智通财经2月25日讯（编辑 胡家荣）美东时间周二，近期备受市场追捧的存储芯片龙头闪迪股价遭遇剧烈波动。知名做空机构香橼资本公开宣布持有闪迪空 头头寸，并发布详细看空报告。受此消息冲击，闪迪股价盘中一度跌近8%。 这一利空消息迅速产生连锁反应，波及港股存储概念股。截至发稿，澜起科技(06809.HK)跌6.38%，兆易创新(03986.HK)跌4.77%，显示市场对存储行业周期 性风险的担忧情绪正在蔓延。 针对市场普遍预期的"AI需求将帮助NAND闪存摆脱周期性波动"的观点，香橼资本予以驳斥。报告回顾历史指出，2008年、2012年及2018年均出现过类似行 情，但周期性规律从未改变。 香橼强调，当前的供应短缺仅是暂时现象。目前全球产能已达到2018年峰值的两倍，所谓的供应限制可能在一次财报电话会议后便烟消云散。报告直 言："英伟达拥有护城河，而闪迪销售的只是普通商品。"市场将闪迪对标英伟达进行高估值定价，存在根本性逻辑错误。 三星竞争加剧：价格战与技术挤压双重威胁 香橼资本特别强调了来自三星电子的巨大威胁。历史上，三星在存储周期中常采取"优先市场份额而非利润"的策略：先让纯闪存厂商享受高毛利，随后突然 增加供 ...

上证报中国证券网讯（刘禹希 记者 徐蔚）截至2月24日，A股两融余额为26227.57亿元，较上一交易日增加346.32亿元，占A股流通市值比例为2.52%。当日 两融交易额为2281.23亿元，较上一交易日增加482.89亿元，占A股成交额的10.28%。 资金流向方面，申万31个一级行业中有26个行业获融资净买入，其中，电子行业获融资净买入额居首，当日净买入65.39亿元；获融资净买入的行业还有计 算机、有色金属、电力设备、通信等。 | 序号 | | | | | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 = | 交易日期 ◀ | | 7 | 300308.SZ | 中际旭创 | 2026-02-24 | | 2 | 688111.SH | 金山办公 | 2026-02-24 | | ന | 600176.SH | 中国巨石 | 2026-02-24 | | ব | 000021.SZ | 深科技 | 2026-02-24 | | 5 | 300442.SZ | 润泽科技 | 2026-02-24 | | 6 | 600519.SH | 贵州茅台 | 2026-02 ...

智通财经APP获悉，中信证券发布研报称，与存储超级周期类似，目前特种电子布供需持续紧张，企业在边际利润的驱动下有较强动力持续转产特种布， 从而造成7628电子布的织布机产能边际持续压缩。从投资收益率角度对比，本轮7628电子布价格上涨空间有望达到8元/米。 7628电子布涨价逻辑持续验证 根据卓创资讯，截至2026年2月9日，7628电子布均价5.11元/米，跳涨0.4元/米，持续验证我们的涨价大周期逻辑。综合织布机和产线建设，以低介电二代 的投资收益率为锚，中信证券认为7628电子布价格的上涨空间有望达到8元/米。 1)从织布机的角度，中信证券测算低介电一代/二代和低膨胀/Q布的投资收益率分别为189%/578%/1500%。当7628电子布价格为4/6/8元/米时，投资收益率 分别为60%/180%/300%；2)从产线建设的角度，低介电一代/二代和低膨胀/Q布的投资收益率分别为19%/75%/144%。当7628电子布价格为4/6/8元/米时， 投资收益率分别为11%/32%/54%。 | 从产线建设角度测算 | 7628 电子布 | 低介电一代 | 二代和低膨胀 | Q 布 | | --- | --- ...

