消息面上，据报道，中芯国际已经对部分产能实施了涨价，涨幅约为10%。有公司反映，预计涨价会很 快执行。对于中芯国际涨价的原因，有半导体业内人士解读，原材料涨价也是其中因素。此外，台积电 确认整合8英寸产能，并计划在2027年末关停部分生产线，或也引发晶圆厂涨价预期。事实上，由于需 求旺盛，中芯国际、华虹公司的产能利用率持续增长，并已接近满载或超过满载。 招银国际认为，展望2026年，维持四大核心投资主线推荐：1)人工智能驱动的结构性增长；2)中国半导 体自主可控趋势；3)高收益防御性配置；4)行业的整合并购。自2024年以来人工智能驱动的投资与科技 自主可控两大主题一直是该行的首选推荐，并已实现显著回报。东莞证券认为，展望2026年，该行认为 人工智能仍为科技行业创新主线，算力、存力、设备、先进封装等多环节有望受益。 芯片股涨幅居前，截至发稿，上海复旦(01385)涨4.68%，报44.76港元；中芯国际(00981)涨4.28%，报 71.85港元；华虹半导体(01347)涨3.34%，报72.65港元。 ...

招银国际认为，展望2026年，维持四大核心投资主线推荐：1)人工智能驱动的结构性增长；2)中国半导 体自主可控趋势；3)高收益防御性配置；4)行业的整合并购。自2024年以来人工智能驱动的投资与科技 自主可控两大主题一直是该行的首选推荐，并已实现显著回报。东莞证券认为，展望2026年，该行认为 人工智能仍为科技行业创新主线，算力、存力、设备、先进封装等多环节有望受益。 消息面上，据报道，中芯国际已经对部分产能实施了涨价，涨幅约为10%。有公司反映，预计涨价会很 快执行。对于中芯国际涨价的原因，有半导体业内人士解读，原材料涨价也是其中因素。此外，台积电 确认整合8英寸产能，并计划在2027年末关停部分生产线，或也引发晶圆厂涨价预期。事实上，由于需 求旺盛，中芯国际、华虹公司的产能利用率持续增长，并已接近满载或超过满载。 智通财经APP获悉，芯片股涨幅居前，截至发稿，上海复旦(01385)涨4.68%，报44.76港元；中芯国际 (00981)涨4.28%，报71.85港元；华虹半导体(01347)涨3.34%，报72.65港元。 ...

今日（12月23日）电子板块涨幅居前，汇聚电子板块核心龙头的电子ETF（515260）场内涨幅盘中上探1.23%，现涨0.92%，值得关注的是，该ETF场内频 现溢价区间，显示买盘资金更为强势！ 3、半导体方面，2026年半导体自主可控在外部约束升维、先进制程扩产与国产设备量产导入共振下，进入全面兑现期。先进逻辑与高端存储代工进入集中 扩产窗口，显著推升设备订单确定性；刻蚀、薄膜等核心工序国产设备迈向成套化导入，光刻、量测等低国产化率环节加速突破，迎来行业级"戴维斯双 击"配置窗口。 4、存储方面，25Q3以来存储价格全面上涨，DDR4受益原厂停产供给收缩，高规格存储供需双振，需求侧数据中心建置动能回暖叠加AI服务器大幅提升存 储配置要求，供给侧扩产相对有限，产品价格高歌猛进。展望2026年，DDR5、eSSD等高规格存储因供需缺口扩大涨幅可期，行业高景气度有望延续。 资金面上，超百亿主力资金涌入电子板块！截至发稿，电子板块获主力资金净流入105.45亿元，近5日、近20日分别吸金335.75亿元、1335.68亿元，持续高 居31个申万一级行业首位！电子ETF成份股寒武纪获主力资金净流入25.93亿元，登顶 ...

