光大证券研报指出，北方华创日前公告北京市国资委同意北京电控以非公开协议转让方式向国新投资转 让其所持北方华创14,481,773 股股票，占总股本2%，股份转让价格为426.39元/股，股份转让总价款为 61.74亿元。本次转让加强北京电控与国新投资战略合作，充分发挥双方资源优势，助力构建"资本合作 带动产业赋能"的合作模式。此外，公司发布股权激励计划，深度绑定核心团队。公司为半导体设备平 台型公司龙头，持续受益于国产化进程，维持"买入"评级。 ...

近日，"一盒内存条堪比上海一套房""内存条涨得比金条还快"登上多个平台热搜，引发关注 。 这一曾经作为电子产品日常配件的"小长 条"，自2025年下半年以来价格快速上行，消费级内存价格翻了1倍以上，服务器级内存价格亦是暴涨。以存储芯片巨头SK海力士和三星电 子的256G服务器级DDR5内存为例，单条售价已超4.5万元，运行频率高些的单条售价近6万元。 | | 工作站内存 SK HYNIX 内存条 ddr5 6400 R | | | | --- | --- | --- | --- | | | 超1万人店内购买 2千+人浏览 300+人加购 | | | | | DDR5 | 普条 | 服务器内存 | | | DDR代数 | 外观特征 | 平台 | | | *59999 | | | | | 免费上门退换 7天价保 | | | | | 1000+人看过 100%好评 | | | | | ★ 4.8 SK HYNIX 云购存储专卖店 进店> | | | | | 海力士256G DDR5 4800服务器内存 | | | | | sk 服务器 ECC 校验 高速传输 大容量支持 | | | | | 普条 | 1条单条 | ...

晨会速递 分析师点评 市场数据 总量研究 2026 年 1 月 13 日 行业研究 【互联网传媒】漫剧接棒真人短剧，海量 IP 价值待释放——短剧、漫剧市场专题报 告(买入) 2026 年，随着可灵等 AI 视频模型的成熟应用，漫剧凭借低成本、高产能和强视觉冲 击力，正接棒真人短剧成为平台内容增量的主力军。市场规模方面，漫剧行业在 2025 年已呈现强势增长态势，预计 2026 年市场规模将维持高速增长，使得海量 IP 价值得 以释放建议关注行业产能释放，推荐阅文集团，关注中文在线、掌阅科技。维持互联 网传媒行业"买入"评级。 【房地产】【光大地产】核心城市楼市成交高频跟踪 20260112(增持) 截至 2026 年 1 月 11 日(由于基数变动，年初同比数据波动性较大为正常情况)， 20 城新房：累计成交 1.3 万套(-50.4%)；北京 822 套(-30%)、上海 1958 套(-41%)、深 圳 431 套(-78%)； 10 城二手房：累计成交 2.4 万套(-26.2%)；北京 3427 套(-38%)、 上海 7143 套(-13%)、深圳 1497 套(-37%)。 公司研究 【电子】国 ...

近日，"一盒内存条堪比上海一套房""内存条涨得比金条还快"登上多个平台热搜，引发关注。这一曾经 作为电子产品日常配件的"小长条"，自2025年下半年以来价格快速上行，消费级内存价格翻了1倍以 上，服务器级内存价格亦是暴涨。以存储芯片巨头SK海力士和三星电子的256G服务器级DDR5内存为 例，单条售价已超4.5万元，运行频率高些的单条售价近6万元。 截至2026年1月11日，第三方购物平台上SK海力士和三星电子的256G服务器级DDR5内存价格截图。 内存条价格飙升，原因几何？"水涨船高"的价格给产业链带来哪些影响？这波涨价潮会持续多久？新华 网思客邀请中国互联网协会专家咨询委员会委员、中关村智用人工智能研究院院长孙明俊对此进行解 读。 价格飙升，原因几何？ 近期内存条价格快速上涨并非单一因素所致，而是市场供需结构失衡、厂商策略调整以及国产化进程的 阶段性差异共同作用的结果。 从市场层面看，需求端迎来了AI算力建设的爆发式拉动，显著改变了存储需求结构；而供给端在过去 一到两年间普遍处于"去库存、控产能"的状态，加之行业集中度高、供给弹性不足，当需求出现回暖时 供给端难以快速响应，引发结构性供需失衡。 从厂商策 ...

