交银国际研究 行业剖析 科技行业 2026 年展望：人工智能超级周期或继续，"十五五"科技国产替代或加速 | 估值概要 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | (%) | | 英伟达 | NVDA US | 买入 | 245.00 | 179.59 | 2.938 | 4.631 | 61.1 | 38.8 | 56.15 | 31.43 | 0.0 | | 台积电 | TSM US | 买入 | 360.00 ...

最近一个月，全球科技指数表现呈现分化。统计11月11日至12月10日，MSCI信息科技指数涨0.5%，小 幅跑赢MSCI全球指数（+0.3%）。A股Wind信息技术指数逆势涨2.8%，成为同期全行业指数中唯一实 现正收益的板块，而沪深300同期则录得1.3%的跌幅。摩尔线程上市后市场反应积极。港股市场或受外 部波动影响，恒生指数跌4.3%；恒生科技指数跌5.8%，跌幅仅次于以大型互联网企业为核心成分的恒 生传媒指数。估值方面，美股科技股估值在11月下旬普遍下跌后有所反弹，该行认为这一波动或主要来 自美联储降息预期的不确定性以及对AI泡沫的市场讨论。A股申万电子/申万半导体指数市盈率均有所 回升。 智通财经APP获悉，交银国际发布研报称，之前市场对于AI泡沫的讨论发生时点与美联储降息不确定性 重合，与AI强相关的芯片设计和晶圆代工企业随之回调。认为全球AI基础设施过度建设的潜在风险总 体可控，并看好2026年AI基础设施相关的投资前景。 交银国际主要观点如下： 不同市场科技股走势分化，A股表现亮眼 台积电11月营收同比增长24% 存储价格继续飙升，维持预计供不应求的趋势或将延续至2026年底 根据DRAMexc ...

证券代码：002989 证券简称：中天精装 债券代码：127055 债券简称：精装转债 深圳中天精装股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他（2025 年度深圳辖区上市公司投资者网上集体接待日活动） 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 11 月 20 日 （周四）下午 14:30~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络远 程的方式召开业绩说明会 上市公司接待人 员姓名 1、董事长楼峻虎 2、总经理王新杰 3、联席总经理张安 4、财务负责人陶阿萍 5、独立董事伍安媛 6、董事会秘书陈文娟 投资者关系活动 主要内容介绍 公司就投资者在本次说明会中提出的问题进行了回复，提问及回复主 要内容如下： 1、公司三季度业绩如何？ 尊敬的投资者，您好！公司 2025 年前三季度累计营业收入为 2.12 亿 元，净利润为-0.62 亿元，经营性现金流量为 2.74 亿元；截至 202 ...

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董秘回答(艾森股份SH688720)： 投资者提问： 你好，贵司有HBM 高带宽存储芯片 制程相关的产品或者技术储备吗 尊敬的投资者您好，公司"先进封装光刻胶""电镀铜基液""铜钛蚀刻液""电镀锡银添加剂"等产品可以用 于HBM存储芯片封装。感谢您的关注。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Group 1 - South Korea's major semiconductor companies, Samsung Electronics and SK Hynix, will not be affected by the proposed 100% tariffs on chips by the U.S. government due to a recent trade agreement between Washington and Seoul [1][3] - U.S. President Donald Trump announced that companies manufacturing chips in the U.S. or those with plans to build factories in the U.S. will be exempt from the tariffs [1][3] - Following Trump's announcement, Apple and TSMC saw significant stock price increases, with Apple planning to invest an additional $100 billion in U.S. manufacturing [1][2] Group 2 - TSMC has established a large chip factory in Phoenix, Arizona, expected to start mass production of 4/5nm chips in the second half of the year, serving major clients like Apple and NVIDIA [2] - TSMC's second factory in Phoenix is set to begin large-scale production of 3nm and 2nm chips by 2027-2028 [2] Group 3 - SK Hynix has surpassed Samsung Electronics in quarterly revenue for the first time, becoming the largest memory chip manufacturer globally, driven by strong demand for HBM chips from major clients like NVIDIA [4] - SK Hynix holds a 62% market share in the HBM segment, while Samsung's share is only 17%, indicating a significant competitive shift in the memory chip market [4]

Core Viewpoint - Samsung Electronics is facing a critical moment as it struggles to adapt to the rapidly evolving AI market, highlighted by the recent death of co-CEO Han Jong-hee and the company's declining stock performance compared to competitors like SK Hynix and TSMC [2][3][4]. Financial Performance - In 2024, Samsung Electronics reported revenues of 300.9 trillion KRW, a 16% increase year-on-year, with operating profit soaring by 395% to 32.7 trillion KRW and net profit reaching 33.6 trillion KRW, up 131% [12][13]. - Despite the impressive overall financial growth, the fourth quarter of 2024 saw a 29.2% decline in operating profit to 6.5 trillion KRW, falling short of analyst expectations [14][16]. Market Share and Competition - Samsung's market share in various sectors has declined, with its global TV market share dropping from 30.1% in 2023 to 28.3% in 2024, and smartphone market share decreasing from 19.7% to 18.4% [14][16]. - The semiconductor division (DS) also faced challenges, with fourth-quarter operating profit at 2.9 trillion KRW, indicating underperformance compared to market expectations [16][20]. Strategic Moves - In response to the challenges, Samsung has initiated a significant restructuring of its DS division, including the dismissal of over 100 executives and the divestment of its LED business, which generated 20 trillion KRW in annual sales [20][28]. - Samsung's leadership is focusing on regaining its competitive edge in the semiconductor market, particularly in high-bandwidth memory (HBM) chips, which are crucial for AI applications [24][25]. Competitive Landscape - SK Hynix has emerged as a strong competitor in the HBM market, significantly outpacing Samsung in terms of production and sales, with SK Hynix's fourth-quarter operating profit reaching 8.1 trillion KRW, compared to Samsung's 6.5 trillion KRW [26][28]. - The competition in the semiconductor industry is intensifying, with both Samsung and SK Hynix vying for dominance in the AI-driven market [29].