硬科技板块继续上攻！半导体设备ETF、芯片设备ETF、半导体设备ETF基金、半导体设备ETF易方达、半导体产业ETF、科创半导体设备ETF、半导体设备 ETF、科创半导体ETF、半导体材料ETF涨超4%。 | 证券代码 | 证券简称 | 当日涨幅% | 年内 | | --- | --- | --- | --- | | 159516 | 半导体设备ETF | 4.93 | 55 | | 560780 | 芯片设备ETF | 4.92 | 56 | | 159327 | 半导体设备ETF基金 | 4.82 | 55 | | 159558 | | 半导体设备ETF易方达 二十二 4:49 /レン | 55 | | 159582 | 半导体产业ETF® | 4.26 UV | 60 | | 588710 | 科创半导体设备ETF | 4.26 | 55 | | 561980 | 半导体设备ETF | 4.22 | 61 | | 588170 | 科创半导体ETF | 4.20 | 65 | | 562590 | 半导体材料ETF | 4.16 | 54 | 消息面上，彭博社今日发文称中国芯片技术发展迅速，有望在202 ...

Group 1 - The global economy is experiencing a return to Monroe Doctrine-like policies, impacting the long-standing Bretton Woods system and leading to trade friction and geopolitical tensions [1] - Companies targeting overseas markets must restructure their strategies in market expansion, product involvement, production restructuring, sales, and financing [1] Group 2 - The focus of global economic growth is on the competition in artificial intelligence, primarily between the US and China, with significant advancements expected in various tech sectors [2] - The rapid progress in AI and related technologies is breaking traditional tech growth patterns, creating new investment opportunities while also posing challenges such as job displacement due to skill mismatches [2] Group 3 - The restructuring of US-China relations is a significant variable affecting investments, with both countries likely to maintain a degree of distance in sensitive industries while still needing to cooperate in others [3] - There is optimism regarding the future competitive and cooperative relationship between the US and China, particularly in areas like AI and energy [3] Group 4 - Key investment opportunities include advancements in AI technology, robotics, low-altitude communication, commercial space, and biomedicine, with a focus on China's semiconductor self-sufficiency [4] - The importance of scarce resources is heightened due to global inflation and geopolitical tensions, making overseas expansion crucial for Chinese companies to capture new market shares [4] - Dividend advantages in equity assets remain attractive even in a low-interest-rate environment, providing opportunities amidst asset scarcity [4]

Investment Rating - The industry is rated positively, with a focus on strong growth potential in AI-related sectors and semiconductor markets [30]. Core Insights - Micron's revenue guidance for Q1 FY2026 reached $13.6 billion, a 21% quarter-over-quarter increase and a 57% year-over-year increase, marking a historical high for three consecutive quarters [2]. - The company anticipates Q2 revenue to hit a record $18.7 billion, with a gross margin projected to rise to 68% and earnings per share expected to reach $8.42 [2]. - The demand for DRAM and NAND is expected to remain tight through 2026, with Micron currently meeting only 50% to two-thirds of key customer demand [2]. - The total addressable market (TAM) for HBM is projected to grow at a compound annual growth rate (CAGR) of approximately 40%, increasing from $35 billion in 2025 to $100 billion by 2028 [2]. - The semiconductor industry is expected to see significant price increases, with DRAM average selling prices (ASP) projected to rise by about 58% year-over-year in 2026, and NAND Flash revenue expected to reach $110.5 billion, also reflecting a 58% increase [2][30]. Summary by Sections 1. Consumer Electronics - The expansion of C-end application scenarios is expected to drive growth, particularly in the Apple supply chain and smart glasses [6]. - AI applications are anticipated to accelerate, with various manufacturers launching AI smart glasses and other products [6]. 2. PCB - The demand for copper-clad laminates is expected to remain high, driven by automotive and industrial control sectors, alongside AI volume production [7]. - The PCB industry is maintaining a high level of prosperity, with expectations for price increases in the fourth quarter [7]. 3. Semiconductor Industry - The storage sector is entering a clear upward trend, with supply-side reductions and increased demand from cloud computing companies [26]. - The semiconductor equipment sector is also expected to see robust growth, with significant increases in global semiconductor equipment shipments projected [28]. 4. AI and ASIC Demand - The demand for ASICs is expected to surge, particularly from major players like Google, Amazon, Meta, OpenAI, and Microsoft, with explosive growth anticipated in 2026-2027 [5][30]. - The AI hardware supply chain is expected to continue performing well, with strong orders and production capacity expansion [30]. 5. Key Companies - Companies such as Micron, North Huachuang, and others are highlighted for their strong performance and growth potential in the semiconductor and AI sectors [30][35][40].

