Group 1 - The core investment outlook for the technology sector in the first half of 2026 is expected to continue focusing on AI, with structural opportunities being stronger than overall growth, indicating increased investment difficulty compared to 2025 [1] - The overall market's investment return on AI is anticipated to be more scrutinized in 2026, following a significant rise in 2025, leading to a more optimistic outlook compared to the previous year [1] - In a stable growth environment, structural opportunities in AI investments are expected to outperform total growth, with specific sectors like optical communication, storage, and liquid cooling being highlighted for their potential [1] Group 2 - The optical communication sector is identified as a bottleneck for both training and inference in AI, with expectations for planning to begin in 2026 and potential mass application by 2027 [1] - The current tight pricing cycle in the storage sector is projected to last for 1 to 2 years due to increased demand from AI inference, which will enhance user behavior and preference memory in future models [1] - Domestic storage wafer manufacturers are likely to exceed expectations in capacity expansion, presenting a significant opportunity for domestic semiconductor equipment [2] Group 3 - Liquid cooling suppliers in China are expected to transition from validation to order acquisition and volume production in 2026, although the industry may face long-term price competition [3] - The PCB upstream sector is currently experiencing a material upgrade and price increase cycle, with domestic manufacturers likely to gain market share due to their advanced technology and stronger expansion willingness compared to overseas counterparts [4] - The overall PCB industry is showing good growth, but the difficulty of capacity expansion raises questions about the realization of overseas production capacity, with a trend towards industry decentralization expected by 2026 [4]

Market Overview - A-shares experienced a slight increase, with the Shanghai Composite Index achieving a 14-day consecutive rise, closing at 4,085.77 points, up 0.05%[16] - The Hang Seng Index and the Hang Seng Tech Index fell by 0.94% and 1.49%, respectively, amid weak performance in technology stocks[11] - European markets showed mixed results, with the German DAX reaching a new high, up 0.92%[9] Commodity and Forex - International oil prices dropped due to Trump's statement about Venezuela potentially transferring up to 50 million barrels of oil to the U.S., with NYMEX crude oil down 2.0% to $55.99 per barrel[28] - Gold prices fell by 0.7% to $4,462.5 per ounce as investors locked in profits after recent gains[28] - The Japanese yen depreciated against the dollar, with USD/JPY rising to 156.76, influenced by heightened tensions between China and Japan[28] Fixed Income - U.S. mid to long-term Treasury yields rose as signs of weakness in the job market emerged, with the market anticipating at least two rate cuts by the Federal Reserve this year[5] - The 10-year U.S. Treasury yield decreased by 2.6 basis points to 4.15%[32] - Asian bond markets remained strong, with new issues receiving good demand[5] Sector Performance - In the U.S. stock market, the S&P 500 fell by 0.34% to 6,920.9 points, while the Nasdaq rose slightly by 0.16% to 23,584.3 points[9] - The healthcare sector in the U.S. saw a notable increase, with Amgen's stock rising by 3.47% following its acquisition announcement[9] - In the Hong Kong market, the healthcare sector rose by 3.8%, while the energy sector fell by 2.1%[12]

半导体设备+存储板块再次大涨，还有哪些投资机会？ 20260107 摘要 国产半导体设备零部件公司能力提升，从单一方向发展至平台化，AI 存 储和成熟制程逻辑芯片扩展带来积极影响，海外 Fabless 公司回流及国 产化率硬性要求推动国产化进程。 存储行业自 2026 年初供货紧张、涨价，蔓延至整体，AI 需求紧张，消 费电子、汽车电子及工业等领域受冲击，海外闪迪等公司股价大幅上涨。 半导体制造方面，建议关注存储敞口高的环节及标的，如中微公司、拓 荆科技等；国产化率较低但具潜力前道量检测环节，如精测电子和中科 飞测；零部件板块预计 2025 年四季度触底反弹，推荐江丰电子。 精测电子近期发布累计 5.47 亿及单个 5.7 亿核心订单，市场对其完成 全年 20 亿订单指引由悲观转乐观，其薄膜厚度测量等设备具领先优势， 有望批量上量。 江丰电子靶材业务全球领先，市占率第二，布局金属与非金属材料加工， 垂直一体化增强竞争力，零部件业务涵盖多品类，是国内少有的平台型 企业。 Q&A 当前半导体设备零部件和存储板块的市场表现如何？有哪些主要驱动因素？ 半导体设备零部件和存储板块近期股价表现强劲，主要受到几个因素的推动 ...

万润科技（002654.SZ）1月8日在投资者互动平台表示，公司存储模组制造项目已投产，目前正在积极 抢抓存储行业发展机遇，合力开拓客户和承接订单，全力推动产值释放和提升，奋力扩大存储板块营业 收入规模，提升盈利能力，做实做大做强新一代信息技术主产业。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司所有存储产品产线满负荷生产一年产值大 概是多少呢？ ...

