智通财经APP获悉，东方证券发布研报称，英伟达(NVDA.US)于CES 2026大会上发布推理上下文内存 存储平台，该平台是一个POD级AI原生存储基础设施，核心目标是在GPU内存和传统存储之间创建一 个专为推理优化的新型内存层，以支撑AI长期运行。AI大模型推理过程中需要通过高频次地访问数 据，来实现高质量内容生成，将使得存储结构发生较大变化，提升对存储芯片的需求。当前存储供不应 求持续，同时海外存储巨头在通用存储方面的扩产进度可能有限，为国内存储厂商扩产、提升份额带来 历史性机遇。 东方证券主要观点如下： 东方证券此前强调，AI大模型推理过程中需要通过高频次地访问数据，来实现高质量内容生成，将使 得存储结构发生较大变化，提升对存储芯片的需求。展望未来，AI有望从"一次性对话的聊天机器人"演 进为理解现实世界、持续推理、调用工具完成任务的智能协作体，而这需要持续扩大上下文容量、加快 跨节点共享，从而带动存储芯片需求高速成长。 存储供不应求持续，重视存储产业链国产化机遇 存储供不应求持续，同时海外存储巨头在通用存储方面的扩产进度可能有限，为国内存储厂商扩产、提 升份额带来历史性机遇。技术方面，在DRAM领域 ...

继2025年10月完成IPO辅导验收，国产DRAM存储大厂长鑫科技集团股份有限公司（下称"长鑫科技"）递交科创板上市申请，12月30日最新状态为 已经受理，并已获预先审阅，答复了两轮问询。 （原标题：国产DRAM存储大厂长鑫科技登陆科创板IPO申请获受理?2025年净利润有望扭亏为盈） 本次长鑫科技拟公开发行人民币普通股（A股）不超过106.22亿股，计划募集资金高达295亿元，用于存储器晶圆制造量产线技术升级改造项目、 DRAM存储器技术升级项目、动态随机存取存储器前瞻技术研究与开发项目。 2025年下半年业绩好转 2022年至2024年，长鑫科技营业收入复合增长率为70.81%，截至2025年6月30日，公司累计亏损408.57亿元。随着公司产销规模的持续增长、产品 结构的持续优化，以及2025年下半年以来DRAM产品价格的快速上涨，公司营业收入迅速增长。 2025年1—9月公司营业收入320.84亿元，同比接近翻倍；归母净利润-52.8亿元，同比略微减亏；经营活动产生的现金流量净额同比增长近5倍。截 至2025年6月30日，公司资产负债率为57.65%。 据预测，2025年公司营业收入将达到550亿元至 ...

Core Viewpoint - The domestic chip industry in China is undergoing significant transformation, moving from a perception of being "stuck" or "ineffective" to showcasing advancements and capabilities by 2025 [1][3]. Group 1: Consumer Electronics and Automotive - The gaming performance of domestic processors is improving, with the Haiguang C86 processor achieving frame rates of nearly 200 and 300 for major games, indicating readiness for high-performance gaming [2][3]. - The Haiguang C86 processor, featured in the "Black Warrior·Hunting Blade Pro" gaming PC, has a base frequency of 2.8GHz and supports PCIe 5.0, demonstrating its capability to handle high-load tasks [5][6]. - The GAC Aopao GT "Climbing Edition" achieved 100% domestic chip design, utilizing the RK3588M chip for its intelligent cockpit, showcasing the reliability and performance of domestic chips in high-end vehicles [12][13]. Group 2: Storage and Memory Chips - Changxin Storage launched DDR5 products with speeds up to 8000Mbps, marking a significant advancement for domestic manufacturers in the high-end memory market [9][10]. - The introduction of DDR5 technology represents a leap from DDR4, with performance improvements and the ability to address high-frequency signal interference [10][11]. - Longjiang Storage's TiPlus7100s SSD achieved read speeds of 7400MB/s and write speeds of 6900MB/s, indicating competitive performance against international brands [11]. Group 3: AI and Computing Power - The exit of international giants from the AI chip market has created opportunities for domestic companies, with Cambrian Technologies reporting a 1332.52% year-on-year revenue increase in Q3 2025 [15][16]. - Domestic firms are adopting "super node" technology to enhance computing power by integrating multiple AI acceleration cards into a single cabinet, addressing performance bottlenecks in large model training [17][18]. - The demand for storage has shifted from being a cost component to a strategic asset, with significant implications for the supply chain and market dynamics [18][19]. Group 4: Semiconductor Manufacturing and Equipment - Domestic companies are making strides in semiconductor manufacturing equipment, with the shipment of a 350nm lithography machine that supports the production of power devices and RF chips [23][24]. - The development of high-speed oscilloscopes and EDA tools is filling critical gaps in the chip design and testing process, enhancing the capabilities of domestic semiconductor firms [25][26]. - The Chinese semiconductor industry is transitioning from "point breakthroughs" to "chain collaboration," indicating a shift towards more integrated and cooperative development efforts [20][27].

