2025.12. 15 A股三大指数集体收跌,沪指盘中虽一度下探但仍在3850点关键支撑位附近获得承接,日内 最低接近前期震荡平台下沿,三大指数均运行于5日、10日线下方,形成短期空头排列。 2312家上涨 涨跌停比 6:2 个股跌多涨少,局部热点活跃,盘面上,算力硬 件产业链下挫,CPO、存储器方向领跌;摩尔线 程、超硬材料、半导体、AI穿戴、创新药概念股 跌幅居前。大消费走强,零售、食品方向活跃; 保险、军工表现强势。 两市成交额 万亿元 ▼ 15.24% 两市成交额明显缩量,资金观望情绪浓厚,全 天呈现"早盘放量冲高,午后加速缩量"的倒 "V"型走势,防御性板块成交相对活跃,资金 逆势流入,科技成长板块成交菱缩最为明显, 资金大规模撤离,技术面存在回调压力。 资金情绪 主力资金净流出 7 / 1 散户资金净流入 机构呈现防御性收缩,机构加速从高波动科技题材和高位成长板块撤离,转向低估值高股息的银行、保 险、白酒等防御性板块、同时对政策受益的新质生产力领域保持观望; 散户保持谨慎观望, 从前期追涨热 门题材转为逢高减仓,对高估值板块普遍回避,更倾向于跟随机构布局低估值防御板块,多数散户选择轻 仓等待市场方 ...

"这款内存条9月初价格为100多元，现在价格涨了3倍多，从没见过涨这么快的。"华强北市场赛格通信 一楼的存储产品经销商陈女士，指着柜台里摆放的一款内存条样品告诉记者。 "一天一个价。"近日，记者在广东深圳华强北市场走访时，多名存储器经销商感慨，自今年9月起，全 球存储器市场迎来罕见的涨价行情。 据第三方调研机构集邦咨询顾问（深圳）有限公司发布的数据，主流型号存储器的现货价格9月初以来 较上季度大涨307%。 从经销商手中不断上涨的报价单，到小米、惠普等消费电子企业不得不面对的成本压力，存储器涨价正 通过层层传导，给产业带来一定影响。存储器价格为何出现快速上涨？这一波动对产业链上下游带来哪 些机遇和挑战？ 行业景气度有望延续 在记者采访过程中，面对如此短时间的巨大涨幅，不仅经销商直呼"没见过"，多位从业多年的存储器企 业负责人和行业分析师也称实属首次。 存储器被誉为"全球半导体产业风向标"，在半导体市场中占据重要份额。由于行业竞争格局高度集中， 其周期波动幅度大于整个半导体行业。回顾历史，存储器的每一轮大周期都与技术革新密切相关。 "本轮上行周期的核心原因，是人工智能技术迭代带来数据总量的指数级跃升，催生了海量 ...

中国证券报：可以分享一下您的投资框架吗？您主要关注哪些方面？ 行业景气周期是排在第一位的，青睐有较高技术壁垒且足够专注于主业的公司，通过左侧布局控制回 撤……近日，南方基金郑晓曦在接受中国证券报记者专访时表示，对于科技赛道投资，她会将行业景气 度分析摆在首要位置，更偏好在产业由导入期迈向成长期的转折点进场，长期持有，在成熟期兑现，也 就是投向技术驱动市场渗透率快速提升的阶段。在构建投资组合时，她倾向于选择那些在竞争格局向好 领域里的高技术壁垒企业。展望未来，半导体设备领域是她较为看好的投资方向。 以行业景气度为先 郑晓曦：我的投资框架主要包括行业景气度、企业竞争壁垒、估值这三部分。其中，行业景气周期是我 投资研究框架的重点，如果给一个权重的话，我认为在40%-50%之间。景气周期是非常重要的投资指 标。 中国证券报：基于这三部分构成的投资框架，在实践中，您具体会如何开展投资操作？ 郑晓曦：对于排在第一位的行业景气度来说，从近几十年来的产业变迁看，每一轮重要的产业成长都是 经过四个周期——导入期、成长期、成熟期、衰退期。我希望能在产业由导入期迈向高速增长期的转折 点买入，然后长期持有，一直到它走过高速成长期，进 ...

