智通财经APP获悉，受益于存储芯片超级周期而一路飙升的闪迪(SNDK.US)，在周二遭遇了来自知名做空机构香橼研 究(Citron Research)的当头一棒。后者公开宣布已建立闪迪的空头头寸，并尖锐指出，市场对其股价的定价方式存在严 重误判。 受此消息影响，闪迪股价在周二盘中一度下跌近8%。尽管这一跌幅与其年内迄今约175%的惊人涨幅，以及过去一年 超过1200%的累计回报相比显得微不足道，但做空机构的入场无疑为这轮火箭式上涨投下了一道长长的阴影。 "英伟达有护城河，闪迪卖的是大宗商品" 香橼在社交媒体平台X上发布的帖子中直言不讳地表示："市场正在像定价英伟达(NVDA.US)一样定价闪迪。但有一个 问题：英伟达拥有护城河，而闪迪销售的是一种大宗商品。"这则评论直指闪迪商业模式的核心脆弱性——其产品 NAND闪存的强周期性。 香橼认为，当前NAND闪存需求和价格的飙升是典型的周期性现象，而这一周期正在接近顶峰。他们援引历史经验警 告称："我们在2008年、2012年、2018年都见过这一幕。这次不会有什么不同。存储芯片是一个周期性行业，而周期 总会见顶。" 香橼强调，NAND内存的供应短缺局面可能迅速逆转 ...

北京时间2月25日，日韩股市开盘集体走高，韩国KOSPI指数首次突破6000点关口；日经225指数向上触 及58000点，最新报58016.64点，日内上涨1.21%。 隔夜，美股三大指数集体收涨。截至收盘，标普500指数涨0.77%，纳斯达克综合指数涨1.04%，道琼斯 工业平均指数涨0.76%。 Anthropic发布面向Claude Cowork智能体的全新AI插件工具。Anthropic表示，这些工具是与合作伙伴公 司共同开发的，在一定程度上缓解了市场对AI替代传统软件的担忧，推动相关企业股价大幅反弹。截 至收盘，Salesforce股价上涨4.07%，FactSet股票上涨5.9%，汤森路透美股收涨11.41% 热门科技股多数上涨，AMD因与Meta的巨额订单协议股价大涨。此外，做空机构香橼资本周二做空闪 迪，认为其股价存在严重高估，导致闪迪股价显著下跌。 与此同时，投资者目光聚焦两大关键事件：北京时间周三上午十点，美国总统特朗普将发表国情咨文， 相关表态备受资本市场关注；明日美股收盘后，全球市值最高的公司英伟达将发布最新财报。在美股 AI担忧情绪加重的当下，英伟达的最新财报如何演绎，无疑将成为市场 ...

节后首个交易日，半导体设备板块开盘下探后持续反弹。截至收盘，中证云计算与大数据主题指数下跌2.1%，中证芯片产业指数上涨0.4%，中证半导体材 料设备主题指数上涨0.8%。相关ETF受资金关注，Wind数据显示，半导体设备ETF易方达（159558）节前五个交易日合计"吸金"约2.5亿元。 中国银河证券表示，当前AI算力需求不减、存储芯片周期上行以及先进封装技术渗透共同推动半导体设备需求提振，2026年半导体设备市场规模持续增长 预期强烈。台积电预计2026年资本开支为520-560亿美元，相较于2025年409亿美元的资本开支大幅增长，半导体设备的市场机遇进一步凸显。 该指数由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 体生产设备等公司股票组 成,聚焦未来计算的核心 硬件环节。 �日 该指数涨跌 0.4% 半导体设备ETF易方达 跟踪中证半导体材料设备主题指数 该指数由40只业务涉及半 导体材料和半导体设备的公 司股票组成,聚焦未来计算 的硬件基础环节。 同标的指数中规模居第一 低费率(0.15%+0.05%幕 每日经济新闻 �H 该指数涨跌 0.8% ...

