上帝不离不弃
05-28
目标价1625美元，你们在怕什么
$美光科技(MU)$
罕见上调204%！震惊全球
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
2
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":569020953973168,"tweetId":"569020953973168","gmtCreate":1779925337109,"gmtModify":1779932193010,"author":{"id":4200638915699862,"idStr":"4200638915699862","authorId":4200638915699862,"authorIdStr":"4200638915699862","name":"上帝不离不弃","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":8,"crmLevelSwitch":1,"currentWearingBadge":{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.02.06","individualDisplayEnabled":0},"individualDisplayBadges":[],"wearingBadges":[{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","name":"实盘交易者","description":"完成一笔实盘交易","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000}],"fanSize":28,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>目标价1625美元，你们在怕什么<a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$ </a> </p></body></html>","htmlText":"<html><head></head><body><p>目标价1625美元，你们在怕什么<a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$ </a> </p></body></html>","text":"目标价1625美元，你们在怕什么$美光科技(MU)$","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/569020953973168","repostId":2638502319,"repostType":2,"repost":{"id":"2638502319","kind":"highlight","pubTimestamp":1779880837,"share":"https://www.laohu8.com/m/news/2638502319?lang=zh_CN&edition=full","pubTime":"2026-05-27 19:20","market":"us","language":"zh","title":"罕见上调204%！震惊全球","url":"https://stock-news.laohu8.com/highlight/detail?id=2638502319","media":"格隆汇","summary":"短缺、涨价","content":"<html><body><p><span>本文作者 | 深鹏</span></p><p><span>数据</span><span>支持 | 勾股大数据（www.gogudata.com）</span></p><p><span>执业编号：A20260413000375</span></p><p><img src=\"https://img3.gelonghui.com/b83a5-90b45489-881a-4705-b815-d66a70055885.jpg?guru_height=44&guru_width=1080&guru_size=6688\"/></p><p><span><span><span>震惊全球！</span></span></span></p><p><span><span><span>投行上调美光目标价，幅度高达</span></span><span><span>204%</span></span><span><span>，美光股价应声大涨近</span></span><span><span>20%</span></span><span><span>。</span></span></span></p><p><span><span><span>今天较早开盘的日韩股市，芯片板块普遍上涨。</span></span></span></p><p><span><b><span><span>国内方面，</span></span></b><b><span><span>半导体设备</span></span><span><span>ETF</span></span><span><span>招商</span></span><span><span>(561980)虽然</span></span><span><span>今日午后下挫，收跌4.47%，但年内涨幅依然达到58.39%。</span></span></b></span></p><p><span>招商基金基金经理房俊一表示，近期半导体设备板块获利盘兑现意愿升温，多空博弈加剧，但韬定律为国产芯片开辟新路径，存储上市与扩产预期明确，自主可控逻辑稳健，全球半导体销售额连续14个月增长，周期仍处向上通道。</span></p><p><strong><span><font color=\"#3daad6\">01</font></span></strong></p><p><span><strong><span><font color=\"#3daad6\">罕见上调2倍</font></span></strong></span></p><p><span><span><span>5</span></span><span><span>月</span></span><span><span>26</span></span><span><span>日，瑞银分析师蒂莫西</span></span><span><span>·</span></span><span><span>阿尔库里发布报告，将美光目标价从此前</span></span><span><span>535</span></span><span><span>美元一举上调至</span></span><span><span>1625</span></span><span><span>美元，上调幅度达</span></span><span><span>204%</span></span><span><span>，对应市值</span></span><span><span>1.8</span></span><span><span>万亿美元，这也是华尔街给出的最高目标价。</span></span></span></p><p><span><span><span>瑞银特别指出，即便剔除</span></span><span><span>HBM</span></span><span><span>业务，核心</span></span><span><span>DRAM</span></span><span><span>的平均售价在</span></span><span><span>2026</span></span><span><span>至</span></span><span><span>2027</span></span><span><span>年仍将保持强劲增长，</span></span><span><span>2026</span></span><span><span>年同比增速预计</span></span><span><span>181%</span></span><span><span>，</span></span><span><span>2027</span></span><span><span>年为</span></span><span><span>73%</span></span><span><span>，反映整体内存供需关系改善，并非仅靠</span></span><span><span>HBM</span></span><span><span>单一产品拉动。</span></span></span></p><p><span><span><span>瑞银解释称，</span></span><span><span>15</span></span><span><span>倍市盈率与美光过去三年</span></span><span><span>NTM</span></span><span><span>市盈率均值基本一致，也与<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>等龙头半导体公司估值相当，表明美光的估值逻辑已接近优质成长型半导体公司，而非周期股。</span></span></span></p><p><span><span><span>此外，</span></span><span><span>Melius Research</span></span><span><span>将目标价上调至</span></span><span><span>1100</span></span><span><span>美元，花旗上调至</span></span><span><span>840</span></span><span><span>美元，机构一致看好</span></span><span><span>AI</span></span><span><span>驱动的存储超级周期将持续至</span></span><span><span>2027</span></span><span><span>年。