| | 沪股通( | 2月24日 D | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 601899 | 紫金矿业 | 20.45 | | 2 | 603986 | 兆易创新 | 20.35 | | 3 | 600519 | 贵州茅台 | 17.66 | | 4 | 688256 | 寒武纪 | 15.79 | | 5 | 601318 | 中国平安 | 15.10 | | 6 | 688008 | 澜起科技 | 14.80 | | 7 | 688041 | 海米信息 | 14.23 | | 8 | 601138 | 工业富联 | 14.01 | | 9 | 600036 | 招商银行 | 12.23 | | 10 | 688012 | 中微公司 | 11.23 | | | 深胺道( | 2月24日 | | | 招 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 300750 | 宁德时代 | 48.38 | | 2 | 300308 | 中标旭创 | 46.31 | | 3 | 300394 | 天孚通信 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [12]. Core Insights - The evolution path of large models in the AI industry is becoming clearer, with a potential supply-demand imbalance in computing power [2]. - Significant upgrades to major AI models occurred around the Chinese New Year, with both domestic and international companies releasing important model updates, indicating a robust demand for advanced AI capabilities [4]. - The rise in computing power prices suggests a supply bottleneck, which may benefit the computing power supply chain in the long term [4]. Summary by Sections Investment Suggestions - The report suggests focusing on the following sectors for investment: - Computing and Storage: Cambrian, Haiguang Information, Moore Threads, Muxi Co., Zhaoyi Innovation, Baiwei Storage, Jucheng Co., and Lixin Micro [4]. - Advanced Manufacturing: SMIC, Huahong, Jinghe Integration, China Resources Micro, Chipone, Changdian Technology, Tongfu Microelectronics [4]. - Optical Communication: Zhongji Xuchuang, Tianfu Communication, Xinyi Sheng, Changfei Fiber Optics, Zhongtian Technology, Hengtong Optics, Huanyu Electronics, Jietu [4]. - PCB: Shennan Circuit, Huitian Technology, Pengding Holdings, Shenghong Technology [4]. - PCB Materials: Shengyi Technology, Nanya New Materials, Feiliwa, International Composites, China Materials Technology, Honghe Technology [4]. - Thermal Management and Power Supply: Invec, Shenling Environment, Jiewate, Magmi Tech, Oulu Tong [4]. Industry Developments - Major AI model upgrades were noted, including the release of models such as K2.5 by Moon's Dark Side, GLM-5 by Zhipu, and others from ByteDance and Alibaba, showcasing a competitive landscape in AI model development [4]. - The emergence of advanced AI agents and multi-modal applications is expected to drive productivity changes across various sectors, including business, legal, and financial applications [4]. - The report highlights the increasing efficiency of AI-generated content, with improvements in video generation capabilities, indicating a shift towards scalable development in industries like animation and gaming [4].

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [4][9]. Core Insights - The report highlights the ongoing competition in AI model development, with significant advancements from both international and domestic companies, particularly in computational power [6]. - It emphasizes the importance of computational power as a key investment theme, focusing on overseas computational power, domestic computational power, and storage as three main lines of investment [6][9]. - The report notes that domestic AI models are reaching a dual inflection point in technology and commercialization, with a shift from parameter competition to efficiency and agent-based innovations [6]. Summary by Sections Overseas Computational Power - Google launched its Gemini 3.1 Pro model, achieving a significant increase in reasoning and coding capabilities, with test scores surpassing previous models [6]. - Companies like Lumentum and Coherent saw stock increases of 19.90% and 14.57% respectively, driven by better-than-expected orders [6]. - Nvidia's stock rose by 4.78% as it prepares to unveil a revolutionary AI chip at the upcoming GTC 2026 conference [6]. Domestic Computational Power - Domestic AI model companies performed well during the holiday period, with notable stock increases for companies like Zhizhu and MiniMax [6]. - The report mentions the successful launch of several new AI models by domestic companies, indicating a shift towards efficiency and commercialization [6]. - Key domestic chips have been adapted for new models, with significant support from various domestic computational platforms [6]. Storage Chips - The report notes stock increases for companies like SanDisk and Micron, driven by growing AI demand [6]. - Micron is investing $50 billion to expand its production capacity in response to increasing AI infrastructure needs [6]. - The report highlights the significant price increase for HBM4 chips, reflecting the inflationary effects of AI demand [6].

