记者丨张嘉钰 编辑丨黎雨桐 2月9日，亚太主要股指集体高开 ，截至 9:58 ，上证指 数涨0.98%，创业板指涨1.78%。光伏、算力硬件、半导体、AI应用、商业航天、核聚 变、黄金等概念股纷纷走强；油气、银 行、中药板块走弱。 | 内地股票 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 科创综指 | | 4105.39 | 14108.47 | 1783.75 | | +39.81 +0.98% +201.73 +1.45% +30.15 +1.72% | | | | 万得全A | 创业板指 | 北证50 | | 6769.47 | 3293.92 | 1546.25 | | +87.00 +1.30% +57.46 +1.78% +25.36 +1.67% | | | | 沪深300 | 中证500 | 中证A500 | | 4695.50 | 8259.02 | 5865.95 | | +51.90 +1.12% +112.61 +1.38% +73.94 +1.28% | | | | 中证1000 | 深证100 | ...

英特尔、AMD均已发布支持CXL2.0的CPU，SK海力士、三星电子正积极研发并量产CXL兼容的内存模 块，阿里云联合英特尔已推出全球首款基于CXL2.0Switch技术的PolarDB数据库专用服务器。 财通证券（601108）发布研报称，在AI时代，对内存带宽与容量的需求持续增加，存在着内存供给与 计算节点需求不匹配、以及内存使用效率较低的痛点。CXL有望通过构建内存池，实现"存算解耦"，渗 透率有望不断提升，随着CXL生态不断完善，适配CXL协议的CPU、服务器的出货量有望逐步提升。 财通证券主要观点如下： 服务器级CPU新增适配CXL协议，生态正不断完善 参考阿里云首款基于CXL2.0Switch技术的PolarDB数据库专用服务器的分布式内存池系统架构，该行认 为，2030年，CXLSwitch、CXLMXC芯片在乐观情况下的需求量有望分别达706/6452万颗。 投资建议：建议关注：澜起科技(CXLMXC芯片供应商)、江波龙（301308）(CXLAIC扩展卡供应商)、 佰维存储(CXL2.0DRAM内存扩展模块供应商)、聚辰股份(CXL模组的VPD芯片供应商)。 CXL可通过构建内存池解决AI时 ...

Macro Strategy - The report discusses the impact of liquidity shocks on commodity markets, highlighting that certain commodities, which are fundamentally sound, have been "misjudged" during these shocks and may present better entry points as the market stabilizes [1][6]. - The report indicates that after the liquidity shock, the core logic of commodity markets remains unchanged, with a focus on supply-demand dynamics and the potential for recovery in mispriced commodities [6]. Financial Products - The report reviews the performance of gold ETFs, noting that macroeconomic data and policy expectations have fluctuated, with interest rate cut expectations providing temporary support for gold [2][9]. - It emphasizes the importance of geopolitical risks and central bank gold purchases in supporting gold prices, while also indicating that the market may experience high volatility in February 2026 [2][9]. Fixed Income - The report provides an analysis of the Hai Tian convertible bond, predicting a listing price between 125.75 and 139.83 CNY, with a conversion premium of approximately 30% [3][10]. - It highlights the company's stable revenue growth and the strategic use of raised funds for infrastructure projects, indicating a solid credit rating and good debt protection [10][11]. Industry Analysis - The report identifies a shift in the semiconductor and storage industry driven by AI demand, suggesting that storage capacity is becoming a critical bottleneck for AI performance [4][12]. - It recommends focusing on companies like SanDisk, SK Hynix, Samsung Electronics, and Micron Technology, as they are positioned to benefit from the increasing demand for high-capacity storage solutions [4][12]. - The report notes that the chemical sector is expected to see continued improvement in market conditions due to structural changes in demand, particularly from emerging industries [7][12]. Company Recommendations - The report maintains a positive outlook on Yum China, highlighting its robust dividend yield and steady revenue growth, with projections for continued expansion in store numbers and profitability [5][13][14]. - It notes that the company has successfully improved operational efficiency and cost management, contributing to its strong financial performance [13][14].

