存储大周期的投资机会梳理 20260107 摘要 国内半导体设备板块被低估，长鑫存储等公司盈利能力强劲，预计 2030 年资本开支或达 500-600 亿美元，行业龙头公司估值和股价空间 将被打开。 阿里云千问大模型在全球范围内具有竞争力，其背后的算力支持及供应 链存在投资机会，对阿里云 2026 年收入持乐观态度。 协创数据是国内最大的第三方算力租赁平台，受益于国内 IDC 建设周期 短和融资成本低的优势，相较海外市场更具发展潜力。 存储进入超级周期，存储涨价将大幅增加厂商盈利，加速中国存储在全 球市场占有率提升，以阿里为代表的开源大模型展现全球竞争力。 协创科技与阿里云建立战略合作，是国内少数获得 NV 官方背书认证的 服务商，累计采购 221 亿元用于投算力租赁和购买卡片，未来计划翻倍 投资。 科玛科技的陶瓷加热器业务取得突破，市场需求极大，预计 2026 年收 入将比 2025 年增长 4 倍，总收入约 3 亿元，毛利率高达 70-80%。 中微公司受益于存储客户订单增加和国产化率提升，预计在十五五规划 期间总收入可达 90-100 亿美元，目标市值可达 4,000 亿元。 Q&A 近期市场上存储产业 ...

智通财经1月4日讯（记者 汪斌）在新质生产力驱动之下，"十五五"时期，中国经济将站在发展模式深刻变革的关键节点。 这场变革不仅是前沿科技的"从0到1"，更是整个产业体系的转型升级与金融资本的价值重塑。如何把握经济结构优化的核 心方向，以科技创新破解发展瓶颈、激活增长动能？如何实现经济转型升级与科技突围的双向赋能、协同推进？ 2025年12月29日，由上海报业集团指导、智通财经主办的"2025智通财经第八届投资年会暨科大硅谷硬科技投资生态大 会"在合肥成功举办。会议由智通财经编委赵毅波主持，莲花控股（600186.SH）董秘顾友群、零重力飞机工业首席战略官 陈炎、太平洋建设经营中心总经理景荟晔、宇信科技（300674.SZ）助理总裁徐海波、正奇能科集团首席顾问赵亚彬，围 绕"十五五"时期，中国经济转型升级与科技突围"主题，分享了他们在跨界转型、生态构建、赋能升级与价值投资中的前沿 思考与务实探索。 近年来，莲花控股从家喻户晓的"莲花味精"跨界至智能算力赛道，形成了"消费+科技"的双轮驱动格局。公司董秘顾友群坦 言，公司在创新转型过程中备受质疑，颇有压力。然而，在公司品牌复兴战略的驱动下，公司一方面在调味品主业上 ...

Group 1 - The core theme of the article revolves around significant business events in 2025 that have reshaped the technology landscape, capital logic, and the direction of the era, highlighting the rise of AI competition and strategic alliances among major players [3][5][6]. - The U.S. government announced a $500 billion investment in AI infrastructure through the "Stargate" project, aiming to build 20 large-scale AI data centers, although the project faced delays and funding challenges [7][9]. - CoreWeave's IPO marked a pivotal moment for AI computing power rental, with its valuation soaring to approximately $230 billion, demonstrating the market's recognition of AI as a service [10][12][14]. - NVIDIA became the world's first company to reach a market capitalization of $5 trillion, driven by the surging demand for GPUs in AI applications, with its stock price increasing by about 90% over six months [29][31][32]. Group 2 - The article discusses the strategic partnership between NVIDIA and Intel, where NVIDIA invested $5 billion to strengthen its position in the CPU market, indicating a shift from competition to collaboration in the AI era [15][17][19]. - OpenAI, despite not being publicly listed, emerged as a significant market influencer, with its activities causing substantial fluctuations in stock prices across the AI sector [21][23][26]. - Germany's decision to revise its 2035 ban on internal combustion engines reflects the tension between aggressive transformation goals and market realities, allowing traditional industries more time to adapt [4][44][45].

