Group 1 - Three new stocks are set to be listed on the Hong Kong stock market on January 13, with significant price increases observed in the dark market [1] - Zhaoyi Innovation (3986.HK), a storage chip manufacturer, saw a dark market increase of 38.77%, closing at 224.8 HKD, with an IPO price of 162 HKD per share and a maximum fundraising of 4.684 billion HKD [1] - Hongxing Cold Chain (1641.HK), a frozen food storage service provider, experienced a dark market rise of 47.39%, closing at 18.07 HKD, with an IPO price of 12.26 HKD per share and a maximum fundraising of 285 million HKD [1] - BBSB International (8610.HK), a Malaysian civil engineering contractor, had a remarkable dark market surge of 356.67%, closing at 2.74 HKD, with an IPO price of 0.6 HKD per share and a maximum fundraising of 87.5 million HKD [1]

Group 1 - Three new stocks listed on the Hong Kong stock market on January 13, with significant price increases in the dark market [1] - Zhaoyi Innovation (3986.HK), a storage chip manufacturer, saw a dark market increase of 38.77%, closing at HKD 224.8, with an IPO price of HKD 162 per share and a maximum fundraising of HKD 4.684 billion [1] - Hongxing Cold Chain (1641.HK), a frozen food storage service provider, experienced a dark market rise of 47.39%, closing at HKD 18.07, with an IPO price of HKD 12.26 per share and a maximum fundraising of HKD 285 million [1] - BBSB International (8610.HK), a Malaysian civil engineering contractor, had a remarkable dark market surge of 356.67%, closing at HKD 2.74, with an IPO price of HKD 0.6 per share and a maximum fundraising of HKD 87.5 million [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文丨吴新竹 编辑丨李壮 在存储芯片近几年的价格反弹过程中，存储芯片晶圆代工庞大的产业链上下游获得宝贵的国产化机遇， 市场地位不断提升。 近期，长鑫科技进入IPO申报阶段，紫光国芯启动上市辅导，随着更多存储芯片公司进入A股范畴，半 导体板块表现活跃。在2026年元旦假期过后，1月5日-7日A股开市的三个交易日内，半导体指数 （882121.WI）上涨9.11%，个股中普冉股份、中微公司、南大光电、兆易创新等涨超20%。 DRAM存储芯片制造中的高难度工艺环节众多，对供应链上游的设备先进性和技术更新需求高，国产晶 圆代工厂未来持续扩产，有望推动相关设备的国产化进程，材料端、封测端亦有望协同受益。 多家机构观点认为，2026年长鑫存储在DRAM领域的市占率将快速提升，有效承接海外原厂因聚焦AI 高端内存而释放的通用DRAM产能空间，同时助力上下游芯片设计、模组厂商稳定产品供应，实现协同 发展。此外，相关A股公司正通过定增扩产等方式，巩固自身在国产存储产业链中的地位。 295亿元募集资金激活产业链 DRAM生产制造环节中所需设备和原材料品类较多 ...

Core Viewpoint - Micron Technology has announced the groundbreaking of a massive semiconductor manufacturing facility in New York, representing a significant investment in the storage industry and aiming to meet the growing demand for high-end storage solutions driven by artificial intelligence [1][4]. Group 1: Project Overview - The project involves a total investment of $100 billion, making it the largest private investment project in New York's history [4]. - The facility will consist of four wafer fabs focused on DRAM memory production, targeting the increasing storage needs of AI systems [4]. - The project has received $5.5 billion in tax incentives under the U.S. CHIPS Act, which has facilitated its progress [4]. Group 2: Environmental and Construction Details - The project will occupy 176.44 acres of regulated freshwater wetlands and 193.38 acres of federally regulated wetlands, along with 6,413 linear feet of federally jurisdictional streams [4]. - To mitigate environmental impacts, Micron has partnered with wetland trust organizations to plan five wetland restoration projects in Oswego County [4]. - The construction schedule includes clearing trees by March 31, followed by the development of rail spurs and wetland grading [4]. Group 3: Production Timeline and Employment - The first wafer fab is expected to begin production in 2030, with the second fab opening three years later, and the fourth fab projected to be completed by 2045 [5]. - Once fully operational, the project is anticipated to create approximately 9,000 jobs [5]. Group 4: Market Position and Strategy - As of Q3 2025, Micron holds a 21% revenue share in the global high-bandwidth memory (HBM) market, ranking third behind SK Hynix and Samsung [5]. - The demand for DRAM in AI servers is eight times that of regular servers, highlighting a structural shift in storage chip demand [5]. - Micron plans to launch HBM4 products in Q2 2026, aiming for a market share increase to over 20% in HBM and 40% in the overall DRAM market [6].

