注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：董萍萍 ） 【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 消息面，据摩尔线程披露的上市公告书，公司将于12月5日上市。公司发行后总股本为47002.8217 万股，其中本次新股上市初期的无限售流通股数量为2938.2386万股，占本次发行后总股本的比例为 6.25%。本次发行价格114.28元/股对应的发行人2024年摊薄后静态市销率为122.51倍，高于同行业可比 公司2024年静态市销率平均水平，存在未来发行人股价下跌给投资者带来损失的风险。发行人和保荐人 （主承销 ...

Core Viewpoint - The electronic sector is expected to show a significant upward trend in profitability by the second half of 2025, driven primarily by AI and strong demand for self-controlled technologies, leading to valuation expansion [1] Group 1: Storage Industry - The storage industry is experiencing a tight supply-demand situation, with AI becoming the core driver of future storage demand [1] - Rapid growth in computing power demand due to AI training and inference is leading to increased storage needs for HBM, large-capacity DDR5, and enterprise SSDs [1] - Limited capital expenditure from overseas storage manufacturers in recent years has resulted in constrained supply, with projected NAND and DRAM supply-demand gaps of -14.20% and -9.38% respectively for 2026 [1][2] Group 2: Computing Power Demand - The demand for computing power is expected to continue growing, with CSP cloud providers increasing capital expenditures [3] - The global demand for computing PCBs is projected to reach 513 billion, 1068 billion, and 1785 billion from 2025 to 2027, with growth rates of 88%, 108%, and 67% respectively [3] - The transition to liquid cooling solutions is anticipated due to rising power consumption in computing infrastructure [3] Group 3: End-Side AI Innovation - Major overseas companies are shifting focus to consumer applications, with Apple significantly increasing its AI investments and enhancing model capabilities [4] - Apple plans to develop a rich product lineup around iPhone, wearables, and smart home devices over the next 2-3 years, contributing to its end-side AI ecosystem [4] Group 4: Investment Recommendations - Investment opportunities in the storage industry include companies like Tuojing Technology, Zhongwei Company, and others, with a focus on domestic storage chip and module companies benefiting from the tight supply-demand situation [5] - Emphasis on high growth in computing power demand, with recommendations for companies like Huidian Co., Shennan Circuit, and others [5] - Positive outlook on end-side AI innovation, with suggested investments in companies like Pengding Holdings, Luxshare Precision, and others [5]

作者丨 黎曼 王满华 来源丨 投中网 将投中网设为"星标⭐"，第一时间收获最新推送 电竞赛事热度下降的质疑却愈演愈烈。 当前，中国科技投资正处在"中流击水"的关键阶段。一方面，创新驱动发展战略深入实施，人工智 能、量子科技、生物制造等前沿领域不断突破，为经济发展注入新动能；另一方面，外部环境复杂多 变，技术封锁与竞争加剧，资本市场的波动也对科技企业的融资与成长带来挑战。 与此同时，国家层面持续优化科技金融生态，通过设立科技创新基金、完善多层次资本市场、鼓 励"投早投小投科技"等政策举措，为科技投资提供了坚实的制度保障。各地也在积极探索科技与金 融深度融合的新路径，形成了多层次、广覆盖的科技投资格局。 在此背景下，科技投资者该如何在变局中把握方向，在挑战中孕育机遇，推动中国科技投资迈向更加 广阔的发展空间？ 11月27日，"第19届中国投资年会·有限合伙人峰会"上，在普罗资本合伙人丁珉的主持下，赛科投 资创始管理合伙人包磊、方广资本合伙人惠成峰、复星全球合伙人及复星创富联席董事长兼CEO徐 欣、元禾璞华合伙人殷伯涛、中科创星合伙人袁博、LongRiver江远投资合伙人周晖，以及光合创投 合伙人朱嘉就相关议题进行 ...

