国金证券也表示，半导体设备是半导体产业链的基石，存储扩产与自主可控共振，国产替代空间广阔。半导体设备位于产业链上游，是支撑芯片制造与封测 的核心产业。随着AI大模型驱动存储技术向3D化演进，叠加长鑫、长存等国内存储大厂扩产项目落地，国产半导体设备产业链有望迎来新一轮高速增长机 遇。 行业数据方面，国际半导体产业协会（SEMI）发布报告显示，2025年全球半导体制造设备总销售额预计达1330亿美元，同比增长13.7%，创历史新高。预计 未来两年半导体制造设备销售额将继续增长，2026年和2027年分别达到1450亿美元和1560亿美元。这一增长主要得益于人工智能相关投资的推动，尤其是在 尖端逻辑电路、存储器以及先进封装技术的应用方面。 展望2026-2027年，招商证券认为，AI需求增长带动全球存储及先进制程产能扩张，扩产有望提速；全球半导体设备市场空间持续增长，国内设备技术水平 持续突破，国产化率迎来1-N阶段大规模提升，伴随下游先进存储持续扩产，卡位良好及份额较高的存储设备公司有望充分受益。 今日三大指数红开，半导体设备板块再度走强！半导体设备ETF（561980）高开涨超2%、目前上涨2.32%，成份股珂 ...

Group 1 - Semiconductor equipment stocks have strengthened, with Anji Technology rising over 4%, and Beifang Huachuang and Xinyuan Micro both increasing over 3% [1] - Semiconductor-related ETFs have also seen gains, with an increase of over 2% [1] Group 2 - Specific ETF performance includes: - Semiconductor Materials ETF at 1.666, up 0.038 (2.33%) - Chip Equipment ETF at 1.744, up 0.038 (2.23%) - Semiconductor Equipment ETF E Fund at 1.854, up 0.039 (2.15%) - Semiconductor Equipment ETF Fund at 1.887, up 0.038 (2.06%) - Semiconductor Equipment ETF at 1.587, up 0.032 (2.06%) [2] Group 3 - Analysts indicate that under the backdrop of the AI wave and domestic production, there is a continuous demand for expansion in advanced production lines, making semiconductor equipment a cornerstone for wafer foundry expansion and an important link for achieving self-sufficiency in the industry chain [2]

每经AI快讯，12月23日，北方华创（002371）股价一度大涨近5%，创出历史新高，市值一度站上3500 亿元大关。 ...

资料显示，拓荆科技股份有限公司位于辽宁省沈阳市浑南区水家900号，成立日期2010年4月28日，上市 日期2022年4月20日，公司主营业务涉及高端半导体专用设备的研发、生产、销售和技术服务。主营业 务收入构成为：半导体专用设备96.47%，其他(补充)3.53%。 12月23日，拓荆科技盘中上涨2.04%，截至09:49，报369.02元/股，成交4.80亿元，换手率0.47%，总市 值1037.55亿元。 资金流向方面，主力资金净流出722.67万元，特大单买入5609.32万元，占比11.68%，卖出6063.62万 元，占比12.62%；大单买入1.33亿元，占比27.76%，卖出1.36亿元，占比28.32%。 拓荆科技今年以来股价涨140.56%，近5个交易日涨9.50%，近20日涨26.99%，近60日涨68.27%。 截至9月30日，拓荆科技股东户数2.52万，较上期增加78.46%；人均流通股11091股，较上期减少 43.97%。2025年1月-9月，拓荆科技实现营业收入42.20亿元，同比增长85.27%；归母净利润5.57亿元， 同比增长105.14%。 分红方面，拓荆科技A股上市后累 ...

