周度热点事件回顾 本周美国CES展会如期举办，AI板块催化密集；2025年12月中国制造业PMI超预期回暖至50.1%，重回荣枯线上方。A股方面，今年首个交易日交投情绪活 跃，上证指数开门红并再次突破4000点大关，周二、周三涨势持续，周四微幅回撤，周五突破4100点关口，再创十年新高，成交量也明显放大；本周国防 军工、传媒板块表现较好，而银行、交通运输板块相对较弱。 1 2 02 周度行情回顾 本周三大指数悉数上涨。本周（1月5日至9日）上证指数上涨3.82%，深证成指上涨4.4%，创业板指上涨3.89%。 成交额方面，本周A股日均成交额约为2.85万亿元，环比上周均值上升33.7%。 行业方面， 国防军工、传媒、有色金属、计算机、医药领涨，累计收益率分别为14.56%、13.55%、8.66%、8.42%、7.7%；银行、交通运输、石油石化、 农林牧渔、通信的表现相对滞后，累计收益率分别为-1.88%、-0.03%、0.17%、0.99%、1.61%。 图2：近5个交易日，主要宽基及行业类ETF累计净申赎概览 01 3 ETF资金流方面，最近5个交易日（2025年12月31日至2026年1月8日）累计净流 ...

Group 1 - NuScale Power aims to meet the upcoming demands for artificial intelligence energy with its small modular reactors, providing reliable and carbon-free nuclear power without straining the power grid [1] - The U.S. Nuclear Regulatory Commission approved NuScale's design for a 462-megawatt small modular reactor power plant, marking a significant milestone for the company [2] - NuScale's success hinges on its ability to rapidly scale revenue post-commercialization, with the current market capitalization at $5.6 billion, reflecting a nearly 65% decline from its peak value [3] Group 2 - Axcelis Technologies has seen a 180% increase in stock value over the past five years, despite a more than 50% drop from its all-time high reached in 2023 [5] - The company's primary revenue driver has been demand from the electric vehicle (EV) sector, which has slowed down since 2023, impacting stock price movements [6][7] - Axcelis is transitioning its focus from the EV industry to AI infrastructure, positioning itself as a contrarian investment opportunity due to its ion implantation technology [8]

Jim Cramer, the host of Mad Money, spent Thursday explaining how each major market sector performed in 2025, and pointed out what worked, what lagged, and what that might signal going forward. “Tonight, I want to break down the performance of each major sector in the market for 2025. Now, there are 11 of them, and they give us a real good sense of what worked and what didn’t… Last year, only three of them outperformed the S&P 500: Communication services, that was up 32%, information technology up 23%, and i ...

Core Viewpoint - Alibaba's shares increased by over 5% following the U.S. government's approval for H200 GPU shipments to China, which is expected to enhance Alibaba's growth potential [1] Group 1: Company Impact - The clearance for H200 GPU shipments is anticipated to provide Alibaba with access to high-performing GPUs, potentially accelerating its growth trajectory [1] Group 2: Market Reaction - The market responded positively to the news, reflected in the more than 5% rise in Alibaba's stock price [1]

Core Viewpoint - Artificial intelligence is identified as the defining investment theme of the decade, presenting a dilemma for investors regarding whether to concentrate investments in a few chip makers or diversify across numerous tech stocks, which may dilute exposure to AI opportunities [1] Group 1 - The rise of artificial intelligence has significantly influenced investment strategies, leading to a focus on technology sectors [1] - Investors are faced with a choice between a concentrated investment approach in leading chip manufacturers or a diversified strategy across a broader range of technology stocks [1]

US equities extended their bullish early-January run on Friday to notch new closing records, as bets on economic growth coalesced with expectations that the Federal Reserve remains on track to cut rates further this year.The S&P 500 Index on Friday climbed 0.7 per cent in New York to a fresh high, after a US employment report did little to alter expectations that the Fed will leave interest rates on hold for now, though a number of cuts were still priced in for later in 2026. The technology-heavy Nasdaq 100 ...

