在台湾区电机电子工业同业公会大陆副首席代表邱全成看来，广西面向东盟的人工智能发展将给台商台 胞带来更多发展机遇，提供更广阔发展空间。"台湾AI服务器出货量接近全球九成，在硬件制造与垂直 应用方面优势显著。"他表示，广西面向东盟的区位优势与台湾在AI硬件制造领域的专长完美互补，桂 台共建人工智能产业生态正当其时。 "通过AI参数化设计，我们的游艇设计周期缩短了30%以上。"福建嘉信游艇有限公司董事长、台商龚芸 广表示，将依托广西的区位优势，共同探索AI+高端制造业的融合路径，开拓东盟市场。 论坛期间，两岸嘉宾还前往桂林、钦州、北海等地参访考察，了解当地人工智能相关产业发展现状，共 探合作新机。在桂林作为科技有限公司，其自主研发的无障碍转移机、助行机器人等一系列智能医疗护 理设备，让台资企业爱国者科技集团创办人简良鉴印象深刻。"桂林在'AI+大健康'领域的创新实践颇有 成效，未来将积极探索两岸生物医疗产业的深度合作。"简良鉴说。 广西壮族自治区党委副书记、自治区主席韦韬在致辞时表示，广西正积极构建"北上广研发+广西集成 +东盟应用"的跨境产业生态，台湾在半导体、人工智能、精密制造等领域具有独特优势。广西愿携手 广 ...

1 December 2025 | 9:09 AM China Standard Time 骨 PDF & Share EVENTS TO HIGHLIGHT - RSVP 重点关注活动 - 敬请预约 GS Daily | Meituan bull/bear, TP down to HK$120 // Copper sentiment divergence // Moutai AGM takeaways // Mitac include AMD exposure to GSe // First week of net buy China A since final week of Oct SALES HIGHLIGHT 销售亮点 Asia desk flows (Ty Matthew Mason) – Activity increased WoW and broke from recent trend with a convincing net buy skew of +bps. Continued interest in Japan led buying, however China A demand wa ...

中信证券维持戴尔(DELL.US)买入评级，目标价160美元，公司全年业绩指引上调，受益于AI服务器订 单强劲（FY2026出货指引250亿美元）、传统服务器更新及PC换机周期。存储业务成本回收超预期， Non-GAAP净利润有望稳健增长。基于可比公司估值，给予FY2026年16倍PE，目标价升至160美元。 ...

计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 AI 应用加快，全球格局重塑中 ——计算机行业年度策略 证券研究报告-行业年度策略 强于大市(维持) 发布日期：2025 年 12 月 1 日 投资要点： （1）国产替代：十五五自主可控将重点聚焦集成电路和基础软件领 域，政府信创采购将加大。EDA 成为美国出口管控的重点领域，国 产化需求正在细分赛道加速释放。国产操作系统鸿蒙迎来发展关键 期，有望受益于华为大力发展的 AI 业务，利好于生态伙伴的发展。 在海外 GPU 实质性断供的基础上，国产厂商迎来重要发展机遇，并 借助超节点实现突围。推荐个股华大九天（301269）、概伦电子 （688206）、金山办公（688111）。 （2）算力建设：海外科技企业资本投入再创新高，国内厂商受制于 芯片供给，Q3 出现资本开支的环比下滑，但是长期仍有加大趋势。 2025 年云计算厂商增速持续加快，部分数据中心厂商加快释放， 2026 年有望进入业绩释放期。AI 芯片性能持续提升，液冷经济性凸 显，正在成为主流方案。超节点需求下，AI 服务器对厂商的 ...

但这不仅仅是白银的单一行情，黄金、铜、锡等联袂走强，表明这是一个系统性的大宗商品价格上涨周 期在发挥作用。背后的宏观逻辑链条是：全球通胀预期挥之不去 + 避险需求持续存在 + 部分品种的供 给约束。江西铜业、盛达资源等标的，其股价与商品价格的高度联动性在今日展现得淋漓尽致。对于周 期股投资者而言，商品价格是短期股价最重要的先行指标。 二、通信板块：产业趋势与国产替代双击 各位股友，收盘复盘。今天市场走出了一个强势的单边上行格局，关键数据先给大家列一下： 指数方面：沪指涨0.65%收3914点，深成指涨1.25%，创业板指涨1.31%。量能方面：全天成交额放大至 1.89万亿，较上周五1.6万亿显著放量，价量配合健康。 板块结构是今天盘面的精髓。资金流向高度集中，申万一级行业涨幅榜前二被有色金属（+2.85%）和 通信（+2.81%）牢牢占据，且两者成交额均超1200亿，属于典型的"带量突破"。汽车、军工等板块跟 涨，而农林牧渔等板块收跌，市场结构性分化非常清晰。 作为今天最强的两条主线，其上涨有坚实的逻辑支撑，并非无根之木。 一、有色金属板块：商品牛市点燃股价 核心驱动力直接来自大宗商品期货市场的暴涨。今天， ...

