前言 存储、先进封装等半导体行业高景气向上游核心扩产设备传导，这家具备独特核心技术的龙头今年半导体 相关订单远超去年，受益本轮产业高景气扩产+国产化趋势。 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ...

截至2025年12月15日 09:48，中证数字经济主题指数下跌0.71%。成分股中微公司领涨，北方华创、华润微跟涨；纳思达领跌，澜起科技、拓荆科技跟跌。 数字经济ETF(560800)下修调整。（文中所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体的 投资建议，投资方向、基金具体持仓可能发生变化，投资需谨慎） 消息方面，随着Token调用量持续攀升，在全球AI推理需求快速增长的驱动下，海外CSP进一步加大算力基础设施投入，AI推理相关资本开支持续上行。 25Q3海外四大CSP的资本开支合计979亿美元，qoq+10%，延续了季度间上升的趋势。相较之下，国内整体算力资本开支仍处于追赶阶段。尽管国内CSP与 海外巨头在投入总量上仍存在一定差距，但从Token调用量与业务规模来看，字节等头部厂商已接近谷歌体量。 东海证券指出，国产GPU企业在技术积累和生态构建方面与国际领先企业仍有差距，但已实现单芯片支持AI计算、图形渲染等技术突破。当前电子行业需 求持续复苏，供给有效出清，国产化力度超预期，半导体设备、关键零部件和存储涨价等环节存在结构性机会。（文中所列示的行业 ...

格隆汇12月15日丨北摩高科(002985.SZ)在投资者互动平台表示，公司目前在积极地参与商飞的国产化 工作，公司有信心也有能力参与国产化配套。 责任编辑：栎树 财经频道更多独家策划、专家专栏，免费查阅>> ...

"这款内存条9月初价格为100多元，现在价格涨了3倍多，从没见过涨这么快的。"华强北市场赛格通信 一楼的存储产品经销商陈女士，指着柜台里摆放的一款内存条样品告诉记者。 "一天一个价。"近日，记者在广东深圳华强北市场走访时，多名存储器经销商感慨，自今年9月起，全 球存储器市场迎来罕见的涨价行情。 据第三方调研机构集邦咨询顾问（深圳）有限公司发布的数据，主流型号存储器的现货价格9月初以来 较上季度大涨307%。 从经销商手中不断上涨的报价单，到小米、惠普等消费电子企业不得不面对的成本压力，存储器涨价正 通过层层传导，给产业带来一定影响。存储器价格为何出现快速上涨？这一波动对产业链上下游带来哪 些机遇和挑战？ 行业景气度有望延续 在记者采访过程中，面对如此短时间的巨大涨幅，不仅经销商直呼"没见过"，多位从业多年的存储器企 业负责人和行业分析师也称实属首次。 存储器被誉为"全球半导体产业风向标"，在半导体市场中占据重要份额。由于行业竞争格局高度集中， 其周期波动幅度大于整个半导体行业。回顾历史，存储器的每一轮大周期都与技术革新密切相关。 "本轮上行周期的核心原因，是人工智能技术迭代带来数据总量的指数级跃升，催生了海量 ...

Market Overview - The A-share market exhibited a structurally differentiated pattern last week, with the ChiNext Index rising by 2.74%, indicating resilience in the growth sector after adjustments [1] - The CSI 300 and SSE 50 indices fell by 0.08% and 0.25% respectively, while the CSI Dividend Index dropped by 2.36%, reflecting weaker performance in heavyweight value sectors [1] - The Wind Micro-cap Index saw a significant decline of 5.02%, highlighting short-term pullback pressure on small-cap stocks [1] Industry Performance - The A-share market showed clear differentiation among sectors, with most declining. The Information Technology sector led with a 2.42% increase, benefiting from the ongoing demand for AI computing power and accelerated domestic production [1][11] - Conversely, the Energy sector faced a notable decline of 3.06% due to significantly lower energy prices [1][11] Fund Issuance - A total of 23 funds were issued last week, including 10 equity funds, 3 mixed funds, 5 bond funds, 1 QDII fund, and 4 FOF funds, with a total issuance of 18.218 billion units [1][16] Fund Performance - The Wind All-Fund Index rose by 0.33% last week, with the ordinary equity fund index increasing by 0.61% and the equity-mixed fund index rising by 0.71%, indicating better performance in equity funds compared to bond funds [1][5] - The bond fund index saw a slight increase of 0.08%, while the overall sentiment in the fund market remained positive, focusing on technology and resource sectors [1][6] Global Market Trends - The global equity markets displayed a mixed pattern, with the Dow Jones rising by 1.05% and the Nikkei 225 and KOSPI increasing by 0.68% and 1.64% respectively, while the NASDAQ fell by 1.62% and the S&P 500 decreased by 0.63% [2] - Commodity markets experienced significant volatility, with energy prices plummeting, particularly natural gas which fell by 22.46% and coking coal which dropped by 12.75%, while gold and silver saw increases of 2.05% and 5.13% respectively [2]

