炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月29日，兆易创新收跌5.00%，收盘价为307.50元，发生1笔大宗交易，合计成交量4.88万股，成交金 额1500.6万元。 第1笔成交价格为307.50元，成交4.88万股，成交金额1,500.60万元，溢价率为0.00%，买方营业部为广 发证券股份有限公司广州花城大道证券营业部，卖方营业部为中国银河证券股份有限公司佛山顺德容桂 证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为6110.21万元。该股近5个交易日累 计上涨2.00%，主力资金合计净流出5.92亿元。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 ...

| 交易日期 | 证券商稼 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 以 完全 III III KS 026-01-29 | 非易创新 | 603986 | 307.5 1500.6 | 4.88 | 公司是發展與其盟 | 我们都是 190 | 1月29日，兆易创新大宗交易成交4.88万股，成交额1500.6万元，占当日总成交额的0.14%，成交价307.5 元，较市场收盘价307.5元持平。 ...

Core Insights - The main focus of the news is the significant outflow of capital from various stocks, indicating a potential shift in investor sentiment and market dynamics. Group 1: Stock Performance and Capital Outflow - Industrial Fulian experienced the highest capital outflow of 5.09%, totaling 5.444 billion yuan [1][2] - Sunshine Power saw a capital outflow of 1.558 billion yuan with a decline of 4.92% [1][2] - China Aluminum had a capital outflow of 1.452 billion yuan, but its stock price increased by 3.49% [1][2] - Tongling Nonferrous Metals recorded a capital outflow of 1.204 billion yuan with a notable increase of 10.06% in stock price [1][2] - Semiconductor company SMIC faced a capital outflow of 1.109 billion yuan, with a decrease of 4.2% [1][2] Group 2: Sector Analysis - The consumer electronics sector, represented by Industrial Fulian and Luxshare Precision, showed significant capital outflows of 5.444 billion yuan and 1.068 billion yuan respectively [1][2] - The photovoltaic equipment sector, represented by Sunshine Power, experienced a capital outflow of 1.558 billion yuan [1][2] - The non-ferrous metals sector, including China Aluminum and Tongling Nonferrous Metals, had mixed results with capital outflows of 1.452 billion yuan and 1.204 billion yuan respectively [1][2] - The semiconductor sector, represented by SMIC, faced a capital outflow of 1.109 billion yuan [1][2] Group 3: Additional Stock Movements - Other notable stocks with significant capital outflows include: - Luoyang Molybdenum with 1.080 billion yuan and a slight decrease of 0.04% [1][2] - Hunan Silver with a capital outflow of 1.062 billion yuan and an increase of 4.95% [1][2] - Xiamen Tungsten with a capital outflow of 0.821 billion yuan and a decline of 7.11% [1][3] - The electronics components sector, represented by Huadian Co. and Shenghong Technology, also saw capital outflows of 0.895 billion yuan and 0.740 billion yuan respectively [1][3]

Group 1 - The core viewpoint is that niche storage, particularly in the context of AI demand, is expected to open up new growth opportunities beyond the existing market, with price adjustments for products like MCU and NOR Flash ranging from 15% to 50% [1] - AI demand is anticipated to drive incremental growth in niche storage, with increasing requirements for NOR Flash capacity due to the growth of AI terminal BIOS programs and code volume [1] - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a tightening market for products like MLC NAND Flash, which is projected to see a 41.7% reduction in global capacity by 2026 [2] Group 2 - Domestic manufacturers are positioned strongly in the niche storage market, with companies like Zhaoyi Innovation and Puran achieving significant market shares in NOR Flash and SLC NAND, indicating a competitive advantage as global suppliers exit the niche storage sector [3] - The market share of domestic firms in niche storage is expected to benefit from the ongoing supply constraints caused by the withdrawal of overseas manufacturers, enhancing their competitive position [3] - Investment opportunities are identified in various domestic storage chip design firms and semiconductor equipment companies, highlighting a broad range of potential beneficiaries from the niche storage market dynamics [4]