报告导读： 甲基异丁基酮，又称4-甲基-2-戊酮，化学式为C6H12O，是一种有机化合物。甲基异丁基酮外观呈无色透明液体，含类似樟脑气味，可溶于多数有机溶剂， 微溶于水。甲基异丁基酮具备生物降解性、低挥发性以及化学稳定性，在有机合成、橡胶制造、涂料制造等领域拥有广阔应用前景。在行业发展初期，受技 术壁垒高、生产成本高等因素限制，我国甲基异丁基酮高度依赖进口。近年来，受益于技术进步以及应用需求不断增长，我国甲基异丁基酮市场国产化进程 有所加快，行业产能及产量呈现上升趋势。数据显示，2016-2024年中国甲基异丁基酮行业产能从7.5万吨增长至15万吨；产量从5.4万吨增长至12万吨。预计 未来随着甲基异丁基酮项目的密集投产，行业产能及产量将继续保持增长趋势。 基于此，依托智研咨询旗下甲基异丁基酮行业研究团队深厚的市场洞察力，并结合多年调研数据与一线实战需求，智研咨询推出《2026-2032年中国甲基异 丁基酮行业市场发展规模及未来趋势研判报告》。本报告立足甲基异丁基酮新视角，聚焦行业核心议题——变化趋势（怎么变）、用户需求（要什么）、投 放选择（投向哪）、运营方法（如何投）及实践案例（看一看），期待携手行业伙伴 ...

值得注意的是，传化智联（002010.SZ）以高达256.07%至361.57%的净利润预计增幅，暂列目前"预增 王"。公司预计2025年归母净利润为5.4亿至7亿元。公告显示，业绩大幅增长除因主营业务取得良好增 长外，也受益于转让部分子公司股权确认的投资收益及回购子公司股权提升持股比例等因素。 传统制造业在此轮业绩预告中表现尤为亮眼。钢铁行业方面，首钢股份（000959.SZ）预计2025年归母 净利润为9.2亿元至10.6亿元，同比增长95.29%至125.01%，增速上限在已披露公司中位居前列。公司表 示，业绩增长得益于产品结构优化、高端化发展及"极低成本"管理理念的贯彻。 同样属于钢铁板块的华菱钢铁（000932.SZ）在消化了补缴环保税及滞纳金约6.57亿元的情况下，依然 预计净利润增长27.97%至47.66%。对此，公司解释，主要得益于降本增效以及高端化、绿色化、智能 化、精益化四化转型等工作的开展。 以电子、医药生物为代表的高景气赛道则呈现批量报喜的态势。其中，电子行业的强一股份 （688809.SH）预计净利润增长52.30%至80.18%；医药行业的百奥赛图（688796.SH）则凭借海外 ...

Core Viewpoint - The A-share market is currently experiencing a "tug-of-war" around the 4000-point level, with accelerated sector rotation and intensified capital competition as the year-end approaches and outlook for 2026 is considered [1] Market Overview - The Shanghai Composite Index is in a phase of consolidation, with a lack of strong catalysts leading to a relatively stable market momentum, characterized by oscillation and accumulation [1] - The internal market dynamics show a significant increase in the speed of style and sector rotation, with profit opportunities concentrating in specific sub-sectors [1] - A "wait-and-see" strategy is recommended to avoid risks associated with chasing trends [1] Mid-term Market Outlook - The core support logic for the market is becoming clearer, with similarities drawn to the market conditions of 2020-2021, driven by policy guidance, industrial upgrades, and capital resonance [1] - The market is currently in the early stages of a new policy-driven and industry trend-driven cycle [1] - The fourth quarter is expected to be more stable, with November entering an earnings vacuum period, while the "14th Five-Year Plan" provides new hotspots for the market [1] Strategic Outlook for 2026 - The performance of RMB-denominated equity assets is strategically favored for three reasons: 1. The rise of new economic drivers in China, such as advanced manufacturing and technological innovation, is expected to drive a re-evaluation of China's growth model by overseas capital [1] 2. A marginal easing of Sino-US relations is anticipated to enhance risk appetite [1] 3. Increasing certainty of global liquidity easing is expected to support the RMB and equity markets [1] - Incremental capital sources for the market in 2026 are likely to come from foreign investment and public funds, with a gradual appreciation of the RMB against the USD expected [1] Asset Allocation Strategy - A balanced asset allocation strategy is recommended for the fourth quarter, with an emphasis on defensive and recovery opportunities [2] - High-dividend sectors are highlighted as valuable alternatives to deposits and real estate in a low-interest-rate environment [2] - The mid-term focus remains on technology growth and advanced manufacturing, with an emphasis on domestic production processes and new productive forces [2] - Key sectors for investment include new energy, new materials, aerospace, and strategic emerging industries as outlined in the "14th Five-Year Plan" [2]

