来源：新浪财经 文 丨 《BUG》栏目 周文猛 2026年开年以来，存储芯片行业迎来了一次大爆发。 优势明显、短板突出 2016年，在合肥市政府支持下，兆易创新创始人朱一明牵头成立长鑫科技，目标直指被三星电子、海力 士、美光等海外科技企业垄断的DRAM存储芯片领域，填补国内产业空白。 招股书显示，历经9年发展，长鑫科技核心产品已覆盖DDR4、DDR5、LPDDR5等主流DRAM系列，可 提供晶圆、芯片、模组等方案。根据Omdia数据，按照产能和出货量统计，长鑫科技已成为中国第一、 全球第四的DRAM厂商。 根据市场研究机构Counterpoint Research发布最新行业报告指出，内存市场已进入"超级牛市"阶段，当 前行情甚至超越了2018年的历史高点，达到了近8年来新高。同时，由于全球存储芯片市场持续缺货， 2026年第一季度服务器DRAM价格将上涨60%—70%、通用型DRAM价格将环比上涨55%—60%。 受消息面影响，连日来，美光、闪迪等美股存储企业连续暴涨，A股兆易创新、普冉股份等存储企业也 波动上涨。 行业将目光聚焦到长鑫科技，这家总资产超过3000亿的存储芯片企业的IPO申请获受理。 《BU ...

以下文章来源于投资界 ，作者杨继云 王露 投资界 . 清科控股旗下创业与投资资讯平台 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 长鑫科技的故事，始于兆易创新及合肥。 2005年，在海外半导体摸爬滚打多年的朱一明回国创业，这位清华校友一头扎进当时国内尚属空 白的存储芯片领域，兆易创新应运而生。彼时海外巨头牢牢把控了全球存储芯片江湖，兆易创新凭 借一己之力撕开了一道口子。 2016年，兆易创新在上交所IPO，至今缔造千亿市值。 一个史诗级IPO浮出水面。 近日，长鑫科技集团股份有限公司（下称"长鑫科技"）申报科创板IPO获交易所受理。这一次IPO 拟募资295亿元，位列科创板融资额历史第二。 市值有望破万亿？创投圈翘首以盼。 说起来，长鑫科技背后是大佬朱一明，曾创立千亿市值半导体公司兆易创新。2016年，他孤注一 掷，在合肥创办长鑫科技，主攻彼时国内几近空白的DRAM存储芯片。十年磨一剑，即将叩响科创 板大门。 2026年，一个IPO大年正在来临。 01 朱一明掌舵 合肥巨无霸IPO来了 02 上 ...

Group 1: Fire Engine as AI Cloud Partner - Fire Engine has officially become the exclusive AI cloud partner for the 2026 Spring Festival Gala of the Central Radio and Television Station [2] - The partnership will leverage cutting-edge multimodal large models and cloud computing technology to enhance the Gala's programs, online interactions, and video live streaming [2] - Fire Engine has provided technical support for Douyin's Spring Festival Gala live broadcasts over the past five years, demonstrating high concurrency capacity and stability [2] Group 2: Changxin Technology's IPO - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan [3] - The company has experienced continuous revenue growth over the past three years, but it is projected to incur significant losses exceeding 30 billion yuan from 2022 to 2024 [3] - As the largest DRAM manufacturer in China, Changxin holds a 3.97% global market share, but it still lags behind major international competitors [3] Group 3: Blue Arrow Aerospace's IPO - Blue Arrow Aerospace's IPO application has been accepted, with plans to raise 7.5 billion yuan [4] - The funds will be allocated for enhancing reusable rocket capacity and technology [4] - The company has reported increasing revenues but also significant net losses from 2022 to 2025 [4] Group 4: National Subsidy Policy for Smart Glasses - The 2026 national subsidy policy includes smart glasses for the first time, aiming to promote product innovation and market growth [7] - The subsidy for digital and smart products is set at 15% of the product price, with a cap of 500 yuan per item [7] - The inclusion of smart glasses is expected to lower consumer barriers and stimulate short-term sales, with projected significant growth in AR and AI glasses sales by 2025 [8] Group 5: Launch of 2026 National Subsidy - The 2026 national subsidy program officially commenced on January 1, with the first order successfully placed by a consumer in Guangzhou [9] - The program aims to enhance consumption convenience in rural areas and promote economic growth [9] - JD.com has committed to investing nearly 30 billion yuan to support the national subsidy initiative in rural areas [9]

