智通財經APP獲悉，亞洲股市堪稱2026年開年全球最強股票市場——迎來史上最佳年度開局表現，隨着投資者們在估值 高企的美國股票市場之外積極尋找投資機遇，尤其是與AI投資主題密切相關聯的投資機遇，該地區的主權貨幣與主權債 券價格也一同上漲。 最新統計數據顯示，MSCI亞太基準指數(MSCI Asia Pacific Index)在2026年開年之後的股票市場交易日裏累計上漲約 4%，勢將創下該基準指數自1988年有記錄以來最爲強勁的年初交易日表現，其中韓國和中國臺灣股市領漲，港股與A股 市場則不甘示弱，強勁的漲勢緊隨前兩者其後。衡量該地區主權貨幣的一項指標錄得自2023年以來最佳年度開局，而以 美元計價的亞洲市場公司債基準指數也實現同步上漲。 "美國市場的例外主義論調已觸頂，並開始回撤，"來自Banque Pictet & Cie SA的管理合夥人Raymond Sagayam在接受媒 體採訪時表示。他強調，亞洲等新興市場股市將受益於多項順風因素，主要包括非常具有吸引力的估值以及位列全球AI 算力產業鏈的最核心地位。 野村證券(Nomura)近日發佈的一份存儲芯片行業跟蹤研究報告顯示，這一輪始於今年下半年的"存 ...

Core Viewpoint - Japanese companies are facing significant challenges in the Chinese market, leading to closures and exits from various sectors, but they are simultaneously increasing investments in high-end technology and local operations in China [4][22][29]. Group 1: Company Closures and Exits - Canon has closed its printer production base in Zhongshan, which was once a major manufacturing hub, reflecting a significant decline in its market presence [5]. - Nissan announced the closure of its Wuhan factory, which had a low production utilization rate of only 3%, leading to its acquisition by another company [6]. - Mitsubishi has completely exited the Chinese automotive market after over 40 years of operation, ceasing its vehicle production [6]. - Sony has officially withdrawn its Xperia smartphone business from China, indicating a strategic retreat from the market [6]. - Yakult closed its first factory in Guangzhou after experiencing a drastic drop in sales, with daily sales nearly halving compared to previous years [6]. Group 2: Market Dynamics and Competition - The decline of Japanese brands in China is attributed to the rapid advancement of domestic brands, which have overtaken their Japanese counterparts in various sectors [11][12]. - Japanese companies have been slow to adapt to market changes, relying heavily on their brand reputation and quality, which has diminished due to various scandals [14][17]. - The local adaptation of Japanese companies has lagged, with many failing to incorporate local consumer preferences into their product offerings [19][20]. Group 3: Strategic Shifts and Investments - Despite the closures, Japanese investment in China has surged, with a 55.5% year-on-year increase in the first three quarters of this year, leading all countries [23]. - Companies like Toyota are making significant investments in high-end technology, such as establishing a wholly-owned electric vehicle company in Shanghai [24]. - Panasonic is investing in semiconductor packaging materials in Shanghai, indicating a strategic focus on critical supply chains amid global competition [28]. - The overall trend shows a "K-shaped differentiation," where low-end capacities are exiting while high-end investments are increasing, reflecting a strategic shift in how Japanese companies view the Chinese market [29].

今日半导体设备ETF（159516）延续强势，盘中涨超5%。 | | | | | 159516(#导体设备(ETF) 10:17 4) 1.705 瓶颈 0.070(4.28%) 584) 1.894 度交盘 1.72万 10/N 1.7032. | | | | | | 2026/01/06 | D | | 1 7 15 +0,070 +4,28% | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | M | W | | | | | | | | | 净值生处 | 1256 CNV 10:17:21 交流中 查看(2全国 国泰中证券导体材料设备注册 | | | 1.70 | | 2 | 23V | | | | | | | | 4.77% 颜比 | | -52.14% 预报 | | | ﺘﻔﺼﺎﺩ | | | 1 | | | | | | | | 1,837 123 | | 1,709 | -5594 87 | | | | | | | | | | | | | 成日 | ...

