图片来源：视觉中国- VCG211478193393 2025年的美国股市在喧嚣与分化中落下帷幕。这一年，市场经历了由关税政策引发的急速暴跌，又在人工智能（AI）热潮的推动下强势反弹。 从涨幅排名前十的美股公司的表现来看，受益于AI数据中心建设热潮，存储企业表现强劲，包揽前四。其中，闪迪科技（SanDisk）全年上涨577%，排 名第一。排在其后的三家公司的年涨幅也都超过200%。 每经记者｜岳楚鹏 每经编辑｜陈柯名 兰素英 纵观整体，标普500指数全年上涨16%，实现连续第三年的两位数增长，不过罕见跑输国际市场。数据显示，剔除美国公司后的MSCI全球指数（MSCI ex-US index）全年上涨约29%。 繁荣的表象之下，是前所未有的市场集中度风险和结构性失衡。国金证券宏观分析师陈瀚学在接受《每日经济新闻》记者（以下简称每经记者）采访时指 出，如果剥离AI相关个股，市场整体的健康度可能被高估。 展望2026年，陈瀚学向每经记者表示，2026年美股最大的机遇在于AI叙事能否从基础设施建设转向应用层的商业闭环，而最大风险则在于AI泡沫的"内部 熔点"与"外部拐点"。 2025年十大美股：存储企业包揽前四 闪迪 ...

Group 1 - The core viewpoint of the article highlights that storage companies dominated the top ten gainers in the US stock market for 2025, with SanDisk leading at a remarkable 577% increase [1] - The S&P 500 index experienced an overall increase of 16% for the year, but it underperformed compared to international markets, indicating issues of market concentration risk and structural imbalance [1] - Looking ahead to 2026, opportunities in the US stock market are tied to whether AI can establish a commercial closed loop, while risks are associated with the "internal melting point" and "external inflection point" of the AI bubble [1]

市场数据印证了价格上涨趋势。主流型号DDR4 1Gx8 3200MT/s芯片的现货均价，已从12月24日当周的 22.235美元，上涨6.80%至12月30日当周的23.746美元。 除DDR4内存外，NAND Flash市场也同步处于上涨通道。受2026年第一季度合约价格看涨的强烈预期影 响，NAND Flash现货价格进一步走高。本周，512Gb TLC晶圆的现货价格大涨13.35%，达到13.055美 元。目前，现货贸易商对后续价格走势持乐观态度，在出货环节坚持高价策略。（纯钧） 【环球网科技综合报道】1月1日消息，集邦咨询（TrendForce）近日发布行业报告指出，存储市场正面 临新一轮价格波动。全球存储行业巨头三星明确表示，不会推迟DDR4内存产品的停产（EOL）计划， 这一决策直接推动DDR4现货价格涨幅显著超过新一代DDR5产品，市场预计2026年DDR4价格或将持续 走高。 报告显示，三星的停产决定打破了市场对DDR4供应延续的预期，将引发深远行业连锁反应。随着停产 计划的推进，2026年DDR4内存供应量有望出现断崖式下跌。这种供应端的收缩将人为造成产品稀缺 性，可能导致DDR4价格出现倒 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 当存储器价格暴涨、零组件限购成常态，不只是AI巨头在抢资源，消费者也无法置身事外。从手机、PC 到游戏主机，硬体产品掀起新一波涨价潮，升级难度攀升，迫使民间玩家走上极端自救之路，有人自组 RAM、焊接内存颗粒对抗价格红线，有人回收二手零件、延用旧机应变。当供应链失衡持续，玩家们用 自己的方式写下备案计划… 存储价格翻倍，民用市场第一线灾情 2025年底，全球存储模组价格较年初暴涨超过两倍，不只DRAM、NAND等关键元件现货报价翻倍，存储 缺口更迅速波及消费市场各种终端装置，让玩家与一般消费者措手不及。 首先受到冲击的是游戏主机与显示卡，根据《路透》报道，专精游戏产业的纽约大学史登商学院教授范德 鲁恩（Joost van Dreunen）预估，未来一到两年内，游戏主机标签售价可能会再上涨10％～15％。 而日本秋叶原知名通路「山田电机（Tsukumo eX）」已限制顾客，每人只能购买一张GeForce RTX 5060 Ti 16GB，或者一张Radeon RX 9000系列显卡。卖场表示，大容量显示卡进货困难，无法保证下一批是否还 会到货。 接着是笔电与手机市 ...

