热点板块： 1．存储芯片 普冉股份、西测测试、兆易创新等多股涨停，香农芯创、江波龙等多股涨超10%。 消息面上，在AI强劲需求带动下，2025年存储芯片价格大涨，其中DDR4 16Gb涨幅高达1800%，DDR5 16Gb涨幅高达500%，512Gb NAND闪存涨幅高达300%。 1月5日消息，市场高开高走迎来2026年开门红，创指涨近3%，沪指重返4000点。沪深两市成交额高达 2.55万亿，较上一个交易日放量5011亿。板块方面，AI应用概念午后快速拉升，20cm涨停续创十年新 高；脑机接口板块全天强势，（维权）、等近30股涨停；存储芯片板块持续拉升，普冉股份、西测测 试、等多股涨停，香农芯创、江波龙等多股涨超10%；板块强势领涨，、双双续创历史新高；下跌方 面，海南板块集体大跌，海南发展跌停。总体来看，两市个股呈普涨态势，上涨个股超4100只。 截至收盘，沪指报4023.42点，涨1.38%；深证成指报13828.63点，涨2.24%；创指报3294.55点，涨 2.85%。 盘面上，脑机接口、高压氧舱、保险板块涨幅居前，海南自贸区、海南、免税店跌幅居前。 1、【元旦之后多晶硅报价继续大幅挺价】元旦之 ...

A股三大指数集体高开，沪指涨0.46%，报3986.97点，深成指涨0.8%，报13633.63点，创业板指涨 0.84%，报3229.93点，科创50指数涨1.24%，报1360.9点。沪深两市合计成交额280.83亿元，全市场超 3100只个股上涨。 热门中概股集体走强。纳斯达克中国金龙指数单日大涨4.38%，创去年5月12日以来的最大单日涨幅。 其中，刚宣布分拆芯片业务IPO的百度收涨15.03%、阿里巴巴涨6.25%、腾讯ADR涨5.23%、网易涨 7.22%、台积电涨5.17%、富途控股涨8.68%、哔哩哔哩涨7.24%、万国数据涨9.86%、小马智行涨 10.83%。 港股三大指数上周五迎来2026年"开门红"。截至收盘，恒生指数涨2.76%，报26338.47点；科技指数涨 4%，报5736.44点；国企指数涨2.86%，报9168.99点。 从行业表现看，半导体、互联网科技、家电、汽车及商业航天相关个股成为当日领涨主力。 【假期重要资讯】 1、韩国总统李在明访华，四大龙头集团掌门随行 4日下午，韩国总统李在明乘机抵达北京首都国际机场，开启为期4天的访华行程。此次出访最核心的看 点，无疑是那支规 ...

国产算力迎来发展新机遇：国内云厂商资本开支尚有提升空间，腾讯、阿里、百度25Q3资本开支分别 为130亿元/315亿元/34亿元，分别同比-24%/+80%/+107%。国内云厂商也同步提升远期AI投入，阿里在 今年2月宣布未来三年投入3800亿元建设云和AI硬件基础设施，看好国产算力的AI芯片、存储芯片、先 进晶圆制造、交换芯片、光芯片等方向。 AI端侧看好苹果硬件及端侧AI创新及AI/AR眼镜产业链：全球AI大模型调用量正经历高速增长，行业 已进入规模化应用爆发期。苹果的AI战略是以硬件为本、端侧优先、强隐私保护。核心能力涵盖语言 文本、图片影像、跨应用操作、个人情景理解，其AI不是单一功能或大模型，而是深度嵌入操作系 统、芯片与应用生态的"个人智能系统"，基于个人情景实现跨app执行操作。AI/AR眼镜有望不断实现 技术突破和销量上升，看好SOC芯片、光学等核心环节。 风险提示： AI资本开支低于预期、AI端侧应用不达预期、存储芯片上涨影响电子硬件销量，存储及晶圆厂扩产低 于预期。 智通财经APP获悉，国金证券发布研究报告称，北美四大云厂商(微软、谷歌、Meta、亚马逊)资本开支 持续增长，并且对未来资 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 2026 年电子行业十大预测 20260104 Q&A 2026 年电子行业的十大预测中,云端算力板块有哪些重要趋势和变化? 