研 究 院 货 金 融 宏观消息影响，铜价震荡偏强 张天骜 南京大学学士 爱尔兰都柏林大学数理金融学硕士 从业资格证：F3002734 投资咨询证：TZ0012680 弘 业 期 究 院 伊朗核谈判不断反复，仍有战争风险。美国最高法院裁定特朗普关税非法，但特朗普使用新的法律条文重新对全球 主要国家征收15%普遍关税。市场恐慌情绪上升，黄金白银大涨，带动有色金属全线走强。今日伦铜上涨，沪铜上涨，国 内现货铜价上涨。 期 货 金 融 研 数据上看，今日沪铜收盘报101510，现货报101970，现货较期货升水460点。今日现货基差升水250点，今日现货成 交有所好转。LME现货贴水扩大至-84美元，外盘现货需求不足。本周美铜库存继续上升创新高，伦铜库存大幅上升，沪 铜库存上升，节前现货需求不佳。本周人民币汇率大幅上涨，洋山铜溢价下降至33美元，春节前后国内现货需求不佳。 铜价伦沪比上升至7.83，国际铜较沪铜升水大幅下降至247点，外盘比价小幅高于内盘。 弘 业 今日伦铜大涨，在13100美元附近运行。沪铜大涨，收于101510，技术形态接近中性。沪铜成交下降持仓大幅上升， 节后市场情绪偏向乐观。现货方面，国内现 ...

Group 1 - The core theme of the article revolves around the investment opportunities in price-increasing themes within the A-share market, particularly in the context of the upcoming horse year [1][2] - Price-increasing themes have gained significant recognition, with notable stocks emerging, such as Xingye Yinxin, Zhongtung Gaoxin, and Zhaojin Gold [1][2] Group 2 - Various price-increasing themes have been identified, including export-controlled metals like rare earths, the impact of US dollar depreciation on gold, silver, copper, and aluminum prices, and the demand from AI driving up prices of tin, electronic fabrics, fiberglass, copper-clad laminates, passive components, and sputtering targets [3][4][5][6] - It is suggested that capturing two or three of these price-increasing varieties can be considered a success [7] Group 3 - Six insights are provided regarding investment in price-increasing themes: 1. Avoid buying high-priced varieties to maintain a better safety margin [8] 2. Focus on varieties with expanding demand rather than those with declining demand [10] 3. Choose companies that directly benefit from price increases, such as mining companies over smelting companies [11][12] 4. Be aware of the high volatility of price-increasing stocks [8] 5. Select varieties with accessible information for better judgment [8] 6. Low-priced varieties may experience a rebound if positive news emerges [16] Group 4 - For the horse year, potential price-increasing themes under consideration include lithium carbonate and vanadium battery storage, with lithium carbonate expected to benefit from controlled production and increased demand for energy storage batteries [19][20] - The global demand for lithium is projected to double by 2030, with significant price increases anticipated for lithium products [20] - The vanadium battery market is expected to grow due to the increasing scale of wind and solar power generation, which requires long-duration energy storage solutions [21][22]

Core Viewpoint - The demand for AI is driving a global revival in the nuclear power industry, leading to a potential revaluation of high-margin, high-growth nuclear manufacturing sectors [1] Group 1: Industry Growth and Valuation - The nuclear power sector in China has entered a normalization phase for approvals and construction, with component deliveries expected to peak in 2026, resulting in accelerated profit release for the industry [2] - The core equipment of nuclear islands has a gross margin exceeding 30%, but the long-term valuation of nuclear component companies has been limited due to market skepticism regarding the industry's long-term growth potential [1][2] Group 2: Multi-Dimensional Demand Growth - Advanced reactor technologies, including high-temperature gas-cooled reactors and thorium molten salt reactors, are being developed, with significant investments projected in small modular reactors (SMRs) expected to reach $670 billion globally by 2050 [3] - The nuclear technology application market is anticipated to exceed 600 billion yuan by 2030, with additional contributions from nuclear exports and spent fuel reprocessing [3] Group 3: Fusion Technology and Valuation Shift - Nuclear fusion, regarded as the "ultimate energy source," is becoming a definitive development direction, with over 300 billion yuan in capital expenditure expected during the 14th Five-Year Plan, which will accelerate industry growth [4] - As domestic and international technologies advance, a shift from experimental to commercial nuclear fusion is anticipated, potentially leading to a significant increase in the overall valuation of the nuclear power sector [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The market sentiment in the futures and financial markets has warmed up, and copper prices are fluctuating widely. The international situation is tense, which supports copper prices. However, after the confirmation of the successor to the Fed chair, policy uncertainty has increased, and the enthusiasm in the market has declined after the US copper broke through the previous high. The uncertainty in AI demand is relatively high, and there is pressure on the upside of copper prices. After a sharp drop at a high level, the sentiment in the spot market has warmed up, and it may continue to show a wide - range fluctuating trend in the short term [3][4] Group 3: Summary According to Related Contents Market Environment and Sentiment - The progress of the US - Iran negotiations is limited, the US has imposed additional tariffs on countries trading with Iran, and Japan's Takaichi Sanae won a major victory in the election, causing剧烈 fluctuations in market sentiment. The US dollar has been falling continuously, the RMB has reached a new high, and the capital market has fully recovered. Gold and silver prices have risen sharply today, driving up all non - ferrous metals, including copper, tin, and nickel [3] Copper Price and Market Performance - Today, LME copper rose and was trading around $13,070. SHFE copper soared and closed at 101,840. The trading volume and open interest of SHFE copper both decreased. Before the holiday, the market sentiment was cautious and trading was light. In the spot market, domestic spot demand has improved slightly, while LME copper spot demand is poor, but US copper buying continues. The external market ratio is stronger than the domestic market [4] Data Indicators - As of February 9, the RMB exchange rate was 6.9255, the spot premium was - 940 yuan/ton, the Yangshan copper premium dropped to $37.5/ton, the LME copper - spot - futures spread was - 71, and the ratio of SHFE copper's main contract to LME copper was 7.76. The domestic spot demand has improved after a sharp drop. The LME spot discount has narrowed to - 71 dollars, indicating insufficient external spot demand. This week, the US copper inventory continued to rise to a new high, the LME copper inventory increased, and the SHFE copper inventory increased. Before the holiday, the spot demand was poor [3][5]

