交易所数据显示，存储芯片概念表现活跃，板块内多只个股大幅上涨。其中，矽电股份涨超14%，香农 芯创涨超10%，德明利、江波龙、北京君正、佰维存储等涨幅居前。 隔夜美股存储芯片板块表现强势，相关龙头公司股价大幅上涨。美光科技股价上涨10.51%，刷新了历 史新高。闪迪公司股价上涨15.95%，西部数据股价上涨8.96%。存储芯片作为AI算力的核心组成部分， 其需求受到全球AI基础设施大规模投资的强力驱动。根据行业分析，谷歌、Meta、微软及亚马逊等北 美主要云服务提供商在2026年的资本开支预计将进一步攀升，这将持续拉动对存储芯片，尤其是高性能 存储产品的需求。同时，市场供应格局也呈现出积极变化，主要存储原厂对于部分传统制程产品的扩产 保持谨慎，进一步加剧了供需紧张关系，为存储芯片价格的持续上行提供了支撑。 近期多家券商发布研报，看好存储芯片行业在2026年的景气度。国金证券在报告中指出，在AI强劲需 求带动下，2026年第一季度存储合约价格预计将继续攀升，涨幅可能达到30%至40%。其中，DDR5 RDIMM内存价格预计上涨超40%，企业级固态硬盘价格预计上涨20%至30%。报告分析认为，2026年全 球存储 ...

Group 1 - The domestic GPU industry is experiencing a capital surge, with the "Four Little Dragons" of domestic GPUs—Biran Technology, Moore Threads, Muxi Co., and TianShu ZhiXin—actively pursuing capital market opportunities [1] - Biran Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the leading domestic GPU stock, with an opening price increase of 82% and a market capitalization exceeding 100 billion HKD [1] - The four leading domestic GPU companies are long-term strategic partners of SenseTime, collaborating based on a "computing power supply-algorithm demand" logic, aiming for a domestic substitution strategy [1] Group 2 - The successful listing of Biran Technology marks a significant moment for domestic GPU companies, highlighting the value of their collaboration with AI software vendors [2] - SenseTime has launched the first multi-episode generative AI agent, Seko2.0, which has successfully adapted to the domestic AI chip Cambricon, achieving a critical leap in domestic computing power across various AIGC core scenarios [2] - SenseTime has established a comprehensive domestic ecosystem by deeply adapting with over ten top chip companies, including Biran Technology and Cambricon, promoting the transition of domestic AI chips from "usable" to "user-friendly" [2] Group 3 - SenseTime has built a full-link cooperation system from computing power supply to scene implementation, collaborating with various domestic partners to provide high-performance domestic computing power at low costs [3] - The MTT S series GPU from Moore Threads has completed full adaptation with SenseTime's SenseCore large device, undergoing industrial-grade testing in training and inference of large models [3] - SenseTime has also launched the industry's first real-time video generation inference framework, LightX2V, which supports multiple domestic chips through a highly compatible plugin model [3] Group 4 - SenseTime's ability to act as a "connector" for domestic chip adaptation is rooted in its comprehensive technical capabilities, from computing power scheduling to application optimization [4] - The collaboration with Cambricon has led to significant enhancements in inference performance, with improvements exceeding three times through hardware-friendly innovations [4] - SenseTime's proprietary heterogeneous interconnection technology and scheduling platform have achieved unified training capabilities across various acceleration cards, significantly shortening training cycles [4] Group 5 - The technological advancements in domestic adaptation have translated into accessible product experiences, such as the Seko multi-episode generative AI agent showcasing efficient video creation capabilities [5] - Applications like Xiaohuanxiong are optimized for personal PCs and domestic terminals, providing secure and high-precision AI services [5] - New products like the Daxiao robot and RuYing marketing AI agent leverage the collaborative advantages with domestic chips to promote the domestic substitution process in various fields [6]

第一大事会 链接您与财富 型盘2025年A股热门槛 解码2026行业配置等 2025年A股市场结构性行情贯穿全年,科技成长线始终是市场核心主 线之一,人工智能相关细分概念反复活跃。展望2026年,公募认为, A股将迎来一轮由基本面主导的行情。投资方向来看,科技成长板块 仍被多家公募判断为投资主线。 2025年A股热门概念回顾 ir Chipleting 晨 优志 半刻胶 First JI→4 步被旧目 n 时空大数据 ■ IR 磷化工Al芯片 GTIFF 元来 令小金属概念 微信元 稀土永德 英伟达概念 高带宽内存 汽车热量理 光通信模块 156.02% 165.05% No. F5G概念 128.33% N No. CPO概念 124.50% 同步磁阻电机 No. No. No. 空间站概念 PCB 富士康 5 0 112.11% 115.95% 111.68% No. No. No. 机器人执行器 英伟达概念 黄金概念 00 9 10 86.54% 104.45% 97.35% 注:字号越大表示2025年板块涨幅越大 2025年概念涨幅TOP10 No. l ( No. 展望2026年，公募行业主流观点认 ...

