不过，据南方财经记者观察，在经历"寒潮"之后，该板块已呈现回暖趋势。 记者丨 朱治宣 孙静芳 实习生钟宸 存储器市场在11月中下旬突遇"寒潮"，作为AI浪潮下的受益板块之一，存储器概念此前的上涨态势随着AI泡沫论等担忧受到剧烈影响，11月底 的板块骤降反映出市场的敏感性。 | 3368.25 昨收 3416.39 成交额 244.46亿 -48.14 -1.41% | 今开 | | | --- | --- | --- | | 上涨 == 2 | 平盘 1 - 下跌 = 26 | | | 最高价 3403.55 | 市盈率 | | | 3366.28 | | 最低价 | | 分时 五日 日K 周K 月K 更多 ◎ | | | | 叠加 设均线 MA 5:3414.54↓ 10:3423.09↑ 20:3035.32↑ | | | | 4024.07 | | | | 3814.95 > 1 | | | 截至12月1日，万得存储器指数（8841241.WI）收盘报3416.39点，当日涨幅达1.99%，已连续四个交易日上涨。存储器板块年初至今涨幅达到 97.7%（流通市值加权平均），东芯股份（688110.SH）、 ...

Core Viewpoint - Dongxin Co., Ltd. has experienced significant stock price growth this year, with a year-to-date increase of 371.89% and a recent surge of 18.69% over the past five trading days [1] Company Overview - Dongxin Semiconductor Co., Ltd. is located in Shanghai and was established on November 26, 2014, with its listing date on December 10, 2021. The company focuses on the research, design, and sales of general-purpose storage chips [1] - The main revenue composition includes NAND (57.08%), MCP (25.88%), DRAM (10.43%), NOR (6.15%), and other services (0.46%) [1] Financial Performance - For the period from January to September 2025, Dongxin Co., Ltd. achieved a revenue of 573 million yuan, representing a year-on-year growth of 28.09%. However, the net profit attributable to shareholders was -146 million yuan, a decrease of 12.16% compared to the previous year [2] - Since its A-share listing, the company has distributed a total of 135 million yuan in dividends, with 55.72 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 168.45% to 51,300, while the average circulating shares per person decreased by 62.75% to 8,627 shares [2] - The top ten circulating shareholders include notable funds such as the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and the Hong Kong Central Clearing Limited, with some shareholders reducing their holdings [3]

一、数字狂欢背后的冷思考 最近科创板的两融数据又成了茶余饭后的谈资。2564.68亿元的总余额，东芯股份1.54亿元的净买入，这些数字在各大财经平台滚动播放。我盯着这些数 据看了许久，突然想起三年前那个燥热的夏天——当时创业板注册制刚落地，市场也是一片欢腾，但最终多少人真正从中分得一杯羹？ 数字会说话，但说的是加密语言。就像我清华实验室的同门师兄常说的："数据本身没有价值，解读数据的能力才值钱。"271只个股获得融资净买入，8 只超5000万元，这些数字背后藏着怎样的市场密码？普通投资者看到的可能是机会，而我看到的是一场认知维度的较量。 二、牛市幻觉与残酷现实 记得2015年那轮牛市，小区门口卖煎饼的大爷都开始讨论K线形态。当时有个现象特别有意思：80%的人确实赚过钱，但最终保住盈利的不足20%。这 就像在游乐场玩旋转木马——转得再欢，音乐停了才发现还在原地。 去年跟踪过一只半导体股票，走势堪称教科书级的"心理战"。股价在三个月里反复画"心电图"，论坛里骂声一片。但当我打开量化系统，看到的却是另 一番景象： 行情好的时候，多数人觉得"早涨晚涨都是涨"，结果往往是"赚过"而非"赚到" 机构用专业工具在收割认知差 ...