Core Viewpoint - The A-share market is experiencing a tug-of-war around the 4000-point level, with accelerated sector rotation and intensified capital competition as the year-end approaches and looking ahead to 2026 [3] Market Overview - The Shanghai Composite Index is currently in a phase of consolidation, with a lack of strong catalysts leading to relatively stable market momentum. The market is expected to exhibit a pattern of oscillation and accumulation [3] - Internal market dynamics show a significant increase in the speed of style and sector rotation, with profit opportunities concentrating in specific sub-sectors [3] Short-term Strategy - A "watch and wait" strategy is recommended to avoid the risks of chasing highs and cutting losses, as investors adopt a more cautious approach near year-end [3] Mid-term Outlook - The core support logic for the market is becoming clearer, with similarities to the 2020-2021 market conditions. The current market is in the early stages of a new policy-driven and industry trend-driven cycle [3] - The "14th Five-Year Plan" is expected to provide new hotspots for the market, leading to a stable A-share market towards the end of the year [3] Long-term Perspective (2026) - The outlook for RMB-denominated equity assets is strategically optimistic due to three main reasons: 1. The rise of new economic drivers in China, such as advanced manufacturing and technological innovation, is expected to drive a re-evaluation of China's growth model by overseas funds [3] 2. A marginal easing of Sino-U.S. relations is likely to enhance risk appetite [3] 3. Increasing certainty of global liquidity easing will support the RMB and equity markets [3] - Incremental capital sources for the market in 2026 are likely to come from foreign investment and public funds, with a gradual appreciation of the RMB against the USD anticipated [3] Asset Allocation Strategy - A balanced asset allocation strategy is recommended for the fourth quarter, with an emphasis on defensive and recovery opportunities in the short term [4] - High-dividend sectors are highlighted as important alternatives to deposits and real estate, while sectors such as finance, energy resources, public utilities, consumption, operators, and transportation are noted for their specific focus areas [4] - In the mid-term, the focus remains on technology growth and advanced manufacturing, with an emphasis on domestic production processes and new productive forces [4]

Group 1 - The core viewpoint of the article indicates that global semiconductor sales are projected to reach $64.88 billion by August 2025, representing a year-on-year increase of 21.70% and a slight quarter-on-quarter rise, signaling a continuous recovery in the industry [1] - Demand growth in sectors such as automotive electronics, new energy, and the Internet of Things, driven by new technologies like AI, is becoming a significant driver for the semiconductor sector [1] - The acceleration of domestic production processes and the emphasis on supply chain security due to Sino-U.S. trade tensions highlight the necessity for the development of domestic wafer manufacturing and supporting industry segments, with leading domestic semiconductor companies expected to expedite their listing processes [1] Group 2 - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), focusing on the upstream materials and equipment sectors of the semiconductor industry [1] - This index selects publicly listed companies engaged in the research and production of core materials and key equipment required for semiconductor wafer manufacturing and packaging testing, aiming to reflect the overall performance and technological development level of the foundational support segments of the semiconductor industry [1]

Core Viewpoint - The new export control regulations introduced by the U.S. Department of Commerce represent a significant escalation in the trade war with China, impacting thousands of Chinese companies and their subsidiaries due to a "guilt by association" approach [1][3][4]. Group 1: Regulatory Changes - The new regulations automatically blacklist subsidiaries of companies listed on the Entity List or Military End User List, without the need for individual review or justification [3][4]. - This approach disrupts previous norms where subsidiaries could operate normally if they met certain conditions, marking a shift towards more aggressive enforcement [3][4]. Group 2: Impact on Chinese Companies - Thousands of Chinese companies are expected to be affected, with subsidiaries potentially facing sanctions despite having no direct ties to any violations [3][4]. - The regulations extend to even minority-owned affiliates, complicating business relationships and increasing the burden of due diligence for U.S. companies wishing to collaborate with Chinese firms [3][6]. Group 3: U.S. Business Consequences - U.S. companies may face increased costs and operational challenges due to the need for more rigorous compliance checks, potentially leading to a loss of access to the Chinese market [6][7]. - The long-term implications could result in a shift in market dynamics, allowing competitors from Europe, Japan, and South Korea to gain ground in the absence of U.S. firms [7]. Group 4: Chinese Response and Market Dynamics - The Chinese government has expressed strong opposition to the new regulations, emphasizing their detrimental impact on legitimate business operations and global supply chains [7][9]. - The pressure from U.S. restrictions may accelerate China's push for self-sufficiency in technology sectors, particularly in semiconductors and AI, as companies seek to reduce reliance on U.S. technology [7][9][10].