（来源：经济日报） 转自：经济日报 存储芯片进入卖方市场！ 近日，SK海力士在高盛的电话会上发布对存储行业及公司经营的最新观点。该公司认为，全球存储器 产业已彻底转向卖方市场，2026年价格涨势将贯穿全年。 目前，能够直接参与SK海力士、三星电子等存储龙头投资的公募基金并不多见。华泰柏瑞中证韩交所 中韩半导体ETF是目前市场上少数实现跨境布局的产品，开年以来涨幅达25.65％。 此外，A股市场上聚焦半导体投资的相关基金近期反复活跃。有公募表示，以半导体高端设备、关键零 部件、高价值耗材等为核心的存储扩产链，可能是2026年A股半导体投资能见度最高的方向之一，有更 多机会为市场贡献确定性和韧性。 存储价格涨势将贯穿2026年全年 近日，SK海力士在高盛的电话会上发布对存储行业及公司经营的最新观点。SK海力士认为，全球存储 器产业已彻底转向卖方市场，2026年价格涨势将贯穿全年。 公司透露目前DRAM及NAND库存仅剩约4周，且没有任何客户能完全满足需求。更为严峻的是，2026 年高频宽存储器（HBM）产能已提前售罄，标准型DRAM的极度短缺正大幅提升供应商议价权，产业 链已启动长期合约谈判以锁定未来供应。 SK ...

马年春节的喜庆氛围尚未消散，港股IPO市场的热度已持续攀升。2026年开年不足两月，港股资本市场交出了一份亮眼的成绩单，截至2月23日，已有24家 企业成功登陆港交所，且创下了新股首日零破发的佳绩，乐欣户外（02720.HK）、海致科技集团（02706.HK）等个股首日更是实现翻倍上涨，赚钱效应凸 显。 在这轮上市热潮中，内地企业成为中坚力量，欣旺达（300207.SZ）、伊戈尔（002922.SZ）等A股公司纷纷开启港股闯关之旅，为市场注入了充足后劲，也 让港股IPO市场的发展前景更受期待。 开年超140家企业递表，科创成核心主线 市场的火热，直观体现在递表与排队企业的数量上。Wind数据显示，2026年以来，港交所已接获超140宗上市申请（含重复递表），港股IPO迎来新一轮申 报潮。 企业"科技"含量的持续提升，正是推动港股IPO市场活跃的关键力量，也成为港股市场结构转型的核心驱动力。Wind数据显示，2026年以来递表的140余家 企业中，软件服务、生物医药和硬件设备领域的企业数量位居前三，合计达66家，科创企业的集聚效应已然形成。 此外，香港财政司司长陈茂波近日发文指出，"2025年香港IPO市场领先 ...

Core Viewpoint - The global memory chip industry has shifted to a seller's market, with price increases expected to continue throughout 2026 [2] Group 1: Market Dynamics - SK Hynix reports that DRAM and NAND inventory levels are critically low, with only about 4 weeks of supply remaining, leading to increased bargaining power for suppliers [2] - The demand for memory chips is driven by the surge in AI models and high-performance computing, which exceeds industry expectations [2] - The production capacity for high bandwidth memory (HBM) has been sold out in advance, indicating a significant supply-demand gap [2] Group 2: Financial Performance - SK Hynix's financial report for the fiscal year ending December 31, 2025, shows record-high revenues of 97.1467 trillion KRW and operating profits of 47.2063 trillion KRW, with a profit margin of 49% [3] - The fourth quarter of 2025 saw a revenue of 32.8 trillion KRW and an operating profit of 19.2 trillion KRW, marking a quarter-on-quarter increase of 34% and 68% respectively [3] - The fiscal year 2025 revenue is projected to increase by approximately 30 trillion KRW compared to 2024, with operating profits expected to double [3] Group 3: Investment Opportunities - The Huatai-PB CSI Korea Semiconductor ETF has seen a year-to-date increase of 25.65%, providing investors with a channel to benefit from the rising memory prices [4] - Fund managers express optimism about the semiconductor investment landscape, particularly in high-end equipment and key components related to memory expansion [4][6] - The semiconductor industry is viewed as being in the middle of an innovation cycle, with AI-related capital expenditures expected to remain high through 2026 [5] Group 4: Sector Focus - Investment managers highlight three key areas: domestic computing power, wafer fab expansion, and military semiconductors, with domestic computing power being a core growth driver [6] - The expansion of wafer fabs is expected to benefit from AI demand and supply shortages, creating upward potential for related equipment and materials [6] - The military semiconductor sector is anticipated to see growth driven by increased demand from commercial aerospace and government planning initiatives [6]