"新材料 创未来"2025新材料创业者大会 半导体及先进封装材料应用论坛 特邀学界、产业界与投资界领袖，围绕 先进封装核心材料、光刻工艺突破、检测技术演进等关键议题展开深度对话。从封装材料的自主创新与产业化挑战， 到光刻胶树脂的高分辨率技术攻关，再到检测与材料协同推动的行业进展，我们将共同剖析技术瓶颈、探索合作路 径、展望生态未来，携手推动半导体封装材料从"跟跑"到"并跑"乃至"领跑"的跨越，共筑中国半导体产业链自主可控 与持续创新的坚实基础。 倒计时8天 今日解锁—— 半导体及先进封装材料应用平行论坛 半导体是科技创新的基石，而先进封装技术正成为推动产业持续突破的关键引擎。在当前全球半导体产业格局深 刻变革的背景下，材料创新不仅是技术升级的核心支撑，更是实现自主可控、迈向高端制造的必经之路。 AMEC 主报告人一 主题：国内半导体封装材料的机会与挑战 AMEC 主报告人二 主题：高分辨率光刻胶树脂的关键技术解析 聂俊 江苏集萃光敏电子材料研究所有限公司董事长 北京化工大学，教授，博士生导师；先后任光聚合基础与应用研究中心主任、发展规划处处长、北京生物医用材料实验室常务副主任、北 京化工大学常州先进材料研究院 ...

当前，全球数字货币研发与应用进入快车道，主要经济体纷纷加快 央 行 数 字 货 币 （ CBDC ） 布 局 。 与 此 同 时 ， 国 际 地 缘 格 局 深 刻 演 变，金融基础设施安全成为国家安全的重要组成部分。党的二十大 报告明确提出"有序推进人民币国际化"，"十五五"规划建议提出， 推进人民币国际化，提升资本项目开放水平，建设自主可控的人民 币跨境支付体系。当前，我国多渠道、广覆盖的人民币跨境支付体 系基本建成。在此基础上，人民币跨境支付体系建设进一步凸显"自 主可控"，对于保障金融安全、支撑人民币国际化以及提升国际金融 话语权具有重要战略意义。为此《清华金融评论》编辑部特地展开 征稿活动 。 《清华金融评论》 2026 年第 1 期专题 加速推进数字人民币，建设自主可控的人民币跨境支付体系 当前，全球数字货币研发与应用进入快车道，主要经济体纷纷加快央行数字货币（CBDC）布局。与此同时， 国际地缘格局深刻演变，金融基础设施安全成为国家安全的重要组成部分。党的二十大报告明确提出"有序推进 人民币国际化"，"十五五"规划建议提出，推进人民币国际化，提升资本项目开放水平，建设自主可控的人民币 跨境支付体 ...

点击 关注我们 报告发布日期：2025年11月25日 报告名称: 《 电子行业周报-以时间换空间，AI主线高景气依然，自主可控进程提速 》 分析师：胡剑 S098052 1080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 国信电子团队 胡剑： 电子行业首席分析师，复旦大学电子系学士，复旦大学世界经济系硕士，法国EDHEC商学院交换生。2021年8月加入国信研究 所，之前任华泰研究所消费电子行业首席，2018年第一财经最佳分析师电子行业第3名，2019年证券时报金翼奖分析师电子行业第2名， 2019年II China科技行业入围，2019年新浪财经金麒麟新锐分析师电子行业第1名，2020年II China科技行业第2名，2023年Wind金牌分析师 电子行业第3名，2023年新浪财经金麒麟菁英分析师半导体行业第2名、消费电子行业第3名，2024年Wind金牌分析师电子行业第1名， 2024年 ...

Core Viewpoint - The Hong Kong stock market is experiencing a rebound, with significant strength in sectors such as robotics, innovative pharmaceuticals, and the internet, supported by continuous net inflows from southbound funds, reaching a record high this year [1] Group 1: Market Performance - The Hang Seng Technology Index rose by 1.7% as of 15:07, indicating a positive market sentiment [1] - Southbound funds have recorded net inflows for 29 consecutive weeks, totaling nearly 1.4 trillion HKD this year, marking the highest since the launch of the mutual market access mechanism [1] Group 2: Sector Analysis - Everbright Securities highlights the strong overall profitability of the Hong Kong stock market, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals, suggesting low valuations and high long-term allocation cost-effectiveness [1] - The Hang Seng Technology Index consists of the 30 largest stocks related to technology themes, focusing on high-growth areas such as artificial intelligence, robotics, and the internet, aiming for "soft and hard synergy" in AI [1] Group 3: Investment Strategies - Investors looking for opportunities in the Hong Kong stock market are encouraged to consider the "dumbbell" strategy, focusing on technology growth and high-dividend sectors, including self-controllable technologies, chips, high-end manufacturing, telecommunications, and public utilities [1] - The Hang Seng High Dividend Low Volatility Index, comprising 50 liquid stocks with consistent dividends and moderate payout ratios, currently has a dividend yield of 6.5%, with energy, finance, and public utilities accounting for over half of the index [1] - Recommended investment products include the E Fund Hang Seng Technology ETF (513010) and the Hang Seng Low Dividend ETF (159545) to construct a balanced investment strategy [1]