2026年,云端算力板块尤其是国产算力将迎来显著发展。首先,从产能角度来 看,预计到 2026年底,包括国内头部晶圆厂在内的 N2 制程将释放充沛的产能, 为国内 GPU 厂商提供足够的供给。这意味着产能瓶颈不再是国产算力发展的核心 问题。 从需求端来看,无论是字节跳动等龙头公司的投放消耗,还是国产算力 原厂商的客单价情况,都显示出强劲增长。例如,在2025年 5月,字节跳动单 日数据消耗约为 15-16 万亿,到 9 月底已达到 30 万亿,并在 12 月初超过 50 万 k 调研纪号 争 狗 - 国产 GPU 产能释放,不再是算力瓶颈,字节跳动等龙头企业数据消耗量激 . 增,预示国产算力需求端强劲增长,2026年中或突破百万亿级别,为国 产算力公司业绩兑现奠定基础。 寒武纪和海光等龙头 GPT 公司在产能供给和地方政府招标中占据优势,同 ● 时,推理芯片需求增加,ASIC 芯片有望与 GPU 并驾齐驱,新元股份和翱 捷等公司 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 下注未来 - 科技行业 1 月投资主线及金股推荐 20260104 摘要 Q&A 2026 年东山精密在云端 PCB 和光模块业务方面的预期如何? 东山精密在 2026年的云端 PCB 和光模块业务预期非常乐观。首先,东山精密通 过收购索尔思,在 400G、800G 和 1.6T 光模块领域取得了显著进展。具体来说, 东山精密预计 2026年光模块总销量将达 930万只,包括 400G(300万只)、 ● 800G(600 万只)和 1.6T(30万只),总收入有望达到200 亿元人民币, 利润约 60亿元人民币。主要客户包括微软、Meta、XAI 等,并积极拓展 NVidia 和 Google 等潜在客户。 东山精密计划投入约 70 亿元进行 PCB 业务扩张,主要投资于珠海和泰国, . 预计 2027年 PCB 业务将迎来爆发期,Mutek 部门有望实现 20 亿至 30 亿 美元的收入规模。云端 PCB 和光模块是主要增长点,传统业务利润贡献相 对有限。 · 金测科技被推荐为金股,尽管其半导体收入和订单略低于飞测科技,但认 为其市值存在补涨空间, ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：招商证券策略研究 展望1月，A股延续上行趋势，继续演绎春季攻势的概率较高。基本面在专项债发行提速、政府投资回 暖的推动下呈现边际好转；低基数背景下上市公司年报业绩预报披露的同比增速有望明显回升；资金面 受益于国内资金加仓概率提升及人民币升值后外资回流，较为充裕。因此，A股在1月继续走震荡向上 走势，创前期新高的概率进一步加大。1月，围绕业绩披露的博弈情绪将会明显升温。业绩超预期或者 业绩披露后靴子落地的方向值得重点关注。总体来看，我们依然关注投资驱动顺周期涨价方向，服务业 消费和以国产算力为代表的自主可控领域。 核心观点 ⚑大势研判和核心逻辑：展望1月，A股延续上行趋势，继续演绎春季攻势的概率较高。基本面方面，开 年之后，地方政府专项债发行有望提速，中央预算内投资加两重项目有望提速，政府开支和投资数据有 望回暖。基本面将会走向边际好转。1月是上市公司业绩预告披露时间窗口，2025年四季度由于去年同 期业绩基数较低，年报业绩预报披露的同比增速有望明显回升。资金面方面，由于赚钱效应积累，开年 后国内各路资金进一步加仓A股的概率较高。近 ...