根据2026年2月20日披露数据，喜相逢集团（02473）、兆易创新（03986）、招商恆生科技（03423）港 股通持股占比增加值最大，分别增加5.72%、2.30%、1.04%；国富氢能（02582）、万科企业 （02202）、山东墨龙（00568）港股通持股占比减少值最大，分别减少-1.28%、-1.14%、-1.05%。 在最近有统计数据的5个交易日内，喜相逢集团（02473）、钧达股份（02865）、狮腾控股（02562）港 股通持股占比增加值最大，分别增加14.03%、10.33%、3.60%；天齐鋰业（09696）、国恩科技 （02768）、中石化炼化工程（02386）港股通持股占比减少值最大，分别减 少-8.28%、-3.95%、-3.79%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 喜相逢集团(02473) | +5.72% | 40.82% | | 兆易创新(03986) | +2.30% | 4.00% | | 招商恆生科技(03423) | +1 ...

Group 1 - The top three companies by Hong Kong Stock Connect holding ratio are Haotian International Investment (71.36%), China Telecom (71.32%), and Green Power Environmental (68.88%) [1][2] - Tencent Holdings, Xiaomi Group-W, and Meituan-W have seen the largest increases in holding amounts over the last five trading days, with increases of +1.391 billion, +983 million, and +931 million respectively [1][2] - The companies with the largest decreases in holding amounts over the last five trading days include WuXi Biologics (-481 million), Zijin Mining (-447 million), and Southern Hengsheng Technology (-344 million) [1][4] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show Haotian International Investment with 7.919 billion shares, China Telecom with 9.900 billion shares, and Green Power Environmental with 0.279 billion shares [2] - The top 10 companies with the largest increases in holding amounts over the last five trading days include China Petroleum & Chemical Corporation (+315 million) and Zhaoyi Innovation (+309 million) [2][4] - The top 10 companies with the largest decreases in holding amounts include Pop Mart (-294 million) and SenseTime-W (-277 million) [4]

阿里、腾讯、美团等被总结为建议调出的"老登恒生"成分股。同时，恒生生物科技指数也在当日逆市收 涨0.96%，另外，石油股也出现走强。 值得留意的是，虽然港股互联网主题ETF、恒生科技ETF等节前资金流入最多的ETF并未迎来涨势，但 表现强势的个股也有公募基金的布局身影，次新股以打新的方式布局，而表现强势板块则在此前已有主 动权益基金的加仓迹象。 2月22日，节后首个交易日，恒指和恒生科技虽然没有收涨，但AI概念股的涨势如期而至。 2月20日，港股三大指数集体收跌。其中，恒生科技收跌2.91%，恒生指数收跌1.10%，而恒生国企指数 收跌1.22%。相较于恒生科技的继续下挫，港股上市的AI概念次新股却迎来上涨，网友也出现了调整恒 生科技部分成分股的建议。 小米、中芯国际、比亚迪、腾讯、快手等成分股也在去年四季度被主动权益基金减持，不过，美团在去 年四季度得到主动权益基金增持超过1700万股。 石油、创新药板块走强 港股AI概念股大涨 截至2月20日收盘，智谱延续强势表现，收涨42.72%，报725港元；MiniMax也同样收涨14.52%，报970 港元。两大AI龙头盘中最高市值双双突破3000亿港元，与上市初 ...

Market Overview - The Hong Kong stock market opened on February 20, 2023, with the Hang Seng Index closing at 26,413.35 points, down 1.1%, and the Hang Seng Tech Index at 5,211.5 points, down 2.91% [1][2] - Despite the overall decline, sectors such as AI, humanoid robots, biotechnology, and oil and petrochemicals showed strong performance, indicating a structural market trend [1][4] AI Sector - AI concept stocks continued to rise, with significant gains observed in the afternoon trading session, marking them as a key highlight of the market [4] - Zhizhu and MINIMAX-WP both surpassed a market capitalization of 300 billion HKD, with Zhizhu's stock price increasing by 42.72% to 725 HKD per share and MINIMAX-WP rising by 14.52% to 970 HKD per share [3][7] - The AI industry is entering a critical development phase, transitioning from a focus on computing power infrastructure to a collaborative model involving "computing power + hardware + applications," broadening the investment landscape [6][8] Humanoid Robots - The humanoid robot sector experienced significant growth, driven by the high-profile appearance of robots during the Lunar New Year Gala, with stocks like Yujian and UBTECH showing notable increases [9] - Specific stock performances included Yujian rising by 21.4% to 48.44 HKD, UBTECH increasing by 4.71% to 144.5 HKD, and SUTENG rising by 9.24% to 37.58 HKD [9] Oil and Petrochemicals - The oil and petrochemical sector also performed well, with the Hong Kong oil and petrochemical index rising by 2.39%, driven by geopolitical tensions leading to higher oil prices [12] - Notable stock performances included Jixing New Energy and Zhonggang Petroleum, both rising over 7% [12] Storage Sector - The storage sector showed active performance, with stocks like Lanke Technology and Zhaoyi Innovation experiencing significant gains, indicating a positive market sentiment towards semiconductor hardware [12]