Group 1: Precious Metals - Guotai Junan Securities indicates that silver possesses higher elasticity in the short term, especially as it relates to AI narratives and its dual role as a precious metal and an asset linked to AI electricity [1] - Huaxi Securities notes that high volatility in precious metals is expected to continue in the short term, with silver, platinum, and palladium facing larger adjustments due to liquidity constraints, while gold is anticipated to stabilize sooner [2] - Citic Securities emphasizes that the macroeconomic backdrop remains favorable for precious metals in the medium to long term, with expectations of a long-term bull market supported by Fed easing and a weak dollar [2] Group 2: Internet Sector - Citic Securities reports that the internet sector is expected to experience a rebound driven by AI narratives and liquidity improvements, with a focus on model iteration and performance realization as key catalysts [3] - The report highlights the importance of selecting stocks based on performance visibility and valuation for companies with lower AI correlation, particularly in stable competitive landscapes and high-growth sectors [3] Group 3: Home Appliance Sector - Citic Securities identifies that the home appliance sector has shown underperformance compared to the market, but recovery opportunities are emerging, supported by domestic demand policies and a reduction in tariff impacts [4][5] - The report suggests focusing on leading home appliance companies with scale and technological strength, particularly in areas like domestic policy support and expansion into emerging markets [4][5] Group 4: Digital Currency - Citic Securities states that the digital yuan is evolving from a cash-replacement model to a deposit currency model, enhancing banks' stability and monetary policy transmission efficiency [6] - The report anticipates that banks will need to shift focus from qualification to capability in promoting digital yuan services, capitalizing on increased penetration rates [6] Group 5: Titanium Alloys - CITIC Jiantou highlights that titanium demand is expected to grow rapidly due to its unique properties, with applications expanding in aerospace, medical, and consumer electronics [7] - The report predicts a demand growth rate of over 10% for titanium alloys in the next three years, driven by advancements in 3D printing technology [7] Group 6: AI Industry - Huatai Securities expresses optimism about the AI industry trend, focusing on investment opportunities in the domestic and international computing power supply chain [8] - The report outlines three main investment lines for 2026, emphasizing the importance of AI computing power, new productivity sectors, and core assets with long-term competitive advantages [8]

固收- 2026 年度策略 - 时光倒流 20251230 摘要 中国经济不宜简单类比日本，中国企业投资和科技进步未停滞，海外投 资量级差异也导致通缩情况不同。美国投资者对贸易战关注减少，更关 注科技趋势和资本开支，中国则显现结构性业绩牛市迹象。 高质量发展强调可持续性，而非依赖基建和地产。房地产对 A 股的重要 性已大幅降低，不再是风险资产代理变量。应关注新兴产业和科技创新 带来的增长潜力。 A 股基本面已变，TMT 行业尤其是存储产业占据更重要位置，内存价格 与 A 股相关性高。房地产主要影响存量资产估值，对 GDP 贡献率下降。 房价与利率之间不存在稳定关系，消费领域受房地产市场波动影响也不 稳定，不同区域间消费与地产关系存在显著差异。 出口数据对资产定价重要，但过度依赖可能导致误判。全球通胀传导机 制显示中国长期通缩预期正在逆转，贸易流未断裂削弱了逆全球化解释 力。 预计 2026 年有降准和降息，但为配合反内卷，信贷量不太可能大幅增 加。央行可能扩大买债规模，以应对商业银行资产负债问题及社会风险 偏好提高，确保金融系统稳定。 2025 年量化模型遭遇挫折，因未能准确反映市场震荡特征。债券市场 面临利 ...

智通财经APP获悉，周三，存储概念股普跌，截至发稿，闪迪(SNDK.US)跌0.7%，西部数据(WDC.US) 跌1.3%，美光科技(MU.US)跌超2%。 ...

Core Viewpoint - The U.S. stock market is entering its third year of a bull market driven by the AI boom, with the S&P 500 index expected to end 2025 with a gain of over 17% [1] Winners - Technology stocks, particularly those related to AI, are leading the U.S. stock market this year, with storage companies like SanDisk, Western Digital, Micron Technology, and Seagate Technology showing significant gains of 585%, 292%, 249%, and 231% respectively [2] - The demand for storage capacity and bandwidth from AI servers far exceeds that of traditional servers, leading to a price surge in the storage industry as production shifts towards high-end storage products [2] - Palantir has seen a year-to-date increase of 139%, likely achieving a three-digit percentage gain for the third consecutive year, although it is considered expensive with a forward P/E ratio exceeding 180 [6] - Warner Bros. Discovery's stock has surged nearly 174% this year due to acquisition news, with ongoing bidding from Netflix and Paramount Global for the company [8] - Several stocks, including Robinhood, SanDisk, AppLovin, and Carvana, have been added to the S&P 500 index in 2025, all achieving triple-digit percentage gains [12] Losers - Economic uncertainty and tariffs have negatively impacted consumer stocks, particularly essential consumer goods companies like Clorox, Lamb Weston, Campbell Soup, and Constellation Brands, which are among the worst performers in the S&P 500 [15] - Deckers Outdoor, known for brands like Hoka and Ugg, has seen a nearly 50% decline in 2025, ending a nine-year growth streak due to weak earnings forecasts and analyst downgrades [15] - Health insurance stocks have also performed poorly, with Molina Healthcare's stock down over 40% and both UnitedHealth and Centene seeing declines exceeding 30% [15] - Despite the poor performance, some investors see potential for a rebound in health insurance stocks due to attractive valuations, with Michael Burry expressing bullish sentiment on Molina Healthcare [18]

Core Viewpoint - Longke Technology (300042) is actively responding to market dynamics in the storage industry, focusing on adjusting procurement, inventory, and sales strategies to enhance operational efficiency and ensure production stability [1] Group 1: Company Overview - The main products of Longke Technology include SSD solid-state drives, DRAM memory modules, embedded storage, mobile storage, and consumer electronics such as wearable devices and computer peripherals [1] Group 2: Industry Insights - The storage industry is characterized by cyclical attributes influenced by supply and demand dynamics [1] - The company closely monitors policies, customer demands, and market conditions in the storage sector to adapt its strategies accordingly [1]

证券日报网讯12月31日，朗科科技（300042）在互动平台回答投资者提问时表示，作为存储领域厂商， 公司始终关注行业趋势，持续深耕存储技术研发与产品创新，积极拓展新机遇。 ...