</span></span></span></p><p><span><span><span>实际上，</span></span><span><span>今年以来，</span></span><span><span>美光</span></span><span><span>累计涨幅已达</span></span><span><span>214%</span></span><span><span>，成为继英伟达、<a href=\"https://laohu8.com/S/MSFT\">微软</a>、<a href=\"https://laohu8.com/S/TSM\">台积电</a>、<a href=\"https://laohu8.com/S/AVGO\">博通</a>之后，又一迎来</span></span><span><span>“</span></span><span><span>万亿美元高光时刻</span></span><span><span>”</span></span><span><span>的芯片企业。</span></span></span></p><p><span><span><span>美光大涨的背后，</span></span><span><span>其实有迹可循。</span></span></span></p><p><span><span><span>首先，美光管理层在<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>会议上指出，受</span></span><span><span>AI</span></span><span><span>工作负载向代理型模式转变推动，</span></span><span><span>HBM</span></span><span><span>、</span></span><span><span>DRAM</span></span><span><span>和</span></span><span><span>NAND</span></span><span><span>的供应紧张将持续</span></span><span><span>“</span></span><span><span>远超</span></span><span><span>2026</span></span><span><span>年</span></span><span><span>”</span></span><span><span>。</span></span></span></p><p><span><span><span>其次，美光</span></span><span><span>HBM4</span></span><span><span>产能爬坡速度比上一代</span></span><span><span>HBM3</span></span><span><span>快一倍，良率提升显著。</span></span></span></p><p><span><span><span>此外，美光宣布下一代</span></span><span><span>HBM4E</span></span><span><span>将由台积电代工逻辑芯片，计划</span></span><span><span>2027</span></span><span><span>年量产，标志着其已成功进入英伟达下一代</span></span><span><span>Vera Rubin AI</span></span><span><span>计算平台的核心供应链。</span></span></span></p><p><span><span><span>最后，美光将其美国弗吉尼亚州工厂的</span></span><span><span>DDR4</span></span><span><span>产能提升</span></span><span><span>4</span></span><span><span>倍，表明在汽车、国防等长生命周期应用中，</span></span><span><span>DDR4</span></span><span><span>的毛利率甚至可能超过</span></span><span><span>HBM</span></span><span><span>。</span></span></span></p><p><span><span><span>加上韩股存储厂商股价疯狂，于是乎，</span></span><span><span>各大机构纷纷上调</span></span><span><span>美光</span></span><span><span>评级与目标价</span></span><span><span>，并且还有声音说称</span></span><b><span><span>储存公司已经撕掉周期股的外衣，变身</span></span><span><span>AI</span></span><span><span>成长股。</span></span></b></span></p><p><strong><span><font color=\"#3daad6\">02</font></span></strong></p><p><span><strong><span><font color=\"#3daad6\">产能缺口</font></span></strong></span></p><p><span><span><span>根据最新</span></span><span><span>行业</span></span><span><span>数据，当前存储芯片正经历</span></span><span><span>15</span></span><span><span>年来最严重的产能短缺</span></span><span><span>。</span></span></span></p><p><span><span><span><a href=\"https://laohu8.com/S/GS\">高盛</a>在最新研报中大幅上调供需缺口预期，认为</span></span><span><span>2026</span></span><span><span>年</span></span><span><span>DRAM</span></span><span><span>供需缺口将达到</span></span><span><span>4.9%</span></span><span><span>，为过去</span></span><span><span>15</span></span><span><span>年来的最高纪录，</span></span><span><span>2027</span></span><span><span>年缺口也将维持在</span></span><span><span>2.5%</span></span><span><span>。</span></span></span></p><p><span><span><span>这一短缺的核心原因是</span></span><span><span>AI</span></span><span><span>算力爆发式增长，而供给端受制于晶圆厂建设周期和先进制程技术瓶颈，短期内无法有效扩产。</span></span></span></p><p><span><span><span>此前的市场普遍预期</span></span><span><span>2026</span></span><span><span>年</span></span><span><span>DRAM</span></span><span><span>供需基本平衡，</span></span><span><span>但</span></span><span><span>高盛的大幅上修反映出供需恶化速度远超行业预期。</span></span></span></p><p><span><b><span><span>从供给端来看，</span></span><span><span>2026</span></span><span><span>年主要</span></span><span><span>NAND</span></span><span><span>原厂几无新增产能，</span></span><span><span>DRAM</span></span><span><span>方面三大原厂全年几乎无新增有效产能。</span></span></b><span><span><a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、</span></span><span><span>SK</span></span><span><span>海力士、美光三大原厂</span></span><span><span>2026</span></span><span><span>年产能已基本被预订一空。</span></span></span></p><p><span><span><span>其中</span></span><span><span>SK</span></span><span><span>海力士</span></span><span><span>2026</span></span><span><span>年</span></span><span><span>DRAM</span></span><span><span>、</span></span><span><span>NAND</span></span><span><span>和</span></span><span><span>HBM</span></span><span><span>产能已全部售罄，无法满足任何额外需求，即便是长期合作的核心客户也难以争取到额外配额。