中国银河证券表示，当前AI算力需求不减、存储芯片周期上行以及先进封装技术渗透共同推动半导体设备需求提振，2026年半导体设备市场规模持续增长 预期强烈。台积电预计2026年资本开支为520-560亿美元，相较于2025年409亿美元的资本开支大幅增长，半导体设备的市场机遇进一步凸显。 | 今日 | 该指数自20 该指数 | | --- | --- | | 该指数涨跌 | 滚动市销率 发布以来估值 | | -2.1% | 5.0倍 98.29 | 节后首个交易日，半导体设备板块开盘下探后持续反弹。截至收盘，中证云计算与大数据主题指数下跌2.1%，中证芯片产业指数上涨0.4%，中证半导体材 料设备主题指数上涨0.8%。相关ETF受资金关注，Wind数据显示，半导体设备ETF易方达（159558）节前五个交易日合计"吸金"约2.5亿元。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

截至午间收盘，中证半导体材料设备主题指数上涨2.0%，中证芯片产业指数上涨0.8%，上证科创板芯片指数上涨0.5%，上证科创板芯片设计主题指数上涨 0.2%。 中国银河证券表示，当前AI算力需求不减、存储芯片周期上行以及先进封装技术渗透共同推动半导体设备需求提振，2026年半导体设备市场规模持续增长 预期强烈。台积电预计2026年资本开支为520-560亿美元，相较于2025年409亿美元的资本开支大幅增长，半导体设备的市场机遇进一步凸显。 该指数由50只科创板芯片设计 龙头股组成, 数字芯片涉及、 模拟芯片设计行业合计占比超 95%,聚焦芯片设计细分领域。 截至午间收盘 该指数涨跌 该指数 滚动市盈率 257.0倍 半导体设备ETF易方达 跟踪中证半导体材料设备主题指数 该指数由40只业务涉及半导体 材料、半导体生产设备的公司 股票组成,半导体设备、半导 体材料行业合计占比超85%, 聚焦半导体产业核心配套环节。 截至午间收盘 该指数涨跌 2. 0% 该指数 滚动市盈率 0. 2% 100.0倍 注1:"该指数"指各上述基金产品具体限踪的指数。数据来自Wind,指数涨跌幅截至2026年2月13日午盘,滚动市 ...

该指数由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 体生产设备等公司股票组 成,聚焦未来计算的核心 硬件环节。 截至收盘，中证芯片产业指数上涨2.3%，中证云计算与大数据主题指数上涨2.1%，中证半导体材料设备主题指数上涨0.5%。Wind数据显示，截至昨日，半 导体设备ETF易方达（159558）近一月合计"吸金"超25亿元，最新规模已突破50亿元，创历史新高。 中国银河证券表示，当前AI算力需求不减、存储芯片周期上行以及先进封装技术渗透共同推动半导体设备需求提振，2026年半导体设备市场规模持续增长 预期强烈。台积电预计2026年资本开支为520-560亿美元，相较于2025年409亿美元的资本开支大幅增长，半导体设备的市场机遇进一步凸显。 该指数由40只业务涉及半 导体材料和半导体设备的公 司股票组成,聚焦未来计算 的硬件基础环节。 �日 该指数涨跌 2.3% 半导体设备ETF易方达 跟踪中证半导体材料设备主题指数 �H 该指数涨跌 0.5% 同标的指数中规模居第一 低费率(0.15%+0.05%幕 每日经济新闻 ...

Group 1 - The core viewpoint of the articles indicates a decline in various semiconductor-related indices, with the China Securities Cloud Computing and Big Data Theme Index down by 0.4%, the China Securities Semiconductor Materials and Equipment Theme Index down by 1.0%, and the China Securities Chip Industry Index down by 1.3% [1] - Despite the declines in indices, there is a notable inflow of funds into semiconductor equipment ETFs, with the E Fund (159558) seeing a net subscription of 87 million units throughout the day and approximately 2.4 billion yuan in total inflows over the past month [1] - China Galaxy Securities highlights that the demand for AI computing power, the upward cycle of storage chips, and the penetration of advanced packaging technology are collectively driving the demand for semiconductor equipment, with strong expectations for market growth through 2026 [1] Group 2 - TSMC is projected to have a capital expenditure of between 52 billion to 56 billion USD in 2026, significantly increasing from 40.9 billion USD in 2025, further emphasizing the market opportunities in semiconductor equipment [1] - The semiconductor equipment market is expected to continue its growth trajectory, driven by the aforementioned factors, indicating a robust outlook for the industry [1]