Core Insights - The demand for AI terminals is currently in its early development stage, but is expected to experience explosive growth in the future as edge computing evolves [2] - The company is focusing on AI terminal products such as headphones, wristbands, and smartwatches, while also exploring high-bandwidth functional modules for AI glasses, smart robots, and AI PCs [2] Product Development - The company is conducting R&D on mid-to-high capacity NOR Flash products ranging from 64Mb to 2Gb based on 48nm and 58nm processes [2] - Continuous upgrades of NOR Flash products will provide diverse and reliable options for clients in wearable devices, security monitoring, IoT, and automotive electronics [2] Automotive Sector Engagement - The company is actively onboarding and validating automotive-grade storage products, having completed whitelist onboarding with several domestic automakers [2] - The company has also secured supplier qualifications with multiple domestic and international tier-one automotive suppliers and has begun sales of automotive-grade products to well-known overseas tier-one suppliers [2]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index decreased by 0.34% as of December 1, 2025, with mixed performance among constituent stocks [1] - Lexin Technology led the gains with an increase of 8.3%, while Dongxin Co., Ltd. experienced the largest decline at 7.3% [1] - The Sci-Tech 100 ETF (588800) saw a trading volume of 2.43 billion yuan, with a turnover rate of 9.69% [1] Group 2 - The Sci-Tech Semiconductor Materials and Equipment Theme Index rose by 0.26%, with Huahai Chengke up by 7.34% [1] - The Sci-Tech Semiconductor ETF (588170) increased by 0.14%, with a latest price of 1.39 yuan [1] - Yushu Technology's IPO guidance status has been updated to "guidance work completed," indicating readiness for IPO application [1] Group 3 - Dongwu Securities predicts a potential surge in the robotics sector in December, driven by deep adjustments and catalysts such as Tesla's third-generation release and Yushu's IPO application [2] - The Sci-Tech 100 ETF (588800) tracks the Sci-Tech 100 Index, focusing on high-growth sectors including semiconductors, pharmaceuticals, and new energy [2] - The Sci-Tech Semiconductor ETF (588170) encompasses companies in semiconductor equipment (61%) and materials (23%), benefiting from domestic substitution trends and AI-driven demand [2]

Core Viewpoint - The data indicates significant capital outflows from the top 20 stocks as of December 1, with notable amounts withdrawn from various companies [1] Group 1: Major Capital Outflows - Industrial Fulian experienced the highest outflow at -9.20 billion yuan [1] - Sunshine Power followed with an outflow of -7.95 billion yuan [1] - Shenghong Technology saw a capital outflow of -7.62 billion yuan [1] Group 2: Additional Notable Outflows - Qianzhao Optoelectronics had an outflow of -6.50 billion yuan [1] - Changxin Bochuang recorded -4.69 billion yuan in outflows [1] - Shannon Chip Creation experienced -4.47 billion yuan in capital outflows [1] Group 3: Other Companies with Significant Outflows - BlueFocus Media had an outflow of -3.86 billion yuan [1] - Dongfang Fortune saw -3.76 billion yuan in outflows [1] - Shanghai Electric experienced a capital outflow of -3.09 billion yuan [1] Group 4: Remaining Companies in the Top 20 - Dongxin Co. had an outflow of -2.79 billion yuan [1] - Zhongwei Company saw -2.76 billion yuan in outflows [1] - 360 Security Technology experienced a capital outflow of -2.65 billion yuan [1] - Other companies with notable outflows include Dongtian Micro (-2.40 billion yuan), Aerospace Power (-2.34 billion yuan), and Huagong Technology (-2.30 billion yuan) [1]

