Investment Rating - The report provides a "Buy" rating for the industry, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [45]. Core Insights - SRAM (Static Random Access Memory) is identified as a high-bandwidth on-chip storage layer that can significantly enhance AI inference speed by reducing latency and jitter compared to external HBM (High Bandwidth Memory) [3][11]. - The architecture of SRAM is gaining mainstream attention, with significant investments and partnerships, such as Nvidia's $20 billion acquisition of Groq's intellectual property and OpenAI's $10 billion contract with Cerebras [3][32]. - The report emphasizes the growing importance of AI memory-related upstream infrastructure, suggesting that investors should focus on key beneficiaries within the industry chain [3][39]. Summary by Sections SRAM as a High-Bandwidth Storage Layer - SRAM is positioned as an essential component in the multi-tier storage architecture, providing high bandwidth but with limited capacity and higher costs [3][11]. SRAM Enhancing AI Inference Speed - SRAM can improve AI inference speed, with examples such as Groq's LPU chip achieving a bandwidth of 80 TB/s and maintaining stable inference speeds of 275-276 tokens/s, outperforming other platforms [3][15][21]. - Cerebras' WSE-3 chip integrates 44GB of SRAM, achieving over 3000 tokens/s in inference tasks, significantly faster than mainstream GPU cloud inference [3][23][39]. SRAM Architecture Gaining Mainstream Attention - The report notes that major companies are investing in SRAM technology, highlighting Groq's partnership with Nvidia and Cerebras' funding round that values the company at $23 billion [3][32][39]. Investment Recommendations - The report suggests that the ongoing expansion of AI memory capabilities will enhance model performance and accelerate the deployment of AI applications, recommending a focus on core beneficiaries in the industry chain [3][39].

摘要 ■ 投资逻辑 基于大模型对券商年度展望的全面解析 每年的年底到年初，各券商会密集发布关于总量、行业等年度报告。对投资者而言，难以整合大量研报信息从而提取共识点，此外分歧点也同样缺乏量化 对比。大模型工具的出现解决了这一难点，大模型可以帮助分析师快速完成研报数据预处理、观点精准抓取与分类；大模型通过确定共识点与分歧点的判 定规则，系统整合分散观点，量化呈现各券商对板块不同观点的支持率，清晰核心分歧维度。本次研究以大模型为核心分析工具，全面剖析2026年各大板 块年度展望，梳理宏观、策略、固收及七大细分行业的共识与分歧，为投资者提供高效精准的决策参考。 总量观点总结 对于总量观点，我们分别从宏观经济、年度策略、固定收益三个方面分别剖析了各券商分析师的年度展望。 在宏观经济方面，大多数券商认为随着"十五五"政策发力，2026年GDP目标为5%左右；CPI、PPI从低位逐步修复，国内通货膨胀的压力得到缓解；货币 政策维持适度宽松基调，流动性保持合理充裕；财政政策延续积极取向，赤字率维持合理高位；出口保持稳健，贸易顺差维持历史较高水平；国外环境虽 然出现波动，但整体风险可控。 作者：高智威、许坤圣 在年度策略方面 ...

2月26日午后，半导体设备、芯片设计等板块强势走高。截至发稿，设备+材料+设计含量超90%的半导体设备ETF（561980）上涨1.13%、此前一度涨超 2%，实时成交额2.58亿元。 成份股表现活跃，寒武纪大涨7%，长川科技、京仪装备涨超5%，芯源微、神工股份、华峰测控、拓荆科技等多股涨超3%。 分析指出，设备与设计板块今日强势拉升或出于以下产业催化密集共振。 催化一：中日关系趋紧，国产替代逻辑再强化 东吴证券指出，日本大选后中日关系进一步紧张，中国驻大阪总领馆已提醒公民避免前往日本。在此背景下，"去日化"有望继"去美化"后提上日程。日本半 导体设备龙头集中于测试机、涂胶显影设备、切磨抛设备、清洗设备等领域，利好相对应的国产设备商。 截至2月25日，该ETF最新规模35.27亿元，标的指数2020年以来上涨超290%，大幅领先科创芯片、半导体材料设备等同类指数，凸显更强反弹锐度，或在 新一轮半导体上行周期中更具弹性。 数据来源：Wind，2020.1.1-2026.2.25。 2月25日，盛合晶微科创板IPO成功过会，拟募集资金48亿元，投向三维多芯片集成封装、超高密度互联三维多芯片集成封装项目。东吴证券指 ...