Group 1 - The A-share market saw a collective surge in storage chip concept stocks on January 12, with notable gains from companies such as Xicet Testing and Hangyu Micro, both rising over 10% [1] - Tian'ao Electronics hit the 10% daily limit, while Aerospace Zhizhuang increased by over 8%, and Guoke Micro rose by over 6% [1] - Other companies like Hangzhou Kelin, Changdian Technology, Zhongwei Company, and Leike Defense also experienced gains exceeding 5%, with Zhaoyi Innovation up over 3% [1] Group 2 - Xicet Testing (301306) increased by 10.95%, with a total market value of 13.8 billion and a year-to-date increase of 43.36% [2] - Hangyu Micro (300053) rose by 10.08%, with a market capitalization of 16.7 billion and a year-to-date increase of 25.71% [2] - Tian'ao Electronics (002935) saw a 10.02% increase, with a market value of 10.8 billion and a year-to-date increase of 13.96% [2] - Aerospace Zhizhuang (300455) increased by 8.48%, with a market capitalization of 27.4 billion and a year-to-date increase of 26.96% [2] - Guoke Micro (300672) rose by 6.15%, with a market value of 27.2 billion and a year-to-date increase of 16.30% [2] - Zhaoyi Innovation (603986) increased by 3.23%, with a market capitalization of 172.4 billion and a year-to-date increase of 20.48% [2]

【头条要闻】 证监会最新发声！五方面深化资本市场投融资改革 进一步提高中长期资金入市规模比例 ——推动中长期资金入市实现突破性进展。截至2025年末，各类中长期资金合计持有A股流通市值约为 23万亿元，较年初增长36%；权益类基金规模由2025年初的8.4万亿元增长到11万亿元左右。 ——加大对新质生产力的支持服务力度。2025年，电子行业总市值已超过银行板块，成为A股第一大行 业。A股市值前50的公司中，科技企业从5年前的18家增加到了目前的24家。 ——推动上市公司提升投资价值。2025年，A股上市公司现金分红2.55万亿元，再创历史新高，是同期 IPO和融资规模的两倍，越来越多的公司是一年多次分红。2025年，全市场推动重大资产重组超过200 单，活跃度明显提升。 ——坚决维护市场"三公"原则。2024年以来，累计查办财务造假案件159起，有43起案件涉及的大股东 和实控人被严肃追责，金通灵、美尚生态、锦州港等特别代表人诉讼案件近期都取得了重大进展，有力 支持了投资者依法维权。 核查结果各异！3只大牛股集体复牌，天普股份被立案调查，国晟科技业绩预亏…… 天普股份、国晟科技、嘉美包装三只大牛股结束停牌核查 ...

1. 证监会副主席陈华平1月11日在第三十届中国资本市场论坛上表示，将持续完善长钱长投的制度环境，合力推动各类中长期资金进一步提高入市规模比 例； 不断增强对科技创新企业服务的精准性、有效性，纵深推进科创板创业板改革，深化再融资改革；进一步提升监管执法有效性，持续健全投资者教 育服务和保护体系，坚持依法从严监管，突出打大、打恶、打重点，从严惩治各类恶性违法行为。 2.近日，清华大学基础模型北京市重点实验室发起AGI-Next前沿峰会，引发业界关注。 会议认为，大模型竞争已从"Chat"转向"Agent"阶段，重心从榜单 分数位移至真实环境的复杂任务执行。 行业预判2026年为商业价值落地元年，技术路径正向可验证强化学习（RLVR）演进。面对"中国反超"议题，领军 者持冷静态度，将领先概率评估为20%以内，认为中美在算力投入结构、新范式引领及toB生态上的本质差距。 3. 本周全球市场大事不断！中国2025年12月外贸数据、美国CPI及PPI数据将陆续公布；美国最高法院或公布关税裁决； 美联储将发布最新褐皮书，多位 美联储官员将密集发声；美股财报季开启，摩根大通等将披露最新业绩。重要会议方面，七国集团（G7）加 ...

