一方面，AI服务器需求爆发、智能终端库存出清，存储需求结构发生明显变化；另一方面，过去 一两年，供给端普遍处于去库存、控产能状态，加之行业集中度高，核心产能掌握在少数企业手中，导 致供给弹性不足。 "过去内存和存储的主要需求来自消费电子、PC、传统服务器等领域，而在AI浪潮驱动下，AI训练 和算力基础设施需求迅速放量。"联想集团董事长兼CEO杨元庆给出判断，由于半导体产能具有刚性， 总产能短期内难以快速扩张，资源自然会向利润更高、增长更快的AI领域倾斜。 除供需结构变化外，厂商的策略调整同样不可忽视。中国互联网协会专家咨询委员会委员、中关村 智用人工智能研究院院长孙明俊表示，存储行业的高集中度赋予了厂商较强的主动调节能力，而未来供 给的不确定性会触发厂商的产能投放、产品结构以及报价节奏的策略调整，这些策略性行为在一定程度 上放大了内存价格的短期波动。 科技日报记者 崔爽 2月27日，魅族公司宣布暂停国内手机新产品自研硬件，公告表示"近来内存价格的持续暴涨让下一 步新产品的正常商业化变成了不可为"。魅族成为第一个被内存涨价"压垮"的手机品牌。 事实上，手机内存及存储芯片价格已连续多月上涨。有网友调侃："内存条涨 ...

全球投资者周五以创纪录规模抛售韩国股票，为今年以来韩股暴涨近50%后的一次集中获利了结。 据韩国交易所数据，外国基金当日常规交易时段净卖出6.8万亿韩元（约47亿美元）的韩国综合股价指数（Kospi）成分股，刷新单日净卖出历史 纪录。受此拖累，Kospi指数下跌1%，终结此前连续六日的上涨势头。与此同时，本地机构及散户投资者则呈净买入态势。 韩股此番抛售发生在一轮罕见强势行情之后。自去年4月低点算起，Kospi已累计飙涨约170%，表现大幅领跑全球主要市场。本周该指数更突破 6000点关口，韩国股市总市值一度超过德国与法国之和，引发海外上市ETF出现异常成交与价格波动。 首尔Timefolio Investment Management基金经理Kim Namho表示，此次回调主要由月末基准指数再平衡操作及急涨后的获利了结共同触发。他同 时指出，"市场普遍认为韩股仍被低估，此次整理之后仍有充足上涨空间。" 内存繁荣驱动，韩股领跑全球 Kospi本周突破6000点整数关口，距韩国总统李在明将5000点设定为政治目标的时间点仅过去约一个月，这一进程远超市场预期。 韩国股市总市值超越欧洲重量级经济体德国与法国，更令国 ...

（来源：大众新闻-大众日报） 2026年中国手机行业将正式迎来全面涨价潮，这也是国内手机市场发展以来首次出现全品类、全品牌同 步普涨的态势。3月起，手机涨价将进入加速阶段，新品涨幅可达1000元以上。同时OPPO、一加、 vivo、iQOO、小米、荣耀等主流品牌或将陆续上调老款机型售价。 "这轮涨价不是个别品牌的选择，而是全行业的必然趋势。"一位业内人士透露，目前国内主流手机品牌 均已完成涨价方案的敲定，部分品牌已向线下经销商、线上渠道商下发了调价通知。 以往手机行业即便出现涨价，也多是一次性调整，或者仅针对部分高端机型，而2026年，无论是新发布 的机型还是在售的老款机型，都可能迎来多次调价。 2026年中国手机行业将正式迎来全面涨价潮，这也是国内手机市场发展以来首次出现全品类、全品牌同 步普涨的态势。3月起，手机涨价将进入加速阶段，新品涨幅可达1000元以上。同时OPPO、一加、 vivo、iQOO、小米、荣耀等主流品牌或将陆续上调老款机型售价。 "这轮涨价不是个别品牌的选择，而是全行业的必然趋势。"一位业内人士透露，目前国内主流手机品牌 均已完成涨价方案的敲定，部分品牌已向线下经销商、线上渠道商下发了调 ...

