中信证券：当下风险提前释放给了年末重新增配A股/港股、布局2026年的契机 11月23日，十大券商最新策略观点新鲜出炉，具体如下： | 券商 | 核心观点 | | --- | --- | | 中信证券 | 当下风险提前释放给了年末重新增配A股/港股、布局2026年的契机 | | 华安证券 | AI主线"至暗时刻" 但长期信心坚定不移 | | 国金证券 | 打铁还需自身硬 | | 信达证券 | 风格切换可能会越来越强 关注低位价值板块 | | 中泰证券 | 本轮科技行情远未结束 在短期回调后有望延续 | | 兴业证券 | 中国资产有望迎来修复 | | 非金证券 | 短期继续均衡配置补涨的成长和低估值价值行业 | | 申万宏源 | 调整是也只是"怀疑牛市级别" | | 浙商证券 | 切勿盲目杀跌 盯券商、等待弹性重扩张 | | 东吴证券 | 资金主线有望向AI应用等方向切换 | 全球风险资产的波动表面是流动性问题，本质是风险资产对于AI单一叙事过于依赖，当产业发展速度（尤其是商业 化）跟不上二级市场的节奏时，适当的估值修正也是一种纾解风险的方式。北京时间周四（11月20日）晚，美国非农 就业数据的公布以及年内美联 ...

Group 1: Financial Performance - The company's revenue for the first three quarters increased by 8.46% year-on-year, while net profit attributable to shareholders grew by 35.62% [2] - Key factors for growth include deepening cooperation with major product lines and clients, expanding market reach, and promoting both domestic and overseas product lines [3] - The "Huaqiang Science and Technology Innovation Plaza" project has maintained a high occupancy rate since its launch in 2024, contributing to steady performance [3] Group 2: Business Developments - The company is a major authorized distributor for HiSilicon, with significant revenue growth from HiSilicon products in 2024 and the first three quarters of 2025 [4] - As a "Gold Partner" of Ascend APN, the company has developed multiple applications based on Ascend chips, enhancing its role in the Ascend ecosystem [4] Group 3: Storage Business - The company is a leading distributor of electronic components, with a strong focus on storage products, achieving significant year-on-year growth in storage product shipments [5] Group 4: AI Business Initiatives - The company is actively involved in AI ecosystem development, promoting applications of Ascend AI in various sectors, including industrial inspection and autonomous mobile robots [6] - The company has completed private deployment of large models and is expanding testing capabilities, focusing on enhancing internal management and digital systems [7] - Future plans include expanding agency rights for AI-related chips and developing AI application solutions to optimize organizational efficiency [7] Group 5: Dividend Policy - The company has a long-standing commitment to returning value to investors, having consistently paid cash dividends for over a decade and implementing mid-year dividends for the past three years [7]

证券日报网讯北京君正11月20日在互动平台回答投资者提问时表示，存储涨价会推动公司存储产品销售 收入的增长，对公司是积极的影响。 （文章来源：证券日报） ...

Core Insights - The company, Ziguang Guowei, indicated that its storage products are primarily used in specialized fields, where prices have been on a downward trend over the past two years due to cost-cutting pressures from clients [2] Group 1: Market Conditions - The overall price of storage products in the specialized field has been declining, which has limited the company's ability to adjust storage chip prices [2] Group 2: Strategic Response - The company plans to respond to market changes by optimizing product structure, improving operational efficiency, and expanding application scenarios [2] - The company will develop reasonable pricing strategies based on customer needs in specialized fields and market dynamics [2]

格隆汇11月20日丨北京君正(300223.SZ)在投资者互动平台表示，存储涨价会推动公司存储产品销售收 入的增长，对公司是积极的影响。 ...

6 证券研究报告 点评报告 2025 年 11 月 20 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 英伟达公布了第三财季的经营业绩，三季度实现营业收入 570.06 亿美元，同比增 长 62%，超出 551.9 亿美的元分析师预期，毛利率为 73.4%，较上年同期下降 1.2 个百分点，净利润为 319.10 亿美元，同比增长 65%；其中最为关注的三季度数据 中心营业收入为 512 亿美元，也超出分析师预期 493.4 亿美元。公司预计四季度 营收 637 亿-663 亿美元，也超出分析师预期 619.8 亿美元。在英伟达业绩和下一 季度展望全面超预期的情况下，我们认为存储行业是该产业链的各细分行业中值 得重点关注的产业。因为目前存储涨价最猛，后续涨价逻辑最顺，而且其它细分 产业后面几个月难有公开数据验证，但存储市场价格透明，因此我们更看好存储 产业后续的投资价值。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变 化，而不如预期的可能。 第一创业证券研究所 请务必阅读正文后免责条款部分 第 1 页 共 3 页 分析师：刘笑瑜 证书编号： S ...