半导体板块上涨，中韩半导体ETF今日继续飙涨8%，年内涨幅超66%，成为全市场表现最好的ETF。 海力士在会议中透露了一个关键事实："今年没有任何一家客户能够完全满足其存储需求。"这意味着所 有终端市场的需求满足率都处于低位。从库存角度看，服务器客户的库存已达到健康水平，而PC和移 动客户的库存正呈现下降趋势。对于市场最关注的HBM（高带宽内存），海力士明确表示，2026年的 产能分配已成定局，"2026年的HBM已全部售罄，满足客户需求的生产计划已经分配完毕。" 申万宏源证券认为，本轮涨价潮呈现出全链条传导、海内外共振的鲜明特征，在AI资本开支加速与金 银铜等金属上行共振下，于26年一季度形成"淡季不淡"的全面通胀格局。全球半导体产业链正迎来一轮 覆盖全环节、多品类的系统性涨价潮，从上游晶圆制造、封装测试的产能报价，到中游存储芯片、 MCU、模拟芯片、功率半导体的终端产品定价，再到配套的电阻、电感等被动元件、连接器等核心辅 材，全产业链条同步开启价格重塑。当前电子产业链呈"三线并进"的系统性涨价：景气拉动型（存储、 CPU、ABF载板）、成本传导型（CCL/电子布/铜箔、被动元件、封测/代工）、供给收缩（利 ...

Core Viewpoint - The semiconductor equipment and materials market is expanding into AI chip design, with strong performance from companies like Nvidia and domestic players such as Haiguang Information and Cambrian, indicating a robust growth trajectory in the sector [1][4]. Group 1: Company Performance - Nvidia reported a revenue of $68.1 billion, a 73% year-over-year increase, with strong growth in its data center business and a positive outlook extending to 2027 [4]. - Haiguang Information expects a revenue increase of 62.91% to 75.82% year-over-year for Q1 2026, building on a 57% increase in 2025 [1]. - Cambrian anticipates a net profit increase of 575% for 2025, showcasing the strong demand for domestic AI chips [1][4]. Group 2: Market Trends - The semiconductor equipment ETF (561980) has shown resilience, recovering from a 2% dip to gain over 2% during the day, reflecting investor confidence in the sector [1]. - The semiconductor theme index has outperformed other indices since 2020, with a significant increase of 290.72% compared to other chip-related indices [2][3]. - The supply-demand dynamics in the storage chip market have shifted, with SK Hynix indicating a transition to a seller's market, leading to expected price increases [4]. Group 3: Industry Outlook - The growth in semiconductor equipment, materials, and design is expected to continue until at least 2027, driven by strong demand and capacity expansion in the industry [4]. - The domestic semiconductor industry is benefiting from increased localization, with the localization rate for wafer manufacturing equipment expected to rise from 25% in 2024 to 30% in 2026 [4]. - The increasing demand for AI computing power, coupled with rising storage prices and accelerated domestic substitution, is favorable for the equipment, materials, and design sectors [4].

2月26日，半导体设备、芯片设计方向再度走强。截至发稿，设备+材料+设计含量超90%的半导体设备 ETF（561980）午后直线拉升上涨2.17%、实时成交额超2亿元，成份股寒武纪、京仪装备大涨超8%， 长川科技涨超7%，芯源微、神工股份涨超5%，华峰测控、拓荆科技涨超4%，富创精密、盛美上海、海 光信息等多股拉升。 一、海外龙头业绩炸场，AI需求持续强劲 消息面上，美东时间2月25日盘后，英伟达发布2026财年第四季度财报，营收达681亿美元，同比增长 73%，大超市场预期；数据中心业务营收623亿美元，同比增长75%，创单季新高。公司预计下季营收 约780亿美元，将继续高增长。 据悉，英伟达在电话会上提出"算力即收入"核心论断，即AI时代没有底层算力就无法生成Token，没有 Token就无法实现收入增长。目前公司订单能见度已延伸至2027年，产能紧张局面延续。 二、国产芯片业绩兑现，景气向上势能确认 国内AI芯片龙头同样交出亮眼成绩单。资料显示，半导体设备ETF（561980）第三权重股寒武纪2025年 净利润上限同比预增575%；第五权重股海光信息2025年营收同比增长56.91%、净利同比增超30% ...

