18A在CES亮剑、2nm订单开抢：英特尔追赶、三星反攻、台积电守擂，先进制程进入"近身肉搏" 。 美国高通公司首席执行官克里斯蒂亚诺·阿蒙(Cristiano Amon)的话报道称，高通(QCOM.US) 很可能将使用三星电子的2nm级别芯片代工工艺来制造其下一代移动应用处理器。 该媒体援引阿蒙在采访中透露的消息表示，这家智能手机与PC端芯片领军者正在与包括三星电 子在内的多家晶圆代工厂就采用最前沿的大规模2nm芯片制造工艺进行合同代工制造展开磋商; 阿蒙表示，高通面向PC、智能手机甚至AI数据中心的绝大多数新一代核心芯片设计工作已经完 成，以便在不久的将来实现大规模代工以及全面商业化。 报道补充称，这项潜在的交易也将标志着高通在多年来几乎完全依赖台积电(TSM.US)进行最为 先进的芯片制程代工之后，重返三星电子的最前沿芯片制造工艺节点。 在周一，台积电台股股价一度飙升6.9%，股价再度创下历史新高，推动中国台湾股市基准指数 突破3万点关口。这一涨势发生在华尔街金融巨头高盛将台积电的12个月内目标价大幅上调35% 至2330新台币之后，进一步强化了市场对于人工智能相关算力基础设施需求长期强劲增长的信 心。 ...

January 6, 2026 09:56 PM GMT Asia-Pacific Technology | Asia Pacific AI Supply Chain: CES implications, ASIC production, China AI chips Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certificati ...

（原标题：韩国股指暴力破4500点 上证"13连阳"站稳4000点! 亚洲股市2026开年"杀疯了" 创历史最佳开 局） 智通财经APP获悉，亚洲股市堪称2026年开年全球最强股票市场——迎来史上最佳年度开局表现，随着 投资者们在估值高企的美国股票市场之外积极寻找投资机遇，尤其是与AI投资主题密切相关联的投资 机遇，该地区的主权货币与主权债券价格也一同上涨。 最新统计数据显示，MSCI亚太基准指数(MSCI Asia Pacific Index)在2026年开年之后的股票市场交易日 里累计上涨约4%，势将创下该基准指数自1988年有记录以来最为强劲的年初交易日表现，其中韩国和 中国台湾股市领涨，港股与A股市场则不甘示弱，强劲的涨势紧随前两者其后。衡量该地区主权货币的 一项指标录得自2023年以来最佳年度开局，而以美元计价的亚洲市场公司债基准指数也实现同步上涨。 "美国市场的例外主义论调已触顶，并开始回撤，"来自Banque Pictet & Cie SA的管理合伙人Raymond Sagayam在接受媒体采访时表示。他强调，亚洲等新兴市场股市将受益于多项顺风因素，主要包括非常 具有吸引力的估值以及位列全球AI ...

智通財經APP獲悉，亞洲股市堪稱2026年開年全球最強股票市場——迎來史上最佳年度開局表現，隨着投資者們在估值 高企的美國股票市場之外積極尋找投資機遇，尤其是與AI投資主題密切相關聯的投資機遇，該地區的主權貨幣與主權債 券價格也一同上漲。 最新統計數據顯示，MSCI亞太基準指數(MSCI Asia Pacific Index)在2026年開年之後的股票市場交易日裏累計上漲約 4%，勢將創下該基準指數自1988年有記錄以來最爲強勁的年初交易日表現，其中韓國和中國臺灣股市領漲，港股與A股 市場則不甘示弱，強勁的漲勢緊隨前兩者其後。衡量該地區主權貨幣的一項指標錄得自2023年以來最佳年度開局，而以 美元計價的亞洲市場公司債基準指數也實現同步上漲。 "美國市場的例外主義論調已觸頂，並開始回撤，"來自Banque Pictet & Cie SA的管理合夥人Raymond Sagayam在接受媒 體採訪時表示。他強調，亞洲等新興市場股市將受益於多項順風因素，主要包括非常具有吸引力的估值以及位列全球AI 算力產業鏈的最核心地位。 野村證券(Nomura)近日發佈的一份存儲芯片行業跟蹤研究報告顯示，這一輪始於今年下半年的"存 ...

