从车间到研发中心，从零部件到品牌终端，美企在中国构建的是完整闭环，而不是单点试水。 反观中国对美投资，体量明显小得多。1500亿美元听上去不少，放在对方的1.2万亿面前，差距一眼就能看清。 更关键的不是数字，而是结构。 中资早些年在美国偏好房地产、能源并购，还有文娱资产收购，属于"买现成"的路径。 等到风向收紧，收购窗口被压缩，这种模式的空间自然被挤压。 转向科技、新能源后，又遇到更高门槛，审批时间拉长，成功率下降，资 本流量迅速回落。 7万家企业、1.2万亿美元，这组数字放在任何国家身上都足够震撼。 可当它出现在中美之间时，味道就变了。 美国企业在中国扎根几十年，赚得风生水起，中国企业却在大洋彼岸步履谨慎，这种反差到底说明了什么？ 走到今天这个局面，其实结果早就写在账面上。美国在华企业超过7万家，总投资早已突破1.2万亿美元，这不是象征性的布局，而是成规模 的长期经营。 汽车、医药、芯片、消费电子、精密制造，几乎每一条产业线上都能看到美资身影。 很多人会问，既然差距这么大，是不是说明中国市场更有吸引力？ 话不能这么简单。 美国企业选择在中国深耕，核心在于产业链效率。 完整配套、规模生产、成本控制、人才密度， ...

供给端同样释放紧张信号。SK海力士近日透露，目前DRAM及NAND库存仅剩约4周，且没有任何客户 能完全满足需求，存储芯片正全面进入卖方格局。 作为此轮行情的焦点，长飞光纤的基本面支撑来自光纤光缆行业供需关系的显著改善。广发证券研报指 出，2026年1月中国市场G.652.D单模光纤均价突破40元/芯公里，创近七年新高，单月涨幅超过75%； 目前中国四大光纤龙头和海外头部厂商的产能均已满负荷运转，短期内供需关系难以缓解。据英国商品 研究所（CRU）数据，长飞光纤在预制棒、光纤、光缆三大核心产品的市场份额自2016年起连续9年位 居全球第一。2025年前三季度，公司实现营业收入102.75亿元，同比增长18.18%。 2月23日，港股算力硬件板块再度走强，光通信龙头长飞光纤光缆（06869.HK）领涨，市值突破千亿港 元大关，年内累计涨幅已超150%。壁仞科技（06082.HK）、英诺赛科（02577.HK）同日均录得逾9% 的涨幅，中芯国际（00981.HK）等芯片股亦明显上扬。 本轮算力硬件板块的强势表现，与AI应用加速落地带来的底层算力需求密切相关。春节期间，智谱发 布的GLM-5大模型因全球需求激增，并 ...

格隆汇2月23日｜台积电、阿斯麦跌超1%，美光科技跌近1%，英伟达微跌。 ...

Core Viewpoint - The company is planning to acquire 100% equity of Zhongshan Dehua Chip Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising matching funds, which is not expected to constitute a major asset restructuring [1] Group 1 - The company's stock will be suspended from trading starting January 13, 2026, for no more than 10 trading days [1] - The board of directors approved the transaction proposal on January 22, and trading will resume on January 23 [1] - The company received an inquiry letter from the Shanghai Stock Exchange on the same day and has responded and revised the proposal by February 6 [1] Group 2 - As of the announcement date, the audit and evaluation work related to the transaction is progressing smoothly [1] - The transaction is subject to multiple approvals, indicating a level of uncertainty [1]

这位韩国第二大企业集团的掌门人在2月20日于华盛顿举行的一次会议上发言时，还将高带宽内存 (HBM)称为正在为SK海力士带来巨额利润的"怪兽芯片"。得益于创纪录的盈利，这家芯片制造商的股 价在过去一年中上涨了超过三倍。 虽然崔泰源没有具体说明其芯片公司的扩张规模，但SK海力士在1月份表示，2026年的资本支出将较去 年大幅增加，以满足对HBM芯片的需求。这些芯片是生产用于训练和运行人工智能服务的、由英伟达 (NVDA.US)等公司设计的加速器所必需的。 从微软(MSFT.US)到Meta Platforms(META.US)，美国科技公司今年共计划拨款约6500亿美元用于基础设 施建设，以求在人工智能技术竞赛中占据优势。这一创纪录的支出正导致全球内存芯片短缺，而该市场 由SK海力士、其韩国同行三星电子以及美国的美光科技(MU.US)主导。SK海力士2026年的全部内存芯 片产能均已售罄，美光科技的HBM产品同样如此。 智通财经APP获悉，SK海力士母公司SK集团会长崔泰源(Chey Tae-won)承诺，将扩大AI内存芯片的产 能，以满足全球数据中心建设带来的需求激增。 据崔泰源透露，分析师对SK海力士202 ...