格隆汇1月8日丨万润科技(002654.SZ)在投资者互动平台表示，公司存储模组制造项目已投产，目前正 在积极抢抓存储行业发展机遇，合力开拓客户和承接订单，全力推动产值释放和提升，奋力扩大存储板 块营业收入规模，提升盈利能力，做实做大做强新一代信息技术主产业。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "一盒100根DDR5（一种计算机内存规格）服务器内存，价格接近500万元，已超过上海不少房 产。"2026年年初，存储行业价格继续飙升成为外界最热议的话题之一。 这一轮强势涨价与以往不同，当前存储行业的供需严重失衡主要由全球人工智能（AI）算力需求激增 导致。 事实上，自2022年11月ChatGPT诞生引发生成式人工智能热潮并推动全球竞相建设人工智能数据中心以 来，全球存储巨头三星、海力士和美光等不约而同地将大量晶圆产能转向HBM（高带宽内存，主要为 满足图形处理器芯片需求）和DDR5生产，这直接挤压了包括DDR4等在内成熟制程的产能空间，供给 的急剧收缩与庞大的存量需求之间产生了尖锐矛盾，也给手机、PC（个人电脑）、汽车等终端厂商带 来巨大的成本压力。 "虽然存储涨幅比较大，但对云服务厂商（以下简称"云厂商"）来说还是比较能接受的，云厂商认为建 设算力是刚性需求，不然未来几年就掉队了，这样的思维方式在北美的几个云服务厂商中特别明显，因 此它们目前在存储的采购上仍然积极追加订单。"TrendForce集邦咨询（以下简称"集邦咨询"） ...

记者丨曾静娇 唐婧 编辑丨刘雪莹 美东时间周三，美股三大指数涨跌不一，标普500指数、道琼斯指数均在盘中触及历史新高后 回落，其中道琼斯指数下挫466点，跌幅近1%。存储概念股明显回调，热门中概股多数下跌， 黄金、白银股重挫；国际金价、银价同步震荡走弱。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 48996.08 | 23584.27 | 6920.93 | | -466.00 -0.94% | +37.10 +0.16% | -23.89 -0.34% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7712.54 | 25835.00 | 6967.00 | | -123.90 -1.58% | +13.00 +0.05% | -20.75 -0.30% | 具体来看， 大型科技股涨跌互现。 谷歌涨超2%，市值超越苹果位居美股第二；微软、英伟达 涨超1%，脸书跌近2%。英特尔涨逾6%，盘中一度大涨超11%，消息面上英特尔日前推出下一 代PC平台处理器酷睿Ultra3。 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | 年初至今 | | ...

Market Performance - On January 7, the stock market showed strong resilience, with the Shanghai Composite Index closing up, marking a record of fourteen consecutive gains[1] - The total trading volume of the A-share market reached 2.88 trillion yuan, an increase of 493 billion yuan compared to January 6[1] - The Hang Seng Index fell by 1.02%, while the Hang Seng Tech Index dropped by 1.56%[1] Capital Flow - Net inflow of southbound funds amounted to 9.178 billion HKD, with Tencent and Xiaomi seeing net inflows of 1.955 billion HKD and 1.633 billion HKD respectively[1] - Conversely, China Mobile and SMIC experienced net outflows of 1.126 billion HKD and 1.070 billion HKD respectively[1] Debt Market - Long-term interest rates showed a "V-shaped" reversal, with 10-year and 30-year government bond yields rising to 1.90% and 2.34% respectively, up by 1.6bp and 2.5bp[5] - The 10-year government bond yield is facing a critical level at 1.90%, while some 30-year bonds have exceeded 2.40%[5] Commodity Market - The commodity market saw a net inflow of nearly 12 billion yuan, with the black series (steel and coal) receiving over 4.5 billion yuan in capital[9] - Precious metals faced selling pressure, with silver down 2.07% and gold slightly down 0.17%[9] Sector Performance - Semiconductor materials and equipment led the gains, with significant increases in prices for DDR5 and NAND Flash, up 573% and 63% year-on-year respectively[3] - The rare earth index rose by 4.23%, driven by the upward trend in industrial non-ferrous metals[3]

智通财经APP获悉，周三，美股存储概念股未能延续本周涨势，截至发稿，西部数据(WDC.US)跌超 10%，希捷科技(STX.US)跌超8%，SanDisk Corp(SNDK.US)跌超4.6%，美光科技(MU.US)跌超1.4%。 ...

美国12月ADP就业人数增加4.1万人，低于市场预期，市场静待周五非农定调。美股三大指数小幅高 开，纳指涨0.02%，标普500指数涨0.06%，道指涨0.23%。 存储概念股集体回调，西部数据跌超5%，闪迪跌超3%，美光科技跌近1%。 联电涨9.7%，创逾一年新高，2025年营收增长2.26%再度刷新历史次高位。 自动驾驶技术公司Mobileye涨16.4%，官宣9亿美元收购机器人公司Mentee。 游戏驿站涨4.2 %，公司宣布授予CEO科恩长期绩效奖励，旨在推动公司市值达1000亿美元。 (格隆汇) ...