2025年，是沉淀已久的国产AI芯片迎来关键性转折的一年。随着AI真正变得"可用"，算力需求从训练逐步转向推理，而在DeepSeek的助力之下，AI算力需 求爆发，国产替代也被按下了"加速键"。 机遇之下，不仅寒武纪股价狂飙，屡次登上科创板"股王"之位，连续讲述了一整年的国产替代，也在2025年底迎来了一场资本"盛宴"——摩尔线程和沐曦股 份先后顶着"国产GPU第一股"和"第二股"的光环登陆科创板，壁仞科技和天数智芯也在港交所接连传出喜讯，将在2026年初正式赴港上市。 不过，几乎同期，市场传出英伟达H200被批准对华出售的消息，业内也开始担忧，若H200顺利进入中国市场，国产AI芯片的格局是否再度迎来变数，这一 疑问也一直延续到了今年。 那么，2025年国产AI芯片的发展将去往何处？Trend Force集邦咨询分析师龚明德告诉南都记者，"2026年在本土领先业者带动下, 高阶AI芯片占比有机会往 50%的目标迈进，预期相对低阶规格的AI推理芯片将获得较大发展机会。" 此外，还有分析人士认为，国产算力的突围路径不仅要"造芯"，也要"组局"，核 心是构建跨厂商、跨技术的开放协同生态。 趋势1 DeepSeek ...

光大证券指出，基础化工、化学制品行业当前处于周期底部回升阶段，化工品价格指数有望止跌企 稳，行业整体进入底部蓄势期。在库存低位叠加需求逐步修复的背景下，下游企业补库将推动行业盈利 能力触底回升。化工行业PE估值历史分位数较高，PB估值接近2019年和2024年底部水平，显示行业仍 具较大上行空间。新兴应用领域如AI、OLED、机器人等终端市场的高景气度成为行业新增长引擎，半 导体材料受算力需求拉动持续扩张，光刻胶、湿电子化学品等核心材料处于"需求扩张+国产替代加 速"共振阶段。石油化工方面，"三桶油"在油价下行期盈利韧性凸显；基础化工子行业龙头凭借规模和 技术优势，有望在产能结构性优化中持续提升市占率。 【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 化工龙头ETF（516220）跟踪的是细分化工指数（000813），该指数从中国化工行业中精选涉及基 础化学品、特种材料等多个子领域的优质上市公司证券作为指 ...

根据Wind披露的数据，上市后不久，摩尔线程、沐曦股份股价均出现明显回调，较各自阶段高点回落幅度已接近 40%；壁仞科技虽在港股上市首日虽表 现强势，但整体市值水平明显低于此前两家 A 股公司，首日涨75.82%，市值仅摩尔线程和沐曦的三分之一。短短一个月内，国产 GPU 板块完成了从"情 绪极热"到"理性降温"的切换。 | 证券代码 | 证券简称 | 最新收盘日自 最高价的最大 | | 最新收盘目总市 上市首日以来区间最 | 最新收盘日收 | | --- | --- | --- | --- | --- | --- | | | | 跌幅(%) | 值(亿元) | 高收盘价(元) | 盘价(元) | | 688795.SH | 摩尔线程-U | -37.84 | 2,763.30 | 941.08 | 587.90 | | 688802.SH | 沐曦股份-U | -35.20 | 2,320.98 | 829.90 A | 1 580.10 | | 6082.HK | 壁仞科技 | | 825.71 (港元) | 34.46 (港元) | 34.46 (港元) | 截止截图时间，摩尔线程报每股614.2元，总 ...