</span></span></span></p><p><span><span><span>美光对核心客户的供应满足度仅能达到</span></span><span><span>50%</span></span><span><span>至三分之二，这意味着大量下游厂商将面临</span></span><span><span>“</span></span><span><span>无米之炊</span></span><span><span>”</span></span><span><span>的困境。</span></span></span></p><p><span><span><span>行业真正意义上的大体量新产能，业内普遍预计至少要到2028年才会开始显现，例如三星正在建设的新平泽工厂和SK海力士的龙仁半导体集群，均需等到2028年前后才能陆续投产。</span></span></span></p><p><span><span><span>供给增长受限并非单纯的产能周期问题，而是具有深刻的结构性特征。</span></span></span></p><p><span><span><span>新一代HBM芯片晶粒尺寸持续增大，导致单片晶圆可切割出的芯片数量较上一代产品明显下降；同时，随着制程工艺向10纳米以下节点推进，EUV光刻技术的广泛引入也对产能爬坡速度和良率提升形成了新的技术约束。</span></span></span></p><p><span><span><span>这意味着即便晶圆厂满负荷运转，单位晶圆能够产出的有效芯片数量也在减少。</span></span></span></p><p><span><b><span><span>从需求端来看，</span></span><span><span>AI</span></span><span><span>驱动的需求</span></span></b><b><span><span>继续高增</span></span></b><b><span><span>。</span></span></b></span></p><p><span><span><span>2026</span></span><span><span>年</span></span><span><span>AI</span></span><span><span>服务器</span></span><span><span>DRAM</span></span><span><span>需求同比增长</span></span><span><span>105%</span></span><span><span>，</span></span><span><span>AI</span></span><span><span>服务器</span></span><span><span>HBM</span></span><span><span>需求同比增长</span></span><span><span>110%</span></span><span><span>。</span></span></span></p><p><span><span><span>AI</span></span><span><span>服务器</span></span><span><span>DRAM</span></span><span><span>需求占比在</span></span><span><span>2026</span></span><span><span>年突破</span></span><span><span>40%</span></span><span><span>，</span></span><span><span>2028</span></span><span><span>年将超</span></span><span><span>50%</span></span><span><span>成为行业主力。</span></span></span></p><p><span><span><span>DRAM</span></span><span><span>年产能需求增速需达到</span></span><span><span>12%</span></span><span><span>才能勉强跟上需求，但当前实际增速仅为</span></span><span><span>7.5%</span></span><span><span>，供需增速之间存在约</span></span><span><span>4.5</span></span><span><span>个百分点的剪刀差。</span></span></span></p><p><span><b><span><span>供需缺口的直接体现</span></span></b><b><span><span>，</span></span></b><b><span><span>是价格飙升。</span></span></b></span></p><p><span><span><span>2026</span></span><span><span>年第二季度</span></span><span><span>Mobile DRAM</span></span><span><span>合约价大幅上涨，超出市场预期。其中</span></span><span><span>，</span></span><span><span>LPDDR4X</span></span><span><span>季度涨幅为</span></span><span><span>70%</span></span><span><span>至</span></span><span><span>75%</span></span><span><span>，</span></span><span><span>LPDDR5X</span></span><span><span>涨幅为</span></span><span><span>78%</span></span><span><span>至</span></span><span><span>83%</span></span><span><span>，一般型</span></span><span><span>DRAM</span></span><span><span>涨幅为</span></span><span><span>58%</span></span><span><span>至</span></span><span><span>63%</span></span><span><span>，</span></span><span><span>NAND Flash</span></span><span><span>涨幅为</span></span><span><span>70%</span></span><span><span>至</span></span><span><span>75%</span></span><span><span>。</span></span></span></p><p><span><span><span>NAND</span></span><span><span>芯片在</span></span><span><span>8</span></span><span><span>个月内涨幅超过</span></span><span><span>600%</span></span><span><span>，涨势为近年来罕见。</span></span></span></p><p><span><span><span>这一轮涨价不仅覆盖了高端产品，甚至波及到了通常被视为</span></span><span><span>“</span></span><span><span>长尾</span></span><span><span>”</span></span><span><span>的</span></span><span><span>DDR4</span></span><span><span>等成熟产品，表明短缺已从细分领域蔓延至全行业。</span></span></span></p><p><span><span><span>近期美光宣布将弗吉尼亚州工厂的</span></span><span><span>DDR4</span></span><span><span>产能提升</span></span><span><span>4</span></span><span><span>倍，但这属于产能配置调整，而非全面扩产。</span></span></span></p><p><span><span><span>TrendForce</span></span><span><span>分析指出，该产线设备主要来自其他厂区转移，整体</span></span><span><span>DDR4</span></span><span><span>并无扩产规划。</span></span></span></p><p><span><span><span>在这场</span></span><span><span>存储芯片</span></span><span><span>15</span></span><span><span>年来最严重的供应短缺周期中，行业正从传统的买方市场转向卖方市场，原厂</span></span><span><span>的</span></span><span><span>定价权</span></span><span><span>凸显。