(本文来自第一财经) 南向资金今日净卖出6.35亿港元，中国移动、紫金矿业、中芯国际分别遭净卖出11.47亿港元、8.43亿港 元、5.53亿港元。净买入方面，腾讯控股、中国人寿、长飞光纤光缆净买入额位列前三，分别获净买入 10.24亿港元、5.11亿港元、3.55亿港元。 ...

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different sectors, particularly in the electric equipment and battery industries [1][2][3]. Group 1: Major Stocks with Capital Outflows - TBEA Co., Ltd. experienced a capital outflow of 1.452 billion yuan, with a decline in stock price of 4.09% [2]. - Zhejiang Wenlian reported a capital outflow of 992 million yuan, with a stock price decrease of 1.28% [2]. - Hunan Silver saw a capital outflow of 900 million yuan, with a stock price increase of 2.82% [2]. - Tongling Nonferrous Metals had a capital outflow of 873 million yuan, with a stock price increase of 2.91% [2]. - Dongfang Fortune experienced a capital outflow of 817 million yuan, with a stock price decrease of 1.63% [2]. Group 2: Additional Stocks with Notable Outflows - Leading Intelligent reported a capital outflow of 733 million yuan, with a stock price decrease of 2.7% [2]. - Tianji Co., Ltd. faced a capital outflow of 666 million yuan, with a significant stock price drop of 9.09% [2]. - Xinyi Communication had a capital outflow of 613 million yuan, with a stock price increase of 0.73% [2]. - Tianci Materials saw a capital outflow of 570 million yuan, with a stock price decrease of 5.28% [2]. - Wangsu Science & Technology experienced a capital outflow of 558 million yuan, with a stock price decrease of 3.56% [2]. Group 3: Other Companies with Capital Outflows - Longi Green Energy reported a capital outflow of 547 million yuan, with a stock price decrease of 0.93% [3]. - Dufeng Co., Ltd. faced a capital outflow of 533 million yuan, with a stock price decrease of 7.35% [3]. - China Satellite had a capital outflow of 515 million yuan, with a stock price decrease of 1.62% [3]. - Contemporary Amperex Technology experienced a capital outflow of 458 million yuan, with a stock price decrease of 0.89% [3]. - Salt Lake Potash reported a capital outflow of 437 million yuan, with a stock price decrease of 2.67% [3].

Group 1 - The A-share market experienced a collective decline on January 27, with the Shanghai Composite Index down by 0.32%. The sectors showing gains included metals, banking, and oil, while electric equipment and pharmaceuticals saw the largest declines [1] - In the semiconductor sector, the performance was mixed. The chip ETF (159995.SZ) fell by 1.00%, while some component stocks like Ruixin Micro and Zhongwei Company increased by 2.85% and 2.23%, respectively. However, companies like Jing Sheng Machinery and Sanan Optoelectronics performed poorly, with declines of -3.82% and -3.07% [1] Group 2 - According to TrendForce, the global server shipment volume is expected to grow at an annual rate of 12.8% by 2026, with AI server shipments projected to grow over 28%, up from 24.2% in 2025. This growth is driven by significant investments in AI infrastructure by global CSPs [3] - The storage industry, including DRAM and NAND Flash, is expected to see its market value reach $551.6 billion by 2026, a year-on-year increase of 134%, and continue to grow by 53% to $842.7 billion in 2027. Samsung Electronics is reported to increase NAND flash supply prices by over 100% in Q1 2026, highlighting a severe supply-demand imbalance in the semiconductor market [3] - The packaging and testing segment of the storage chip industry is benefiting from a recovery in downstream demand, with leading manufacturers operating at near full capacity and service prices increasing by approximately 30%. This indicates a positive trend in the storage industry, with growth in both volume and price [3]

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 [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in semiconductor manufacturing, equipment, and design, which are areas of low domestic production [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB and AI optical modules, suggesting investment in companies like Shenghong Technology, Huitian Technology, and others [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," are seen as having good value due to recent price corrections, with potential for performance and valuation recovery driven by AIoT and automotive electronics [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, with PCB manufacturers achieving significant breakthroughs in AI server applications [22] - The market for AI chips is expected to grow, with the Chinese market projected to reach approximately 342.46 billion yuan by 2024, reflecting a 10.7% year-on-year growth [44] Semiconductor and PCB Industry - The semiconductor industry is experiencing a shift towards more diverse application scenarios, with automotive electronics and IoT driving growth [18] - The PCB equipment market is expected to reach 29.025 billion yuan in 2024, growing by 11.89% year-on-year, and is projected to reach 34.709 billion yuan by 2026 [27] Consumer Electronics - The CIS market is recovering, driven by demand from smartphones, security, and automotive sectors, with a focus on high-end products [46] - AI is providing new growth potential for consumer electronics, with ODM companies gaining competitive advantages [47]

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 374381.67 | -12829.26 | -1.96 | | 00700 | 腾讯控股 | 港股通(沪) | 256404.25 | 47186.91 | 0.76 | | 02899 | 紫金矿业 | 港股通(沪) | 234866.76 | -160485.92 | 4.35 | | 01810 | 小米集团-W | 港股通(沪) | 202530.35 | 52716.55 | -2.81 | | 02865 | 钧达股份 | 港股通(沪) | 200947.57 | 22193.94 | -6.56 | | 00941 | 中国移动 | 港股通(沪) | 199564.94 | -117692.48 | -0.88 | | 00981 | 中芯国际 | 港股通(沪) | 197489.33 | 18826.54 | -3.27 | | 09988 | 阿里巴巴-W ...

