证券日报网讯 12月26日，晶方科技发布公告称，公司拟用不超过15亿元闲置自有资金，向银行等金融 机构购买低风险、短期（不超一年）理财产品，额度内资金可滚动使用，期限自股东大会通过之日起一 年内有效，尚需股东会审议。 （文章来源：证券日报） ...

Group 1 - The recent appreciation of the Renminbi (RMB) against the US dollar, breaking the 7 mark, is seen as a psychological barrier rather than just a numerical threshold, indicating a shift in market sentiment towards potential RMB strength [1][34] - China's trade surplus exceeded $1 trillion for the first time in the first 11 months of the year, reflecting strong global demand for Chinese goods despite ongoing trade tensions [3] - The RMB's appreciation is linked to a self-reinforcing cycle where expectations of further appreciation lead to increased demand for RMB, thus strengthening its value [5][6] Group 2 - The external environment, including the weakening of the US dollar and changes in global investment patterns, has contributed to the RMB's strength, with significant net inflows into Chinese assets [12] - Historical trends show that RMB appreciation often correlates with positive stock market performance, suggesting potential benefits for investors in Chinese equities [14][20] - Industries that benefit from RMB appreciation include aviation, paper manufacturing, semiconductor production, and certain steel and petrochemical sectors, as their costs are often denominated in foreign currencies [24][25][26][27] Group 3 - Conversely, industries that rely heavily on exports and operate on thin margins may face challenges as their products become more expensive in international markets due to RMB appreciation [29] - The appreciation of the RMB may force companies to innovate and enhance their value propositions, leading to a structural upgrade in the industry [30][31] - The impact of currency fluctuations on savings and investments, particularly in the context of previously popular US dollar deposits, highlights the real effects of exchange rate changes on financial decisions [32]

国内新闻 国际新闻 特斯拉FSD落地韩国一个月累计行驶里程突破100万公里 商务部坚决反对美对华半导体产品加征301关税，已提出严正交涉 12月25日，商务部新闻发言人何咏前在回答关于美宣布对部分中国半导体产品加征301关税的有关提问时说，中方注意到有 关情况，已通过中美经贸磋商机制向美方提出严正交涉。中方不认同美方301调查的所谓结论，坚决反对美对华半导体产品加征 301关税。 国家发改委：健全自动驾驶有关法规 12月25日，国家发展改革委基础设施发展司通过"国家发展改革委"微信号发布题为《加快构建现代化基础设施体系》的文 章。文章提到，加快推动交通运输法等制修订，健全自动驾驶有关法规。文章还指出要有序发展低空经济、枢纽经济、通道经 济，培育邮轮游艇、汽车营地等体验经济。 行业首批汽车智能底盘实测研究报告发布 12月25日，行业内首批汽车智能底盘实测研究报告在重庆发布。中国汽车工程研究院选取10余款市场主流车型，设计了13 类测试工况，包括"弯道爆胎"、"十字路口过弯抗滑干扰"、"对开坡道起步"等场景，并设置了20多项关键指标进行了全面测评。 目前测试完整名单暂未公布，但仰望U7、蔚来ES8以及智界R7分别 ...