</span></span></span></p><p><strong><span><font color=\"#3daad6\">03</font></span></strong></p><p><span><strong><span><font color=\"#3daad6\">大厂IPO来了</font></span></strong></span></p><p><span><span><span>对于国内市场而言，产能和价格趋势跟全球趋势相一致，而且还叠加了一层国产替代的驱动逻辑。</span></span></span></p><p><span><span><span>最新的业绩数据中，像存储公司</span></span><span><span><a href=\"https://laohu8.com/S/688525\">佰维存储</a></span></span><span><span>2026</span></span><span><span>年一季度净利润超去年全年三倍；<a href=\"https://laohu8.com/S/301308\">江波龙</a>一季度营收同比增长</span></span><span><span>132.79%</span></span><span><span>；<a href=\"https://laohu8.com/S/603986\">兆易创新</a>一季度营收同比增长</span></span><span><span>119.38%</span></span><span><span>；</span></span></span></p><p><span><span><span>其他的相关领域，例如</span></span><span><span>半导体设备</span></span><span><span>中</span></span><span><span>，<a href=\"https://laohu8.com/S/300604\">长川科技</a></span></span><span><span>2026</span></span><span><span>年一季度归母净利润同比大幅增长</span></span><span><span>217.60%</span></span><span><span>；</span></span><span><span><a href=\"https://laohu8.com/S/688012\">中微公司</a>净利润同比增长</span></span><span><span>197.20%</span></span><span><span>；</span></span></span></p><p><span><span><span>在半导体材料及设计公司方面，<a href=\"https://laohu8.com/S/300346\">南大光电</a>一季度净利润同比增长</span></span><span><span>29.97%</span></span><span><span>；</span></span><span><span><a href=\"https://laohu8.com/S/688041\">海光信息</a>净利润同比增长</span></span><span><span>35.82%</span></span><span><span>；<a href=\"https://laohu8.com/S/688256\">寒武纪</a>净利润同比增长</span></span><span><span>185.04%</span></span><span><span>，历史最优。</span></span></span></p><p><span><b><span><span>二级市场上，</span></span></b><b><span><span>半导体设备</span></span><span><span>ETF</span></span><span><span>招商</span></span><span><span>(561980)</span></span><span><span>昨日单日净流入超</span></span><span><span>2.71</span></span><span><span>亿元，最新规模突破</span></span><span><span>43.31</span></span><span><span>亿元，创上市新高。</span></span></b></span></p><p><img src=\"https://img3.gelonghui.com/1fb41-3e4ad082-f124-4b3e-a95c-e8467655523c.jpg?guru_height=705&guru_width=857&guru_size=55521\"/></p><p><span><span><span>从历史表现看，截至</span></span><span><span>5</span></span><span><span>月</span></span><span><span>26</span></span><span><span>日，</span></span><b><span><span>半导体设备</span></span><span><span>ETF</span></span><span><span>招商</span></span><span><span>(561980)</span></span></b><span><span>标的指数</span></span><span><span>2020</span></span><span><span>年至今累计涨</span></span><b><span><span>超</span></span><span><span>451%</span></span></b><span><span>、近一年涨幅达</span></span><b><span><span>172%</span></span></b><span><span>，在科创芯片、半导体材料设备等同类指数中均位列</span></span><b><span><span>第一</span></span></b><span><span>。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/835d1-1f1e6169-b494-4fa5-8893-ea21ae16b691.jpg?guru_height=627&guru_width=861&guru_size=71248\"/></p><p><span><b><span><span>半导体设备</span></span><span><span>ETF</span></span><span><span>招商</span></span><span><span>(561980)</span></span></b><span><span>跟踪中证半导体产业指数，是</span></span><span><span>A</span></span><span><span>股少有的同时</span></span><span><span>100%</span></span><span><span>覆盖设备、材料、设计、制造四大芯片核心产业链的指数，标的指数中<a href=\"https://laohu8.com/S/002371\">北方华创</a></span></span><span><span>+</span></span><span><span>中微公司合计占比</span></span><span><span>27%</span></span><span><span>、寒武纪</span></span><span><span>+</span></span><span><span>海光信息合计</span></span><span><span>15%</span></span><span><span>、<a href=\"https://laohu8.com/S/688981\">中芯国际</a>含量</span></span><span><span>6%</span></span><span><span>，前十大集中度高达</span></span><span><span>77%</span></span><span><span>。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/16a84-12fb0cc7-560d-445a-afc4-9a38e13e36d3.jpg?guru_height=618&guru_width=858&guru_size=77034\"/></p><p><span><span><span>行业分布上，</span></span><b><span><span>半导体设备</span></span><span><span>ETF</span></span><span><span>招商</span></span><span><span>(561980)</span></span></b><span><span>标的指数设备和材料含量约</span></span><span><span>80%</span></span><span><span>，</span></span><span><span>CPU/GPU</span></span><span><span>和晶圆制造含量约</span></span><span><span>20%</span></span><span><span>，契合韬定律落地、两存扩产与国产替代进程。