Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the market index in the next six months [41]. Core Insights - The SW Electronics sector's fund heavy positions and overweight ratios have increased year-on-year but decreased quarter-on-quarter, indicating a high level of interest despite recent declines [1][11]. - The focus for Q4 2025 is on AI computing power and semiconductor self-sufficiency, with key stocks including Cambricon, Haiguang Information, and SMIC leading the way [2][22]. - The semiconductor and components sectors are currently overweight, while consumer electronics have shifted to an underweight position [3][31]. Summary by Sections Fund Heavy Positions and Overweight Ratios - In Q4 2025, the SW Electronics sector's allocation ratio is 11.90%, with a quarter-on-quarter decrease of 0.52 percentage points but a year-on-year increase of 3.05 percentage points. The fund heavy position ratio is 20.22%, down 1.92 percentage points quarter-on-quarter but up 3.28 percentage points year-on-year. The overweight ratio stands at 8.32%, reflecting a quarter-on-quarter decline of 1.39 percentage points but a year-on-year increase of 0.23 percentage points [1][11][13]. Top Heavy Positions - The top ten stocks in the SW Electronics sector for Q4 2025 include Cambricon, Haiguang Information, SMIC, Luxshare Precision, and others, with semiconductor stocks making up 70% of the list. The performance of these stocks has varied, with only 40% showing gains in the quarter [2][16][22]. Focus Areas - The investment focus remains on AI computing and storage, with significant interest in companies like Cambricon and Dongshan Precision, which are leaders in their respective fields. The semiconductor self-sufficiency trend is also highlighted, with companies like Tuojing Technology and Hu Silicon Industry benefiting from domestic equipment adoption [2][22]. Subsector Allocation - The semiconductor sector is still a key focus for institutional investors, with an overweight ratio of 7.74%, despite a quarter-on-quarter decline of 0.76 percentage points. The components sector has seen a slight increase in its overweight ratio to 1.75%. In contrast, consumer electronics have shifted from overweight to underweight, now at 0.45% [3][31]. Concentration of Fund Heavy Positions - The concentration of the top five fund heavy positions in the SW Electronics sector has decreased, with their market value accounting for 35.52% of the total fund heavy positions, down 0.84 percentage points quarter-on-quarter. This trend indicates a diversification in fund allocations [3][36]. Investment Recommendations - The report suggests focusing on AI computing and semiconductor self-sufficiency as key investment opportunities. It recommends monitoring the performance of PCB and storage sectors, which are expected to benefit from the growth in AI computing [4][37].

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-8.52 billion), Zhongji Xuchuang (-7.46 billion), and Shenghong Technology (-7.05 billion) [1] - Other notable stocks with capital outflows are Light Media (-6.74 billion), China Duty Free Group (-5.71 billion), and Zhongwen Online (-5.64 billion) [1] - Guizhou Moutai experienced a capital outflow of -5.61 billion, while Aerospace Electronics saw -5.46 billion [1] Group 2 - The stock performance shows that Xinyi Technology had a decline of -0.31%, and Zhongji Xuchuang decreased by -0.17% [2] - Light Media faced a significant drop of -10.8%, while Zhongwen Online fell by -6.91% [2] - Guizhou Moutai's stock decreased by -1.42%, and Aerospace Electronics dropped by -2.33% [2] Group 3 - Other companies with notable capital outflows include Agricultural Bank (-4.80 billion) and China Satellite (-4.79 billion) [3] - Industrial Fulian had a slight decline of -0.24%, while Xian Dao Intelligent saw a minimal change of -0.05% [3] - The overall trend indicates a significant capital outflow from various sectors, including telecommunications, media, and banking [1][2][3]