Group 1 - The core viewpoint is that the listing of Moore Threads on the Sci-Tech Innovation Board demonstrates China's strategic commitment to investing in the domestic computing power industry, particularly in the development of next-generation AI and graphics chips [1] - Domestic GPU companies still lag behind international leaders in technology accumulation and ecosystem development, but have achieved breakthroughs in single-chip support for AI computing and graphics rendering [1] - Micron's exit from the consumer storage business to focus on high-growth areas like AI and data centers reflects a trend of supply shortages and rising prices in the storage chip market [1] Group 2 - The current recovery in electronic industry demand, effective supply clearance, and unexpected progress in domestic production efforts indicate structural opportunities in semiconductor equipment, key components, and rising storage prices [1] - The Chip ETF (512760) tracks the China Semiconductor Index (990001), which selects listed companies involved in semiconductor materials, equipment, design, manufacturing, packaging, and testing to reflect the overall performance of semiconductor-related stocks [1] - This index includes 50 representative stocks, focusing on industry leaders and high liquidity companies, covering the entire semiconductor chip industry chain in the information technology sector [1]

Group 1 - The project is a demonstration of a fully domestic coal-to-olefins process, with a total investment exceeding 17 billion yuan, aiming to enhance the coal chemical industry towards high-end, diversified, and low-carbon development [2][1] - The gasification unit, a key component of the project, is currently in a critical construction phase, with plans to complete the installation of all major equipment within 60 days [1] - The project aims to increase methanol production capacity from 1.8 million tons to 3.8 million tons annually and polyolefin production capacity from 600,000 tons to 1.35 million tons annually, setting a benchmark in the industry [2] Group 2 - The project is expected to achieve 55% construction progress by the end of this year, laying a solid foundation for the mid-term delivery in June next year and full production by the end of 2026 [1][2] - Currently, the overall progress of the project has reached 40%, with 4,000 construction workers engaged in various tasks such as welding and hoisting [1]

Investment Rating - The report maintains a "stronger than the market" rating for the electronic industry, indicating an expected relative performance that exceeds the benchmark index by over 10% [2][32][34]. Core Views - The report emphasizes that AI inference is driving innovation, with a focus on demand-driven Opex-related sectors, particularly in storage, power, ASIC, and ultra-node technologies [2][26][27]. - The electronic industry has shown resilience, with the Shenwan Electronic Index rising by 1.09% this week and 42.15% year-to-date, ranking 3rd among 31 sectors [10][11]. Summary by Sections Market Review - The overall market saw an increase, with the Shanghai Composite Index rising by 0.37% and the Shenzhen Component Index by 1.26%. The Shenwan Electronic Index's performance was ranked 13th among 31 sectors this week [10][11]. Weekly Insights - The report highlights the semiconductor equipment market, noting that China remains the top region for semiconductor equipment sales, with a total of $145.6 billion in Q3 2025 [21][22]. - It also discusses the anticipated growth in storage capacity, particularly with new products from Yangtze Memory Technologies and Changxin Memory Technologies, which are expected to drive expansion in the domestic storage industry [26]. Focus Areas - **Storage**: The report suggests a significant opportunity in the domestic storage industry, driven by increased demand for SSDs and HBM products [26]. - **Power**: It highlights the importance of new technologies in both the generation and consumption sides of the power industry, recommending specific companies for investment [27]. - **ASIC**: The report anticipates an increase in ASIC market share, focusing on key domestic and international CSP manufacturers [27]. - **Ultra-node**: It predicts growth in high-speed interconnects, cabinet manufacturing, liquid cooling, and PCB demand, with specific companies identified for potential investment [27][28]. Related Research - The report references several related studies that support the ongoing trends in AI computing and storage capabilities, indicating a strong outlook for the semiconductor and electronic sectors [4][21].

