邹澜在这篇专访中系统回顾了"十四五"期间中国金融科技发展所取得的重点成效，还结合近期发布的 2024年度金融科技发展奖成果，阐述了我国金融业在自主可控，金融科技与金融业务深度融合，金融业 激活数据要素价值、推进数智化转型，建设金融领域现代化风险防控体系等四大方面的技术趋势、产业 逻辑与政策导向。 在相关获奖成果案例中，包括建设银行、浦发银行、中国银行、中信银行、交通银行、人保财险、农业 银行、邮储银行、工商银行、平安财险等10家金融机构获得2024年度金融科技发展奖一等奖的项目作为 代表成果被提及。核心软硬件从"可用"迈向"好用" 在自主可控、筑牢金融基础设施底座方面，邹澜从核心技术到软硬件产业链、生态，到供应链韧性等多 方面分析了金融业高水平科技自立自强的跃升、 他提到，"十四五"期间，金融机构全面推进企业级IT架构转型升级，分布式、云原生等核心技术从试点 探索走向规模化、规范化应用，为金融科技高质量发展搭建起坚实梁柱。银行核心系统完成全方位转型 升级，关键技术攻关多点突破、成效卓著，自主可控能力实现质的飞跃。在此基础上，国产软硬件产业 链与生态持续迭代完善，供应链韧性与安全防控水平同步提升，为金融业筑牢高 ...

Core Insights - The year 2026 marks a significant turning point in the investment paradigm, moving away from the previous era of liquidity abundance towards a new normal characterized by growth scarcity and structural changes [1] Group 1: Macro Economic Landscape - The global economy is experiencing a K-shaped recovery, with developed economies facing low growth and local recessions due to high debt, high interest rates, and aging populations [2] - China's GDP growth target for 2026 is expected to remain around 5%, indicating a shift from quantity-driven growth to enhancing total factor productivity [2] - A new government policy aims to guide investment funds towards "new quality productivity," focusing on upgrading traditional industries and fostering emerging sectors [3] Group 2: Structural Changes and Long-term Value - The desire for "security and autonomy" is driving explosive growth in sectors like semiconductors and commercial aerospace, as "self-control" becomes a survival imperative [4] - The global semiconductor market is projected to approach $1 trillion by 2026, with China's high-end AI chip market expected to grow over 60% [4] - The commercial aerospace sector is also evolving, with significant advancements in rocket recovery technology expected to lower launch costs [5] - The "efficiency and green" revolution is reshaping industrial civilization, with AI and automation technologies being prioritized alongside energy transition [6] - The Chinese renewable energy sector is expected to see profit margins improve due to policy-driven capacity adjustments and price corrections [7] - The aging population is shifting societal preferences towards healthcare and life sciences, making these sectors resilient across economic cycles [8] Group 3: Investment Strategies - Investment strategies in 2026 should focus on identifying "indispensable players" within supply chains, particularly in hard technology sectors where head effects are pronounced [9] - A balanced approach between offensive and defensive investments is crucial, combining stable cash flow companies with exposure to high-growth sectors like AI and commercial aerospace [9] - Long-term investments in hard technology require patience and continuous monitoring of technological advancements and competitive landscapes [10] - A dual-currency strategy is recommended, utilizing both RMB and USD funds to capitalize on domestic self-sufficiency and global opportunities [11]

截至14:00，科创50指数上涨0.9%，中证芯片产业指数上涨0.6%，二者共同成份股中，海光信息、拓荆 科技、芯原股份等涨超5%，佰维存储涨超4%。 消息面上，佰维存储1月13日公告，预计2025年度实现归属于母公司所有者的净利润8.5亿元至10亿元， 同比增加427.19%至520.22%；2025年四季度净利润预计为8.2亿元-9.7亿元，同比增长 1225.40%-1449.67%。 国信证券指出，受AI增量需求拉动，电子上游涨价品类不断增加，存储和高端PCB产业链仍呈现较严重 的供不应求。部分受益于海外AI算力高增长的标的临近1月份业绩预告催化；同时，端侧创新预期有望 强化春季躁动行情，关注自主可控（代工设备）、海外算力+存力链。 科创50指数由科创板中市值大、流动性好的50只股票组成，数字芯片设计与集成电路制造合计占比超 50%，硬科技龙头特征显著；中证芯片产业指数则由50只业务涉及芯片设计、制造、封装与测试以及半 导体材料、半导体生产设备等领域的股票组成，产业覆盖较为全面，其中数字芯片设计行业占比约 50%，半导体设备行业占比近20%。 （文章来源：每日经济新闻） ...

