本刊记者 崔晓萌 12月5日的科创板，被国产GPU搅得"热气腾腾"。摩尔线程上市后，价格直接创下年内科创板新高，首日高开468.78%，报650元/股，盘中一度冲至688元/ 股。 截至收盘，摩尔线程报600.5元/股，涨幅425.46%。按收盘价计算，中一签浮盈高达24.31万元。 | W | N摩尔-U(688795) | | | | | --- | --- | --- | --- | --- | | | 闭市 12-05 15:30:19 科 融 | | | | | | 600.50 额 153.07亿 股本4.70亿 市盈 -194.4 | | 万得 | | | +486.22 +425.46% | 换 85.49% 市值1 2823亿 市净 24.51 | | | | | 分时 | 五日 目K 周K 月K 更多 | | | | | 叠加 | | 2017 | 资金 | | | 1688.00 | | 502.03% 卖5 601.00 212 卖4 600.99 | | 8 | | | 33 | 600.90 | | 2 | | | 322 | 600.72 | | 13 | | | | -000% ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index rose by 1.93%, with notable gains from component stocks such as Yuanjie Technology (up 11.54%), Dongxin Co. (up 9.70%), and Guodun Quantum (up 9.48%) [1] - The Sci-Tech 100 ETF (Huaxia, 588800) increased by 1.96%, closing at 1.3 yuan, with an active trading volume of 3.13 billion yuan and a turnover rate of 11.72% [1] - The semiconductor materials and equipment theme index on the Sci-Tech Innovation Board rose by 1.43%, with significant increases from Shen Gong Co. (up 8.71%) and Jing Sheng Co. (up 7.04%) [1] Group 2 - Major companies like Lenovo, Dell, and HP are planning price increases, with hikes up to 20%, effective from January 1, 2026, due to rising costs of components such as memory chips, which account for 15%-18% of PC costs [1] - Haitong Securities reports that companies like SanDisk, Micron, and Samsung are issuing price increase notices, indicating a sustained upward trend in storage prices into Q4 2025, driven by increased demand from AI data centers [2] - The Sci-Tech 100 ETF closely tracks the Sci-Tech 100 Index, focusing on high-growth sectors including semiconductors, pharmaceuticals, and new energy [2]

计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -17% -11% -4% 2% 8% 15% 21% 28% 2024.12 2025.04 2025.08 2025.12 计算机 沪深300 相关报告 《计算机行业年度策略：AI 应用加快，全球格 局重塑中》 2025-12-01 《计算机行业分析报告：十五五规划建议的信 息科技领域内容解读》 2025-10-31 《计算机行业月报：鸿蒙迎来重要升级，AI 算 力需求多元化趋势明显》 2025-10-23 联系人：李智 预训练规模 ——计算机行业月报 发布日期：2025 年 12 月 08 日 风险提示：国际局势的不确定性；海外 AI 产业竞争格局变化带来市 场调整风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共50页 手机端 AI 应用加速，DeepSeek 将加大 投资要点： 电话： 0371-65585629 ...

Core Viewpoint - The technology sector has outperformed the broader market in both US and Asian markets, particularly since August, driven by strong interest in AI-related investments and a favorable liquidity environment [1][3][4]. Group 1: Market Performance - In the A-share market, the Shenwan Electronic/Communication/Computer indices have significantly outperformed the broader market, benefiting from the rise of DeepSeek and a revaluation of technology assets in mainland China [1]. - The Hang Seng Technology Index has seen over a 30% increase year-to-date, outperforming the Hang Seng Index, with strong inflows from southbound capital [3]. - In the US market, the NASDAQ 100 has experienced a larger decline compared to the S&P 500 in the first quarter, but has since rebounded due to easing concerns over tariff policies and strong earnings from tech companies [4]. Group 2: Sector Analysis - The Shenwan Electronic and Communication indices have similar trends, benefiting from AI-related valuations and high liquidity since August [2]. - The Shenwan Computer Index experienced significant volatility in the first quarter, with a focus on software companies leveraging AI to reduce costs and improve efficiency [2]. - The semiconductor and hardware sectors are expected to remain strong, with positive outlooks for storage prices through 2026, driven by demand from downstream manufacturers [5]. Group 3: Investment Recommendations - The report suggests focusing on AI and domestic substitution as key investment themes, identifying scarce resources within the industry [5]. - Specific investment recommendations include companies involved in communication infrastructure, data centers, and AI hardware, with a positive outlook for capital expenditures from operators [6].

