证 券 研 究 报 告 [T日ab期le_Industry] : shzqdatemark 2026年01月30日 | [T分ab析le师_Author] | : | 张河生 | | --- | --- | --- | | Tel: | | 021-53686158 | | E-mail: | | zhanghesheng@shzq.com | | SAC | 编号: | S0870523100004 | [T相ab关le报_R告e：portInfo] 固 定 收 益 周 报 《投资者风险偏好高企》 ——2026 年 01 月 13 日 《地缘局势升级，大宗分化》 从 ETF 表现看，黄金、光伏、建材、卫星、石化、航空航天等表 现领先，周涨幅在 5%以上。 国际避险情绪提升与国内投资风险偏好高企 ——宏观固收周报（20260119-20260125） [Tabl主e_要Su观mm点ary] 美股三大指数下跌，恒生指数同样下跌。 过去一周（20260119-20260125），纳斯达克、标普 500 指数与 道琼斯工业平均指数分别变化-0.06%、-0.35%与-0.53%，同时期恒生 指数变化-0.36%。 ...

[Table_Stock] 芯碁微装（688630） 证 券 研 究 报 告 构建"PCB+泛半导体"双引擎增长模式， "技术壁垒+全球协同"助力业绩持续增 长 ——芯碁微装业绩点评 [Tabl投e_资Su摘mm要ary] 事件概述 1月21日，公司发布公告称，预计2025年年度公司实现归属于母公司 所有者的净利润为2.75亿元-2.95亿元，较上年同期增加1.14亿元-1.34 亿元，同比增长 71.13%-83.58%；预计 2025 年年度实现归属于母公 司所有者的扣除非经常性损益的净利润2.64亿元-2.84亿元，较上年同 期增加1.15亿元-1.35亿元，同比增长77.70%-91.16%。 [行Ta业ble_Industry] : 机械设备 日期: shzqdatemark [T分ab析le师_Author] : 颜枫 E-mail: yanfeng@shzq.com 分析与判断 投资建议 我们预测公司2025-2027年营业收入分别为14.73亿元、20.25亿元和 24.42亿元，分别同比增长54.4%、37.5%和20.6%；归母净利润分别 为2.94 亿元、 5.01亿元和 6.35 亿元 ...

[Table_Stock] 芯碁微装（688630） 证 券 研 究 报 告 构建"PCB+泛半导体"双引擎增长模式， "技术壁垒+全球协同"助力业绩持续增 长 ——芯碁微装业绩点评 [Tabl投e_资Su摘mm要ary] 事件概述 1月21日，公司发布公告称，预计2025年年度公司实现归属于母公司 所有者的净利润为2.75亿元-2.95亿元，较上年同期增加1.14亿元-1.34 亿元，同比增长 71.13%-83.58%；预计 2025 年年度实现归属于母公 司所有者的扣除非经常性损益的净利润2.64亿元-2.84亿元，较上年同 期增加1.15亿元-1.35亿元，同比增长77.70%-91.16%。 [行Ta业ble_Industry] : 机械设备 日期: shzqdatemark [T分ab析le师_Author] : 颜枫 E-mail: yanfeng@shzq.com 分析与判断 投资建议 我们预测公司2025-2027年营业收入分别为14.73亿元、20.25亿元和 24.42亿元，分别同比增长54.4%、37.5%和20.6%；归母净利润分别 为2.94 亿元、 5.01亿元和 6.35 亿元 ...

特斯拉计划 27 年面向公众销售 Optimus 机器人，红旗全固态电池首台 样车下线 ————汽车与零部件行业周报（2026.1.19-2026.1.25） [Tabl市e_场Su回mm顾ary] 汽车板块涨跌幅+2.20%，子板块中汽车服务表现最佳。过去一周， Wind 全部 A 股涨跌幅为+1.55%，申万汽车涨跌幅为+2.20%，在 31 个申万一级行业中排名第 15 位，处于中游位置。汽车行业各子板块中 汽车服务+6.87%、汽车零部件+3.93%、商用车+3.61%、摩托车及其 他+1.34%、乘用车-1.65%。 [行Ta业ble_Industry] : 汽车 [T分ab析le师_Author] : 仇百良 申万汽车行业中，涨跌幅前五位的公司为新坐标+36.30%、铁流股份 +32.97% 、 潍 柴 重 机 +27.97% 、 联 诚 精 密 +24.75% 、 威 唐 工 业 +21.63%；涨跌幅后五位的公司为斯菱智驱-6.12%、恒帅股份- 6.92%、交运股份-7.51%、至信股份-16.13%、科马材料-30.03%。 汽车周度批发/零售量：根据乘联会数据，2026 年 1 月 12 ...