Group 1 - The A-share market is experiencing a broad rise, with both the Shanghai and Shenzhen markets continuing their upward trend, and the Sci-Tech Innovation Board also showing gains [1] - The semiconductor ETFs, specifically the Southern Semiconductor ETF (159325.SZ) and the Southern Sci-Tech Chip ETF (588890.SH), are seeing positive performance, with increases of 1.47% and 1.27% respectively [1] - Microchip Company has seen a significant increase of 4.45% [1] Group 2 - Industrial analysis indicates that the AI wave is driving a surge in computing power demand, significantly enhancing the value of hardware sectors such as servers, AI chips, optical chips, storage, and PCB boards [2] - The rapid development of generative AI is boosting consumer spending, further intensifying the demand for underlying computing infrastructure, with servers and AI chips being the core beneficiaries [2] - The global DRAM market is expected to grow rapidly due to massive data processing needs, with an average annual compound growth rate of 15.93% projected from 2024 to 2029 [2] - The domestic DRAM industry in China is at a critical development stage, with significant potential for domestic substitution as local manufacturers improve their R&D and production capabilities [2] - The importance of advanced packaging is increasing, and breakthroughs in domestic semiconductor equipment technology are progressing, making "advanced process expansion" a key focus for achieving self-sufficiency [2] Group 3 - The Southern Semiconductor ETF (159325.SZ) and the Southern Sci-Tech Chip ETF (588890.SH) cover high-quality companies within the chip industry chain, providing investors with a systematic way to capture growth dividends driven by AI [3]

2026年1月6日，新材料50ETF（159761）涨超1.8%，行业逻辑支撑板块布局机会。 中原证券指出，2025年10月全球半导体销售额同比增长27.2%，中国半导体销售额同比增长18.5%，连 续24个月实现同比增长。超硬材料方面，11月工业金刚石出口量同比上涨279.05%，出口额同比上涨 177.74%，但超硬制品出口额同比下降5.29%。12月稀有气体价格普遍下跌，氙气、氪气价格分别下跌 4.44%和6.98%。基本金属价格普遍上涨，铜、锡价格涨幅超过10%。新材料行业估值有所提升，截至12 月29日，新材料指数PE为30.44倍，处于历史较高水平。长期来看，随着制造业需求扩大和人工智能等 技术融合创新，新材料行业将持续发展，在国产替代推动下有望迎来景气周期，维持"强于大市"评级。 新材料50ETF（159761）跟踪的是新材料指数（H30597），该指数聚焦于新材料产业，从市场中选取涉 及先进基础材料、关键战略材料及前沿新材料等领域的上市公司证券作为指数样本，以反映在高性能复 合材料、新型功能材料等行业具有代表性的公司整体表现，体现中国新材料行业的整体发展趋势与投资 价值。 （文章来源：每日经济 ...

