Core Viewpoint - The company has achieved large-scale application of its self-controlled storage system products in satellite big data scenarios, providing efficient solutions for the entire chain of real-time stream data reception, data parsing, data processing, and storage [1] Group 1 - The company's storage system products are designed for satellite big data applications [1] - The solutions offered cover the complete process from data reception to storage [1]

（责任编辑：董萍萍 ） 兴业证券指出，内存价格持续飙升，DDR4 8Gb DRAM现货价同比上涨886%，批量合同价环比涨 80%，看好存储设备、被动元件、封测等上游领域复苏。AI浪潮带动算力需求爆发，服务器、AI芯片、 光芯片、存储、PCB等环节价值量提升，预计全球生成式AI支出2030年达6990亿美元（CAGR 21%）。 国产半导体设备进展显著，上海微电子中标1.1亿元光刻机项目，未来3年"先进工艺扩产"将成为自主可 控主线，CoWoS及HBM卡位AI趋势下先进封装重要性凸显。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创芯片ETF国泰（589100）跟踪的是科创芯片指数（000685），单日涨跌幅达20%，该指数从科 创板市场中选取涉及芯片设计、制造、封装测试等全产业链环节的上市公司证券作为指数样本，聚焦半 导体材料、设备及设计等核心技术领域，反映科创板芯片相关上市公司证券的整体表现。 ...

风险偏好方面，当前尚未观察到明显风险点，市场风险偏好有望维持中性偏暖。2025年关税冲突的压力 测试，充分展现了中国经济的韧性，市场对未来潜在关税及贸易相关风险的担忧大幅下降；中美两国政 府均对2026年经济表现持积极表态，财政货币政策将逐步发力，为基本面提供坚实支撑与稳定预期；若 2026年俄乌冲突实现实质性缓和，也对全球风险偏好形成正向提振。 农银汇理基金投资部副总经理 陈富权 2026年作为"十五五"规划开局之年，宏观经济运行的政策支撑力度与内生增长动力将较2025年显著增 强，经济回暖成为大概率事件。在政策导向、内外需修复、流动性环境等多重积极因素共振下，资本市 场有望迎来基本面驱动的结构性行情，为投资布局提供关键窗口期。 从总需求维度看，出口有望保持较强韧性。一方面，2025年出口结构中高端制造相关机电类产品占比持 续提升，彰显中国制造在性价比与核心竞争力上的稳步增强，为2026年出口平稳运行筑牢基础；另一方 面，考虑到2026年美国宏观政策加码、俄乌冲突有望实质性缓和，外部环境改善将推动海外经济回暖， 进而拉动我国出口增长。投资领域，二十届四中全会再次重申"经济建设为中心"，叠加2026年"十五 ...

水到渠成，万舸争腾——A 股 2026 年度投资策略 20251228 摘要 2025 年策略"源头活水，漫流在望"逐步兑现，AI 应用、机器人、新 消费、供给侧改革等领域在一季度至三季度相继爆发，四季度市场进入 震荡整固期。 预计全球货币和财政政策将维持宽松，美国或进一步降息扩表，利好股 票、商品和黄金。AI 投资对美国经济贡献接近个人消费支出，宽货币宽 信用环境下将持续增长。 国内经济转型关键在于政策支持高新技术制造业、新型消费及反内卷方 向。预计盈利温和复苏、估值温和扩张及资金面温和进入股市，推动慢 牛行情。 重点关注自主可控（芯片、材料）与全球产业链共振（机器人、商用航 天），加速成长方向（光模块、电芯、有色金属），资源品上升及供需 改善机会（电芯板块、化工）。 全球宏观经济主要矛盾在于从宽货币到宽信用的转变，利好股票和商品 市场。国内政策支持高新技术产业，出口具韧性，制造业向好，预计 2026 年权益市场盈利实现个位数增长。 Q&A 您对 2026 年的市场展望是什么？ 我们对 2026 年的市场展望非常乐观，认为市场将从流动性宽松逐渐转向盈利 兑现行情。在盈利兑现和景气扩散过程中，除了科技股外，中 ...