Core Viewpoint - The article discusses the strategic transformation of Yintan Zhikong from a traditional distributor to a semiconductor IDM enterprise, highlighting its recent acquisitions and developments in the MEMS and OCS sectors as pivotal steps in this transition [1][31]. Group 1: Google TPU and Market Impact - Google's TPU is emerging as a significant competitor to NVIDIA in the AI computing space, with OpenAI leveraging TPU to negotiate a 30% reduction in NVIDIA's total cost of ownership [3]. - The success of Google's TPU has brought attention to MEMS-OCS (Optical Circuit Switch) technology, which is essential for efficient AI infrastructure [4][5]. Group 2: Yintan Zhikong's MEMS Development - Yintan Zhikong is one of the two companies in China capable of mass-producing MEMS micro-mirrors, which are critical for applications in automotive LiDAR, AR-HUD, and optical communication [9][14]. - The company has made significant progress in developing MEMS micro-mirrors, with plans to focus on automotive LiDAR and laser projection applications, having secured contracts with leading clients [10][13]. Group 3: Acquisitions and Strategic Goals - Yintan Zhikong plans to acquire Guanglong Integrated Technology and Aojian Microelectronics to enhance its capabilities in MEMS-OCS and analog chip sectors, aiming to create a complete vertical supply chain [17][26]. - Guanglong Integrated Technology specializes in optical switches and has made advancements in OCS technology, while Aojian Microelectronics focuses on high-performance analog chips, which are in high demand for domestic market replacement [21][26]. Group 4: Financial Performance and Future Outlook - Yintan Zhikong reported a total revenue of 5.346 billion in 2024, with a net profit of 60 million, indicating a need for improved profitability as most revenue comes from low-margin electronic component distribution [30]. - The company’s strategic acquisitions are viewed as essential for its transition to a semiconductor IDM, although challenges in integration and execution remain [30][31].

（来源 ：半导体芯闻综合 ） 点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 观点赞同或支持，如果有任何异议，欢迎联系我们。 推荐阅读 10万亿，投向半导体 芯片巨头，市值大跌 黄仁勋：HBM是个技术奇迹 Jim Keller：RISC-V一定会胜出 全球市值最高的10家芯片公司 如果您希望可以时常见面，欢迎标星收藏哦~ 据福建日报消息，近日，厦门火炬高新区企业瀚天天成依托研发团队的自主技术攻坚，成功开发出 全球首款12英寸高质量碳化硅外延晶圆。这一突破不仅能显著提高下游功率器件的生产效率，更 将大幅降低碳化硅芯片的单位制造成本，为碳化硅产业规模化、低成本应用奠定关键基础。 据悉，相较于当前主流的150mm（6英寸）碳化硅外延晶圆，以及尚处产业化推进阶段的200mm （8英寸）晶圆，300mm（12英寸）晶圆凭借直径的显著扩容，在相同生产工序下，单片可承载的 芯片（器件）数量实现大幅提升——较6英寸晶圆提升至4.4倍，较8英寸晶圆提升至2.3倍。 目前，瀚天天成已启动12英寸碳化硅外延晶圆的批量供应筹备工作。产品在关键性能指标上 ...

Group 1 - The core point of the article is the announcement of a record-breaking arms sale from the United States to Taiwan, totaling over $11 billion, which is the largest in history for such transactions [1][10]. - The arms sale includes four main components: 82 sets of M142 "HIMARS" rocket systems and 420 M57 "Army Tactical Missiles" valued at $4 billion, 1,000 ALTIUS-600M and 700M suicide drones worth $1.1 billion, 1,050 "Javelin" anti-tank missiles and 1,545 TOW 2B anti-tank missiles totaling $700 million, and 120 M109A7 "Paladin" self-propelled howitzers valued at over $4 billion [3][5][4]. Group 2 - The military analyst Shao Yongling noted that the choice of these specific weapons aims to enhance Taiwan's defense capabilities, particularly against potential land invasions [3][7]. - The article highlights concerns within Taiwan regarding the financial implications of such a large military expenditure, with fears that it may deplete Taiwan's economic resources and impact social welfare and education budgets [10][12]. - There is a prevailing sentiment among Taiwanese scholars that the arms sale may ultimately be detrimental to Taiwan, as it positions the island as a pawn in U.S. strategic interests without direct military support from the U.S. [12][14]. Group 3 - The article discusses the broader implications of U.S. actions on Taiwan's economy, including increased military spending that could lead to a significant portion of Taiwan's budget being allocated to defense, thereby affecting other sectors [16][18]. - The ongoing U.S. strategy is perceived as a method to extract economic value from Taiwan, particularly in the semiconductor industry, which is crucial for Taiwan's competitive edge [13][14]. - The potential for increased economic disparity in Taiwan, referred to as "Taiwan disease," is highlighted, suggesting that the arms sale and related economic policies could exacerbate existing inequalities [18].

