SK海力士目前在HBM市场的份额约60%，处于主导地位。为NVIDIA的AI加速器如Blackwell和Rubin提供动力，并 产能满载至今年。 SK海力士的2025财年业绩更是创下历史新高，第四季的盈利达19.2万亿韩元，这主要得益于存储芯片的持续供不 应求、价格大涨。通用DRAM产品利润率提升至60%，有时甚至超过HBM利润率。分析师预估SK海力士今年营利 更将超过千亿美元，较预期大幅上调，尽管崔泰源警告市场波动性高，也可能会转为亏损。 为了扩产，保持在HBM4市场的领先，投资20万亿韩元的SK海力士清州新M15X工厂已开始试营运。最近，SK海 力士又批准12.2万亿韩元股份回购（占股份2.1%）和25%股息增长，以回馈股东。 当地时间2月20日，在华盛顿第五届跨太平洋对话会议上，SK集团董事长崔泰源承诺将大幅提HBM（高带宽内 存）产量，以应付全球数据中心需求。崔泰源形容HBM 为"怪兽新片"，对人工智能（AI）产业非常重要。 崔泰源强调，SK海力士需要加速量产最新HBM4——推叠16枚DRAM片的最新一代高带宽内存，利润率达约 60%。 HBM是"真正赚大钱的产品"，今年供应短缺会超过30%。崔泰源最 ...

请务必阅读免责条款 2026 年 2 月 24 日星期二 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 1 证 券 研 究 报 告 特朗普释放美伊局势缓和信号：更倾向协议而非战争 欧洲议会暂停批准欧美贸易协议，特朗普警告称任何想"耍花 招"的国家将面临更高关税 美联储理事沃勒：3 月利率决议取决于 2 月劳动力数据 韩国出口创同期历史新高，半导体占比升至 34.7% 国家能源局：推动"十五五"初步建成新型能源体系 飞猪发布数据显示，春节假期国内游门票订单量同比去年增 长超 80% 阿斯麦披露技术突破，有望在 2030 年前大幅提升芯片产能 三星电子去年第四季度重夺全球 DRAM 市场榜首 蚂蚁集团：AI 付与蚂蚁阿福 APP 用户数双破亿 荣耀将推出首款人形机器人 2 年期美债收益率跌 2.75 个基点报 3.444% 5 年期美债收益率跌 6.26 个基点报 3.582% 10 年期美债收益率跌 4.98 个基点报 4.031% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) ...

报告指，华虹半导体九厂产能加速放量，PMIC/MCU需求继续保持强劲。该行调整2026/2027年收入预 测到28.43/33.49亿美元，前值28.37/32.63亿美元；预测公司2026/2027年毛利率分别为14.2%/16.2%，前 值14.3%/16.8%。该行维持对其"买入"评级，上调目标价至120港元，对应3.9倍2026年市净率。 交银国际发表报告指，华虹半导体去年第四季营收6.599亿美元，按季升3.9%，接近之前指引上限；毛 利率13.0%，为之前指引(12-14%)中位数，按季降0.5个百分点。管理层指引今年首季营收为6.5-6.6亿美 元，毛利率13-15%。 ...

1、半导体(A类) 1）SK海力士：今年无法满足所有客户的需求，涨价将贯穿全年(2.22)； 兆易创新、普冉股份、江波龙等； 2、人形机器人(N类) 1）马年春晚带动机器人卖爆：机器人搜索量环比增长超300%(2.16)； 2）官媒点评：春晚"机器人浓度超高"，具身智能未来已来(2.17)；中鼎股份、三花智控、拓普集团等； 3、无人驾驶(N类) 特斯拉宣布，首辆 Cybercab 在美国得州超级工厂正式下线( 春节假期热门题材汇总： 1、半导体(A类) 1）SK海力士：今年无法满足所有客户的需求，涨价将贯穿全年(2.22)； 兆易创新、普冉股份、江波龙等； 2、人形机器人(N类) 1）马年春晚带动机器人卖爆：机器人搜索量环比增长超300%(2.16)； 2）官媒点评：春晚"机器人浓度超高"，具身智能未来已来(2.17)；中鼎股份、三花智控、拓普集团等； 3、无人驾驶(N类) 特斯拉宣布，首辆 Cybercab 在美国得州超级工厂正式下线(2.18)； 浙江世宝、万集科技、联创电子等； 春节假期热门题材汇总： 4、商业航天(N类) 1）马斯克称星舰每年将发射超过1万颗卫星(2.20)； 2）巴西国家电信监管机构 ...