</span></span></span></p><p><img src=\"https://img3.gelonghui.com/8c80c-04b54866-07ef-426d-81ab-40e19b26095e.jpg?guru_height=552&guru_width=873&guru_size=42384\"/></p><p><span><span><span>招商中证半导体产业</span></span><span><span>ETF</span></span><span><span>联接</span></span><span><span>( A/C</span></span><span><span>：</span></span><span><span>020464/020465)</span></span><span><span>为场外布局半导体设备的投资者提供了便捷工具。</span></span></span></p><p><span><span><span>二级市场近期还有一个大动作，那就是</span></span><b><span><span>长鑫</span></span></b><b><span><span>科技</span></span></b><b><span><span>IPO</span></span></b><b><span><span>。</span></span></b></span></p><p><span><span><span>根据招股书披露，长鑫科技已是中国第一、全球第四大</span></span><span><span>DRAM</span></span><span><span>厂商，</span></span><span><span>2026</span></span><span><span>年一季度实现营业收入</span></span><span><span>508</span></span><span><span>亿元，同比增长</span></span><span><span>719.13%</span></span><span><span>，归母净利润达</span></span><span><span>247.62</span></span><span><span>亿元，同比扭亏为盈。</span></span></span></p><p><span><span><span>本次</span></span><span><span>IPO</span></span><span><span>拟募资</span></span><span><span>295</span></span><span><span>亿元，将成为科创板开板以来第二大</span></span><span><span>IPO</span></span><span><span>项目，募集资金将用于存储器晶圆制造量产线技术升级、</span></span><span><span>DRAM</span></span><span><span>存储器技术升级以及前瞻技术研发。</span></span></span></p><p><span><span><span>这意味着</span></span><span><span>，</span></span><span><span>长鑫科技将从</span></span><span><span>“</span></span><span><span>依赖融资扩产</span></span><span><span>”</span></span><span><span>切换为</span></span><span><span>“</span></span><span><span>内生利润</span></span><span><span>+</span></span><span><span>资本补充</span></span><span><span>”</span></span><span><span>双轮驱动模式，产能建设和技术迭代</span></span><span><span>也有机会</span></span><span><span>提速。</span></span></span></p><p><span><span><span>更重要的是，长鑫科技的上市</span></span><span><span>，将影响</span></span><span><span>整条国产存储产业链。</span></span></span></p><p><span><span><span>从设备端来看，北方华创、<a href=\"https://laohu8.com/S/688072\">拓荆科技</a>、<a href=\"https://laohu8.com/S/688082\">盛美上海</a>等国产设备厂商已深度融入长鑫科技的供应链体系。</span></span></span></p><p><span><span><span>从材料端来看，长鑫科技近三年原材料采购总额增长</span></span><span><span>36%</span></span><span><span>，其中化学品采购金额从</span></span><span><span>22.80</span></span><span><span>亿元增长至</span></span><span><span>42.78</span></span><span><span>亿元，靶材采购金额三年翻倍</span></span><span><span>，供应商包括</span></span><span><span><a href=\"https://laohu8.com/S/002409\">雅克科技</a>、<a href=\"https://laohu8.com/S/688548\">广钢气体</a>、<a href=\"https://laohu8.com/S/688019\">安集科技</a>、<a href=\"https://laohu8.com/S/300054\">鼎龙股份</a>等</span></span><span><span>。</span></span></span></p><p><span><span><span>从封测端来看，</span></span><span><span>供应商包括</span></span><span><span><a href=\"https://laohu8.com/S/000021\">深科技</a></span></span><span><span>、<a href=\"https://laohu8.com/S/688403\">汇成股份</a>，前者</span></span><span><span>位于合肥的封测工厂已处于满产状态并正在扩产，</span></span><span><span>后者</span></span><span><span>也在积极扩充</span></span><span><span>DRAM</span></span><span><span>封装产能。</span></span></span></p><p><span><span><span>从投资角度来看，长鑫科技</span></span><span><span>IPO</span></span><span><span>，不仅</span></span><span><span>在于打通了国产存储龙头的资本化通道</span></span><span><span>，也为</span></span><span><span>A</span></span><span><span>股市场带来了</span></span><span><span>新的</span></span><span><span>存储标的</span></span><span><span>。</span></span></span></p><p><strong><span><font color=\"#3daad6\">04</font></span></strong></p><p><span><strong><span><font color=\"#3daad6\">结语</font></span></strong></span></p><p><span><span><span><a href=\"https://laohu8.com/S/MU\">美光科技</a>一夜暴涨，市值冲破</span></span><span><span>1</span></span><span><span>万亿美元，</span></span><span><span>以及海内外半导体板块的集体上涨，既</span></span><span><span>是</span></span><span><span>AI</span></span><span><span>算力需求的集中爆发，</span></span><span><span>又是</span></span><span><span>全球存储芯片</span></span><span><span>15</span></span><span><span>年来最严重供需失衡的缩影。</span></span></span></p><p><span><span><span>这场史上罕见的涨价潮，</span></span><span><span>能否在</span></span><span><span>2028</span></span><span><span>年新产能释放后得到缓解，目前仍存在较大的不确定性。</span></span></span></p><p><span><span><span>从价格机制来说，如果产能无法大规模集中投放，那涨价潮就难现改善，又或者需求端突然出现断崖式下跌。</span></span></span></p><p><span><span><span>不过，在全球</span></span><span><span>AI</span></span><span><span>产业发展如火如荼的当下，作为最重要基础设施的算力，出现突发需求断裂的概率会高吗？</span></span></span></p><p><span><span><span>中长期来看，在</span></span><span><span>AI</span></span><span><span>驱动的超级周期</span></span><span><span>，仍然是全球半导体发展最大的驱动力。