责任编辑：栎树 国盛证券表示，打破内存墙瓶颈，HBM已成为DRAM市场增长主要驱动力。HBM解决带宽瓶颈、功耗 过高以及容量限制等问题，已成为当下AI芯片的主流选择。Yole预计全球HBM市场规模将从2024年的 170亿美元增长至2030年的980亿美元，CAGR达33%。 股票频道更多独家策划、专家专栏，免费查阅>> 据媒体报道，三星电子平泽P4工厂建设项目正在加速推进，其设备的安装和测试运行目标已比原计划 提前2-3个月。该工厂将成为三星10nm第六代（1c）DRAM生产的核心，三星率先将1c DRAM用于第六 代HBM（HBM4）芯片。 ...

Core Insights - The Chinese automotive industry is entering a new development phase as the "14th Five-Year Plan" concludes, with a focus on technological advancements and market dynamics [2] - Black Sesame Intelligence is positioned uniquely in the domestic automotive-grade AI chip sector, with few competitors capable of high-performance R&D and mass production [2] - The company is expanding its growth boundaries by entering the robotics market, leveraging its existing technology without needing to rebuild foundational capabilities [3] Group 1: Company Positioning - Black Sesame Intelligence has established a product lineup that meets core demands from mid to high-level autonomous driving, with ongoing projects in major automotive companies like Geely, BYD, and Dongfeng [2] - The company’s commercial status of "mass production, replicable, and scalable" is a critical factor for investors assessing the value of AI chip enterprises [2] Group 2: Growth Opportunities - In 2025, Black Sesame Intelligence will launch a multi-dimensional intelligent computing platform, marking its entry into the robotics sector, which is expected to have a shipment volume several times that of the automotive market [3] - The acquisition of Yizhi Electronics enhances Black Sesame's low-power chip capabilities, completing its product matrix from mid-high to full coverage of computing power [3] Group 3: Investment Logic - The value of Black Sesame Intelligence is derived not only from individual products or short-term orders but from its evolving platform capabilities, with automotive-grade chips providing stable cash flow and new markets like robotics offering high growth potential [3] - The company is recognized in the "2025 Automotive Industry Impact Yearbook" as a representative investment value enterprise due to its commercial progress in automotive-grade AI chips and forward-looking strategies in emerging sectors [4]

12月30日，摩尔线程盘中下跌2.00%，截至13:04，报602.70元/股，成交15.26亿元，换手率8.46%，总市 值2832.86亿元。 摩尔线程所属申万行业为：电子-半导体-数字芯片设计。所属概念板块包括：次新股、近端次新、 GPU、AI芯片、AI训练等。 截至12月5日，摩尔线程股东户数3.92万，较上期增加45515.12%；人均流通股748股，较上期增加 0.00%。2025年1月-9月，摩尔线程实现营业收入7.85亿元，同比增长181.99%；归母净利润-7.24亿元， 同比增长18.71%。 责任编辑：小浪快报 今年以来摩尔线程已经1次登上龙虎榜，最近一次登上龙虎榜为12月12日，当日龙虎榜净买入-4.67亿 元；买入总计6.49亿元 ，占总成交额比6.25%；卖出总计11.16亿元 ，占总成交额比10.74%。 资料显示，摩尔线程智能科技(北京)股份有限公司位于北京市朝阳区东湖街道望京国际研发园I座3层， 成立日期2020年6月11日，上市日期2025年12月5日，公司主营业务涉及主要从事GPU及相关产品的研 发、设计和销售。主营业务收入构成为：集群70.75%，板卡17.74%，一体 ...

作者：观察君 专注通用GPU芯片及AI算力解决方案的上海天数智芯半导体股份有限公司（下称"天数智芯"）于12月30 日在港交所发布公告，公布了其首次公开发行（IPO）的最终条款。该公司计划发行25,431,800股H股， 发行价格定为每股144.60港元。根据公告，其股票预期将于明年1月8日开始在香港联交所主板进行买 卖。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 ...