证 券 研 究 报 告 汽车周度批发/零售量：根据乘联会数据，2026 年 1 月 12 日-1 月 18 日，国内乘用车厂商日均批发量为 5.12 万辆/天，同比-28.00%；国内 乘用车厂商日均零售量为 5.02 万辆/天，同比-22.00%。 特斯拉计划 27 年面向公众销售 Optimus 机器人，红旗全固态电池首台 样车下线 ————汽车与零部件行业周报（2026.1.19-2026.1.25） [Tabl市e_场Su回mm顾ary] 汽车板块涨跌幅+2.20%，子板块中汽车服务表现最佳。过去一周， Wind 全部 A 股涨跌幅为+1.55%，申万汽车涨跌幅为+2.20%，在 31 个申万一级行业中排名第 15 位，处于中游位置。汽车行业各子板块中 汽车服务+6.87%、汽车零部件+3.93%、商用车+3.61%、摩托车及其 他+1.34%、乘用车-1.65%。 [行Ta业ble_Industry] : 汽车 [T分ab析le师_Author] : 仇百良 申万汽车行业中，涨跌幅前五位的公司为新坐标+36.30%、铁流股份 +32.97% 、 潍 柴 重 机 +27.97% 、 联 诚 精 密 + ...

证券研究报告 2026年1月26日 行业：电子 增持 （维持） 全球算力多点突破，AI 驱动端侧应用渗透（更正） ——科技主题观点综述 分析师：颜枫 SAC编号：S0870525030001 分析师：方晨 SAC编号：S0870523060001 分析师：李心语 SAC编号：S0870525040001 主要观点 风险提示：人工智能技术落地和商业化不及预期；产业政策转变；宏观经济不及预期。 更正说明:页16更正数据、补充"资料来源：WIND，上海证券研究所 *盈利预测来自WIND机构一致预期"。 2 • "硬科技"在AI驱动下表现突出：A股上市公司中，以国产算力芯片，AI-PCB，AIDC配套设施，AI端侧Soc芯片设计/封 测和部分消费电子企业为代表的板块在2024年业绩表现出较快增速，并在2025年Q1-Q3保持高增长，展望2025-2026年， 有望受益于国产算力资本开支持续增长，端侧应用渗透率不断提高，成为电子乃至科技行业增速较快的领域。 • 大国博弈下科技行业的估值体系有望重构：随着中美两国在科技/贸易等领域持续博弈，以电子行业为代表的科技板块 的估值中枢有望进一步抬升，我们认为尤其是目前国产化比例 ...

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - The "hard technology" sector is expected to perform well under the influence of AI, with domestic computing chips, AI-PCB, AIDC supporting facilities, and AI edge SoC chip design/testing showing rapid growth in 2024 and maintaining high growth in Q1-Q3 of 2025. This sector is projected to benefit from continued growth in domestic computing capital investment and increasing penetration of edge applications, becoming one of the fastest-growing areas in the electronics and technology industries [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in the semiconductor manufacturing and equipment sectors, where the domestic production ratio is currently low. Companies such as Cambricon, SMIC, North Huachuang, Haiguang Information, and Zhongwei Company are recommended for attention [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB (semiconductors) and AI optical modules. Companies like Shenghong Technology, Huitian Technology, and others are highlighted for their potential [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," have become more cost-effective due to macroeconomic impacts on stock prices. Leading companies in the fruit chain and ODM sectors are expected to leverage demand in AIoT, humanoid robots, and automotive electronics to achieve performance and valuation improvements in the second half of the year [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, leading to significant breakthroughs for PCB manufacturers in the AI server field. The overall market for AI chips is expected to grow, with China being a major consumer market [18][22] - The AI-driven demand for computing power is pushing the development of various applications, including automotive electronics and IoT, which are expected to drive growth in the chip industry [18] Semiconductor and Equipment - The semiconductor manufacturing sector is projected to see substantial growth, with companies like SMIC and North Huachuang showing promising revenue and profit growth rates [17] - The PCB equipment market is expected to grow significantly, with a projected market size of 290.25 billion yuan in 2024, increasing to 347.09 billion yuan by 2026 [27] Consumer Electronics - The CIS market is experiencing a recovery, driven by demand from smartphones, security, and automotive applications. Domestic manufacturers are increasing their market presence with high-end products [46] - The SoC market is expected to grow, with AI technology becoming a crucial component for various applications, including smart home devices and automotive electronics [44]

