去年12月，数字芯片设计板块表现相对稳健，AI算力芯片仍是核心增长引擎。AI算力芯片的战略价值 和国产替代紧迫性凸显，高端芯片设计领域关注度不减。AI持续向终端渗透，AI PC、AI手机等创新产 品的渗透为部分设计公司带来增量机遇。 中国银河证券指，2025年12月半导体板块在产业链涨价潮、AI需求持续以及国产替代逻辑强化的共同 驱动下，走出一轮结构性行情。在外部环境背景下，供应链安全与自主可控是长期趋势。设备与材料在 国产替代顶层设计下逻辑最硬，数字芯片是算力自主的核心载体，先进封测受益于技术升级。 智通财经APP获悉，银河证券发布半导体行业研报称，SEMI(国际半导体设备与材料协会)预测，2025年 全球半导体制造设备市场规模将再创新高，同比增长13.7%至1,330亿美元。在AI和HBM需求的推动 下，2026年半导体制造设备市场规模将再度增长至1,450亿美元。内地储存大厂扩产加速，国产设备在 核心工艺环节迎来机遇，份额提升预期增强。 该行指，内地模拟芯片设计板块逐渐结束沉寂，多家海外龙头释放涨价信号。同时，AI服务器电源芯 片和高阶智驾芯片等需求爆发，行业或将迎来周期性反转。从国内市场来看，海外市场 ...

Group 1: AI Industry Overview - The AI industry is experiencing a paradigm shift from technological miracles to practical value, with capital markets transitioning from speculative hype to value reassessment [1] - 2025 is recognized as a "structural formation year" for the market, driven by policy support, explosive AI demand, industry cycle recovery, and accelerated domestic substitution [1] Group 2: Semiconductor Market Performance - Among 172 semiconductor listed companies in A-shares, 144 saw stock price increases in 2025, with 29 companies doubling their stock prices and 4 companies increasing by over 4 times [2][3] - The top three performers in the semiconductor sector were沐曦股份-U (481.81%), 东芯股份 (441.81%), and 摩尔线程-U (433.09%) [2][3] Group 3: AI Computing and Storage Chips - AI computing and storage chips emerged as standout performers in the capital market in 2025, with significant demand growth [4] - The release of DeepSeek-R1 in January 2025 marked a surge in AI model computing demand, leading to substantial orders for domestic GPU manufacturers like 沐曦股份 and 摩尔线程 [5] - Storage chip prices began to rise due to production cuts by major manufacturers, with DRAM and NAND prices increasing significantly [6] Group 4: Domestic GPU Companies - 摩尔线程 and 沐曦股份 are recognized as leading domestic GPU manufacturers, focusing on high-performance general-purpose GPU development [8] - Both companies successfully listed on the Sci-Tech Innovation Board in 2025, attracting significant institutional investment and achieving remarkable stock price increases post-IPO [9] Group 5: Hard Technology Market Trends - The A-share market in 2025 revolved around sectors like AI, computing, robotics, and commercial aerospace, with hard technology becoming a core investment focus [10] - The demand for AI computing is supported by breakthroughs in domestic AI chip technology and significant performance improvements from companies like 寒武纪 [10] - The energy sector is also becoming increasingly relevant due to the high electricity demand driven by AI, creating a synergistic market with technology and energy sectors [11][12]