Group 1 - Semiconductor stocks in Hong Kong have strengthened, with InnoCare rising over 12%, ChipMOS increasing by over 4%, SMIC up by over 3%, and GlobalWafers gaining 2.35% [1] - NVIDIA is leading a significant transformation in global data centers by shifting the voltage standard from traditional AC to 800V DC, igniting an upgrade wave in AI computing infrastructure [1] - Eastmoney Securities highlights that the demand for computing power is growing exponentially due to the rise of generative AI, suggesting investments in semiconductor storage, testing equipment, and magnetic components as key sectors [1] Group 2 - SMIC announced plans to acquire a 49% stake in Northern SMIC for a transaction price of 40.6 billion yuan, which is expected to enhance asset quality and business synergy for the listed company [1]

Group 1 - The company, TianShu ZhiXin, plans to conduct an initial public offering (IPO) from December 30, 2025, to January 5, 2026, offering 25.4318 million H-shares, with 10% allocated for Hong Kong and 90% for international sales, at a price of HKD 144.6 per share [1] - The company provides general GPU products and AI computing solutions, including general GPU chips, accelerator cards, and customized AI computing solutions, aimed at meeting specific customer needs in training and inference scenarios [1] Group 2 - The company's revenue has shown significant growth, with figures of RMB 189 million in 2022, RMB 289 million in 2023, RMB 540 million in 2024, RMB 197 million for the first half of 2024, and RMB 324 million for the first half of 2025, driven by product iteration, mature commercialization capabilities, and an expanding quality customer base [2] - The total number of customers increased from 22 in 2022 to 65 in 2023, further rising to 181 in 2024, and reaching 106 in the first half of 2025, serving over 290 customers across various industries by June 30, 2025 [2] - The company has achieved over 900 deployments and applications in key industries such as financial services, healthcare, and transportation, supporting industrial digital transformation from manufacturing to retail [2] Group 3 - The company has established cornerstone investment agreements with various investors, indicating strong confidence and commitment to its business and prospects, which is expected to enhance the company's image [3] - The estimated net proceeds from the global offering are approximately HKD 3.4786 billion, with 80% allocated for R&D, 10% for sales and marketing over the next five years, and 10% for working capital and general corporate purposes [3]

消息面上，"港股GPU第一股"壁仞科技港股IPO已启动招股，计划2026年1月2日登陆港交所，将成为港 股首家GPU上市企业。此次IPO最高募资48.5亿港元，每手200股入场费3959.5港元，公募部分已录得 2607亿港元孖展额，超购1072倍，国际配售因需求强劲提前截止。 业内人士指出，全球AI芯片竞争从"一家独大"走向"分散称霸"。以英伟达为代表的传统巨头地位出现 松动，谷歌TPU等ASIC芯片崛起，中国本土芯片力量快速成长，共同推动全球芯片格局向多元化发 展。 直指港股芯片超级周期！可以T+0的港股芯片产业链ETF来了——全市场首只聚焦"港股芯片"产业链的 港股信息技术ETF（159131），标的指数由"70%硬件+30%软件"构成，重仓港股"半导体+电子+计算机 软件"，涵盖42只港股硬科技公司，其中中芯国际权重达20.48%，小米集团-W权重9.53%，华虹半导体 权重5.80%；不含阿里巴巴、腾讯、美团等大市值互联网企业，锐度更高，更易捕捉港股AI硬科技行 情。（截至2025.11.30） 12月29日早盘，A+H芯片半导体产业链携手走强，港股硬科技方面，优必选、上海复旦涨超10%，建滔 积层 ...