Core Viewpoint - The global memory market has experienced an unprecedented price surge since September, with mainstream memory spot prices increasing by over 300% [1][2]. Group 1: Market Dynamics - The current price increase in memory products is characterized by rapid speed, significant magnitude, and a wide range of affected models [2]. - Demand from cloud service providers for ordinary and AI servers has driven strong demand for memory products, particularly HBM and various other models [2]. - The supply side faces challenges as new factory construction takes at least two years, making it difficult to significantly increase production capacity in the short term [2]. - The current cycle is driven by the exponential growth of data due to advancements in artificial intelligence, creating a substantial demand for memory [2][3]. Group 2: Industry Outlook - The memory industry is entering a "super cycle," with expectations of continued high demand and favorable conditions lasting until at least 2027 [3]. - Historical data indicates that the global memory market has undergone multiple cycles since 2000, each lasting approximately 3 to 5 years [3]. Group 3: Impact on Supply Chain - Upstream companies, such as semiconductor equipment manufacturers, are benefiting from the price increase, with strong order volumes reported [4]. - Midstream companies are experiencing revenue and profit growth due to rising product prices, with specific companies reporting significant year-on-year increases in revenue and net profit [5]. - Downstream consumer electronics manufacturers face challenges as memory price increases lead to higher overall production costs, potentially resulting in higher prices or reduced specifications for end products [5][6]. Group 4: Domestic Development - China's data storage capacity is projected to reach 1580 exabytes by the end of 2024, with advanced storage accounting for 28% [7]. - Domestic companies have made significant progress in key areas of the memory supply chain, enhancing the localization rate [8]. - Companies like Yangtze Memory Technologies and ChangXin Memory Technologies are rapidly increasing their market share in the memory wafer sector [8]. Group 5: Investment and Innovation - Companies are seizing the opportunity presented by the "super cycle" to invest in R&D and capacity expansion, with several firms announcing plans to raise funds for high-end memory development and production projects [9]. - The industry is expected to face both challenges and opportunities, with companies that master core high-end technologies likely to establish strong competitive barriers [9].

Group 1 - The core viewpoint of the article highlights the ongoing fluctuations in the DRAM and NAND flash markets, with significant price increases observed in both sectors [2][4]. Group 2 - In the DRAM market, the price of mainstream DDR4 1Gx8 3200MT/s chips increased by 10.73% this week, rising from US$14.914 to US$16.514, indicating a sustained high price level without signs of decline [2]. Group 3 - The NAND flash market is experiencing a psychological drive due to expectations of extreme supply tightness, leading to multiple daily price adjustments. The price of 512Gb TLC wafers rose by 5.90% this week, reaching US$9.607 [4].

Core Viewpoint - The storage market experienced a significant downturn in late November due to concerns over the AI bubble, but has shown signs of recovery as of December 1, with the storage index rising 1.99% and a year-to-date increase of 97.7% [1][3] Market Trends - The storage sector is benefiting from the increasing demand for high-bandwidth memory (HBM) driven by AI applications, with major companies like OpenAI and NVIDIA securing substantial contracts for memory chips [3][4] - The supply chain dynamics have shifted, with a notable increase in prices for DDR4 memory and a halt in pricing for DDR5 and SSDs due to supply constraints [5] Regional Development - Guangdong has solidified its dominant position in the storage and AI hardware industry, with a significant number of storage index constituents based in the region, showcasing a multi-polar and deepened industrial layout [7][9] - Companies like Jiangbo Long are expanding their operations from Shenzhen to Zhongshan, indicating a strategic shift towards leveraging regional advantages [7] Industry Collaboration - The collaboration between various companies and local governments in Guangdong is fostering a robust ecosystem for the storage industry, with significant investments in advanced manufacturing and data center infrastructure [8][9] Future Outlook - The demand for storage is expected to remain strong, with projections indicating that supply constraints may not ease until at least the end of 2026, driven by both natural demand growth and supply-side reductions [5][6] - The structural changes in the storage industry, propelled by AI, are anticipated to create a prolonged upward cycle, supported by regional industrial collaboration [10][11]