一个史诗级IPO浮出水面。 近日，长鑫科技集团股份有限公司（下称"长鑫科技"）申报科创板IPO获交易所受理。这一次IPO拟募 资295亿元，位列科创板融资额历史第二。 市值有望破万亿？创投圈翘首以盼。 说起来，长鑫科技背后是大佬朱一明，曾创立千亿市值半导体公司兆易创新。2016年，他孤注一掷，在 合肥创办长鑫科技，主攻彼时国内几近空白的DRAM存储芯片。十年磨一剑，即将叩响科创板大门。 2026年，一个IPO大年正在来临。 朱一明掌舵，合肥巨无霸IPO来了 长鑫科技的故事，始于兆易创新及合肥。 2005年，在海外半导体摸爬滚打多年的朱一明回国创业，这位清华校友一头扎进当时国内尚属空白的存 储芯片领域，兆易创新应运而生。彼时海外巨头牢牢把控了全球存储芯片江湖，兆易创新凭借一己之力 撕开了一道口子。 2016年，兆易创新在上交所IPO，至今缔造千亿市值。 但朱一明并没有停下脚步。兆易创新试图开拓DRAM市场，这是存储市场最重要的存储芯片类型，也是 芯片国产化的兵家必争之地。朱一明先是打算收购北京矽成，但并未成功，于是转而决定自主建厂—— 这是一个耗资巨大的工程。 此时，合肥伸出了橄榄枝。那时的合肥已提出打造"IC ...

Core Viewpoint - The company is experiencing increased demand for high copper paste due to the rising silver prices, and its recent acquisitions in the storage business indicate a clear long-term growth momentum [1][2]. Investment Highlights - The company is initiating coverage with an "Overweight" rating, projecting EPS of 0.95, 2.92, and 4.24 yuan for 2025-2027, respectively. Based on its leading position and comparable company valuations, a target price of 75.92 yuan per share is set, applying a 26x PE for 2026 [2]. - Silver prices have surged, leading to heightened demand for high copper paste. As of December 15, the Shanghai silver benchmark price reached 14,812 yuan/kg, an increase of 7,232 yuan/kg or 95.4% since the beginning of the year. This price increase has accelerated the company's high copper paste product development, with stable supply to strategic customers and a GW-level production line expected to be operational in Q4 [2]. - The company has successfully optimized the high copper paste solution in terms of seed layer and formulation, enhancing efficiency and cost-effectiveness, and has validated its compatibility with the TOPCon 3.0 process. As strategic customers ramp up production, other leading battery component manufacturers are expected to follow suit, potentially leading to larger-scale shipments next year [2]. Strategic Acquisitions - The company is expanding into the storage sector through acquisitions, having acquired 51% of Inmeng in September 2024 and 62.5% of Jiangsu Jingkai in October 2025. Inmeng focuses on the application development and design of its own brand DRAM storage chips, while Jiangsu Jingkai handles packaging and testing of storage chips [3]. - These acquisitions create an integrated supply chain from application development to wafer testing and packaging, providing the company with a competitive edge in new wafer introduction, cost quality control, and responsiveness to customer needs [3]. - The storage business is rapidly developing, with sales revenue of 269 million yuan achieved in the first three quarters of 2025. Inmeng is accelerating the mass production of AI computing and edge AI-related products, including SOC-DRAM integrated products and low-power high-bandwidth memory (LPW DRAM) [3]. - The storage market is experiencing sustained demand growth, which supports product pricing, while the ramp-up of domestic storage wafer capacity further expands the market space for domestic storage [3].

Core Insights - The article discusses the significant restructuring of investment banking teams at major firms like Goldman Sachs, Morgan Stanley, and JPMorgan in response to the booming AI infrastructure market, particularly in the TMT (Technology, Media, and Telecommunications) sector [1][2] - Goldman Sachs' recent report indicates a strong demand for AI server clusters, which is expected to continue growing through 2026, alongside robust demand for optical networking equipment and a moderate supply increase in the DRAM storage chip market [1][3] Investment Banking Restructuring - Goldman Sachs is creating a new global infrastructure technology business unit, integrating its telecom and CoreTech teams, led by Yasmine Coupal and Jason Tofsky [1] - Another new unit, focused on global internet and media, will be led by Brandon Watkins and Alekhya Uppalapati, as the firm seeks to capitalize on large-scale investment opportunities in the AI sector [2] AI Infrastructure Demand - The demand for AI servers is projected to remain strong, with significant growth expected in AI ASIC clusters led by Google, outpacing AI GPU shipments, which will also see robust growth [2][3] - Nvidia's Rubin architecture AI GPU clusters are set to begin production in mid-2026, with strong capacity ramp-up anticipated in the latter half of that year [3] Market Predictions - Goldman Sachs' stock strategists predict that the S&P 500 index will reach around 7600 points next year, indicating a potential 10% upside from current levels, driven by widespread AI technology adoption and resilient economic growth [3][4] - The overall earnings per share for S&P 500 companies are expected to jump by 12% next year, with a further 10% increase in 2027, reflecting the positive impact of AI on corporate profitability [3][4] AI Investment Wave - The article highlights that the current wave of investment in AI infrastructure is just beginning, with projections estimating that the total investment could reach between $3 trillion to $4 trillion by 2030, driven by unprecedented demand for AI computing power [4]

