Market Performance - Shanghai Composite Index increased by 0.24% [1] - Shenzhen Component Index rose by 0.31% [1] - ChiNext Index saw a gain of 0.08% [1] Sector Activity - Commercial aerospace concept stocks showed repeated activity [1] - Strength observed in sectors such as computing hardware, AI mobile phones, intelligent transportation, chips, and nuclear fusion [1] - Coal, insurance, and gold sectors experienced adjustments [1]

Group 1 - Naxin Micro (02676) saw its stock price rise over 5%, reaching a new high of 118.4 HKD, with a current price of 117.20 HKD and a trading volume of 41.82 million HKD [1][4] - The company operates on a fabless model, focusing on chip research and design while outsourcing wafer manufacturing and most packaging testing to third-party suppliers [1][4] - According to Frost & Sullivan, Naxin Micro ranks 14th among all analog chip companies in China's analog chip market with a market share of 0.9%, and 5th among Chinese analog chip companies [1][4] Group 2 - According to a report from Founder Securities, Naxin Micro, as a leader in automotive analog chips, significantly benefits from the trend of domestic substitution for high-end analog chips [1][4] - The acceleration of high-value products like SerDes chips is expected to drive continuous improvement in gross margins, while the synergies from the acquisition of Maiguan are gradually becoming apparent, indicating strong growth momentum for the company [1][4]

12月5日，"国产GPU（图形处理器）第一股"摩尔线程正式登陆科创板；12月17日，同为GPU龙头 的沐曦股份也正式在上海证券交易所科创板挂牌上市……作为国产算力芯片领域的"双子星"，这两家硬 科技企业成功走向资本市场，背后不仅有创投机构的助推，更可见险资以多种形式的深度参与。 此外，经纬创叁号持有沐曦股份124.04万股，其合伙人包括友邦人寿、中美联泰大都会人寿及太保 长航股权投资基金；宜宾和谐持有111.05万股，合伙人中有财信吉祥人寿、中宏人寿、交银人寿等保险 机构。全国社保基金长三角科技创新股权投资基金持有59.8万股，IPO后持股比例为0.15%。 摩尔线程同样获得险资青睐。公开信息显示，参与本次发行的战略配售机构阵容强大，公募基金、 社保基金、养老金、年金基金、保险资金、保险资产管理产品和合格境外投资者资金初步配售数量合计 3858.96万股，获配金额44.10亿元。 "中保投资参与了摩尔线程上市的全过程。"中保投资董事长贾飙表示，保险资金规模大、期限长、 来源稳，这些优势让保险资金和科技产业具有天然的契合性和内在的适配性。此外，中邮保险相关负责 人表示，通过参与投资的相关基金布局摩尔线程与沐曦股 ...

Market Overview - The Hong Kong stock market opened slightly higher on December 24, with the Hang Seng Index rising by 0.02% to 25,780.09 points and the Hang Seng Tech Index increasing by 0.07% to 5,492.83 points, indicating a mixed market trend [1][7]. Sector Performance - The smart driving sector showed strong performance, driven by the issuance of the first batch of L3-level high-speed autonomous driving special license plates in Beijing, leading to a collective rise in related stocks. Notable gainers included TuDatong (HK02665) with over a 4% increase, and Youjia Innovation rising over 1%, along with other companies like Hesai, GAC Group, Leap Motor, and WeRide also experiencing gains [3][9]. - Chip stocks also performed well, with SMIC opening up over 2% and Huahong Semiconductor and Shanghai Fudan both rising over 1%. This improvement is attributed to the recovery in wafer foundry demand and increased capacity utilization, enhancing the overall industry outlook [3][9]. Gold and Real Estate Stocks - Gold stocks continued their recent upward trend, with China Silver Group rising over 2% amid strong international gold prices, attracting continued investment interest in precious metals [5][11]. - The real estate sector showed slight activity, with Sunac China increasing over 1%, while some bank stocks also saw minor gains, such as Chongqing Rural Commercial Bank rising over 1% [5][11]. Technology Sector - Major technology stocks mostly declined, contributing to market pressure. Tencent Holdings fell by 0.66%, Alibaba by 0.14%, JD Group by 0.18%, Xiaomi by 0.26%, Meituan by 0.39%, and Bilibili by 0.46%. Only NetEase managed to rise by 1.22% [5][11].

