以下文章来源于芯思想 ，作者赵元闯 芯思想 . 中国半导体正能量传播平台。为中国半导体产业服务，我们都是中国半导体产业腾飞的见证人。新闻分 析，精彩评论，独家数据，为您定制信息，欢迎拍名片回复，和行业精英交流。 在全球半导体产业激烈竞争的背景下 , 长江存储成功突破技术与专利壁垒 , 全 球 首 创 基 于 晶 栈 ®Xtacking® 的 3D NAND 闪存创新架构 , 并实现产业化。通过架构创新 , 将存储阵列 (array) 晶圆与外围电路 (CMOS) 晶圆并行制备、独立优化，最终利用混合键合 (Hybrid Bonding) 技 术 实现电学互连。这一创新架构不仅实现了存储密度和工艺可扩展性的进一步突破，还显著提升了接 口传输速度。历经技术的持续迭代， 晶栈 ®Xtacking® 在阵列堆叠、源极引出、字线引出以及应 力解决方案等关键技术上取得了重大突破，有效缓解了 3D NAND 闪存在微缩过程中所面临的技术 挑战 [ 1] 。 2018 年长江存储首发全新的 晶栈 ®Xtacking® 架构，通过 CMOS 电路和存储阵列（ Array ） 混合键合，实现了不同工艺的解耦，释放 3D NAND ...

Core Viewpoint - Shenzhen Hongxin Yu Electronics Co., Ltd. (referred to as "Hongxin Yu" or "the company") has submitted an IPO application to the Hong Kong Stock Exchange, but its financial performance shows significant volatility, with stagnant revenue in 2024 and a "growth without profit" scenario in the first three quarters of 2025 [1][14]. Financial Performance - Hongxin Yu's revenue for 2023, 2024, and the first three quarters of 2025 was 87.81 billion, 87.18 billion, and 77.44 billion RMB respectively, while net profits were -1.17 billion, 4.83 billion, and 3.51 billion RMB [19]. - In the first three quarters of 2025, despite a year-on-year revenue increase of 14.59%, net profit decreased by 54.55%, primarily due to a decline in gross margin [19][20]. Market Strategy - To expand sales, Hongxin Yu adopted a price-for-volume strategy, resulting in a significant reduction in both net profit and gross margin, with gross margin dropping to 13.1% in the first three quarters of 2025, a decrease of 10.6 percentage points [5][20]. - The company’s core product, embedded storage, saw its gross margin plummet from 28.3% to 6.1%, a decline of 22.2 percentage points, with gross profit decreasing by 82.98% [20]. Inventory and Cash Flow Issues - As of September 30, 2025, Hongxin Yu's inventory and accounts receivable accounted for nearly 90% of current assets, indicating a mismatch between operating cash flow and net profit [1][10]. - The company’s inventory increased from 25.48 billion RMB at the end of 2022 to 51.47 billion RMB by September 2025, while accounts receivable rose from 17.05 billion RMB to 20.54 billion RMB during the same period [10][24]. Customer Concentration - Hongxin Yu's customer concentration is high, with major clients accounting for 59.4%, 65.7%, and 50.0% of revenue in recent years. A new client, referred to as Client G, significantly increased its purchases, becoming the second-largest customer by the first three quarters of 2025 [23]. Market Position and Competition - Hongxin Yu ranks as the fifth largest independent memory manufacturer globally, but the revenue gap with leading companies remains substantial. For instance, Company B (presumably Jiangbolong) reported 2024 revenue of 174.64 billion RMB, approximately 2.6 times that of Hongxin Yu [17][18]. - The company has been accused of using different exchange rates to present its revenue figures, potentially exaggerating its market position [18]. Regulatory Concerns - Recent communications from the Hong Kong Securities and Futures Commission and the Stock Exchange raised concerns about the quality and completeness of IPO submissions, indicating potential compliance risks for Hongxin Yu [18].

