Group 1 - The semiconductor equipment and storage industry continues to show strong performance, with a notable increase in the semiconductor equipment ETF (561980) rising over 4% and a transaction volume reaching 316 million yuan [1] - Key stocks such as Kema Technology and Lianang Micro hit the daily limit, while Shanghai Xinyang surged over 15%, and Ansen Co. increased by over 13% [1] Group 2 - Researchers from Shanghai Jiao Tong University have made a breakthrough in the next-generation optical computing chip field, achieving the first "Light" chip that supports large-scale semantic media generation models, marking China's leading position in the optical chip sector [3] - Bloomberg reported that China's rapid chip technology development may lead to a "DeepSeek moment" by 2026 or 2027, potentially disrupting Nvidia and its supply chain [3] - WSTS has revised its global semiconductor sales forecast for 2026 to $975.4 billion, a year-on-year increase of 26.3%, with 2025 expected to reach $772.2 billion, up 22.5% year-on-year [3] Group 3 - According to Everbright Securities, global semiconductor sales are expected to grow further in 2025, driven by demand from AI computing power, data centers, and smart driving, following a recovery in 2024 [3] - SEMI predicts that global 12-inch wafer monthly production capacity will reach 11.1 million pieces by 2028, corresponding to a CAGR of approximately 7% from 2024 to 2028 [3] - The number of wafer foundries in mainland China is projected to increase from 29 in 2024 to 71 by 2027 [3] Group 4 - The current focus should be on leading companies in semiconductor photoresists, wet electronic chemicals, and electronic specialty gases that have technological accumulation and capacity scale, as well as deep ties with downstream wafer customers [4] - The semiconductor equipment ETF (561980) tracks the CSI semiconductor index, with over 90% of the index comprising semiconductor equipment, materials, and integrated circuit design, all of which are in the upstream of the chip industry [4] - The index heavily invests in industry leaders such as Zhongwei Company, Northern Huachuang, Cambrian, SMIC, and Haiguang Information, with a concentration of nearly 80% in the top ten holdings, indicating significant elasticity [4]

湘财证券发布研报称，AI大厂和全球互联网大厂投入巨额资本开支扩建数据中心，据Dell'Oro报告称， 到2029年全球数据中心资本支出的复合增长率将达到21%，AI大厂和互联网大厂的巨额资本开支计划将 推动算力集群持续扩容。算力扩容会同步放大"网络瓶颈"，使交换机从"配套件"变成提高数据中心性能 的"关键产能"，推动高速交换机需求快速增长。同时，AI服务器和高速交换机中的PCB层数不断增加， PCB使用的材料也不断升级，推动单机PCB价值量大幅提升。 湘财证券主要观点如下： Rubin架构量产有望推动PCB单机价值量提升 在10月底的GTC会议上，黄仁勋首次公开展示了Vera Rubin超级芯片，搭载了一颗代号Vera的CPU和两 颗体积庞大的Rubin GPU。在RubinUltra NVL576使用的Kyber架构中，将会应用正交背板技术，在 Switchtray、Midplane与CX9/CPX中，由多层PCB板代替铜缆直接连接。 同时，Rubin平台为实现低损耗与低延迟，全面升级制造材料，Switch Tray采用M8U等级材料(Low- Dk2+HVLP4)和24层HDI板设计，Midplane与C ...