January 28, 2026 09:59 AM GMT Greater China Technology Semiconductors | Asia Pacific | M January 28, 2026 09:59 AM GMT Greater China Technology Semiconductors Asia | Morgan Stanley Taiwan Limited+ Daniel Yen, CFA | Update | | --- | --- | --- | | Pacific | Equity Analyst | | | | Daniel.Yen@morganstanley.com | +886 2 2730-2863 | | Quick comment on MCU price | Charlie Chan Equity Analyst | | | | Charlie.Chan@morganstanley.com | +886 2 2730-1725 | | hike | Morgan Stanley Asia Limited+ | | | | Daisy Dai, CFA | | ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [5] Core Insights - The ongoing shortage of niche storage is expected to continue, with AI demand opening up incremental growth opportunities [2][8] - AI demand is anticipated to drive the need for niche storage, particularly in applications such as automotive, industrial, and security [7] - Domestic manufacturers are positioned competitively in the niche storage market and are likely to benefit from the supply constraints caused by international suppliers exiting this segment [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengshuo [3][8] - Other relevant companies include domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage, as well as semiconductor equipment firms such as Zhongwei, Jingzhida, and Beifang Huachuang [3][8] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [3][8] Market Dynamics - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a substantial contraction in supply [7] - For instance, the global MLC NAND Flash capacity is projected to decrease by 41.7% in 2026 due to supply shrinkage, which is expected to drive prices significantly higher [7] - Domestic firms are gaining market share in niche storage, with Zhaoyi Innovation holding approximately 18.5% of the NOR Flash market in 2024, ranking second globally [7]

Core Insights - The report emphasizes the importance of "speed + power" as the core contradiction in the future development of the AI industry, highlighting significant market movements in both speed and power sectors over the past year [1][9] - For 2026, the focus should be on observing the commercial closure rhythms of CSPs and large model vendors to grasp the overall industry beta, while actively seeking value expansion and capital expenditure shifts in specific segments [1][10] - The report suggests that capital expenditure (Capex) and return on investment (ROI) are critical variables in understanding computing power demand, which is primarily driven by token counts and Capex [1][10] Investment Strategy - The computing power industry is viewed as the foundation of technology, with a long-term positive outlook. The report recommends actively seeking value expansion and capital expenditure shifts in specific segments, maintaining the focus on "speed + power" [3][12] - Key areas of investment include domestic computing power, semiconductor equipment, storage, and AI terminals [3][12] Capital Expenditure Analysis - Major cloud service providers (CSPs) have significantly increased their capital expenditures, with the top five CSPs' combined Capex reaching $308.1 billion in Q3 2025, a 75% year-on-year increase [24][27] - Google, Microsoft, Amazon, Meta, and Oracle are leading this trend, with Google and Microsoft showing particularly aggressive Capex growth to support AI infrastructure [27][28] - The report highlights that Google’s Capex for 2024 is projected to be $52.5 billion, a 63% increase year-on-year, while Microsoft’s Capex is expected to reach $75.6 billion, an 84% increase [27][28] AI Model and Chip Development - The report discusses the rapid iteration of Google's Gemini model family, which has introduced significant advancements in AI capabilities, including multi-modal understanding and enhanced reasoning abilities [36][41] - NVIDIA is identified as a key player in the computing power landscape, with its customer base including CSPs, large model vendors, and government clients, driving substantial revenue growth [24][30] - The report notes that the demand for AI chips is expected to grow, with companies like OpenAI forming strategic partnerships with major chip manufacturers to enhance their infrastructure [62][63] Domestic Computing Power Growth - The report anticipates a breakthrough year for domestic computing power in 2026, driven by the acceleration of domestic large models and positive capital expenditure outlook from cloud vendors [2][6] - The supply side is expected to transition from single-point breakthroughs to multi-point developments, indicating a robust growth trajectory for domestic computing power vendors [2][6] Semiconductor and Storage Opportunities - The semiconductor sector is highlighted as benefiting from an AI-driven storage supercycle, with equipment manufacturers poised to gain from original factory expansions [2][8] - The report emphasizes the importance of AI in driving growth in the storage industry, predicting rapid expansion in this sector [2][8]

Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]

Market Overview - The semiconductor sector increased by 1.28% on January 28, with N Hengyun leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Top Gainers in Semiconductor Sector - N Hengyun (688785) closed at 371.30, with a remarkable increase of 302.80% and a trading volume of 96,900 shares [1] - Other notable gainers include: - Qipai Technology (688216) at 33.97, up 19.99% [1] - Zhongwei Semiconductor (688380) at 54.61, up 19.47% [1] - Hennian Micro (688172) at 46.80, up 17.56% [1] - Pushen Co. (688766) at 292.32, up 14.64% [1] Top Losers in Semiconductor Sector - Dongxin Co. (688110) decreased by 8.42% to 140.33 [2] - Other significant declines include: - Canxin Co. (688691) down 5.80% to 136.16 [2] - Shengke Communication (688702) down 5.46% to 153.65 [2] - Changsheng Co. (688478) down 4.59% to 38.88 [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 94.168 million yuan from institutional investors, while retail investors saw a net inflow of 1.748 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are actively buying [2] Individual Stock Capital Flow - N Hengyun (688785) had a net inflow of 1.855 billion yuan from institutional investors, but a net outflow of 1.788 billion yuan from speculative funds [3] - Other stocks with notable capital flows include: - Zhongxin International (688889) with a net inflow of 1.037 billion yuan from institutional investors [3] - Zhaoyi Innovation (603986) with a net inflow of 685 million yuan from institutional investors [3]

Core Viewpoint - The data indicates significant capital inflows into various stocks, highlighting potential investment opportunities in the market. Group 1: Stock Performance and Capital Inflows - China Aluminum (中国铝业) saw a capital inflow of 1.909 billion, with a price increase of 10.02% [1][2] - Northern Rare Earth (北方稀土) experienced a capital inflow of 1.773 billion, with a price increase of 4.22% [1][2] - Wangsu Science & Technology (网宿科技) had a capital inflow of 1.712 billion, with a notable price increase of 15.14% [1][2] - Tianfu Communication (天孚通信) recorded a capital inflow of 1.546 billion, with a price increase of 4.53% [1][2] - Province Advertising Group (省广集团) attracted a capital inflow of 1.275 billion, with a price increase of 4.9% [1][2] Group 2: Additional Notable Stocks - Invech (英维克) had a capital inflow of 1.116 billion, with a price increase of 6.45% [1][2] - SMIC (中芯国际) saw a capital inflow of 1.037 billion, with a price increase of 3.63% [1][2] - Shannon Chip Creation (香农芯创) experienced a capital inflow of 966 million, with a price increase of 4.54% [1][2] - Luoyang Molybdenum (洛阳钼业) had a capital inflow of 818 million, with a price increase of 9.8% [1][2] Group 3: Other Stocks with Capital Inflows - Changxin Bochuang (长芯博创) recorded a capital inflow of 707 million, with a price increase of 6.18% [3] - Zhongji Xuchuang (中际旭创) had a capital inflow of 703 million, with a price increase of 2.01% [3] - China Telecom (中国电信) saw a capital inflow of 698 million, with a price increase of 3.13% [3] - Zhaoyi Innovation (兆易创新) attracted a capital inflow of 685 million, with a price increase of 5.34% [3] - Shanghai Construction (上海建工) had a capital inflow of 683 million, with a price increase of 10.03% [3] - China Unicom (中国联通) recorded a capital inflow of 682 million, with a price increase of 1.58% [3] - Northern Copper (北方铜业) saw a capital inflow of 603 million, with a price increase of 10% [3] - Huayou Cobalt (华友钴业) had a capital inflow of 581 million, with a price increase of 3.34% [3] - CITIC Securities (中信证券) recorded a capital inflow of 580 million, with a price increase of 0.29% [3]