美光科技（Micron，MU）周三尾盘下跌1.1%。因人工智能驱动存储需求，瑞银将美光目标价上调至 400美元。 美光科技（Micron，MU）周三尾盘下跌1.1%。因人工智能驱动存储需求，瑞银将美光目标价上调至 400美元。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

Core Viewpoint - The 2026 International Consumer Electronics Show (CES 2026) will take place from January 6 to 9 in Las Vegas, showcasing numerous A-share listed companies with their latest products in popular sectors such as robotics, smart hardware, and new energy vehicles [6]. Robotics - Ninebot will unveil a new multi-scenario lawn mowing robot, enhancing its product matrix [2]. - Stone Technology is expected to debut its "embodied intelligence black technology" as a representative of smart cleaning robots [7]. - Lingyi Technology will present a comprehensive robotics technology matrix, showcasing core components and application solutions [8]. - Zhaowei Electromechanical will showcase a new generation of dexterous hands with 20 degrees of freedom [9]. - Orbbec will release multiple 3D camera products suitable for humanoid robots, enhancing visual solutions for precise operations [9]. - Ecovacs will introduce a pool cleaning robot and the latest developments in embodied intelligence [9]. - Lens Technology will debut a highly dexterous bionic hand and head assembly, integrating self-developed reducers for improved performance [10]. - Megvii will collaborate with Yimai Intelligent to launch two new micro AI robot products [11]. Smart Glasses - Tianjian Co. will present its latest AI and AR glasses at CES 2026, focusing on AI glasses, AI headphones, and smart speakers [12]. - XGIMI Technology will globally launch its new AI glasses brand "MemoMind" [13]. - GoerTek will showcase multiple innovative MR/AR/smart glasses, enhancing the "AI + smart interaction" experience [13]. - Guangfeng Technology will present three LCoS AR optical products: Wax Girl G1, Dragonfly G1 mini, and Rainbow C1 [14]. Storage Solutions - Baiwei Storage will highlight consumer-grade storage solutions, including a Mini SSD that rivals flagship PCIe Gen4 SSDs, supporting Meta's AI/AR glasses [15]. - Jiangbolong will enhance its consumer market brand with a collaboration featuring a special edition storage product linked to the Argentina national football team [15]. - Rockchip will showcase audio and machine vision products, with its RK3588 chip being widely applied in various robotic forms [15]. Automotive Innovations - Great Wall Motors will return to CES with its full product line and core technology matrix, focusing on new energy and AI vehicles [17]. Display Technologies - TCL Technology will unveil its "machine king" series of televisions and the world's first printed OLED vehicle display solution [5]. - Hisense will launch a new generation of RGB-Mini LED display technology [5]. - BOE will showcase over 60 cutting-edge display technologies and IoT solutions, including the global debut of the "HERO 2.0 smart cockpit" [19].

联系人 冯彧 A0230525080001 fengyu@swsresearch.com 行 业 比 较 相关研究 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 冯彧 A0230525080001 fengyu@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 2026 年 01 月 06 日 涨价链和非银开门红可期 —— A 股行业中观景气跟踪月报（2025 年 12 月） 本期投资提示： 研 究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 证 券 研 究 报 告 - 一、工业部门分行业月度跟踪：煤炭开采、黑色金属采选、医药制造等景气底部改善，关注医药制造、食 品饮料、纺服轻工、橡胶塑料、化学原料和制品等板块困境反转和供给出清机会。 ⚫ 1）量（营收、工业增加值）、价（PPI ...

证券日报网讯 1月6日，北京君正在互动平台回答投资者提问时表示，ISSI在2026CES展期间在场外设有 洽谈区，展示公司各类存储产品，并邀请客户前往洽谈。 （文章来源：证券日报） ...

格隆汇1月6日丨北京君正(300223.SZ)在互动平台表示，公司存储产品有相关产品应用于服务器领域。 ...