Group 1: Price Trends - As of December 22, 2025, the spot price of tin in the Changjiang market is 341,000 yuan/ton, an increase of 3,500 yuan/ton from the previous day, continuing a recent rebound trend [1] - The current tin price is at a historically high level, with strong upward momentum expected to persist in the short term [1] Group 2: Factors Driving Price Increase - The recent price increase is attributed to a combination of supply constraints, macroeconomic shifts, and emerging demand [1] - Supply-side factors include a persistent tightness in raw materials, with significant disruptions in key production areas like Myanmar and Indonesia, leading to a sharp decline in tin ore imports to China [1] - Global visible inventories are at historically low levels, with LME tin stocks hovering near a ten-year low, providing solid support for spot prices [1] Group 3: Macroeconomic Environment - Global liquidity expectations are easing, with major central banks, including the Federal Reserve, entering a rate-cutting phase, which enhances the attractiveness of metals for investment [1] - Geopolitical risks, particularly conflicts in the Democratic Republic of Congo and Southeast Asia, are injecting additional supply risk premiums into the tin market [1] Group 4: Demand Dynamics - Despite a lackluster performance in traditional consumer electronics, emerging sectors such as AI, data centers, and high-end computing are experiencing explosive growth, driving demand for high-end solder [2] - The green industries, including photovoltaic solder strips and electric vehicle electronics, are also showing robust demand, becoming new growth drivers for tin consumption [2] Group 5: Industry Impact - The current high price environment is significantly altering the profit distribution within the industry, with upstream resource holders benefiting the most from price surges [2] - Midstream smelting companies are facing a divided situation, with smaller firms struggling due to intense competition for raw materials and low processing fees [2] Group 6: Short-term Price Outlook - In the short term (1-2 weeks), tin prices are expected to maintain a strong upward trend, with a core operating range projected between 340,000 and 349,000 yuan/ton, and a key resistance level at 350,000 yuan/ton [3] - Upward risks are primarily from unexpected supply disruptions or stronger-than-expected macroeconomic easing, while downward risks include demand suppression due to high prices and potential recovery of Myanmar's supply in early 2026 [3]

每经AI快讯，有投资者在投资者互动平台提问：请问贵司的第二成长曲线是？是不是数据中心液冷？ 还是可控核聚变液冷？请问贵司是否有布局第三、四成长曲线？请问贵司打算如何提高毛利率和降低成 本？ 高澜股份（300499.SZ）12月22日在投资者互动平台表示，公司第二成长曲线聚焦数据中心、储能等热 管理领域，可控核聚变热管理为重要的技术探索方向之一。后续公司将持续拓展应用场景，布局多领域 成长机会。公司将通过技术研发升级、供应链整合及期间费用管控，实现降本增效和毛利率的提升。 （记者 王晓波） ...

Group 1: Semiconductor Industry Performance - South Korea's semiconductor exports increased by nearly 42%, driven by demand from artificial intelligence and data centers, helping to offset declines in other sectors [1] - The overall export value for the first 20 days of December grew by 3.6% year-on-year, with a previous month's growth rate of 8.2% [1] - Wireless communication equipment shipments also saw a growth of nearly 18% [1] Group 2: Economic Outlook and Monetary Policy - Excluding the semiconductor sector, economic data remains weak, highlighting the strong performance of the semiconductor industry [3] - The Bank of Korea maintained the benchmark interest rate at 2.5% and raised the 2026 economic growth forecast to 1.8%, primarily due to growth in the chip and information technology sectors [3] - Barclays Bank forecasts a 2.1% growth in South Korean exports next year, but only 1.1% when excluding semiconductor-related exports, imports, and investments [3] Group 3: Trade Agreements and Currency Impact - A significant tariff agreement was reached between Seoul and Washington, setting the maximum tariff on South Korean goods at 15%, effective from November 1 [4] - The Korean won has depreciated over 8% against the US dollar since the second half of 2025, raising concerns about inflation [4] - Both the core consumer price index and overall consumer price index in South Korea have exceeded the Bank of Korea's target of 2% [4]