Market Overview - On February 20, the Hong Kong stock market experienced a decline on its first trading day of the Year of the Horse, with the Hang Seng Index, Hang Seng Tech Index, and other indices showing weakness, particularly the Hang Seng Tech Index which fell over 2% [1][8] - The Hang Seng Index closed at 26,544.62, down 161.32 points or 0.60%, while the Hang Seng Tech Index was at 5,245.10, down 122.42 points or 2.28% [2][9] AI and Robotics Sector Performance - Despite the overall market decline, AI application stocks surged, with Haizhi Technology Group rising over 28% to a peak of 154.4 HKD per share, marking a new high since its listing. Other notable gains included Zhiyuan up nearly 20%, and Yujian up over 18% [2][9] - The Spring Festival Gala showcased humanoid robots from four companies, highlighting advancements in robotics and AI technology, which have garnered significant public interest [4][11] - Douyin e-commerce reported a substantial increase in sales of robot products during the Spring Festival, with GMV growing 1680% and order volume increasing 655% from February 16 to 18 [4][11] Industry Insights - Dongwu Securities emphasized that advancements in core robotic capabilities are crucial for the technology's transition from laboratory to factory settings [5][12] - According to a recent report by招商证券, the AI application sector is witnessing simultaneous technological breakthroughs and intensified commercial competition, supported by national strategies for long-term development [6][12] - The report also noted that while index valuations are slightly high, the dual drivers of industry trends and policy benefits suggest potential upward movement in the market [6][12] Storage Sector Developments - On the same day, storage concept stocks in Hong Kong showed slight gains, with companies like 澜起科技 rising over 8% and 兆易创新 nearly 4% [6][12] - Reports indicated that Samsung Electronics is negotiating pricing for its latest generation of AI storage chips, which could be up to 30% higher than the previous generation [6][12]

Group 1 - The Hong Kong stock market saw a collective rise in storage concept stocks, with notable increases in Southern Double Long Hailey and Southern Double Long Samsung, which rose nearly 6% and 4% respectively [1] - Companies such as Lanke Technology and Zhaoyi Innovation also experienced gains of nearly 2% [1] - Samsung Electronics is reportedly negotiating prices for the new generation HBM4 chips, with quotes up to 30% higher than the previous generation, reaching approximately $700 [1] Group 2 - Southern Double Long Hailey (code: 07709) increased by 5.91%, with a latest price of 30.100 and a total market value of 12.206 billion, showing an 86.38% year-to-date increase [2] - Southern Double Long Samsung (code: 07747) rose by 3.94%, with a latest price of 78.580 and a total market value of 3.379 billion, reflecting a 134.57% year-to-date increase [2] - Lanke Technology (code: 06809) saw a 1.90% increase, with a latest price of 215.000 and a total market value of 262.773 billion, marking a 101.14% year-to-date increase [2] - Zhaoyi Innovation (code: 03986) experienced a 1.87% rise, with a latest price of 413.800 and a total market value of 290.116 billion, showing a 155.43% year-to-date increase [2]

| 代码 | 名称 | 涨跌幅 ▽ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 07709 | 南方两倍做多海力 | 5.91% | 30.100 | 122.06亿 | 86.38% | | 07747 | 南方两倍做多三星 | 3.94% | 78.580 | 33.79亿 | 134.57% | | 06809 | 澜起科技 | 1.90% | 215.000 | 2627.73亿 | 101.14% | | 03986 | 兆易创新 0 | 1.87% | 413.800 | 2901.16亿 | 155.43% | 港股市场存储概念股集体走强，其中，南方两倍做多海力涨近6%，南方两倍做多三星涨近4%，澜起科 技、兆易创新涨近2%。有消息称三星电子正就新一代HBM4芯片展开价格谈判，报价较上代产品高出 最多30%，达到约700美元。 ...