Summary of Key Points from the Investor Presentation on Semiconductor Industry Industry Overview - The semiconductor industry is currently viewed as attractive, particularly in the context of AI technology and its applications in various sectors [3][18] - The focus is on AI semiconductors, with both logic and memory segments being highlighted as attractive investment opportunities [7][21] Core Insights - **Top Investment Picks**: - AI: TSMC (Top Pick), SMIC, Aspeed, MediaTek, Alchip, GUC, KYEC, ASE, FOCI, ASMPT, AllRing - Memory: Winbond (Top Pick), Phison, Nanya Tech, APMemory, GigaDevice, Macronix - Non-AI: Realtek, USI for smartphone/glasses, NAURA Tech, AMEC for China WFE [7] - **Long-term Demand Drivers**: - **Tech Inflation**: Rising costs in wafer, OSAT, and memory are expected to create margin pressures for chip designers into 2026 [7] - **AI Cannibalization**: AI is anticipated to replace some human jobs, leading to demand weakness in certain sectors. The semiconductor supply chain is prioritizing AI semiconductors over non-AI [7] - **Tech Diffusion**: The demand for AI semiconductors is expected to accelerate due to generative AI, impacting various verticals like robotics and AI glasses [7] - **China AI Demand**: The introduction of DeepSeek is expected to trigger demand for inferencing AI, although there are concerns about the sufficiency of domestic GPU supply [7] Financial Metrics and Valuation - **Valuation Comparison**: - TSMC's P/E ratio is projected to decrease from 25.7 in 2025 to 19.4 in 2026, with EPS growth expected at 44% in 2025 and 32% in 2026 [8] - UMC's P/E ratio is expected to remain stable, with a slight decrease in EPS growth from -12% in 2025 to 2% in 2026 [8] - SMIC shows a significant increase in ROAE from 4% in 2025 to 9% in 2026, indicating potential recovery [8] Market Dynamics - **Semi Cycle**: The logic semi foundry utilization is currently at 70-80% in the first half of 2026, indicating that the market is still recovering [13] - **Non-AI Semi Growth**: Excluding NVIDIA's AI GPU revenue, non-AI semiconductor growth was slow at only 10% year-over-year in 2024 [14] - **Inventory Trends**: A decrease in inventory days historically correlates with an increase in the semiconductor stock index, suggesting a potential positive outlook for the sector [17] Additional Insights - **Memory Prices**: Memory stock prices are seen as leading indicators for logic semiconductors, reinforcing the attractive view on Greater China technology semiconductors [18] - **Investment Thesis**: Regardless of whether AI GPU or AI ASIC technologies prevail, TSMC is positioned to benefit as a major foundry supplier [21] - **Capex Trends**: TSMC's capital expenditure is projected to be between $43 billion and $55 billion for 2026, reflecting ongoing investments in AI semiconductor capabilities [27] Conclusion - The semiconductor industry, particularly in the AI segment, presents significant investment opportunities. Key players like TSMC and memory manufacturers are expected to benefit from ongoing technological advancements and market dynamics. Investors should closely monitor the evolving landscape, including supply chain developments and pricing trends, to capitalize on potential growth.

继摩尔线程、沐曦股份相继谋求科创板上市后，国产GPU赛道在资本市场再迎里程碑。1月2日，壁仞科 技正式登陆港交所，由此摘得"港交所GPU第一股"的桂冠。 在2025年WAIC上，最火热的词汇当属超节点。这是因为，算力厂商的竞赛，早已从单卡延伸至超节点 （超级算力集群）。 在激烈的国产GPU竞逐中，壁仞科技素以"硬核"技术见长。壁仞科技不仅是算力领域应用先进封装技术 的先行者，在支持业内先进互连规格方面，同样处于行业领先梯队。 目前，国内已有多家算力厂商推出GPU以及AI ASIC产品。不过，目前国内厂商在单卡性能上与国际厂 商存在差距。为了"弯道超车"，国内厂商纷纷推出超节点，以实现集群算力优势。 随着成功叩开二级市场大门，壁仞科技有望进一步打通"资本"向技术能力转化的通道，持续推动产品迭 代，从而致力于在万亿级的算力市场中，构建起属于中国自主的算力生态体系。 实现超级算力集群，主要分为Scale up和Scale out两种路线，前者通过南向互联技术将单个服务器内的 多张GPU高速互联，构建高算力密度单元。 这种方式能减少通信延迟，提升单个超节点内的资源利用 率。 在单卡性能的竞争中，不仅需要先进工艺，也需 ...