直指港股芯片超级周期！可以T+0的港股芯片产业链ETF来了——全市场首只聚焦"港股芯片"产业链的 港股信息技术ETF（159131），标的指数由"70%硬件+30%软件"构成，重仓港股"半导体+电子+计算机 软件"，涵盖42只港股硬科技公司，其中中芯国际权重达20.48%，小米集团-W权重9.53%，华虹半导体 权重5.80%；不含阿里巴巴、腾讯、美团等大市值互联网企业，锐度更高，更易捕捉港股AI硬科技行 情。（截至2025.11.30） 数据来源：中证指数公司，沪深交易所。 注："全市场首只"是指首只跟踪中证港股通信息技术综合指数的ETF。中证港股通信息技术综合指数设 置单个样本权重上限为15%，伴随个股市值波动权重占比会产生相应变化，可能会出现超过15%的情 形。指数样本每半年调整一次，届时单个样本权重上限一般会平衡至15%。近期市场波动可能较大，短 期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险承受能力理性投资，高度注意仓位 和风险管理。 风险提示：港股通信息技术ETF被动跟踪中证港股通信息技术综合指数，该指数基日为2014.11.14，发 布于2017.6.23。材料中指数成份股仅作展示 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The electronic sub-industry has seen a significant rebound, with the Shenwan Electronics Secondary Index showing year-to-date changes of: Semiconductors (+46.46%), Other Electronics II (+53.70%), Components (+106.98%), Optical Optoelectronics (+9.42%), Consumer Electronics (+47.50%), and Electronic Chemicals II (+53.90%) [9][10] - NVIDIA announced a $20 billion acquisition of Groq's core assets, focusing on the LPU architecture, which offers advantages in inference tasks. This acquisition is NVIDIA's largest investment to date and includes the absorption of Groq's key personnel to enhance the technology's scalability [2][3] - The NVIDIA H200 chip is expected to ship in February 2026, with an initial shipment of 50,000 to 80,000 units. The H200 is projected to have performance up to six times that of the H100, featuring 141GB of HBM3e memory and a memory bandwidth of 4.8TB/s [3][31] Summary by Sections Electronic Industry Performance - The electronic sub-industry has rebounded significantly, with weekly changes in the semiconductor sector (+4.84%), other electronics II (+7.46%), components (+7.40%), optical optoelectronics (+0.86%), consumer electronics (+5.14%), and electronic chemicals II (+6.19%) [9][10] Key Company Movements - Major North American stocks showed mixed performance, with notable changes including NVIDIA (+5.27%), TSMC (+4.81%), and Micron Technology (+7.10%) [10] NVIDIA's Acquisition and Technology - NVIDIA's acquisition of Groq includes all assets and technology licenses, excluding GroqCloud, which will operate independently. The LPU architecture is designed to eliminate memory bandwidth bottlenecks, achieving high performance in processing large language models [2][3][4] Future Product Launches - The H200 chip is anticipated to have a significant performance advantage, with a memory bandwidth of 4.8TB/s, and is expected to capture approximately 30% of the high-end AI chip market in China if not restricted [3][32] Investment Recommendations - Suggested companies to watch include: For overseas AI - Industrial Fulian, Huadian Co., Pengding Holdings, Shenghong Technology, and Shengyi Technology; For domestic AI - Cambricon, Chipone, Haiguang Information, SMIC, and Shenzhen South Circuit; For storage - Demingli, Jiangbolong, Zhaoyi Innovation, Jucheng Co., and Purun Co. [3]

谁能想到，特朗普再次下达了最后通牒，给中国设定了18个月的期限。加征关税的事情再度上演，特朗普究竟意图何在？难道之前中美之间的谈判都只是虚 假的表象？如今，特朗普政府又出台了新政策，计划从2027年6月开始对中国的部分半导体产品加征关税。至于具体加多少，怎么加，美国方面暂时没有明 确公布。这样的政策确实有些滑稽，明明还有18个月的时间，结果提前宣布出来，却没有具体的细节，这不等于没有说什么吗？美国媒体纷纷猜测，之所以 设定18个月的期限，显然是特朗普在为自己留后路，万一过程中有变动，他可以及时调整策略，避免局面变得尴尬。但是，令人好奇的是，特朗普发布这个 政策时，究竟是基于什么理由呢？白宫方面回应称，中国的垄断行为不合理，给美国企业带来了负担和限制。 归根结底，特朗普依旧是为了保护美国的利 益，这套陈词滥调依旧在使用。特朗普自我塑造为保护美国利益的强硬总统，而中国方面的回应也相当迅速，坚决反对美方加征关税，认为这是无理的打压 行为。商务部直言，美国单方面加税违反了世贸组织规则，破坏了国际贸易秩序，最终损人不利己。但让人疑惑的是，半导体本应该是美国的强项，比如高 通和苹果等公司在这一领域都是巨头，此外，美国在高 ...