浙商证券指出，自2024年9月24日以来，本轮AI主线引领的大行情中，科创板是引领板块。类似于，2013年至2015年互联网主线引领的大行情中，创业 板是引领板块。今年以来，特别是6月以来，科创板系列指数涨幅居前。 今日（12.19），A股震荡走高，全市场费率最低档的科创50指数ETF（588870）收涨0.23%，全天成交额超3300万元。资金借道ETF布局，科创50指数 ETF（588870）近5日有3日获净流入！截至12月18日，科创50指数ETF（588870）年内份额增长率高达170%，同类断层领先！ | 序号 | 代码 | 名称 | 估算权重 ▼ | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 688981 | 中古国际 | 9.87% | 0.74% | 31.07亿 | | 2 | 688256 | 寒武纪-U | 9.65% | -1.48% | 55.27 亿 | | 3 | 688041 | 海光信息 | 8.11% | 0.68% | 37.87亿 | | 4 | 688008 | 澜起科技 | 5.84% | 0.6 ...

Core Viewpoint - The recent changes in the shareholder structure of Anjieli Mewei Electronics Co., Ltd. have attracted attention, with the exit of the original shareholder and the entry of new investors, indicating a strategic shift towards enhancing its technological capabilities in the semiconductor packaging sector [5][6]. Group 1: Company Overview - Anjieli Mewei was established in December 2019 with a registered capital of 4.5 billion RMB, focusing on manufacturing optoelectronic devices, printed circuit boards, electronic components, and integrated circuits [5]. - The company offers advanced HDI one-stop solutions, including products like FCBGA packaging substrates, high-level HDI, and battery module assemblies [5]. Group 2: Financial Performance - For 2024, Anjieli Mewei is projected to achieve a revenue of 7.917 billion RMB with a net profit of 414 million RMB, resulting in a net profit margin of 5.2% [5]. - In the first three quarters of 2025, the company reported a revenue of 6.316 billion RMB and a net profit of 106 million RMB, with a reduced net profit margin of 1.7% [5]. - The total assets of the company increased from 15.974 billion RMB in 2024 to 16.607 billion RMB in 2025 [5]. Group 3: Investment and Strategic Implications - The entry of the National Big Fund Phase III and local state-owned enterprises as new shareholders reflects a recognition of Anjieli Mewei's technological strength in the packaging substrate sector, which is characterized by high technical barriers and low domestic production rates [6]. - The National Big Fund Phase III aims to strengthen the semiconductor industry by focusing on advanced manufacturing and high-end chip design, emphasizing the importance of "strong chain and supplementary chain" and "industrial chain collaboration" [6]. - The investment is expected to accelerate Anjieli Mewei's capacity building and technological iteration in high-end substrates, potentially filling domestic gaps and promoting the development of the upstream and downstream supply chains in the semiconductor packaging sector [6].

Core Viewpoint - The semiconductor equipment leader, Zhongwei Company, is planning to acquire a controlling stake in Hangzhou Zhonggui, which specializes in high-end Chemical Mechanical Polishing (CMP) equipment, aiming to create significant strategic synergies and enhance its global semiconductor equipment platform [1][3][4]. Group 1: Acquisition Details - Zhongwei Company announced on December 18 that it is in the process of acquiring a controlling stake in Hangzhou Zhonggui through a share issuance and will suspend trading from December 19 [1][3]. - Hangzhou Zhonggui's main business includes the research, production, and sales of CMP equipment, particularly for 12-inch wafers, and it provides comprehensive solutions for CMP equipment [3][4]. - The acquisition is part of Zhongwei's strategy to strengthen its core technology portfolio and provide more competitive integrated process solutions to customers [4]. Group 2: Financial Performance - In the first three quarters of 2025, Zhongwei Company achieved a revenue of 8.063 billion yuan, representing a year-on-year growth of approximately 46.40% [5]. - The revenue from etching equipment was 6.101 billion yuan, up about 38.26% year-on-year, while revenue from LPCVD and ALD thin film equipment surged by approximately 1332.69% to 403 million yuan [5]. - The net profit attributable to shareholders for the same period was 1.211 billion yuan, reflecting a year-on-year increase of about 32.66% [5]. Group 3: Industry Outlook - The semiconductor sector is experiencing a recovery, with the SW semiconductor sector achieving a revenue of 178.172 billion yuan in Q3 2025, a year-on-year increase of 12.1% and a quarter-on-quarter increase of 4.0%, marking a historical high for a single quarter [7]. - The net profit for the semiconductor sector in Q3 2025 was 19.972 billion yuan, up 75.0% year-on-year, indicating a clear trend of profit recovery [7]. - The global semiconductor manufacturing equipment sales are projected to reach 133 billion dollars in 2025, a year-on-year increase of 13.7%, driven primarily by investments related to artificial intelligence [8].