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]

Core Insights - On January 26, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Zijin Mining (02899) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.744 billion, 2.564 billion, and 2.349 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and China National Offshore Oil Corporation (00883) also ranked as the top three, with trading amounts of 1.878 billion, 1.743 billion, and 1.608 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 3.744 billion with a net buy of -128 million [2] - Tencent Holdings (00700) recorded a trading amount of 2.564 billion with a net buy of 472 million [2] - Zijin Mining (02899) had a trading amount of 2.349 billion with a net buy of -1.605 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 2.025 billion with a net buy of 527 million [2] - JunDa Co., Ltd. (02865) had a trading amount of 2.009 billion with a net buy of 222 million [2] - China Mobile (00941) recorded a trading amount of 1.996 billion with a net buy of -1.177 billion [2] - SMIC (00981) had a trading amount of 1.975 billion with a net buy of 188 million [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 1.785 billion with a net buy of -35.021 million [2] - Pop Mart (09992) had a trading amount of 1.419 billion with a net buy of 613 million [2] - Yangtze Optical Fibre and Cable (06869) recorded a trading amount of 1.371 billion with a net buy of -6.072 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 1.878 billion with a net buy of -107 million [2] - Tencent Holdings (00700) recorded a trading amount of 1.743 billion with a net buy of 543 million [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 1.608 billion with a net buy of 142 million [2] - SMIC (00981) had a trading amount of 1.269 billion with a net buy of -266 million [2] - Xiaomi Group-W (01810) recorded a trading amount of 1.064 billion with a net buy of 295 million [2] - Yingfu Fund (02800) had a trading amount of 1.042 billion with a net buy of -1.036 billion [2] - Zijin Mining (02899) achieved a trading amount of 1.017 billion with a net buy of 528 million [2] - Laopu Gold (06181) had a trading amount of 0.928 billion with a net buy of -78.823 million [2] - JunDa Co., Ltd. (02865) recorded a trading amount of 0.812 billion with a net buy of -74.468 million [2] - China Life (02628) had a trading amount of 0.707 billion with a net buy of -107 million [2]

Group 1 - Southbound funds recorded a net sell of HKD 826 million in Hong Kong stocks for the second consecutive day [1] - Notable net purchases included Tencent Holdings at HKD 1.015 billion, Xiaomi Group at HKD 822 million, and Pop Mart at HKD 613 million [1] - Significant net sales were observed in China Mobile at HKD 1.177 billion, Zijin Mining at HKD 1.077 billion, and Alibaba at HKD 235 million [1] Group 2 - Southbound funds have consistently net bought Xiaomi for 7 days, totaling HKD 3.89621 billion [1] - Continuous net buying for China National Offshore Oil Corporation (CNOOC) for 4 days, amounting to HKD 1.09627 billion [1] - Pop Mart has seen net buying for 3 consecutive days, totaling HKD 1.73397 billion [1] - China Mobile has faced net selling for 16 days, accumulating to HKD 12.89303 billion [1]

Summary of Conference Call on China's Semiconductor Production Equipment (SPE) Imports Industry Overview - **Industry**: Semiconductor Production Equipment (SPE) - **Key Focus**: China's SPE imports, particularly lithography equipment, and their implications for capacity expansion in tier-1 cities Key Points SPE Import Trends - China's SPE imports rebounded significantly in December 2025, increasing by **95% MoM** but down **9% YoY** from the previous year's high base due to geopolitical uncertainties [1] - Total SPE imports for Q4 2025 were **US$9.3 billion**, a **1% decrease** from the previous quarter, while annual imports for 2025 reached **US$34.7 billion**, marking a **3% increase** YoY [1] Lithography Equipment Insights - Lithography imports surged to **US$2.3 billion** in December 2025, representing a **59% increase YoY** and **222% increase MoM**, accounting for **55%** of total SPE imports [2][1] - The average cost per unit of lithography equipment imported was **US$75 million** for Shanghai, **US$95 million** for Beijing, and **US$46 million** for Guangdong, indicating strong demand in these regions [3] Regional Performance - The Netherlands emerged as the top exporter of SPE to China in December 2025, while imports from Japan continued to decline, down **38% YoY** [2] - Major cities like Shanghai, Beijing, and Guangdong showed robust lithography import values, suggesting accelerated capacity expansion by local fabs such as SMIC and Hua Hong [3] Capital Expenditure (Capex) Outlook - Evidence suggests solid capex demand in tier-1 cities, supported by local government plans to invest in the semiconductor and AI industries [3] - Expectations for China's WFE spending in 2026 could exceed previous estimates, with projected growth of **10% YoY** driven by advanced logic and memory capacity expansion projects [4] Investment Recommendations - Top investment picks include **NAURA** (rated Buy) and **ACMR Shanghai** [4] Risks and Opportunities - **Downside Risks**: Include potential worsening macroeconomic conditions, intensified geopolitical tensions, and slower-than-expected R&D progress [52] - **Upside Risks**: Include faster-than-expected recovery in end-demand and potential technological breakthroughs by China's WFE vendors [53] Government Initiatives - The 15th Five-Year Plans from major provinces emphasize commitments to enhancing semiconductor capabilities and AI development, which may positively impact WFE demand in the long term [51] Additional Insights - The strong performance of lithography imports indicates a shift in spending patterns, with lithography now accounting for a significantly higher percentage of total WFE spending than the historical norm of **20-25%** [2] - The average selling price (ASP) of lithography units reflects the high value and demand for advanced semiconductor manufacturing capabilities in China [3] This summary encapsulates the key insights and trends from the conference call regarding China's semiconductor production equipment imports and the broader implications for the industry.

本文源自：金融界AI电报 港股半导体概念走低，天数智芯跌超5%，英诺赛科跌超4%，中芯国际、兆易创新跌超3%，上海复旦、 华虹半导体跌超2%。 ...