Group 1 - The core index of semiconductor materials and equipment rose by 3.3%, while the cloud computing and big data index increased by 2.6%, and the chip industry index grew by 1.4% [1] - The semiconductor equipment ETF managed by E Fund attracted approximately 3 billion yuan in the last month, indicating strong investor interest [1] - China Galaxy Securities noted that the semiconductor equipment sector is performing positively this month, driven by sustained AI computing demand, an upward cycle in storage chips, and the penetration of advanced packaging technology [1] Group 2 - The semiconductor equipment market is expected to continue growing, with a strong outlook for 2026 [1] - TSMC anticipates capital expenditures of $52 billion to $56 billion in 2026, a significant increase from $40.9 billion in 2025, highlighting further market opportunities in semiconductor equipment [1]

Group 1 - The core index for cloud computing and big data fell by 2.8%, while the semiconductor industry index dropped by 5.3%, and the semiconductor materials and equipment index decreased by 5.1%. Despite this, there was a significant net subscription of 20 million units for the semiconductor equipment ETF E Fund (159558) throughout the day [1] - In January, the semiconductor equipment ETF E Fund (159558) received nearly 3 billion yuan in net inflows [1] - China Galaxy Securities indicated that the semiconductor equipment sector performed positively this month, driven by sustained AI computing power demand, an upward cycle in storage chips, and the penetration of advanced packaging technology, which collectively boosted semiconductor equipment demand [1] Group 2 - The semiconductor equipment market is expected to continue growing strongly, with a projected market size increase by 2026 [1] - TSMC anticipates capital expenditures of $52 billion to $56 billion in 2026, a significant increase from $40.9 billion in 2025, highlighting further market opportunities in semiconductor equipment [1] - The index tracking semiconductor materials and equipment consists of 40 companies involved in semiconductor materials and equipment, focusing on the hardware foundation for future computing [5]

Group 1: Market Performance - The CSI Cloud Computing and Big Data Theme Index decreased by 1.3% this week, the CSI Chip Industry Index fell by 2.1%, and the CSI Semiconductor Materials and Equipment Theme Index dropped by 5.2% [1][3] - The semiconductor equipment ETF managed by E Fund (159558) attracted over 200 million yuan this week [1] Group 2: Industry Insights - China Galaxy Securities reported that the semiconductor equipment sector has shown positive performance this month, driven by sustained AI computing power demand, an upward cycle in storage chips, and the penetration of advanced packaging technologies [1] - The semiconductor equipment market is expected to continue growing, with TSMC projecting capital expenditures of $52 billion to $56 billion in 2026, a significant increase from $40.9 billion in 2025, highlighting further market opportunities in semiconductor equipment [1] Group 3: Index Valuation - The rolling price-to-sales ratio for the CSI Cloud Computing and Big Data Theme Index is 5.3, while the price-to-book ratios for the CSI Chip Industry Index and the CSI Semiconductor Materials and Equipment Theme Index are 7.9 and 8.0, respectively [3] - The valuation percentiles for these indices are 99.6% for the CSI Cloud Computing and Big Data Theme Index, 92.9% for the CSI Chip Industry Index, and 80.7% for the CSI Semiconductor Materials and Equipment Theme Index [3] Group 4: Historical Performance - Over the past month, the CSI Cloud Computing and Big Data Theme Index has increased by 12.4%, the CSI Chip Industry Index by 16.1%, and the CSI Semiconductor Materials and Equipment Theme Index by 19.9% [8] - Year-to-date, the CSI Cloud Computing and Big Data Theme Index has risen by 12.4%, the CSI Chip Industry Index by 16.1%, and the CSI Semiconductor Materials and Equipment Theme Index by 19.9% [8] - The one-year cumulative growth rates are 73.2% for the CSI Cloud Computing and Big Data Theme Index, 70.6% for the CSI Chip Industry Index, and 88.7% for the CSI Semiconductor Materials and Equipment Theme Index [8]