上周市场情绪出现较大波动。星石投资表示，短期来看，在监管政策的导向下，市场炒作情绪较前期有 所下行，叠加当前A股整体融资余额占比处于相对合理水平，此次调整对市场场内流动性的实际影响不 大，更多是对短期情绪端产生影响。这种政策信号大概率不会影响市场方向，只是对资金流动方向存在 影响。向后看，随着年报业绩预告披露开启，行业景气线索明晰，资金对具有业绩支撑板块的关注度会 有所提升。 □本报记者 王宇露 上周市场震荡，中证新华社民族品牌工程指数上涨0.60%，报2059.78点。长电科技（600584）、华润 微、广联达（002410）等成分股上周表现强势；开年以来，安集科技、中微公司、长电科技等成分股涨 幅居前。展望后市，机构认为，2026年宏观政策和产业层面积极因素居多，出现系统性风险概率较低， 市场整体具备趋势向上的基础，结构选择仍是投资关键。 多只成分股表现强势 上周品牌工程指数多只成分股表现强势。具体来说，长电科技上涨17.51%，排在涨幅榜首位；华润微 上涨17.36%，居次席；广联达和科大讯飞（002230）分别上涨16.30%和14.57%；安集科技、华谊集团 （600623）、兆易创新（603986 ...

上周市场震荡，上证指数下跌0.45%，深证成指上涨1.14%，创业板指上涨1.00%，沪深300指数下跌 0.57%，品牌工程指数上涨0.60%，报2059.78点。 □本报记者 王宇露 上周市场震荡，中证新华社民族品牌工程指数上涨0.60%，报2059.78点。长电科技、华润微、广联达等 成分股上周表现强势；开年以来，安集科技、中微公司、长电科技等成分股涨幅居前。展望后市，机构 认为，2026年宏观政策和产业层面积极因素居多，出现系统性风险概率较低，市场整体具备趋势向上的 基础，结构选择仍是投资关键。 多只成分股表现强势 上周市场情绪出现较大波动。星石投资表示，短期来看，在监管政策的导向下，市场炒作情绪较前期有 所下行，叠加当前A股整体融资余额占比处于相对合理水平，此次调整对市场场内流动性的实际影响不 大，更多是对短期情绪端产生影响。这种政策信号大概率不会影响市场方向，只是对资金流动方向存在 影响。向后看，随着年报业绩预告披露开启，行业景气线索明晰，资金对具有业绩支撑板块的关注度会 有所提升。 星石投资认为，中期维度下，不同行业表现差异较大，部分板块仍处于偏低位置，随着国内政策发力带 动供需平衡、价格回升， ...

半导体 半导体 2026 年 01 月 18 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2025-01 2025-05 2025-09 半导体 沪深300 相关研究报告 《AI 算力自主可控的全景蓝图与投资 机遇—行业投资策略》-2026.1.8 《供应链安全事件催化，半导体材料/ 设备自主可控有望提速—行业点评报 告》-2026.1.8 《半导体释放涨价信号，晶圆厂、存 储、模拟有望进入价格上行期—行业 点评报告》-2025.12.25 先进封装龙头积极抢滩布局，产业进入"扩产+提价" 新阶段 ——行业点评报告 陈蓉芳（分析师） 祁海超（联系人） chenrongfang@kysec.cn 证书编号：S0790524120002 qihaichao@kysec.cn 证书编号：S0790125070022 台积电：2026 年资本开支超预期，先进封装持续规模化投入 2026 年 1 月 15 日，台积电召开 2025Q4 交流会，对 2026 年的资本开支指引为 520-560 亿美元（2025 年 409 亿，显著上修至多 36.9%），其中先 ...