</span></span></span></p><p><span><span><span>而国内市场而言，叠加了</span></span><span><span><span>国产替代</span></span></span><span><span><span>，形成</span></span></span></span><span><span><span><span><span>了全球独有的双重驱动模式。</span><span><span>（全文完）</span></span></span></span></span></span></p><p><span><span>风险提示：</span></span></p><p><span>本文内容均为客观数据信息罗列，不构成任何投资建议。上述内容仅反映当前市场情况，今后可能发生改变，不代表任何投资意见或建议。指数过往业绩不代表其未来表现，亦不构成基金投资收益的保证或任何投资建议。</span><span><span>从业编号：A20260413000375。指数运作时间较短，不能反映市场发展的所有阶段。指数基金存在跟踪误差，基金过往业绩不代表未来表现。购买任何基金产品前请阅读《基金合同》《招募说明书》等法律文件，请根据自身风险承受能力、投资目标等选择适合自己的产品。市场有风险，投资需谨慎。</span></span></p></body></html>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>罕见上调204%！震惊全球</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n罕见上调204%！震惊全球\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-27 19:20 北京时间 <a href=https://www.gelonghui.com/p/4950097><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本文作者 | 深鹏数据支持 | 勾股大数据（www.gogudata.com）执业编号：A20260413000375震惊全球！投行上调美光目标价，幅度高达204%，美光股价应声大涨近20%。今天较早开盘的日韩股市，芯片板块普遍上涨。国内方面，半导体设备ETF招商(561980)虽然今日午后下挫，收跌4.47%，但年内涨幅依然达到58.39%。招商基金基金经理房俊一表示，近期半导体设备板块获利盘...</p>\n\n<a href=\"https://www.gelonghui.com/p/4950097\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img3.gelonghui.com/e73df-eb344423-a9bf-4f70-a3a2-1fda7f5712b2.jpg?guru_height=854&guru_width=1280&guru_size=215727","relate_stocks":{"561980":"半导体设备ETF招商","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","MUD":"1倍做空MU ETF-Direxion","LU0557290698.USD":"施罗德环球可持续增长基金","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","MULL":"2倍做多MU ETF-GraniteShares","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY \"A4\" (USD) INC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","MUU":"2倍做多MU ETF-Direxion","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY \"A\" (USD) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"AG\" (USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","DIPS":"做空NVDA期权收益策略ETF-YieldMax","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","3NVD.UK":"LS 3X NVIDIA","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU2048586759.USD":"ALLIANZ SMART ENERGY \"AT\" (USD) ACC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","BK4585":"ETF&股票定投概念","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","BK4587":"ChatGPT概念","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4588":"碎股","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU2394011477.USD":"JPMORGAN CLIMATE CHANGE SOLUTIONS \"A\" (USD) ACC","2NVD.UK":"2X NVIDIA ETP","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0251132253.USD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","SG9999015978.USD":"利安颠覆性创新基金A","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1923622291.USD":"Natixis Thematics Safety R/A USD","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU0823414478.USD":"法巴经典能源转换基金","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) INC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","SG9999001424.SGD":"United E-Commerce Fund SGD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","BK4567":"ESG概念","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","BK4503":"景林资产持仓","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4566":"资本集团","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","BK4581":"高盛持仓","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","NVIW.SI":"NVDA 3xLongSG261006","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","NVDA":"英伟达","BK4579":"人工智能","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","07388":"XI二南英伟","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","BK4575":"芯片概念","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU2087625088.SGD":"ALLSPRING US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0061474960.USD":"天利环球焦点基金AU Acc","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU0353189763.USD":"ALLSPRING US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4543":"AI","BK4512":"苹果概念","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","NVD":"2倍做空NVDA ETF-GraniteShares","07788":"南方两倍做多英伟达","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","NVDB":"ProShares Ultra NVDA ETF","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","NVDD":"1倍做空NVDA