[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 24 日 证券研究报告·中山每日点评 马年首日收涨 ——2 月 24 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.87 | 北证 50 | 0.37 | | 深证成指 | 1.36 | 万得全 A | 1.06 | | 沪深 300 | 1.01 | 中证 500 | 1.12 | | 科创 50 | -0.34 | 红利指数 | 1.86 | 资料来源：Wind，中山证券研 ...

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 10 日 证券研究报告·中山每日点评 ——2 月 10 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 主要指数窄幅震荡 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.13 | 北证 50 | -0.61 | | 深证成指 | 0.02 | 万得全 A | 0.06 | | 沪深 300 | 0.11 | 中证 500 | -0.06 | | 科创 50 | 0.91 | 红利指数 | 0.43 | 资料来源：Wind，中山 ...

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 11 日 证券研究报告·中山每日点评 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.09 | 北证 50 | -0.44 | | 深证成指 | -0.35 | 万得全 A | -0.15 | | 沪深 300 | -0.22 | 中证 500 | 0.23 | | 科创 50 | -1.11 | 红利指数 | 0.90 | 资源类板块表现突出 ——2 月 11 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 资料来源：Win ...

Market Performance - The three major indices in the A-share market showed a collective rebound, with the Shanghai Composite Index rising by 1.29% and the Shenzhen Component Index increasing by 2.19%[3] - The Northbound 50 index led the gains with a rise of 3.27%, while the CSI 300 index increased by 1.18%[3] Sector Performance - The top-performing sectors included Comprehensive (5.63%), Defense and Military Industry (4.42%), and Machinery Equipment (3.98%) while the Banking sector lagged with a decline of 0.85%[3] - The leading concept indices were the Photovoltaic Selected Index (8.05%) and the TOPcon Battery Index (8.01%), contrasting with the Central Enterprise Bank Index which fell by 1.63%[3] Economic Indicators - The US ISM Manufacturing PMI unexpectedly rose from 47.9 to 52.6 in January, marking the first expansion in nearly a year and the fastest growth since 2022, driven by strong new orders and production[5] - The New Orders Index surged to 57.1, up nearly 10 points from the previous month, indicating robust demand[5] International Developments - A trade agreement between the US and India was confirmed, with India agreeing to stop purchasing Russian oil and the US reducing tariffs on Indian goods from 25% to 18%[6] - SpaceX announced a merger with xAI, aiming to raise $50 billion through an IPO, with a projected valuation of $1.5 trillion[7] Market Outlook - The market is expected to remain optimistic due to loose policy expectations and ample liquidity, although caution is advised as the Spring Festival approaches, potentially leading to reduced trading volumes[10] - The upcoming earnings report period may reveal performance pressures on high-valuation stocks, necessitating careful monitoring[10]

Investment Rating - The report indicates a strong performance in the electronic industry, with the electronic sector outperforming the market indices [4][9]. Core Insights - TSMC expects a revenue growth of approximately 30% year-on-year for 2026, driven by the "wafer foundry 2.0" industry, which is projected to grow by 14% in the same year [4][24]. - The global semiconductor industry is anticipated to achieve a revenue growth of 30.7% in 2026, surpassing $1 trillion for the first time, largely due to the demand from artificial intelligence [5][27]. - The smartphone market is experiencing a slowdown in growth, with global smartphone shipments increasing by only 2.29% year-on-year in Q4 2025 [6][13]. Summary by Sections Market Trends - The electronic sector has shown resilience, with a 5.25% increase in the electronic index, outperforming major indices [5][9]. - The semiconductor segment specifically saw an 8.08% increase, indicating strong demand despite overall market fluctuations [9]. Industry Dynamics - TSMC's revenue from AI accelerators contributed over 10% in 2025, with a projected CAGR of nearly 60% from 2024 to 2029 for AI-related revenues [4][24]. - The demand for storage ICs is expected to grow by approximately 90% in 2026, driven by AI needs [5][27]. - SK Hynix is accelerating memory capacity expansion to meet the rising demand for AI infrastructure [28]. Company Updates - Shengke Communication anticipates a revenue growth of 5.01% to 9.07% for 2025, despite expected losses [31].