编者按：AI产业的竞争不是比谁跑得更快，而是比谁跑得更稳、更远。2025年，人工智能正以破竹之 势重塑未来。从DeepSeek开源大模型的火热＂出圈＂，到多场人形机器人赛事"极限破圈"，再到"千问 速度"引爆科技圈，AI正以前所未有的速度穿透虚拟与现实、串联技术与产业。站在AI技术革命的拐 点，我们正目睹一场从技术奇迹到实用价值的深刻范式转移，资本市场对人工智能的追逐已从概念炒作 转向价值重估。站在2025年末，新华财经从上游芯片和算力、中游大模型研发、下游端侧应用等角度纵 观这一年的非凡答卷，也以理性视角审视这场浪潮中的真实与泡影，探寻中国人工智能产业升级的关键 路径。 新华财经南京12月24日电（朱程胡晨曦）近年来，随着人工智能技术的全面爆发，算力需求呈现出快速 增长态势，多地采取提前布局，为后续发展做好准备。然而，算力租赁行业却出现了"增收不增利"的情 况。据新华财经梳理，A股算力租赁概念的相关99家上市公司的业绩显示，2025年第三季度，毛利率同 比出现下滑的企业有59家，占比达56.6%；毛利率环比下滑的企业有51家，占比约51.5%，但2025年前 三季度合计营收下滑的企业有42家，占比约为42% ...

Core Insights - The global AI competition is intensifying, with high-performance computing chips becoming a critical resource in technological rivalry. The recent approval for NVIDIA's H200 chip export to China is expected to provide domestic AI model developers, cloud service providers, and research institutions with enhanced computing power, accelerating AI application deployment [1] Group 1: Company Developments - Company plans to invest up to 9 billion yuan in server procurement to enhance cloud computing services, building on previous investments exceeding 20 billion yuan [2] - The company has established a significant fixed asset scale of 6.173 billion yuan by Q3 2025, a substantial increase from 555 million yuan in the same period of 2024, indicating rapid growth in its cloud computing infrastructure [2] - The company is strategically collaborating with Guangwei Technology and Guangjia Technology to develop optical chips and modules, aiming to create a comprehensive global industry system that integrates computing power, cloud services, and intelligent terminals [2][3] Group 2: Market Trends and Opportunities - The rapid growth in AI computing demand is driving an expansion in the need for optical modules, with expectations of significant market growth through 2026-2027 due to advancements in AI, industrial internet, and autonomous driving [3] - The company is positioned to benefit from the release of the H200 chip, which is expected to accelerate domestic computing demand, enhancing its role in computing power leasing, optical modules, and embodied intelligence [4] - The launch of FCloud 2.0 marks a significant advancement in the company's capabilities, enhancing its AI intelligent agent training platform and indicating a commitment to ongoing technological innovation [3]

Core Viewpoint - The company, Jinji Co., is transitioning into the computing power leasing industry to capitalize on the growth driven by artificial intelligence technology, aiming to enhance its competitive edge and create new profit growth points [2][3]. Group 1: Business Strategy - Jinji Co. has recognized the development bottlenecks in the chemical industry and has initiated a transformation towards computing power leasing [2]. - The company has established clear development principles for its computing power business, focusing on long-term contracts of 3 to 5 years to stabilize pricing and mitigate market risks [2]. - The current focus is on computing power platform scheduling and software development, with an emphasis on applications in education and government sectors [2][3]. Group 2: Market Position and Opportunities - The computing power leasing sector is becoming increasingly competitive, but Jinji Co. sees it as a gateway to deeper industry applications, which are expected to emerge across various sectors in the coming years [3]. - The company’s core product, reactive dyes, ranks among the top three in the Chinese market, providing a strong foundation for its transition [3][4]. - Jinji Co. emphasizes environmental sustainability as a key principle for its long-term development, ensuring that production processes meet strict environmental standards [3][4]. Group 3: Competitive Advantages - Strong customer loyalty serves as a robust barrier against market risks, with the company maintaining resilience despite overall industry slowdowns [4]. - Jinji Co. leverages its superior environmental practices, brand reputation, product influence, and comprehensive sales network to establish a unique competitive advantage in the dye industry [4].