ETF-Direxion","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","NVDG":"2倍做多NVDA ETF- Leverage Shares","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","NVDL":"2倍做多NVDA ETF-GraniteShares","BK4592":"伊斯兰概念","LU0079474960.USD":"联博美国增长基金A","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","SG9999002232.USD":"Allianz Global High Payout USD","ANV":"GraniteShares Autocallable NVDA ETF","NVDO":"2倍上限加速NVDA ETF-Leverage Shares","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","BK4549":"软银资本持仓","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","NVDQ":"2倍做空NVDA ETF-T-Rex","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","SG9999002224.SGD":"Allianz Global High Payout SGD","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4548":"巴美列捷福持仓","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","NVDS":"1.5倍做空NVDA ETF-Tradr","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","NVDU":"2倍做多NVDA ETF-Direxion","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","NVDW":"NVDA周配息ETF-Roundhill","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4554":"元宇宙及AR概念","NVDX":"2倍做多NVDA ETF-T-Rex","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","BK4553":"喜马拉雅资本持仓","NVDY":"NVDA期权收益策略ETF-YieldMax","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","NVII":"Rex NVDA Growth & Income ETF","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4550":"红杉资本持仓","LU0072462426.USD":"贝莱德全球配置 A2","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","BK4551":"寇图资本持仓","BK4598":"佩洛西持仓","NVYY":"GraniteShares YieldBOOST NVDA ETF","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","MU":"美光科技","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD) INC AV","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","BK4529":"IDC概念","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1 Acc SGD-H","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","BK4605":"半导体精选","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0861579265.USD":"联博低波幅策略股票基金A","BK4608":"AI应用概念股","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","LU0109392836.USD":"富兰克林科技股A","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0354030511.USD":"ALLSPRING U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","BK4527":"明星科技股","NVD2.UK":"2X NVIDIA ETP","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","NVD3.UK":"LS 3X NVIDIA","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0234572021.USD":"高盛美国核心股票组合Acc","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","NVDS.UK":"LS -1X NVIDIA","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0444971666.USD":"天利全球科技基金","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU0080751232.USD":"富达环球多元动力基金A","LU2999663052.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A4P\" (SGD) INC","BK4612":"AI芯片","LU0859254822.USD":"T ROWE PRICE GLOBAL VALUE EQUITY \"A\" (USD) ACC","BK4614":"Manus概念股","LU2357627491.SGD":"TRP GLOBAL VALUE EQUITY \"AH\" (SGDHDG) ACC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU2047632596.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A\" (USD) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2100268510.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"AX\" (USD) INC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU3102509885.SGD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A8P\" (SGDHDG) INC","BK4532":"文艺复兴科技持仓","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","BK4534":"瑞士信贷持仓","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4141":"半导体产品","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1917777945.USD":"安联专题基金Cl AT Acc","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) INC (M)","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","SNVD.UK":"LS -1X NVIDIA","LU2063271972.USD":"富兰克林创新领域基金","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC"},"source_url":"https://www.gelonghui.com/p/4950097","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2638502319","content_text":"本文作者 | 深鹏数据支持 | 勾股大数据（www.gogudata.com）执业编号：A20260413000375震惊全球！投行上调美光目标价，幅度高达204%，美光股价应声大涨近20%。今天较早开盘的日韩股市，芯片板块普遍上涨。国内方面，半导体设备ETF招商(561980)虽然今日午后下挫，收跌4.47%，但年内涨幅依然达到58.39%。招商基金基金经理房俊一表示，近期半导体设备板块获利盘兑现意愿升温，多空博弈加剧，但韬定律为国产芯片开辟新路径，存储上市与扩产预期明确，自主可控逻辑稳健，全球半导体销售额连续14个月增长，周期仍处向上通道。