2026.03. 05 本文字数：1514，阅读时长大约3分钟 作者 | 第一财经 郑栩彤 存储芯片方面，在存储缺货、涨价的背景下，国内厂商积极抓住市场机遇。据研究机构Omdia数 据，按产能和出货量计算，国内厂商长鑫科技已成为全球第四的DRAM（动态随机存取存储器）厂 商。技术研发方面，去年11月该公司推出DDR5和LPDDR5X移动端内存系列，称两个产品系列速 率、容量两个维度均位居业界第一梯队。另一家国产存储厂商长江存储也在扩产，武汉的长江存储三 期工地计划今年建成投产，预计带动上下游200家企业聚集。 半导体设备方面，新凯来去年3月在上海半导体设备展上首次亮相，展示了包括刻蚀产品、扩散产 品、薄膜产品及物理量测产品、X射线量测产品、光学量检测产品在内的6大类共31款半导体工艺和 检测装备，包括外延沉积设备EPI（峨眉山）、原子层沉积设备ALD（阿里山）、物理气相沉积设备 PVD（普陀山）等。 去年10月在湾区半导体芯片展上，新凯来子公司还发布了两款国产电子工程EDA（原理图和PCB） 设计软件以及新一代超高速实时示波器。其中，超高速实时示波器带宽突破90 GHz，将国产示波器 性能提升了500%，实现 ...

当90美元的芯片跌至10美元，中美芯片之争似乎已经迎来了大结局。 2026年开年，全球半导体市场传来一声惊雷，曾经售价高达90美元的通用芯片，如今价格暴跌至10美元区间，跌幅逼近90%。美光、英特尔等巨头财报接 连"爆雷"，美芯行业动荡。 美国半导体行业协会紧急向官方喊话要求调整政策，而部分美媒的报道却将矛头直指中国："责任在中国，因为他们不买了！"这话多少有些破防的意思！ 这场价格雪崩背后，绝非简单的市场波动，而是一场持续数年的科技博弈进入关键转折点的标志性事件。比尔·盖茨三年前的警告和预言似乎已经成真 ——"美芯最终将自食其果"。 回望十年前，全球芯片产业格局清晰而稳定。美国主导设计和高端制造，亚洲（主要是中国台湾和韩国）负责代工，中国则成为最大的消费市场。这一格局 下，中国市场的庞大需求成为美国芯片企业稳定的"利润压舱石"。 有一说一，美芯价格暴跌，"责任"确实在中国。但加速催化这一结果的是美国自己！美国的技术封锁已然成为了中国芯片产业爆发的"催化剂"。国家、企 业、科研机构、高校全力配合，加速自研。短短几年时间，中国芯就收获了累累硕果。 中芯国际通过设备升级实现7纳米制程量产，华为海思推出全本土制造的 ...

（来源：衢州日报） 转自：衢州日报 长板引领突破，锻长板是实现弯道超车的破局之道。 近年来我们发挥新型举国体制优势，关键核心技术攻关突围，正是竹竿效应的投射。人工智能大模型你 追我赶、芯片自主研发有了新突破、天问二号开启"追星"之旅……重大科技成果，离不开有为政府与有 效市场的有机结合。面对关键技术、前沿领域的对垒，抢机遇、扬优势才能占先机、赢未来。 健康的发展系统，要有坚实底座，也要有高耸塔尖。经济社会发展，更是木桶效应与竹竿效应互动互补 的过程——以木桶效应筑牢发展根基，以竹竿效应激活增长动能，协同发力促新向优。 比如，区域协调中，均衡与特色不可偏废。长三角一体化，交通互联、数据共享、机制互通，逐步实现 公共服务的"木桶均衡"；粤港澳大湾区，着力放大科技创新、金融服务的长板优势，提升全球竞争力 的"竹竿高度"。不同侧重，殊途同归——认准定位，把握优长，精准发力，在资源配置中做到均衡为 基、"拔节"为要。 李洪兴 面对考试，一门课丢分，都影响总分；着眼今后，把一项做到最好，就是满分……以木桶效应与竹竿效 应为喻，一位老师鼓励同学专注热爱、做深做透。课堂上的新"劝学篇"，引人思考。 木桶装水看短板，竹竿取物凭 ...