Core Insights - Nvidia is re-entering the consumer PC market with new chip products aimed at laptops, leveraging its AI technology to integrate into the next-generation PC ecosystem [1] - Major PC manufacturers like Dell and Lenovo are expected to launch laptops featuring Nvidia chips this year, with initial products possibly available in the first half of the year [2] - Nvidia's strategy focuses on maintaining consumer connections in an era where AI capabilities are expected to be standard across all devices [1] Group 1: Strategic Partnerships - Nvidia is employing a dual collaboration strategy in the PC chip sector, partnering with Intel to integrate its CPU with Nvidia's graphics and AI technologies [2] - The collaboration with MediaTek, revealed during Nvidia CEO Jensen Huang's visit to Taiwan, involves developing models based on Nvidia-MediaTek system-on-chip designs [2] - While specific launch dates for PCs featuring Nvidia chips have not been disclosed, supply chain sources indicate that initial products may be released in the first half of this year [2] Group 2: Technology and Market Positioning - The new PC processors from Nvidia utilize a system-on-chip design that combines the CPU with Nvidia's powerful GPU units, which are essential for AI model performance [3] - This system-on-chip technology, already standard in smartphones, aims to provide efficiency and battery life typically associated with mobile devices without sacrificing performance [3] - Nvidia has previously powered devices like the Nintendo Switch and early Microsoft Surface tablets, but has recently focused on GPUs for gaming and AI [3] Group 3: Target Market and Challenges - A key target demographic for Nvidia's PC chips includes gamers who are willing to pay a premium for hardware and are familiar with Nvidia's leadership in the graphics chip sector [3] - Compatibility with mainstream games and applications, originally designed for Intel standards, poses a significant technical challenge for the Nvidia-MediaTek collaboration [4] - Pricing strategy is crucial, with industry experts suggesting that Nvidia needs to keep the price of PCs built around its chips between $1,000 and $1,500 to avoid being perceived as a niche luxury product [5]

韩国央行表示，受芯片行业繁荣和强于预期的全球经济环境的支撑，韩国以出口为导向的经济今年预计 将比去年实现"显著更高"的增长。韩国央行向国会表示， 半导体市场正呈现出比以往任何一轮上涨行 情都更加强劲的周期，并且至少在今年内可能会保持比往常更强劲的势头。上述言论发表之际，韩国央 行将于周四发布最新的经济增长和通胀预测报告。分析师预计，该行将把2026年GDP增长预期从11月份 预测的1.8%上调至约2%。市场普遍预期，政策制定者将维持基准利率在2.5%不变。韩国央行的初步数 据显示，韩国经济去年增长了1%。 ...

Group 1 - The Hong Kong stock market indices opened high and continued to rise, with all three major indices increasing by over 2%, and the Hang Seng Tech Index rising by 2.57% [1] - Technology stocks performed strongly, with Meituan, JD.com, BYD, and NetEase all rising over 3%, while Alibaba and Xiaomi Group saw increases of over 2% [1] - Chip stocks also experienced a broad rally, with Hua Hong Semiconductor rising by 4% and SMIC increasing by over 3% [1]

| | | 恒生指数[H2I] 2026-02-23 09:49 | | | 价格 | ■ 均线 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 27068.61 | | | | | | | | 2.48 % | | 26904.79 | A / - | | | | | | | 1.86 % | | 26740.98 | | | | | | | | 1.24 % | | 26577.16 | | | | | | | | 0.62 % | | 26413.35 | | | | | | | | 0.00 % | | 26249.54 | | | | | | | | 0.62 % | | 26085.72 | | | | | | | | 1.24 % | | 25921.91 | | | | | | | | 1.86 % | | 25758.09 | | | | | | | | 2.48 % | | 09:30 | | 11:00 | 13:30 | 14:30 | | | 16:00 | | | 2.20亿 | | | | | | | ...

Market Performance - The Hang Seng Index and Hang Seng Tech Index opened high, with the Hang Seng Index rising by 1.46% and the Hang Seng Tech Index increasing by 1.77% [1] - As of the report, the Hang Seng Tech Index had risen over 3%, currently at 5368.750 points, while the Hang Seng Index was up by 2% [1] Stock Movements - Technology stocks collectively opened higher, with notable increases: NetEase up 3%, Meituan up 2%, Alibaba nearly 2%, Tencent up 1%, and Kuaishou over 3% [3] - Semiconductor stocks also showed strength, with Hua Hong Semiconductor rising by 4% and SMIC increasing by over 3% [3] - Gold stocks performed well, with China Gold International up nearly 7% and Shandong Gold up over 5% [3] Individual Stock Performance - Specific stock performances included: - NetEase-S at 186.000, up 3.74% - JD Health at 58.750, up 3.34% - Kuaishou-W at 68.500, up 3.01% - JD Group-SW at 106.500, up 2.60% - Meituan-W at 82.750, up 2.48% - Ctrip Group-S at 424.400, up 2.07% - Tencent Music-SW at 59.650, up 2.05% - Alibaba-W at 149.900, up 1.90% [4] Declines in Specific Stocks - Zhipu experienced a significant decline, dropping over 20% at one point, and MINIMAX also fell over 10%, with Zhipu's decline narrowing to nearly 13% by the time of reporting [4][5] - Zhipu issued an apology letter addressing issues related to the GLM-5 release, including transparency concerns and slow upgrade mechanisms for existing users, and proposed compensation measures [5]