Macro Economic Outlook - In 2026, the U.S. midterm elections, Japan and Europe’s defense spending demands, and China's growth stabilization will lead to continued policy easing in the first half of the year. However, the actual space for macro policy is limited due to high inflation, rising government debt, and previous policy overreach [7] - The AI boom is expected to enhance efficiency and market valuations but may also exacerbate job losses and economic K-shaped divergence. Global liquidity easing and a weaker dollar may lead to rising inflation in the second half of the year, potentially causing volatility in high-valuation assets [7] Chinese Internet Software Sector - 2026 is seen as a critical year for capturing user mindshare in the AI era, focusing on lowering usage barriers and enhancing decision-making efficiency. Companies with stable cash flows supporting AI investments and strong operational capabilities are expected to have higher long-term investment value [8] - Recommended stocks include Tencent, Alibaba, and Kuaishou for AI-driven growth, and NetEase and Trip.com for stable earnings growth [8] Overseas Internet Software Sector - The competition in the large model industry is expected to intensify, with AI application monetization continuing to grow. Companies like Microsoft, Google, Amazon, and Palantir are recommended for their potential in AI revenue generation [9] Chinese Semiconductor Sector - The sector is expected to focus on AI-driven structural growth, self-sufficiency trends, high-yield defensive allocations, and industry consolidation. The global semiconductor market is projected to grow by 26% to $975 billion in 2026, with AI-related segments leading the growth [10] Chinese Technology Sector - The global tech industry will experience demand differentiation and accelerated AI innovation. The expansion of computing power and the introduction of AI products are expected to drive growth, with a focus on AI infrastructure and end-user AI products [11] Chinese Essential Consumer Sector - The core constraint on consumer spending in 2026 is expected to be asset shrinkage and slow income recovery. Investment themes include the deepening of consumer stratification and a focus on essential survival needs [12] Chinese Discretionary Consumer Sector - The overall retail sales growth is projected to slow to about 3.5% in 2026. Investment strategies should focus on survival-type consumption, compensatory consumption, and defensive stocks [13] Chinese Automotive Sector - Despite pressures from subsidy reductions, the automotive industry is expected to show resilience, with retail sales of passenger vehicles projected to remain stable. Key trends include intensified competition and the growth of plug-in hybrid vehicles [14] Chinese Pharmaceutical Sector - The innovative drug sector has seen significant growth driven by overseas licensing deals. Future catalysts are expected to shift from upfront payments to milestone payments as clinical progress is made [15] Chinese Equipment Manufacturing Sector - The mining machinery sector is anticipated to be a major growth area, driven by high capital expenditures from global mining companies. Companies like Zoomlion and Sany Heavy Industry are expected to benefit [16] Natural Uranium Sector - The global supply of natural uranium is expected to remain tight, supporting a rising price trend. Demand may exceed expectations due to the recovery of U.S. nuclear power plants [17] Chinese Insurance Sector - The life insurance sector is undergoing a transformation towards dividend insurance, with expectations of improved profitability and valuation recovery. Companies like Ping An and China Life are recommended for their strong growth potential [18] Chinese Real Estate and Property Management Sector - The real estate market is expected to face continued sales declines, with a focus on stock market-related opportunities and resilient property management companies. Recommendations include China Resources and Beike [19]