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 ...

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，均有不同 ...

Core Viewpoint - The article discusses the unexpected trend of rising smartphone prices, which contradicts Moore's Law that suggests prices should decrease as technology improves. This price increase is attributed to significant cost hikes in memory components, driven by supply shortages and increased demand from AI servers [1][2]. Group 1: Price Increases in Smartphones - Xiaomi's new model, the Xiaomi 17 Ultra, has a starting price of 6,999 yuan, which is an increase of 500 yuan from the previous model. The price hike is attributed to substantial increases in the costs of key components such as processors, cameras, and memory [2]. - Other major smartphone manufacturers like OPPO and vivo have also raised prices for their flagship models compared to previous generations, indicating a broader trend in the industry [2]. Group 2: Memory Supply Shortages - The supply of LPDDR4X memory has seen a shortage of approximately 15%-20% due to a shift in production lines, particularly affecting low-capacity products [4]. - The demand for LPDDR5X memory has surpassed 50% penetration in global smartphones, while LPDDR4X is primarily used in mid-range devices. The tightening supply of LPDDR4X is expected to drive prices up and accelerate the transition to LPDDR5X in the smartphone industry [4]. Group 3: Impact of AI on Memory Supply - AI servers are increasingly consuming memory production capacity that was previously allocated to smartphones and computers, leading to supply constraints in the non-server market [6][7]. - OpenAI's partnership with Samsung and SK Hynix for AI data centers is expected to significantly increase memory demand, with projections of up to 900,000 DRAM wafers needed monthly [7]. Group 4: Domestic Manufacturers' Opportunities - The shift of major manufacturers towards high-margin AI storage has created opportunities for domestic DRAM manufacturers, with the storage index rising over 70% this year [9][11]. - Domestic firms are positioned to fill the supply gap in standard DDR5/RDDR5, with expectations of a 15%-20% supply shortfall by 2026. They can leverage lower technical barriers and cost advantages to provide competitive solutions in the PC and server markets [11][12].

Core Viewpoint - The article discusses the investment strategies of Wu Haining, a fund manager at Hengyue Fund, focusing on capturing opportunities in the technology sector amidst rapid shifts in sub-sector hotspots [1]. Group 1: Investment Strategy and Performance - Wu Haining's management of Hengyue Advantage Select has yielded significant returns, with a one-year return of 142.56%, ranking sixth among similar funds [2]. - The investment strategy involved a focus on high-growth technology sectors, including smart driving, domestic computing power, and the Apple supply chain, with a notable increase in AI computing targets [2]. - In the second quarter, adjustments were made by reducing positions in smart driving and increasing exposure to the PCB sector and upstream materials, while also investing in sectors like military, gaming, and new energy [2]. Group 2: Market Outlook for 2026 - Wu Haining anticipates continued opportunities in 2026, driven by a likely ongoing interest rate reduction cycle across major economies, which will maintain a relatively loose liquidity environment [4]. - Key sectors for investment in 2026 include energy storage, storage chips, AI computing power, semiconductor equipment materials, and lithium solid-state batteries, with a focus on companies with global competitiveness [4][5]. - The investment logic will involve selecting companies with significant performance elasticity and adjusting portfolio allocations based on market conditions and the certainty of factors [4]. Group 3: Specific Sector Insights - The energy storage sector is expected to see increased demand, with predictions of shortages and price increases in domestic storage by 2026, driven by the economic viability of independent storage and increased foreign electricity shortages [5][6]. - The storage chip market is entering a price increase cycle, with AI-driven data storage demand expected to surge, particularly due to the high demand from AI video generation [6]. - The domestic semiconductor equipment sector is also viewed positively, as domestic storage chip production capabilities have reached international standards, with a high certainty of continued expansion during the upcycle [6].

华西策略李立峰团队称，岁末年初多头势力聚集，"春季躁动"行情有望抢跑。一方面，海外货币政策不确定性消退，后续国内春 节与"两会"召开时间较为接近，节前对两会的政策预期有望支撑风险偏好；另一方面，年初通常是保险、年金等绝对收益资金进 行新一轮配置的窗口期，在政策预期向好的背景下，增量资金入场意愿较强，近期国内机构资金、融资资金等已出现"抢跑"迹 象。 本周各家券商策略分析师整体依旧保持乐观。 | | 一周策略前瞻 | | | | --- | --- | --- | --- | | 芬商/分析师 结论 | 逻辑 | | 关注板块 | | 兴证策略 张启尧 言? | 要反映的是美元再度走弱叠加年末"结汇潮 人民币"破7"后，行业如何配 | | 人民币升值影响行业配置的四个逻辑: 盈利层面,1)人民币升值降低进口成 3）人民币升值提升国内居民购买力， | | | 近期人民币加速升值引发市场关注。背后主 | | | | | | | 本,原材料进口依赖度较高的行业受 | | | | | 益;2)人民币升值驱动外币负债成本 | | | " 带动下,人民币相对其他非美货币的"补 | | 下降,持有较多美元负债的行业受益; | ...

