2026年的第一个交易日，虽然三大股指的收盘波动看上去颇为平静，但诸多科技题材股新年首个交易日 就迎来资金热情涌入。同时，受到港股开年大涨的提振，美股市场的中概股迎来意气风发的集体大涨。 截至收盘，标准普尔500指数涨0.19%，报6858.47点；纳斯达克综合指数跌0.03%，报23235.63点；道琼 斯工业平均指数涨0.66%，报48382.39点。 美股"存储四巨头"美光科技周五涨10.51%、西部数据涨8.96%，齐创收盘历史新高，闪迪涨15.95%、希 捷科技也上涨4.41%。周五早些时候，韩国"存储双雄"SK海力士和三星电子均飙升并创出历史新高。 AI能源、储能概念股Bloom Energy涨13.58%；核电初创公司NuScale Power涨15.17%、Oklo涨8.42%、铀 能源概念股Energy Fuels涨14.86%；激光雷达概念股Innoviz涨13.01%；稀土概念股USA Rare Earth涨 18.91%；加密货币概念股Riot Platforms涨11.76%、嘉楠科技涨11.59%；光伏概念股Solaredge、晶科能 源均涨超8%。 作为市场焦点，纳斯达克中国金龙 ...

2026年的第一个交易日，虽然美股三大股指的收盘波动看上去颇为平静，但诸多科技题材股新年首个交 易日就迎来资金热情涌入。同时，受到港股开年大涨的提振，美股市场的中概股迎来意气风发的集体大 涨。 截至收盘，标准普尔500指数涨0.19%，报6858.47点；纳斯达克综合指数跌0.03%，报23235.63点；道琼 斯工业平均指数涨0.66%，报48382.39点。 （标普500指数日线图，来源：TradingView） 作为市场焦点，纳斯达克中国金龙指数单日大涨4.38%，创去年5月12日以来的最大单日涨幅。 在一众昂扬上涨的明星中国科技股中，刚宣布分拆芯片业务IPO的百度收涨15.03%、阿里巴巴涨 6.25%、腾讯ADR涨5.23%、网易涨7.22%、台积电涨5.17%、富途控股涨8.68%、哔哩哔哩涨7.24%、万 国数据涨9.86%、小马智行涨10.83%。 巨头沉默之际，各类题材股的炒作却相当活跃。 美股"存储四巨头"美光科技周五涨10.51%、西部数据涨8.96%，齐创收盘历史新高，闪迪涨15.95%、 希捷科技也上涨4.41%。周五早些时候，韩国"存储双雄"SK海力士和三星电子均飙升并创出历史新高 ...

Core Viewpoint - The semiconductor industry is expected to experience significant growth in 2026, driven by three key trends: storage, AI, and domestic production. A global supply-demand gap in storage is anticipated to persist, while AI-related capital expenditures and innovations in domestic chip design are set to rise sharply [4][5]. Group 1: Storage - The storage market saw a dramatic price increase in 2025, with major players forecasting that shortages will continue into 2026. Micron's Chief Business Officer highlighted a significant gap between supply and demand [6]. - TrendForce predicts that capital expenditures in the storage sector will rise, with DRAM spending increasing from $53.7 billion to $61.3 billion (14% YoY) and NAND spending from $21.1 billion to $22.2 billion (5% YoY) [6]. - Major PC manufacturers like Lenovo, HP, and Dell are planning to raise prices and adjust product specifications in response to rising storage costs, with Lenovo already notifying customers of upcoming price hikes [7]. Group 2: AI - The AI sector continues to thrive, with global cloud service providers expected to increase capital expenditures by 40% to $600 billion in 2026, driven by demand for AI applications [9]. - The shift from training to inference in AI models is anticipated to boost the demand for ASIC chips, with projections of over 800,000 units shipped in 2026 [9]. - Companies like Chipone have reported a significant increase in new orders, indicating strong demand for customized chip solutions [9]. Group 3: Domestic Production - The domestic semiconductor design sector is experiencing rapid growth, with the number of companies increasing from 1,380 in 2017 to 3,901 in 2025, and sales revenue growing at a compound annual growth rate (CAGR) of 19% [12]. - The utilization rates of domestic foundries like SMIC and Hua Hong Semiconductor have rebounded, benefiting from the rise of local chip design firms and a trend towards localized manufacturing [12]. - In the foundry segment, advanced logic production is expected to double, with significant expansions planned by companies like SMIC and Huahong [15].