国金证券指出，ASIC发展势头强劲，谷歌、Meta等大模型及CSP厂商积极采用自研AI芯片（TPU）， 预计2026-2027年ASIC数量将迎来爆发式增长。AI需求持续强劲，英伟达AI服务器四季度出货量提速， 带动PCB价量齐升，AI-PCB公司订单强劲，满产满销，正在大力扩产。半导体行业景气指标显示， PCB加速向上，半导体芯片、代工/设备/材料/零部件稳健向上。北美四大CSP资本开支具备可持续性， 且有望进一步提升。AI端侧加速落地，25年下半年至26年有望迎来密集催化期，包括Apple Intelligence 创新及端侧产品推出。存储器进入明显上行周期，受先进逻辑制程、HBM相关DRAM应用推动，半导 体设备景气度稳健向上。封测板块先进封装需求旺盛，国产HBM已取得突破。OLED领域看好上游国产 化机会，国内厂商加速面板厂导入验证。整体来看，电子、半导体行业保持高景气度，AI、自主可控 及端侧创新为核心驱动力。 科创人工智能ETF国泰（589110）跟踪的是科创AI指数（950180），单日涨跌幅达20%，该指数从科创 板市场中精选50只涉及人工智能基础资源、核心技术及行业应用的上市公司证券作为指数 ...

2025年，全球制造业在复杂多变的经济环境中展现出韧性，但同时面临高利率、通胀及地缘冲突等 多重挑战，企业投资与贸易活动趋于谨慎。 展望2026年，世界制造业预计将维持低位震荡态势，技术迭代加速、供应链重构及全球经济疲软将 成为主导趋势，各区域与行业间的增长分化将进一步加剧。 全球制造业整体形势 2026年全球制造业发展将呈现"结构性分化与韧性支撑并存"的特征，总体增速预计处于低位区间， 但不同领域、区域间的增长差异显著。主要呈现以下特征： 一是技术迭代加速与结构性转型。以人工智能（AI）、工业互联网、绿色能源为核心的第四次工 业革命将持续深化，推动制造业向智能化、服务化、低碳化演进。AI服务器、边缘计算设备、新能源 装备等高端领域将需求旺盛，而传统消费电子、低端加工制造将面临产能过剩与需求疲软的双重压力。 二是全球供应链重构与成本压力。地缘政治冲突、贸易保护主义抬头以及碳中和目标的推进，将迫 使企业重新评估供应链布局。欧美推行"友岸外包""近岸制造"政策，东南亚、墨西哥等新兴制造基地承 接产业转移，但运输距离拉长、合规成本上升将显著增加企业运营成本。同时，劳动力成本攀升与人口 老龄化加剧将进一步压缩利润空间 ...

Group 1 - The core viewpoint of the article highlights the increasing importance of PCB (Printed Circuit Board) in AI hardware as the architecture shifts towards orthogonal and wireless designs, leading to shorter signal transmission paths and heightened sensitivity to material losses [1] - The demand for high-end PCBs is expected to surge due to the construction of AI server clusters, which will drive both market demand and product prices upward [1][6] - Unlike the short-term fluctuations seen during the 5G cycle, the current AI cycle is characterized by a long-term trend of continuous technological iteration, with high-end PCB supply constraints anticipated to last until 2027 [1][6] Group 2 - The PCB industry has shown a strong correlation with global GDP growth, with innovations in downstream applications such as PCs, smartphones, and communications driving PCB demand [3] - The AI computing market is projected to have a larger scale and longer construction cycle compared to the 5G era, significantly boosting PCB demand, particularly in AI servers and related components [6][9] - By 2026, the PCB market for AI servers alone is expected to exceed 60 billion yuan, with the overall market potentially reaching a trillion yuan when including demand from switches and optical modules [6] Group 3 - The demand for high-end PCBs is primarily driven by AI computing infrastructure, which not only boosts demand for AI servers and high-speed switches but also leads to moderate growth in the general server sector [9] - The global market demand for computing-related PCBs is projected to reach 181.5 billion yuan by 2026, with a significant supply-demand gap expected, although this gap may narrow by 2027 as production capacity increases [9] Group 4 - Major PCB companies in the A-share market are actively expanding their production capacities, with notable plans from companies like Shenghong Technology and Jingwang Electronics, which are investing significantly in new facilities and technologies [10][11] - The expansion plans of these companies have resulted in substantial stock price increases, with some companies experiencing price surges of up to 14 times [10] Group 5 - The article discusses the various types of copper foil used in PCBs, highlighting the importance of materials like HTE copper foil and HVLP copper foil in meeting the demands of AI server mainboards [15][13] - The supply of low-dielectric electronic cloth is becoming increasingly important, with domestic companies working to close the gap with leading Japanese firms, although challenges remain in terms of technology certification and raw material supply [16] Group 6 - The PCB industry is entering a phase of long-term growth driven by the AI cycle, with both volume and price increases expected alongside structural optimization [16] - Companies with advanced manufacturing capabilities and well-established international delivery systems are recommended for investment focus in this evolving landscape [16]