Investment Rating - The report does not explicitly provide an investment rating for the industry [32]. Core Insights - In August, global semiconductor sales reached $64.88 billion, marking a year-on-year increase of 21.7% and a month-on-month increase of 4.4% [3][24]. - The demand for CoWoS wafers is expected to grow significantly, with NVIDIA's demand projected to reach 678,000 wafers by 2026, a nearly 40% increase [3][26]. - The smartphone sales growth rate is slowing down, which may lead to lower-than-expected performance for companies in the consumer electronics and semiconductor device sectors [5][15]. Market Trends - The Shanghai Composite Index rose by 0.76% while the electronic sector underperformed, declining by 5.08% [4][7]. - Global smartphone shipments in Q3 2025 reached 322 million units, a year-on-year increase of 2.57% [11]. - In June 2025, China's smartphone shipments were 20.55 million units, reflecting a year-on-year decline of 13.8% [14]. Industry Dynamics - Samsung Electronics is expected to achieve its highest profit since 2022, driven by rising memory chip prices due to server demand [23]. - The semiconductor industry is experiencing a mixed demand landscape, with domestic semiconductor demand slowing while AI-related demand remains strong [14][15]. - The price of DRAM chips has increased by 171.8% year-on-year, contributing to Samsung's profit growth [23]. Company Developments - Cambrian Technology raised approximately 3.953 billion yuan through a private placement of shares [28][29].

Investment Rating - The report does not explicitly provide an investment rating for the industry, but it suggests maintaining attention on semiconductor and related companies due to potential growth opportunities [4][13]. Core Insights - In Q1 2025, China's smartphone shipments increased by 5% year-on-year, driven by government subsidy policies, although demand weakened post-Spring Festival, leading to overall performance below expectations [2][24]. - Xiaomi Group reported a significant revenue increase of 47.4% in Q1 2025, with total revenue reaching 111.3 billion yuan and net profit of 10.9 billion yuan, compared to 4.2 billion yuan in the same period last year [4][33]. - The electronic industry underperformed compared to the broader market, with the Shenwan primary electronic index declining by 2.87% during the week of May 22-28, 2025 [2][6]. Industry Data Summary - Global smartphone shipments reached 305 million units in Q1 2025, reflecting a year-on-year growth of 1.53% [3][9]. - In March 2025, China's smartphone shipments totaled 21.43 million units, marking a 6% increase year-on-year, although this was a decline from 32.5% growth in February [12][24]. - Global semiconductor sales in March 2025 amounted to 55.9 billion USD, showing an 18.8% year-on-year increase [3][12]. - The wearable device market grew by 13% year-on-year in Q1 2025, with shipments reaching 46.6 million units [25]. Company Dynamics - Xiaomi Group's Q1 2025 financial performance indicates strong growth, with a net profit increase from 4.2 billion yuan to 10.9 billion yuan year-on-year [4][33]. - The report highlights that while smartphone sales growth is slowing, the investment in semiconductor wafer fabs is primarily driven by government initiatives, which may mitigate the impact of downstream cycles on investment [4][13].