对冲基金大佬Tepper去年四季度精准狙击AI存储芯片赛道，豪掷逾6亿美元重仓美光科技和韩国芯片ETF，今年已斩获约30%回报。全球内存短缺叠加 AI算力狂潮，其芯片押注与软件股暴跌形成冰火两重天。 加码押注内存芯片 Tepper对美光科技的投资显示出对AI基础设施的强烈信心。除了将股票持仓提升至4.28亿美元外，他还购买了名义价值7140万美元的美光看涨期权。 不过目前尚不清楚他是否已出售这些合约或合约到期时间。 全球内存短缺成为推动美光股价飙升的关键因素。作为AI系统所需计算机内存的主要生产商，美光直接受益于人工智能热潮带来的需求激增。 与此同时，Tepper新建了价值1.823亿美元的iShares MSCI韩国ETF（EWY）头寸。该ETF主要持有三星电子和SK海力士等芯片巨头，今年已飙升 34%，上周刚创下新高，吸引了寻求海外AI受益标的的投资者。 这些芯片相关投资的强劲表现与市场其他板块形成鲜明对比。软件股今年已大幅下挫，投资者担忧最新AI模型将冲击该行业依赖高收费的商业模式。 | T Filter | Columns Export | 1 | | | | | --- | --- | --- | ...

Appaloosa Management的David Tepper在去年第四季度大举押注人工智能相关投资，大幅增持美光科技并新建韩国股票头寸，这两项投资今年均表 现强劲。 这位亿万富翁对冲基金经理将美光科技的持仓提升至4.28亿美元，增幅达200%，使这家AI系统关键内存芯片制造商成为该基金第四大持仓，据 InsiderScore数据显示。全球内存短缺推动美光股价今年已上涨近30%。 与此同时，Tepper新建了价值1.823亿美元的iShares MSCI韩国ETF（EWY）头寸。该ETF主要持有三星电子和SK海力士等芯片巨头，今年已飙升 34%，上周刚创下新高，吸引了寻求海外AI受益标的的投资者。 这些芯片相关投资的强劲表现与市场其他板块形成鲜明对比。软件股今年已大幅下挫，投资者担忧最新AI模型将冲击该行业依赖高收费的商业模 式。 | Filter | LL Columns Export C | | | | | | --- | --- | --- | --- | --- | --- | | Stock = | Company Name = | % of Portfolio ▼ | Shares Owned ...

Facing soaring prices, the world's biggest electronics companies are staring at a list of unpalatable responses. ...

Market Analysis - The A-share market is experiencing a consolidation phase, with the technology sector leading the gains. On February 12, the Shanghai Composite Index rose by 0.05% to 4134.02 points, while the Shenzhen Component increased by 0.86% and the ChiNext Index by 1.32%. The total trading volume for the day was 2.16 trillion yuan, compared to 2 trillion yuan the previous day [6][7]. - The technology sector is showing strong performance, particularly in AI computing concepts, with companies like Dazhi Technology recording four consecutive trading limits. Additionally, the resource sector is also on the rise, with small metal concepts seeing gains due to a decrease in Indonesia's nickel production quota for 2026 [7][8]. Currency and Policy Impact - The continuous strength of the RMB is driving the spring market rally, with the USD/CNY exchange rate breaking through 6.9. This upward trend in the RMB is contributing to a relatively strong market, despite a decrease in trading volume as the Chinese New Year approaches [7][8]. - The report anticipates that the spring market will continue, with a focus on policy and event-driven sensitive themes. Key sectors expected to perform well include photovoltaic technology, commercial aerospace, and non-ferrous metals [8]. Bond Market - The bond market is showing narrow fluctuations, with the 30-year main contract down by 0.03% and the 10-year contract up by 0.02%. The People's Bank of China has conducted a net injection of 448 billion yuan, indicating a stable liquidity expectation [12][9]. - The overall sentiment in the bond market remains positive, supported by a moderately loose monetary policy and ongoing demand for bond investments [12][9]. Commodity Market - The commodity market is mixed, with some prices rising and others falling. Lithium carbonate prices have increased by 3.66%, driven by low inventory levels, while other commodities like palm oil have seen declines [12][13]. - The report highlights that the low inventory of lithium carbonate, currently at 107,056 tons, may provide upward price momentum in the future, especially as demand is expected to grow post-holiday [12][13]. Trading Hotspots - Recent hot trading varieties include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, and robotics, all of which are supported by government policies and technological advancements [14][15]. - The report suggests a balanced allocation strategy in technology and consumer sectors, with a focus on low-cost opportunities as the market continues to evolve [16].