Core Viewpoint - The article discusses the significant investment and strategic shifts in the semiconductor packaging industry, particularly focusing on advanced packaging technologies driven by the AI wave and the structural changes in the storage industry [1][2]. Group 1: Investment and Market Trends - SK Hynix announced a 19 trillion KRW (approximately 12.9 billion USD) investment to build an advanced chip packaging factory in Cheongju, South Korea, reflecting the structural changes in the storage industry due to AI [1]. - The global advanced chip packaging market is projected to grow from 50.38 billion USD in 2025 to 79.85 billion USD by 2032, with a compound annual growth rate (CAGR) of 6.8% [2]. - By early 2026, leading packaging and testing companies are expected to ramp up advanced packaging capacity, indicating a competitive landscape focused on advanced packaging capabilities [2]. Group 2: TSMC's Dominance - TSMC is recognized as the leader in advanced packaging, holding over 60% market share in semiconductor manufacturing and establishing significant competitive barriers in advanced packaging technologies [2][3]. - TSMC has developed three branches of CoWoS technology: CoWoS-S for medium-sized chips, CoWoS-R for greater design flexibility, and CoWoS-L for large AI chips [3]. - TSMC's SoIC technology, based on CoWoS and wafer-on-wafer stacking, offers higher interconnect density and improved performance compared to traditional 2.5D packaging [3]. Group 3: Capacity Expansion and Technological Advancements - TSMC's CoWoS capacity is projected to increase 6-8 times from 2023 to 2026, with a CAGR exceeding 60% [5]. - TSMC's new advanced packaging facilities, including the flagship AP6 plant in Zhunan, are designed for full automation and are expected to handle significant orders from major clients like NVIDIA and AMD [5][6]. - TSMC is also expanding its advanced packaging capabilities in the U.S. with plans for two new facilities in Arizona, focusing on SoIC and CoPoS technologies [6]. Group 4: Competitors' Strategies - ASE, as the largest packaging and testing foundry, is benefiting from the advanced packaging trend, with over 60% of its ATM business expected to come from advanced packaging by 2025 [9]. - ASE is developing its own 2.5D packaging platform, FOCoS, and is expanding its production capacity across multiple sites, including a new K28 plant aimed at meeting the demand for AI and GPU chips [10][11]. - Amkor is enhancing its market position through partnerships, such as its collaboration with Intel on EMIB technology, and expanding its facilities in the U.S. to meet advanced packaging demands [15][16]. Group 5: Mainland China's Participation - Mainland Chinese companies are actively investing in advanced packaging technologies and capacity, with firms like Yongxi Electronics and Changjiang Electronics focusing on high-density packaging and automotive electronics [20][22]. - Yongxi Electronics is establishing a new production base in Malaysia to enhance its overseas strategy, while Changjiang Electronics is expanding its automotive electronics packaging capabilities [21][22]. - Tongfu Microelectronics is also increasing its advanced packaging capacity, particularly in automotive and high-performance computing sectors, to meet growing market demands [23][24]. Group 6: Future Outlook - The article concludes that while TSMC's dominance in advanced packaging is unlikely to be challenged in the short term, other specialized packaging firms are seeking to differentiate themselves through flexible capacity and innovative technologies [25][27]. - The collective expansion of packaging firms represents a significant industry bet on the demand for AI-driven computing power, with the potential for winners to emerge as the market stabilizes and technology paths clarify [27].

以下文章来源于格隆汇交易学苑 ，作者格隆汇小编 格隆汇交易学苑 . 以基本面为基础，专注于趋势交易 AI算力 卷到白热化，芯片却快 " 热炸 " 了！ 英伟达 H100 峰值功耗超 700W ，下一代 Rubin 处理器直奔 1800W ， 2029 年甚至要冲到 6000W 。算力飙升的背后，是传统封装的 " 崩溃 "—— 硅中介层散热跟不上、容易开裂， CoWoS 封装的 " 功耗墙 " 成了 AI 算力的致命瓶颈。 而破局的关键，藏在 " 先进封装 +SiC" 的组合里。台积电广发英雄帖推进 SiC 中介层，英伟达计划 2027 年导入 12 英寸 SiC 衬底，产业 巨头集体押注。 A 股市场早已闻风而动：先进封装指数 年初至今涨幅超 1 4 % ，长电科技单日成交额破 50 亿，晶盛机电、天岳先进等 SiC 标的异动，一场 由 "AI 算力刚需 +SiC 技术突破 + 国产替代 " 驱动的盛宴，已经开席！ （ 来源：同花顺 ） 01 这时候先进封装站了出来。通过 2.5D/3D 堆叠、混合键合、 SiC 中介层替代等技术，不仅能解决散热难题，还能让芯片互连密度提升 10 倍 以上，成为超越摩尔定律的 ...

消息面上，国家电网公司1月15日宣布，"十五五"期间公司固定资产投资预计达到4万亿元，较"十四 五"投资增长40%，用于新型电力系统建设。 盘面上，半导体产业链持续活跃，天岳先进、甬矽电子以20%幅度涨停；电网设备板块涨幅居前，电科 院、森源电气、思源电气等多股涨停；人形机器人概念走高，五洲新春、方正电机涨停；AI应用端持 续调整，省广集团、浙文互联等多只个股跌停。 供不应求驱动电网设备、存储概念走强 1月16日，电网设备板块全天表现活跃。截至收盘，电科院以20%幅度涨停，红相股份、新风光涨超 10%，广电电气、森源电气等多只个股涨停。 A股成交额重回3万亿元 电网设备板块多股涨停 ◎记者 李雨琪 1月16日，A股市场高开后震荡调整。截至收盘，上证指数报4101.91点，跌0.26%；深证成指报14281.08 点，跌0.18%；创业板指报3361.02点，跌0.20%；科创综指报1855.03点，涨1.63%。沪深北三市全天成 交30565亿元，重回3万亿元上方。 中国银河证券研报认为，2026年电网"出海"将延续量价齐升。未来海外市场电网投资有望提速，且海外 市场供给端供不应求，欧美电力变压器和高压电缆的 ...