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.08%, driven by strong performances in the environmental protection, electronics, and communication sectors, while agriculture, forestry, animal husbandry, and coal sectors experienced declines [1] - The chip technology stocks showed significant strength, with the chip ETF (159995.SZ) rising by 0.52%, and notable increases in component stocks such as Beijing Junzheng (up 6.23%), Shengbang Co. (up 5.15%), SMIC (up 2.95%), Zhaosheng Micro (up 2.79%), and Hu Silicon Industry (up 0.88%) [1] Group 2 - According to the CFM flash memory market report, there is expected to be a significant supply shortage for server eSSD and DDR5 RDIMM in Q1 2026, with DDR5 RDIMM prices projected to rise by over 40% and eSSD prices expected to increase by 20% to 30% [3] - Embedded storage prices are anticipated to see substantial increases, with embedded NAND and DRAM contract prices expected to rise by as much as 30% and 45% respectively by Q4 2025, with further significant increases projected for Q1 [3] - Dongguan Securities indicated that the continuous rise in storage prices reflects strong demand driven by AI, suggesting that companies within the storage industry chain are likely to benefit from these price increases [3] - The chip ETF (159995) tracks the National Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

北京君正在互动平台表示，公司部分存储芯片产品和计算芯片进行了价格调整，部分产品在四季度已执 行新价格，公司后续会综合考虑市场供应和生产成本等因素进行产品价格调整，目前不同区域和客户调 价情况有所不同。 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 全球人工智能推理芯片初创公司数量惊人——真的非常惊人，足足有几十家。但只有一家公司获得了 三大HBM堆叠内存制造商中的两家的投资，并得到了其所在国两家最大电信公司的支持。考虑到能 够获得HBM配额的公司可以打造数据中心人工智能加速器，尽管韩国初创公司Rebellions AI进入这 个领域的时间相对较晚，但或许它的时机恰到好处。 "说实话，第一代人工智能加速器缺乏灵活性和适应性，所以从未在市场上取得巨大成功，"Choy继 续说道。"作为第二代加速器，我们是后起之秀，我们一直很有耐心。生态系统已经发展成熟，我们 正在战略性地选择进入各个市场的时机，这降低了整体风险。" Rebellions 于 2020 年 9 月成立，最初的目标是为高频交易公司打造 AI 推理加速芯片。当时， Rebellions 的计划并非与英伟达、AMD 以及众多来自超大规模数据中心、云平台和模型构建商的自 研 AI 加速器展开竞争。但话说回来，英伟达最初也是以制造 3D 图形芯片起家，之后才转向更广泛 的 AI 市场，并在该领域深耕十余年。计划赶不上变化，有时甚至会远超预期。 晨曦之地 （ ...

招银国际认为，展望2026年，维持四大核心投资主线推荐：1)人工智能驱动的结构性增长；2)中国半导 体自主可控趋势；3)高收益防御性配置；4)行业的整合并购。自2024年以来人工智能驱动的投资与科技 自主可控两大主题一直是该行的首选推荐，并已实现显著回报。东莞证券认为，展望2026年，该行认为 人工智能仍为科技行业创新主线，算力、存力、设备、先进封装等多环节有望受益。 消息面上，据报道，中芯国际已经对部分产能实施了涨价，涨幅约为10%。有公司反映，预计涨价会很 快执行。对于中芯国际涨价的原因，有半导体业内人士解读，原材料涨价也是其中因素。此外，台积电 确认整合8英寸产能，并计划在2027年末关停部分生产线，或也引发晶圆厂涨价预期。事实上，由于需 求旺盛，中芯国际、华虹公司的产能利用率持续增长，并已接近满载或超过满载。 智通财经APP获悉，芯片股涨幅居前，截至发稿，上海复旦(01385)涨4.68%，报44.76港元；中芯国际 (00981)涨4.28%，报71.85港元；华虹半导体(01347)涨3.34%，报72.65港元。 ...

每经AI快讯，12月24日，港股芯片股盘初走高，中芯国际涨超5%，华虹半导体涨超3%，上海复旦、英 诺赛科等跟涨。 （文章来源：每日经济新闻） ...

本文源自：金融界AI电报 港股芯片股盘初走高，中芯国际(00981.HK)涨超5%，华虹半导体(01347.HK)涨超3%，天域半导体 (02658.HK)、上海复旦(01385.HK)、英诺赛科(02577.HK)等个股跟涨。 ...