点击上方"公众号"可订阅哦！ 投资要点 2026年投资展望：结构致胜，创新为矛。1）整体判断： 本轮上行的核心驱动在于产业创新、政策发力、业绩改 善三者共振，影响未来趋势的主要因素是AI创新的兑现能力、业绩改善的持续性与力度、政策深化发力的空间， 寻找结构性机会将是未来一年板块投资的核心工作。 2）板块业绩： 从前三季度来看，呈现企稳回暖趋势，需求 端将决定未来一年的业绩趋势。 3）机构持仓： 已连续8个季度处于低配区间，未来业绩的改善力度及持续性将 是影响超配比例的关键。 4）投资风格： 预计将从过去一年的偏困境反转型的中小市值风格趋于更为均衡。 5） 展望十五五： 围绕着科技自立自强、新质生产力等关键词，建议守正出奇，重点关注AI与国产化的兑现、前沿创 新的突破，把握相关的投资机会。 AI应用：从1到N，闭环生态日臻完善。1）模型端： Scaling Law持续驱动性能提升，大语言模型竞争白热化，国 产模型快速追赶，Nano Banana Pro带来多模态奇点时刻，关注 科大讯飞。 2）企业级AI： AI应用商业化首发阵 地，2026年将从1到N，工业、商业、特种行业、电力行业正加速落地，关注 中控技术、 ...

Core Viewpoint - The global memory market has experienced an unprecedented price surge since September, with mainstream memory spot prices increasing by over 300% [1][2]. Group 1: Market Dynamics - The current price increase in memory products is characterized by rapid speed, significant magnitude, and a wide range of affected models [2]. - Demand from cloud service providers for ordinary and AI servers has driven strong demand for memory products, particularly HBM and various other models [2]. - The supply side faces challenges as new factory construction takes at least two years, making it difficult to significantly increase production capacity in the short term [2]. - The current cycle is driven by the exponential growth of data due to advancements in artificial intelligence, creating a substantial demand for memory [2][3]. Group 2: Industry Outlook - The memory industry is entering a "super cycle," with expectations of continued high demand and favorable conditions lasting until at least 2027 [3]. - Historical data indicates that the global memory market has undergone multiple cycles since 2000, each lasting approximately 3 to 5 years [3]. Group 3: Impact on Supply Chain - Upstream companies, such as semiconductor equipment manufacturers, are benefiting from the price increase, with strong order volumes reported [4]. - Midstream companies are experiencing revenue and profit growth due to rising product prices, with specific companies reporting significant year-on-year increases in revenue and net profit [5]. - Downstream consumer electronics manufacturers face challenges as memory price increases lead to higher overall production costs, potentially resulting in higher prices or reduced specifications for end products [5][6]. Group 4: Domestic Development - China's data storage capacity is projected to reach 1580 exabytes by the end of 2024, with advanced storage accounting for 28% [7]. - Domestic companies have made significant progress in key areas of the memory supply chain, enhancing the localization rate [8]. - Companies like Yangtze Memory Technologies and ChangXin Memory Technologies are rapidly increasing their market share in the memory wafer sector [8]. Group 5: Investment and Innovation - Companies are seizing the opportunity presented by the "super cycle" to invest in R&D and capacity expansion, with several firms announcing plans to raise funds for high-end memory development and production projects [9]. - The industry is expected to face both challenges and opportunities, with companies that master core high-end technologies likely to establish strong competitive barriers [9].