晶圆制造与代工板块：中芯国际全资收购中芯北方，直接强化了其在12英寸成熟制程晶圆代工领域的资 产完整性与控制力。此举预计将提升公司整体产能规划与运营效率，增强在成熟工艺市场的竞争力与盈 利能力。对于产业链而言，龙头企业的资本开支与整合动作，往往预示着对上游设备、材料需求的稳定 或增长预期，同时也为下游芯片设计公司提供了更可靠的产能保障，增强了国内半导体制造环节的自主 可控能力。 半导体设备与材料板块：晶圆制造产能的整合与潜在扩张，直接拉动了对光刻机、刻蚀机、薄膜沉积、 量测等前道制造设备的需求。同时，制造过程中所需的硅片、电子特气、光刻胶、湿电子化学品等关键 材料的消耗量也将随之增加。在国内持续推进供应链安全与自主替代的背景下，具备技术突破和产品验 证能力的国产设备与材料供应商，有望率先受益于下游制造厂的产能建设与国产化采购需求。 交易所数据显示，芯片产业链午后表现活跃，算力芯片、晶圆代工方向领涨。 中芯国际于2025年12月29日晚间发布公告，拟向国家集成电路基金等五方股东发行股份，收购其持有的 中芯北方集成电路制造（北京）有限公司49%的股权，交易总价约406.01亿元。根据公告披露的《资产 评估报告》， ...

12月29日 13:00，AI主线持续活跃，科创人工智能ETF汇添富(589560)爆量涨2.05%，冲击6连涨，盘中成交额已赶超上一交易日全天成交额。科创芯 片50ETF（588750）涨1%，反包上一交易日跌幅。 热门成分股中，源杰科技、芯原股份涨超7%，寒武纪上涨超5%，中芯国际、华虹公司涨超1%，海光信息等涨幅居前，澜起科技、拓荆科技等回 调。 【科创芯片50ETF标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万―级行业 | 涨跌幅 | 估算极重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 688981 | 中芯国际 | 曲子 | 1.59% | 10.36% | | 2 | 688041 | 海光信息 | 电子 | 0.84% | 9.80% | | 3 | 688256 | 寒武纪-U | 电子 | 5.81% | 9.15% | | র্ব | 688008 | 淘起科技 | 电子 | -0.65% | 7.98% | | ਦ | 688012 | 中微公司 | 电子 | 0.00% | 6.85% | | 6 | 688072 ...

来源：中时财经 随着国产芯片企业不断登陆资本市场，以及国产芯片行业的崛起，诞生了一批身价百亿甚至千亿级的科 技富豪。12月22日，被誉为"国产GPU四小龙"之一的上海壁仞科技股份有限公司（下称"壁仞科技"）正 式启动港股招股程序。后续还有多家芯片企业在排队上市，现实版"造富神话"可能还将继续。 之前，摩尔线程、沐曦股份在科创板上市，上市首日股价都迎来大涨，市值都曾超3000亿元。壁仞科 技、天数智芯、昆仑芯等芯片企业紧随其后，也都在抢滩资本市场。这一大波上市浪潮下，谁是最大赢 家？后来者能否后来居上？市场有没有泡沫？成为各方关注和热议的话题。 01 抢滩资本市场 张琦在一家投资机构工作，日前她对中国经济时报·中时财经记者表示，"最近国内芯片行业头部企业接 连IPO，纷纷抢滩资本市场，给人的感觉的确很火爆。" "我们在芯片行业的投资也不错，投中了摩尔线程，收益非常好。我们100亿元估值投的，摩尔线程市值 高的时候超4000亿元。"张琦说。 12月17日，沐曦股份在科创板上市，首日暴涨近700%，市值定格在3320亿元。更早上市的寒武纪，市 值高达5400亿元，摩尔线程市值也超过3300亿元。不过经过最近几天股价 ...

