[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 2026 年 01 月 12 日 备行业周报、月报 [Table_Title] 美国政府放松 H200 对华出口，美光在纽约 州兴建多座晶圆厂 ——行业周报 [Table_Summary] 报告要点： 本周（2026.1.5-2026.1.11）市场回顾 1）海外 AI芯片指数本周下跌 1.5%，MPS 和台积电上涨 2.4%和 1.3%， AMD 和 Marvell 下跌 9.1%和 6.9%。2）国内 AI 芯片指数本周上涨 7.8%。寒武纪、澜起科技、翱捷科技、兆易创新、长电科技和通富微 电涨幅均在 10%以上，海光信息、瑞芯微和恒玄科技涨幅在 9.9%、 5.1%和 3.8%。3）英伟达映射指数本周下跌 0.3%，麦格米特上涨 12%， 神宇股份、沃尔核材和兆龙互连涨幅在 5%以上，胜宏科技、景旺电 子、太辰光和江海股份涨幅较小。长芯博创、英维克、沪电股份跌幅 超 4%。4）服务器 ODM 指数本周下跌 3.0%，Gigabyte 和 Wiwynn 跌幅超 5%，Quanta、超微电脑、鸿海精密和 ...

今日热点导览 TOP 3 大新闻 "死了么"APP估值已达1000万元，创始人称开发成本仅1000多元 近日，苹果应用商店一款名为"死了么"的App受到关注，相关话题登上微博热搜榜。据介绍，该应用是 为独居人群打造的轻量化安全工具，用户需要设置紧急联系人并签到，若连续多日没在应用内签到，系 统将于次日自动发送邮件告知紧急联系人。 据该APP创始人之一的郭先生介绍，项目大约在2025年年中立项，而APP的实际开发时间不到一个月， 初始投入成本仅"1000多块钱"。随着用户量激增，服务器的压力也随之而来。郭先生表示，团队正在忙 于服务器扩容以承载暴涨的流量，这些都是需要成本的。"有想过会火，但没想到有这么火。"郭先生这 样形容APP的爆发。"增长是这两天开始的，下载量相比之前涨了100倍以上，而且现在其实还在往上 走"。 对于估值，郭先生坦言，在爆发初期"每个人他的理解都是不一样的"。计划以100万元出让公司10%的 股份。若以此计算，该APP的估值已达到1000万元人民币。（新民晚报、蓝鲸新闻） 霍启刚主动公开个人财产，多项房产为与郭晶晶婚后共同持有 香港新一届立法会议员个人利益申报出炉，90名议员的申报表已上 ...

Wind数据显示，1月8日，共有9只个股获券商买入评级，其中1只个股公布了目标价格。按最高目标价 计算，固德威目标涨幅排名居前，涨幅分别达49.6%。 从评级调整方向来看，7只个股评级维持不变，1只个股评级获调高，1只个股为首次评级。 从获买入评级个股所属Wind行业来看，半导体与半导体生产设备、汽车与汽车零部件、软件与服务买 入评级个股数量最多，分别有2只、2只、1只。 ...

Group 1 - A total of 16 stocks received buy ratings from brokerages on December 30, with one stock announcing a target price [1] - Among the stocks with buy ratings, the highest target price indicates a potential increase of 15.3% for Chip Source Microelectronics [1] - In terms of rating adjustments, 9 stocks maintained their ratings while 7 stocks received ratings for the first time [1] Group 2 - The sectors with the highest number of stocks receiving buy ratings include semiconductors and semiconductor production equipment, automotive and automotive parts, and capital goods, each with 3 stocks [1]

证券研究报告 | 2025年12月28日 2025年12月27日 港股市场速览 优于大市 市场温和回升，概念与行业分化 主要概念指数表现分化。上涨的主要有恒生汽车（+0.6%）；下跌的主要有 恒生生物科技（-2.1%）。 股价表现：市场温和回升，概念与行业分化 本周，恒生指数+0.5%，恒生综指+0.4%。风格方面，小盘（恒生小型股+0.6%） ＞中盘（恒生中型股+0.5%）＞大盘（恒生大型股+0.4%）。 国信海外选股策略表现分化。上涨的主要有 ROE 策略全天候型/防御型 （+0.5%）；下跌的主要有红利贵族 50 和 ROE 策略进攻型（-0.8%）。 20 个行业上涨，8 个行业下跌，2 个基本持平。上涨的主要有：有色金属 （+4.4%）、建材（+2.9%）、钢铁（+2.4%）、基础化工（+2.3%）、建筑（+2.3%）； 下跌的主要有：家电（-2.5%）、医药（-1.9%）、传媒（-1.3%）、煤炭（-1.3%）、 综合（-1.2%）。 估值水平：整体小幅波动 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）-0.1%至 11.6x； 恒生综指估值+0.1%至 11.4x。 主要概念指数估 ...