展望2026年，宏观经济运行的政策支撑力度与内生增长动力将较2025年显著增强，经济进一步回暖成为 大概率事件。在政策导向、内外需修复、流动性环境等多重积极因素共振下，资本市场有望迎来基本面 驱动的结构性行情，为投资布局提供关键窗口期。 从总需求维度看，出口有望保持较强韧性。一方面，2025年出口结构中高端制造相关机电类产品占比持 续提升，彰显中国制造在性价比与核心竞争力上的稳步增强，为2026年出口平稳运行筑牢基础；另一方 面，外部环境改善将推动海外经济回暖，进而拉动我国出口增长。投资领域，2026年基建及大型项目或 将成为发力重点。内需消费方面，政策支持导向明确，叠加CPI有望修复，双重积极因素将为消费复苏 提供支撑。 从总供给层面看，2026年产能利用率有望保持偏暖态势。受"反内卷"政策推进及行业周期影响，2025年 下半年部分周期行业已出现边际改善，随着政策持续发力与行业出清推进，年内PPI有望实现转正，为 经济增长注入动能。 2026年，受益于前述宏观基本面改善，更多行业有望实现业绩端实质性好转，结构性机会将进一步扩 散，其中周期类行业或迎来更为显著的变化。 具体来看，有色、化工等既受益于经济回暖， ...

从总需求维度看，出口有望保持较强韧性。一方面，2025年出口结构中高端制造相关机电类产品占比持 续提升，彰显中国制造在性价比与核心竞争力上的稳步增强，为2026年出口平稳运行筑牢基础；另一方 面，外部环境改善将推动海外经济回暖，进而拉动我国出口增长。投资领域，2026年基建及大型项目或 将成为发力重点。内需消费方面，政策支持导向明确，叠加CPI有望修复，双重积极因素将为消费复苏 提供支撑。 从总供给层面看，2026年产能利用率有望保持偏暖态势。受"反内卷"政策推进及行业周期影响，2025年 下半年部分周期行业已出现边际改善，随着政策持续发力与行业出清推进，年内PPI有望实现转正，为 经济增长注入动能。 新年投资展望：经济回暖下的结构性机遇 ◎农银汇理基金投资部副总经理 陈富权 展望2026年，宏观经济运行的政策支撑力度与内生增长动力将较2025年显著增强，经济进一步回暖成为 大概率事件。在政策导向、内外需修复、流动性环境等多重积极因素共振下，资本市场有望迎来基本面 驱动的结构性行情，为投资布局提供关键窗口期。 ■普惠金融·农银汇理基金投资视点 风险偏好方面，当前尚未观察到明显风险点，市场风险偏好有望维持中性偏 ...

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report suggests focusing on undervalued leading companies in the industry, the impact of "anti-involution" on supply in related sub-industries, and the increasing importance of self-sufficiency in electronic materials companies and certain new energy materials companies amid price increases [1][9] Industry Dynamics - As of December 22-28, 2025, among 100 tracked chemical products, 34 saw price increases, 32 saw declines, and 34 remained stable. 55% of products had month-on-month average prices rising, while 35% fell, and 10% remained unchanged [8][27] - International oil prices remained stable, with WTI crude futures closing at $56.74 per barrel (up 0.14%) and Brent crude at $60.64 per barrel (up 0.28%) [28] - MDI prices slightly decreased, with pure MDI averaging 18,100 CNY/ton (down 4.23% week-on-week) and polymer MDI at 14,300 CNY/ton (down 2.39%) [29] - Acetic acid prices increased to 2,496 CNY/ton (up 2.93% week-on-week) [30] Investment Recommendations - As of December 27, 2025, the SW basic chemical industry P/E ratio (TTM excluding negative values) is 25.60, at the 76.58% historical percentile, while the P/B ratio is 2.33, at the 61.10% historical percentile. The SW oil and petrochemical industry P/E ratio is 13.17, at the 37.56% historical percentile, and the P/B ratio is 1.28, at the 36.98% historical percentile [9] - Recommendations include focusing on undervalued leading companies, the impact of "anti-involution" on supply, and the importance of self-sufficiency in electronic materials and certain new energy materials companies [9] - Long-term investment themes include expected demand recovery supported by policies, continuous optimization of supply, and the potential for performance and valuation improvements for leading companies [9] - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, and others [9]