Macro Strategy - The report suggests that despite expectations of a slowdown in marginal fiscal funding for 2026, fiscal spending may still exceed expectations due to two main factors: a rebound in prices leading to increased fiscal revenue and a significant amount of fiscal "surplus" carried over from 2025. Specifically, a 1.8 percentage point increase in PPI could generate approximately 260 billion yuan in additional tax revenue, equivalent to a 0.2 percentage point increase in the deficit ratio. Additionally, the fiscal surplus may exceed 500 billion yuan, potentially enhancing the growth rate of general public budget expenditure by about 2.6 percentage points [1][19]. Industry Insights Electronic Industry - The report highlights that the domestic computing power industry is expected to experience significant growth, particularly in 2026, with domestic computing chip leaders likely entering a performance realization phase. The demand for domestic GPUs is anticipated to benefit from capacity releases due to advanced process expansions. The competition among domestic computing chip participants for market share is expected to drive the importance of AI ASIC service providers within the supply chain. Key recommendations include companies like Cambricon and Shengke Communication [9]. 3D DRAM - The report indicates that 2026 will be a pivotal year for 3D DRAM, driven by the rapid increase in storage demand from AI hardware deployment. The technology is expected to support various applications, including robotics, AIoT, and automotive sectors. The report recommends companies such as GigaDevice and Beijing Junzheng as key players in this space [10]. Insurance Industry - The insurance sector is projected to see improvements in both liabilities and assets, with significant upward valuation potential. The demand for insurance remains strong, and the shift towards dividend insurance is expected to optimize liability costs. The report notes that the current valuation of the insurance sector is at historical lows, suggesting a "buy" rating for the industry [12]. Environmental Industry - The report emphasizes the value of the waste incineration sector, driven by declining capital expenditures and improving operating cash flows. The acceleration of national subsidies is expected to enhance cash flow, with projections indicating that the sector's dividend potential could increase significantly as capital expenditures normalize [16]. Computer Industry - The report discusses the intersection of state-owned enterprise reform and local revenue enhancement, predicting that 2026 will see intensified management of local state-owned enterprises, leading to accelerated capital operations [13][14]. Space Computing - The report identifies the space computing industry as a rapidly evolving field, crucial for addressing global computing resource bottlenecks. It highlights the strategic importance of this sector and recommends focusing on companies with technological advantages in key areas [15]. Green Bonds - The report tracks the issuance of green bonds, noting an increase in issuance and a decrease in trading volume in the secondary market. This reflects the growing interest in sustainable finance and the potential for investment opportunities in this area [4][8]. Capital Market Trends - The report outlines trends in the capital markets, including the performance of various commodities and the impact of macroeconomic factors on pricing. It notes that the copper market is experiencing upward pressure due to supply constraints and demand fluctuations, while aluminum prices are also on the rise due to production capacity increases [11]. AI and Technology - The report forecasts that 2026 will mark the beginning of a new era for AI terminals, with major tech companies expected to launch innovative products. The integration of AI into consumer electronics is anticipated to create new market opportunities [9][18].

Investment Rating - The report maintains a rating of "Buy" for the electronic industry [1] Core Insights - The electronic industry is expected to experience significant growth driven by advancements in AI technology and the domestic supply chain's maturation, particularly in cloud and edge computing [11][15] - The report highlights the importance of 3D DRAM as a key hardware innovation for AI applications, with expectations for substantial demand growth in 2026 [22][27] - The shift towards high-density interconnects and advanced power supply architectures is crucial for supporting the increasing power density of AI data centers [50][56] Summary by Sections Cloud Computing Power - The domestic computing power supply chain is accelerating, with significant performance releases expected from local manufacturers like Zhongke Shuguang and Huawei [11] - The transition from Scale-Out to Scale-Up networking is enhancing bandwidth and reducing latency, which is critical for AI applications [11] Edge Computing Power - The integration of edge and cloud computing is becoming essential for AI applications, with edge devices benefiting from advancements in SoC technology [15][17] - Companies like Jingchen and Ruixinwei are positioned to capitalize on the growing demand for edge AI solutions [19] 3D DRAM - 3D DRAM is anticipated to become mainstream in 2026, driven by its high bandwidth and low cost, making it essential for various AI applications [22][27] - Companies such as Zhaoyi Innovation are expected to lead in the development of 3D DRAM technologies [28] AI Models - The optimization of AI models is crucial for enhancing performance and user experience, with a focus on local processing capabilities [29][30] - The collaboration between terminal manufacturers and model providers is expected to evolve, shaping the competitive landscape [30][33] AI Terminals - 2026 marks the beginning of a new era for AI terminals, with major companies like Meta, Apple, and Google launching innovative products [34][36] - The development of new terminal forms, such as smart glasses and desktop robots, is expected to drive market growth [34][35] Longxin Chain - Longxin's expansion plans are set to enhance the DRAM supply chain, with a focus on 3D architecture to improve performance and efficiency [38][39] - The company is expected to benefit from increased capital investment and technological advancements [39][41] Wafer Foundry - The domestic wafer foundry industry is entering a new expansion phase, particularly in advanced logic processes [42][43] - Key players like SMIC and Huahong are expected to lead this expansion, addressing the growing demand for advanced chips [44] PCB Industry - The PCB market is poised for growth, driven by the demand for high-performance materials and advanced designs [45][48] - Companies like Shenghong Technology are expected to benefit from the rising demand for AI-related PCB applications [49] Optical-Copper Interconnection - The demand for optical and copper interconnections is increasing, driven by the growth of AI computing clusters [50][52] - Companies such as Changguang Huaxin are well-positioned to capitalize on this trend [53] Server Power Supply - The shift to HVDC power supply architectures is becoming essential for AI data centers, addressing the challenges of increasing power density [55][56] - Companies like Oulu Tong are expected to lead in the development of advanced power supply solutions [56]

