尽管合作传闻不断，台积电始终保持着谨慎态度。分析人士指出，台积电可能不愿与拥有自己晶圆代工 业务的芯片制造商合作，因为Intel本质上是一个潜在的竞争对手。此外，英特尔当前面临的复杂经营状 况也是台积电犹豫合作的重要因素。 周二，英特尔(INTC.US)跌近3%，报33.46美元。消息面上，据报道，台积电近日正式否认了与英特尔 就投资或合作事宜进行谈判的传闻，这已是台积电再次对相关合作传闻予以否认。此前市场曾有消息 称，英特尔正积极寻求与台积电建立合作或获得其投资，同时英特尔也在与苹果等科技巨头探讨合作可 能性。这一消息引发业界对全球芯片产业格局可能发生重大变化的关注。 ...

尽管合作传闻不断，台积电始终保持着谨慎态度。分析人士指出，台积电可能不愿与拥有自己晶圆代工 业务的芯片制造商合作，因为Intel本质上是一个潜在的竞争对手。此外，英特尔当前面临的复杂经营状 况也是台积电犹豫合作的重要因素。 智通财经APP获悉，周二，英特尔(INTC.US)跌近3%，报33.46美元。消息面上，据报道，台积电近日正 式否认了与英特尔就投资或合作事宜进行谈判的传闻，这已是台积电再次对相关合作传闻予以否认。此 前市场曾有消息称，英特尔正积极寻求与台积电建立合作或获得其投资，同时英特尔也在与苹果等科技 巨头探讨合作可能性。这一消息引发业界对全球芯片产业格局可能发生重大变化的关注。 ...

Group 1: Chip Sector Performance - The chip stocks collectively surged in the morning, with Demingli (001309) hitting the daily limit within a minute of opening, and several other stocks also reaching their limits [1] - The storage chip sector led the gains, with the index rising over 3% to reach a historical high, while major companies like SMIC and others also set new records [7] - The rapid development of artificial intelligence has led to a supply-demand imbalance in storage chips, with Citigroup predicting shortages of 1.8% for DRAM and 4% for NAND flash by 2026 [9] Group 2: Nonferrous Metals Sector - Nonferrous metal stocks saw a strong performance, with the energy metals index rising nearly 6% to a two-year high, and several sub-sectors like nickel and lithium reaching historical highs [2][4] - The Ministry of Industry and Information Technology, along with eight other departments, issued a plan for the nonferrous metals industry, targeting an average annual growth of around 5% in value-added output from 2025 to 2026 [4] - The demand for nonferrous metals is increasing due to the rapid growth of emerging industries such as new energy vehicles and robotics, leading to price increases and shortages in certain varieties [5] Group 3: Price Trends and Forecasts - Cobalt prices in China have nearly doubled this year, rising from 169,000-171,000 yuan/ton to 325,000 yuan/ton by September 28 [6] - The silver market is expected to face a supply-demand gap for the fifth consecutive year, with a potential shortfall of about 4,000 tons [6] - Major storage chip manufacturers have announced price increases, with Samsung raising prices by 30% for certain memory products, while Micron expects first-quarter revenue to reach $12.2 billion to $12.8 billion, exceeding Wall Street forecasts [10]

Group 1: Market Overview - Chip stocks collectively surged in the morning, with Demingli (001309) hitting the daily limit within a minute of opening, alongside several other stocks reaching their limits [1] - The A-share market experienced slight fluctuations but showed a strong performance in technology stocks, with the Sci-Tech Innovation 50 index reaching a four-year high [1] Group 2: Sector Performance - The non-ferrous metals, chip, newly listed stocks, and aerospace equipment sectors led the gains, while communication equipment, oil and gas extraction, diversified finance, banking, and liquor sectors saw declines [2] Group 3: Non-Ferrous Metals Sector - Non-ferrous metal stocks saw a strong rally, with the energy metals sector index rising nearly 6%, reaching a two-year high, and several sub-sectors like nickel, industrial metals, and gold hitting historical highs [3] - The Ministry of Industry and Information Technology and other departments released a plan for the non-ferrous metals industry, targeting an average annual growth of 5% in value-added output from 2025 to 2026 [5] - The demand for non-ferrous metals is increasing due to the rapid development of new industries such as electric vehicles and robotics, leading to shortages and rising prices [6] Group 4: Chip Sector - The chip sector saw a significant increase, particularly in storage chips, with the index rising over 3% to reach a historical high [8] - Major storage chip manufacturers have raised prices, with Samsung increasing prices of certain memory products by 30% and Micron by 20%-30% [11] - The supply of DRAM and NAND flash is expected to face shortages, with Citigroup predicting a 1.8% and 4% shortfall respectively by 2026 [10]

