建滔积层板(01888)盘中涨超6%，截至发稿，涨2.2%，报11.61港元，成交额1.88亿港元。 兴业研究认为，AI覆铜板成为推动行业新一轮增长的引擎，据测算2025年AI覆铜板市场(AI服务器、交 换机、光模块)规模为22亿美元，同比增长100%，预计2026年因ASIC放量和英伟达新产品覆铜板升级为 M9，AI覆铜板市场将达到34亿美元，同比增长60%，至2028年则有望达到58亿美元，2024-2028年AI覆 铜板复合增长率为52%。 消息面上，近期台湾南亚宣布全系列CCL及PP涨价8%，11月20日起生效。本次涨价主要由铜价、铜箔 加工费、玻纤布涨价共同推动。此前生益、南亚新材等厂商已在10月开启涨价，并在11月基本落地结 束，涨价较为顺畅。 ...

消息面上，近期台湾南亚宣布全系列CCL及PP涨价8%，11月20日起生效。本次涨价主要由铜价、铜箔 加工费、玻纤布涨价共同推动。此前生益、南亚新材等厂商已在10月开启涨价，并在11月基本落地结 束，涨价较为顺畅。 兴业研究认为，AI覆铜板成为推动行业新一轮增长的引擎，据测算2025年AI覆铜板市场(AI服务器、交 换机、光模块)规模为22亿美元，同比增长100%，预计2026年因ASIC放量和英伟达新产品覆铜板升级为 M9，AI覆铜板市场将达到34亿美元，同比增长60%，至2028年则有望达到58亿美元，2024-2028年AI 覆 铜板复合增长率为52%。 智通财经APP获悉，建滔积层板(01888)盘中涨超6%，截至发稿，涨2.2%，报11.61港元，成交额1.88亿 港元。 ...

算力需求爆发，AI基建先行：看好AI PCB设备、AIDC设备、液冷设备等方向。1)AI PCB设备：AI算力 革命驱动PCB需求增长，AI服务器带来的不仅是数量的增长，更是PCB单机价值量的显著提升，PCB设 备及材料有望充分受益。2)AIDC设备：AI数据中心建设驱动发电装备需求高增，结合AIDC多元化电源 需求特征，柴发最适合作为应急备用电源，燃气轮机兼具主用和备用功能，核电则是超大规模园区的理 想基荷电源，三种技术路线各具优势形成互补。3)液冷设备：AI拉动全球算力需求，高功率下传统风冷 逼近散热极限，液冷将逐步成为主流方案，液冷市场有望迎来爆发式增长。看好液冷核心部件及全链条 解决方案供应商业绩释放。 智通财经APP获悉，中国银河证券发布研报称，回顾2025年，机械设备整体指数跑赢大盘，人形机器 人、AI PCB设备、锂电设备(固态电池设备方向)等科技成长相关板块涨幅居前。基本面总体稳健增长， 锂电设备/机床迎来基本面修复。基于机械设备基本面整体稳健，部分细分子板块受益下游或具备高弹 性，细分板块建议重点关注(1)AI基建拉动下的PCB设备、燃气轮机、液冷；(2)人形机器人等未来产 业；(3)周期复 ...