如果您希望可以时常见面，欢迎标星收藏哦~ Counterpoint Research于2025年12月发布报告称，2025年第三季度（7月至9月）全球晶圆代工 2.0市场规模将达到848亿美元，同比增长17%。全球人工智能的蓬勃发展带动了对GPU及其他组 件的需求增长，进而推动了台积电和日月光等厂商的强劲销售，并最终扩大了整个行业的市场规 模。 Counterpoint Research 对"Foundry 2.0"的定义涵盖了专业代工厂、非存储器 IDM、OSAT（外包 半导体组装和测试）公司以及光掩模供应商。 根据调查结果，台积电2025年第三季度的销售额预计将比去年同期增长41%。这主要得益于苹果 智能手机3nm工艺产品的增产，以及面向NVIDIA、AMD和博通等AI加速器客户的4/5nm工艺产品 的全面量产。然而，一些人认为，这种全面量产的情况可能会限制第四季度的产量。 OSAT（外包半导体组装和测试）公司也继续保持良好业绩，2025年第三季度销售额较去年同期增 长10%。这主要得益于日月光半导体/SPIL的强劲表现，其销售额因满足了市场对AI GPU和AI ASIC的需求而大幅增长。预计产能的显著提 ...

Core Insights - Nvidia has been a major player in the AI computing infrastructure sector, but five other tech stocks focused on AI data centers have shown even more remarkable growth in 2025 [1][2] - The AI infrastructure spending by major tech companies like Amazon, Microsoft, Google, and Meta is projected to reach approximately $380 billion in 2025, with a potential 50% increase in 2026 [3] - The semiconductor market is expected to see significant growth, with a projected total value of $772.2 billion in 2025 and $975.5 billion in 2026, driven by AI infrastructure demands [7][6] Group 1: AI Computing Stocks - Lumentum is highlighted as a key winner in the AI computing supply chain, with its stock price increasing nearly 400% in 2025, driven by demand for optical components in AI data centers [1][11] - Western Digital's stock has surged nearly 300% in 2025, as AI data centers require massive storage solutions for large datasets [14][15] - Micron Technology, as a major U.S. memory chip manufacturer, is benefiting from the AI infrastructure boom, with its stock price rising approximately 240% in 2025 [17][20] Group 2: Market Trends and Projections - Analysts predict that the semiconductor industry will experience a "super cycle," with significant growth in AI chip, storage, and optical interconnect sectors [4][5] - The global AI infrastructure investment wave is expected to reach $3 trillion to $4 trillion by 2030, indicating a long-term growth trajectory for AI-related investments [5][19] - The demand for high-performance storage solutions, particularly HBM and SSDs, is expected to continue to rise, with Micron and other storage companies positioned to benefit significantly [18][21] Group 3: Company-Specific Developments - Celestica, a key player in manufacturing high-performance network switches for AI data centers, has seen its stock rise over 230% in 2025 [27][28] - Seagate's stock has increased by 231% in 2025, driven by the growing demand for HDDs and SSDs in AI data centers [23][25] - The competitive landscape between Google and OpenAI in the AI computing space is expected to benefit companies like Lumentum and Western Digital, as both companies require advanced storage and optical interconnect solutions [10][12]