Core Viewpoint - The semiconductor sector is showing strong performance, with significant gains in semiconductor equipment ETFs and key stocks, indicating a positive outlook for the industry [1][3]. Group 1: ETF Performance - The semiconductor equipment ETF (561980) closed up 1.50%, with an intraday high of 2.44% [1]. - The ETF has seen a substantial inflow of funds, with 3.77 billion yuan purchased over the last seven trading days, and a year-to-date increase in shares of 108.8% [1]. Group 2: Key Stock Movements - Notable stock performances include North China Innovation rising by 7.59%, and Shen Gong Co. increasing by 6.88% [1]. - Other leading companies such as Nanda Optoelectronics and Tianyue Advanced also saw gains exceeding 5% [1]. Group 3: Market Drivers - The IPO of domestic GPU leader Moore Threads, dubbed "China's Nvidia," has boosted market confidence in the semiconductor sector, particularly in upstream equipment and materials [3]. - Advancements in storage technology, such as Changxin Storage's new DDR5 products achieving speeds of 8000 Mbps, are expected to drive demand for semiconductor equipment [3]. Group 4: Industry Outlook - Continuous expansion of downstream wafer fabs is providing significant growth opportunities for domestic equipment manufacturers [4]. - The semiconductor equipment sector is anticipated to maintain high prosperity due to supportive policies and increased capital expenditures driven by AI [4].

Group 1: Xiaomi Incident - Xiaomi clarified rumors regarding a fire in its automotive battery production line, stating it was caused by an operational error during equipment debugging, resulting in minor flames that were quickly extinguished without injuries [2] Group 2: SpaceX Starship Explosion - SpaceX's upgraded Starship rocket booster experienced an explosion during testing, with the cause still under investigation. This incident follows previous issues with the booster and spacecraft during earlier tests [3] Group 3: Tesla AI Chip Deployment - Tesla CEO Elon Musk announced the deployment of millions of self-developed AI chips in vehicles and data centers, with plans to release a new AI chip every 12 months. The current version is AI4, while AI5 is nearing production [4] Group 4: Meituan Rider Support Investment - Meituan plans to invest 10 billion yuan over the next five years to enhance rider support, including housing initiatives and expanded family care benefits for riders [5] Group 5: Longxin Storage New Product Launch - Longxin Storage unveiled its latest DDR5 product series at the IC China 2025 event, featuring speeds up to 8000 Mbps and capacities reaching 24Gb, alongside new LPDDR5X products for mobile markets [9] Group 6: Huida Technology Leadership Change - Huida Technology announced a leadership change, appointing Ye Jinchun as the new president following the resignation of Liu Yuping due to work adjustments [10] Group 7: Wenta Technology Control Rights Statement - Wenta Technology issued a statement urging Anshi Netherlands to respond to control rights issues, emphasizing the importance of stable global semiconductor supply chains [11][12] Group 8: ASIC Security Chip Production - Shanshi Network Technology announced that its self-developed ASIC security chip has completed testing and is expected to begin mass sales in the first quarter of 2026 [13] Group 9: Moore Threads IPO - Moore Threads has opened subscriptions for its IPO, aiming to become the first domestic GPU stock with an issue price of 114.28 yuan per share, potentially valuing the company at approximately 53.715 billion yuan upon listing [14] Group 10: Jiahuatech Acquisition Plans - Jiahuatech is planning to acquire a controlling stake in Shudun Technology through a combination of share issuance and cash payment, which may constitute a significant asset restructuring [15] Group 11: China FAW Investment in Zhuoyu Technology - China FAW announced a strategic investment exceeding 3.6 billion yuan in Zhuoyu Technology, which will continue to operate independently while benefiting from FAW's resources [16] Group 12: Guangku Technology Asset Restructuring - Guangku Technology plans to acquire 99.97% of Suzhou Anjie Optical Technology through a combination of shares and cash, enhancing its capabilities in optical communication solutions [17] Group 13: Zhaowei Electromechanical H-share Listing - Zhaowei Electromechanical is in the process of applying for an H-share listing on the Hong Kong Stock Exchange, planning to issue up to 69,058,450 shares [18] Group 14: OPPO Reno15 Series Launch - OPPO launched the Reno15 series featuring advanced camera systems and AI capabilities, with pricing starting at 2,999 yuan for the Reno15 and 3,699 yuan for the Reno15 Pro [19]