展望2026年，国信证券指出，AI大模型的推理能力仍在持续迭代，大模型与端侧应用的闭环正在形 成，算力+存力硬件层面供不应求的态势仍将延续，而国内先进制程的扩张进度和自主可控的推进速度 仍有较大预期差。2026年有望成为"从星星之火到全面燎原的【本土硬科技收获之年】"。 成份股方面，中科星图领涨超14%，海天瑞声、星环科技、云从科技涨逾8%，虹软科技、恒玄科技等 个股大幅跟涨。权重股方面，芯原股份涨超6%，澜起科技涨超2%，寒武纪涨逾1%。 重点布局国产AI产业链的科创人工智能ETF华宝（589520）继昨日创历史新高后，今日（1月14日）延 续猛烈涨势，场内价格盘中涨超5.1%，现涨2.93%，实时成交额超1.2亿元，交投火热！ 值得关注的是，科创人工智能ETF华宝（589520）近2日连续吸金，合计金额1.02亿元，反映资金看好 国产AI产业链后市表现，借道ETF大举抢筹！ 技术面分析来看，MACD指标实现金叉后，快线DIF持续运行在慢线DEA上方，是多头趋势延续信号， 说明短期市场做多力量占据主导，股价上涨动能较强。 | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | ...

Core Insights - The mass production of NVIDIA's Rubin platform AI chips is expected to significantly enhance computing speed, driven by the AI wave that increases the value across servers, chips, and storage sectors [1] - Storage prices have bottomed out and are beginning to recover, while the utilization rate in the packaging and testing segment is gradually improving, indicating future benefits from advanced packaging demands driven by AI chips [1] - TSMC's fourth-quarter revenue exceeded expectations, fueled by strong demand for AI applications [1] - Domestic equipment is making continuous breakthroughs in advanced processes, with "advanced process expansion" expected to be a key focus for the next three years, highlighting the importance of advanced packaging in positioning for the AI industry trend [1] Industry Overview - The Consumer Electronics ETF (561310) tracks the Consumer Electronics Index (931494), which selects securities from companies involved in the manufacturing, sales, and related services of consumer electronic products, focusing on areas such as smartphones, home appliances, and wearable devices that are technologically advanced and have high market shares [1]

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 兴业证券指出，AI浪潮推动算力需求爆发，服务器、AI芯片、光芯片、存储、PCB等环节价值量显 著提升；英伟达Rubin平台AI芯片量产将带动计算速度倍数增长，成本更低。端侧AI潜力巨大，耳机和 眼镜或成为AI Agent重要载体。存储价格触底回升，封测环节稼动率逐步恢复，先进封装需求随AI芯片 增长。台积电四季度营收超预期，受益于AI应用需求激增；未来3年"先进工艺扩产"将成为自主可控主 线，CoWoS及HBM技术卡位AI趋势。此外，被动元件、数字SoC、射频等上游领域呈现复苏态势。 半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数从市场中选取涉及半 导体材料研发、生产和销售以及半导体设备制造等业务的上市公司证券作为指数样本，以反映半导体产 业上游关键环节相关上市公司证券的整体表现。 风 ...

Market Overview - Since 2026, the A-share market has seen a significant increase in trading activity, with the Shanghai Composite Index surpassing 4100 points and the total trading volume exceeding 30 trillion yuan over three consecutive trading days, reflecting positive investor sentiment and increased risk appetite [1][5] - In a liquidity-rich environment, small-cap growth stocks are expected to outperform overall [1][5] - Recent positive developments in the AI application sector, including industry leaders entering the capital market and new application scenarios accelerating, have strengthened the chip and semiconductor sectors, indicating a sustained improvement in the semiconductor industry's outlook [1][5] ETF Focus - The market is increasingly focused on the Sci-Tech Innovation 200 ETF (588230), which targets growth opportunities in small-cap technology stocks [1][5] - The Sci-Tech Innovation 200 ETF has seen a net inflow of 350 million yuan over eight consecutive trading days, with trading volume exceeding 200 million yuan for three consecutive days [1][5] Index Performance - The Sci-Tech Innovation 200 Index, closely tracked by the ETF, consists of 200 small-cap stocks with good liquidity, showcasing strong elasticity due to its dual attributes of "Sci-Tech Board" and "small-cap style" [2][6] - Since 2025, the Sci-Tech Innovation 200 Index has achieved a cumulative increase of 80.45%, outperforming the Sci-Tech 50 Index (48.60%), Sci-Tech 100 Index (71.58%), and the Sci-Tech Composite Index (61.43%) [2][6] Fund Management - The Sci-Tech Innovation 200 ETF is managed by Huatai-PB Fund, one of the first ETF managers in China, which also manages the largest ETF in the A-share market, the Huatai-PB CSI 300 ETF, with a scale of 434.213 billion yuan [2][6] - The Huatai-PB CSI 300 ETF announced a cash dividend of 1.23 yuan per 10 fund shares, with a total dividend amount expected to approach 11 billion yuan, potentially setting a new record for single dividend payouts in domestic ETFs [2][6] Performance Metrics - The Sci-Tech Innovation 200 ETF was established on December 16, 2024, and reported a return of 51.29% from its inception to September 30, 2025, compared to a benchmark return of 46.79% for the Sci-Tech Innovation 200 Index [2][6]

