12月30日晚间，上海证券交易所官网更新了一则IPO受理信息：长鑫科技集团股份有限公司（下 称"长鑫科技"）科创板上市申请获受理，保荐机构为中金公司和中信建投。 招股书（申报稿）显示，长鑫科技拟募资295亿元，如最终实施，这一金额将刷新科创板IPO募资 规模的历史记录。 尤其值得注意的是，长鑫科技的IPO项目，是证监会在发布《关于在科创板设置科创成长层 增强 制度包容性适应性的意见》中提出试点IPO预先审阅机制后，首单落地的"预先审阅"项目，在此之 前，长鑫科技已经完成了两轮预先审阅回复。 作为国产动态随机存取存储器（DRAM）的产能与技术"链主"，长鑫科技的招股书，首次完整揭 开了这家估值超千亿的"独角兽"企业的家底。 根据知名市场研究机构Omdia数据，按产能和出货量统计，长鑫科技已成为中国第一、全球第四 的DRAM厂商。招股书披露，2022年至2025年9月，长鑫科技的累计营收达736.36亿元。 在这一营收规模背后，是一个正处于技术换代和行业周期拐点的新兴存储巨头形象。 招股书显示，2024年底以来，长鑫科技自有DDR4（第四代双倍数据速率内存）产品已停止生 产，产能全面转向DDR5（第五代双倍数据速 ...

经济观察报记者 郑晨烨 12月30日晚间，上海证券交易所官网更新了一则IPO受理信息：长鑫科技集团股份有限公司（下称"长鑫科技"）科创板上市申请获受理，保荐机构为中金公 司和中信建投。 招股书（申报稿）显示，长鑫科技拟募资295亿元，如最终实施，这一金额将刷新科创板IPO募资规模的历史记录。 尤其值得注意的是，长鑫科技的IPO项目，是证监会在发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》中提出试点IPO预先审阅机制 后，首单落地的"预先审阅"项目，在此之前，长鑫科技已经完成了两轮预先审阅回复。 作为国产动态随机存取存储器（DRAM）的产能与技术"链主"，长鑫科技的招股书，首次完整揭开了这家估值超千亿的"独角兽"企业的家底。 根据知名市场研究机构Omdia数据，按产能和出货量统计，长鑫科技已成为中国第一、全球第四的DRAM厂商。招股书披露，2022年至2025年9月，长鑫科 技的累计营收达736.36亿元。 在这一营收规模背后，是一个正处于技术换代和行业周期拐点的新兴存储巨头形象。 招股书显示，2024年底以来，长鑫科技自有DDR4（第四代双倍数据速率内存）产品已停止生产，产能全面转向DDR5（ ...

Core Viewpoint - Kioxia, a Japanese memory chip manufacturer, has seen a remarkable stock price increase of 540% since its listing in December last year, surpassing all components of the MSCI World Index, with a current market capitalization of approximately $36 billion, driven by the surge in demand for storage chips due to AI infrastructure development [1][3][5]. Group 1: Market Performance - Kioxia has become the best-performing stock globally this year, with a year-to-date increase of 540%, leading the Tokyo Stock Exchange's 2025 growth rankings [3]. - The company's market capitalization has reached about 5.7 trillion yen (approximately $36 billion), with major clients including tech giants like Apple and Microsoft [5]. Group 2: Demand and Supply Dynamics - The demand for storage chips has surged as large-scale cloud service providers accelerate the construction of AI infrastructure, making these chips critical components for AI training and data centers [6][8]. - Major tech companies have warned of a tight supply of storage chips, with analysts predicting significant price increases, which supports Kioxia's stock price [7][9]. Group 3: Future Outlook - Despite concerns about valuation leading to short-term volatility, the ongoing supply tightness is expected to bolster Kioxia's prospects through 2026 [10][12]. - Analysts believe that Kioxia is well-positioned to navigate the fluctuations in the AI market due to the persistent demand for memory that exceeds supply [12].