Core Viewpoint - The Hong Kong stock market is expected to continue structural growth in the short term, supported by the Federal Reserve's interest rate cut expectations and the ongoing recovery of A-share sentiment [1] Group 1: Market Outlook - The demand for AI is showing continuous improvement, which will benefit the technology sector in Hong Kong stocks [1] - Investors should remain cautious of external policy uncertainties, such as recent adjustments to the value-added tax scope, which have raised concerns about the tax burden on internet value-added services and triggered a rapid decline in platform technology stocks [1] Group 2: Sector Performance - In terms of industry structure, essential consumption and public utilities are relatively resilient, while information technology and materials sectors are leading the decline, reflecting weak market risk appetite [1] Group 3: Investment Strategy - A prudent allocation strategy is recommended, focusing on high-dividend assets as a foundation, while also paying attention to sectors with both profit improvement and growth potential in technology and consumption [1] Group 4: Index Information - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which selects 50 representative securities from Hong Kong listed companies available for trading through the Stock Connect, emphasizing the financial sector while also covering telecommunications and consumption [1] - The constituent stocks of this index exhibit high market liquidity and scale characteristics, aiming to reflect the overall performance of large blue-chip enterprises in the Hong Kong stock market [1]

Group 1 - The semiconductor chip market is experiencing a rebound, with the Kweichow Moutai ETF (589100) rising by 0.1%, driven by domestic industrial chain localization and AI demand opportunities [1] - North American companies are exceeding expectations in AI spending, with Meta projecting significant capital expenditure growth by 2026 and Microsoft showing a 66% year-on-year increase in Q4 2025 capital expenditure, indicating strong AI demand [1] - The storage industry is witnessing continuous performance growth, with SanDisk's earnings guidance surpassing expectations, and a forecasted explosive growth in ASIC numbers from companies like Google, Amazon, Meta, OpenAI, and Microsoft between 2026 and 2027 [1] Group 2 - The Kweichow Moutai ETF (589100) tracks the semiconductor chip index (000685), which has a daily price fluctuation limit of 20%, and includes companies across the semiconductor materials, equipment, design, manufacturing, and testing sectors [2] - The index reflects the overall performance of listed companies in the semiconductor industry, focusing on semiconductor manufacturing while also encompassing information transmission and IT services, emphasizing the hard technology sector [2]

Core Viewpoint - Company is experiencing tight capacity in wafer foundry and packaging testing due to factors such as AI demand and shifts in capacity orders, leading to strategic partnerships with key foundries and testing manufacturers [1] Group 1: Capacity and Demand - Company has established deep strategic partnerships with important wafer foundry and packaging testing manufacturers to address capacity supply and wafer allocation [1] - Current capacity planning aligns with the company's future order demands, indicating proactive management in response to market conditions [1] Group 2: Supply Chain and Cost Management - There are instances of price increases within the supply chain, prompting the company to actively communicate and coordinate with key suppliers [1] - Company is implementing cost control measures while ensuring effective capacity matching [1]