Core Viewpoint - The company, 雷电微力 (301050.SZ), has indicated its capability in chip design, with its core chips being independently developed, but it does not engage in the chip manufacturing process [1]. Group 1 - The company possesses chip design capabilities [1] - The core chips are independently developed by the company [1] - The company does not involve itself in the chip manufacturing segment [1]

Core Viewpoint - The article highlights the rapid growth and significant valuation of the semiconductor company Hongxin Yu, which is preparing for an IPO amid a booming semiconductor industry in China [5][6][10]. Group 1: Company Overview - Hongxin Yu, founded in 2018 by Wu Yisheng and his daughter Wu Jiamin, has quickly established itself in the semiconductor market, achieving a valuation exceeding 10.7 billion yuan [5][11]. - The company specializes in storage products, including embedded storage, solid-state drives, and mobile storage, and has seen its revenue surpass 1 billion USD in 2020 [8][10]. - By 2023 and 2024, Hongxin Yu's revenue is projected to exceed 8.7 billion yuan, with over 7.7 billion yuan in the first nine months of 2025 [9]. Group 2: Market Context - The semiconductor industry in China is experiencing significant growth, with multiple companies like Moer Thread, Muxi Co., and others either going public or preparing for IPOs [6][16]. - The article notes that the valuation of unicorn companies in the Meilin area of Shenzhen has reached 45.6 billion USD, accounting for 29% of Shenzhen's total unicorn valuation [9]. Group 3: Investment and Financial Performance - Hongxin Yu has attracted substantial investment, including 6.5 billion yuan from Qunlian Electronics, and has received over 360 million yuan from various investors [13][14]. - The company transitioned from a loss of 1.17 billion yuan in 2023 to a profit of 4.83 billion yuan in 2024, indicating a successful turnaround [14]. - Qunlian Electronics, as the largest shareholder with a 22.5% stake, has seen its investment value rise to approximately 2.4 billion yuan, yielding a return exceeding 3.6 billion yuan [14]. Group 4: Future Prospects - Hongxin Yu is expanding its product offerings to include automotive-grade storage solutions and high-performance storage products for AI servers and terminals [14]. - The article emphasizes the favorable policies and market demand that are facilitating the growth and IPO opportunities for semiconductor companies in China [18].

Core Insights - In 2025, the company plans to equip 500,000 electric vehicles with self-developed automotive-grade high-side driver chips, achieving explosive growth and securing the top position in its niche market [1] - The high-side driver chip, which has been widely applied, is a key execution component in vehicle domain control architecture, managing the intelligent switching and protection of loads such as lights, motors, and pumps [1] - Another core product line, the high-power intelligent servo driver chip (gate driver chip), serves as the "power nerve" for smart terminals and has made significant breakthroughs in fields like robotic joints and drone electric drives [1] - Historically, these critical driver chip sectors have been dominated by European and American companies, which has restricted the autonomous safety of China's new energy vehicles and high-end equipment industry [1]

Core Insights - The article reflects on the evolution of China's response to the U.S.-China trade war over eight years, highlighting a shift from initial anger and anxiety to a more composed and resilient attitude as the realities of global trade dynamics became clearer [1][3][14]. Group 1: Historical Context - The period from the 1990s to the 2010s was marked by a high level of goodwill towards the U.S. among Chinese citizens, driven by the belief that integration into globalization would lead to a brighter future [3]. - The trade war initiated in 2018 marked a significant turning point, with tariffs and sanctions escalating, particularly against companies like Huawei, which faced severe restrictions from the U.S. government [5][10]. Group 2: Technological Developments - Huawei's proactive measures, including the establishment of its own chip design capabilities through HiSilicon, allowed it to mitigate the impact of U.S. sanctions, showcasing the importance of long-term planning in technology development [5][8]. - The launch of the Huawei Mate 60 Pro in 2023, featuring the domestically produced Kirin 9000S chip, symbolizes a significant achievement in China's semiconductor industry despite external pressures [8]. Group 3: Economic and Market Responses - By 2025, China's response to renewed tariffs under Trump's second term was markedly different, with a more assertive stance and a willingness to engage in negotiations without fear [10][12]. - The Chinese market demonstrated resilience, with significant advancements in domestic supply chains and a focus on diversifying international markets, reflecting a strategic shift in business operations [14]. Group 4: Shifts in Mindset - The most profound change over the eight years has been in the mindset of the Chinese populace and businesses, moving from fear of U.S. actions to a more confident approach in navigating global trade [14]. - The understanding that reliance on the U.S. market is not the only path forward has become a key realization, emphasizing the importance of self-sufficiency and innovation within China [14].

