Group 1 - A-shares are experiencing a strong performance with multiple sectors showing structural opportunities amid a mild economic recovery and accelerated industrial upgrades [1] - Public fund institutions are optimistic about sectors such as artificial intelligence, semiconductors, and consumer goods, indicating potential investment opportunities [1][4] - The market is expected to maintain a bullish trend, driven by cyclical price increases and the expansion of AI-related activities [3] Group 2 - Incremental capital inflow into the A-share market is anticipated, supported by manufacturing investment and capital expenditure from listed companies [2] - The macroeconomic environment is favorable, with long-term planning providing ample policy space and external uncertainties easing [3] - The AI sector is a focal point for public fund strategies, with expectations of significant growth in annual recurring revenue from AI applications [4] Group 3 - The semiconductor industry is expected to see rapid changes driven by AI developments, with a focus on individual stock performance and industry trends [4] - The consumer sector is at a critical turning point, with potential for investment opportunities as consumer demand shifts towards high-end products and services [4] - Cyclical industries are highlighted as key investment narratives for 2026, with a shift from being price takers to value creators in the manufacturing sector [5]

在经历了春节长假的休整之后，2月24日A股市场量价齐升，资金入场意愿较为强烈。 与此同时，结构性分化的暗流也在涌动。油气、有色、化工等资源品板块全线走强，影视院线、AI应 用等题材则显著回调。这种"冰火两重天"的格局，使得A股在马年的平稳开局中暗藏分歧。多家一线私 募机构在接受中国证券报记者采访时表示，马年A股首日走势验证了节前的乐观预期，但市场主线也在 逐步切换，投资者需要在"科技"与"资源"的双线逻辑中重新校准攻守节奏。 ● 本报记者 王辉 马科伟同样坚持"左手高质量成长、右手大空间赛道"的均衡思路。他认为，近期海外科技股的震荡反映 出市场对AI的审视正从"讲故事"转向"看业绩"。国内投资机会将更聚焦于能够看到实际订单、具备明确 商业化路径的细分领域，如机器人和国产算力。在地缘风险支撑下，叠加全球流动性宽松预期，贵金 属、石油、有色、化工等资源品板块当前具备持续的上涨驱动力。 也有机构显现出谨慎态度。宝晓辉坦言，她更看好有色金属与石油能源板块的阶段性投资机会，对科技 板块则保持相对谨慎。"科技板块近期震荡幅度偏大，多空分歧突出。虽然长期来看，科技赛道依然是 优质方向，但不适合在当前阶段重仓参与。"宝晓辉表 ...

Core Viewpoint - The A-share market is experiencing a strong performance post-Spring Festival, with multiple sectors showing structural opportunities amid economic recovery and industrial upgrades [1] Group 1: Market Outlook - Analysts from various public funds expect continued inflow of incremental capital into the A-share market, supported by manufacturing investment and capital expenditure from listed companies [1] - The macroeconomic environment is favorable, with long-term planning and policy encouraging sustained capital market participation, leading to upward market momentum [2] - The market is likely to maintain a trend of oscillating upward, driven by cyclical price increases and the expansion of AI-related sectors [2] Group 2: Sector Focus - The AI sector is a focal point for public fund strategies, with expectations for significant growth in AI applications and revenue generation from major players like OpenAI and Google [3] - The semiconductor industry is rapidly evolving, driven by AI developments, with a focus on individual stock performance and industry trends [4] - The consumer sector is at a critical turning point, with anticipated investment opportunities emerging as consumer demand shifts towards high-end and service consumption [4] Group 3: Investment Strategies - Public funds are emphasizing cyclical industries, with a narrative shift expected in 2026 as policy-driven changes and global supply chain restructuring elevate Chinese manufacturing leaders to a position of pricing power [4] - Investment strategies should focus on technology sectors, including semiconductors and AI, as well as industries related to external demand such as chemicals and machinery [4]

