： Hartnett 在最新 flow show 中进一步强化其观点：特朗普的支持率呈现分化：华尔街支 持率创历史新高，美国普通民众（主街）支持率跌至新低，其中民众对其通胀政策的支持 率仅 36.4%，整体支持率 42.1%。 若 2 月 24 日特朗普国情咨文演讲后未出现 "支持率提振"，其政府或将推出更激进的民 生减负政策，以争夺中期选举选票： 这并不是说市场一切都好：想想"人工智能颠覆交易"，它在过去一周重创了多个行业： 周一的保险经纪商、周二的财富顾问、周三的房地产服务、周四的物流…… Hartnett 将此 称为"野火般的人工智能颠覆"……请注意，第一个被人工智能颠覆的行业是 2025 年第 一季度的印度科技行业（INFO、TCS），而且至今仍无人接盘。 Hartnett："即便是人工智能最优秀的大语言模型也无法 ...