Group 1 - The core viewpoint of the news highlights the strong performance of chip and electronic ETFs, with significant increases in the underlying indices and constituent stocks, indicating a bullish trend in the semiconductor and electronics sectors [1][2] - The Chip ETF Tianhong (159310) tracked the CSI Chip Industry Index, which rose by 2.35%, with notable gains from stocks like Jiangbolong (301308) up 7.42% and Zhaoyi Innovation (603986) up 6.68% [1] - The Electronic ETF (159997) followed the CSI Electronic Index, which increased by 2.02%, with key stocks such as Lens Technology (300433) rising by 7.96% and Jiangbolong (301308) also showing strong performance [1] Group 2 - A significant event reported is Baidu's plan to spin off its AI chip subsidiary Kunlun Chip for an independent listing in Hong Kong, aiming to enhance operational transparency and attract vertical investors in the AI chip sector [3] - Kunlun Chip has achieved mass production of two generations of general-purpose AI chips since its independent operation in 2021, with projected revenues exceeding 2 billion yuan by 2025 [3] - The backdrop of domestic substitution and surging demand for AI computing power is expected to strengthen Kunlun Chip's competitive position in the industry [3] Group 3 - Institutional views from Guosen Securities indicate a rising trend in upstream electronic industry prices, with the analog chip sector in an upward cycle, suggesting a recovery in performance for related companies [3]

Group 1: Market Insights - The market is expected to focus on three key pieces of information at the start of 2026, including the emphasis on innovation for high-quality development in the New Year address by the General Secretary[4] - The Hong Kong stock market experienced a strong opening on January 2, 2026, with the Hang Seng Index rising by 2.76%, the Hang Seng China Enterprises Index increasing by 2.86%, and the Hang Seng Technology Index climbing by 4%[5] - The listing of Wallen Technology, the first domestic GPU company, saw a 76% surge on its debut, indicating a shift towards commercialization in the domestic GPU industry[5] Group 2: Geopolitical Events and Implications - A significant geopolitical event occurred with the U.S. airstrike in Venezuela, capturing President Maduro, which may lead to increased uncertainty in international order[5] - The implications for oil prices are mixed, with potential short-term supply uncertainties and mid-term prospects for increased production from Venezuela, which could pressure oil prices downward[6] - The event is expected to have limited impact on global stock markets, as initial shock may be absorbed by the market by the time trading resumes[6] Group 3: Investment Opportunities - The Maduro incident highlights the importance of technological self-sufficiency and the significance of industries like domestic substitution and commercial aerospace for national strength[7] - Investment opportunities in high-growth sectors aligned with technological innovation and policy direction are recommended for the year ahead[4]

Group 1 - The article discusses significant events during the New Year holiday, including the arrest of Venezuelan President Maduro and its implications for oil prices [4][9] - The impact of global events on asset prices, particularly the rise of safe-haven assets like gold and U.S. Treasuries during times of risk [11] - Key themes from the New Year's speech highlight the importance of economic, technological, and military strength, with specific mentions of advancements in AI, chip development, and aerospace [13][14] Group 2 - The Hong Kong stock market experienced a strong opening, with the Hang Seng Index rising over 2.7% and the technology sector surging nearly 4%, driven by positive sentiment from the New Year's speech [15][17] - The performance of global markets on the first trading day of the year, with notable gains in semiconductor stocks in the U.S. and South Korea, indicating a positive trend that may influence A-shares [22][24][26] - A review of asset performance in 2025 shows that silver and gold performed well, while the U.S. dollar index and oil prices lagged behind [27][28] Group 3 - BMW announced price cuts for several models in China, while BYD's electric vehicle sales surpassed Tesla for the first time, indicating a shift in the automotive market dynamics [33][34] - The article emphasizes the importance of expanding overseas markets for Chinese automakers, especially as domestic sales face challenges [37] - The launch of Moutai's direct sales plan reflects strong consumer demand, despite challenges in maintaining its status as a cash equivalent in the market [39][42] Group 4 - The emergence of domestic GPU companies, with three out of four "Chinese GPU four dragons" completing their IPOs, raises questions about market valuations and competition [46][48] - The real estate sector is undergoing significant changes, with government emphasis on stabilizing the market and improving expectations [54][56]