Core Insights - Major investment banks, including Goldman Sachs, Morgan Stanley, and JPMorgan, are restructuring their TMT investment banking teams to capitalize on the booming AI technology sector [1][2] - Goldman Sachs' recent report indicates strong demand for AI server clusters, expected to continue through 2026, with optical network equipment also showing robust demand [1][3] - The AI infrastructure investment wave is projected to reach $3 trillion to $4 trillion by 2030, driven by unprecedented demand for AI computing power [4] Investment Banking Restructuring - Goldman Sachs is creating a new global infrastructure technology business unit, integrating telecom and CoreTech teams, led by Yasmine Coupal and Jason Tofsky [1][2] - A separate global internet and media team will be led by Brandon Watkins and Alekhya Uppalapati, as part of the restructuring efforts [2] AI Market Dynamics - OpenAI plans to invest approximately $1.4 trillion in building large-scale AI infrastructure to support AI training and inference [2] - Demand for AI ASIC clusters, led by Google, is expected to grow faster than AI GPU shipments, which will also maintain strong growth [2][3] - The DRAM market is experiencing moderate supply growth, with demand significantly outpacing supply, leading to expectations of substantial price increases [3] Stock Market Outlook - Goldman Sachs' stock strategists predict that the S&P 500 index will reach around 7600 points next year, indicating a potential 10% upside from current levels, driven by AI technology adoption and resilient economic growth [3][4] - The overall earnings per share for S&P 500 companies are expected to jump by 12% next year, with a further 10% increase in 2027 [3] AI Infrastructure Investment - The AI infrastructure investment wave is still in its early stages, with significant investments in AI hardware expected to continue [4] - The recent launch of Google's Gemini3 has sparked a new wave of AI applications, further validating the ongoing demand for AI computing infrastructure [4]

证券日报网讯12月10日，东芯股份在互动平台回答投资者提问时表示，公司目前紧抓存储芯片国产替代 的历史机遇，深耕本土市场，搭建了灵活、高效的研发、生产运营及销售体系，在产品定义、设计开 发、量产出货、售后服务与技术改良等环节为客户提供一站式支持，有效提升合作效率，为客户使用公 司产品及技术提供了有力的保障。公司自成立以来，始终坚持自主研发、持续创新的发展战略，经过多 年的技术积累和研发投入，公司在NAND、NOR、DRAM等存储芯片的设计核心环节均拥有了自主研发 能力与核心技术。 ...

格隆汇12月10日丨东芯股份(688110.SH)在投资者互动平台表示，公司目前紧抓存储芯片国产替代的历 史机遇，深耕本土市场，搭建了灵活、高效的研发、生产运营及销售体系，在产品定义、设计开发、量 产出货、售后服务与技术改良等环节为客户提供一站式支持，有效提升合作效率，为客户使用公司产品 及技术提供了有力的保障。公司自成立以来，始终坚持自主研发、持续创新的发展战略，经过多年的技 术积累和研发投入，公司在NAND、NOR、DRAM等存储芯片的设计核心环节均拥有了自主研发能力与 核心技术。 ...

陕西新三板再现惊喜。 再从融资侧看，截至12月初，今年共有126家企业完成增发，实际募资总额为54.34亿，不及2024年的一半，仅为2022年的四分之一。 此番状况下紫光国芯能连续完成两轮融资，已经属于相当突出的案例。从全省来看，陕西新三板2025年仅有四家企业公布定增预案，西驰电气（831081）定 增156万；驭腾能环（873957）定增4499万；西诺稀贵（873575）定增1.4亿，对比之下紫光国芯稳坐省内融资第一的位置。 本次参与融资参与机构的"配置"堪称豪华。 此次投资方中，产业资本方包括北汽集团、中兴通讯、上汽集团、陕西半导体先导等，其中北汽集团通过房山安鹏、安鹏科创两只基金出资7000万元，成为 定增中最大的认购方。 引起北汽集团如此关注的原因很明显，主要看重紫光国芯DRAM存储芯片在汽车电子领域的应用，未来双方具有广泛的协作空间。 11月底，本土新三板挂牌公司紫光国芯（874451）宣布完成年内的第二轮融资，规模为3.49亿，累计融资额达6亿元，刷新了自己于年内（2025年3月）创下 的融资记录。 在更大的视野下，伴随AI浪潮与产业东风，陕西半导体行业正悄然迎来属于自己的"高光时刻"。 2 ...