另外，民企分红意愿明显提升，金额翻倍增长。民企春节前分红金额616亿元，同比增长1.3倍，在春节 前分红中占比由2025年的8％升至18%，成功惠及更广大投资者。科技型龙头工业富联，格力电器、伊 利股份等"现金奶牛"均首次实施春节前分红，分别派发66亿元、56亿元和30亿元。 近期，上市公司春节前分红持续推进。 数据显示，2025年12月至2026年1月底，沪深北证券交易所235家上市公司在春节前两个月实施春节前分 红，金额合计3488亿元，已超2025年春节前分红总额3446亿元，再创新高。叠加今年2月分红，春节前 分红金额还将继续增长。 越来越多的上市公司加入春节前分红大军，一方面体现了上市公司整体盈利能力的提升，另一方面也展 现出上市公司股东回报意识的强化，这是监管部门鼓励的方向，也是上市公司治理能力提升的表现。中 金公司研究部首席国内策略分析师李求索表示，市场正朝着强化股东回报、平衡投融资关系的方向稳步 发展，为市场建立长期稳定回报机制奠定了良好基础。 分行业来看，金融和大消费行业继续成为分红主力。银行业春节前分红2434亿元，占比近七成，招商银 行、兴业银行首次加入春节前分红大军，大手笔派发共375 ...

鼎捷数智公告，持股5%以上股东富士康工业互联网股份有限公司及其一致行动人TOP PARTNER HOLDING LIMITED、叶子祯先生、孙蔼彬先生、新蔼企业管理咨询（上海）有限公司进行股权激励自 主行权、股份归属及被动稀释，实施股票减持计划，属于持股比例减少。本次权益变动后，工业富联及 其一致行动人合计持有公司股份5431.04万股，占公司总股本的20.00%，占剔除公司回购专用证券账户 中持股数量的总股本比例20.12%，股东权益变动触及1%及5%的整数倍。本次权益变动不会导致公司控 制权发生变化，不会对公司治理结构及未来持续经营产生重大影响。 ...

公示期：2026年2月11日至2026年2月20日 联系邮箱：jyzjz@samr.gov.cn ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the communication equipment and cultural media sectors, highlighting potential investment risks in these areas [1][2][3] Group 1: Stock Performance and Fund Flow - The stock with the highest outflow is Xinyiseng, with a fund outflow of 30.50 billion yuan and a decline of 5.46% [2] - Zhongji Xuchuang follows closely with a fund outflow of 29.64 billion yuan and a decrease of 4.28% [2] - Other notable stocks with significant outflows include BlueFocus with 12.91 billion yuan and a drop of 3.57%, and Jiecheng Co. with 12.13 billion yuan but an increase of 4.73% [2] - Cultural media stocks such as Chinese Online and Guanghua Media also experienced outflows of 10.27 billion yuan (down 6%) and 9.38 billion yuan (up 5.09%), respectively [2][3] Group 2: Sector Analysis - The communication equipment sector is heavily impacted, with both Xinyiseng and Zhongji Xuchuang showing substantial fund outflows [2] - The cultural media sector also shows mixed performance, with some stocks like Guanghua Media gaining while others like Chinese Online are declining [2][3] - The home appliance industry, represented by Sanhua Zhikong and Zhao Chi Co., shows minor outflows of 8.30 billion yuan and 7.45 billion yuan, respectively, with slight declines in stock prices [2][3]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, particularly in the communication equipment and cultural media sectors, suggesting potential investor concerns or market volatility [1][2][3] Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced a capital outflow of 2.851 billion yuan, with a decline of 4.1% in stock price [2] - Xinyi Sheng saw a capital outflow of 2.795 billion yuan, with a stock price drop of 4.9% [2] - BlueFocus Media had a capital outflow of 1.2 billion yuan, with a decrease of 3.62% in stock price [2] - Jiecheng Co. reported a capital outflow of 1.135 billion yuan, with a stock price increase of 3.67% [2] - Zhongwen Online faced a capital outflow of 0.928 billion yuan, with a decline of 7.04% in stock price [2] Group 2: Sector Analysis - The communication equipment sector, represented by Zhongji Xuchuang and Xinyi Sheng, shows significant capital outflows, indicating potential challenges in this industry [2][3] - The cultural media sector, including companies like BlueFocus Media and Zhongwen Online, also reflects notable capital outflows, suggesting investor caution in this area [2][3] - The home appliance industry, represented by Sanhua Intelligent Control and Zhaochi Co., shows mixed performance with capital outflows, indicating varying investor sentiment [2][3]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [20]. Core Insights - The launch of Seedance 2.0 by ByteDance marks a significant advancement in AI video generation, featuring multi-modal reference capabilities and efficient creative processes, applicable in various fields such as animation and advertising [2][6]. - The report highlights the strong growth potential of AI-generated content (AIGC) and the increasing capital expenditure by ByteDance, projected at 160 billion RMB for 2026, with a significant portion allocated for advanced semiconductor chips [6]. - The report suggests a focus on key companies within the AIGC supply chain, including chip manufacturers, server providers, data centers, and application developers, indicating a broad investment opportunity across the sector [6]. Summary by Sections Industry Basic Data - The computer industry comprises 337 listed companies with a total market capitalization of 61,676.90 billion RMB and a circulating market value of 55,806.98 billion RMB [3]. Company Profit Forecasts and Valuations - Industrial Fulian is projected to have a revenue of 608.47 billion RMB in 2024, with a net profit of 23.22 billion RMB, reflecting a PE ratio of 48.0 for 2024 and 32.3 for 2025 [2]. - Other notable companies include: - Huagong Information with a projected revenue of 90.4 billion RMB and a net profit of 1.93 billion RMB in 2024 [7]. - Cambrian with a revenue forecast of 11.7 billion RMB and a net profit of -0.45 billion RMB in 2024 [7]. Relative Index Performance - The absolute performance of the computer industry shows a decline of 1.3% over the past month, but a growth of 16.7% over the past six months and 17.5% over the past year [4]. Investment Recommendations - The report recommends focusing on companies such as Haiguang Information, Cambrian, and others in the AI and semiconductor sectors, indicating a robust investment landscape driven by technological advancements [6].