《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①存储芯片+第三代半导体+先进封装！这家公司交付首台先进光刻胶设备订单，存储产品在海力士生产线 上实现稳定应用；②存储芯片+国家大基金持股+国企改革！这家公司预计闪存业务在未来几年将有强劲增 长；③华为+机器人+无人驾驶+英伟达！公司发布面向机器人领域的AI计算终端。 前言 ...

Core Viewpoint - The semiconductor industry, particularly in storage products, is entering a price upcycle driven by the demand from AI technology, marking a "super cycle" in the market [1][2]. Group 1: Price Trends and Market Dynamics - Storage products have seen significant price increases since September, with prices for certain memory products rising from over 100 yuan to 300 yuan per unit within two months [1]. - The current price uptrend is characterized by rapid order backlogs and a global restructuring of the storage industry, with companies needing to convert external benefits into R&D investments and customer loyalty for sustainable growth [1][2]. Group 2: Impact on Industry Chain - Upstream companies like SMIC are benefiting from the price increases, reporting a 95.8% capacity utilization rate and a 4.6% increase in shipment volume [2]. - Midstream companies face a dual impact: while rising storage prices positively affect profit margins, the stability of the supply chain is a concern, prompting companies to secure long-term contracts with suppliers [2]. - Downstream manufacturers are expected to face challenges as rising storage prices increase overall production costs, leading to downward revisions in production forecasts for smartphones and laptops [2]. Group 3: Technological Innovation and Future Outlook - The current price surge is not seen as a short-term fluctuation but rather a result of AI-driven demand and supply constraints from leading manufacturers [3]. - Industry experts predict that the price increase may continue until 2026, with some suggesting potential shortages could last until 2027 [4]. - Companies are focusing on technological innovation to enhance core competitiveness, with examples including the development of integrated products for AI wearables and advancements in packaging technology [4][5].

Group 1 - The A-share market opened lower on November 18, with the three major indices declining collectively. The Kexin 50 ETF (588000) experienced a peak increase of 0.98% during the morning session, driven by semiconductor stocks, with significant gains from companies like Jingchen Co. (over 8% increase) and others like Zhongwei and Hanwha Microelectronics (over 3% increase) [1] - The Kexin 50 ETF (588000) has seen substantial capital inflow recently, with a net inflow of over 666.5 million in the last three days and over 2.143 billion in the last five days. The trading volume for the ETF exceeded 1.134 billion [1] - Semiconductor company SMIC reported a significant demand for various storage products, including NOR/NAND Flash and MCU, indicating a supply shortage in the storage industry that is expected to maintain high price levels [1] Group 2 - Changjiang Securities forecasts that the current storage cycle is being driven by increasing demand from AI, transitioning from a supply-controlled price cycle to a demand-driven industrial cycle. By 2026, the storage market is expected to see strong demand from AI, with manufacturers focusing more on server products, potentially reducing supply for consumer-grade products [2] - The Kexin 50 ETF (588000) tracks the Kexin 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, totaling 74.47%. This aligns well with the development of cutting-edge industries such as AI and robotics. The ETF also covers various high-tech sectors, including medical devices, software development, and photovoltaic equipment, indicating a strong long-term outlook for China's hard technology sector [2]

南方财经记者彭敏静横琴报道 集成电路放在重点攻关领域之首，因此再次成为资本关注的焦点。北京半导体行业协会执行秘书长朱晶 表示，"十五五"时期乃至以后，中国集成电路产业还要从"全面自主可控"的发展逻辑转向"全球融合赋 能"的发展战略。 南方财经记者留意到，目前国内企业正通过EDA+IP协同创新、标准适配等突破，叠加国内场景需求牵 引，推动国产芯片向高端化、集群化方向迈进，为全链条国产化攻关注入新动能。 国内EDA企业"突围" "过去大家做芯片主要采用SOC（系统级芯片）模式，而未来这一格局将逐步向芯粒（Chiplet）模式转 型。将算力芯粒、AI加速芯粒等不同功能模块，通过高级封装技术整合可快速形成一款新的SOC。"广 东跃昉科技有限公司创始人、CEO江朝晖表示，这种模式不仅迭代速度大幅提升，还降低了创新门槛， 让各类企业都能聚焦自身优势领域参与芯片研发。 过去开发一款SOC需要覆盖所有功能模块，门槛极高，而芯粒模式让企业可专注某一细分芯粒的技术突 破。更重要的是，这为中国半导体产业开辟了一条全新的创新路径，且这条路径具备完全的可控性与可 用性，是极具价值的发展方向。 早在2022年，包括英特尔、日月光半导体（ ...