12月30日，上海证券交易所官网披露国内存储芯片龙头企业长鑫科技招股说明书。根据招股书，长鑫科 技提供DRAM 晶圆、DRAM 芯片、DRAM 模组等多元化产品方案，产品主要覆盖DDR、LPDDR两大 主流系列，目前已完成从DDR4、LPDDR4X到DDR5、LPDDR5/5X的产品覆盖和迭代，产品广泛应用于 服务器、移动设备、个人电脑、智能汽车等市场领域。2022年至2025年9月累计营收达736.36亿元， 2022至2024年主营业务收入复合增长率达72.04%。2022年至2025年上半年，长鑫科技累计研发投入为 188.67亿元，占累计营业收入的33.11%，显著高于行业平均水平。 ...

Investment Rating - The industry rating is "Positive" (maintained) [3] Core Insights - The semiconductor industry is experiencing structural prosperity, with strong demand for mature processes and specialty technologies. Domestic wafer manufacturing leaders, represented by SMIC, are operating at full capacity and have implemented price increases, indicating robust performance in a tight supply-demand environment [3][34] - The demand for AI computing continues to drive upgrades in high-end storage, with HBM prices rising and major players competing for next-generation technologies, highlighting a high prosperity trend in advanced storage and packaging testing [4][36] - The overall focus should be on domestic wafer manufacturing leaders and their upstream and downstream supply chains, as well as the AI-driven high-end hardware industry chain, which are currently key areas of interest [4][36] Industry Data Tracking Semiconductor Industry - In October 2025, global semiconductor sales reached $72.7 billion, a year-on-year increase of 27.2%, while China's semiconductor sales were $19.5 billion, up 18.5% year-on-year, indicating sustained strong demand in the semiconductor sector [24][29] - The domestic semiconductor equipment demand remains strong as the push for domestic substitution continues [24] Storage Chip Industry - Recent trends show a strong upward movement in DRAM prices, reflecting robust demand for high-performance memory from AI servers and next-generation PCs. NAND Flash prices are stable, with a gradual increase, while the overall storage chip industry is entering a new prosperity cycle [29][33] Consumer Electronics - The smartphone market is increasingly reliant on technological innovation and stimulus policies, with a significant increase in smartphone shipments in October 2025, driven by promotional events and new product launches [18][19]

Core Viewpoint - Kioxia Holdings has emerged as the best-performing stock globally this year, with a staggering increase of 520%, driven by strong demand for data storage fueled by artificial intelligence [1] Group 1: Company Performance - Kioxia, a NAND flash memory manufacturer that went public on the Tokyo Stock Exchange last December, has reached a market capitalization of approximately 5.7 trillion yen (360 billion) [2] - The company's stock price has surged due to the robust demand for storage chips, which are critical components for AI training and data centers [3] - Despite concerns over high valuations leading to short-term volatility, Kioxia's stock performance remains strong, supported by ongoing supply constraints [4] Group 2: Market Dynamics - The tech industry is experiencing a significant increase in demand for storage chips, with major companies warning of supply shortages and analysts predicting substantial price hikes [3] - Investors anticipate that strong demand and rising prices will boost Kioxia's revenue, which is a key driver of its stock price increase [3] - The current market is characterized by a severe supply-demand imbalance, which is expected to continue supporting Kioxia's performance and stock price through 2026 [6] Group 3: Analyst Insights - Analysts suggest that the focus in the tech sector for 2026 will be on memory products, indicating potential investment opportunities in Kioxia and related derivatives [3] - Concerns regarding a slowdown in data center investments are not expected to significantly impact future memory prices due to the ongoing supply shortage [6] - Kioxia is well-positioned to navigate the fluctuations in the AI market, with analysts expressing confidence in its ability to meet the strong demand for storage solutions [6]

