新华财经北京12月4日电 沪深两市三大股指4日早间普遍微幅高开，各股指盘初冲高回落后表现分化， 创业板指在调整后反弹幅度较大，深成指和沪指则呈跟随反弹态势。至午间收盘时，创业板指显著上 涨，深成指小幅上涨，沪指微幅上涨。 开盘时，有色、工程机械、PEEK材料等板块涨幅靠前，通信设备、培育钻石、海南自贸等板块跌幅靠 前。开盘后，有色板块冲高回落，航空板块震荡上行，减速器、电器仪表、工业母机、人形机器人、汽 车、卫星导航等多个板块在盘中出现异动上扬。至午间收盘时，人形机器人产业链相关股整体涨幅靠 前，减速器、外骨骼机器人、PEEK材料、工业母机、科创成长层等板块显著上涨；酒店餐饮、旅游、 培育钻石、海南自贸区等板块跌幅靠前。 机构观点 国际原子能机构3日在维也纳联合国总部举办首届人工智能（AI）与核能国际研讨会，重点探讨核能如 何满足AI数据中心日益增长的电力需求，以及AI如何支持核技术发展。中国国家原子能机构副主任刘 敬在主旨演讲中表示，中国高度重视AI全球治理和发展合作。2023年中国提出全球人工智能治理倡 议，对推动AI与包括核能在内的传统和新兴产业有机融合、提质升级具有重要意义。中国正深入实 施"人工智能 ...

中信证券研报认为，尽管2025Q4已全面进入"卖方市场"，涨幅斜率陡峭，但仍处于超级景气周期前 段，未来半年缺货可见度高，我们仍看好主流存储DRAM/NAND以及利基存储价格在26H1保持上涨， 合约价格有望保持快速上涨，追赶现货价涨幅，行业供不应求至少将持续至2026年底，我们乐观看待本 轮周期景气的持续性。 ...

Summary of Key Points from the Conference Call Industry Overview - The niche storage market is currently experiencing a price increase trend, initially focused on large-capacity products and later extending to medium and small-capacity products [1][2] - The spot market prices are influenced more by market behavior and distributors rather than being strongly correlated with factory prices [2] Price Trends and Forecasts - The overall price increase for niche storage is expected to be between 5% and 10% in Q3, with little change anticipated in Q4 [1][4] - The price hikes are characterized as a commercial strategy rather than a result of strong market demand, which may lead to some order losses [5] Demand Drivers - The demand for large-capacity storage products is primarily driven by the growth in server and AI data center sectors, with significant demand also coming from the automotive industry's autonomous driving and robotics applications [6][7] - The automotive MCU market faces challenges due to low domestic replacement rates and difficulties in developing mid-to-high-end products [1][23] Market Competition - Major players like Winbond and Zhaoyi occupy about 70% of the niche storage market, with expected growth rates of 10% to 20% in the upcoming quarters [1][11] - The competition landscape shows that large-capacity chips face significant supply chain pressures, while small-capacity chips are less prioritized by major manufacturers [8] Domestic Market Dynamics - Domestic manufacturers like Zhaoyi are relying on local capacities but face intense competition and declining prices in the mid-to-small storage segment [9] - The domestic market for AI servers has seen a market share increase to over 30%, although future growth may slow down [14] Inventory and Supply Chain - Current inventory levels are healthy, averaging 2 to 3 months, which is lower than the previous year [13] - The server market is expected to continue its growth trajectory from 2024 to 2025, with a focus on reliability and stability from major suppliers [10] Future Outlook - The automotive MCU market is expected to face challenges in the short term, with potential breakthroughs in technology over the next 3 to 5 years [23][24] - The overall demand in the server sector remains strong, while other consumer applications require further observation [15] Conclusion - The niche storage market is navigating a complex landscape of price increases driven by strategic decisions rather than pure demand, with significant implications for both large-capacity and automotive MCU sectors. The future growth potential hinges on technological advancements and market dynamics.