Market Performance - The A-share market experienced a strong performance on December 8, with the Shenzhen Component Index rising over 1% and the ChiNext Index increasing over 2% [2] - The total market turnover reached 2.04 trillion yuan, an increase of 310.9 billion yuan compared to the previous trading day [2][3] Key Drivers - The market's upward momentum is attributed to multiple favorable stimuli over the weekend, leading to a significant increase in trading volume [3] - Enhanced liquidity has limited market pullbacks and allowed for greater elasticity in growth styles [4] Key Themes Brokerage Sector - The brokerage sector showed notable activity, which is seen as a positive indicator for market confidence [9] - Recent regulatory support from the China Securities Regulatory Commission (CSRC) aims to optimize evaluation metrics for quality institutions and expand capital space and leverage limits [11] - The number of new margin trading accounts opened in November increased by 8% month-on-month, indicating growing investor confidence [11] Technology Sector - The technology sector, particularly in areas like computing power and commercial aerospace, has been a significant driver of market gains [14] - The ChiNext Index and the Sci-Tech 50 Index have led the major indices in performance, with year-to-date increases of 48.97% and 36.59%, respectively [15] - The commercial aerospace sector has seen increased activity, with successful launches of reusable rockets and satellite deployments, indicating a growing industry [18][19] Future Outlook - The artificial intelligence sector is expected to continue driving innovation within the technology industry, with significant growth projected in the data center interconnect (DCI) market [21] - The domestic AI chip industry is rapidly developing, with companies making strides in domestic substitution, which is anticipated to accelerate the formation of a domestic computing power ecosystem [21]

对于2026年的跨年行情，华夏、嘉实、中信保诚、鹏华、永赢、中信建投、德邦、博时、东吴、银华、 中泰证券资管、国寿安保、兴全等十几家知名公募旗下的明星基金经理给予了本刊回复 。 2025年进入最后一月，大牛市中荡气回肠的一年即将收官。岁末回眸，最值得铭记的瞬间就是10月底， 市场成功站上4000点的十年新高。这不仅是一次整数点位的突破，更是市场信心与估值体系实现根本性 修复的标志。同样值得铭记的是，中国产业升级与科技创新的时代缩影，已经在2025年映射到股市的方 方面面。 年初，以DeepSeek为代表的大模型公司在算法与多模态推理上实现里程碑式突破，点燃了整个人工智 能产业链的投资热情，推动算力、数据、应用等环节个股股价迭创新高。与此同时，一批具备全球竞争 力的高端制造业龙头强势崛起，在出海拓展与技术领先上取得实质性进展，其中部分龙头市值超越部分 传统蓝筹，成为中国经济转型升级在资本市场上的生动印证。久违的赚钱效应回归，也让股票投资者和 公募基金投资者赚到了真金白银。 对于2026年的资本市场，由此他们更多了一份期待。但经历过今年热点的快速轮动后，他们对于2026年 的市场会有哪些变化，尤其是投向哪些赛道还 ...

12月8日，市场高开高走，深成指涨超1%，创业板指涨超2%。截至收盘，沪指涨0.54%，深成指涨1.39%，创业板指涨 2.6%。 板块方面，算力硬件、能源金属、福建等板块涨幅居前，煤炭、贵金属、油气等板块跌幅居前。 全市场超3400只个股上涨。沪深两市成交额2.04万亿，较上一个交易日放量3109亿。 受周末多重利好刺激，今天A股延续上周五涨势，并且是难得的"带量上攻"，成交额重回2万亿元关口。 流动性增强，让市场高开后的回落变得有限，也让成长风格的弹性也开始展露。 而从复盘角度，我们认为，A股的爆发离不开两个关键词。 第一个关键词：券商 回顾本月首个交易日（12月1日），A股也是在放量之下迎来开门红，但随后陷入连续3天回调。 本周，市场会不会再强势些，减少回调或"拒绝回调"呢？ 更不必说，作为"牛市旗手"的券商板块，今年以来累计涨幅还是个位数——截至12月5日，中证全指证券公司指数年内 仅上涨1.08%，"补涨"需求很高。 广发证券研报称，2025年市场活跃度回升，经纪两融高增，泛自营贡献分化弹性，券商业绩高增但估值滞涨。2026年随 着慢牛预期改善、政策利好，行业ROE持续提升，alpha有望更加突出， ...