上证报中国证券网讯（李子健 记者 周亮）2月24日，兆易创新H股股价冲高回落，盘中一度报450港元/ 股，再创新高。截至15时10分，公司股价上涨10.82%，报428港元/股。 消息面上，在2月20日高盛举办的投资者会议上，SK海力士管理层释放关键判断，全球存储芯片行业已 全面转入卖方市场。基于AI算力基建的刚性需求与供应端刚性约束的双重作用，SK海力士判断2026年 存储芯片价格将呈现逐季上涨态势。供需失衡已从阶段性现象演变为结构性特征，价格上涨具备坚实基 本面支撑。 招商证券在2月份发布的存储行业深度跟踪报告中表示，今年存储价格或持续上涨，同时2026年全球新 增供给有限，预计存储紧缺趋势将延续至2027年。 ...

消息面上，2月20日，海力士在电话会上表示，所有客户需求都无法满足，受AI客户强劲需求和供应增长有限的推 动，今年存储价格持续上涨，在DRAM和NAND上的库存仅余约4周，并预计这一水平在全年将继续下降，正在与主 要客户讨论多年期的长期合约。海力士表示，2026年的HBM已全部售罄，满足客户需求的生产计划已经分配完毕，当 前传统DRAM的供需紧张可能为2027年的HBM（高带宽内存）业务带来更有利的条款。 华金证券此前指出，存储周期稳步上行下，考虑到公司不断推进存储芯片工艺制程/品类迭代，Nor有望持续保持领 先，随着DRAM头部大厂产能切换，公司或复制Nor Flash发展路径且定制化DRAM有望打开增量空间，叠加持续壮大 MCU百货商店及传感器与模拟业务发展，在消费电子/汽车电子/工业等智能化背景下，业绩有望持续增长。 编辑/rice 2月24日消息， 涨超14%，盘中高见445港元，再创历史新高。截至发稿，现报442港元，成交额逾6亿港元。 ...