作者 | 史正丞 北京时间周四午后，全球主要存储芯片生产商日本铠侠（KIOXIA）发布了一份好于此前指引的三季报，同时奉上极其炸裂的第四财季指引。 受此影响，闪迪、美光科技在美股夜盘阶段直线拉涨，港股市场的兆易创新也在铠侠财报出炉后涨幅扩大至20%。财报发布前，铠侠周四在日本市场收涨 12.36%，收盘价较2024年底IPO的价格已经翻了14.5倍。 （铠侠控股日线 图，来源：TradingView） 在前三财季利润同比下滑四成的背景下，日本存储芯片厂商铠侠给出"炸裂"的第四财季指引。 财报数据方面，铠侠在截至去年12月底的第三财季报告营业利润5436亿日元，接近此前指引5000-5500亿日元的上沿；Non-GAAP营业利润1447亿日元， 超出指引区间1000-1400亿日元的上沿。 更加炸裂的是铠侠给出的四季报（今年1至3月）指引。其中营收指引区间达到8450亿至9350亿日元；Non-GAAP营业利润指引更是达到4400亿至5300亿日 元。 | | 四半期 | | 通期 | | | --- | --- | --- | --- | --- | | | FY2025 | FY2025 | FY2024 ...

Core Viewpoint - The demand for memory chips, driven by AI training and inference, has surged over the past two years, leading to price increases and supply shortages that are impacting the automotive supply chain. The shortage is expected to persist for one to two years, with limited space for domestic alternatives [3][4]. Group 1: Supply Chain Dynamics - The automotive industry is facing a significant supply gap of approximately 30% for memory chips, with suppliers unable to meet the demand from multiple clients simultaneously [5]. - Major memory manufacturers like SK Hynix, Samsung, and Micron have shifted their production focus from traditional DRAM to higher-margin HBM chips due to strong AI demand, resulting in a price increase of over 300% for DDR5 and over 150% for DDR4 since September 2025 [9][10]. - The automotive sector accounts for less than 10% of the global DRAM market, and memory chips only represent about 1% of the total BOM cost for vehicles, leading manufacturers to prioritize higher-paying clients [9][10]. Group 2: Competitive Landscape - Companies that secured memory chip capacity in advance are gaining a competitive edge, as they can protect their clients and navigate the crisis more effectively [5][11]. - Some leading automotive companies have begun switching suppliers to secure stable pricing and supply commitments, but this process is complicated by the need for certification and testing [11]. - The reliance on suppliers for inventory and negotiations means that automotive companies are at a disadvantage during supply crises, as suppliers prioritize clients willing to share cost burdens [11]. Group 3: Future Implications - The ongoing memory supply crisis is likely to lead automotive companies to make more strategic decisions regarding memory configurations in their products, potentially reducing specifications for lower-tier models and freezing certain software functionalities [12]. - Domestic manufacturers like Changxin Storage and Yangtze Memory Technologies are expanding their DRAM production, but the delivery timelines have extended significantly, indicating limited immediate relief for the automotive sector [12].

2月12日消息，$兆易创新 (03986.HK)$港股涨超6%，报314.8港元，成交额2.42亿港元。 编辑/melody 消息面上，上一交易日美股存储板块爆发，闪迪涨10.65%，美光科技涨9.94%。此前摩根士丹利将美光目标价上调至450美元。值得一提的是，三星电子首 席技术官表示，公司预计，市场对内存芯片的强劲需求不仅将持续今年全年，而且还将持续到明年，因为人工智能推动了强劲的需求。 天风证券近日研报指出，兆易创新是一家在"AI+国产替代+存储周期上行"三重利好共振下的平台型芯片设计公司。该行预计公司2025-2027年营收 92.03/113.86/138.78亿元，预计归母净利润实现16.10/25.89/27.69亿元。该行认为兆易创新在未来预测期内成长动能充足，业绩具备较强韧性。 ...