半导体存储作为集成电路产业占比第二大的核心细分行业，在数字经济的发展中具备先导性和需求刚 性。其中，具备高性能、高可靠性、低延迟特点的企业级存储重要性与日俱增，市场前景广阔。 深圳大普微电子股份有限公司（以下简称"大普微"），作为业内领先、国内极少数具备数据中心企业级 SSD"主控芯片+固件算法+模组"全栈自研能力，并实现批量出货的半导体存储产品提供商。公司在企业 级SSD领域纵深布局，形成了从主控部件到模组产品的协同优势，为AI、数据中心、云计算客户提供具 备高性能竞争力的国产替代方案。 企业级PCIe SSD替代HDD大势所趋 PCIe代际演进进行时 近年来，随着AI基础设施建设持续提速，大规模GPU集群广泛部署，数据存储系统成为算力释放的关 键环节。在高吞吐量、低延迟的AI训练与推理环境中，如何高效地为计算集群提供持续、稳定的数据 供给，是产业关注重点。AI应用场景下的数据总量与访问频率均显著上升，温热数据占比显著增加， 对存储系统的大容量、随机读写IOPS、带宽提出了更高要求。相比主要面向冷数据归档的HDD，企业 级SSD在随机访问速度上具备数千倍优势，在顺序读写带宽上亦数十倍优于HDD。同时，近年推 ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 22 日 ABB 合资工厂产能持续爬坡，储能业务 快速增长 电力设备 报告原因： | 买入（首次评级） | | | | | --- | --- | --- | --- | | 市场数据： 2025 | 年 | 12 月 | 19 日 | | 收盘价（元） | | | 37.84 | | 一年内最高/最低（元） | 57.70/22.74 | | --- | --- | | 市净率 | 4.3 | | 股息率（分红/股价） | 0.40 | | 流通 A 股市值（百万元） | 7,143 | | 上证指数/深证成指 | 3,890/13,140 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | | | 2025 | 年 | 09 | 月 30 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | 8.9 | | | 资产负债率% | | | | | | 64.95 | | | | 总股本/流通 | | ...

Investment Rating - The report suggests a focus on the company due to its benefits from the AI data center construction trend [2]. Core Insights - The company specializes in passive optical devices, which are integrated into the global data center supply chain, with long-term growth driven by AI demand [1]. - The company has a strong market position in high-density and high-speed passive optical products, with over 80% of its revenue coming from data centers, including AI data centers [2]. - The financial performance is robust, with a projected compound annual growth rate (CAGR) of 128.5% for net profit from 2021 to 2024 [2]. Summary by Sections Initial Offering - The company plans to issue 10.25 million shares at a price of 31.59 CNY per share, with an earnings per share (EPS) ratio of 14.57X [5][6]. - The total investment for fundraising projects is expected to reach 676 million CNY, aimed at expanding production capacity for passive optical fiber products and related devices [7][9]. Company Overview - The company is a leading manufacturer of precision optical connectors, with a focus on passive optical devices for cloud providers and AI clusters [10]. - It has established stable relationships with major clients, including AFL and Coherent, and its products are used by industry giants like AT&T, Google, and Tencent [29][30]. Financial Performance - The company’s revenue is projected to reach 1.32 billion CNY in 2024, with a year-on-year growth of 114.4% [32]. - The net profit for 2024 is expected to be 147.58 million CNY, reflecting a year-on-year increase of 128.7% [33]. Industry Insights - The global data center capital expenditure is expected to reach 455 billion USD in 2024, significantly driving the demand for optical modules [40]. - The optical communication market in China is projected to grow to 147.3 billion CNY by 2024, with a CAGR of 5.18% from 2021 to 2024 [41][43]. - The demand for optical modules, particularly in AI applications, is forecasted to grow substantially, with sales expected to increase by 146% in 2024 [47].

Group 1 - A joint venture has been established with three investors, including Oracle, to continue operating TikTok's business in the United States [1] - Oracle's stock surged over 8% to $194.75 following the announcement [1] - Additionally, Oracle and OpenAI received approval for power supply at a data center in Michigan [1]

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The demand for AI computing power is driving both the quantity and price of PCBs upward, with significant growth expected in the AI PCB market [8] - The introduction of the Rubin architecture is anticipated to enhance the value of PCBs in servers, with the value of a single server's PCB expected to more than double compared to previous generations [4] - The upgrade of data center switches is also contributing to the increase in PCB value, as the number of PCB layers and material quality are improving [5] - AI server and high-speed switch demand is projected to grow rapidly, driven by substantial capital expenditures from major AI and internet companies [6][8] Summary by Sections Industry Performance - Over the past 12 months, the electronic industry has shown a relative return of 21.9% compared to the CSI 300 index, with an absolute return of 37.7% [3] Investment Recommendations - The report highlights a sustained recovery in consumer electronics, with new foldable smartphones being released and advancements in AI technology driving high demand for AI infrastructure [7][15] - The report emphasizes that the capital expenditure growth in data centers will lead to a compound annual growth rate of 21% by 2029, further supporting the expansion of computing power clusters [6][8]