多年前英伟达创始人黄仁勋有过这样一个结论："未来数据中心的标配是CPU+DPU+GPU"。 在当前的AI时代，GPU大放异彩，但DPU仍是数据中心里重 新分配算力和优化算力资源的高效解决方案。 同其他大芯片一样，DPU同样被英特尔、英伟达、博通等巨头垄断，在国产替代浪潮下，国产DPU逐渐在市场提高了曝光度。 2025年12月31日，国产DPU厂商深圳云豹智能股份有限公司（以下简称"云豹智能"）上市辅导备案获深圳证监局受理，辅导机构为中信证券。 | 辅导对象 | 深圳云豹智能股份有限公司 | | --- | --- | | 成立日期 | 2020-08-28 | | 注册资本 | 36,000 万元 法定代表人 萧启阳 | | 注册地址 | 深圳市宝安区新安街道海滨社区海秀路 2038 号鹏鼎时代大厦 A 座 2301A | | 控股股东及持 股比例 | 无控股股东 | | 行业分类 | 计算机、通信和其他 在其他交易场所(申请)挂 电子设备制造业 无 | | | 牌或上市的情况 (C39) | | 备 注 | 不存在近3年内提交首次公开发行股票/存托凭证并上市申请被终止审 查、不予核准、不予注册的情况 | | ...

Group 1 - The semiconductor sector experienced significant gains, with companies like Zhongwei rising over 14%, Yandong Micro over 12%, and Shanghai Xinyang over 11% [1] - The semiconductor industry is benefiting from multiple favorable catalysts, including increased government support for domestic chip development and a substantial rise in the shareholding of the National Integrated Circuit Industry Investment Fund in SMIC from 4.79% to 9.25% [3] - TrendForce has revised its price expectations for memory chips, forecasting a 55-60% increase in DRAM and a 33-38% increase in NAND contract prices for Q1, which is significantly higher than previous predictions [3] Group 2 - CITIC Construction Investment reports that the semiconductor equipment sector is entering a growth cycle, with equipment orders expected to maintain high growth rates [4] - The Taikang Semiconductor Quantitative Stock Fund has achieved over 100% returns since its inception in May 2024, with a 1.28% increase in net value on the previous day [5] - Zhejiang Securities anticipates that the semiconductor equipment index will significantly outperform the market in 2025, with current valuations at the 28th percentile, indicating strong growth in front-end equipment revenue and explosive growth in back-end equipment [5]

截至2026年1月5日 14:04，上证科创板50成份指数(000688)强势上涨4.16%，成分股中微公司(688012)上涨14.09%，澜起科技(688008)上涨8.41%，柏楚电子 (688188)上涨7.96%，佰维存储(688525)，拓荆科技(688072)等个股跟涨。科创50ETF汇添富(588870)上涨3.86%，最新价报1.43元。拉长时间看，截至2025年 12月31日，科创50ETF汇添富近2周累计上涨2.84%。（以上所列股票仅为指数成份股，无特定推荐之意） 流动性方面，科创50ETF汇添富盘中换手9.89%，成交7242.88万元。拉长时间看，截至12月31日，科创50ETF汇添富近1年日均成交5445.20万元。 份额方面，科创50ETF汇添富近半年份额增长2.64亿份，实现显著增长。（数据来源：Wind） 数据显示，杠杆资金持续布局中。科创50ETF汇添富最新融资买入额达174.94万元，最新融资余额达808.45万元。（数据来源：Wind） 20CM抓反弹，首选"硬科技龙头"科创50ETF汇添富(588870)！资料显示，科创50ETF汇添富(588870)跟踪科创50指 ...