Core Insights - The conference highlighted the significant impact of AI on the semiconductor storage market, indicating that the demand is real and has altered the supply chain dynamics in high-tech manufacturing [3][9] - The year 2026 is viewed as a critical juncture for the industry, with various sectors expected to experience substantial growth driven by AI technologies [9] Group 1: Semiconductor Manufacturing - TrendForce forecasts a 19% annual revenue growth for the wafer foundry industry by 2026, with AI-related advanced processes expected to grow by 28%, significantly outpacing the overall market [3] - TSMC has already implemented 2nm process technology in production and plans to advance to 1nm, indicating a strong push towards cutting-edge manufacturing capabilities [3] Group 2: DRAM Market - AI servers and general servers are driving a new super cycle in the memory market, with applications related to AI and servers projected to account for 66% of total DRAM capacity by 2026 [4] - The average selling price (ASP) of DRAM is expected to increase by 36% in 2026, with revenue anticipated to surge by 56%, despite limited output growth due to cleanroom space and equipment delivery constraints [4] Group 3: NAND Flash and Storage Solutions - The NAND Flash market is transitioning from passive storage to an auxiliary computing core, with high-bandwidth flash (HBF) positioned as a cost-effective alternative to HBM [6] - A significant storage gap of 150EB is expected in the HDD market by 2026, leading to increased demand for high-density QLC eSSD [5] Group 4: AI and AR Integration - AI advancements in image recognition and language processing are enhancing the functionality of AR glasses, which are seen as the ultimate form of human-computer interaction [6] - The global shipment of AR glasses is projected to exceed 10 million units by 2030, driven by major brands like Google and Apple entering the market post-2027 [7] Group 5: Power Semiconductors - The shift in data center power supply architecture towards 800V HVDC is being driven by the rising power consumption of AI chips, with SiC and GaN technologies becoming crucial [8] - SiC is establishing a leading position in high-voltage applications, while GaN is entering a rapid growth phase across various sectors, including AI data centers and automotive [8] Group 6: Overall Industry Trends - The conference underscored a consensus that AI is catalyzing a new cycle centered around storage, with 2026 being a pivotal year for observing this trend [9]

Group 1 - The recent drop in the 10-year U.S. Treasury yield below 4% has significantly impacted global markets, indicating a potential shift in monetary policy towards interest rate cuts by the Federal Reserve [1][12] - The U.S. stock market has experienced a surge, with major indices like the Dow Jones, S&P 500, and Nasdaq rising for four consecutive days, driven by positive sentiment ahead of the Thanksgiving holiday [3][12] - The airline sector has gained particular attention due to increased travel demand and rising ticket prices, benefiting from the holiday travel peak [5] Group 2 - Labor market data shows a decrease in unemployment, but challenges remain for individuals seeking new jobs, contributing to a complex market sentiment [6][8] - The market is reacting to mixed economic data, with investors feeling more confident as they perceive that the economy is not in a downturn, allowing for potential monetary easing [8][12] - The performance of technology stocks has become more selective, with only companies demonstrating solid results, like Dell, receiving positive market recognition, while larger firms like Google and Meta face scrutiny [10] Group 3 - The Federal Reserve is facing internal divisions regarding interest rate cuts, but there is a growing sentiment for easing monetary policy, which has fueled market speculation [12][14] - Despite the stock market's rally, there are underlying risks, as companies like Workday face significant sell-offs if they fail to meet earnings expectations, indicating market volatility [14] - The current market enthusiasm is largely driven by confidence in consumer spending during the holiday season and expectations of AI-related orders, but it remains speculative until actual policy changes are implemented [16]