智通财经APP获悉，出色的2026财年第一季度财报表现，加上DRAM价格持续上涨的最新结果，分析师 Uttam Dey现在认为美光股价能够继续上涨，其给予美光科技(MU.US)"买入"评级。 上周发布的最新数据显示DRAM价格飙升，加上美光20%的位元出货量（bit shipment）增长预测，正在 为公司的存储业务创造自1993年以来最强劲的需求/供应动态组合之一。 分析师Dey在上个月下调了美光股票的评级，当时距离公司发布2026财年第一季度财报还有一周时间， 原因是其预计DRAM价格将暂停其天文数字般的上涨。美光第一季度的业绩太好了，远远超出了预期， 这促使该分析师重新评估对公司未来前景的看法。 美光重现1993年狂热 首先，美光对位元出货量给出了非常乐观的展望：管理层将 2025 日历年的全年位元出货量预测从之前 的"15%~19% 区间(high teens)"上调至"20%~23% 左右(low 20% range)"。管理层还透露，预计 2026 日历 年的位元出货量将增长"约 20%"。 美光管理层对其位元出货量展望给出了主观指引，投资者可以看到，20% 的位元出货量展望是近年来 最强劲的水平 ...

不过，长鑫科技尚未盈利。2022年至2024年及2025年上半年，该公司实现的营业收入分别为82.87亿元、90.87亿元、 241.78亿元和154.38亿元，实现的归母净利润分别为-83.28亿元、-163.4亿元、-71.45亿元和-23.32亿元。 随着全球存储芯片市场供不应求情况加剧，DRAM或迎来涨价。 日前，据韩国经济日报消息，三星与海力士已向服务器、PC及智能手机用DRAM客户提出涨价，今年一季度报价将较去 年第四季度上涨60%-70%。 据国金证券预测，2026年DRAM的位元供应量增幅约为15%至20%，而需求增速预计将达到20%至25%。2026年服务器领 域的DRAM和NAND闪存消耗量将同比激增40%至50%，应用于AI服务器领域的增速更快。 另有投行预测，按全年口径计算，今年服务器DRAM的平均销售价格（ASP）最高将同比上涨144%。 在存储芯片涨价风暴席卷全球之际，国内DRAM龙头企业长鑫科技集团股份有限公司（以下简称为"长鑫科技"）也有大 动作，该公司已递交科创板上市申请，保荐机构（主承销商）为中金公司、中信建投证券。该公司也是科创板第一家采 用IPO预先审阅机制申报上市的公 ...

Market Overview - The Shanghai Composite Index experienced a rare 13 consecutive days of gains, breaking the previous high from November 14, 2025, and reaching a new high since July 2015, closing up by 1.50% [1] - The market saw over 4,100 stocks in the green, with significant contributions from financial sectors such as brokerage, insurance, and internet finance [1] Seasonal Trends - According to Zheshang Securities, the first quarter typically sees a "spring rally," where small and mid-cap growth indices perform best, setting the stage for February's market performance [1] Key Sectors Financial Sector - Major financial stocks like Dazhihui and Hualin Securities hit the daily limit, while China Ping An reached a new five-year high [1] Brain-Computer Interface - The brain-computer interface sector saw a surge, with nearly 20 stocks hitting the daily limit, driven by breakthroughs in clinical trials for a new fully implanted device [3] - The industry is expected to enter a critical phase of large-scale application, supported by policy backing and ongoing technological advancements [3] Non-Ferrous Metals - The non-ferrous metals sector strengthened, with companies like Luoyang Molybdenum and Zijin Mining reaching historical highs, influenced by rising global metal prices [4] - The London Metal Exchange reported significant price increases for tin and copper, indicating strong demand and supply dynamics [4] Solid-State Batteries - The solid-state battery sector experienced a rally, with several stocks hitting the daily limit, following the announcement of a commercially viable solid-state battery by Donut Lab [5] - The sector is expected to progress towards industrialization, supported by policy focus and active participation from industry players [5] Semiconductor Sector - The semiconductor sector remained active, with storage chips and semiconductor equipment leading the gains, as companies like Beifang Huachuang reached historical highs [6] - Price increases for DRAM chips were reported, with significant hikes expected in Q1 2026 [7] Institutional Insights - Guotai Junan Securities highlighted the internal trend of a "transformation bull market" in China, driven by economic shifts and capital market reforms [8] - Debon Securities expressed optimism for a slow bull market following the New Year, with expectations for continued upward movement in the A-share market [8] - Dongfang Securities noted that the market's upward trend is supported by strong investor confidence and the commercialization of new industries like brain-computer interfaces and AI [9]