点评：使命迭代显雄心，富足愿景拓新程。 2.三星、SK海力士将于2月开始量产HBM4 1.马斯克称把特斯拉使命改成惊人富足，马斯克回应调整特斯拉使命措辞 马斯克的最新愿景是希望让世界多一点快乐。马斯克通过 X 发文称，计划调整特斯拉的使命措辞，把可持 续的富足改为惊人的富足，并解释称新的表述更具愉悦感。据《商业内幕》报道，这一措辞指向特斯拉最 新发布的宏伟蓝图。该长期战略文件在9月公布的第四版中，多次提到可持续的富足，强调特斯拉将通过产 品和服务推动全球繁荣，打造更安全、更清洁、更令人愉悦的世界。不过，根据特斯拉官网信息，特斯拉 目前的正式使命仍然是加速世界向可持续能源的转型。 据韩国《首尔经济日报》援引未具名行业消息人士报道，三星电子将在韩国平泽园区量产 HBM4，SK 海力 士则于旗下 M16工厂启动量产，两者均计划于2026年2月投产。该款 HBM4将用于英伟达下一代人工智能芯 片"Rubin"。SK 海力士已于2025年3月向英伟达交付 HBM4样品，并于9月搭建完成量产体系。 3.年底启动大规模裁员？真我手机回应 据界面新闻，近日有消息称，真我手机（realme）启动大规模裁员计划，首轮裁员涉及外包 ...

12月26日晚间，*ST新元(300472)公告，公司获赠现金资产和债务豁免以化解退市风险，维持上市公司地位。 （原标题：1.65万户股东沸腾，300472，获赠巨额现金！下周存储龙头解禁市值超百亿元） 12月29日至12月31日期间，有19股解禁市值超亿元。 公告表示，产业投资人北京随锐新元创新科技中心（有限合伙）及随锐科技集团股份有限公司拟协调关联方向公司无偿赠与不超过3.3亿元的现金 资产。本次赠与以现金资产的形式直接投入公司，为无附义务、不可变更、不可撤销的赠与行为，公司无需支付对价，无任何附加条件，不附有 任何义务，不会被追索赔偿。 公司还同时公告称，于近日收到实控人朱业胜先生出具的《债务豁免承诺函》，朱业胜决定豁免公司债务金额不超过0.5亿元，本次债务豁免为债 权人作出的单方面、不附带任何条件、不可变更、不可撤销的豁免行为。 本月稍早前，*ST新元公告与产业投资人签署重整投资协议，公司将按每10股转增15股实施资本公积金转增股本，共计转增3.97亿股股票。其中北 京随锐新元创新科技中心（有限合伙）将以3.5元/股认购1亿股转增股票，支付对价款3.5亿元。 今年三季报显示，*ST新元已处于资不抵债状 ...

智通财经APP获悉，总部位于日本的金融巨头野村证券(Nomura)近日发布的一份存储芯片行业跟踪研究 报告显示，在"全球AI数据中心建设进程超预期加速推进所带来的企业级高性能服务器DRAM+HBM存 储系统+数据中心高性能SSD需求共同猛增"的强劲共振与推动之下，DRAM/NAND存储芯片价格上行 斜率陡峭化，其中服务器DRAM第四季度环比涨幅将高达60%。 野村证券分析师团队将三星电子与SK海力士自2025年第四季度起的盈利预测大幅上修，还将该投资机 构对于这两大"韩国存储芯片巨头"的12个月内目标股价进一步上调，并且野村的分析师们判断这一轮始 于今年下半年的"存储超级周期"至少延续至2027年，并且真正有意义的新增供给最早要到2028年初期才 会出现。 近几个月，全球三大存储芯片巨头——三星电子、SK海力士与美光，以及西部数据和希捷等存储巨头 们近期公布的无比强劲业绩，令野村、摩根大通以及摩根士丹利等金融巨头们高呼"存储超级周期"已 至，凸显出全球持续井喷式扩张的AI训练/推理算力需求以及端侧AI热潮驱动的消费电子需求复苏周期 全面带动DRAM/NAND系列存储产品需求指数级扩张，尤其是三星、海力士与美光 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-26 | 佰维存储 | 688525 | 113.1 | 201.32 | 1.78 | 中信证券股份有限 公司上海分公司 | 中信证券华南股公 有限公司佛山分公 | | 12月26日，佰维存储大宗交易成交1.78万股，成交额201.32万元，占当日总成交额的0.09%，成交价113.1元，较市场收盘价113.1元持平。 ...

Group 1 - The People's Bank of China continues to inject liquidity into the market through Medium-term Lending Facility (MLF), with a net injection exceeding 1 trillion yuan for the year 2025 [1] - In December, the central bank conducted a 400 billion yuan MLF operation, resulting in a total net injection of 188.8 billion yuan [1] - The A-share market has seen significant activity in private placements, raising over 78.9 billion yuan this year, a year-on-year increase of 455.31% [1] Group 2 - The robot industry is experiencing a shift towards capital and ecosystem competition, with companies like UBTECH and others actively seeking to acquire listed platforms [2] - The ongoing acquisition activities are seen as a faster and more certain path compared to independent IPOs, providing companies with more space for future capital operations [2] - The storage product price surge continues, with DDR4 and DDR5 prices rising, although the rate of increase has slightly slowed [3] Group 3 - The global shortage of storage chips has led to a "scramble" among tech giants like Microsoft and Google to secure supply agreements with major manufacturers [3] - The introduction of L3-level autonomous driving vehicles marks a significant advancement in smart driving technology, shifting responsibility from human to machine [4] - The low-altitude economy is projected to grow rapidly, with significant investments in core technologies and commercial models expected to emerge by 2025 [4] Group 4 - Several innovative pharmaceutical companies are accelerating their research and development of Antibody-Drug Conjugates (ADC), with Chinese firms becoming key players in the global ADC innovation landscape [5] - Online travel platforms are criticized for using "lowest price" tactics to bundle additional services, leading to consumer confusion [6] - Shanghai Washba's executives received penalties for short-term trading violations, highlighting the importance of compliance in corporate governance [6][7]