Core Viewpoint - The 2026 China Chief Economist Forum highlighted a significant shift in the perception of Chinese assets, moving from "overseas optional" to "globally unavoidable," driven by policy certainty, industrial innovation, and unprecedented support from capital markets [2] Policy Determination - The high degree of policy certainty is seen as a core support for Chinese assets, with foreign investors shifting their views from "China is not investable" to "Chinese assets are unavoidable" as they recognize the successful achievement of strategic goals set in the 14th Five-Year Plan [2] - The "15th Five-Year Plan" is characterized by clearer future directions and specific deployments across traditional and emerging industries, indicating a strong internal momentum for the modern industrial system [3] Capital Market Development - The development of capital markets is crucial, with unprecedented policy support for the stock market and a favorable liquidity environment expected to lead to a stable and healthy market operation in 2026 and beyond [4] Industrial Innovation - A robust traditional manufacturing sector is essential for nurturing emerging industries, with the ability to transform technology potential into commercial value being a key advantage for China [5] - The AI sector exemplifies this, where a complete industrial ecosystem is necessary to create a positive economic cycle from substantial initial capital investments [5] Investment Opportunities - Investment focus areas include development, people, and security, emphasizing the need for new productive forces and the importance of investing in human capital and safety across various sectors [7] - Specific investment opportunities identified include mergers and acquisitions, overseas expansion of Chinese companies, technology innovation, and real estate investment trusts (REITs) [7] Market Focus - The stock market remains a focal point, with a core strategy centered around technology sectors, which are expected to continue their structural trends in the first half of the year [8]

Group 1 - The report suggests a bullish outlook for the A-share market, driven by a slow bull market expectation, seasonal market movements, and global market synchronization, indicating a favorable investment window from mid-December 2025 to early March 2026 [4][7] - The report emphasizes the importance of focusing on technology growth sectors, particularly those that have previously underperformed but have catalysts for growth, in light of valuation expansion and liquidity easing [4][7] - Key investment areas include commercial aerospace, satellite industries, AI applications, humanoid robots, domestic AI computing power, and sectors benefiting from price increases such as storage chips, consumer electronics, non-ferrous metals, and chemicals [4][13][15] Group 2 - Recent government policies aimed at boosting domestic demand include optimizing service industry loans and implementing interest subsidies for personal consumption loans, which are expected to significantly enhance consumer demand [7][8] - Domestic prices are showing a mild upward trend, with the Consumer Price Index (CPI) rising by 0.2% month-on-month in December, driven by increased consumer spending during the holiday season [8][9] - The report highlights the distinction between "anti-involution" and monopoly, indicating that price increases and profit margins are key factors in differentiating the two concepts, with ongoing reforms expected to support price recovery in certain industries [10][12] Group 3 - The report notes that the U.S. Federal Reserve's interest rate cut expectations have been compressed, with a low probability of rate cuts in January 2026, but a cumulative reduction of about 50 basis points is anticipated throughout the year [11] - The technology sector is experiencing structural inflation characteristics, with new economic sectors showing price increases while traditional sectors remain weak, indicating a divergence in price trends [12] - The report maintains that the A-share market is likely to enter a new bullish phase, encouraging the acquisition of quality A-share assets, particularly in the non-ferrous metals and technology growth sectors [13][15]

半导体行业复苏的暖意持续蔓延。 东海证券研报显示，2025年12月存储芯片价格延续涨势，DRAM与NAND FLASH涨幅区间达1.73%—57.42%；全球半 导体10月销售额同比增长27.23%，1—10月累计同比为21.19%，需求端的复苏节奏逐步加快。 而芯天下作为国内少数能同时覆盖NOR Flash与SLC NAND Flash产品的厂商，2024年在全球无晶圆厂模式（Fabless） 企业中，代码型闪存细分排名第六、SLC NAND Flash排名第四，产品已切入AI通讯、汽车电子等领域的供应链。 北京社科院副研究员王鹏此前向北京商报记者分析称，此轮存储芯片行业回暖的核心逻辑在于供需失衡。需求端既有 AI算力、智能终端带来的新增需求，也有消费电子、数据中心的传统需求形成复苏共振；供给端则因国际大厂收缩低 端产能、扩产节奏受限。市场缺口的出现，给了更多企业上位的机会。 紧追行业周期，存储芯片厂商芯天下于2026年1月9日正式向港交所递交IPO申请——这已是其在资本市场的二度闯 关。 时间拉回2022年，芯天下曾启动创业板IPO：当年4月深交所受理其申请，11月便通过了创业板上市委审议，上市进程 一度 ...