Core Viewpoint - The company, Zuxing New Materials, has successfully broken the foreign monopoly in the aluminum pigment sector and is poised for growth in high-value industries such as new energy and semiconductors through its upcoming IPO and innovative technologies [1][6]. Group 1: Company Growth and Financial Performance - Zuxing New Materials has achieved a revenue growth of 265% over the past decade, with projected revenues reaching 788 million yuan by 2025 [2][3]. - The company has increased its domestic market share to over 11%, establishing stable partnerships with global coating giants [1][3]. - The company’s total assets have grown from 350 million yuan to 966 million yuan, and net assets have increased from 275 million yuan to 807 million yuan during the same period [2]. Group 2: Technological Innovation and Market Position - Zuxing New Materials has developed seven core technologies in aluminum pigment production, establishing a strong technological moat [4][5]. - The company has successfully replaced foreign products in the high-performance aluminum pigment market, becoming a benchmark for domestic alternatives [4][5]. - Zuxing New Materials has been recognized as a key player in the new energy vehicle supply chain, supplying major automotive companies like BYD and Seres [1][5]. Group 3: IPO and Future Investments - The company plans to raise 208 million yuan through its IPO, focusing on high-end projects such as high-purity micro-fine spherical aluminum powder [6][7]. - The investment will enhance the company’s capabilities in high-performance aluminum pigments and improve product quality through technological upgrades [7]. - The market for micro-fine aluminum powder is expected to reach 3.789 billion yuan by 2030, indicating significant growth potential for the company [7]. Group 4: Strategic Partnerships and Market Expansion - Zuxing New Materials has established long-term collaborations with international coating companies, enhancing its competitive edge [3][4]. - The company is positioned to benefit from the growing demand in sectors like photovoltaics and aerospace, further solidifying its market presence [6][8]. - The upcoming listing on the Beijing Stock Exchange is expected to optimize the company's governance structure and enhance its brand influence [8].

Group 1 - Semiconductor stocks are mostly rising, with Hua Hong Semiconductor up 4.01% at HKD 79.1 and SMIC up 3.58% at HKD 72.25 [1] - According to the Semiconductor Industry Association (SIA), global semiconductor sales surged 33% year-on-year in October, reaching USD 71.3 billion (approximately RMB 504 billion), with DRAM sales skyrocketing by 90% [1] - The main driver behind this growth is the surge in demand driven by artificial intelligence (AI), leading to a shift in production capacity towards high-bandwidth memory (HBM) for AI accelerators, resulting in reduced wafer output for standard DRAM and 3D NAND [1] Group 2 - Dongguan Securities projects that AI will remain the main innovation line in the technology sector through 2026, benefiting various segments including computing power, storage, equipment, and advanced packaging [2] - Domestic AI chip companies have rapidly developed in recent years, achieving significant progress in domestic substitution, with companies like Moer and Muxi accelerating their capital market layouts [2] - The formation of a domestic computing power ecosystem is expected to accelerate, supported by internet companies like Tencent actively adapting to domestic computing power chips [2]

消电ETF（561310）跟踪的是消费电子指数（931494），该指数从市场中选取涉及智能手机、家用电 器、个人电脑等消费电子产品相关业务的上市公司证券作为指数样本，以反映消费电子行业相关上市公 司证券的整体表现。消费电子指数成分股通常具有较高的科技含量和创新能力，行业配置上侧重于电子 制造、信息技术等领域，能够较好地体现消费电子行业的整体发展趋势。 东莞证券指出，据世界半导体贸易统计组织（WSTS）预计，2026年全球半导体市场规模将达到9750亿 美元，实现25%+同比增长，逼近1万亿美元大关，增长主要原因为AI与数据中心需求带动逻辑芯片与存 储器市场持续火热。人工智能仍为科技行业创新主线，算力、存力、设备、先进封装等多环节有望受 益。以算力芯片为例，国内AI芯片企业快速发展并在国产替代方面取得阶段性成果，摩尔、沐曦等企 业加快资本市场布局，叠加互联网厂商积极适配国产算力芯片，行业国产算力生态有望加速形成。一方 面，关注AI带来的半导体硬件增量机遇，另一方面，关注外部限制之下算力、存储、设备等环节的国 产替代进程。 （文章来源：每日经济新闻） ...