半导体ETF（159813）业绩比较基准为国证半导体芯片指数收益率，管理人为鹏华基金管理有限公司， 基金经理为罗英宇，成立（2020-04-17）以来回报为86.00%，近一个月回报为3.62%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，半导体ETF（159813）开盘涨1.53%，报1.260元。半导体ETF（159813）重仓股方面，中芯国 际开盘涨0.94%，海光信息涨3.00%，寒武纪涨1.39%，北方华创涨1.17%，兆易创新涨2.85%，中微公司 涨1.26%，澜起科技涨3.27%，豪威集团涨1.02%，拓荆科技涨0.92%，长电科技涨1.67%。 来源：新浪基金∞工作室 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the technology sector, particularly focusing on overseas computing power (CPO), domestic computing power, and storage chips during the Chinese New Year holiday period. [1][2] Key Points Overseas Computing Power - **CPO Performance**: - Lumentum increased by 18.66% and Coherent by 14.25%, benefiting from better-than-expected CPO and OCS orders announced in FY26Q2, indicating growing market recognition of the CPO industry. [1] - **Cloud Services**: - Google saw a 4.29% increase, launching the Gemini 3.1 Pro flagship model on February 19, significantly enhancing inference and coding capabilities. [1] Domestic Computing Power - **Domestic Model Performance**: - Notable increases in domestic models: Zhiyu up by 49.5% and Minimax by 42.7%. [2] - **New Model Launches**: - Several flagship models were launched during the holiday, including Zhiyu GLM-5, MiniMax M2.5, Qwen 3.5-Plus, and Doubao 2.0 + Seedance 2.0. [2] - **Technological and Commercialization Shift**: - The domestic large model sector is experiencing a dual inflection point, transitioning from parameter competition to efficiency and agent revolution, with commercialization moving from investment to profitability. [2] - **Globalization Trend**: - There is an accelerating trend of reverse globalization in the domestic computing power sector. [2] - **Focus on Full-stack Autonomy**: - Emphasis on domestic chips, self-developed frameworks, and deep model adaptation. [2] - **Aliyun's Progress**: - Achieved a key milestone with the global launch of the 3.2TNPO module, applied in the new generation of domestic four-chip switches. [2] Storage Chips - **Market Performance**: - In the US market, SanDisk rose by 3.74% and Micron by 4.01%. In the Hong Kong market, Zhaoyi Innovation increased by 8.92% and Lanke Technology by 14.59%. [2] - **Micron's Expansion**: - Micron is investing $50 billion to double the size of its Boise campus and is constructing two new wafer fabs, expected to start production of DRAM in 2027, with full production by the end of 2028. [3] Investment Insights - **CPO Technology Innovation**: - Continued focus on CPO technology and the Google chain, with key companies including 富联, 天孚, 致尚, 炬光, and 罗博. [3] - **Domestic Large Models and Chips**: - Emphasis on domestic computing power with companies like 中芯, 华虹, 芯原, 盛科, and 华懋. [3] - **Storage Recommendations**: - Continued recommendations for Zhaoyi Innovation and Lanke Technology, alongside a focus on US stocks like SNDK and MU. [3]

来源：新浪基金∞工作室 2月24日，芯片ETF天弘（159310）开盘涨1.12%，报2.342元。芯片ETF天弘（159310）重仓股方面，寒 武纪开盘涨1.39%，中芯国际涨0.94%，海光信息涨3.00%，北方华创涨1.17%，兆易创新涨2.85%，澜起 科技涨3.27%，中微公司涨1.26%，豪威集团涨1.02%，紫光国微涨1.02%，拓荆科技涨0.92%。 芯片ETF天弘（159310）业绩比较基准为中证芯片产业指数收益率，管理人为天弘基金管理有限公司， 基金经理为洪明华，成立（2024-04-18）以来回报为131.72%，近一个月回报为3.46%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

存储芯片概念盘中震荡拉升，北京君正涨超10%，此前太极实业、时空科技涨停，万润科技、佰维存 储、澜起科技、兆易创新、香农芯创跟涨。 消息面上，SK海力士透露，目前其DRAM和NAND库存已降至仅约4周的极低水位，且预计将在全年继 续下降，原厂议价权显著提升。三星正就其最新一代人工智能存储芯片HBM4的定价进行谈判，价格将 比上一代高出20%至30%，预计售价约为700美元。 相关行业： 存储芯片制造：随着AI数据中心建设提速，市场对DRAM、HBM等高带宽存储芯片需求持续攀升，叠 加海外大厂主动控制普通存储产能转向高端AI存储，行业供需格局持续优化，主营存储芯片研发制造 的企业将直接受益于产品量价齐升，业绩增长弹性充足。 芯片封测：存储芯片尤其是高端HBM芯片需要先进的堆叠封装技术支持，随着存储芯片出货量增长与 产品结构升级，具备2.5D、3D等先进封测能力的厂商将获得更多高端订单，技术优势转化为业绩增长 动能，迎来快速发展机遇。 半导体材料与设备：存储芯片产能扩张与技术升级带动光刻胶、电子特气、沉积设备等材料设备需求提 升，拥有核心技术壁垒的材料设备企业将伴随行业发展实现营收增长，国产替代进程也将进一步加速 ...

每经AI快讯，兆易创新(03986.HK)涨超7%，截至发稿，涨7.41%，报414.8港元，成交额3.49亿港元。 ...