12月29日，AI算力产业链冲高回落。截至11：23，云计算50ETF（516630）逆势上涨1.11%冲击6连 阳，持仓股易点天下涨超10%，汉得信息、泛微网络、万兴科技等纷纷跟涨。创业板人工智能ETF华夏 （159381）微涨0.05%，5G通信ETF（515050）跌1.47%，持仓股中，光库科技、天孚通信、太辰光等 前期热门个股领跌。 消息面上，三星HBM4芯片量产或提前，2030年全球HBM市场规模有望达980亿美元。三星电子平 泽P4工厂建设项目正在加速推进，其设备的安装和测试运行目标已比原计划提前2-3个月。该工厂将成 为三星10nm第六代（1c）DRAM生产的核心，三星率先将1c DRAM用于第六代HBM（HBM4）芯片。 云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆盖了光模块& 光器件、算力租赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF（516630）为跟踪该指 数合计费率最低的ETF。场外联接（A类：019868；C类：019869） 中信证券指出，2025年互联网板块在外部扰动反复的环境下走出震荡上行行情，上行动量主要为 ...

智通财经APP获悉，东吴证券发布研报称，2026年AI算力产业链预计将迎来业绩放量。云端算力方面， 国产GPU进入业绩兑现期，产业链协同至关重要。端侧算力则受益于AI终端创新与3D DRAM放量，多 场景加速落地。同时，先进制程晶圆代工扩产、HVDC电源架构升级以及光铜互联需求增长，共同驱动 产业链各环节技术升级与价值提升。 东吴证券主要观点如下： 云端算力：迎接国产算力产业链上下游共振带动业绩放量 3DDRAM：端侧AI存储26年为放量元年，产业趋势逐渐确立 26年AI硬件落地带来存力需求的快速提升，高带宽/低成本的3DDRAM有望在多领域放量。该行认为机 器人/AIOT/汽车等领域对本地大模型的部署离不开3DDRAM存储的支持，其为各端侧应用从"能 用"到"好用"的关键硬件革新。多款NPU的流片发布亦为3DDRAM提供丰富适配场景。此外，手机/云端 推理等场景亦将逐步导入，成为26H2及27年关键场景，应用领域持续拓宽。相关公司兆易创新、北京 君正等。 端侧AI模型：架构优化突破物理瓶颈，利益分润决定生态版图 2026年国产算力芯片龙头有望进入业绩兑现期，看好国产GPU受益于先进制程扩产带来的产能释放。考 ...

在 " 果链 " 江湖中，还有一个低调玩家，苹果全系列产品的数千种零部件都出自它手，它是苹果最核心供应商之一。可比起前两者，这家公司的 知名度和话题度相去甚远。 这家公司叫领益智造，与公司一样低调的，是其创始人曾芳勤。41 岁创业，60 岁将公司带向千亿市值，个人财富近 700 亿，位列广东江门女首 富，却很少出现在公众视野。 近日，低调的领益智造引发市场热议，其宣布以 8.75 亿元收购液冷企业立敏达 35% 股权，超 34 倍的溢价引发广泛关注。而更让业界关注的是， 被收购的立敏达并非无名之辈，而是英伟达产业链的一员。 这不是一次偶然的并购。从消费电子到新能源汽车，从光伏储能到人形机器人，领益智造通过一次次收购等完成了多元赛道布局，如今更是瞄准 英伟达产业链，曾芳勤的棋局到底藏着怎样的逻辑？ 34 倍溢价并购 提起 " 果链 " 巨头，立讯精密、蓝思科技的名字总被反复提及，王来春、周群飞的创业故事也早已家喻户晓。 辞掉 " 铁饭碗 "，41 岁创业逆袭江门女首富 1965 年出生的曾芳勤，人生本来可以很 " 稳 "。大学毕业后，她进入深圳一家国企从事渔业管理，很快从普通员工做到副总经理，端着人人羡慕 的 ...