Company News - Sanhua Intelligent Control expects net profit attributable to shareholders to be between 3.874 billion and 4.649 billion yuan, representing a year-on-year growth of 25%-50% [2] - Yongding Co., Ltd. plans to increase capital and introduce external investors for its subsidiary, Dingxin Optoelectronics, raising a total of 55 million yuan [2] - Ningbo Huaxiang's subsidiary signed a strategic cooperation agreement with Shenzhen Dahuang Robot Technology to enhance collaboration in the development and manufacturing of general humanoid robot dexterous hands [2] - Tongyu Communication's subsidiary plans to introduce investors through capital increase, with a total investment of 10 million yuan [2] - Reader Culture announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [2] Industry News - Quantum Computing: A significant advancement in quantum error correction was achieved by a team at the University of Science and Technology of China, laying a foundation for practical quantum computers [6] - Commercial Space: The 2025 Third Commercial Space Development Conference will be held on December 24, focusing on national policies and key technology discussions [7] - Hainan Free Trade Zone: The full island closure operation officially started, with Sanya reporting a sales figure of 118 million yuan on the first day [8] - Humanoid Robots: The robot rental market has surpassed 1 billion yuan this year, with expectations to grow to at least 10 billion yuan next year [9] - Semiconductor Equipment: The global semiconductor equipment market is expected to reach 133 billion dollars in 2025, driven by AI-related investments [14]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On Monday, the major stock indices in the two markets rose collectively, with growth - style indices led by the ChiNext Index performing strongly, and the semiconductor equipment sector leading the gains. The total turnover of the two markets reached 1.86 trillion yuan, showing a mild increase in volume [1]. - As of December 19, the total scale of all - market listed ETFs reached 5.83 trillion yuan, a year - to - date increase of 2.09 trillion yuan, a significant increase of 56%. ETFs have become an important channel for attracting household wealth [1][2]. - Global funds are re - increasing their positions in the Chinese stock market. The Chinese technology sector is becoming a new battlefield for global funds to deploy in AI due to its valuation advantages, complete industrial ecosystem, and large - scale manufacturing capabilities [2][3]. - In 2026, the risk of a sharp rise in the Chinese stock market is much higher than that of a sharp decline, with multiple positive factors such as the acceleration of AI applications and the re - allocation of domestic liquidity from deposits to the stock market [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Monday, the major indices of the two markets rose. The CSI 300 Index closed at 4,611 points, up 43 points or 0.95%; the SSE 50 Index closed at 3,020 points, up 15 points or 0.53%; the CSI 500 Index closed at 7,255 points, up 86 points or 1.20%; and the CSI 1000 Index closed at 7,408 points, up 78 points or 1.07% [1]. - Among industry and thematic ETFs, semiconductor equipment ETFs, communication ETFs, etc. led the gains, while film and television ETFs, bank ETFs, etc. led the losses. Among the sector indices of the two markets, Hainan Free Trade, communication equipment, etc. led the gains, while forestry, film and television theaters, etc. led the losses. The CSI 500 Index futures saw a net inflow of 1.9 billion yuan in settled funds [1]. 3.2 Important Information - The People's Bank of China will implement a one - time credit repair policy. For individual overdue information with a single amount not exceeding 10,000 yuan from 2020 to 2025, if the individual fully repays the overdue debt by March 31, 2026 (inclusive), the financial credit information database will not display it [1]. - Precious metals soared. Spot gold reached over 4,400, silver hit a new record high, and platinum broke through the $2,000 mark for the first time in 16 years, driven by the Fed's interest - rate cut expectations and geopolitical risks [1]. - In November, the domestic new - energy heavy - truck market sold 28,000 vehicles, a year - on - year increase of 178%, and the sales volume in the first three quarters increased by 184% year - on - year. New - energy heavy trucks have a significant cost advantage in short - and medium - distance freight [1]. - Wall Street expects high volatility in the U.S. stock market in 2026. Some institutions suggest a hedging strategy of going long on the Nasdaq 100 Index volatility and shorting the S&P 500 Index volatility [2]. - The expected shipment of NVIDIA's GB300 AI server cabinets in 2026 is 55,000 units, a year - on - year increase of 129%, driven by tech giants like Microsoft and Meta [2]. - OpenAI's "computing profit margin" soared from about 35% to 70% in less than two years, indicating significant progress in controlling AI model operating costs [2]. - The U.S. is promoting the largest - scale space militarization deployment since the Cold War, with the Pentagon awarding military satellite orders worth $3.5 billion [2]. - Elon Musk's personal net worth soared to $749 billion, becoming the first person in human history to exceed $700 billion, due to a court decision restoring Tesla stock options [2]. - The so - called "stable returns" promised by Wall Street to retail investors are collapsing, with BDC stocks of top institutions like KKR and BlackRock plummeting and non - performing loan rates rising [2]. 3.3 Market Logic - The growth of the Chinese stock market and the expansion of ETF scale are attracting global investors. China's technological breakthroughs in AI and its resilience in the face of external pressure are restoring global investors' confidence in China's long - term growth [2]. - In 2025, the stock market had a net inflow of 2.26 trillion yuan. In 2026, insurance, wealth management, and pensions are expected to be the three major sources of incremental funds, with institutional incremental funds reaching 3.1 trillion yuan, and the scale of public fixed - income + products is expected to at least double [2]. 3.4 Market Outlook - It is expected that the market will remain in a sideways - oscillating state. Global funds are re - increasing their positions in the Chinese stock market, with the Chinese technology sector becoming an important target for AI investment. Geopolitical risks need to be closely monitored, and investors should gradually start spring - market layout [3]. 3.5 Trading Strategies - For stock - index futures directional trading, observe the market and gradually start spring - market layout, while closely monitoring the impact of geopolitical risks [3]. - For stock - index option trading, do not participate in stock - index call options for the time being as the market is expected to be in a sideways - oscillating state [3].