1 王毅：日本现职领导人越了不应碰的红线 2025年11月19日至22日，中共中央政治局委员、外交部长王毅应邀赴吉尔吉斯斯坦、乌兹别克斯坦、塔吉克斯坦举行外长战略对话，并同三国领导人友好交 流。访问结束后，王毅接受中国媒体采访。王毅表示，日本现职领导人竟然公开发出试图武力介入台湾问题的错误信号，讲了不该讲的话，越了不应碰的红 线。中方必须予以坚决回击，这既是维护中国的主权与领土完整，也是捍卫用鲜血和生命换来的战后成果，维护国际正义和人类良知。（央视新闻） 引众怒！高市早苗个人账号评论区批评声不断 据新华社11月23日消息，在日本首相高市早苗的社交媒体X账号下，其近期发布的帖文引发大量日本网民强烈批评。从外交、经济到社会民生政策，民众表 达对高市的不满与不信任，要求其撤回涉台错误言论、辞去首相职务的呼声不断高涨。 石破茂再批高市错误言论：不能过一时嘴瘾 每经编辑｜张喜威 王瀚黎 ↓ MSCI于１１月６日公布了１１月指数调整 有调整将于11月24日收盘后生效 2 2025中国汽车供应链大会于1人月241 召开 3 2025RISC-V产业发展大会暨RDSA国 于11月24日至25日在珠海、澳门联动举 4 2025 ...

Group 1 - The core viewpoint of the articles indicates a significant price increase in DRAM and NAND flash memory, with Samsung and SK Hynix raising prices by up to 30% in Q4, signaling the start of a price upcycle in response to supply-demand imbalances [1] - Analysts predict that the shortage of memory products may persist for three to four years, driven by substantial investments in AI servers, ongoing memory upgrades in general servers, and the rising demand for edge AI devices [1] - The current cycle is expected to be stronger and longer than previous ones, influenced by large investments in AI server fields, memory upgrades for general servers to support AI applications, and the proliferation of edge AI functionalities in smartphones and PCs [1] Group 2 - The demand for Server DRAM is increasing due to the recovery of cloud service provider (CSP) construction momentum, with sustained demand for DDR5 products and expanding HBM demand [2] - YoleGroup forecasts that the HBM market will maintain a compound annual growth rate of 33% until 2030, with its revenue expected to exceed 50% of the total revenue of the DRAM market by that time [2] - Companies mentioned in relation to this growth include Zhaoyi Innovation, Baiwei Storage, and Purun Co., Ltd. [3]