半导体龙头ETF工银（159665）业绩比较基准为国证半导体芯片指数收益率，管理人为工银瑞信基金管 理有限公司，基金经理为史宝珖，成立（2022-12-22）以来回报为102.61%，近一个月回报为-4.20%。 来源：新浪基金∞工作室 2月26日，半导体龙头ETF工银（159665）开盘涨0.10%，报2.026元。半导体龙头ETF工银（159665）重 仓股方面，中芯国际开盘涨0.00%，海光信息涨2.00%，寒武纪涨1.15%，北方华创涨0.00%，兆易创新 涨1.50%，中微公司跌0.43%，澜起科技涨0.10%，豪威集团涨0.22%，拓荆科技涨0.16%，长电科技跌 0.04%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

TMTETF（512220）业绩比较基准为中证科技传媒通信150指数，管理人为景顺长城基金管理有限公 司，基金经理为金璜，成立（2014-07-18）以来回报为211.16%，近一个月回报为-0.66%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月26日，截止午间收盘，TMTETF（512220）涨1.60%，报3.113元，成交额1469.62万元。TMTETF （512220）重仓股方面，中际旭创截止午盘涨0.34%，新易盛涨0.58%，立讯精密跌0.19%，寒武纪涨 1.22%，工业富联涨1.24%，中芯国际跌0.68%，海光信息涨0.15%，北方华创跌1.08%，胜宏科技涨 9.23%，兆易创新跌0.61%。 来源：新浪基金∞工作室 ...

Group 1: Overall Industry Outlook - The semiconductor industry is experiencing an upward trend in performance, driven by strong demand in storage, equipment, and foundry sectors [1] - The report maintains an overweight recommendation for the semiconductor sector due to the overall industry recovery and growth potential [1] Group 2: Performance of Overseas Listed Companies - North American cloud service providers, including Microsoft, Amazon, Google, and Meta, reported significant year-on-year growth in cloud revenues, driven by AI demand, with capital expenditures expected to increase substantially in 2026 [14][15][16][17] - TSMC, the global leader in foundry services, reported a 25.5% year-on-year increase in Q4 2025 revenue, reaching $33.73 billion, with net profit growing over 40% [21] - Micron Technology's Q1 FY26 revenue reached approximately $13.64 billion, benefiting from rising storage prices driven by AI demand [31] - Texas Instruments and Analog Devices showed signs of recovery in the analog chip sector, with Texas Instruments reporting a 10% year-on-year revenue increase in Q4 2025 [39][41] Group 3: Performance of Domestic Listed Companies - SMIC reported a Q4 2025 revenue of 17.81 billion yuan, a year-on-year increase of 11.9%, with net profit growing by 23.2% [57] - The semiconductor packaging and testing sector is recovering, with several companies reporting improved profitability and growth driven by AI demand [60] - The analog chip sector is also showing signs of recovery, with many companies reporting improved performance compared to 2024 [62] Group 4: Investment Recommendations - The report suggests focusing on high-growth segments driven by AI, such as computing chips, storage, advanced packaging, and semiconductor equipment [7]

格隆汇2月25日｜午后半导体设备、材料板块加速上攻，有机硅、和林微纳"20CM"涨停，富创精密涨超 15%，带动科创半导体ETF(588170)劲升5.93%，半导体设备ETF华夏(562590)涨5%。 催化剂上： ①Meta与AMD达成超千亿美元AI芯片协议，双方计划未来五年内部署多达6吉瓦算力的AMD人工智能 芯片，用于数据中心的扩张。 ②存储芯片涨价潮延续带动韩股大涨，韩国Kospi指数史上首次突破6000点，今年大涨超45%。此前SK 海力士董事长承诺提高人工智能内存芯片产量。 ③北京大学电子学院团队创造性地制备了迄今尺寸最小、功耗最低的铁电晶体管，有望为AI芯片算力 和能效提升提供核心器件支撑。 ④据国际半导体产业协会SEMI预测，2025年全球半导体制造设备总销售额预计达1330亿美元，同比增 长13.7%，创历史新高。 AI热潮带动存储芯片扩产，直接拉升半导体设备需求，相关产品： 产业人"卖铲人"·科创半导体ETF(588170)，近20日合计净流入19.37亿元，成份股涵盖中微公司（刻蚀设 备）、拓荆科技（薄膜沉积设备）、华海清科（CMP设备）、沪硅产业（300mm硅片）、天岳先进 （碳化硅 ...