AMD股价大涨9%，此前Meta宣布与这家半导体公司达成一项多年协议。这项新的合作包括部署高达6 千兆瓦的AMD图形处理单元用于人工智能数据中心。Meta还将通过基于业绩的认股权证对AMD进行投 资，有权购买这家芯片制造商多达1.6亿股的股票。 这一举措发生在一周前Meta表示正在其数据中心建设中使用数百万块英伟达芯片之后。 DocuSign也是赢家之一，股价上涨3%，此前Anthropic表示其Claude Cowork现在可以连接到DocuSign以 及企业现有的其他工具，如Google Drive和Gmail。此举让投资者感到乐观，认为人工智能或许能够补充 软件公司，而不是取代它们。 这种乐观情绪也延伸到了软件领域的其他板块。 北京时间2月25日凌晨，美股周二尾盘走高，道指上涨约400点。随着投资者对人工智能颠覆某些行业的 担忧有所缓解，AMD和软件类股领涨大盘。一位联储官员呼吁暂停降息。 道指涨386.72点，涨幅为0.79%，报49190.78点；纳指涨226.35点，涨幅为1.00%，报22853.62点；标普 500指数涨49.73点，涨幅为0.73%，报6887.48点。 家得宝股价上涨2%对 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中芯国际集成电路制造（上海）有限公司，成立于2000年，位于上海市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本244000万美元。通过天眼查大数据分 析，中芯国际集成电路制造（上海）有限公司共对外投资了4家企业，参与招投标项目129次，财产线索 方面有商标信息150条，专利信息5000条，此外企业还拥有行政许可447个。 国家知识产权局信息显示，中芯国际集成电路制造（上海）有限公司取得一项名为"一种半导体结构、 半导体存储器及半导体结构的制备方法"的专利，授权公告号CN120035142B，申请日期为2023年11月。 ...

Core Viewpoint - Intel's stock price has experienced significant volatility due to weak guidance for Q1 2026, manufacturing yield issues leading to supply bottlenecks, and structural changes in market demand for AI computing power [1][2][3] Group 1: Stock Performance - On February 24, 2026, Intel's stock closed at $45.77, rising 4.90% after a previous decline of 1.09% on February 23, with an intraday volatility of 5.74% [1] - Despite a cumulative increase of approximately 24% in 2026, Intel's stock suffered a single-day drop of over 11% in late January due to poor earnings guidance [1][2] Group 2: Reasons for Stock Fluctuation - Intel's earnings report on January 23, 2026, projected Q1 adjusted earnings per share at $0.00, significantly below the market expectation of $0.08, with revenue guidance of $11.7 billion to $12.7 billion, also below market forecasts [2] - The company's management highlighted challenges in manufacturing yields, with CEO Pat Gelsinger stating that while demand is strong, production has not met expected standards, leading to supply constraints [2] - CFO David Zinsner indicated that Q1 supply would hit a "low point," making it difficult to meet seasonal demand, raising concerns about Intel missing opportunities in the AI wave [2] Group 3: Future Development - Intel's stock volatility is primarily driven by its inability to match supply capabilities with market demand and concerns regarding its competitive position in the AI era [3] - While some investors remain optimistic about the company's long-term transformation story, including its foundry business and advanced process technologies, short-term weak guidance and execution challenges are suppressing the stock price [3]

转自：贵州日报 美国联邦最高法院日前裁定，美国总统特朗普领导的政府依据《国际紧急经济权力法》所征大规模关税 违法。多家美国媒体23日援引知情人士的话披露，特朗普政府正准备援引关联国家安全的其他法律条款 对6类行业产品加征关税，这部分关税与政府在最高法院裁决后新推出的15%关税不同。 媒体认为，预计特朗普政府新的关税举措将给经济带来更多不确定性。 该报还认为，过去一年，特朗普政府已推出了一系列"无法预测的贸易政策"，而新的关税举措又将给经 济带来更多不确定性。曾在民主党籍前总统拜登执政时期出任贸易官员的美国律师格蕾塔·派施说："今 后1个月、2个月或6个月的关税会是什么样，我们比上周更不确定。复杂性和不确定性正在增加。" 新华社电 据《华尔街日报》报道，特朗普政府先前已援引第232条款对半导体、药品、无人机、工业机器人和太 阳能电池板多晶硅等9类行业产品展开调查，不少调查已开展近一年，相关工作可能在最高法院裁决后 加速推进。特朗普政府还有意修改以"国家安全"为由加征的钢铝关税的算法，可能会调低不少产品的名 义关税税率，但同时会依据产品的全部价值而非其钢铝成分的价值来计税。这意味着不少公司最终可能 要多缴关税。 ...