Group 1: Weichuang Electric / Automation Equipment - The company is strengthening collaborations to promote technological innovation and market expansion in the robot-driven component business [4] - Plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the smart robot electromechanical integration market, with both parties holding 50% shares [4] - The company aims to deepen industry demand and continue global expansion, focusing on regions like Asia, Africa, and Latin America while enhancing product offerings [5] - Revenue projections for 2025-2027 are estimated at 1.977 billion, 2.444 billion, and 3.108 billion yuan, with net profits of 288 million, 346 million, and 419 million yuan respectively [6] Group 2: Lenovo Group / Computer Equipment - Lenovo reported FY2026Q3 revenue of approximately 22.204 billion USD, an 18% year-on-year increase, with a net profit of 546 million USD, down 21% year-on-year [7][8] - The adjusted net profit increased by 36% year-on-year, driven by efficiency optimization and a high-end product mix [8] - The Infrastructure Solutions Group (ISG) is undergoing strategic restructuring, expected to accelerate the return to profitability in FY2027 [9] Group 3: Shipping and Ports Industry - National import and export total reached 45.47 trillion yuan in 2025, with a 3.8% year-on-year growth [13] - Container throughput at major coastal ports reached 31.198 million TEUs, a 7% year-on-year increase [15] - The Baltic Dry Index (BDI) rose by 135.95% year-on-year, indicating a significant increase in dry bulk shipping rates [19] Group 4: Google-A / Overseas - Google reported Q4 2025 revenue of 113.828 billion USD, an 18% year-on-year increase, with a net profit of 33.455 billion USD, up 30% year-on-year [25] - Search advertising revenue grew by 17% year-on-year, driven by AI innovations enhancing user experience and monetization efficiency [26] - Google Cloud revenue surged by 48% year-on-year, reaching 17.7 billion USD, with a significant increase in annual recurring revenue [27] Group 5: Yutong Technology / Packaging Printing - The company plans to acquire 51% of Huayan Technology for 449 million yuan, aiming to enhance its capabilities in precision manufacturing [32][34] - The acquisition is expected to leverage industry synergies and empower the second growth curve, focusing on high-profile clients like Google and Samsung [34] - Revenue projections for 2025-2027 are estimated at 19.069 billion, 21.001 billion, and 23.077 billion yuan, with net profits of 1.608 billion, 1.798 billion, and 1.980 billion yuan respectively [34] Group 6: NetEase-S / Gaming - NetEase reported Q4 2025 revenue of 27.5 billion yuan, a 3% year-on-year increase, with a net profit of 6.2 billion yuan, down 28.8% year-on-year [36][37] - The gaming segment showed resilience with a revenue of 22 billion yuan, driven by strong performance from popular IPs and new game launches [38] - The company is focusing on AI-driven strategies to enhance operational efficiency and optimize its business structure [39] Group 7: Aidi Pharmaceutical / Biopharmaceuticals - The company is advancing its international product launch and received GMP certification from Tanzania, facilitating entry into the African market [43] - Revenue for 2025 is projected at 721 million yuan, a 72.57% year-on-year increase, with a focus on HIV innovative drug sales [43] - Multiple new drug pipelines are actively progressing, with significant clinical trial approvals received [44] Group 8: Meituan-W / Local Life Services - Meituan is projected to achieve total revenue of 916 billion yuan in Q4 2025, with a core local business revenue of 648 billion yuan, reflecting a competitive landscape [45][46] - The company is strategically increasing investments in marketing and rider incentives to enhance operational efficiency amid fierce competition [46] - Long-term growth potential is anticipated through refined operations in instant delivery and overseas expansion [49] Group 9: Huahong Semiconductor / Semiconductors - Huahong Semiconductor reported Q4 2025 revenue of 660 million USD, a 22.4% year-on-year increase, with a wafer shipment of 1.45 million pieces [50]