Core Viewpoint - The digital economy sector is experiencing strong growth, driven by advancements in semiconductor technology, AI demand, and domestic production capabilities [1][2]. Group 1: Market Performance - As of September 30, 2025, the CSI Digital Economy Theme Index (931582) rose by 1.28%, with notable gains from stocks such as Zhaoyi Innovation (603986) up 5.85% and Deepin Technology (300454) up 4.19% [1]. - The Digital Economy ETF (560800) increased by 1.11%, with a trading volume of 3.29 million yuan and a turnover rate of 0.46% [1]. - Over the past month, the average daily trading volume of the Digital Economy ETF was 33.59 million yuan [1]. Group 2: Technological Advancements - The Wuhan National Information Optoelectronics Innovation Center achieved a significant breakthrough by launching a fully autonomous 12-inch silicon photonics solution, which has been deployed in over 40 domestic research institutions and enterprises [1]. - Global semiconductor foundry prices are experiencing significant fluctuations, with TSMC's 2nm process pricing up 50% compared to the previous 3nm process, and major players like Samsung and Micron raising DRAM and NAND flash prices by over 30% for certain models [1]. Group 3: Industry Insights - The semiconductor industry is showing robust performance, driven by AI computing demand, domestic substitution logic, and policy support [2]. - The digital chip sector is propelled by AI computing needs, while the semiconductor equipment sector benefits from AI data center demand and deepening domestic substitution [2]. - The CSI Digital Economy Theme Index includes companies involved in digital economy infrastructure and high digitalization applications, reflecting the overall performance of digital economy-related stocks [2]. Group 4: Key Stocks - As of August 29, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 53.36% of the index, with notable companies including Dongfang Wealth (300059) and Cambricon (688256) [2].

北京时间9月29日晚，美股三大指数高开后走势分化。大型科技股普涨，截至22:32，美光科技涨超 4%，英伟达涨约3%，超威半导体、阿斯麦、台积电等涨幅居前。 中概股集体上涨，纳斯达克中国金龙指数一度涨超2%，小马智行涨近10%，新东方、迅雷、阿里巴巴 等涨超4%。 | 名称 | 现价 | 涨跌巾 -- | | --- | --- | --- | | 小马智行 | 23.240 | 9.78% | | PONY.O | | | | 陆控 | 3.890 | 8.36% | | LU.N | | | | 新东方 | 54.940 | 6.99% | | EDU.N | | | | 灿谷 | 4.260 | 5.97% | | CANG.N | | | | 迅雷 | 8.850 | 5.11% | | XNET.O | | | | 老虎证券 | 10.665 | 4.97% | | TIGR.O | | | | 量子之歌 | 9.670 | 4.77% | | QSG.O | | | | MICROALGO | 10.930 | 4.79% | | MLGO.O | | | | 阿里巴巴 | 178.915 | 4 ...

3 2025 年 09 月 29 日 存储芯片进入新一轮周期，国产 AI 芯片大时代 已经开启 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 电子(申万) 18.7 44.4 106.0 沪深 300 8.3 17.0 43.1 市场表现 0 20 40 60 80 100 120 (%) 电子 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电子行业周报：MetaConnect 大会即将召开，科技巨头承诺加码 AI 投资》2025-09-08 2、《电子行业周报：国产未来10年 AI 战略蓝图已现，国产 AI 算力基建 实现重大突破》2025-09-01 3、《电子行业周报：DeepSeek 正式 发布新模型 V3.1，英伟达暂停 H20 芯片生产》2025-08-25 ▌上周回顾 9 月 22 日- 9 月 26 日当周，申万一级行业涨跌呈分化的态 势。其中电子行业上涨 3.51%，位列第 3 位。估值前三的行业 为计算机、国防军工、电子，电子行业市盈率为 72.55。电子 行业细分板块比较，9 ...