全线狂飙。 今日，日韩股市开盘后，各大指数全线大涨，日经225指数大涨超2700点，站上57000点，为史上首次；韩国首 尔综指大涨超4%。 但日本国债市场则遭遇抛售潮，日本10年期、30年期国债收益率分别升至2.275%、3.615%。消息面上，据新 华社，根据最新计票结果，在8日举行的日本众议院选举中，由自民党和日本维新会组成的执政联盟获得过半 数议席。 暴涨超2700点 2月9日，日本股市开盘后，主要指数大幅走强，日经225指数站上57000点，为史上首次，截至北京时间9:00， 日经225指数大涨2747.82点，涨幅达5.06%；东证指数大涨3.23%，至3818.5点。软银集团股价大涨超8%，为1 月28日以来最大涨幅；迅销大涨超7%。 周一早间，在日本执政党赢得过半席位的消息传出后，日元汇率一度跳水，跌至1美元兑157.76日元，创 下两周多以来的最低水平。 韩国股市亦全线大涨，韩国首尔综指大涨超4%，三星电子、SK海力士股价均大涨逾5%。 根据最新计票结果，在8日举行的日本众议院选举中，由自民党和日本维新会组成的执政联盟获得过半数议 席。 开票数据显示，自民党获得316个议席，日本维新会获得3 ...

上周中外股市齐跌，股/币/银三杀。先看美股，最近正财报季，总体来说，基本面是不错的：超过80%报业绩的公司，盈利超预期。超过50%的公司在盈利 和收入双双超预期。但市场的悲观是漫山遍野，甚至是不讲道理。非AI股跌的是"被AI替代"。华尔街正在不问价甩卖软件股。上周汤森路透大跌20%+， LSEG大跌8%+。AI股跌的是支出太多，不可持续。AMD业绩超预期，股价当晚大跌17%+，亚马逊业绩超预期，股价当晚大跌11%+，谷歌业绩超预期，股 价盘中跌6%。超微电脑业绩超预期，股价当晚原地起跳13%+，第二天原路返回。微软更是7个交易日跌了80美元，目前市盈率来到五年低位。比特币更是 跌至6万美元，时隔4个月，高位跌去50%+。 笔者的选择是，加仓腾讯，恒生科技，抄微软。笔者相信恒生科技是中国版的纳斯达克，腾讯/微软是好公司，这点应该没有歧义。所以难点是低买，高 卖。低点得投资者自己拍，到价得坚定进来。别妄想抄到最低点，否则只会"偶尔实现"，"经常失望"。我入场前问自己的是："到你要的价格了吗？那还犹 豫什么？"更痛苦的是，如果像笔者这样已经有仓位在手的，还得取舍。打新诚可贵，加仓价更高，若为腾讯故，弱者皆可抛。笔者 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 业内人士周日表示，三星电子将在农历新年假期后开始出货其下一代高带宽存储器 HBM4，成为首 家将这款被广泛认为是人工智能计算领域颠覆性芯片的存储器制造商。 三星计划最早于 2 月第三周开始向英伟达交付 HBM4，用于这家美国芯片巨头的下一代人工智能加 速器平台 Vera Rubin。 此举标志着三星的战略反弹。此前，三星在HBM系列产品中的竞争力曾受到质疑。凭借HBM4，三 星希望缩小与同城竞争对手SK海力士的差距，并有可能超越后者。SK海力士凭借人工智能数据中心 需求的激增，率先取得了领先优势。 一位业内人士表示："三星率先量产了性能最高的HBM4芯片，证明了其在技术领域的领先地位已经 恢复。" "这使该公司在按照自己的方式塑造市场方面拥有明显的优势。" 预计英伟达将在下个月举行的年度开发者大会 GTC 2026 上发布搭载三星 HBM4 显存的 Vera Rubin 加速器。三星表示，出货时间是在与英伟达的产品路线图和下游系统级测试计划协调后确定的。 除了速度之外，三星在该产品背后的技术理念也值得关注。从一开始，该公司就致力于超越JEDEC制 定的标准，率先 ...