Group 1 - As of November 28, the total market financing balance reached 2.46 trillion yuan, an increase of 1.48 billion yuan from the previous trading day, marking four consecutive days of growth in financing balance [1] - The financing balance in the Shanghai market was 1.24 trillion yuan, up by 17.44 million yuan; in the Shenzhen market, it was 1.21 trillion yuan, increasing by 1.43 billion yuan; and in the Beijing Stock Exchange, it was 7.53 billion yuan, rising by 38.84 million yuan [1] - On November 28, a total of 1,680 stocks received net financing purchases, with 387 stocks having net purchases exceeding 10 million yuan, and 20 stocks with net purchases over 100 million yuan [1] Group 2 - The top net financing purchase on November 28 was NewEase, with a net purchase of 1.17 billion yuan, followed by Zhongji Xuchuang and Xiangnong Xinchuan with net purchases of 860 million yuan and 463 million yuan, respectively [2] - In terms of industry, the highest concentration of stocks with net purchases exceeding 100 million yuan was in the electronics, communications, and power equipment sectors, with 6, 3, and 3 stocks respectively [1][2] - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.74%, with Yongtai Technology having the highest ratio at 8.02% [2]

Group 1 - The main point of the article highlights the net inflow of main funds in the Shanghai and Shenzhen markets, amounting to 10.84 billion yuan, with the Sci-Tech Innovation Board seeing a net inflow of 320 million yuan [1] - A total of 250 stocks experienced net inflows, while 339 stocks saw net outflows, indicating a mixed sentiment in the market [1] - Among the stocks with significant net inflows, Jinghe Integrated led with a net inflow of 183 million yuan, followed by Wanrun New Energy and Jinpan Technology with inflows of 144 million yuan and 139 million yuan respectively [2] Group 2 - There are 52 stocks that have seen continuous net inflows for more than three trading days, with Sunshine Nuohe leading at eight consecutive days of inflow [2] - Conversely, 127 stocks have experienced continuous net outflows, with Zhimingda showing the longest streak at 19 consecutive days of outflow [2] - The top stocks by net inflow include Jinghe Integrated, Wanrun New Energy, and Jinpan Technology, with respective inflow rates of 8.41%, 10.21%, and 6.80% [2][3]

Group 1 - Jianbang Co., Ltd. plans to repurchase shares using self-owned funds between 15 million and 30 million yuan, with a maximum price of 38 yuan per share [1] - Yatong Precision Engineering's investment in a private equity fund has been terminated due to failure to complete the agreed investment, leading to the fund's dissolution [1] - China Storage Co., Ltd. intends to invest 1.129 billion yuan in the Sanjiang Port project, with its wholly-owned subsidiary contributing 500 million yuan to establish a project company [2] Group 2 - Guangxin Co., Ltd. plans to inject assets worth 4.383 billion yuan into its wholly-owned subsidiary, increasing its registered capital from 10 million to 20 million yuan [3] - Jiangxin Home plans to use up to 3 billion yuan of idle self-owned funds for cash management in low-risk financial products [4] - Huangshan Tourism intends to lease part of the Huangshan scenic area for 1.27 billion yuan over a 10-year period [5] Group 3 - Jilin Expressway's general manager has resigned due to work adjustments [6] - Guoyao Modern's subsidiary has received a drug registration certificate for hydromorphone hydrochloride injection, suitable for pain management [8] - Hangya Technology plans to invest up to 70 million USD to establish subsidiaries in Singapore and Malaysia [10] Group 4 - ST Sailong's subsidiary has received approval for the listing of two chemical raw materials [11] - Shanghai Pharmaceuticals' tramadol hydrochloride injection has passed the consistency evaluation for generic drugs [12] - Yubang Electric has obtained a laboratory accreditation certificate from CNAS, indicating its testing capabilities [14] Group 5 - ST Lifang's stock will be subject to delisting risk warning starting December 1 due to administrative penalties [15] - Zhejiang Longsheng is investing 200 million yuan in a private equity partnership focused on high-potential enterprises [15] - Huayang Co., Ltd.'s subsidiary has obtained safety production permits, allowing it to commence production [16] Group 6 - Xujie Electric has won a bid for a State Grid project worth 1.518 billion yuan [17] - Pinggao Electric and its subsidiaries have collectively won a State Grid project worth approximately 773 million yuan [17] - ST Lanhua's subsidiary has entered the trial production phase for a juice beverage project with a total investment of up to 65 million yuan [18] Group 7 - Huakong Saige has terminated its stock issuance plan due to various considerations [19] - Yatong Co., Ltd. plans to invest 36 million yuan to establish a joint venture in renewable energy [20] - Warner Pharmaceuticals has received a drug registration certificate for a new inhalation solution for COPD patients [21] Group 8 - Demais has raised the upper limit for its share repurchase price to 45 yuan per share [22] - China West Electric's subsidiaries have collectively won a State Grid procurement project worth approximately 2.98 billion yuan [22] - Changan Automobile's joint venture has submitted a listing application to the Hong Kong Stock Exchange [23] Group 9 - Yinlun Co., Ltd. plans to invest approximately 133 million yuan to acquire a controlling stake in Shenzhen Deep Blue Electronics [24] - Zhongfu Information intends to increase its wholly-owned subsidiary's capital by 380 million yuan [24] - Financial Street's major shareholder has reduced its stake by 0.25% [25] Group 10 - Audiwei has formally submitted an application for H-share listing [26] - Zhongcai Technology's private placement application has been accepted by the Shenzhen Stock Exchange [27] - Haowei Group's subsidiary plans to invest 200 million yuan in a private equity fund focused on semiconductor investments [28] Group 11 - Jinkai New Energy is planning to transfer 51% of its subsidiary's equity to introduce strategic investors [31] - Huafeng Technology has reduced its fundraising target for a private placement to no more than 972 million yuan [32] - Mindray Medical's chairman plans to increase his stake in the company by 200 million yuan [33] Group 12 - Zhongman Petroleum's shareholders plan to reduce their holdings by up to 3% [35] - Innovation New Materials' shareholder intends to reduce their stake by up to 1% [37] - Guangdong Construction has signed a framework agreement to establish a quality testing base in Linzhi Economic Development Zone [39]