Investment Rating - The report maintains a "Strong Buy" rating for the domestic computing power industry chain, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The report emphasizes that AI inference is leading innovation, with a focus on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It highlights the expected growth in the domestic storage industry, driven by new products from Yangtze Memory Technologies and Changxin Memory Technologies, alongside a rapid increase in demand for SSDs and HBM [2][29]. - The report anticipates a significant expansion year for storage production, suggesting investors pay close attention to the overall opportunities within the domestic storage industry chain [29]. - The power industry is also highlighted, with a focus on new technologies on both the supply and demand sides, including companies like Sanhua Group and Zhongfu Circuit [30]. - The ASIC segment is expected to see an increase in market share, with a focus on major CSP manufacturers [30]. - The report predicts an evolution in cabinet models, with growth in demand for high-speed interconnects, cabinet OEM, liquid cooling, and PCB [30]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, while the Shenzhen Component Index dropped by 2.11%, and the overall Shenwan Electronics Index decreased by 5.23% [1][13]. - Year-to-date, the Shenwan Electronics Index has declined by 4.73%, ranking 14th out of 31 sectors [1][13]. Weekly Focus - Nvidia's upcoming Arm architecture-based N1X + N1 processor is discussed, indicating a strategic move into the AI PC and laptop market, competing directly with AMD and Intel [26][27]. - The report notes that Nvidia's new processors will utilize TSMC's 3nm process technology, enhancing performance while maintaining low power consumption [26][27]. Related Research - Previous reports have consistently highlighted the positive outlook for the domestic computing power industry chain, including price increases in semiconductor packaging and storage chips [4][6][5].

行 2026 年 02 月 10 日 AI PCB/存储/服务器业绩高增，封 行 业 研 究 / 行 业 点 评 相关研究 《生益电子（688183）深度：受益 AI ASIC 与交换机速率升级（AI 硬件系列之 6）》 2025/12/30 《江丰电子（300666）点评：定增拟募资 19.5 亿元，投资靶材及静电吸盘等项目》 2025/11/17 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 袁航 A0230521100002 yuanhang@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 陈俊兆 A0230124100001 chenjz@swsresearch.com 联系人 姜安然 A0230125070008 jiangar@swsresearch.com 本期投资提示： 业 及 产 业 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使 ...