美股芯片股全线狂飙。 受公司董事罕见增持的消息刺激，今日美股盘前，全球存储芯片巨头美光科技股价直线拉升，一度大涨 近7%。与此同时，美股其他芯片巨头股价在盘前交易中亦大幅走高，闪迪大涨超6%，西部数据大涨超 5%，希捷科技大涨超4%，AMD涨超3%，台积电ADR涨超1%。 有机构分析指出，受人工智能（AI）基建浪潮和内存需求激增的驱动，存储芯片价格或将在2026年出 现"失控式上涨"，存储行业的"超级周期"或将延续至2027年。 芯片巨头直线拉升 美东时间1月16日，在美股盘前交易中，美光科技股价直线拉升，一度大涨近7%，截至北京时间16日19 时，涨幅达6.55%。 | 336.630+ 最高 | | 347.770 今 开 | 345.325 | | --- | --- | --- | --- | | +3.280 +0.98% | 最 低 | 336.270 昨 收 | 333.350 | | 成交额 86.74亿 市盈率TTM | | 32.00 总市值 · 3788.80亿 | | | 盘前 1 358.690 +22.060 +6.55% | | | 05:42 (美东) ^ | | 最 高 | ...

本报记者 林小艺 谢文婷 撒哈拉沙漠的热浪在电影《用武之地》的画面中铺展，鲜红的西红柿从地雷残骸中顽强萌发。这一极具 冲击力的画面深深触动了观众，它鲜明地昭示着，在战争的废墟之上，依然能孕育出生命的希望。 正在热映的国产电影《用武之地》收获不错的口碑，许多观众感慨，影片的可贵之处在于，它取材于真 实的境外人质自救事件，将镜头对准长期生活在战乱地区的普通中国人，他们在海外扎根生活，以真诚 善意与日常点滴的付出，与当地人建立起深厚情谊。也正是这些日积月累的善意之举，成为电影中主角 扭转逆境的关键。 该片导演申奥表示，"电影反对穷兵黩武、反对恐怖主义，更多聚焦在被战火侵蚀的平民身上。我们希 望引发观众对恐怖主义、极端主义的反思，对难民的同情，对和平的向往。" 这部电影还抛给观众一个值得琢磨的问题：当动荡与冲突成了部分人的日常，什么才能真正抚平创伤？ 答案或许在那些微小却具体的关怀里。这种理念在银幕之外，正与中国的海外实践遥相呼应：通过修建 道路与电站、派遣医疗队、传授农业技术等行动，将发展与希望播种在更广袤的土地之上。这种立足于 平等尊重、互助共赢的相处之道，超越了简单的援助，成为一种源于古老智慧、关乎共同生存的中 ...

Core Insights - The report by Morgan Stanley highlights that the global tech industry is in a strong upward cycle driven by AI computing power demand, but the distribution of benefits is uneven [3] - The focus is shifting from mere "concept hype" to a rigorous examination of capacity bottlenecks, pricing power, and cyclical sequences in the semiconductor "super cycle" [3] Group 1: AI Infrastructure and Demand - AI server demand is expected to remain strong, with Nvidia GPU server shipments predicted to double from approximately 28,000 units in 2025 to a higher level in 2026 [4] - The report emphasizes that this growth is not just about quantity but also a qualitative shift in computing power density, with data center-related revenue projected to account for 40% of Nvidia's total revenue in 2025 and at least 50% in 2026 [4] Group 2: Energy Management and Semiconductor Supply Chain - The expansion of data centers is reshaping energy architectures, with power management semiconductors becoming a new growth point as power density per rack increases from 250kW to potentially 1MW [5] - Companies like Wiwynn and Hon Hai/Foxconn are favored for benefiting directly from AI server demand, while traditional hardware manufacturers lacking deep AI supply chain integration are viewed unfavorably [5] Group 3: Storage Chips and Market Dynamics - The storage chip sector is experiencing a rare "seller's market," particularly for high bandwidth memory (HBM), with supply shortages expected to persist despite efforts from major players like Samsung and SK Hynix to increase production [6] - DRAM contract prices are anticipated to rise in the first half of 2026, driven by limited capacity growth in traditional DRAM due to a focus on more profitable HBM production [6][7] Group 4: Semiconductor Equipment and Manufacturing - The report indicates that equipment manufacturers and foundries are benefiting from the shift to advanced process nodes, with TSMC expected to maintain a 20% compound annual growth rate (CAGR) over the next five years due to AI demand [8] - Apple has increased orders for TSMC's N3P wafers, which could significantly boost iPhone processor production, reflecting optimism for future sales [9] Group 5: European Tech Stocks and Investment Preferences - ASML is highlighted as a top pick in the European semiconductor sector, with an increased target price of €1000, driven by rising demand for lithography machines [10] - Companies focusing on advanced packaging and new materials, such as ASM International and Besi, are also recommended due to their unique positioning [10] Group 6: Automotive Semiconductor Sector - The automotive semiconductor industry is undergoing a painful inventory correction, with significant declines in inventory turnover days, but this may set the stage for future recovery [11] - Investors are advised to adopt a "cyclical trading" strategy, as the worst may be over for companies like Infineon, which have long-term growth drivers [11] Group 7: Investment Strategy and Market Outlook - The report suggests that 2026 tech stock investments should focus on structural opportunities with pricing power, particularly in storage chip manufacturers and AI infrastructure providers [12] - Companies facing competitive pressures and cost increases, such as PC assemblers and some traditional analog chip manufacturers, are at risk of profit erosion [12] Group 8: Cyclical Nature of the Tech Industry - While AI is a long-term driver, the tech industry remains cyclical, with PC and smartphone semiconductors potentially past their peak, while general servers and AI hardware are in a recovery phase [13] - Understanding these cyclical shifts is crucial for avoiding investments in assets under cost pressure and for succeeding in the market in 2026 [13]