Core Viewpoint - The article highlights the strategic moves of Lingyi iTech, a key player in Apple's supply chain, focusing on its recent acquisition of a stake in a liquid cooling company, Limin Da, and its broader strategy to diversify into high-growth sectors, particularly in the AI and automotive industries [5][12]. Company Background - Lingyi iTech, founded by Zeng Fangqin in 2006, initially focused on precision parts for mobile phones, particularly for Nokia [7]. - The company gained prominence by securing orders from Apple, overcoming stringent quality and pricing demands [9][11]. - By 2024, Lingyi iTech's revenue reached 442.11 billion, with a market capitalization of 1,125 billion by the end of 2025, marking significant growth since its listing [11][12]. Recent Acquisition - Lingyi iTech announced the acquisition of a 35% stake in Limin Da for 875 million, with a valuation of Limin Da's total equity at 2.51 billion, reflecting a 34-fold premium [15][16]. - Limin Da is recognized for its collaboration with NVIDIA, providing critical cooling components for high-performance servers, which aligns with Lingyi iTech's strategic focus on AI and computing technologies [16]. Strategic Shift - The company has been actively restructuring its business by divesting non-core operations, such as its logistics and trade services, which previously accounted for 40.97% of its revenue in 2017 [13]. - Lingyi iTech has expanded into high-growth areas, including medical devices and electric vehicles, through various acquisitions [13][15]. Market Positioning - Lingyi iTech's recent moves position it as a comprehensive solutions provider in the AI and automotive sectors, with a product line that includes AI smartphones, wearable devices, and components for clean energy [15]. - The acquisition of Limin Da is seen as a strategic step to enhance its capabilities in the liquid cooling market, complementing its existing product offerings [16]. Industry Context - The article notes that other major players in the Apple supply chain, such as Luxshare Precision and Lens Technology, are also vying for positions within NVIDIA's supply chain, indicating a competitive landscape [17]. - The trend reflects a broader shift in the industry, where traditional supply chain companies are adapting to the demands of AI and high-performance computing markets [17].

Investment Rating - The investment rating for the companies mentioned in the report is "Buy" for Weike Technology (301196.SZ), Nengke Technology (603859.SH), Hehe Information (688615.SH), and Maixinlin (688685.SH) [10][13]. Core Insights - OpenAI launched the GPT-5.2-Codex, which is positioned as the most advanced coding model to date, enhancing software engineering automation and improving long-term context understanding and instruction adherence [4][25]. - Google's Gemini3Flash was released, breaking the traditional notion that speed and intelligence cannot coexist, indicating a new phase in AI technology and application paradigms [5][37]. - Lovable completed a $330 million Series B financing round, achieving a valuation of $6.6 billion, reflecting a 266% increase from its previous valuation [48][49]. Summary by Sections 1. Computing Power Dynamics - The rental prices for computing power remained stable, with specific configurations priced at 26.97 CNY/hour for Tencent Cloud and 31.58 CNY/hour for Alibaba Cloud [24]. - The token consumption for AI models increased, with OpenAI's models leading in usage [18][19]. 2. AI Application Dynamics - Deepl's weekly usage increased by 56.70%, indicating a significant rise in user engagement [36]. - Gemini3Flash demonstrated exceptional performance, achieving three times the response speed of its predecessor and excelling in complex cognitive tasks [39][40]. 3. AI Financing Trends - Lovable's financing round was led by CapitalG and MenloVentures, with participation from several notable venture capital firms, highlighting strong investor confidence in AI-native programming tools [48][49]. 4. Market Review - The AI application index and AI computing power index showed varying performance, with notable gains and losses among specific companies [54][56].