Core Viewpoint - The growth in AI demand is driving global storage and advanced process capacity expansion, with expectations for accelerated domestic storage and advanced process expansion in 2026-2027. Domestic equipment manufacturers are seeing a positive order trend, and companies with strong positioning and market share in storage equipment are likely to benefit. The outlook for domestic computing power demand is also positive, with companies like Moer and Muxi expected to achieve high revenue growth in 2025. The storage sector is experiencing continuous price increases, and major companies anticipate a favorable performance trend in Q4. Structural opportunities still exist despite limited bit output next year [3][4][5]. Industry Sentiment Tracking 1. **Demand Side**: In 2026, storage price increases may constrain demand, but AI terminal innovation and computing power construction are expected to be highlights. Global smartphone sales are projected to decline by 0.9% year-on-year in 2026, with significant pressure on mid-range Android phones. The PC market saw a 9.4% year-on-year increase in global shipments in Q3 2025, but storage pressures are anticipated in 2026. The AI PC upgrade cycle is expected to start in 2026-2027. Wearable devices, particularly AI glasses, are expected to see high growth, with global sales projected to reach 7 million units in 2025 [4][5]. 2. **Inventory Side**: The inventory adjustment for power MCUs and analog DOIs is nearly complete. In Q3 2025, the average inventory of major mobile chain chip manufacturers increased, while the DOI for overseas manufacturers decreased. PC chain chip manufacturers saw an increase in inventory and DOI [5]. 3. **Supply Side**: Global wafer fab capital expenditures are expected to continue growing in 2026, with both advanced and mature process expansions anticipated in China. DRAM capital expenditures are projected to grow by 14% in 2026, while NAND capital expenditures are expected to increase by 5%. Domestic storage manufacturers are expected to continue expanding production, with market share likely to increase [5][6]. 4. **Price Side**: In Q4 2025, DRAM and NAND spot prices are expected to continue rising, with the DXI index reaching a historical high of over 380,000. The supply-demand gap for DDR4 products remains, leading to accelerated price increases for 8G and 16G products. NAND Flash products are benefiting from increased storage capacity demand from AI servers, with prices for 32G and 64G products reaching nearly four-year highs [6]. 5. **Sales Side**: Semiconductor sales are expected to continue growing, driven by AI demand. WSTS has revised the global semiconductor sales forecast for 2026 to $975.4 billion. The current semiconductor cycle has been recovering since February 2023, with global semiconductor sales in October 2025 reaching $72.7 billion, a year-on-year increase of 27% [6][7]. Industry Chain Tracking 1. **Design/IDM**: AI is driving demand for related chips, with a focus on computing power chips and the recovery of the sector. Nvidia's H200 sales in China have been released, and companies like Moer and Muxi are expected to achieve significant revenue growth in 2025 [7][8]. 2. **SoC and MCU**: In H2 2025, demand from domestic downstream customers is expected to slow, with a focus on future AI applications. MCU manufacturers are seeing stable revenue, while SoC companies are experiencing slowed growth due to rising storage chip prices [8]. 3. **Storage**: Major companies expect a favorable performance trend in Q4, with Taiwanese module and niche manufacturers seeing high year-on-year revenue growth in November. However, the price increases in storage may pose challenges for global terminal products [8]. 4. **Analog**: AI demand is becoming a growth engine for major manufacturers, with domestic companies increasing their focus on growth areas such as servers and robotics [9]. 5. **Power Semiconductors**: AI power demand is leading the market, with domestic power companies optimistic about trends in Q4 2025. Infineon has raised its AI data center business revenue guidance for FY26 to €1.5 billion [11]. 6. **Foundry**: Demand for advanced processes remains strong, while mature processes are experiencing a mild recovery. Domestic companies like SMIC and Huahong are currently facing supply shortages [12]. 7. **Packaging and Testing**: The demand for advanced packaging is expected to remain optimistic in 2026, with a focus on domestic computing power and storage demand [12]. 8. **Equipment, Materials, and Components**: Domestic storage manufacturers are expected to continue expanding production, benefiting equipment companies with strong market positions. The semiconductor equipment market is expected to grow, with domestic technology levels improving [13].