Investment Rating - The report suggests a focus on sectors with strong policy support, particularly in technology manufacturing and new productivity areas such as semiconductors and digital economy [3][33]. Core Insights - The North Exchange market experienced a cautious sentiment, with the average daily trading volume of A-shares dropping to 21.7% week-on-week, and the North 50 index declining by 3.11% [3][8]. - Key stocks that performed well included Jin Hua New Materials (up 202.9%) and Chuang Yuan Xin Ke (up 16.9%), while stocks like Han Wei Technology and Kang Le Wei Shi saw significant declines [17][19]. - The report emphasizes the importance of monitoring the import substitution of core semiconductor materials, which are currently dominated by foreign manufacturers [3][33]. Summary by Sections Market Overview - The average daily trading volume for the week was 21.34 billion yuan, reflecting a 21.7% decrease compared to the previous week [8]. - The North 50 index saw a decline of 3.11%, with a daily turnover rate of 2.6% [8][9]. Key News and Policies - The National Sports Administration issued guidelines to promote health through sports, aiming for a comprehensive service system by 2030 [20]. - Samsung has reportedly raised prices for DRAM and NAND flash products by up to 30% due to supply constraints [21]. Core Driving Factors - The market is influenced by macroeconomic conditions and policy directions, with domestic consumer credit policies and expectations of Federal Reserve rate cuts providing some counterbalance [30]. - The North Exchange has introduced guidelines to enhance the quality evaluation of sponsoring institutions, effective from September 26, 2025 [30]. Investment Recommendations and Strategies - Investors are advised to focus on sectors benefiting from policy support, such as semiconductors and digital economy, and to pay attention to high-barrier segments like advanced packaging substrates and semiconductor cleaning agents [3][33]. - The fundamentals of specialized and innovative enterprises remain strong, despite recent declines in the North Specialized and Innovative Index [3][33]. - Opportunities for mergers and acquisitions in high-end manufacturing and new materials sectors are highlighted as potential growth areas [3][33].

Investment Rating - The report suggests a cautious optimism for the electronics industry, indicating a moderate recovery in demand and price stabilization, with a recommendation to gradually build positions in the sector [5][6]. Core Insights - Nvidia plans to invest up to $100 billion in a strategic partnership with OpenAI to co-build AI data centers and deploy at least 10 GW of computing power for the training and operation of next-generation AI models [5][11]. - Xiaomi launched its flagship Xiaomi 17 series, aiming to compete directly with the iPhone, showcasing significant innovations in display, battery, and imaging technology [5][11]. - The electronics sector is experiencing a mild recovery, with a focus on AI server supply chains, AIOT, device materials, and the localization of automotive electronics [5][6]. Summary by Sections Industry News - Nvidia and OpenAI announced a strategic partnership, with Nvidia committing to invest up to $100 billion for AI data center development [11]. - Xiaomi's new flagship series aims to directly compete with Apple's iPhone, featuring advanced technology and a focus on high-end market positioning [11]. - Alibaba announced a collaboration with Nvidia for Physical AI, emphasizing the development of AI infrastructure [12]. Market Performance - The report notes that the electronics sector outperformed the market, with the Shenzhen 300 Index rising by 1.07% and the Shenwan Electronics Index increasing by 3.51% [18][20]. - The semiconductor sub-sector saw a significant increase of 7.64%, while electronic components experienced a decline of 6.52% [20][24]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Horizon Technology [6]. - It also highlights opportunities in AI innovation-driven sectors, including computing chips and optical devices, suggesting companies like Cambricon and Source Photonics [6]. - The automotive electronics sector is noted for its growth potential, particularly in new energy vehicles, with recommended companies including New Energy and MCU market leaders [6].

Market Overview - Global markets showed mixed performance, with the Hang Seng Index down 1.35% and the S&P 500 up 0.59% year-to-date performance for the Hang Seng Index stands at 30.25% [1][2] - The Chinese stock market saw declines, particularly in the technology, healthcare, and consumer discretionary sectors, while essential consumer goods, energy, and financials experienced gains [3] Industry Insights - The Chinese pharmaceutical industry is witnessing a recovery in domestic innovation research and development demand, with the MSCI China Healthcare Index up 74.0% since early 2025, outperforming the MSCI China Index by 37.3% [4] - The demand for early-stage research is showing positive signs, supported by a resurgence in capital market financing and a favorable environment for biotech innovation [9] - The CXO industry is expected to see performance recovery in the second half of 2025 due to increased demand for early-stage research and development [4][9] Company Analysis - WuXi AppTec (药明康德) is maintaining a strong growth trajectory in its TIDES business, with plans to expand peptide production capacity significantly by the end of 2025 [8] - The company reported a 14.5% year-on-year increase in new orders for preclinical services in the first half of 2025, with a notable 19.9% increase from U.S. clients [9] - WuXi AppTec's management is confident in maintaining resilient profitability, with adjusted gross and net profit margins reaching historical highs of 44.5% and 30.4% respectively in the first half of 2025 [10]