证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 804 | 852 | 1,059 | 1,305 | | 同比增速(%) | 5.7% | 6.1% | 24.3% | 23.2% | | 归母净利润(百万) | 106 | 119 | 160 | 198 | | 同比增速(%) | -21.0% | 12.2% | 33.7% | 24.4% | | 每股盈利(元) | 1.35 | 1.51 | 2.02 | 2.51 | | 市盈率(倍) | 52 | 46 | 35 | 28 | | 市净率(倍) | 4.7 | 4.3 | 3.8 | 3.4 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 1 月 15 日收盘价 公司研究 医疗服务 2026 年 01 月 16 日 当前价：69.79 元 华创证券研究所 证券分析师：郑辰 邮箱：zhengchen@hcyjs.com 执业编号：S03 ...

1月15日，西贝表示将一次性关店102家，占所有门店的30%。 贾国龙发朋友圈：离职工资不会差，储值卡立刻能退 1月15日，西贝表示将一次性关店102家，占所有门店的30%。对此，中国新闻周刊从西贝餐饮创始人贾国龙微信朋友圈获悉，这102家门店将在一季度陆续 完成，"所有不得不离职的员工，工资一分钱不会差。所有顾客储值卡随时可用在其他门店，想退卡的立刻就退。"对于部分门店年夜饭订单，贾国龙称，虽 然立刻关闭门店损失会更小，但仍将履行对顾客的承诺，"再坚持一个月，接完最后一餐再关"。 此外，贾国龙坚称"西贝门店从来不是预制菜，无论按照国家定义还是现实生活常识"。据贾国龙介绍，西贝连续十一年位列中式烹饪正餐营收第一名，员工 工资福利待遇都属于行业前列，每年接待顾客7000万人次。接下来的时间，"我们会继续拼，争取活下来"。（中国新闻周刊） 整理 ｜爆浆豆腐 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 央行：今年降息还有一定空间 菲律宾宣布自1月16日起对中国公民免签 迅雷重启诉讼，指控前CEO陈磊隐秘掏空公司 金龙鱼：拟向玛氏中国转让家乐氏上海和家乐氏昆山各50 ...

Market Overview - The US stock market saw a collective rise on January 15, with the Dow Jones up by 0.38%, Nasdaq up by 0.76%, and S&P 500 up by 0.53% [1] - The Philadelphia Semiconductor Index surged over 3%, indicating strong performance in the semiconductor sector [2] Semiconductor Stocks Performance - Notable individual stock performances included COHERENT rising over 11%, Entegris up nearly 9%, KLA and Applied Materials both increasing over 7%, and TSMC and ASML rising over 6% [2][3] - Other significant gainers included Lam Research and AMD up over 5%, while NVIDIA, ARM, and Broadcom rose over 2% [2][3] TSMC Financial Results - TSMC reported a net profit of NT$505.7 billion for Q4 2025, a 35% year-on-year increase, significantly exceeding market expectations [3] - The company's consolidated revenue reached NT$1.46 trillion, a 20.5% year-on-year growth, surpassing the market forecast of NT$1.03 trillion [3] - Operating profit was NT$564.9 billion, up 32.7% year-on-year, with an operating margin of 54% and a gross margin of 62.3%, both exceeding market estimates [3] Future Projections for TSMC - TSMC anticipates Q1 2026 sales between $34.6 billion and $35.8 billion, exceeding market expectations of $33.22 billion [5] - The company expects a gross margin of 63% to 65% for Q1 2026, also above the market forecast of 59.6% [5] - TSMC's capital expenditures are projected to total $40.9 billion for 2025, with expectations of $52 billion to $56 billion for 2026, indicating a significant increase in future capital spending [5] Semiconductor Industry Outlook - Omdia forecasts that global semiconductor revenue will exceed $1 trillion for the first time in 2026, driven by unprecedented demand for AI [5] - The semiconductor industry's revenue growth is expected to reach 20.3% year-on-year in 2025, with a projected 30.7% growth in 2026, supported by the expansion of logic ICs and high demand for DRAM and NAND flash memory [5]