银河证券机械行业2026年度策略报告指出，2025年回顾：机械设备整体指数跑赢大盘，人形机器人、 AI PCB设备、锂电设备(固态电池设备方向)等科技成长相关板块涨幅居前。基本面总体稳健增长，锂电 设备/机床迎来基本面修复。2026机械设备投资关键词：AI基建、未来产业、周期复苏。展望2026年机 械设备板块的投资机会，报告认为可以从三个方面考虑，一是继续紧抓跟AI相关科技成长主线，包括 AI PCB设备、燃气轮机、液冷等;二是"十五五"规划强调未来产业&新兴产业，是中国经济转型升级新 旧动能转换的关键，包括人形机器人、可控核聚变、低空经济、深海经济、商业航天等，有望拉动相关 设备需求;三是从各细分行业周期性特征考虑选择行业β向上的基本面优质个股，包括工程机械、风电设 备、锂电设备等。 11月27日讯，昨日深成指、创业板指双双低开高走，沪深两市成交额1.78万亿，较上一个交易日缩量 288亿。板块方面，医药、零售、CPO等板块涨幅居前，军工装备、林业、游戏等板块跌幅居前。截至 昨日收盘，沪指跌0.15%，深成指涨1.02%，创业板指涨2.14%。 本文转载自智通财经，智通财经编辑：陈雯芳。 中信建投表示，机器 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 转自：智通财经 智通财经11月27日讯，昨日深成指、创业板指双双低开高走，沪深两市成交额1.78万亿，较上一个交易 日缩量288亿。板块方面，医药、零售、CPO等板块涨幅居前，军工装备、林业、游戏等板块跌幅居 前。截至昨日收盘，沪指跌0.15%，深成指涨1.02%，创业板指涨2.14%。 银河证券机械行业2026年度策略报告指出，2025年回顾：机械设备整体指数跑赢大盘，人形机器人、 AI PCB设备、锂电设备（固态电池设备方向）等科技成长相关板块涨幅居前。基本面总体稳健增长， 锂电设备/机床迎来基本面修复。2026机械设备投资关键词：AI基建、未来产业、周期复苏。展望2026 年机械设备板块的投资机会，报告认为可以从三个方面考虑，一是继续紧抓跟AI相关科技成长主线， 包括AI PCB设备、燃气轮机、液冷等；二是"十五五"规划强调未来产业&新兴产业，是中国经济转型升 级新旧动能转换的关键，包括人形机器人、可控核聚变、低空经济、深海经济、商业航天等，有望拉动 相关设备需求；三是从各细分行业周期性特征考虑选择行业β向上的基本面优质个股，包括 ...

朋友们，今天带你们解锁一场金融圈的"好莱坞级"反转大戏！美股市场刚刚上演了惊魂一夜，剧情从悬崖边拉回，比大片还刺激——你以为开盘暴跌就是终 局？那可就错过最燃的片段了！ 第一幕：深V弹射，市场玩起"高空蹦极" 美东时间周二，开盘直接上演"暴击模式"——标普500指数一度暴跌2%，市场哀鸿遍野。可就在投资者准备"躺平装死"时，神秘买盘突然杀出，硬是把指数 从深渊里捞了起来，划出一道教科书级的深V反弹！ 高潮还在后头！午后，一则关于前总统的重磅言论再度搅动风云，市场小幅回撤。收盘时，几大指数上演"分家戏码"：道指逆势爬升0.4%，标普和纳指则小 幅收跌0.2%和0.8%。这一天的过山车，够不够心跳加速？ 第二幕：板块分裂，资金上演"大逃杀" 最绝的莫过于板块间的"冰火两重天"！银行股集体狂欢，涨幅冲上1.9%，保险板块也不甘落后涨1.6%；而昔日顶流科技巨头却集体"扑街"，整体下挫 1.1%。 回顾8月疲软的非农数据后，美联储的套路越来越清晰——从杰克逊霍尔会议放鸽，到9月降息实锤，一套连招行云流水。但要小心"笑面鹰"突袭：边降息边 放狠话，这招美联储可是老演员了。 密钥二：摩根大通爆出的"消费底牌" 银行业巨头 ...

Group 1 - The Hong Kong stock market experienced significant pullbacks last week, with the Hang Seng Technology Index declining by 5.1% and the Hang Seng Index by 7.2% [1][2] - The market's downturn was attributed to mixed signals from the U.S. labor market, where job growth exceeded expectations but the unemployment rate reached a four-year high, creating uncertainty around the Federal Reserve's interest rate decisions [2][3] - The overall sentiment in the market is cautious, particularly in the technology sector, which has been under pressure, as indicated by the low fear and greed indices for both the Hang Seng Technology Index and the Hang Seng Index [2][4] Group 2 - Looking ahead, the macroeconomic environment suggests a potential for a "slow bull" market as the Federal Reserve is expected to enter a rate-cutting phase, leading to increased global liquidity [3][4] - Investment strategies should focus on sectors benefiting from technological advancements, such as AI and robotics, which are currently at a critical commercialization phase [4] - The report highlights the importance of resource scarcity and the transition to energy transformation, suggesting that sectors like metals may experience valuation premiums due to structural supply-demand mismatches [4][5]