重要的消息有哪些 1．针对美国拟自2027年起对中国半导体产业征收关税，外交部发言人林剑24日在例行记者会上表示，中方坚决反对美方滥施关税，无理打 压中国产业。美方的做法扰乱全球产供链稳定，阻碍各国半导体产业发展，损人害己。林剑说，我们敦促美方尽快纠正错误做法，以两国元 首达成的重要共识为引领，在平等、尊重、互惠的基础上，通过对话解决各自关切，妥善管控分歧，维护中美关系稳定健康可持续发展。如 果美方一意孤行，中方必将坚决采取相应措施，维护自身正当权益。 2．中国人民银行货币政策委员会2025年第四季度（总第111次）例会于12月18日召开。会议指出，要引导大型银行发挥金融服务实体经济 主力军作用，推动中小银行聚焦主责主业，增强银行资本实力，共同维护金融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实 做好金融"五篇大文章"，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。用好证券、基金、保险公司互换便利和股票回购 增持再贷款，探索常态化的制度安排，维护资本市场稳定。持续做好支持民营经济发展壮大的金融服务。切实推进金融高水平双向开放，提 高开放条件下经济金融管理能力和风险防控能力。 3．12月2 ...

1. Report Industry Investment Rating - The report does not provide an overall industry investment rating. However, for different financial derivatives: - Stock index futures: The outlook is "volatile", and the recommended operation is "Dividend ETF + IC long positions". [6] - Stock index options: The outlook is "volatile", and the recommended operation is a covered strategy. [6] - Treasury bond futures: The outlook is "volatile". Recommended strategies include trend strategy (volatile), hedging strategy (focus on short - selling hedging at low basis levels), basis strategy (appropriately focus on basis widening), and curve strategy (the curve may remain steep). [6][7] 2. Core Viewpoints of the Report - Stock index futures experienced high - volatility fluctuations in the afternoon, and their sustainability is restricted by trading volume. Stock index option implied volatility rebounded due to positive sentiment. The long and short - end trends of the main treasury bond futures contracts diverged. [1][2][3] 3. Summary by Relevant Catalogs Market Views - **Stock Index Futures**: On Wednesday, the Shanghai Composite Index fluctuated and closed up with trading volume basically unchanged. The intraday change occurred in the afternoon, with small - cap stock volatility surging. The catalyst might be SMIC's 10% price increase for some production capacities. Large - cap stocks are more likely to receive incremental funds in the medium - term. Near the end of the year, overall upward movement is restricted by trading volume. It is recommended to adopt a defensive allocation with high - dividend and price - increase chains as the main lines, and large - cap stocks are preferred over small - cap stocks. [1][6] - **Stock Index Options**: On Wednesday, the equity market rose with shrinking volume. Option implied volatility rose rapidly in the afternoon and most varieties' implied volatility fell at the end of the session. The market layout may favor large - cap stocks. The total option trading volume increased by 26.57%. The market hedging structure may shift from selling calls to buying puts. A covered strategy can be continued to increase returns. [2][6] - **Treasury Bond Futures**: The long and short - end main futures contracts showed a trend of opening low and rising oscillating. Morning fund tightening led to an opening low, while improved sentiment in the market might be related to expectations of increased central bank bond purchases and a higher probability of a reserve - requirement cut. The central bank will conduct a 400 - billion - yuan MLF operation on the 25th, with a net injection of 100 billion yuan. In the short - term, the fund situation is relatively loose, which is beneficial for the short end, while the long end may fluctuate. [3][6][7] Economic Calendar - On December 22, 2025, China's 1 - year and 5 - year loan prime rates (LPR) remained unchanged at 3% and 3.5% respectively. - On December 23, the initial quarterly - adjusted annualized GDP growth rate in the third quarter of the United States was 4.3%, higher than the forecast of 3.2%. - On December 24, the seasonally - adjusted initial jobless claims in the United States on December 20 were 2.14 million, lower than the previous value and forecast of 2.24 million. [8] Important Information and News Tracking - **Real Estate Restrictions**: Beijing optimized real - estate policies, including relaxing non - Beijing household purchase conditions and supporting multi - child family housing needs. The minimum down - payment ratio for second - home provident fund loans was reduced from 30% to 25%. [9] - **MLF**: On December 25, 2025, the People's Bank of China will conduct a 400 - billion - yuan MLF operation. [9] - **Semiconductor**: SMIC and VIS announced a 10% price increase for the 8 - inch BCD process platform, possibly due to high demand for power chips in AI servers. [10] - **Foreign Investment**: The 2025 version of the "Catalogue of Industries Encouraging Foreign Investment" will be implemented on February 1, 2026, aiming to attract more foreign investment in specific fields and regions. [10] Derivatives Market Monitoring - The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but specific data details are not provided in the content for a comprehensive summary. [11][15][27]