Group 1 - The core viewpoint indicates that sectors related to technology innovation, such as AI computing power and commercial aerospace, are leading the recent market rebound, but trading volume is shrinking and investor enthusiasm is declining [1] - The volatility in overseas markets is suppressing sentiment in the A-share market, and a lack of short-term fundamental catalysts is causing rapid sector rotation, which may increase market volatility [1] - In the medium term, after easing of China-US trade tensions, sectors like military trade, innovative pharmaceuticals, AI infrastructure, commercial aerospace, and 6G infrastructure are expected to benefit long-term and present good allocation opportunities after market adjustments [1] Group 2 - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology Innovation 100 Index (000698), which has a daily fluctuation of 20%, reflecting the overall performance of leading companies in the Science and Technology Innovation Board [1] - The index includes 100 securities with larger market capitalization and better liquidity, covering high-tech industries such as information technology, biomedicine, and new energy, showcasing the market characteristics of technological innovation and growth style [1]

Group 1 - The Hong Kong stock market's hard technology sector experienced a notable rise, with the Hong Kong Information Technology ETF (159131) increasing by over 1.8% in early trading on December 4 [1] - Key stocks such as UBTECH, Kingsoft Cloud, and InnoCare showed strong performance, each rising over 3%, while companies like Hua Hong Semiconductor, Xiaomi Group, and others increased by more than 2% [1] - Semiconductor giant SMIC's stock price turned from decline to an increase, reaching nearly 1.5% during trading [1] Group 2 - SMIC announced the completion of equipment installation and debugging for its 12-inch wafer fab expansion project at the end of November, with production expected to commence in Q1 2026 [1] - Xiaomi Group-W launched a new generation of bionic robots on November 30, featuring self-developed AI models and achieving commercial mass production [1] - According to Everbright Securities, the overall profitability of the Hong Kong stock market is strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals, indicating a high cost-performance ratio for long-term allocation despite recent price increases [1] Group 3 - The first Hong Kong ETF focusing on the "Hong Kong chip" industry, the Information Technology ETF (159131), is composed of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors [2] - The ETF includes 42 hard technology companies in Hong Kong, with SMIC holding a weight of 20.27%, Xiaomi Group-W at 9.11%, and Hua Hong Semiconductor at 5.64% [2] - The ETF excludes major internet companies like Alibaba, Tencent, and Meituan, allowing for a sharper focus on capturing the AI hard technology market trends in Hong Kong [2]

Core Viewpoint - The Hong Kong stock market, particularly the information technology sector, shows stable performance with potential for continued upward movement due to strong earnings capabilities and low valuations despite recent gains [1][3]. Group 1: Market Performance - As of December 4, the Hong Kong Information Technology ETF (159131) saw a price increase of 0.7% [1][3]. - Strong performers among constituent stocks included UBTECH, Q Technology, and InnoCare, with respective gains of 2.47%, 1.5%, and 1.43% [1][3]. - Conversely, stocks such as Fufeng Group, China Software International, and Kingdee International experienced declines of 0.87%, 0.78%, and 0.46% [1][3]. Group 2: Company Developments - SMIC announced the completion of equipment installation for its 12-inch wafer fab expansion project by the end of November, with production expected to commence in Q1 2026 [1][3]. - Xiaomi Group launched a new generation of bionic robots on November 30, featuring self-developed AI models and achieving commercial mass production [1][3]. Group 3: Investment Insights - According to Everbright Securities, the overall profitability of the Hong Kong stock market is strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals [1][3]. - Despite several months of increases, valuations remain low, indicating high cost-performance for long-term allocations [1][3]. - The report suggests focusing on technology growth and high-dividend "barbell" strategies, including sectors like self-controllable technology, semiconductors, high-end manufacturing, telecommunications, and public utilities [1][3]. Group 4: Index Composition - The Hong Kong Information Technology ETF (159131) passively tracks the Hong Kong Stock Connect Information C (HKD) Index, with top ten weighted stocks including SMIC, Xiaomi Group, Lenovo Group, SenseTime, Hua Hong Semiconductor, Kingdee International, Sunny Optical Technology, UBTECH, Meitu, and BYD Electronics [4].