Core Viewpoint - The storage industry is experiencing significant price increases across various products, driven by supply-demand dynamics and the growing demand for DRAM and Flash products, particularly in AI applications [1][4]. Price Updates - DDR4 prices have increased by 20%-46%, with specific products showing the following changes: - 16Gb at $18, up 20% - 8Gb at $8.1, up 11% - 4Gb at $3.7, up 19% - LPDDR4/4x at $1.1/Gb, up 46.7% - LPDDR5/5x at $0.62/Gb, up 29.2% - V-NAND prices have also risen: - 128GB at $11.4, up 30% - 64GB at $7.2, up 33% - 32GB v6 at $6.5, up 39% - eMMC prices increased as follows: - 64GB at $13.2, up 20% - 32GB at $7.2, up 20% - 16GB at $6.2, up 29% - 8GB at $4.55, up 38% - 4GB at $4.45, up 39% [1]. Company Performance - In Q3, the company reported a revenue increase of 31.4% year-on-year to 2.68 billion yuan, and a net profit increase of 61.1% to 508 million yuan [2]. - The gross margin improved by 3.7 percentage points to 40.72% due to rising storage product prices [2]. - The company anticipates that its DRAM products will surpass MCU business to become the second-largest product line [2]. Product Development - The company plans to mass-produce its self-developed LPDDR4X series products in 2025 and is also working on LPDDR5 small-capacity products [2][3]. - The company has successfully captured market share with its new DDR4 8Gb product, which has achieved sales comparable to the DDR4 4Gb product [2]. Customer Relationships - The company is focusing on building long-term strategic partnerships with quality customers across various sectors, including TV, industrial applications, and AI-related fields [3]. - The company is not currently planning DDR5 products, despite competitors launching their DDR5 series [3]. Market Outlook - The company expects the price increase trend to continue for the next two quarters, supported by strong demand in the DRAM market, particularly for niche DRAM products [4]. - The NOR Flash segment is also benefiting from a price increase due to rising demand driven by AI developments [4]. - The company is optimistic about the potential of customized storage solutions in AI applications, with projects entering trial production stages [5][6].

Core Insights - The report indicates that the recent decline in Hong Kong stocks, particularly the Hang Seng Technology Index, which fell by 5.1% and the Hang Seng Index by 7.2%, reflects a state of market panic, suggesting a potential opportunity for investment [2][6][7] - The Fear and Greed Index for both the Hang Seng Technology Index and the Hang Seng Index is currently at historical lows, indicating a possible short-term recovery in market sentiment [7][8] Market Analysis - The decline in the Hong Kong market is attributed to several factors: 1. Unexpected growth in U.S. employment numbers alongside a rise in the unemployment rate to a four-year high, leading to uncertainty regarding the Federal Reserve's interest rate decisions [7] 2. Concerns over high asset prices potentially leading to market corrections, which has dampened trading sentiment in the Asia-Pacific region [7] - The report notes that the technology sector has been particularly hard hit, with the Hang Seng Technology Index underperforming compared to other indices [7] Future Outlook - The report anticipates a "slow bull" market trend due to: 1. The onset of a Federal Reserve rate-cutting cycle, which may lead to a more accommodative global liquidity environment [8] 2. Continuous support for the domestic technology sector through policy initiatives, which could attract long-term capital and enhance market activity [8] - Investment strategies suggested include: 1. Focusing on emerging technology sectors such as AI and robotics, which are at a critical commercialization phase [8] 2. Identifying scarce resources that may benefit from valuation premiums due to shifts in energy transition and geopolitical factors [8] 3. Monitoring sectors like insurance and brokerage, which may see increased activity as low-interest rates encourage more equity investments [8]

受益于旺季备货需求与存储周期进一步改善，A股Nor Flash存储龙头兆易创新(603986)今年第三季度盈 利同比增长约六成。 11月24日，公司高管在第三季度业绩说明会上表示，利基型DRAM市场呈现明显的供不应求现象，初步 预计涨价趋势在未来的两个季度有望得以延续，并在明年后续几个季度维持相对较高的价格水平。另 外，公司将结合实际经营需求与DRAM核心供应商积极协商，争取得到产能支持。 今年第三季度，兆易创新营业收入同比增长31.4%至26.8亿元，归母净利润同比增长61.1%至5.08亿元， 环比增长49%。得益于存储产品涨价的拉动，第三季度单季毛利率环比提升3.7个百分点至40.72%。 据介绍，在主要产品线方面，公司利基型DRAM产品今年一季度末价格回暖，下半年利基型DRAM收入 有明显增长，有望超越MCU业务成为公司第二大产品线；Flash同样受益于存储周期的改善，NOR Flash 处于温和涨价周期中，SLC NAND产品开始涨价；MCU收入环比持平略增，依然保持了较好的水平； 模拟、传感业务等方面，公司与赛芯的整合顺利推进；定制化存储解决方案进展顺利，进入年末，陆续 有部分项目进入客户送样、小 ...