Core Viewpoint - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, focusing on communication equipment and artificial intelligence [1][11]. Group 1: ETF Performance - The top-performing ETF is the Guotai CSI All-Share Communication Equipment ETF (515880.OF), with a year-to-date return of 122.27% [3][13]. - Other notable ETFs include: - Fortune CSI Communication Equipment Theme ETF (159583.OF) with a return of 111.21% - Southern Growth Enterprise Board AI ETF (159382.OF) with a return of 110.15% - Huabao Growth Enterprise Board AI ETF (159363.OF) with a return of 104.57% - Guotai Growth Enterprise Board AI ETF (159388.OF) with a return of 100.38% [2][12]. Group 2: Fund Management and Strategy - The Guotai CSI All-Share Communication Equipment ETF, managed by Ai Xiaojun, has been operational for over six years, achieving a total return of 202.97% and an annualized return of 19.16% [3][13]. - The fund's current size is 124.50 billion [3][13]. - The fund's investment strategy focuses on the AI computing power industry chain, with significant holdings in leading companies such as Xinyi and Zhongji Xuchuang [6][14]. Group 3: Market Dynamics and Volatility - The fund manager has significantly increased core holdings, with an increase rate exceeding 130% [7][15]. - Despite impressive returns, the fund experienced a maximum drawdown of -28.87%, indicating high volatility in the high-growth technology sector [8][15]. - Long-term performance shows a total return of 179.70% over five years and 254.68% over three years, outperforming broad market indices like the CSI 300 [8][15]. Group 4: Future Outlook - As the 2025 market approaches its end, there is significant interest in whether the Guotai communication ETF can maintain its leading position and how the AI computing power industry will perform moving forward [10][16].

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector and its sub-sectors, including telecommunications equipment manufacturing [9]. Core Insights - The commercial aerospace sector is experiencing significant growth, driven by key events such as the successful launch of the Zhuque-3 rocket and the upcoming launch of the Long March 12 rocket, which aims to achieve reusability [2][3]. - The Shanghai Songjiang Satellite Internet Industry Conference highlighted the development opportunities in satellite internet, with partnerships being formed to enhance aviation satellite internet applications [16]. - The report emphasizes the importance of ground terminals and applications as critical components of the commercial aerospace industry's business ecosystem, suggesting a focus on undervalued segments with broad potential [18]. Summary by Sections Market Performance - The telecommunications index rose by 3.69% last week, outperforming the Shanghai Composite Index, which increased by 0.37%, and the Shenzhen Component Index, which rose by 1.26% [2][12]. Key Events - Significant events in the commercial aerospace sector include: 1. The successful first flight of the Zhuque-3 rocket, achieving orbit but failing to recover the first stage [3][13]. 2. The upcoming first flight of the Long March 12 rocket, which will attempt reusability [3][13]. 3. The Shanghai Songjiang Satellite Internet Industry Conference, where major players discussed advancements in satellite technology [16]. 4. The initiation of a tender for phased array terminals by China StarNet, indicating a focus on ground terminal development [18]. Recommended Companies - The report recommends several companies within the telecommunications sector, including: - ZTE Corporation (Buy, target price: 64.34 CNY) [38]. - Ruijie Networks (Buy, target price: 102.51 CNY) [38]. - China Telecom (Buy, target price: 9.11 CNY) [38]. - NewEase (Buy, target price: 476.71 CNY) [38]. - China Mobile (Buy, target price: 126.20 CNY) [38]. - Zhongji Xuchuang (Buy, target price: 626.68 CNY) [38]. - Haige Communications (Buy, target price: 13.70 CNY) [38]. - Shanghai Hanyun (Buy, target price: 28.28 CNY) [38]. - China Unicom (Hold, target price: 7.56 CNY) [38]. Performance Highlights - The report notes that the top-performing stocks in the past week included: - Aerospace Development (up 52.26%) - Tianfu Communication (up 25.79%) - Shanghai Hanyun (up 24.98%) [10]. Future Outlook - The report suggests that the commercial aerospace sector is poised for further growth, particularly in ground terminal applications and satellite manufacturing, as the industry approaches critical technological milestones [2][3][18].