Core Viewpoint - The AI sector in the ChiNext market is experiencing volatility, with significant fluctuations in stock prices, particularly in the optical module CPO concept stocks, while storage chips and AI applications show active performance [1][8]. Group 1: Market Performance - On January 6, the ChiNext AI index saw a decline, with notable drops in optical module CPO stocks like New Yi Sheng and Zhong Ji Xu Chuang, both falling over 3% [1][8]. - Conversely, stocks in the storage chip and AI application sectors performed well, with Beijing Junzheng leading with an increase of over 8%, followed by Tonghuashun with over 7%, and several others rising more than 3% [1][8]. - The ChiNext AI ETF (159363) experienced a morning drop of over 2%, which later narrowed to a decline of 0.49%, with a trading volume exceeding 700 million CNY and net subscriptions surpassing 10 million units [1][8]. Group 2: Investment Opportunities - A report from Dongwu Securities highlights that by 2026, the overseas computing power chain is expected to maintain upward momentum, benefiting from both overseas and domestic demand for optical interconnects [3][10]. - The high-end optical module market is projected to grow annually, with increasing visibility of demand extending further into the future, which will drive rapid growth in the performance of supply chain companies [3][10]. - The report emphasizes three key investment directions: 1. High-certainty leading stocks that are integrated into the domestic and overseas computing power supply chain, expected to benefit from the rapid growth of the optical interconnect industry [3][10]. 2. Critical material positioning in the supply chain, where the demand for high-speed optical modules will lead to significant growth in upstream optical chips and components [3][10]. 3. Potential new players in the supply chain, as increased demand for speed and products will allow more suppliers to enter the core supply chains of major North American CSPs [3][10]. Group 3: Index Performance - The ChiNext AI index achieved a remarkable annual growth rate of 106.35% in 2025, significantly outperforming other AI-related indices [4][11]. - The index's performance over the years from 2021 to 2025 shows fluctuations, with annual returns of 17.57%, -34.52%, 47.83%, 38.44%, and 106.35% respectively [12][11]. - The ChiNext AI ETF is designed to track this index, focusing over 70% of its portfolio on computing power and over 20% on AI applications, effectively capturing the AI theme market [12][6].

Group 1: Humanoid Robots Industry - Humanoid robots are emerging as one of the most promising frontier fields, attracting attention from global tech giants and investors [2] - The 2026 CES will showcase a significant number of humanoid robots, with companies like Boston Dynamics and others presenting their latest advancements [7] - The market for humanoid robots is expected to grow substantially, with projections indicating a market size of $5 trillion by 2050 and a deployment of 1 billion units [10] Group 2: Market Trends and Developments - The storage chip sector saw a notable rise, with companies like Liyuan Co., Chang Aluminum, and others hitting their daily price limits [3] - A significant price increase for DRAM is anticipated, with Samsung and SK Hynix proposing a 60%-70% price hike for the first quarter of 2026 compared to Q4 2025 [6] - The humanoid robot production year is approaching, with several companies announcing plans for mass production and strategic collaborations to enhance their capabilities [9] Group 3: Investment Opportunities - There are 31 humanoid robot concept stocks predicted to have a net profit growth rate exceeding 20% in 2026 and 2027 [11] - Five stocks, including Zhiwei Intelligent and Softcom Power, show an upside potential of over 30% based on the latest closing prices compared to target prices [12] - Zhiwei Intelligent leads with a projected upside of 46.17%, focusing on embodied intelligence and various robotic applications [12]