Investment Rating - The report does not explicitly provide an investment rating for the industry [5]. Core Insights - TSMC reported a 48.1% year-on-year increase in April revenue, with sales reaching NT$349.57 billion, and a cumulative sales increase of 43.5% for the first four months of the year [3][22][23]. - Global XR (AR/VR) display shipments are expected to grow by 6% year-on-year in 2025, driven by new AR smart glasses [3][24]. - The smartphone sales growth rate is slowing down, with global smartphone shipments in Q1 2025 reaching 305 million units, a 1.53% increase year-on-year [10][13]. - The semiconductor industry is experiencing a rise in demand, with global semiconductor sales in March 2025 reaching $55.9 billion, a year-on-year increase of 18.8% [4][13]. - The OLED display market is seeing significant growth, with Q1 2025 shipments increasing by 175% year-on-year [32]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 1.83% and the CSI 300 Index increased by 2.91% during the week of May 8-14, 2025, while the electronic industry underperformed the market [3][7]. - The electronic industry valuation saw a PE ratio increase to approximately 50.91 times [7]. Industry Data - Global smartphone shipments in Q1 2025 were 305 million units, a 1.53% year-on-year increase [4][10]. - China's smartphone shipments in March 2025 reached 21.43 million units, a 6% year-on-year increase [13]. - Semiconductor sales in March 2025 were $55.9 billion, an 18.8% year-on-year increase [4][13]. Company Dynamics - SMIC reported a 161.9% year-on-year increase in net profit for Q1 2025, with sales revenue of $2.247 billion [33]. - The report suggests that the investment in semiconductor foundries is primarily driven by government initiatives, which may mitigate the impact of downstream cycles [14].

Investment Rating - The report does not explicitly provide an investment rating for the electronic industry, but it suggests maintaining attention on semiconductor wafer manufacturers due to government-driven investments [4]. Core Insights - Broadcom reported a 25% year-over-year revenue increase for Q1 of FY2025, achieving $14.916 billion in revenue [2][22]. - Global VR headset shipments declined by 6% year-over-year in Q4 2024, while AR smart glasses shipments fell by 12% [2][23]. - The smartphone sales growth rate is expected to slow down, impacting the performance of consumer electronics and semiconductor companies in the supply chain [4][12]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.9% and the CSI 300 Index increased by 0.63% during the week of March 6 to March 12 [2][6]. - The electronic industry outperformed the market, with the Shenwan Electronics Index rising by 0.67% [2][6]. Industry Data - Global smartphone shipments reached 331 million units in Q4 2024, showing a 1.72% year-over-year increase [3][8]. - In January, global semiconductor sales amounted to $56.52 billion, reflecting a 17.9% year-over-year growth [3][11]. Company Dynamics - Shengyi Technology reported a 49.81% year-over-year increase in net profit for 2024 [25]. - Broadcom's AI semiconductor revenue surged by 77% year-over-year, reaching $4.1 billion in Q1 FY2025 [22]. Industry Outlook - The domestic tablet market is projected to grow by 8% in 2025, with total shipments expected to reach 31.1 million units [18]. - The demand for domestic semiconductor equipment remains strong, driven by ongoing domestic substitution efforts [11][12].

Investment Rating - The report does not explicitly provide an investment rating for the electronic industry, but it suggests maintaining attention on semiconductor wafer manufacturers due to government-driven investments [4]. Core Insights - Broadcom reported a 25% year-over-year revenue growth for Q1 FY2025, achieving $14.916 billion in revenue [2][22]. - Global VR headset shipments declined by 6% year-over-year in Q4 2024, while AR smart glasses shipments fell by 12% [2][23]. - The semiconductor industry shows mixed demand, with consumer electronics slowing down domestically, but strong overseas demand driven by AI [11][12]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.9% and the CSI 300 Index increased by 0.63% during the week of March 6 to March 12 [2][6]. - The electronic industry outperformed the market, with the Shenwan Electronics Index rising by 0.67% [2][6]. Industry Data - Global smartphone shipments reached 331 million units in Q4 2024, a 1.72% year-over-year increase [3][8]. - China's smartphone shipments in December 2024 were 32.4 million units, up 20.8% year-over-year [11]. - Global semiconductor sales in January 2025 were $56.52 billion, reflecting a 17.9% year-over-year growth [3][11]. Company Dynamics - Shengyi Technology reported a 49.81% increase in net profit for 2024, with total revenue of 20.388 billion yuan, a 22.92% increase [25]. - Broadcom's AI semiconductor revenue reached $4.1 billion in Q1 FY2025, a 77% increase year-over-year [22]. Industry Outlook - The domestic tablet market is expected to grow by 8% in 2025, with total shipments projected to reach 31.1 million units [18]. - The report indicates a potential slowdown in smartphone sales growth, impacting the performance of consumer electronics and semiconductor companies [12].