证 券 研 究 报 告 [日Ta期ble_Industry] : shzqdatemark [Tabl主e_要Su观mm点ary] 2026年01月22日 | [T分ab析le师_Author] : | 陈彦利 | | --- | --- | | Tel: | 021-53686170 | | E-mail: | chenyanli@shzq.com | | SAC 编号: | S0870517070002 | [T相ab关le报_R告e：portInfo] 宏 观 数 据 《外贸持续向好，顺差维持高位》 《价格改善，政策提质增效》 《生产偏稳，需求回落》 生产提速，内需回落 ——2025 年 12 月宏观数据点评 12 月份，社会消费品零售总额 45136 亿元，同比增长 0.9%，增速比 上月下降约 0.4 个百分点。除纺织品、金银珠宝、中西药品外消费均 有所回升或改善，其中金银珠宝、中西药品消费回落较多，汽车消费 跌幅收窄，通讯器材维持 20%以上的增速。12 月商品零售增速小幅下 滑，餐饮消费增速回落。 ——2026 年 01 月 13 日 ——2025 年 12 月 17 日 4 季度 GDP 为 ...

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The AI wave is driving higher value consumption in CCL (Copper Clad Laminate) materials, with a focus on M9 material upgrades and four main lines of development [4][8] - The demand for high-performance electronic materials is expected to surge, particularly with the anticipated release of Nvidia's Rubin platform in 2026, which will require M9-level CCL using Q-glass [8][29] - The supply of high-performance electronic materials is facing constraints, particularly in Low Dk electronic cloth and HVLP copper foil, leading to a supply-demand imbalance [8][35] Summary by Sections CCL and Key Materials - CCL's cost structure shows that upstream raw materials account for approximately 90% of the total cost, with copper foil, resin, and glass fiber being the primary components [13][15] - The transition from M7 and M8 to M9 CCL is underway, with M9 expected to utilize high-performance Q-glass and HVLP4 copper foil as the next mainstream products [21][36] Electronic Cloth - The global low dielectric electronic cloth market is projected to grow significantly, with a compound annual growth rate (CAGR) of 23.8%, reaching approximately $1.94 billion by 2033 [24][26] - The industry is transitioning from first-generation to second-generation low dielectric cloth, with a notable shift towards Q-glass for M9 applications [29][30] HVLP Copper Foil - HVLP copper foil has evolved to HVLP4, which is expected to become the mainstream product for AI server applications by 2026 [41][44] - Major manufacturers like Mitsui and Jincheng are accelerating production to meet the high demand for advanced copper foil [42][44] Electronic Resins - The use of hydrocarbon resins in M9 is expected to increase significantly, with a ratio of 2:1 compared to PPO, enhancing the value of resin in M9 materials [45][48] - The market for hydrocarbon resins is currently dominated by overseas suppliers, but domestic companies are ramping up production capabilities [49][52] Fillers - The use of spherical silica powder is increasing, with a projected market size exceeding 61,685.97 tons by 2026, driven by the demand for high-speed substrates [53][56] - Liquid-phase preparation methods for silica are becoming the industry standard, meeting the requirements for M7 and above [53][54] Other Upstream Materials - Electronic-grade copper oxide powder is crucial for high-end PCB upgrades, accounting for about 6% of PCB costs [57][60] - The market for PCB-specific electronic chemicals is evolving towards higher-end products, with domestic suppliers increasingly replacing foreign ones [61][62]

证 券 研 究 报 告 [T日ab期le_Industry] : shzqdatemark 2026年01月21日 | [T分ab析le师_Author] | : | 张河生 | | --- | --- | --- | | Tel: | | 021-53686158 | | E-mail: | | zhanghesheng@shzq.com | | SAC | 编号: | S0870523100004 | [T相ab关le报_R告e：portInfo] | 固 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 定 | | | | | | | | | [T分ab析le师_Author] | 张河生 | : | 收 | Tel: | 021-53686158 | 益 | | | E-mail: | zhanghesheng@shzq.com | 周 | 编号: | SAC | S0870523100004 | 报 | | | [T相ab关le报_R告e：portInfo] | 《投资者风险偏好高企》 | | | | | | | ...