Core Viewpoint - Taiwan's dominance in the semiconductor manufacturing sector is being challenged by South Korea, which is rapidly advancing, particularly in high-performance memory chips [2] Group 1: Market Dynamics - South Korea is one of only three countries capable of producing advanced high-bandwidth memory chips, alongside Taiwan and the USA, giving it a strategic advantage [2] - Samsung Electronics and SK Hynix together hold over 50% of the global memory market share, making it difficult for other suppliers like Micron and Western Digital to match their scale and technology [2] - There is a significant shortage of memory chips, with prices for certain types increasing by over 300% in the past three months due to panic buying [2] Group 2: Investment and Production Capacity - Samsung plans to invest approximately $310 billion over the next five years in semiconductor manufacturing and related fields [3] - The construction of Samsung's Pyeongtaek plant will utilize over 50,000 NVIDIA GPUs for AI workloads, with production expected to start in 2028 [3] - The South Korean government is supporting a massive chip industry cluster with a commitment of around $456 billion in private investment [3] Group 3: Value Chain and Diversification - South Korea is shifting from a memory-centric focus to a diversified product portfolio that includes AI accelerators, automotive chips, and defense semiconductors [4] - Samsung is the second-largest foundry globally, following TSMC, and is advancing into the 3nm chip space [4] - A proposed public-private partnership for a 12-inch 40nm "national foundry" aims to provide local manufacturing opportunities for semiconductor startups [4] Group 4: Challenges and Government Actions - The semiconductor industry in South Korea faces challenges such as water and electricity shortages, with the planned Yongin chip cluster requiring approximately 13 to 15 gigawatts of power [4] - There is a projected shortage of about 56,000 semiconductor engineers in South Korea by 2031 [4] - The South Korean government is taking steps to address these issues through the Semiconductor Special Act, which will provide legal frameworks for direct subsidies and infrastructure spending [5]

【导读】日韩股市开盘大涨，日经225指数日内涨超5% 日韩股市大涨！ 日经225指数大涨5% | 名称 | 现价 | 涨跌幅 = | 总市 -- | | --- | --- | --- | --- | | 大日本印刷 | 3125.0 | 7.57% | 16390亿 | | 7912.T | | | | | 索喜科技 | 2202.0 | 7.23% | 3963亿 | | 6526.T | | | | | 指斐电电子 | 7542.0 | 6.45% | 21247亿 | | 4062.T | | | | | 三井金属 | 22150.0 | 6.57% | 12718亿 | | 5706.T | | | | | 小松集团 | 7520.0 | 6.35% | 699621Z | | 6301.T | | | | | YOKOHAMA FINA | 1643.0 | 6.00% | 18806亿 | | 7186.T | | | | | 西科姆 | 6311.0 | 5.85% | 29447亿 | | 9735.T | | | | 美元兑日元短线走低，跌破157关口。 | 美元兑日元 | | | | | ...

格隆汇2月9日｜有消息称三星电子即将开始量产用于构建人工智能基础设施的HBM4存储芯片，随后该 公司股价上涨了6.4%。据韩联社报道，这家韩国科技巨头计划最早于2月的第三周向人工智能加速器领 域的领导者英伟达出货该半导体。行业人士消息称，这些HBM芯片将用于驱动这家美国公司即将推出 的Vera Rubin AI加速器。三星在高带宽内存开发方面的进展表明，它正在缩小与国内竞争对手的差距。 截至上周五收盘，三星股价今年已上涨逾30%，因为存储芯片价格上涨使该行业的所有主要参与者受 益。三星可能也受益于与数据中心建设相关的美国股市人工智能相关涨幅。四大超大规模企业计划今年 支出约6500亿美元，这推动英伟达股价在上周五上涨了近8%。 来源：格隆汇APP ...

Group 1 - Japanese and South Korean stock markets opened strongly, with the Nikkei 225 index rising over 5%, reaching multiple historical highs during the session [1] - SoftBank Group's stock saw a peak increase of 8.5%, marking its largest gain since January 28, and was up over 7% at the time of reporting [1] - The KOSPI index in South Korea rose by 3.8%, closing at 5286.6 points, with major companies like Samsung Electronics and SK Hynix both increasing by over 5% [1] Group 2 - The ruling coalition of the Liberal Democratic Party and the Japan Innovation Party secured a majority in the recent Japanese House of Representatives election [1] - Japan's Ministry of Health, Labour and Welfare reported a 1.3% year-on-year decrease in real wages per capita for 2025, marking four consecutive years of negative growth [1] - The yield on Japan's 10-year government bonds rose by 4.5 basis points to 2.275%, while the 40-year bond yield surpassed 4%, the highest level since its issuance in 2007, raising concerns about Japan's fiscal and monetary policy [1] Group 3 - Pictet Asset Management's chief economist highlighted that the surge in yields is driven by increased inflation risks and sovereign risk premiums, indicating a lack of credibility in the Bank of Japan's anti-inflation measures [2] - The turmoil in Japan's bond market and potential punitive measures on U.S. fiscal deficits could trigger a shift of global capital from the U.S. to other markets [2] - The economist affirmed that Japan may sell U.S. Treasuries to defend the yen, citing the need for balance sheet management by the central bank and the desire to diversify geopolitical risks [2]