（本文作者付一夫为苏商银行特约研究员） 刚刚过去的2025年，可谓是A股市场历史性的"跃升之年"，在制度改革与产业趋势的双重驱动下，实现 了一系列标志性突破。 从指数层面看，市场走出了一轮特征鲜明的"慢牛"行情，上证指数中枢从年初的3200点左右稳步上行， 并一度成功站上4000点，创下近十年新高。至年末，沪指更是走出了"11连阳"，展现出极为强劲的韧 性。不仅如此，A股市场的活跃度与体量达到全新水平，全年累计成交额首次突破400万亿元，日均成 交达1.72万亿元。此外，A股总市值在年内首次跨越100万亿元大关，成为全球第二大股票市场。而在结 构层面，大科技成为无可争议的最强主线，人工智能、半导体、算力、人形机器人等硬科技板块贯穿全 年行情，催生了多只翻倍牛股。 那么在2026年，A股又将如何表现？驱动逻辑是否会发生变化？收益预期是否需要调整？针对这些问 题，本文将尝试给出答案。 一、2026年宏观环境：内修外稳，质效并举 就基本面而言，2025年我国经济社会发展主要目标顺利实现，前三季度GDP同比增长5.2%，在全球主 要经济体中保持前列，为"十五五"开局奠定坚实基础。面对2026年复杂的内外环境，中央明确 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [5][15]. Core Insights - The company has successfully transitioned from vacuum cleaner manufacturing to becoming a leader in domestic automotive EPS motor production, with a projected revenue of 4 billion yuan from automotive parts in 2024 [7]. - The company is also strategically investing in humanoid robotics, which is anticipated to become a significant growth driver alongside its automotive components business [7]. - The household appliance segment is expected to grow steadily, with revenues projected at 21 billion yuan in 2024, driven by new product categories despite short-term profit pressures from tariffs [7][12]. - The automotive parts segment is experiencing rapid growth, with revenues expected to reach 4 billion yuan in 2024, reflecting a significant increase from previous years [7][12]. - The company is diversifying its product offerings to reduce reliance on major clients, with the share of vacuum cleaner revenue decreasing from 71% in 2022 to an expected 52% in 2024 [7]. Financial Projections - Revenue projections for the company are as follows: 2,775 million yuan in 2023, 4,095 million yuan in 2024, 4,715 million yuan in 2025, 5,486 million yuan in 2026, and 6,478 million yuan in 2027, with growth rates of 43%, 48%, 15%, 16%, and 18% respectively [5][9]. - The net profit is forecasted to be 322 million yuan in 2023, 411 million yuan in 2024, 220 million yuan in 2025, 397 million yuan in 2026, and 632 million yuan in 2027, with growth rates of 8%, 28%, -47%, 81%, and 59% respectively [5][9]. - The earnings per share (EPS) are projected to be 0.87 yuan in 2023, 1.10 yuan in 2024, 0.45 yuan in 2025, 0.82 yuan in 2026, and 1.31 yuan in 2027 [5][9]. Valuation and Comparables - The company is compared with peers in the vacuum cleaner and small household appliance sectors, with an average P/E ratio of 30x for 2025, 24x for 2026, and 21x for 2027, indicating that the company has a favorable growth outlook with lower projected valuation multiples [10][11]. - The report highlights that the company's growth potential is significant, with a projected P/E of 40x for 2025, 22x for 2026, and 14x for 2027, which is lower than comparable companies, suggesting a margin of safety for investors [10][11].

消息面上，新年贺词提及"芯片自主研发有了新突破"，国家层面对半导体自主可控的支持方向明确，国 产替代逻辑持续强化。台积电获得美国年度许可，2026年度向中国大陆南京工厂出口芯片制造设备，无 需逐案审批，保障产能与交付稳定性。华虹半导体以82.68亿元收购华力微97.5%股权，整合后将强化12 英寸晶圆代工产能，覆盖0.35微米至28纳米制程，形成规模化优势。 （文章来源：每日经济新闻） 新年首日芯片方向集体上攻，存储芯片、AI芯片、光刻胶、汽车芯片、国产芯片等科技细分涨幅靠 前。截至发稿，科创芯片ETF富国（588810）盘中涨幅达4.24%，芯片龙头ETF（516640）盘中涨幅达 4.14%，消费电子ETF富国（561100）盘中涨幅达3.47%。其中，科创芯片ETF富国成分股中微公司涨幅 超12%，百威存储涨幅超8%，芯源微涨超6%。 ...

北交所报告 北交所 12 月份定期报告 北 交 所 定 供给提速延续，打新热度不减 2026 年 1 月 5 日 S0340522110001 电话：0769-22177163 邮箱：liziyi@dgzq.com.cn S0340522040001 电话：0769-23320059 邮箱：lvziwei@dgzq.com.cn 证 券 研 资料来源：iFind，东莞证券研究所 核心观点： 分析师：李紫忆 SAC 执业证书编号： 分析师：吕子炜 SAC 执业证书编号： 12月北交所延续高频供给态势，新股活跃与打新热度持续维持高位，市场 重心由前期普涨逐步转向"新股+结构性主题"驱动。一级市场节奏明显提 速，注册、排队、发行等环节衔接更为顺畅，显示出制度化常态运作特征 进一步强化。与此同时，近期上市企业普遍具备更高的成长性与规范性， 供给质量呈现边际改善，推动资金逐步形成偏好重构。二级市场层面，随 着估值中枢阶段性修复到位，存量博弈下的结构分化特征更趋明显，资金 更偏好流动性充足、预期兑现路径清晰的标的。整体看，短期交易重心仍 将围绕新股表现与主题外溢轮动展开，中期关注高质量供给持续释放下的 配置机会。 期 报 ...