（编辑 任世碧） 证券日报网讯 12月17日，航锦科技在互动平台回答投资者提问时表示，公司主业涵盖"人工智能、电 子、化工"多行业；氯碱化工是公司化工业务涉及的细分行业；公司近年来通过收并购进入了特种集成 电路和人工智能领域，同时在算力领域公司成立航锦人工智能和航锦云等公司投入到多个算力租赁服务 项目服务国内客户；氢业务主要通过自建运营3000Nm3/h高纯氢气充装站向客户提供氢气产品。 ...

Core Viewpoint - The company, Hangjin Technology (000818.SZ), is diversifying its business across multiple sectors including artificial intelligence, electronics, and chemicals, with a focus on chlor-alkali chemicals and special integrated circuits [1] Group 1: Business Segments - The company's main business areas include artificial intelligence, electronics, and chemicals [1] - Chlor-alkali chemicals represent a specific segment within the company's chemical operations [1] Group 2: Recent Developments - In recent years, the company has entered the special integrated circuit and artificial intelligence sectors through mergers and acquisitions [1] - The company has established Hangjin Artificial Intelligence and Hangjin Cloud to engage in various computing power leasing service projects for domestic clients [1] Group 3: Hydrogen Business - The hydrogen business primarily operates a self-built high-purity hydrogen filling station with a capacity of 3,000 Nm3/h to provide hydrogen products to customers [1]

Core Insights - The digital economy is rapidly advancing, with computing power centers and integrated circuits becoming key drivers of industrial transformation. By 2025, China's computing power infrastructure is expected to accelerate, with explosive growth in demand for computing power [1] Group 1: Market Dynamics - The total computing power scale in China is projected to reach 280 EFLOPS by 2024, with over 425.1 million 5G base stations built and mobile IoT terminal users reaching 2.656 billion [1] - The financial leasing industry is leveraging computing power center equipment to activate market liquidity and configuration efficiency through innovative financing models and lifecycle risk management [1] Group 2: Financial Leasing Opportunities - Every 1 yuan invested in computing power is estimated to drive 3 to 4 yuan in GDP growth, attracting various stakeholders into the computing power leasing sector [2] - Financial leasing companies are transitioning from traditional equipment leasing to integrated solutions that combine technology, capital, and services, supported by regulatory encouragement [2] Group 3: Collaborative Models - The "bank-leasing collaboration" model is being explored, with companies like Minsheng Financial Leasing providing significant financing support for computing power projects [3] - Major leasing firms are actively engaging in cross-border leasing projects and financing support for computing power infrastructure, with notable transactions reaching billions [4] Group 4: Future Trends - The evolution of artificial intelligence computing power infrastructure is shifting towards integrated solutions that encompass computing power, algorithms, data, scenarios, and services [5] - Local governments are planning to expand the leasing sector, with initiatives aimed at developing computing power leasing as a new productive force by 2030 [5]

宏景科技 20251215 红景科技自 2022 年开始布局算力业务，但实际上公司在这一领域具有先发优 势。早在 2013 年，公司就开始涉足 HPC 集群，并于 2016 年为中山大学眼科 中心的人工智能项目提供 HPC 加 GPU 的计算集群，使用的是英伟达初期的泰 坦 S 卡。从那时起，公司便开始积累相关人才和技术。2023 年，公司在算力 业务上的收入达到 1.15 亿元，主要来自国家实验室项目。2024 年，公司进一 步加大了算力业务布局，签订了三个三年期、总额 13 亿元的 H800 合同，当 摘要 红景科技 2023 年算力业务收入 1.15 亿元，主要来自国家实验室项目； 2024 年签订 13 亿元 H800 合同，收入增至 4.89 亿元；2025 年上半 年已披露合同额达 27.5 亿元，包括万卡 H200 五年期合同及宁夏移动 合同。截至 2025 年三季度末，总营收 15.51 亿元。 红景科技通过与国企合作解决资金问题，如与山东铁路投资合作，降低 融资成本并确保供应链稳定。H800 和 H200 卡的净利润率维持在 15% 左右，预计 B 卡利润率更高。2025 年前三季度利润率未 ...