Core Insights - The South Korean stock market experienced a historic revival in 2025, with the KOSPI index rising by 76%, significantly outperforming the S&P 500's 17% and the MSCI Asia Pacific Index's 25% [1][8] - Analysts predict further growth in the Korean stock market, with major firms like Citigroup, JPMorgan, and Nomura forecasting at least a 20% increase in 2026, supported by strong earnings growth [1][8] Sector Performance - **Artificial Intelligence Shadow Stocks**: Companies like Hyosung Heavy Industries and Doosan Enerbility saw stock prices surge over 320% due to the increasing demand for power from AI data centers, despite high valuations [3][10] - **Storage Chip Sector**: Samsung Electronics and SK Hynix had remarkable performances, with stock prices increasing by 125% and approximately 270% respectively, driven by a surge in demand for high-performance chips [4][11] - **Defense Sector**: South Korean defense companies gained traction due to increased defense spending in Europe and Asia, with Hanwha Aerospace's stock rising nearly 200% and Hanwha Ocean's by 204% [4][11] - **K-Beauty Sector**: APR Group, a beauty company, saw its stock price soar by 362%, surpassing major competitors like Amorepacific and LG Household & Health Care [5][12] Underperforming Sectors - **Gaming Industry**: Game developers like Crafton and Netmarble faced significant declines, with Crafton's market value shrinking by about 20% and Netmarble's stock dropping over 30% due to limited market appeal in Asia [7][13] - **Electric Vehicle Supply Chain**: The EV sector struggled, with companies like Enchem experiencing a stock drop of approximately 50%, exacerbated by a shrinking demand for electric vehicles and technological gaps with Chinese competitors [7][14]

Digital Currency - The People's Bank of China has introduced an action plan to strengthen the management and service system for digital RMB, with a new framework set to launch on January 1, 2026 [1] - As of November 2025, digital RMB has processed 3.48 billion transactions totaling 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [1] - The rapid development of digital RMB is expected to create opportunities for the banking IT system, payment ecosystem, and related infrastructure industries [1] Passive Components - A major passive component manufacturer plans to adjust prices for certain products starting January 1, 2026, with increases in resistors and inductors [2] - Research indicates that domestic passive component manufacturers are likely to implement two price hikes in Q4, driven by increased demand from AI applications [2] - The overall price of passive components is currently low, and with rising raw material costs, manufacturers are expected to initiate a new round of price increases [2] Robotics - The opening of offline stores for humanoid robots is expected to validate real application scenarios and accelerate product iteration and standardization [2] - TrendForce predicts that 2026 will be a pivotal year for humanoid robots, with global shipments expected to increase over sevenfold, surpassing 50,000 units [2] Nuclear Fusion - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, Anhui, focusing on promoting collaboration and innovation in the nuclear fusion industry [4] - The industry is entering an upward capital expenditure cycle, with Hefei establishing a leading cluster of fusion devices and a complete industrial chain [3] - The importance of controlled nuclear fusion as a "ultimate energy" source is increasing, with a focus on engineering feasibility verification and equipment procurement [3] Logistics - A joint plan has been issued by several government agencies to develop 101 national standards for modern logistics from 2025 to 2027, aimed at enhancing logistics infrastructure [5] - The modern logistics industry has achieved significant growth, with a projected social logistics total of 380 trillion yuan and logistics revenue exceeding 14 trillion yuan by 2025 [5] - The industry is transitioning from scale expansion to quality improvement, leveraging AI, IoT, and big data for enhanced efficiency [5] Reusable Rockets - The private rocket company "New Space Aerospace" has initiated key technology tests for the recovery and reuse of the Chitu-1 rocket, marking progress in low-cost, reliable space technology [6] - Successful recovery technology could reduce launch costs from tens of millions to millions of dollars, with multiple companies aiming for reusable rocket launches by 2026 [6] Hydrogen Energy - A significant breakthrough has been achieved in a 30MW pure hydrogen gas turbine energy storage demonstration project, marking a step towards practical hydrogen energy applications [7] - The project aims to provide a viable solution for large-scale renewable energy storage, addressing issues of volatility and energy wastage [7] Macro and Industry News - Starting January 1, 2024, digital RMB wallet balances will earn interest, making China the first economy to offer interest on central bank digital currency [8] - The market regulatory authority has outlined key tasks for the upcoming year, focusing on antitrust enforcement and addressing "involution" competition [8] - Public fund assets have surpassed 37 trillion yuan, reaching a new high [8]