Market Overview - Stock futures are modestly higher following the December nonfarm payrolls report and ahead of a Supreme Court decision on President Trump's tariff policy [1] - Major indexes have shown resilience early in 2026 after a strong finish to 2025, but gains have faced headwinds due to cooling tech momentum and uncertainty around labor data affecting Federal Reserve policy expectations [1] Sector Performance - Defensive sectors such as energy and mining have demonstrated relative strength, while value-oriented and cyclical areas are gaining attention amid market rotation [2] - Safe-haven assets like gold have seen increased demand as risk sentiment fluctuates [2] Pre-Market Trading - In pre-market trading, S&P 500 futures rose by 0.33%, Nasdaq futures increased by 0.42%, and Dow futures were up by 0.32% [2] Company Movements - Oklo (OKLO) is up 18% after announcing an agreement with Meta Platforms (META) to develop a 1.2 GW power campus in Pike County, Ohio [5] - Vistra (VST) increased by 17% after entering into 20-year purchase power agreements to provide over 2,600 megawatts of zero-carbon energy from three nuclear plants for Meta's operations [5] - Intel (INTC) rose by 2% following President Trump's positive remarks about a meeting with CEO Lip-Bu Tan [5] - Offerpad Solutions (OPAD) surged by 48%, LoanDepot (LDI) increased by 16%, Opendoor Technologies (OPEN) rose by 11%, Rocket Companies (RKT) was up by 6%, and UWM Holdings (UWMC) also increased by 6% [5] - Conversely, Aquestive Therapeutics (AQST) fell by 37% after the FDA identified deficiencies in its Anaphylm NDA, while AXT Inc. (AXTI) dropped by 14% after cutting its Q4 revenue outlook [5]

Core Insights - The global demand for RAM is exceeding supply due to the high requirements from companies like Nvidia, AMD, and Google for their AI chips [1][2] - Major memory vendors Micron, SK Hynix, and Samsung are experiencing significant business growth due to this surge in demand [2][3] Company Performance - Micron's stock has increased by 247% over the past year, with net income nearly tripling in the latest quarter [3] - Samsung anticipates its operating profit for the December quarter to nearly triple, while SK Hynix is considering a U.S. listing due to rising stock prices [3] Price Trends - TrendForce predicts that average DRAM memory prices will rise by 50% to 55% in the current quarter compared to Q4 2025, marking an unprecedented increase [4] - The price of RAM for consumers has surged dramatically, with examples of costs rising from approximately $300 to around $3,000 within months [9] Memory Technology - HBM (high-bandwidth memory) is essential for AI chips and is produced through a complex process that limits the production of conventional memory [6][7] - The demand for HBM is prioritized over other memory types due to higher growth potential in server and AI applications [7] Industry Challenges - Micron has decided to discontinue certain consumer memory products to allocate more supply for AI chips and servers [8] - The memory shortage is expected to impact consumer electronics companies, with memory costs now accounting for about 20% of laptop hardware costs, up from 10%-18% in early 2025 [15] Future Outlook - Nvidia's CEO highlighted the need for more memory factories to meet the high demand driven by AI applications [18] - Micron is building new factories in Idaho and New York, expected to come online in 2027, 2028, and 2030, respectively, but currently, they are "sold out for 2026" [19][20]

Group 1 - The Long Triangle capital market has initiated a high-tech "first stock" competition in 2026, focusing on sectors like artificial intelligence, integrated circuits, and biomedicine, highlighting a comprehensive contest of innovation ecology, industrial resilience, and institutional precision [1] - Suzhou's Kunshan Ruibo Biotech became Jiangsu's and Suzhou's first stock of 2026, raising over 1.8 billion HKD for clinical research and technology upgrades, with its core pipeline targeting chronic diseases [2][3] - In 2025, over 90% of newly listed companies in Suzhou were high-tech enterprises, indicating a deepening integration of technology, industry, and finance [3] Group 2 - Shanghai experienced a surge in AI-related IPOs, with five companies listed in a month, showcasing its strength as a source of technological innovation [4][5] - The AI industry in Shanghai is characterized by a complete vertical integration from computing power to application, with companies like Nebula and Wallen Technology leading the charge [5] - Shanghai's integrated circuit industry is robust, with over 1,200 companies and a projected revenue of over 460 billion CNY in 2025, supporting the growth of AI enterprises [5][6] Group 3 - Zhejiang's IPO landscape is developing, with companies like Zhoushan Morning Light Motor poised for listing, focusing on micro-motor technology [7][8] - Anhui is targeting the semiconductor sector, with Hefei Changxin Technology's IPO application aiming to raise 29.5 billion CNY for memory technology upgrades, marking a significant entry into the market [9][10] - The semiconductor industry in Anhui is expanding, with companies like Fuda Semiconductor also initiating IPO processes, indicating a growing ecosystem [10]

9 January 2026 | 6:32PM HKT Equity Research Anji Micro (688019.SS) Accelerated advanced nodes expansion to support CMP Slurry growth; Rising demand from AI memory; Buy 688019.SS 12m Price Target: Rmb331.00 Price: Rmb263.66 Upside: 25.5% We are constructive on Anji Micro as CMP slurry local leader, riding on accelerated advanced node (memory, advanced logic) capacity expansion and Gen-AI trend to drive memory demand. We expect to see rising capex spending from local memory suppliers to expand new capacity, a ...