智通财经APP获悉，东海证券发布研报称，2026年上半年电子行业大概率周期继续向上，结构性增长机 遇依然在AI服务器、AI端侧、设备材料等细分赛道；2026年下半年需要密切关注存储价格波动、AI高 投资高增长的持续性、需求复苏的持续性。 东海证券主要观点如下： 当前半导体行业整体周期向上，行业结构上以AI、存储、设备等细分赛道高增长为主 2026年上半年或大概率延续结构性高增长趋势，下半年需要关注需求的复苏力度与政策刺激。全球半导 体产业周期继续维持缓慢向上格局，需求端以AI服务器、AI端侧、智能穿戴、新能源车、机器人等产 业高增长为主，驱动半导体需求增长。全球半导体产品销售额2025年1-10月份累计同比为21.19%，硅片 出货面积2025Q1-Q3同比为4.99%，硅片销量2025年整体延续上升趋势。从产品价格看，多数产品底部 震荡回升，对终端需求更为敏感的存储模组价格2025年以来涨幅140-600%不等，存储芯片价格涨幅在 50-700%之间不等，存储的供需错配或大概率持续到2026年上半年。从库存来看，CPU、存储、模拟、 MCU的全球龙头标的库存水平普遍处于历史高位，2025Q2开始有所下降，库 ...

人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技术、 基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互联"地 基"。前十大权重股包括中际旭创、新易盛、寒武纪-U、中科曙光、科大讯飞、豪威集团、海康威视、 澜起科技、金山办公、紫光股份等国内科技龙头。 A股科技赛道午后延续强势，CPO、无人驾驶、人工智能、人形机器人、存储板块全线上涨，沪市规模 最大的人工智能AIETF（515070）盘中涨2.08%，其持仓股新易盛、中际旭创涨幅均超6%，北京君正、 浪潮信息、芯原股份等股涨幅居前。 消息方面，据南方财经报道，深圳功能型无人车投放总量已达 1218 台（其中包含无人物流车 825 台），车辆数在全国一线城市中位列第一，累计开放运行线路 1594 条、总里程达 5534 公里。今年以 来，深圳等地颁发 L4 级自动驾驶微型货车测试牌照，标志着自动驾驶货运服务进入多场景、规模化发 展阶段。报道还提到，我国拥有全球最大的自动配送市场。截至 2025 年上半年，全国已有 103 个城市 开放无人配送车辆路权，全国无人配送车保有量突 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The electronic industry index decreased by 3.02% during the week of December 15-19, 2025, with semiconductor and consumer electronics sectors experiencing declines of 3.26% and 4.12%, respectively [3] - The storage sector showed resilience, with significant gains in major companies such as Micron and SanDisk, indicating a strong performance amidst overall market fluctuations [3][4] - The report highlights the ongoing updates in AI models and the sustained high demand in the storage sector, suggesting a positive outlook for companies involved in AI computing and storage solutions [4][6] Market Review - The U.S. tech sector rebounded after a significant drop, while the A-share electronic sector faced a general decline [3] - Notable performances included Nvidia rising by 3.41%, Tesla by 4.85%, and Micron by 10.28%, while Apple and Google saw slight declines [3] Industry Updates - Multiple significant AI model updates were released, with companies like Xiaomi and Google launching advanced models that enhance performance and efficiency [4] - Apple is collaborating with Broadcom to develop an AI inference chip, expected to enter mass production in 2026 [5] Storage Sector Insights - Storage prices are continuing to rise, impacting downstream terminal pricing, with Dell planning to increase commercial PC prices by 10% to 30% [6] - Micron's FY26Q1 revenue reached $13.64 billion, a year-over-year increase of 57%, with guidance for FY26Q2 revenue also exceeding market expectations [6] Investment Recommendations - The report suggests focusing on high-growth sectors such as storage and AI computing, as well as the end-side AI sector, which is expected to maintain strong demand [7] - Beneficiary companies include North Huachuang, Tuojing Technology, and others involved in the AI and storage sectors [7]