Investment Rating - The report maintains a "Recommendation" rating for the semiconductor and semiconductor production equipment industry [5] Core Insights - The overseas AI chip index increased by 0.6% this week, with Nvidia and AMD rising by 3.4% and 1.3% respectively, while Broadcom fell by 5.1% [1] - The domestic AI chip index decreased by 4.0%, with only Zhaoyi Innovation showing a slight increase of 0.2% [1] - The global AI glasses market is expected to grow from 5 million units in 2025 to 57.7 million units by 2030, with a CAGR of 63% [2][22] - The supply tightness in the DRAM market is expected to continue until after 2026, with Micron indicating it can only meet 50%-67% of demand from key customers in the medium term [3][33] Market Indices Summary - The overseas AI chip index saw a 0.6% increase this week after a previous decline of 4.4% [10] - The domestic A-share chip index fell by 4.0%, with significant declines in several companies, including a 14.5% drop for Aojie Technology [10][11] - The server ODM index decreased by 3.1%, with all component stocks showing a downward trend [11] - The storage chip index dropped by 4.9%, with Demingli, Beijing Junzheng, and Jiangbolong experiencing declines of over 8% [11] - The power semiconductor index fell by 1.2%, indicating a lack of a clear growth cycle [11] Major Events Summary - Apple is evaluating the use of Intel's EMIB advanced packaging solution for its AI server chips due to tight capacity at TSMC [3][29] - The U.S. government has initiated a review process that may allow NVIDIA's H200 to be exported to China [3][30] - TI's new 12-inch wafer fab in Sherman has officially started production and is beginning to deliver chips to customers [3][30] - Micron's Q1 2026 revenue reached $13.64 billion, a 57% year-over-year increase, indicating strong industry demand [3][33]

从评级调整方向来看，5只个股评级维持不变，1只个股为首次评级。此外，有1只个股获多家券商关 注，中微公司获评级数量居前，分别有2家券商给予评级。 从获买入评级个股所属Wind行业来看，半导体与半导体生产设备、材料Ⅱ、食品、饮料与烟草买入评 级个股数量最多，分别有2只、2只、1只。 Wind数据显示，12月18日，共有6只个股获券商买入评级，其中1只个股公布了目标价格。按最高目标 价计算，上峰水泥目标涨幅排名居前，涨幅分别达22.43%。 ...

Investment Rating - The report maintains a "Recommendation" rating for the semiconductor and semiconductor production equipment industry [7]. Core Insights - The semiconductor industry is experiencing fluctuations in various indices, with the overseas AI chip index dropping by 4.4% and the domestic AI chip index decreasing by 0.6% during the week of December 8-14, 2025. Notably, companies like Marvell and Broadcom saw significant declines in their stock prices [1][10]. - TSMC is projected to be the leading foundry for advanced process smartphone SoCs in 2025, with an expected shipment growth of 27%, capturing over 75% of the market share [2][27]. - The demand for ASICs is expected to surge, leading to a threefold increase in HBM shipments for Samsung in 2026, with an estimated total of 11.1 billion Gb, representing a 212% increase from 2025 [3][33]. Market Indices Summary - The overseas AI chip index fell by 4.4%, with significant declines in stocks of Marvell and Broadcom [1][10]. - The domestic AI chip index decreased by 0.6%, with notable gains from companies like Aojie Technology and Ruixin Micro [1][10]. - The server ODM index dropped by 3.5%, with Supermicro and Wiwynn experiencing the largest declines [1][10]. - The storage chip index increased by 6.3%, with Shannon Semiconductor and Jiangbo Long showing gains of over 11% [1][10]. - The power semiconductor index rose by 1.6%, indicating a relatively stable market [1][10]. Industry Data Summary - In Q3 2025, iPad shipments grew by 4% year-on-year, with high-end models playing a crucial role in this growth [2][24]. - TSMC is expected to dominate the advanced process smartphone SoC market in 2025, with a shipment increase of 27% [2][27]. Major Events Summary - Samsung is advancing its second-generation 2nm process for AMD, which could enhance its competitiveness against TSMC [3][31]. - TSMC's CoWoS advanced packaging capacity is projected to reach 125,000 units per month by the end of 2026, reflecting a year-on-year increase of over 70% [3][31]. - The HBM market is anticipated to grow significantly, with total market size expected to reach approximately $35 billion in 2025 [3][31]. - Apple is expected to launch its first foldable iPhone in 2026, potentially capturing over 22% of the global foldable phone market share in its first year [3][34].

Wind数据显示，12月10日，共有3只个股获券商买入评级，其中1只个股公布了目标价格。按最高目标 价计算，贵州轮胎目标涨幅排名居前，涨幅分别达29.92%。从评级调整方向来看，1只个股评级维持不 变，2只个股为首次评级。从获买入评级个股所属Wind行业来看，汽车与汽车零部件、半导体与半导体 生产设备买入评级个股数量最多，分别有2只、1只。 ...

融资融券数据显示，该股最新（12月9日）两融余额为1.02亿元，其中，融资余额为1.02亿元，较上一个 交易日减少29.63万元，降幅为0.29%；近10日两融余额合计减少1872.28万元，降幅为15.47%，其间融 资余额下降15.47%。 12月10日盘中科创板股霍莱沃涨停，截至09:51，股价报51.46元，成交2.48亿元，换手率5.02%，振幅 15.07%。 科创板个股中，截至发稿上涨的有180只，下跌的有404只，今日新上市的N百奥上涨133.10%，其余科 创板个股中，涨幅居前的有霍莱沃、华润微、长光华芯等，分别上涨20.01%、12.26%、7.65%，跌幅居 前的有聚辰股份、海博思创、普冉股份等，分别下跌7.45%、6.45%、6.08%。 资金面上，霍莱沃上一交易日主力资金净流入753.66万元，近5日净流入1207.95万元。 从机构评级来看，近一个月该股获2家机构买入评级。12月1日华西证券发布的研报给予公司买入评级。 11月26日西南证券发布的研报给予公司买入评级，预计公司目标价为41.00元。（数据宝） （文章来源：证券时报网） ...