—————————————— 1. SK海力士董事长承诺提高人工智能内存芯片产量。 （来源：格隆汇） 【东北计算机】20260223 【SK海力士董事长承诺提高人工智能内存芯片产量】 2. 苹果首席执行官蒂姆·库克暗示：苹果的下一个重大突破是视觉人工智能。 （来源：新浪） 3. 摩根大通预估2026年全球铜缺口13万吨，铜价剑指13500美元，供给收紧叠加AI算力需求爆发。 （来源：金融界） 4. 支付宝"AI付"、蚂蚁阿福 APP用户数双破亿。 2. 苹果首席执行官蒂姆·库克暗示：苹果的下一个重大突破是视觉人工智能。 （来源：新浪） 3. 摩根大通预估2026年全球铜缺口13万吨，铜价剑指13500美元，供给收紧叠加AI算力需求爆发。 【东北计算机】20260223 【SK海力士董事长承诺提高人工智能内存芯片产量】 1. SK海力士董事长承诺提高人工智能内存芯片产量。 （来源：格隆汇） —————————————— （来源：每日经济新闻） 5. 陸玻纖布業再掀漲價潮 月度調整10%至15%到年底價格可能翻倍。 （来源：经济日报） ...

Group 1 - The report anticipates an increase in market liquidity post-holiday, driven by expectations of capital inflow and policy guidance from important meetings that will take place after the Spring Festival [2][10] - The overall market is expected to become more active with the return of funds and rising policy expectations, creating potential investment opportunities in related sectors [2][10] - Investors are advised to focus on liquidity trends and policy developments, adopting a rational investment approach by considering opportunities in small-cap growth stocks and sectors with clear industrial catalysts [2][10] Group 2 - The last trading day before the Spring Festival saw a decline in major indices, with the Shanghai Composite Index closing at 4082.07 points, down 1.26% [4] - The last trading week before the holiday showed a mixed performance, with the Shanghai Composite Index increasing by 0.41% and the Shenzhen Component Index rising by 1.39% [5] - Key sectors such as shipbuilding and aerospace saw gains, while sectors like photovoltaic equipment and shipping ports experienced declines [3][4] Group 3 - The military industry has shown strong performance, with significant gains in previous years, and is expected to continue attracting attention due to stable policy support and geopolitical tensions [6] - The semiconductor sector is highlighted as a long-term investment opportunity, benefiting from domestic policy support and the trend towards self-sufficiency in semiconductor production [8] - The AI theme has been active, with expectations for growth in applications and hardware, although caution is advised due to potential overvaluation and rapid technological changes [9]

存储芯片概念盘中震荡拉升， 北京君正涨超10%，此前 太极实业、 时空科技涨停，万润科技、 佰维存 储、 澜起科技、 兆易创新、香农芯创跟涨。消息面上，SK海力士透露，目前其DRAM和NAND库存已 降至仅约4周的"极低水位"，且预计将在全年继续下降 。另外，有报道称，三星正就其最新代人工智能 存储芯片HBM4的定价进行谈判，价格将比上一代高出20%至30%，预计售价约为700美元。 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-02-24 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-02-14 | 2026/01 | 社会融资规模:当月值 | 亿元 | 72208 | 8178 | 70546 | | 2026-02-13 | 2026/01 | M0:同比 | % | 2.7 | 10.6 | 17.2 | | 2026-02-13 | 2026/01 | M1:同比 | % | 4.9 | 6.2 | ...

Group 1 - The core viewpoint of the article highlights the impact of technological elements showcased during the Spring Festival Gala on the A-share market, particularly in driving short-term sentiment and reinforcing long-term industry trends, especially in the robotics sector [2][3] - Analysts suggest that the Spring Festival Gala serves as a "stock selection guide," indicating strong performance in technology-related sectors post-festival, with a focus on companies with strong earnings certainty [3][4] - The overall sentiment in the A-share market is expected to improve post-festival, with analysts predicting a new upward trend driven by favorable policies and market conditions [5][6] Group 2 - The Spring Festival Gala featured significant technological elements, including robots, AI applications, and large-scale drone shows, which are expected to influence investor sentiment and market performance [3][4] - Analysts believe that the upcoming period will see a shift towards sectors benefiting from improved supply-demand dynamics and industry profit recovery, with a focus on materials, chemicals, and technology [6] - There is an emphasis on the importance of individual stock performance over broad market indices, suggesting a "light index, heavy stock" strategy for investors [6]