Omdia最新研究显示，2025年第三季度，半导体市场表现创历史新高，行业营收达到2163亿美元，环比 增长14.5%。继2025年第二季度实现8%的强劲环比增长后，全球半导体市场营收首次单季突破2000亿美 元大关。按照这一增速，该行业2025年全年营收有望突破8000亿美元。 AI和存储产品需求持续强劲，这两大细分市场的增长速度均超过整体市场水平。尽管AI是近期行业热 议的焦点，但Omdia指出，2025年第三季度带动市场增长的细分领域数量多于以往季度。 从历史数据来看，半导体行业第三季度的平均环比增幅约为7%，而进入2025年第三季度时，公开预期 的环比增长大约为5%，属于典型的季节性模式。然而，第三季度的实际表现远超预期，环比增长超过 14%，几乎所有半导体类别的表现均超出了上季度的预测。 增长动力从英伟达和存储领域向外扩散 2024年是半导体市场的创纪录之年，行业营收突破6500亿美元，年增长率超过20%。但Omdia指出，这 一轮增长的分布极不均衡。若剔除英伟达(NVDA.US)和存储芯片的营收，受库存调整和需求疲软的影 响，市场其他板块在2024年仅实现1%的增长。 相比之下，2025年市场呈现 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company demonstrates confidence through its second phase of restricted stock incentive plan, indicating strong commitment [4][9] - The AI and storage sectors continue to show favorable market conditions, supporting the company's growth prospects [4][9] Financial Projections - The company is expected to achieve revenues of RMB 230.02 billion, RMB 321.10 billion, and RMB 419.23 billion for the years 2025, 2026, and 2027 respectively [6] - Projected net profits for the same years are RMB 33.41 billion, RMB 58.16 billion, and RMB 76.43 billion, with corresponding EPS of RMB 5.01, RMB 8.72, and RMB 11.46 [6] - The PE ratios for 2025, 2026, and 2027 are projected to be 38.4, 22.0, and 16.8 respectively [6] Revenue and Profit Growth - The company’s main revenue is projected to grow from RMB 13,526 million in 2023 to RMB 41,923 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 30.6% [8] - The net profit is expected to increase from RMB 1,398 million in 2023 to RMB 7,643 million in 2027, indicating a significant growth trajectory [8] Shareholder Incentives - The incentive plan involves granting 15.16 million shares, representing 2.27% of the total share capital, with a grant price of RMB 114.72 per share [9] - The plan aims to align the interests of management and key personnel with the company's long-term performance [9] Market Position and Strategy - The company is enhancing its high-end PCB production capacity through new factories and technological upgrades, which will support future demand [9] - The focus on AI computing upgrades and structural growth in the storage market is expected to drive revenue and profit growth [9]

Core Insights - The launch of OpenAI's GPT-5.2 aims to compete with Google's Gemini 3, marking a significant phase in the ongoing rivalry between the two AI giants [1][5] - Morgan Stanley and other financial institutions believe that the global AI infrastructure investment wave is just beginning, with potential investments reaching $3 trillion to $4 trillion by 2030 [4] - The competition between Google and OpenAI is expected to drive significant demand for AI computing infrastructure, particularly in data center interconnect (DCI), optical interconnect, and enterprise-level high-performance storage [4][6] Investment Themes - Morgan Stanley identifies three major investment themes benefiting from the AI competition: DCI, optical interconnect, and enterprise-level high-performance storage [1][3] - The DCI and optical interconnect sectors are crucial for both Google and OpenAI's AI training and inference capabilities, with companies like Arista, Cisco, and Lumentum being highlighted as key beneficiaries [3][6] - The storage sector is also poised for growth, with companies like Seagate and Pure Storage expected to benefit from the increasing demand for high-performance storage solutions driven by AI applications [7][8] AI Model Developments - OpenAI's GPT-5.2 has achieved record performance in various benchmarks, including coding and scientific research, positioning it as a leading AI model in professional settings [5] - Google's Gemini 3 has generated significant AI token processing capacity, leading to increased demand for high-bandwidth memory (HBM) storage systems and enterprise SSDs [3][5] Market Dynamics - The competition between Google and OpenAI is seen as a catalyst for a broader AI boom, with implications for various sectors, including cloud computing and data storage [4][6] - The ongoing demand for AI infrastructure is expected to remain strong, with both companies investing heavily in their respective AI capabilities and infrastructure [1][4]

每经AI快讯，12月11日，科翔股份在互动平台表示，公司在存储领域主要生产应用于内存条等存储设 备的PCB产品，且已大批量供货；公司应用于AI服务器的PCB产品也已小批量供货，目前正在全力拓展 AI领域的客户。 （文章来源：每日经济新闻） ...