证券研究报告 | 策略定期报告 2026 年 1 月 4 日 开年攻势，指数新高 ——A 股 2026 年 1 月观点及配置建议 展望 1 月，A 股延续上行趋势，继续演绎春季攻势的概率较高。基本面在专项 债发行提速、政府投资回暖的推动下呈现边际好转；低基数背景下上市公司年 报业绩预报披露的同比增速有望明显回升；资金面受益于国内资金加仓概率提 升及人民币升值后外资回流，较为充裕。因此，A 股在 1 月继续走震荡向上走 势，创前期新高的概率进一步加大。1 月，围绕业绩披露的博弈情绪将会明显 升温。业绩超预期或者业绩披露后靴子落地的方向值得重点关注。总体来看， 我们依然关注投资驱动顺周期涨价方向，服务业消费和以国产算力为代表的自 主可控领域。 ❑流动性与资金供需：1 月增量资金有望整体保持平稳净流入，外资及险资有望 成为主力增量资金。宏观流动性方面，针对税期和跨年等季节性因素，央行在 月中税期前后及 12 月 18 日重启 14 天期逆回购操作，直接覆盖元旦假期资金 需求，尽管资金价格在年末有所收紧，但与往年相比，今年的波动幅度相对较 小，跨年后 1 月资金价格有望重回宽松。外部流动性方面，2026 年美联储仍 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has introduced a series of policies aimed at optimizing investment, promoting new production capabilities, and enhancing market access, with a focus on sustainable development and improving living standards. Policy Initiatives - The NDRC has announced eight key policy initiatives, including the optimization of the "Two New" policy, which will be implemented in 2026 to enhance consumer and business benefits [2] - A total of approximately 295 billion yuan has been allocated for early-stage "Two Heavy" construction projects and central budget investments, with significant infrastructure projects approved, including major transportation and water resource projects [2][12] - The National Venture Capital Guidance Fund has been launched with an initial investment of 100 billion yuan, aiming to attract over 1 trillion yuan in total investment, focusing on innovative technology and strategic emerging industries [3] - The NDRC has introduced regulations to standardize pricing behavior on internet platforms, promoting fair competition and innovation in the platform economy [3] Investment and Infrastructure - The NDRC has approved multiple major infrastructure projects with a total investment exceeding 400 billion yuan, aimed at enhancing the modern infrastructure system in China [2] - The "Two Heavy" construction projects will support urban underground pipelines, high-standard farmland, and logistics cost reduction, among others [12] Green Transition - The NDRC has initiated the first batch of national zero-carbon park construction, supporting the exploration of new models for green energy supply and deep decarbonization of high-energy-consuming industries [4][21] - The zero-carbon parks are expected to achieve a carbon emission rate of approximately 0.25 tons per ton of standard coal, significantly lower than the national average [21] Market Access and Regulation - The NDRC is actively working to eliminate market access barriers, having identified and rectified over 2,300 local regulations that violate national standards [23][24] - The market access barrier cleanup will transition into a regularized process, encouraging ongoing feedback from the public [24] Low-altitude Economy - The low-altitude economy is expanding, with significant growth in agricultural drone applications and potential in logistics and urban governance [25][26] - The NDRC plans to promote low-altitude economic applications while ensuring safety and sustainability [26] Education Policy - The NDRC has introduced measures to regulate kindergarten fees, emphasizing the public welfare nature of non-profit kindergartens and enhancing transparency in fee structures [15][16] Employment Initiatives - The NDRC has increased investment in labor-intensive projects to create over 400,000 jobs for low-income populations, with a focus on infrastructure improvements and skills training [19][20]

Core Viewpoint - Wallan Technology, known as the "first GPU stock in Hong Kong," successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 100 billion and demonstrating strong investor interest with over 2300 times subscription during the IPO phase [1][2]. Company Overview - Wallan Technology has rapidly developed its business since its establishment six years ago, launching specialized technology products and generating significant revenue growth, with a reported revenue increase of 443.29% from approximately RMB 620,300 in 2022 to about RMB 337 million in 2024 [2][3]. - The company has developed its first-generation GPGPU architecture and two chips, BR106 and BR110, along with the higher-performance BR166 chip utilizing chiplet technology [4]. Market Dynamics - The domestic AI chip market is experiencing rapid growth, with the