美光目标价"立涨"100美元？ 大摩：AI存储需求太火爆 无惧任何打击！A股推荐香农芯创（300475），海力士的核心下游，具备极强的投资性 价比，叠加MSCI指数调入带来的资金利好，股价至少翻倍以上空间。 2026年02月12日 13:07 近段时间以来，"存储涨价风暴"越刮越猛，美国存储芯片大厂美光科技屡获华尔街大行"点名赞赏"、并上调评级和 目标价。 继瑞银、瑞穗、汇 美光目标价"立涨"100美元？ "自美光上次发布业绩指引以来，存储芯片价格大幅上涨，所有终端市场均出现供应短缺局面，我们据此上调公司 盈利预期。 在AI需求保持强劲的背景下，HBM4供应担忧、中国市场相关顾虑及资本支出担忧均不构成核心影响因素。 "报告称。 一直短缺 = 一直涨价 大摩：AI存储需求太火爆 无惧任何打击！A股推荐香农芯创（300475），海力士的核心下游，具备极强的投资性 价比，叠加MSCI指数调入带来的资金利好，股价至少翻倍以上空间。 2026年02月12日 13:07 近段时间以来，"存储涨价风暴"越刮越猛，美国存储芯片大厂美光科技屡获华尔街大行"点名赞赏"、并上调评级和 目标价。 继瑞银、瑞穗、汇丰和德银之后，摩根士 ...

Group 1 - The semiconductor equipment and materials sectors are leading the market due to dual drivers of supply-demand dynamics and an upward economic cycle, with the semiconductor equipment ETF (561980) rising by 1.26% to a scale of 3.515 billion yuan [1] - Kioxia, a global storage chip giant, reported a significant increase in its fiscal year 2025 third-quarter results, with annual revenue and net profit targets exceeding analyst expectations by approximately 35% to 60%, driven by strong demand for high-performance storage products from AI servers and the high-end smartphone market [3] - The semiconductor equipment ETF (561980) tracks the CSI Semiconductor Industry Index, with over 90% weight in upstream sectors of equipment, materials, and design, and the top ten constituent stocks accounting for about 75% [5] Group 2 - Global semiconductor sales are projected to reach $788.8 billion in December 2025, reflecting a year-on-year growth of 37.1% and a quarter-on-quarter increase of 2.7%, marking 26 consecutive months of positive year-on-year growth [8] - The domestic semiconductor equipment industry in China is transitioning from "catching up" to "keeping pace," with a forecasted increase in the localization rate of wafer manufacturing equipment from 25% in 2024 to 30% by 2026 [8] - Hefei Changxin is expected to release its prospectus by the end of 2025, with anticipated high year-on-year growth in production expansion by 2026, indicating potential investment opportunities in semiconductor equipment [8]

作为中国存储器布局领军企业的长鑫存储科技（CXMT），其 DRAM 产能据称已在去年第四季度达到峰值并触 及天花板。 在美国预计将收紧出口管制、中国政府全力推动半导体设备国产化的背景下，业界普遍认为，受先进半导体设 备限制影响，新增产能扩张将受到制约。 根据市场研究机构 Om 美国限制措施使中国长鑫存储受阻，低良率制约 DRAM 增长 1、产能现状与扩张受限 作为中国存储器布局领军企业的长鑫存储科技（CXMT），其 DRAM 产能据称已在去年第四季度达到峰值并触 及天花板。 在美国预计将收紧出口管制、中国政府全力推动半导体设备国产化的背景下，业界普遍认为，受先进半导体设 备限制影响，新增产能扩张将受到制约。 根据市场研究机构 Omdia 的数据（ChosunBiz于 12 日获取），CXMT的月均晶圆（半导体基板）产量已达到约 24 万片的最高水平。 美国限制措施使中国长鑫存储受阻，低良率制约 DRAM 增长 1、产能现状与扩张受限 他还补充道："如果中国明年成功实现设备国产化，CXMT有望自 2027 年起恢复扩张，包括其上海新工厂在 内。 " 业内核心人士表示，在自 2024 年以来持续扩张产能之后，CX ...