Core Viewpoint - The listing of domestic GPU leader Muxi Co., Ltd. has sparked significant market interest, with its stock price surging over 700% and a market capitalization exceeding 340 billion yuan, surpassing another prominent company, Moore Threads. This remarkable performance has ignited a "wealth creation effect" in the hard technology sector. Industry Chain Analysis - **Demand Transmission Chain**: The success of GPU design companies like Muxi demonstrates the market feasibility and urgent demand for domestic high-end chips, likely leading to a massive demand for wafer manufacturing capacity [1]. - **Manufacturing Expansion**: To meet the explosive demand for AI computing power, domestic wafer manufacturers are entering a new round of large-scale capital expenditure cycles to expand advanced process capacity. Leading wafer manufacturers, such as SMIC, reported a capacity utilization rate exceeding 100% in their third-quarter reports [1]. - **Equipment Segment Benefits**: The first step in wafer factory expansion involves purchasing core equipment such as lithography, etching, and thin-film deposition. This equipment procurement is essential and precedes other investments, making semiconductor equipment companies direct beneficiaries in the chip industry [2]. - **ETF Investment Opportunity**: The semiconductor equipment ETF (561980) tracks the CSI Semiconductor Index, with nearly 60% of its components focused on equipment, materials, design, and manufacturing. This makes it an ideal tool for investing in the domestic substitution efforts in the semiconductor sector [2].

半导体设备自主可控是当下强确定性和弹性兼备科技主线 20251222 摘要 半导体设备行业在 2025 年经历订单增速放缓的小年后，预计 2026 年 将迎来加速增长，订单增速有望达到 50%，主要受益于全球 AI 大潮推 动的存储扩产和 AI 芯片先进制程需求。 国内存储厂商长存和长鑫正积极扩产，目标是达到全球 20%-30%的市 场占有率，每年新增产能预计接近 15 万片。同时，国内 AI 大算力芯片 需求巨大，存在显著的扩产需求，共同推动半导体设备行业增长。 半导体设备板块的估值应从关注当期利润转向关注明年订单情况，采用 PS 估值法，目前板块 PS 倍数处于合理区间。保守预测显示，部分股票 有三倍以上的增长空间。 短期内，长存和长鑫的 IPO 进展以及全球存储价格走势是值得关注的产 业催化事件。存储价格预计至少上涨至 2026 年底，将推动国内企业加 快扩产。同时，AI 大算力芯片需求及相关进口数据也需密切关注。 在选择投资标的时，应优先考虑与两存及先进制程关联度高、确定性强 的个股，如北方华创和中微公司。同时，可关注具备弹性、边际变化显 著或具有突破潜力的新兴公司，如拓荆科技和威导纳米。 Q&A 2 ...

Market Analysis - The A-share market showed a strong performance, with the Shanghai Composite Index closing at 3917.36 points, up 0.69%, and the Shenzhen Component Index rising 1.47% to 13332.73 points, indicating a recovery above the 3900 mark [2] - The technology sector rebounded significantly, driven by strong performances in semiconductor equipment and other tech-related indices, with increases of 5.35% and 4.82% respectively [5] - The commodity index surged, with the London gold price reaching a new historical high of over 4400 USD per ounce, reflecting strong demand and market sentiment [9][15] Trading Hotspots - Key investment themes include dividends, commercial aerospace, nuclear fusion, AI applications, and consumer sectors, with a focus on their respective growth drivers and market conditions [11][12] - The commercial aerospace sector is expected to benefit from government support and advancements in technology, while the nuclear fusion industry is seeing accelerated industrialization [11] - The AI application sector is gaining traction with major companies like Alibaba and Google leading the way, indicating a shift towards practical applications and technological upgrades [11] Bond Market Insights - The bond market experienced a general decline, with the 30-year main contract dropping by 0.28% to 111.980, influenced by the central bank's net withdrawal operations and the strong performance of the A-share market [10] - The Loan Prime Rate (LPR) remained unchanged at 3.0% for the one-year term and 3.5% for the five-year term, indicating a stable monetary policy environment [10] Commodity Market Overview - The commodity index rose by 1.42%, with non-ferrous metals and shipping futures leading the gains, while some chemical products faced downward pressure [9] - Lithium carbonate prices have shown a strong upward trend, with a rise of over 60% since mid-September, driven by supply constraints and increasing demand from the electric vehicle sector [15]

（原标题：拓荆科技12月22日大宗交易成交1.11亿元） 拓荆科技12月22日大宗交易平台出现一笔成交，成交量31.00万股，成交金额1.11亿元，大宗交易成交价 为358.26元，相对今日收盘价折价0.94%。该笔交易的买方营业部为机构专用，卖方营业部为华泰证券 股份有限公司北京分公司。 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为4.10亿元。 证券时报•数据宝统计显示，拓荆科技今日收盘价为361.65元，上涨10.37%，日换手率为2.46%，成交额 为24.21亿元，全天主力资金净流入1.10亿元，近5日该股累计上涨5.84%，近5日资金合计净流出4334.21 万元。 两融数据显示，该股最新融资余额为10.79亿元，近5日增加1460.28万元，增幅为1.37%。（数据宝） 12月22日拓荆科技大宗交易一览 | 成交量 （万股） | 成交金额 （万元） | 成交价格 （元） | 相对当日 收盘折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | | | （%） | | | | 31.00 | 11106.06 ...