Chinese intelligent computing chip market projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, reflecting a CAGR of 105% [5]. - By 2029, the market is expected to reach USD 201.2 billion, with Chinese companies' market share anticipated to increase from approximately 20% in 2024 to about 60% by 2029 [5]. Technological Advancements - Wallan Technology is focusing on enhancing its cluster capabilities to meet the increasing computational demands driven by AI large models, optimizing its customer structure, and winning significant commercial projects [8][10]. - The company has introduced the BR10X series, designed for AI workloads, and is planning to launch the next-generation BR20X series for cloud training and inference by 2026 [9]. Industry Collaboration - Wallan Technology has established strategic partnerships to develop intelligent computing solutions, resulting in substantial sales agreements and collaborations with major telecom operators [9][10]. - The company is actively participating in the establishment of industry standards and has been involved in nearly ten national standard formulations related to intelligent computing [11]. Future Outlook - The listing of Wallan Technology symbolizes a new development phase for the domestic computing power industry, moving beyond hardware specifications to encompass reliable deployment, open-source ecosystem collaboration, and forward-looking technical standards [12].

Core Viewpoint - The article highlights the rapid growth and market potential of domestic AI chip companies, particularly focusing on Wallen Technology, which has successfully launched its GPU products and is experiencing significant revenue growth due to increasing demand for AI computing power [1][3]. Company Overview - Wallen Technology, known as the "first GPU stock in Hong Kong," debuted on the Hong Kong Stock Exchange on January 2, 2026, with a market capitalization exceeding HKD 100 billion and a subscription rate of over 2300 times during the offering phase [1]. - The company has developed its first-generation GPGPU architecture and two chip models, BR106 and BR110, and is advancing towards its second-generation architecture products [2][8]. Revenue Growth - In 2022, Wallen Technology reported revenue of approximately RMB 500,000, which surged to about RMB 62.03 million in 2023, marking a growth of 443.29% to approximately RMB 337 million in 2024 [2]. - The average transaction amount per customer increased by 113.64% to RMB 940,000, reflecting the company's successful market penetration and product acceptance [2]. Market Potential - The Chinese smart computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, with a CAGR of 105%, and is expected to reach USD 201.2 billion by 2029 [3]. - Domestic AI chip manufacturers are anticipated to increase their market share from approximately 20% in 2024 to about 60% by 2029, indicating significant growth opportunities for competitive players [3]. Technological Advancements - Wallen Technology is focusing on enhancing its cluster capabilities and has successfully commercialized its AIDC thousand-card GPU cluster project, collaborating with major telecom operators [6][9]. - The company plans to launch its next-generation flagship data center chip, BR20X, by 2026, which is expected to provide improved single-card computing power and support for various data formats [8]. Industry Collaboration - Wallen Technology is actively participating in industry collaborations, including the establishment of the OISA ecosystem and the development of mixed training solutions to address challenges in heterogeneous computing environments [9][10]. - The company is involved in the formulation of national standards for AI computing, which will facilitate the adoption of domestic GPUs and support the innovation of large models [10]. Future Strategy - The company aims to continue investing in R&D, particularly in core technologies to enhance its autonomous capabilities, while fostering partnerships to improve brand recognition and accelerate solution commercialization [10][11]. - The competitive landscape for domestic GPUs is evolving beyond hardware specifications to encompass reliable deployment, open-source ecosystem development, and forward-looking technical standards [10].