"明年的成本预估看得人有点'惊悚'。" 近期，小米通讯技术有限公司产品行销总监马志宇的一句感叹，道出了电子消费产业的被迫涨价，在深 圳华强北，存储现货"一天一价"已成常态，焦虑情绪正沿着产业链迅速传导。 这不是一次简单的年底旺季波动，而是一场由AI热潮引发的"存储超级周期"。当上游产能被AI算力虹 吸，下游PC与手机厂商正面临一场严峻的成本大考。 而在竞争更为惨烈的智能手机市场，涨价则呈现出更隐性的姿态。 "直接抬高发售价会挑战消费者的心理底线，厂商更多会采取'暗涨'策略。"一位资深手机渠道商透露。 近期，多款热销机型在保持官方售价不变的情况下，悄然收缩了上市初期的优惠折扣，或通过减少赠品 等方式来对冲BOM（物料清单）成本的上涨。 这种"体感涨价"的背后，是存储现货价格的暴力跳升。行业监测数据显示，自2024年下半年以来， DDR4、DDR5等主流存储芯片的现货价格普遍录得50%甚至翻倍的涨幅；高端NAND Flash的涨势同样 凌厉。华强北一位芯片分销商直言："现在是几天一个价，不敢压库存，也不敢轻易接长单。" 而这一轮价格暴涨的核心原因，在于AI数据中心、服务器需求的挤占，导致全球DRAM价格明显上 涨 ...

Core Insights - ASML Holding N.V. and Taiwan Semiconductor Manufacturing Company are critical players in the global semiconductor supply chain, with ASML specializing in extreme ultraviolet lithography systems and TSMC being the largest contract chipmaker globally [1][2] ASML Holding - ASML has a unique advantage in the chip equipment market as the only company capable of producing extreme ultraviolet lithography machines at scale, essential for manufacturing chips at 5nm, 3nm, and soon 2nm levels [3][4] - The company is rolling out next-generation High-NA EUV machines to meet the rising demand for smaller, more efficient chips, particularly driven by AI growth [4] - Despite its technological edge, ASML faces challenges from the ongoing U.S.-China trade war, which has led to export restrictions affecting its growth [5][7] - ASML's sales growth has slowed, with Q3 2025 revenues increasing by only 0.7% year over year, a significant drop from 23% in Q2 and 46% in Q1 [6] - The company has indicated that U.S.-China tariff discussions are negatively impacting customer capital spending timelines, potentially delaying orders and revenue recognition [7] Taiwan Semiconductor Manufacturing Company (TSMC) - TSMC dominates the semiconductor foundry space and has advanced production capabilities, already moving into 3nm production with plans for 2nm [8] - The ongoing AI boom has positioned TSMC for a multi-year growth cycle, with AI-related revenues tripling in 2024 and expected to double again in 2025 [9] - TSMC's Q3 2025 revenues surged 41% year over year to $33.1 billion, with earnings per share increasing by 39% to $2.92 [9][10] - To meet rising AI chip demand, TSMC plans to invest between $40 billion and $42 billion in capital expenditures in 2025, with 70% focused on advanced manufacturing processes [10][11] - TSMC faces near-term challenges from geopolitical tensions, particularly with significant revenue exposure to China, which could lead to export restrictions and supply-chain disruptions [12] - The company's global expansion strategy, including new fabs in the U.S., Japan, and Germany, may increase costs and reduce gross margins by 2-3 percentage points annually over the next three to five years [13] Comparative Analysis - TSMC is projected to have a steadier long-term growth profile compared to ASML, with revenue growth estimates of 33.7% and 20.6% for 2025 and 2026, respectively, and a non-GAAP EPS increase of 43.9% in 2025 [14] - ASML's revenue and EPS growth for 2025 are estimated at 23.2% and 39.3%, but are expected to decelerate significantly in 2026 [15] - Year-to-date, ASML shares have surged 61.6%, while TSMC shares have increased by 54.1% [16] - In terms of valuation, TSMC trades at 25.06 times forward earnings compared to ASML's 37.26 times, suggesting TSMC is more reasonably priced given its stronger growth outlook [17] Investment Outlook - Both companies are positioned to benefit from the AI-driven semiconductor investment cycle, but TSMC is currently viewed as the better investment option due to stronger near-term earnings stability and a more attractive valuation [19][20]

Core Insights - President Trump's deal has significantly altered the dynamics of the U.S.-China technological Cold War, raising concerns among critics that it may enable Beijing to advance its technological capabilities more rapidly [1] Group 1 - The deal is perceived as a strategic move that could potentially allow China to catch up in technology [1]

证券日报网讯12月9日，英唐智控（300131）在互动平台回答投资者提问时表示，受行业需求影响，公 司存储芯片业务同比大幅提升。公司代理的存储类芯片涵盖DRAM、NAND flash、NOR FLASH、 EMMC和SSD等多种存储器件，代理品牌包括佰维、时创意、晶存、东芯、芯天下等。业绩情况请以公 司公告为准。 ...

Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.Getty Images Good morning! Here is the latest in trending:Flipping the script: Paramount (PSKY) goes hostile for Warner Bros. (WBD), but Netflix (NFLX) is 'super confident' about the deal. Additional worries surface over a 'five-alarm antitrust fire.'It's official: President Trump has blessed sales of Nvidia's (NVDA) H200 GPUs to China and a similar approach will be applied to other c ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司有无EMIB封装技术储备？有相关业务开展 吗？ 甬矽电子（688362.SH）12月9日在投资者互动平台表示，公司已经通过实施Bumping项目掌握RDL及凸 点加工能力，并于2024年第四季度完成2.5D封装的通线，技术路线覆盖了基于RDL/硅转接板/硅桥等多 种方案，目前正在和相关客户做产品验证。 （记者 王晓波） ...

来源 ：预审IPO 文/瑞财经 杨宏彬 孙成思留学归来后，选择了回去继承家业。 他的父亲孙日欣在2010年9月创立了佰维存储（688525.SH），做半导体存储器。而在公司成立之前一 年，孙日欣已经投资建立了自己的封装测试工厂。 2012年8月，孙成思出任佰维存储副总经理，并开始逐步接管公司。2022年12月，佰维存储登陆上交所 时，孙成思已经是公司董事长，并且是实际控制人。 孙成思的控制权不单由自身持股构成，还有其亲戚及佰维存储的员工持股平台与其组成了一致行动人。 今年孙成思将带领佰维存储迈向国际资本市场港交所。在这个关头，他的一致行动协议即将到期，并且 目前的一致行动人并无续订打算。 01 递表前增发募资19亿 一致行动协议到期后不续 佰维存储成立于2010年9月，由孙日欣、徐林仙、卢伟及周正贤分别持有40%、40%、10%、10%。孙日 欣、徐林仙为孙成思的父母。 2012年1月至2016年5月期间，佰维存储历经数轮增资及股权转让，并于2016年8月变更为股份有限公 司，总股本1亿元。 变更完成后，佰维存储的第一大股东为孙成思，持股40.27%。当时，佰维存储的员工持股平台深圳方 泰来、深圳泰德盛分别持 ...

Wall Street analysts are particularly bullish on technology stocks and materials stocks.The S&P 500 (^GSPC 0.35%) includes companies from 11 stock market sectors. By aggregating the median target prices on each company, FactSet Research constructs a bottom-up forecast for each market sector. In the next year, Wall Street expects the most upside in information technology (21%) and materials (18%) as of Dec. 5.Investors can get exposure to those market sectors by purchasing shares of the Vanguard Information ...

格隆汇12月9日丨聚灿光电(300708.SZ)在互动平台表示，公司主要产品为氮化镓蓝绿光LED外延片、芯 片，现已成功拓展砷化镓红黄光LED外延片、芯片业务。公司已成功构建起由氮化镓和砷化镓组成的全 色系LED芯片技术体系。 （原标题：聚灿光电(300708.SZ)：已成功构建起由氮化镓和砷化镓组成的全色系LED芯片技术体系） ...

科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅超20%，该指数涵盖科创板中 符合条件的全部上市公司证券，市值覆盖度约97%，成分股广泛分布于半导体、生物医药等硬科技领 域，以反映科创板高成长性和创新性企业的整体表现。指数行业配置均衡，电子、医药生物等硬科技行 业占比较高，充分体现科创板的科技创新特征。 中泰证券指出，市场交易热点集中在科技板块，半导体与国产算力板块走势较强。摩尔线程在科创板上 市首日暴涨468%，市值一度突破3000亿，其赚钱效应激活了半导体产业链，带动算力龙头的估值重 塑，并引爆光刻机、先进封装等上下游板块。政策信号或集中于结构优化与稳定增长主线，科技链核心 方向（如机器人、存储、消费电子等）有望受益于流动性改善与风险偏好回升。 （文章来源：每日经济新闻） ...