Group 1: Market Insights - Morgan Stanley is optimistic about the Chinese stock market, raising the A-share rating to "overweight" due to multiple positive incremental drivers expected next year, such as broader applications of artificial intelligence and consumer stimulus measures [1] - The National Development and Reform Commission warns against the risk of oversaturation in the humanoid robot market, noting that the industry is growing at over 50% annually and is projected to reach a market size of 100 billion yuan by 2030 [2] - The State Administration for Market Regulation is enhancing anti-monopoly enforcement and promoting fair competition to create a market environment that stimulates the vitality of various business entities [3] Group 2: Company News - Moore Threads reported that online investors abandoned the subscription of 29,302 shares, which were fully underwritten by the sponsor, with a total subscription amount of 334.86 thousand yuan [3][4] - Dongxin Co. announced a strategic cooperation framework agreement with a leading domestic cloud computing service provider, focusing on areas such as domestic cloud desktop systems and digital twin solutions [4] - Huayang Group is indirectly supplying optical communication module components to NVIDIA through international clients [4] - Guofeng New Materials plans to acquire 46.26 million shares of Jinzhan Technology, with the Shenzhen Stock Exchange agreeing to resume the review of this transaction [4] - Hunan Gold's subsidiary obtained a mining license for tungsten, magnetite, and silver, with an annual production capacity of 990,000 tons [5] - Jereh Group signed a sales contract for generator sets for North American data centers, exceeding 100 million USD, marking a significant breakthrough in the high-end power market [7] - Saiwei Electronics experienced abnormal stock trading, with the National Integrated Circuit Fund reducing its holdings by 14.26 million shares, dropping below 5% ownership [8] - Fulei New Materials has completed multiple iterations of its self-developed "electronic skin" product and achieved bulk supply, transitioning from a material supplier to a smart sensing solution provider [9] - Tianpu Co. announced a suspension of trading due to significant stock price fluctuations, with a cumulative increase of 452% since August 22 [10] - FAW Jiefang plans to increase capital in its joint venture with CATL and Telda, totaling 412 million yuan, to enhance competitiveness in the new energy commercial vehicle sector [11] - Heng Rui Medicine received clinical trial approval for five drugs, including the anti-PD-L1 monoclonal antibody, with significant research and development investments [12]