Core Viewpoint - The semiconductor industry is expected to experience significant growth in 2026, driven by three key trends: storage, AI, and domestic production. A global supply-demand gap in storage is anticipated to persist, while AI-related capital expenditures and innovations in domestic chip design are set to rise sharply [4][5]. Group 1: Storage - The storage market saw a dramatic price increase in 2025, with major players forecasting that shortages will continue into 2026. Micron's Chief Business Officer highlighted a significant gap between supply and demand [6]. - TrendForce predicts that capital expenditures in the storage sector will rise, with DRAM spending increasing from $53.7 billion to $61.3 billion (14% YoY) and NAND spending from $21.1 billion to $22.2 billion (5% YoY) [6]. - Major PC manufacturers like Lenovo, HP, and Dell are planning to raise prices and adjust product specifications in response to rising storage costs, with Lenovo already notifying customers of upcoming price hikes [7]. Group 2: AI - The AI sector continues to thrive, with global cloud service providers expected to increase capital expenditures by 40% to $600 billion in 2026, driven by demand for AI applications [9]. - The shift from training to inference in AI models is anticipated to boost the demand for ASIC chips, with projections of over 800,000 units shipped in 2026 [9]. - Companies like Chipone have reported a significant increase in new orders, indicating strong demand for customized chip solutions [9]. Group 3: Domestic Production - The domestic semiconductor design sector is experiencing rapid growth, with the number of companies increasing from 1,380 in 2017 to 3,901 in 2025, and sales revenue growing at a compound annual growth rate (CAGR) of 19% [12]. - The utilization rates of domestic foundries like SMIC and Hua Hong Semiconductor have rebounded, benefiting from the rise of local chip design firms and a trend towards localized manufacturing [12]. - In the foundry segment, advanced logic production is expected to double, with significant expansions planned by companies like SMIC and Huahong [15].

（原标题：实探丨回望华强北2025：历经浪潮冲刷，方显韧性底色） 华强北的传奇，将以韧性作为底色，一直续写下去。 作为"中国电子第一街"，华强北在2025年就像始终处在"漩涡中心"一般，精准地捕捉并放大着全球科技和经济的每一次脉动：从年初人形机器人 爆火带动租赁价格飞涨，到美国加征关税影响电子设备出口，再到存储价格暴涨成为"黑色金条"以及"百镜大战"掀起了华强北的"白镜大战"…… 在2025年底，证券时报记者重走华强北，回顾其在2025年都经历了哪些浪潮冲刷，回望这片不到3平方公里的区域，在一次次内外部的压力测试 里，都展现出了怎样惊人的学习能力和"转身速度"。从华强北这一小窗口，一窥中国供应链的韧性底色。 跌宕：人形机器人"大降薪" 2025年初，当宇树科技的机器人穿着花棉袄在春晚舞台上扭起了秧歌，一场机器人租赁热潮火速席卷了华强北。在2025年2月，证券时报记者实探 位于华强北的赛格电子市场五楼时，发现机器人租赁店铺占据了中心位置，人形机器人的租金最高涨到2万元/天。 十个多月过去，华强北机器人租赁市场行情发生了怎样的变化？2025年12月31日，证券时报记者又来到赛格电子市场五楼，发现尽管楼层标牌上 还 ...

核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 证券研究报告 点评报告 2025 年 12 月 31 日 分析师：刘笑瑜 证书编号：S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 昨日国家发展改革委、财政部发布关于 2026 年实施大规模设备更新和消费品以 旧换新政策的通知。根据该通知，个人消费者购买手机、平板、智能手表手环、 智能眼镜等 4 类产品，给予 15%补贴，每件补贴不超过 500 元。报废旧车购买 新能源乘用车补贴车价的 12%，汽车置换更新购买新能源乘用车补贴车价的 8%。 同时国家已向地方提前下达 2026 年第一批 625亿元超长期特别国债支持消费品 以旧换新资金计划。总体看，本次消费品补贴发布事件比较靠前，但是补贴强 度和去年保持基本持平，家电单件补贴标准和范围还有所缩小。补贴总额上， 本次的 625 亿也小于去年第一批的 800 亿元，因此 2026 年的补贴政策到目前看 没有明显超预期。 紫金矿业(601899.SH)昨日发布公告，预计 2025 年归属于上市公司股车的净利 润约 510 亿元- ...

Group 1 - The company Jiangbolong (301308.SZ) anticipates that the daily related transactions for sales of storage products with Shenzhen Zhongdian Port Technology Co., Ltd. will not exceed 250 million yuan in 2026 [1] - From January to September 2025, the actual sales amount to Zhongdian Port was 234.2181 million yuan, which is below the annual expected limit of 350 million yuan for that year [1]

每经AI快讯，有投资者在投资者互动平台提问：请问韶关朗坤首款鲲鹏一体机应用服务器和韶关朗坤 昇腾一体机应用服务器，有没有用到贵公司自产的存储产品或者产品？请回复并具体说明一下如何协同 发展？ 朗科科技（300042.SZ）12月31日在投资者互动平台表示，公司上述服务器产品暂未使用公司自产的存 储产品。作为专业存储领域厂商，公司将持续深耕存储技术研发与产品创新，积极拓展商机。 （记者 胡玲） ...