记者丨金珊 编辑丨刘雪莹 2月13日，日韩股市低开。截至发稿，日经225指数跌幅继续扩大，跌超1.6%，报56686.95点；韩国KOSPI指数一度拉升翻红，随后再次短线 跳水，跌0.48%，报5496点。值得一提的是，昨日 日韩股市盘中均创历史新高。 叠加 0.66% 5558.82 0.00% 5485.72 -0.66% 当前为延时行情 获取实时行情 12:15 15:30 10:30 13:45 9:00 热门个股方面，目股软银集团跌7%，消息面上，软银2025年第三财季净利润不及市场预期。此外， 目立跌超5％，索尼跌超1%。 韩股三星电子、SK海力士开盘双双冲高，三星电子涨近2%， SK海力士由涨转跌近0.8%。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。) 出品│21财经客户端 21世纪经济报道 金银深夜闪崩，黄金一度跌破4900美元 万亿巨头疑似售假，消费者直呼塌房 影石年会送员工5套房，还有豪车和定制金钞 02-13 09:48:10 延时行情 | 0 5496.01 昨收 5522.27 成交额 | | --- | | -26.26 -0.48% - 今开 - 55 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 人们普遍认为，半导体产业主要由于劳动力和其他成本高昂而离开欧洲。然而，事实并非如此。真正 的原因是，半导体产业的发展需要巨额投资以及金融机构和大型企业的强力支持。以上世纪90年代的 德国为例，西门子投资兴建工厂，但规模太小。这最终导致其半导体业务分拆为英飞凌科技公司。 全球范围内情况也类似。如果我们回顾过去50年排名前三的DRAM制造商，会发现大约有30家公 司。然而，其中大多数要么已经退出内存市场，要么被收购，要么破产倒闭。仅有的例外是美光科 技、三星电子和SK海力士。不过，这三家公司中，有两家在过去都曾两次濒临破产。 并非这些公司大多因为缺乏必要技能而注定失败。从长远来看，它们面临的竞争环境与那些拥有政府 支持、深谙半导体重要性的公司截然不同。 在动荡的国际局势下，这是"最后的机会"。 半导体产业对全球经济的重要性如今已得到广泛认可。2022年爆发的供应链危机暴露了该行业对半导 体的严重依赖，当时仅仅少数半导体芯片的短缺就导致价值数百万美元的工业设备无法出货。为应对 危机，世界各国纷纷出台《芯片与科学法案》，鼓励在国内建设半导体工厂。 更重要的是，近年来地缘 ...

三星电子周四表示，已开始出货其第六代高带宽存储器 HBM4，成为首家开始大规模生产这种对人工智能至关重要的 下一代存储芯片的芯片制造商。 公众号记得加星标⭐️，第一时间看推送不会错过。 在经历了一轮"混战"之后，HBM 4市场终于迎来了第一个赢家，HBM市场也迎来了新的不确定性。 此次发布对三星而言意义重大。在前一轮HBM周期中，三星一直落后于竞争对手，这引发了人们对其在人工智能驱 动型半导体领域竞争力的担忧。凭借HBM4，三星旨在重振旗鼓，并在下一波人工智能内存需求浪潮中抢占先机。 提前一周出货，三星野心勃勃 据韩媒业内人士透露，三星在与客户协商后，将出货计划提前了约一周。据悉，该芯片已提前通过英伟达的质量测 试，这反映出其卓越的性能，正如消息人士所说。 从一开始，三星就立志超越全球半导体标准组织——联合电子器件工程委员会（JEED）制定的基准。为了实现这一 目标，它将最新的1c DRAM与4纳米制程工艺相结合——业内人士称，这种方法此前从未有人尝试过。 三星表示，三星的HBM4显存可提供高达11.7 Gbps的稳定处理速度，比业界标准的8Gbps提升约46%，树立了HBM4 性能的新标杆。这比其前代产品H ...

Group 1 - The core viewpoint of the article highlights that domestic CPUs have achieved a new record, positioning themselves among the top tier globally, as evidenced by the latest SPEC Cloud IaaS 2018 test results [1] - The InCloud OS platform, utilizing the Haiguang C86 architecture server, achieved a comprehensive performance score of 154.9 and a single-instance performance score of 1.23, both of which set new historical bests for domestic manufacturers [2] - The Haiguang C86 server features a dual-socket configuration supporting 64 cores and 128 threads, with a CPU frequency of 3.0 GHz (base frequency of 2.7 GHz), and demonstrates an impressive scalability of 91.6% [2] Group 2 - The SPEC Cloud IaaS 2018 is recognized as the "gold standard" for global cloud evaluation, assessing critical capabilities such as elasticity, storage I/O, and overall performance, making its results a significant reference for industry selection [2] - The achievement of the Haiguang C86 in setting a new record signifies a deeper alignment between "self-controllable" and "commercially viable" for domestic CPUs [2] - In a related development, the South Korean government announced a 1 trillion won initiative aimed at developing AI semiconductors for device applications, indicating a competitive push in the semiconductor sector [5][6] - This initiative aims to produce approximately 10 domestic AI semiconductor chips over the next five years, targeting applications in autonomous driving, smart home appliances, and humanoid robots [6] - The plan is part of the M.AX alliance, which includes major companies and research institutions, and aims to reduce local companies' reliance on foreign AI chip manufacturers [7]