Core Viewpoint - Company plans to sell part of its stake in Lianyun Technology to enhance asset liquidity and efficiency while also increasing its stock buyback program to boost investor confidence [2][3] Group 1: Stock Sale and Holdings - Company announced it will selectively sell its shares in Lianyun Technology, which it holds 374.47 million shares, representing 0.81% of the total shares, with a strategic placement price of 11.25 yuan per share [2] - The shares held by the company will become tradable starting December 1, 2025, allowing for potential reduction of its holdings [2] - The book cost of these financial assets is reported at 42.1277 million yuan [2] Group 2: Stock Buyback Program - The total amount for the stock buyback has been increased from a minimum of 20 million yuan to a minimum of 80 million yuan, with a maximum increase from 40 million yuan to 150 million yuan [3] - The buyback price ceiling has been raised from 97.9 yuan per share to 182.07 yuan per share [3] - The adjustments aim to enhance investor confidence in the company's long-term value and facilitate the successful implementation of the buyback plan [3] Group 3: Company Performance and Market Trends - Since September, the company's stock price has surged approximately 56%, closing at 112.2 yuan per share [4] - The company has shown strong growth in the AI emerging sector, with significant improvements in sales revenue and gross margin since the second quarter of 2025 [4] - In Q3 2025, the company reported a net profit of 256 million yuan, a year-on-year increase of over 564% [4] - Projected revenue from AI glasses products is expected to reach approximately 106 million yuan in 2024, with a forecasted growth of over 500% in 2025 [4]

A股存储器头部企业佰维存储(688525)12月1日晚间公告，为进一步提高资产的流动性和使用效率，上市 公司将择机出售公司持有的联芸科技(688449)相关股票资产，另外，公司拟扩大股票回购规模和价格上 限，提升回购力度。 同日，佰维存储调整回购计划，回购股份资金总额由不低于2000万元(含)，不超过4000万元(含)调整为 不低于8000万元(含)，不超过1.5亿元(含)，回购股份数量及占公司总股本的比例相应调整；回购股份价 格上限由不超过97.9元/股(含)，调整为不超过182.07元/股(含)。 公告显示，联芸科技于2024年11月29日在科创板上市，佰维存储系联芸科技战略配售股东，战略配售价 格为11.25元/股。截至2025年9月30日，公司持有联芸科技374.47万股，持股比例为0.81%。 自2025年12月1日起，公司所持联芸科技首发限售股份解除限售并上市流通，公司可以对持有的联芸科 技股票进行减持。为进一步提高资产的流动性和使用效率，上市公司拟根据股票市场行情以集中竞价交 易的方式择机出售所持联芸科技部分或全部A股股票，占其总股本的比例不超过1%。 佰维存储披露，目前该交易性金融资产账面成本 ...

Market Overview - The market is experiencing a bullish trend with 3,396 stocks rising, indicating a strong profit-making effect and a broad-based rally in individual stocks [5][6] - The trading volume in both markets has significantly increased to over 1 trillion, up 18.17%, ending a streak of declining volumes, suggesting a resurgence in capital activity [7] Sector Performance - Key sectors driving the market include AI mobile phones, smart wearables, and the semiconductor industry, particularly in photolithography machines and MCU chips [6] - Concepts such as 6G, satellite navigation, commercial aerospace, servers, and memory stocks are also showing notable gains [6] Investor Sentiment - Institutional investors have shifted from a cautious to an active stance, focusing on a "cross-year market" strategy, balancing defensive and growth-oriented investments [9] - Retail investors are actively participating, showing a tendency to follow hot trends like AI mobile phones and commercial aerospace, while maintaining some caution to avoid blindly chasing high-priced stocks [9][10] Positioning and Strategy - The current sentiment indicates that 29.96% of investors are increasing their positions, while 14.44% are reducing, and 55.60% are holding steady [14] - The overall sentiment shows that 69.78% of investors expect the market to rise in the next trading day [16]

Group 1 - The Asia-Pacific stock markets experienced a significant decline, with the South Korean Composite Index dropping over 4% during the session [1][2] - Concerns over high valuations of artificial intelligence and technology-related stocks intensified, leading to a sell-off in tech stocks [1][2] - The South Korean stock market saw major declines, with SK Hynix's stock plummeting over 9% and Samsung Electronics falling more than 5% [2] Group 2 - The Japanese stock market also faced a sharp decline, with the Nikkei 225 index dropping over 2% and falling below the 49,000-point mark, with a drop of over 1,000 points [4] - Kioxia's stock experienced a rare decline, dropping over 16%, highlighting volatility in the semiconductor sector [4] - SoftBank Group's stock also saw a significant drop, with intraday losses exceeding 10% [5] Group 3 - The A-share market opened lower, with the Shanghai Composite Index falling 0.87% and breaking below the 3,900-point mark [6] - The Shenzhen Component Index and the ChiNext Index also experienced declines of 1.76% and 2.07%, respectively [6][7] - Sectors such as non-ferrous metals, power equipment, and telecommunications saw the largest declines, while agriculture and food sectors showed relative resilience [8]