1月16日，美东时间周四，美股三大指数集体收涨，摩根士丹利和高盛在公布强劲的季度业绩后股价大 幅飙升，台积电亮眼财报重振了投资者对人工智能(AI)概念股的信心。 本周早些时候，其他银行公布的业绩表现好坏不一，对金融板块形成拖累。同时，市场也担忧美国总统 特朗普提出的一项为期一年的政策设想，即将信用卡利率上限设定为10%。 不过随着摩根士丹利和高盛远超市场预期的财报发布，金融股一举扭转了近期的颓势，其中摩根士丹利 涨5.8%，高盛涨4.6%。此外，全球最大资产管理公司贝莱德大涨5.9%，其第四季度资产管理规模攀升 至创纪录的14.04万亿美元。 Longbow首席执行官Jake Dollarhide评论称，投资者仍在买入相较科技股而言被低估的股票。"在这个市 场中，一直是不买成长和科技股就出局，而今天，银行和传统工业类股票同样表现不俗。" 全球先进AI芯片生产商台积电公布了强劲的第四季度财报，并给出了乐观的业绩展望，并表示今年资 本支出规模可能提升至560亿美元，以把握AI浪潮带来的机遇，其股价上涨4.4%，同时也带动了英伟 达、博通以及应用材料的涨势，推动半导体指数大幅走高。 Alan B. Lancz & ...

【环球时报报道 记者 林小艺 谢文婷】撒哈拉沙漠的热浪在电影《用武之地》的画面中铺展，鲜红的西红柿从地雷残骸中顽强萌发。这一极具冲击力的画面 深深触动了观众，它鲜明地昭示着，在战争的废墟之上，依然能孕育出生命的希望。 正在热映的国产电影《用武之地》收获不错的口碑，许多观众感慨，影片的可贵之处在于，它取材于真实的境外人质自救事件，将镜头对准长期生活在战乱 地区的普通中国人，他们在海外扎根生活，以真诚善意与日常点滴的付出，与当地人建立起深厚情谊。也正是这些日积月累的善意之举，成为电影中主角扭 转逆境的关键。 该片导演申奥表示，"电影反对穷兵黩武、反对恐怖主义，更多聚焦在被战火侵蚀的平民身上。我们希望引发观众对恐怖主义、极端主义的反思，对难民的 同情，对和平的向往。" 而这份和平的珍贵，在观众的影评中被看得更为真切。豆瓣上有一条评论写道："看完电影后，突然第一次意识到，原来在现在这样的时代里，和平对有些 人来说仍是一种奢望。在我们的眼里，红色代表着和平、幸运还有爱；而在拉蒂夫（电影中的当地民众）的眼中，红色却是尸横遍野鲜血的颜色。很喜欢电 影里的一个隐喻，马笑教拉蒂夫种西红柿，就好像是把象征和平、幸运的'红色'种在 ...

受台积电财报带动，美光科技、英伟达、AMD等芯片股周四普涨。台积电供应商应用材料公司与林氏 研究普遍走高。科技股"七巨头"全线上涨，不过涨幅相对更为温和。 美国总统特朗普周三签署公告，将对某些芯片产品征收25%关税，其中包括英伟达H200和AMD MI325X。 但这份公告中还强调，"如果这些芯片是为支持美国技术供应链建设而进口的，则不适用该关税。"也就 是说，这项25%的关税将不适用于为美国技术供应链进口的芯片，以及用于提升国内半导体衍生品制造 能力的芯片。 道指涨292.81点，涨幅为0.60%，报49442.44点；纳指涨58.27点，涨幅为0.25%，报23530.02点；标普 500指数涨17.87点，涨幅为0.26%，报6944.47点。 台积电收高4.5%，此前该公司再次交出创纪录季度业绩，报告利润增长35%。台积电的财报重新燃起了 投资者对人工智能（AI）需求韧性的信心。 Allspring Global Investments投资组合经理Gary Tan表示："台积电的指引方式暗示市场一致预期仍有上 调空间，并支持较为建设性的前景判断。" 北京时间1月16日凌晨，美股周四收高，芯片与银行板块 ...

US stocks rose on Thursday, in a recovery from back-to-back losses as chip linchpin TSMC's strong outlook boosted AI hopes and bank stocks rallied after upbeat earnings reports from two Wall Street heavyweights. The tech-heavy Nasdaq Composite (^IXIC) edged up nearly 0.3%, paring more significant gains from earlier in the session. The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) gained 0.3% and about 0.6%, respectively, bouncing back from two consecutive days of losses for the Wall Street index ...