Core Viewpoint - Guangdong-based Yuexin Semiconductor has made significant strides in the 12-inch wafer manufacturing sector, marking a breakthrough for the region's integrated circuit industry and aiming for a leading position in China's semiconductor landscape through its upcoming IPO and strategic investments [5][7][10]. Group 1: Company Overview - Yuexin Semiconductor was established in December 2017 with a registered capital of 2.365 billion yuan, becoming the first 12-inch wafer manufacturer in Guangdong to enter mass production [7]. - The company focuses on analog chip manufacturing and plans to achieve a production capacity of 120,000 wafers per month, contributing to the national integrated circuit strategy [7][10]. - As of the reporting period, the company has shipped over 1.1 million wafers, indicating a positive growth trend [8]. Group 2: Financial Performance - Over three and a half years, Yuexin Semiconductor generated over 5.3 billion yuan in revenue but incurred a net loss exceeding 6.5 billion yuan [12]. - Revenue figures for 2022, 2023, 2024, and the first half of 2025 were 1.545 billion yuan, 1.044 billion yuan, 1.681 billion yuan, and 1.053 billion yuan, respectively, with net losses of 1.043 billion yuan, 1.917 billion yuan, 2.327 billion yuan, and 1.266 billion yuan [12][15]. - The company has a negative retained earnings balance of 8.936 billion yuan and anticipates achieving profitability by 2029 [15]. Group 3: Production Capacity and Technology - Yuexin Semiconductor operates two 12-inch wafer fabs, with a current capacity of 52,000 wafers per month and plans to expand to 120,000 wafers per month with the completion of the third fab [24][25]. - The company has achieved mass production across various process nodes, including 180nm to 55nm, and plans to develop technologies for 40nm, 28nm, and 22nm nodes [29][32]. - The production process includes multiple steps such as wafer cleaning, oxidation, lithography, etching, and chemical mechanical polishing [22]. Group 4: Market Position and Client Base - Yuexin Semiconductor's revenue primarily comes from the consumer electronics sector, which accounted for 95.19% of its revenue in the first half of 2025 [34]. - The company has developed over 100 clients, including major domestic and international chip design firms, with a high client concentration where the top five clients contributed 67.82% of total revenue in the first half of 2025 [40][42]. - The company is recognized as a leading foundry for capacitive fingerprint recognition chips and has established partnerships with top-tier clients in various segments [39]. Group 5: Future Outlook and Strategic Initiatives - The company aims to transition from pure analog foundry services to a composite technology platform, enhancing its capabilities in high-end analog, mixed-signal, and silicon photonics chips [51]. - Yuexin Semiconductor plans to leverage government support for the semiconductor industry in Guangdong to expand its production and R&D capabilities, focusing on AI applications and advanced manufacturing processes [52]. - The company is strategically positioned to enhance its competitive edge by optimizing production capacity and diversifying its technology platforms [51].

Strategy - The year 2025 marks a watershed moment for Chinese and American technology stocks, with Chinese tech stocks showing a significant increase compared to their American counterparts, driven by "hard technology" and domestic substitution [12][15][19] - The overall performance of Chinese tech stocks includes a 49.6% increase in the ChiNext Index, a 46.3% increase in the Sci-Tech Innovation Board Index, and a 23.5% increase in the Hang Seng Tech Index, outperforming the Nasdaq's 20.4% increase [12][15] - The market is increasingly cautious about the high concentration of profits among a few tech giants in the US, as evidenced by the performance of the "MAG 7" stocks [19][24] Electronics - The scaling law remains effective, with the introduction of multimodal and agent models expected to accelerate AI computing demand [35] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature, with capacity release and product structure optimization driving non-linear performance improvements [35] - Recommended stocks in this sector include Jingwang Electronics, Shenzhen South Circuit, Dongshan Precision, Huitian Technology, and others [35] Computer - The inference and agent ecosystem is experiencing a comprehensive explosion, with global models gradually entering a commercial closed loop [36] - Significant events include OpenAI's partnership with Disney for the Sora model and the planned IPO of Zhipu AI, which aims to be the first publicly listed company focused on general artificial intelligence [36][37] - The release of OpenAI's GPT-5.2-Codex marks a new benchmark for AI programming capabilities [36] Media - The capitalization progress of the AI industry chain is ongoing, which is expected to boost sentiment in the internet and AI sectors [37] - Notable acquisitions include Meta's purchase of the AI agent application Manus, which has achieved an ARR of over $100 million [37] - The valuation of global AI applications is expanding, with OpenAI's ARR projected to reach $20 billion and a valuation exceeding $500 billion [37] Humanoid Robots - The humanoid robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components or specific solutions likely to benefit [38] - The market's aesthetic preferences prioritize incremental components and Tesla-related supply chains, indicating potential investment opportunities [38] - Recommended stocks include Xinjie Electric, Huichuan Technology, and Hengli Hydraulic [38] Automotive - The 2026 automotive subsidy policy is expected to lead to an early rebound in the automotive sector, with retail sales projected to grow by 2% and electric vehicle sales by 11% [39] - The shift from fixed subsidies to percentage-based subsidies is anticipated to favor higher-priced vehicles [39] - Recommended stocks include Geely Automobile and BYD, with a focus on the intelligent driving sector [39]