Core Viewpoint - The A-share market in 2025 experienced a significant upward trend after a rapid decline in early April, culminating in a clear focus on "new productive forces" driven by policy, events, and industry developments, leading to a fast-paced and concentrated trading environment [1][23]. AI Hardware and Chip Sector - The launch of the DeepSeek-R1 model in January 2025, with a training cost of approximately $294,000, disrupted the belief that top models required tens of millions of dollars, leading to a surge in domestic AI hardware stocks [3][25]. - The performance of computing chip stocks was notable, with Tianpu Co. achieving a maximum annual increase of over 1300%, while Dongxin Co. and Xinyuan Co. both exceeded 300% [3][27]. Storage Chip Sector - The demand for storage chips surged, with prices for DRAM and NAND Flash increasing by over 300% since September 2025, driven by major companies focusing on HBM and DDR5 [8][29]. - The top performers in the storage chip sector included Xiangnan Chip, which saw an annual increase of over 600%, and several others exceeding 200% [8][31]. Precious Metals and Commodities - The precious metals market experienced a historic bull run, with gold prices rising over 70% and silver over 170% due to global liquidity and demand from emerging industries [10][31]. - The industrial metal sector also thrived, with copper prices increasing over 40%, and several companies in the sector achieving annual increases exceeding 200% [10][31]. Commercial Aerospace Sector - The commercial aerospace sector saw significant growth in Q4 2025, with multiple successful rocket launches and a notable IPO plan from SpaceX, valued at approximately $1.5 trillion [12][34]. - Key stocks in this sector, such as Shunhao Co. and Feiwo Technology, recorded annual increases exceeding 450% [12][34]. Energy Storage and Lithium Battery Sector - The global energy storage demand is projected to grow significantly, with a target of 180 million kilowatts of new storage capacity by the end of 2027, leading to a resurgence in the lithium battery industry [15][36]. - Major players in the lithium battery sector, such as Ningde Times, saw their market value exceed 1.8 trillion yuan, with several companies achieving annual increases over 560% [15][36]. Regional Policy Impact - The Fujian and Hainan regions experienced significant market activity due to new policies, with Fujian's stock performance showing increases over 500% for some companies [19][40]. - Hainan's free trade port officially launched, leading to strong growth in related stocks, with some companies achieving annual increases over 180% [19][42].

万万没想到，在2025年年终，"手机涨价潮"竟然成为了一个百度词条。 "本来打算换的，现在看起来要等等了。"一边，是消费者在各类平台上的"吐槽"。 "（涨价）目前看会持续很久，至少以年记，甚至一年半、两年。"另一边，有业内人士公开发声。 摩尔定律认为，消费电子产品性能大约每两年翻一倍，与之对应，价格会下降为之前的一半。当下的手 机售价却开始反向变化。到底发生了什么？ 消费电子"被迫"涨价 12月25日，小米17 Ultra正式发布，起售价为6999元，较上代机型涨了500元。 不过，早在这之前，小米集团合伙人卢伟冰就在微博预告了涨价，"小米17 Ultra处理器/相机/内存三大 件成本上涨都非常大，涨价是确定的，但产品一定会物超所值。" 主要原因是内存供给缺口太大了。卢伟冰透露，"由于高性能计算和数据中心需求的猛增，以及扩产的 滞后，造成这一轮内存成本上涨具有暴涨性和长周期性。像内存条等产品反应会更加迅速，也几乎直接 反应涨价幅度。其次手机/平板/笔记本等内存成本占比较高的产品，反应速度次之。" 实际上，不仅是小米被内存所困。今年第四季度以来，OPPO、vivo等主流厂商旗下的旗舰新机，相较 于上一代，均有不 ...