Group 1 - Domestic wafer fabs are experiencing a recovery in capacity utilization and a strong willingness to expand production, driven by AI, which is expected to lead to a super cycle in storage [1] - The semiconductor equipment demand is anticipated to rise due to increased domestic production rates and the push for self-sufficiency in logic chips [1] - The market is witnessing a significant increase in trading volume, indicating a high risk appetite, although short-term volatility is expected due to the further increase in margin financing [1] Group 2 - The AI-driven global storage chip industry is entering a "super cycle," with supply-demand mismatches leading to higher-than-expected price increases [1] - Domestic and international storage expansions are ongoing, with companies like Changxin and Changcun accelerating their IPO processes, which is expected to boost upstream semiconductor equipment investment opportunities [1] - The low domestic production rate of semiconductor equipment and tightening export controls from the US, Japan, and the Netherlands are likely to accelerate the progress of domestic semiconductor equipment production [1]

Group 1 - The core viewpoint of the news highlights a resurgence in the semiconductor and memory sectors, driven by a "super cycle" in memory demand, leading to significant stock price increases for several memory companies and semiconductor equipment firms [1][3]. - The first annual report forecast indicates a substantial net profit growth of 427.19%-520.22% for 2025, boosting market sentiment in the memory sector [3]. - The semiconductor equipment ETF (561980) saw a 3.26% increase, with a trading volume exceeding 1.4 billion yuan, reflecting strong investor interest in the sector [1][3]. Group 2 - The demand side is driven by the launch of new storage platforms, particularly NV's new Rubin AI platform, which is expected to significantly increase NAND demand due to enhanced memory capabilities [4]. - On the supply side, a supply-demand mismatch is causing continuous price increases for storage products, as leading storage chip manufacturers shift production towards high-end chips suitable for AI and data centers while reducing output of traditional memory chips [5]. - TrendForce forecasts that by Q1 2026, the contract prices for general DRAM will increase by 55-60%, and NAND Flash products will see price increases of 33-38% [3][6]. Group 3 - The domestic storage leader is set to receive IPO approval, aiming to raise 29.5 billion yuan for technology upgrades and next-generation production lines, which is expected to enhance domestic equipment demand and market share [6]. - The localization rate of semiconductor manufacturing equipment in China is currently low, with projections indicating an increase from 25% in 2024 to 30% by 2026 [6][7]. - The semiconductor equipment ETF (561980) focuses on the upstream segment of the semiconductor industry, which has the highest technical barriers and value concentration, with nearly 60% equipment content [7].

Group 1 - The core viewpoint of the article highlights the strong performance of the technology sector, particularly in the 0-1 stage themes such as quantum computing, nuclear fusion, and commercial aerospace, with significant attention on the commercial aerospace sector and its related industries [1] - The article notes that the ChiNext 50 ETF (159375) rose over 1.7%, reflecting the overall positive sentiment in the technology and emerging industries, which include electric equipment, new energy, pharmaceuticals, and computers [1] - The report emphasizes the importance of theme investments, recommending a focus on the space photovoltaic industry and AI application sectors, particularly the industrialization process of SpaceX's space photovoltaic initiatives and the deepening development of AI applications [1] Group 2 - The article mentions that the ChiNext 50 Index (399673) tracks the performance of 50 securities with high trading volumes in the ChiNext market, which are characterized by high growth potential and liquidity [1] - It is indicated that the sectors expected to perform well in the first half of the year include technology (0-1 technology themes and overseas computing/optical communication) and anti-involution sectors such as lithium batteries, chemicals, and non-ferrous metals, while advanced manufacturing and cyclical sectors are to be monitored in the second half [1]