Group 1 - The core viewpoint of the news highlights the significant movements in the A+H chip industry chain, with various stocks experiencing notable gains, indicating a bullish sentiment in the market [1][3] - The first ETF focusing on the "Hong Kong stock chip" industry chain (159131) has been launched, which tracks a composite index consisting of 70% hardware and 30% software, targeting semiconductor, electronics, and computer software sectors [3][4] - The ETF includes 42 Hong Kong hard tech companies, with notable weightings for SMIC at 20.48%, Xiaomi Group-W at 9.53%, and Hua Hong Semiconductor at 5.80%, excluding major internet firms like Alibaba and Tencent [3][4] Group 2 - The demand for AI computing power is robust, with both global and Chinese AI computing markets maintaining high growth, driven by strong downstream demand and policy support [3] - The listing of Mu Xi Co., dubbed the "second GPU chip stock," on the STAR Market saw its stock price surge over 700%, reflecting investor enthusiasm for domestic AI chip companies [1][3] - The domestic AI computing chip industry is expected to continue its rapid development, supported by favorable policies and significant market opportunities [3]

机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金合同中关 于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收益情况， 结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国证监会对 该基金的注册，并不表明其对该基金的投资价值、市场前景和收益做出实质性判断或保证。基金有风 险，投资须谨慎。 直指港股芯片超级周期！可以T+0的港股芯片产业链ETF来了——全市场首只聚焦"港股芯片"产业链的 港股信息技术ETF（159131），标的指数由"70%硬件+30%软件"构成，重仓港股"半导体+电子+计算机 软件"，涵盖42只港股硬科技公司，其中中芯国际权重达20.48%，小米集团-W权重9.53%，华虹半导体 权重5.80%；不含阿里巴巴、腾讯、美团等大市值互联网企业，锐度更高，更易捕捉港股AI硬科技行 情。（截至2025.11.30） 数据来源：中证指数公司，沪深交易所。 注："全市场首只"是指首只跟踪中证港股通信息技术综合指数的ETF。中证港股通信息技术综合指数设 置单个样本权重上限为15%，伴随个股市值波动权重占比会产生相应 ...

0:00 中国智造，这是拿到了"逆袭剧本"？ 在首届全球智能机械与电子产品博览会（AIE）上 我们又一次被这些全国甚至全球首发的智造黑科技 刷新了认知边界 吸引了广汽、vivo、影石、松下等1200多家海内外企业 我们能看到东芝工业技术、爱普生工业机器人等先进装备 小鹏、小米、广汽等智驾出行的新突破 vivo 6G与MR的融合创新 体验TCL、海尔等最新智能家居 感受欻与无影的沉浸式球幕空间 从工业制造，再到衣食住行 感受AI赋能的全场景智慧生活生态 但中国智能机械与电子产业远不止如此 也并非"一夜逆袭" 十年前，我们每天用的手机、家电、汽车 许多还难逃"代工"的标签 今天，"世界工厂"的叙事已被改写 我们正在成为全球产业新高度的定义者 新能源汽车产销规模连续十年全球第一 生成式大模型成为全球顶流 人形机器人迈入量产验证阶段 AI算力芯片强势崛起 高端液压件实现自主可控 市场，是最真实的投票 2025年前10个月 前三季度，"果链龙头"立讯精密净利润超过115亿元 寒武纪盈利增幅超300% 多家公司股价翻倍 今年国庆假期 深圳华强北成了年轻人的热门打卡点， "进货式旅游"火出圈 从智能穿戴再到AI玩具 "谁也 ...

Core Insights - The article emphasizes that the artificial intelligence industry will continue to be a key focus in the hard technology sector in 2025, with significant growth in the global wafer foundry market, which reached $47.119 billion in Q3, a year-on-year increase of 27% [3][4]. Industry Overview - In Q3, TSMC accounted for 70% of the wafer foundry market share, an increase of 7 percentage points compared to the same period last year, positioning it as the leader in growth within the industry [3]. - The growth drivers in the wafer foundry sector are identified as data centers, industrial and automotive applications, and smartphones, with TSMC's advanced process and packaging orders contributing to a nearly 41% year-on-year growth in its foundry business [4]. Performance Metrics - The average capacity utilization rate for global wafer foundry businesses was 71% in Q3 2023, showing a recovery trend as it is expected to rise to 80% by Q3 2024 and reach 86% in 2025, indicating a return to a healthy operational phase [6]. - The semiconductor industry is projected to experience sustained high-quality growth through 2026, with a significant industry correction anticipated in Q2 2027 [6].