Summary of Key Points Core Viewpoint - The recent announcement of over $11 billion in military sales from the U.S. to Taiwan marks the largest arms deal in history between the two, with a focus on enhancing Taiwan's defense capabilities against potential threats from mainland China [1][9]. Group 1: Details of the Military Sales - The military sales include 82 M142 "HIMARS" rocket systems and 420 M57 "Army Tactical Missiles," valued at $4 billion [1]. - The deal also encompasses 1,000 ALTIUS-600M and 700M suicide drones, with a total value of $1.1 billion, capable of targeting armored land vehicles and surface ships [3]. - Additionally, it includes 1,050 "Javelin" anti-tank missiles and 1,545 TOW 2B anti-tank missiles, valued at $700 million, designed to combat heavily armored targets [5]. - Lastly, the package features 120 M109A7 "Paladin" self-propelled howitzers, valued at over $4 billion, which are intended to complement the HIMARS systems [5]. Group 2: Implications and Reactions - Experts suggest that the U.S. is increasingly unlikely to deploy troops to assist Taiwan directly, instead opting to arm Taiwan to increase the costs for China in any potential unification efforts [7]. - There is significant concern within Taiwan regarding the financial implications of such a large military expenditure, with fears that it may deplete resources for social welfare and economic development [9][11]. - The Taiwanese public expresses skepticism about the effectiveness of these arms sales, viewing them as potentially harmful and a means for the U.S. to exploit Taiwan for its own strategic interests [10][11].

Investment Rating - The report maintains a "Buy" rating for several companies, including 德明利 (Demingli), 通富微电 (Tongfu Microelectronics), 海光信息 (Haiguang Information), 寒武纪 (Cambricon), and 中芯国际 (SMIC) [9][17]. Core Insights - Micron Technology announced its exit from the consumer market by the end of February 2026 to focus on the HBM segment, which is crucial for AI data centers, reflecting a shift in global storage demand from cyclical fluctuations to AI-driven structural growth [4][5][15]. - The MUSA Developer Conference by Moore Threads showcased significant advancements in GPU architecture and AI computing capabilities, indicating a strong focus on the domestic semiconductor industry [6][16]. Summary by Sections Industry Performance - The electronics sector has shown strong performance with a 70.8% increase over the past 12 months, significantly outperforming the Shanghai Composite Index [2][3]. Market Dynamics - The storage market is expected to grow by 27.8% in 2025, driven by rising prices and demand, particularly benefiting major players like Samsung [20]. - NAND Flash prices have surged by 246% this year, with a significant portion of the increase occurring in the last 60 days, impacting the cost structure of consumer electronics [22][33]. Key Company Developments - Micron's HBM product revenue reached nearly $2 billion in the last fiscal quarter, indicating a strong market position in high-margin segments [4][15]. - Longxin Technology has initiated its IPO process, aiming to become the first domestic storage stock in the capital market [5][15]. - SK Hynix has introduced a 256GB DDR5 RDIMM memory module, marking a significant advancement in AI and cloud data center applications [28][29]. Investment Focus - The report suggests focusing on companies within the domestic semiconductor supply chain, including 佰维存储 (Baiwei Storage), 江波龙 (Jiangbolong), and 中微公司 (Zhongwei Company) [6][16].