Market Dynamics - Precious metals experienced a sharp decline, with gold dropping over 4% and silver falling over 11%, reflecting ongoing market concerns about the disruptive impact of AI [1] - WTI crude oil futures fell by 2.77% to $62.84 per barrel, while Brent crude dropped by 2.71% to $67.52 per barrel, amid geopolitical tensions regarding Iran [1] Corporate Developments - China Shenhua's acquisition plan to purchase assets from its controlling shareholder has been approved, with a transaction value of approximately 133.6 billion yuan, and the company's market capitalization reaching 845.6 billion yuan [2] - Co-creation Data announced a procurement contract for servers worth up to 11 billion yuan, which will account for over 50% of the company's latest audited net assets [2] - OpenAI launched its new AI model, GPT-5.3-Codex-Spark, based on Cerebras Systems chips, aiming to compete in the AI programming assistant market [2] Investment Trends - Southbound funds recorded a net inflow of approximately 4.567 billion HKD, with over 50 billion HKD invested in ETFs this year, indicating strong interest in Hong Kong stocks [5] - Korean investors have shown significant interest in Hong Kong stocks, with notable purchases in various ETFs and tech companies [6] Industry Insights - The construction machinery sector is witnessing a recovery, with excavator sales increasing by 49.5% year-on-year, indicating improved economic activity and infrastructure investment [9] - The solid-state battery industry is accelerating, with major automakers planning to launch models using this technology by 2026-2027, potentially leading to a market size exceeding $120 billion by 2030 [10] Technological Advancements - A research team from Peking University has developed a high-performance quantum key distribution network, showcasing advancements in quantum technology [14] - Samsung Electronics has begun delivering its latest HBM4 chips, becoming the first company to mass-produce this technology [15]

Group 1 - The U.S. Attorney General Pam Bondi expressed regret for the pain suffered by victims of the Epstein case but did not apologize for the improper disclosure of information related to the case during a congressional hearing, leading to a heated exchange with Democratic Representative Pramila Jayapal [3] - The U.S. Department of Justice faced criticism for failing to redact personal information of victims, including explicit images, during the public release of Epstein case documents [3] - In 2025, the number of marriage registrations in China reached 6.763 million, an increase of 657,000 compared to the previous year, marking a growth of 10.76% [5] Group 2 - Elon Musk was named the greatest innovator in the U.S. by Forbes, with Nvidia CEO Jensen Huang ranking fifth on the "Innovators 250" list [6][7] - The U.S. stock market saw a collective decline, with major indices falling; Apple shares dropped by 5% [8] - The Chinese Ministry of Civil Affairs reported a significant increase in marriage registrations due to the implementation of new regulations allowing nationwide processing of marriage licenses [5] Group 3 - Samsung Electronics announced the commencement of mass production of HBM4 memory, expecting sales to triple compared to 2025 [10] - Mercedes-Benz Group reported a revenue of €132.2 billion for 2025, a 9% decrease year-on-year, with adjusted EBIT down by 40% [23] - Siemens reported a net profit of €2.222 billion for the first quarter of fiscal year 2026, a 43% decline compared to the previous year [24]

Core Viewpoint - Applied Materials (AMAT.US), one of the largest semiconductor equipment manufacturers globally, reported stronger-than-expected quarterly results and provided a robust future outlook, highlighting the significant growth cycle in the semiconductor equipment sector driven by the AI computing infrastructure and a "super cycle" in memory chips [1][2]. Financial Performance - For the second quarter of fiscal year 2026, Applied Materials expects revenue of approximately $7.65 billion, with a fluctuation range of about $500 million, surpassing Wall Street's average estimate of $7.03 billion [2]. - The company's management provided a Non-GAAP earnings per share forecast of $2.44 to $2.84, significantly above the analyst average expectation of $2.29 [2]. - In the first quarter of fiscal year 2026, revenue slightly declined by 2% year-over-year to $7.01 billion, but this was better than the expected $6.86 billion, with Non-GAAP earnings per share at $2.38, exceeding the $2.21 average forecast [3]. Market Dynamics - The demand for semiconductor equipment is being driven by the expansion of DRAM/NAND memory chip production, as major clients like Samsung and Micron accelerate capacity expansion to address market shortages [4]. - The market for high-bandwidth memory (HBM), crucial for AI computing systems, is experiencing unprecedented demand, with expectations of over 20% growth in the semiconductor equipment business this year [4][6]. - Micron's CEO indicated that all HBM capacity for fiscal year 2026 is sold out, with the total addressable market for HBM projected to reach $100 billion by 2028, up from $35 billion in 2025 [6]. Technological Advancements - HBM technology, which utilizes 3D stacking and Through-Silicon Vias (TSVs) for high-speed data transfer, is becoming essential for AI applications, enhancing the urgency for industry-wide capacity expansion [5]. - The shift towards hybrid bonding technology in advanced packaging is accelerating, which improves performance and energy efficiency, aligning with the demands of AI training and inference [9][10]. - Applied Materials is enhancing its capabilities in advanced packaging and HBM manufacturing processes, which are expected to be significant growth drivers for the company [11]. Regulatory Environment - The company is facing challenges due to U.S. government export restrictions, which are projected to result in a revenue loss of approximately $600 million for fiscal year 2026 [7]. - Recently, Applied Materials announced a settlement of $252.5 million to resolve an investigation regarding improper exports to China, concluding a long-standing inquiry [6]. Industry Outlook - The semiconductor equipment sector is positioned as a major beneficiary of the explosive growth in AI computing and memory chip demand, with a long-term bullish outlook supported by the ongoing expansion of advanced manufacturing processes [8]. - The recent performance of TSMC, with a projected revenue growth rate of nearly 30% for 2026, further validates the strong demand for semiconductor equipment [10].