机构观点方面，华西证券指出，2026年是多个正面因素叠加的"大年"，牛市基础仍扎实，且春季躁动已 提前演绎：一是宏观政策周期来看，2026年作为"十五五"开局之年，多部门正密集出台配套产业政策和 投资规划，同时财政货币政策的协同发力，为市场营造了友好的流动性环境；二是资金层面，12月以股 票型ETF为代表的机构资金出现抢跑，后续保险资金"开门红"叠加汇率升值驱动下外资回流，增量资金 入市有望强化春季行情趋势；三是基本面预期与产业周期来看，随着PPI降幅收窄，预计2026年企业盈 利进入温和复苏通道，对盈利拐点的博弈将成为行情的重要支撑。 长江证券资深投资顾问刘浪表示，昨天脑机接口概念股全线爆发。据媒体报道，复旦大学附属华山医院 脑机接口植入技术再获突破。国内首款、国际第二款内置电池的全植入、全无线、全功能"三全"脑机接 口产品，成功完成首例临床试验。28岁高位截瘫8年的患者通过植入脑机接口系统，第一次用意念控制 轮椅、浏览网页……这项技术突破标志着中国在脑机接口领域已跻身全球顶尖序列。另外，近期埃隆· 马斯克表态，旗下Neuralink将在2026年启动脑机接口设备大规模生产。开源证券认为，脑机接口行业正 处 ...

扬子晚报网1月6日讯(记者范晓林实习生潘伊笑)1月6日，截至午盘，沪指高开高走涨超1%，截至午盘至4069.38点，突破前期高点4034.08点，刷新10年来 新高。沪深京三市上涨个股超3700只。 | 11:38 | | ·Il 5G C | | | --- | --- | --- | --- | | ◀ 上证指数 ▶ | | | | | 1A0001 | | | | | 4069.38 | | | + | | +45.96 +1.14% | | | 加自选 | | 今开 4026.02 最高 4069.91 | | 成交量 | 4.40亿 | | 昨收 4023.42 最低 4025.09 | | 成交额 | 7423.20亿 | | 量比 1.61 委比 8.86% | | 振 幅 | 1.11% | | ul 直播 春季行情启动! 黑马方向看这些? 机器... × | | | | | 分时 五日 周K | | 月K 更多、 | O | | 领先4060 最新4069.38 +45.96 +1.14% | | | | | A 180 V A | 4069.91 | | 1.16% | | | | | 0 ...

1月6日，市场早盘再度走强，沪指突破前期高点4034.08点，再次创下10年来新高。盘面上，脑机接 口、证券、光伏设备、电池、保险、存储芯片等板块领涨。截至9:53，中证A500指数涨超1%。相关 ETF成交活跃，其中A500ETF易方达（159361）盘中成交额突破10亿元。 Wind数据显示，A500ETF易方达（159361）近一个月"吸金"超100亿元，最新规模达347亿元、创历史 新高，费率低且流动性较好，可助力投资者便捷布局"春季行情"。 每日经济新闻 中国银河证券指出，展望2026年，"十五五"开局之年改革政策预期强化，人民币汇率向上等价格因素支 撑流动性向好，市场信心有望得到提振，关注盈利修复逻辑下，具备业绩兑现能力的科技龙头、受益于 价格水平回暖预期的周期板块。 中证A500指数由各行业市值较大、流动性较好的500只股票组成，聚焦A股各行业龙头公司，兼顾市值 代表性和行业均衡性，其中信息技术、医药卫生等新兴产业权重较高，兼顾"核心资产"与"新质生产 力"。 ...