Group 1 - The AI computing industry chain is strengthening, with active concepts including Moore Threads, GPUs, optical chips, and optical module CPOs [1] - The lowest fee artificial intelligence ETF in the ChiNext market, Huaxia (159381), rose by 0.96%, with leading stocks such as Tianfu Communication, Jingjia Micro, Changxin Bochuang, and Tongniu Information [1] - There is a strong enthusiasm for funding in the AI core track, with Huaxia ETF accumulating 97.6 million yuan in the last 5 days, 129 million yuan in the last 10 days, and 169 million yuan in the last 20 days [1] Group 2 - Deutsche Bank's report states that investment in AI mega-cap companies is central to U.S. growth and stock market performance, as well as a key driver of demand in Asia [1] - The report highlights that rising dynamic random-access memory prices, stronger order conditions from major tech manufacturers, and accelerated exports from tech-intensive economies like Singapore and Malaysia indicate that this narrative will remain supportive in the coming quarters, despite potential volatility [1] - The ultimate winners and losers in the AI sector may not be clear until after 2026 [1] Group 3 - HSBC emphasizes that 74% of companies are achieving positive returns from generative AI, contradicting previous claims that 95% of companies did not receive any investment returns [2] - The analysis by HSBC suggests that the widely cited MIT NANDA report from July was based on insufficient data and exaggerated concerns about an AI bubble [2] - The ongoing research by Wharton School and GBK is providing more reliable evidence that AI investments are delivering tangible productivity and performance improvements for many businesses [2]

Core Viewpoint - Industrial Fulian (601138) is increasing its investment in the AI computing power industry by injecting 2 billion yuan into its subsidiary, Fulin Cloud Computing (Tianjin) Co., Ltd, to enhance AI infrastructure and R&D efforts, aiming to solidify its leading position in the AI sector and support the high-quality development of China's AI industry chain [1][2] Group 1: Investment Strategy - The company adheres to a development strategy of "deepening in mainland China and expanding globally," continuously increasing domestic investment to build a multi-point collaborative AI industry ecosystem [2] - Investments in Tianjin and Hangzhou focus on strengthening AI computing power infrastructure and R&D through new park constructions [2] - In Shenzhen, the company invested 726 million yuan to establish a new R&D center for precision components in next-generation smartphones, enhancing innovation in high-end intelligence and AI terminal fields [2] Group 2: Financial Performance - In the first three quarters, Industrial Fulian achieved revenue of 603.93 billion yuan, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 22.49 billion yuan, up 48.52%, nearing last year's total [2] - The cloud computing business saw revenue growth exceeding 65% year-on-year in the first three quarters, with a quarterly growth of over 75% in the third quarter [2] Group 3: Future Outlook - The company maintains an optimistic outlook for AI server cabinet demand by 2026, with ongoing projects involving core cloud service providers and a steady influx of new customers, ensuring a tight order production schedule [2]

Market Overview - The pharmaceutical and technology sectors experienced a strong rally, with all three major A-share indices rising [2] - The Shanghai Composite Index rose by 0.14%, the Shenzhen Component Index increased by 1.61%, and the ChiNext Index surged by 2.76% [3] Pharmaceutical Sector - The pharmaceutical sector saw significant gains, with sub-sectors such as pharmaceutical commerce, chemical pharmaceuticals, medical services, and innovative drugs leading the way [2][7] - Notable stocks included Guangdong Wanyanqing and Huaren Health, both hitting the 20% daily limit up, while leading companies like Baijie Shenzhou and Hengrui Medicine also saw increases [7][9] Technology Sector - The computing power industry chain showed strong performance, particularly in the optical module sector, with stocks like Zhongji Xuchuang rising by 13.89% to reach a market capitalization of 606.99 billion [2][3] - Other leading stocks in the computing power sector, such as Xinyi Technology and Hushen Technology, also experienced significant increases [3] Catalysts for Pharmaceutical Sector Growth - The rapid rise in flu activity since November has driven demand for antiviral medications, with sales of Oseltamivir increasing by 237% and other flu treatments also seeing substantial growth [9] - Recent policy support measures from Beijing and Shanghai aimed at promoting the high-quality development of the medical device and pharmaceutical industries have further boosted investor sentiment [10] Investment Outlook - Analysts suggest that the pharmaceutical sector remains fundamentally strong, with a gradual improvement expected. The sector is currently viewed as being at a valuation bottom, presenting opportunities for investment in innovative drugs and medical devices [10]