01罕见上调2倍5月26日，瑞银分析师蒂莫西·阿尔库里发布报告，将美光目标价从此前535美元一举上调至1625美元，上调幅度达204%，对应市值1.8万亿美元，这也是华尔街给出的最高目标价。瑞银特别指出，即便剔除HBM业务，核心DRAM的平均售价在2026至2027年仍将保持强劲增长，2026年同比增速预计181%，2027年为73%，反映整体内存供需关系改善，并非仅靠HBM单一产品拉动。瑞银解释称，15倍市盈率与美光过去三年NTM市盈率均值基本一致，也与英伟达等龙头半导体公司估值相当，表明美光的估值逻辑已接近优质成长型半导体公司，而非周期股。此外，Melius Research将目标价上调至1100美元，花旗上调至840美元，机构一致看好AI驱动的存储超级周期将持续至2027年。实际上，今年以来，美光累计涨幅已达214%，成为继英伟达、微软、台积电、博通之后，又一迎来“万亿美元高光时刻”的芯片企业。美光大涨的背后，其实有迹可循。首先，美光管理层在摩根大通会议上指出，受AI工作负载向代理型模式转变推动，HBM、DRAM和NAND的供应紧张将持续“远超2026年”。其次，美光HBM4产能爬坡速度比上一代HBM3快一倍，良率提升显著。此外，美光宣布下一代HBM4E将由台积电代工逻辑芯片，计划2027年量产，标志着其已成功进入英伟达下一代Vera Rubin AI计算平台的核心供应链。最后，美光将其美国弗吉尼亚州工厂的DDR4产能提升4倍，表明在汽车、国防等长生命周期应用中，DDR4的毛利率甚至可能超过HBM。加上韩股存储厂商股价疯狂，于是乎，各大机构纷纷上调美光评级与目标价，并且还有声音说称储存公司已经撕掉周期股的外衣，变身AI成长股。02产能缺口根据最新行业数据，当前存储芯片正经历15年来最严重的产能短缺。高盛在最新研报中大幅上调供需缺口预期，认为2026年DRAM供需缺口将达到4.9%，为过去15年来的最高纪录，2027年缺口也将维持在2.5%。这一短缺的核心原因是AI算力爆发式增长，而供给端受制于晶圆厂建设周期和先进制程技术瓶颈，短期内无法有效扩产。此前的市场普遍预期2026年DRAM供需基本平衡，但高盛的大幅上修反映出供需恶化速度远超行业预期。从供给端来看，2026年主要NAND原厂几无新增产能，DRAM方面三大原厂全年几乎无新增有效产能。三星、SK海力士、美光三大原厂2026年产能已基本被预订一空。其中SK海力士2026年DRAM、NAND和HBM产能已全部售罄，无法满足任何额外需求，即便是长期合作的核心客户也难以争取到额外配额。美光对核心客户的供应满足度仅能达到50%至三分之二，这意味着大量下游厂商将面临“无米之炊”的困境。行业真正意义上的大体量新产能，业内普遍预计至少要到2028年才会开始显现，例如三星正在建设的新平泽工厂和SK海力士的龙仁半导体集群，均需等到2028年前后才能陆续投产。供给增长受限并非单纯的产能周期问题，而是具有深刻的结构性特征。新一代HBM芯片晶粒尺寸持续增大，导致单片晶圆可切割出的芯片数量较上一代产品明显下降；同时，随着制程工艺向10纳米以下节点推进，EUV光刻技术的广泛引入也对产能爬坡速度和良率提升形成了新的技术约束。这意味着即便晶圆厂满负荷运转，单位晶圆能够产出的有效芯片数量也在减少。从需求端来看，AI驱动的需求继续高增。2026年AI服务器DRAM需求同比增长105%，AI服务器HBM需求同比增长110%。AI服务器DRAM需求占比在2026年突破40%，2028年将超50%成为行业主力。DRAM年产能需求增速需达到12%才能勉强跟上需求，但当前实际增速仅为7.5%，供需增速之间存在约4.5个百分点的剪刀差。供需缺口的直接体现，是价格飙升。2026年第二季度Mobile DRAM合约价大幅上涨，超出市场预期。其中，LPDDR4X季度涨幅为70%至75%，LPDDR5X涨幅为78%至83%，一般型DRAM涨幅为58%至63%，NAND Flash涨幅为70%至75%。NAND芯片在8个月内涨幅超过600%，涨势为近年来罕见。这一轮涨价不仅覆盖了高端产品，甚至波及到了通常被视为“长尾”的DDR4等成熟产品，表明短缺已从细分领域蔓延至全行业。近期美光宣布将弗吉尼亚州工厂的DDR4产能提升4倍，但这属于产能配置调整，而非全面扩产。TrendForce分析指出，该产线设备主要来自其他厂区转移，整体DDR4并无扩产规划。在这场存储芯片15年来最严重的供应短缺周期中，行业正从传统的买方市场转向卖方市场，原厂的定价权凸显。03大厂IPO来了对于国内市场而言，产能和价格趋势跟全球趋势相一致，而且还叠加了一层国产替代的驱动逻辑。最新的业绩数据中，像存储公司佰维存储2026年一季度净利润超去年全年三倍；江波龙一季度营收同比增长132.79%；兆易创新一季度营收同比增长119.38%；其他的相关领域，例如半导体设备中，长川科技2026年一季度归母净利润同比大幅增长217.60%；中微公司净利润同比增长197.20%；在半导体材料及设计公司方面，南大光电一季度净利润同比增长29.97%；海光信息净利润同比增长35.82%；寒武纪净利润同比增长185.04%，历史最优。二级市场上，半导体设备ETF招商(561980)昨日单日净流入超2.71亿元，最新规模突破43.31亿元，创上市新高。从历史表现看，截至5月26日，半导体设备ETF招商(561980)标的指数2020年至今累计涨超451%、近一年涨幅达172%，在科创芯片、半导体材料设备等同类指数中均位列第一。半导体设备ETF招商(561980)跟踪中证半导体产业指数，是A股少有的同时100%覆盖设备、材料、设计、制造四大芯片核心产业链的指数，标的指数中北方华创+中微公司合计占比27%、寒武纪+海光信息合计15%、中芯国际含量6%，前十大集中度高达77%。行业分布上，半导体设备ETF招商(561980)标的指数设备和材料含量约80%，CPU/GPU和晶圆制造含量约20%，契合韬定律落地、两存扩产与国产替代进程。招商中证半导体产业ETF联接( A/C：020464/020465)为场外布局半导体设备的投资者提供了便捷工具。二级市场近期还有一个大动作，那就是长鑫科技IPO。根据招股书披露，长鑫科技已是中国第一、全球第四大DRAM厂商，2026年一季度实现营业收入508亿元，同比增长719.13%，归母净利润达247.62亿元，同比扭亏为盈。本次IPO拟募资295亿元，将成为科创板开板以来第二大IPO项目，募集资金将用于存储器晶圆制造量产线技术升级、DRAM存储器技术升级以及前瞻技术研发。这意味着，长鑫科技将从“依赖融资扩产”切换为“内生利润+资本补充”双轮驱动模式，产能建设和技术迭代也有机会提速。更重要的是，长鑫科技的上市，将影响整条国产存储产业链。从设备端来看，北方华创、拓荆科技、盛美上海等国产设备厂商已深度融入长鑫科技的供应链体系。从材料端来看，长鑫科技近三年原材料采购总额增长36%，其中化学品采购金额从22.80亿元增长至42.78亿元，靶材采购金额三年翻倍，供应商包括雅克科技、广钢气体、安集科技、鼎龙股份等。从封测端来看，供应商包括深科技、汇成股份，前者位于合肥的封测工厂已处于满产状态并正在扩产，后者也在积极扩充DRAM封装产能。从投资角度来看，长鑫科技IPO，不仅在于打通了国产存储龙头的资本化通道，也为A股市场带来了新的存储标的。04结语美光科技一夜暴涨，市值冲破1万亿美元，以及海内外半导体板块的集体上涨，既是AI算力需求的集中爆发，又是全球存储芯片15年来最严重供需失衡的缩影。这场史上罕见的涨价潮，能否在2028年新产能释放后得到缓解，目前仍存在较大的不确定性。从价格机制来说，如果产能无法大规模集中投放，那涨价潮就难现改善，又或者需求端突然出现断崖式下跌。不过，在全球AI产业发展如火如荼的当下，作为最重要基础设施的算力，出现突发需求断裂的概率会高吗？中长期来看，在AI驱动的超级周期，仍然是全球半导体发展最大的驱动力。而国内市场而言，叠加了国产替代，形成了全球独有的双重驱动模式。（全文完）风险提示：本文内容均为客观数据信息罗列，不构成任何投资建议。上述内容仅反映当前市场情况，今后可能发生改变，不代表任何投资意见或建议。指数过往业绩不代表其未来表现，亦不构成基金投资收益的保证或任何投资建议。从业编号：A20260413000375。指数运作时间较短，不能反映市场发展的所有阶段。指数基金存在跟踪误差，基金过往业绩不代表未来表现。购买任何基金产品前请阅读《基金合同》《招募说明书》等法律文件，请根据自身风险承受能力、投资目标等选择适合自己的产品。市场有风险，投资需谨慎。","news_type":1,"symbols_score_info":{"561980":1.89,"NVYY":0.6,"NVDD":0.6,"SNVD.UK":0.6,"MULL":0.6,"NVDW":0.6,"NVD":0.6,"NVDQ":0.6,"NVD2.UK":0.6,"MUD":0.6,"NVD3.UK":0.6,"3NVD.UK":0.6,"NVDA":1.86,"2NVD.UK":0.6,"ANV":0.6,"NVDY":0.6,"07788":0.6,"NVDB":0.6,"MUU":0.6,"MU":1.98,"NVDL":0.6,"07388":0.6,"NVDX":0.6,"NVII":0.6,"NVDS.UK":0.6,"NVDG":0.6,"NVDO":0.6,"NVDU":0.6,"NVIW.SI":0.6,"NVDS":0.6,"DIPS":0.6}},"isVote":1,"tweetType":1,"viewCount":390,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["MU"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":41,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/569020953973168"}
精彩评论