Core Viewpoint - The A-share market experienced moderate fluctuations with a total trading volume returning to over 3 trillion yuan, indicating a shift in capital from popular sectors like AI applications and communications to storage chips, automotive chips, and robotics actuators [1][4][6]. Market Performance - The Shanghai Composite Index fell by 0.26% to 4101.91 points, while the ChiNext Index decreased by 0.2% to 3361.02 points, and the Shenzhen Component Index dropped by 0.18% [6]. - The total trading volume across the three markets reached 3.06 trillion yuan, with margin trading balances increasing to 2.72 trillion yuan as of January 15 [6][16]. Sector Performance - The storage chip sector rose by 5.54%, third-generation semiconductors by 3.88%, automotive chips by 4.94%, and robotics actuators by 4.26% [8]. - In contrast, sectors such as media and computing saw significant declines, with media down by 4.84% and computing by 2.23% [9]. Capital Flow and Investment Strategy - Capital is being reallocated due to regulatory measures aimed at risk prevention and monetary policies supporting liquidity, leading to a diversified market structure [4][16]. - Investment strategies should focus on policy guidance, performance support, and valuation matching, particularly in sectors benefiting from domestic substitution and global chip technology breakthroughs [4][22]. Future Market Outlook - The market is expected to continue its oscillation around the 4100-point mark, with potential for structural opportunities in policy-supported sectors and high-performing stocks [19][20]. - Analysts suggest maintaining a neutral position while avoiding high-volatility stocks and focusing on sectors with strong fundamentals [19][22].

证券日报网讯1月16日，长电科技（600584）在互动平台回答投资者提问时表示，股价波动受多重因素 影响，当前公司生产经营正常。 ...

A股三大指数今日（1月16日）集体小幅回调，沪指险守4100点关口。截至收盘，沪指跌0.26%，报4101.91点；深证成指跌0.18%，创业板指跌0.20%。沪深 京三市成交额达到30568亿元，较昨日放量1180亿元。 盘面上，电子板块逆市领涨，荟聚电子板块核心龙头的电子ETF（515260）全天红盘活跃，场内价格最终收涨2.7%，重仓电子、计算机等行业的智能制造 ETF（516800）场内收涨2.42%；新能源、新材料板块部分个股表现亮眼，新材料ETF（516360）、智能电动车ETF（516380）场内价格双双收涨超1%。 一、台积电业绩远超预期！半导体逆市狂飙，电子ETF（515260）翘尾收涨2.7%，尾盘溢价飙升！兆易创新等4股涨停 电子板块逆市领涨A股所有行业，荟聚电子板块核心龙头的电子ETF（515260）全天红盘活跃，场内价格最终收涨2.7%，斩获日线3连阳！尾盘溢价飙升， 收盘溢价率高达0.93%，显示买盘资金更为强势！ 下跌方面，AI医疗概念继续"降温"，全市场规模最大医疗ETF（512170）下挫2.6%；AI应用概念股全线回调，双线布局"算力+AI应用"的创业板人工智能 ETF（1 ...

Core Viewpoint - The electronic sector is leading the A-share market, with the electronic ETF (515260) showing strong performance, closing up 2.7% and achieving a premium rate of 0.93% at the end of the trading day, indicating strong buying interest [1] Group 1: Market Performance - The electronic sector received a net inflow of 30.511 billion, ranking first among all 31 Shenwan primary industries [2][3] - Major stocks in the electronic ETF, including Zhaoyi Innovation and Changdian Technology, attracted 4.538 billion and 3.181 billion respectively, topping the A-share inflow rankings [2][3] - Semiconductor leaders such as Changdian Technology, Zhaoyi Innovation, and Tongfu Microelectronics hit the daily limit, while Huazhong Microelectronics rose over 13% [4] Group 2: Industry Trends - TSMC's recent earnings report for Q4 2025 exceeded expectations, marking the seventh consecutive quarter of double-digit growth, and raised its 2026 capital expenditure guidance to 52-56 billion USD, reflecting strong and sustainable demand in the AI industry chain [5] - The U.S. government's recent imposition of a 25% tariff on specific semiconductors may create a stronger "accelerated replacement" window for domestic equipment amid increasing supply chain uncertainties [5] - The trend of "self-control and AI resonance" is expected to strengthen further in 2026, with a focus on domestic computing power and semiconductor equipment [5] Group 3: Investment Tools - The electronic ETF (515260) and its linked funds are designed to passively track the electronic 50 index, heavily investing in semiconductor and consumer electronics sectors, including AI chips, automotive electronics, and PCB [5] - The ETF serves as an efficient tool for investors to gain exposure to core assets in the electronic sector [5]