Investment Rating - The industry is rated positively, with a focus on AI-PCB, core computing hardware, and the Apple supply chain, indicating a bullish outlook for the upcoming quarters [4][27]. Core Insights - The demand for AI is robust, leading to price increases in copper-clad laminates (CCL), with a projected continuous rise due to escalating copper prices and material shortages [1][4]. - The semiconductor industry, particularly DRAM and NAND Flash, is expected to see significant price increases and revenue growth, with DRAM average selling prices projected to rise by approximately 58% year-on-year by 2026 [1][27]. - Companies like Google, Amazon, Meta, OpenAI, and Microsoft are anticipated to experience explosive growth in ASIC demand from 2026 to 2027, driven by strong AI requirements [1][4]. Summary by Sections 1. AI Demand and CCL Pricing - The report highlights a strong demand for AI, which is driving up the technical requirements for CCL, with price increases already implemented by major manufacturers like 建滔积层板 [1]. - The report anticipates that the price increases will lead to performance improvements starting in Q4, with a sustained upward trend expected [4]. 2. Semiconductor Market Outlook - The semiconductor market is projected to grow significantly, with DRAM revenues expected to exceed $300 billion by 2026, and NAND Flash revenues reaching $110.5 billion [1]. - The report notes that the average price of NAND Flash is expected to increase by 32% year-on-year [1]. 3. AI Hardware and ASIC Growth - The report emphasizes the strong demand for AI hardware, particularly in the context of ASIC production, with major tech companies ramping up orders [1][4]. - The anticipated growth in ASIC demand is expected to benefit the entire AI hardware supply chain, with companies currently operating at full capacity [4]. 4. Industry Segmentation and Performance - The report categorizes various segments within the electronics industry, indicating a stable upward trend in consumer electronics, PCB, and semiconductor chips [4]. - Specific segments such as passive components and advanced packaging are also noted for their robust performance, driven by AI and other technological advancements [4][20]. 5. Company Performance and Projections - Companies like 思泉新材 and 三环集团 are highlighted for their strong revenue growth and profitability, driven by AI-related demand and product innovations [29][31]. - The report suggests that companies involved in the AI-PCB and semiconductor equipment sectors are well-positioned to benefit from the ongoing trends in AI and semiconductor demand [27][32].

专题：中国财富管理50人论坛2025年会 12月27日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。华泰资产党委书记白秋晨参与"低利率挑战：市场价值重构与机构应对之策"圆桌讨 论。 关于宏观经济，白秋晨认为，2026年经济仍将保持平稳增长，增速可能持平于今年。对于经济关键领 域，白秋晨给出具体判断：消费需求虽仍较弱，但在政策加力下有望保持一定增速；投资方面，制造业 投资供需回归再平衡，基建与地产投资可能继续拖累经济；出口则凭借完整产业链韧性与贸易战缓和态 势，有望保持一定韧性，2025 年 1-11 月我国出口增速达 5.4%，大超市场预期；物价方面，2026 年可 能仍处于通缩环境之中。 关于明年的投资市场，白秋晨表示，一场主要由新经济支撑的结构性牛市有望延续。支持这个判断的理 由主要有五点： 一是宏观经济保持韧性，政策加力内需，为股市提供 "下行有底" 的支撑。上证指数已在 2500-4000 点 区间震荡十年，伴随经济转型方向明朗，股市向上动能可观。 二是短期政策聚焦内需与 "十五五" 规划中期目标结合，将助力经济高质量发展，为企业盈利提供坚 ...

Core Viewpoint - The article emphasizes the unwavering belief of Dong Mingzhu, the chairwoman of Gree Electric Appliances, in the concept of "industry serving the nation" as a guiding principle throughout her career [2][4]. Group 1: Company Evolution - Gree Electric Appliances transformed from a small air conditioning assembly factory with an annual output value of less than 20 million yuan to a publicly listed company over the past 25 years [3][4]. - Dong Mingzhu joined Gree in 1990 as a salesperson and has since become a legendary figure in the business world, leading the company through significant growth and challenges [3][16]. - By 2005, Gree had established itself as a leader in the air conditioning market, achieving a production and sales volume of over 10 million units, making it the world's largest air conditioning manufacturer [19]. Group 2: Technological Advancement - Dong Mingzhu identified 2005 as a pivotal year for Gree, marking the company's shift towards technological exploration, focusing on the research and development of compressors and motors [19]. - The company has made significant strides in developing its own CNC machine tools, which are crucial for enhancing manufacturing capabilities and reducing reliance on imports [20][22]. - Gree's commitment to technological independence is evident in its recent achievements, including winning a gold medal for its self-developed CNC machine at the Geneva International Exhibition of Inventions [20][21]. Group 3: Talent Development - Dong Mingzhu has prioritized the cultivation of domestic talent, emphasizing the importance of nurturing Chinese graduates over relying on overseas returnees [24][25]. - Gree's workforce has grown from 200 to over 20,000 R&D personnel, showcasing the company's commitment to developing local expertise [24]. Group 4: Market Position and Strategy - Gree has chosen not to participate in price wars, which has led to a decline in revenue, with a reported revenue of approximately 137.2 billion yuan in the first three quarters of 2025, a decrease of 6.5% year-on-year [30][31]. - The company remains steadfast in its commitment to quality over price, believing that short-term gains from low pricing can lead to long-term costs for consumers [31]. - Dong Mingzhu's approach to competition is characterized by a readiness to face challenges and a belief that pressure can lead to growth and innovation [31][32].