Industry Policy and Environment - The nomination of Kevin Warsh as the Federal Reserve Chairman by Trump is expected to lead to a hawkish policy stance, potentially affecting the global liquidity environment and structurally impacting the asset scale managed by BlackRock, particularly in interest rate-sensitive products [1] Company Fundamentals - BlackRock's Global Growth Fund continues to benefit from the commercialization of AI, with major tech holdings like Nvidia and Microsoft. Nvidia is set to announce its earnings on February 25, which may serve as a significant catalyst for the performance of the tech sector and the net asset value of funds heavily invested in this sector [2] Fund Flows - There has been a recent trend of capital flowing from broad market index ETFs into thematic ETFs focused on technology and AI computing. The net inflow situation of BlackRock's iShares series technology-themed ETFs, such as those related to semiconductors and artificial intelligence, should be closely monitored as changes in their scale directly relate to BlackRock's management fee income [3] Industry and Risk Analysis - The Trump administration has announced a 15% import tariff on global goods and is accelerating the 301 and 232 reviews. An escalation in trade tensions could disrupt global supply chains, affecting BlackRock's asset allocation efficiency in sectors like technology and energy [4] Business Progress - BlackRock has recently increased its investments in the AI sector through private markets, such as investing in Anthropic. The changes in post-investment valuations and exit progress in the primary market may influence the fund's portfolio return elasticity through a linkage effect between the primary and secondary markets [5] Recent Events - In the first quarter of 2026, major technology industry events such as CES in Las Vegas and Nvidia's GTC conference will take place, where new products and technological advancements may lead to revisions in the fundamental expectations for the tech stocks heavily held by BlackRock [6]

◎记者 何治民 掩膜版被称为半导体与显示制造环节的"精密底片"，其技术成熟度直接影响下游终端产品的质量与良 率。作为国内掩膜版行业的龙头，清溢光电以平板显示掩膜版起家，目前约七成营收来自该领域，同 时，半导体掩膜版产品的收入占比正逐年提升。 加快高端掩膜版，特别是半导体高端掩膜版的国产化进程，已成为清溢光电的重要战略方向。 "高端掩膜版行业需要耐心资本与长期投入，我们不追求短期回报，而是专注于攻克技术难点，最终目 标是助力产业链实现自主可控。"清溢光电副董事长庄鼎鼎告诉上海证券报记者，公司计划通过"平板显 示+半导体"双翼齐飞战略，未来五年力争平板显示领域市场份额做到全球第一，半导体领域的市场份 额跻身国内前三。 技术攻坚 突破高端掩膜版国产化壁垒 掩膜版的技术迭代与下游需求密切相关。近年来，随着下游需求逐渐高端化、多样化，掩膜版技术也在 向更高精度、更复杂工艺的新材料升级。"这是公司必须加速实现高端掩膜版国产化的背景。"庄鼎鼎 说。 HTM（高规格半透膜掩膜版）和PSM（高规格相移掩膜版）是当前行业内高端掩膜版产品。庄鼎鼎告 诉记者，2009年，清溢光电开始布局和储备HTM及PSM相关技术。目前，公司已实现 ...

盛合晶微是一家红筹企业，此次拟募资48亿元冲刺科创板上市。从现场问询来看，上交所上市委要求盛 合晶微结合其2.5D业务的技术来源，三种技术路线的应用领域、发展趋势、市场空间，以及新客户开拓 情况，说明与主要客户的业务稳定性及业绩可持续性。据审核结果，盛合晶微无进一步需落实事项。 招股书显示，盛合晶微是集成电路晶圆级先进封测企业，起步于先进的12英寸中段硅片加工，并进一步 提供晶圆级封装（WLP）和芯粒多芯片集成封装等全流程的先进封测服务，致力于支持各类高性能芯 片，尤其是图形处理器（GPU）、中央处理器（CPU）、人工智能芯片等，通过超越摩尔定律的异构集 成方式，实现高算力、 高带宽、低功耗等全面性能提升。 ◎记者 何昕怡 此次IPO，盛合晶微拟募资48亿元，用于三维多芯片集成封装项目、超高密度互联三维多芯片集成封装 项目。 业绩方面，2023年、2024年和2025年上半年，公司分别实现营业收入30.38亿元、47.05亿元和31.78亿 元，归母净利润分别为3413.06万元、2.14亿元和4.35亿元。 2月24日，上交所官网显示，盛合晶微半导体有限公司（简称"盛合晶微"）科创板IPO已通过上交所上市 ...