1月21日，A股四大指数集体低开，截至发稿均翻红，科创综指涨超1%。 国产芯片大涨，盈方微2连板，龙芯中科（688047）"20cm"涨停，中国长城、江化微涨停。海光信息持续拉升，盘中涨超14%。通富微电、华岭股份跟 涨。 | < V | 国产芯片 | | G Q | | --- | --- | --- | --- | | | 4755.65 1.09% | | | | 成份股 | | 股吧 | 资讯 | | 名称 | 最新 | 涨幅 ↓ | 涨跌 | | 龙芯中科 688047 科创 融 | 177.72 | 20.00% | 29.62 | | 海光信息 | 285.00 | 12.11% | 30.79 | | 688041 科创 融 | | | | | 束龄胎份 | 26.00 | 11.54% | 2.69 | | 920139 融 | | | | | 大港股份 002077 融 | 18.54 | 10.03% | 1.69 | | 江化微 | 25.92 | 10.02% | 2.36 | | 603078 註 | | | | | 中国长城 | 17.82 | 10.00% | 1.62 | | ...

早盘A股市场回暖，三大指数全线上涨，上证指数涨0.17%，深证成指涨0.54%，创业板指涨1.15%。科 创50ETF（588000）上涨3.46%，最新报价1.614元，盘中成交额达21.21亿元，换手率2.67%。成分股方 面，芯片股全面爆发，龙芯中科封板，海光信息涨14.07%，澜起科技上涨6.80%，中微公司上涨 3.97%，中芯国际上涨3.04%。 科创50ETF（588000）跟踪科创50指数，指数持仓电子行业70.35%，与当前人工智能、机器人等前沿产 业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光伏设备等多个细分领域，硬科技含 量高，看好中国硬科技长期发展前景的投资者建议持续关注。 （文章来源：每日经济新闻） 产业方面，国产半导体设备领域迎来双重催化：一是中核集团自主研制首台高能氢离子注入机成功出 束，攻克功率半导体制造关键环节，打破国外垄断；二是台积电财报显示2025年Q4净利润增长35%、 毛利率62%，预计2026年资本支出达560亿美元，AI需求驱动存储芯片价格大涨。双重催化将推动国产 设备国产化加速，叠加AI驱动技术升级和产能扩张，行业或迎来'扩产周期+技术突破'黄金期 ...

（文章来源：每日经济新闻） 每经AI快讯，芯片概念走强，龙芯中科"20cm"涨停，海光信息涨逾13%创新高，通富微电、景嘉微涨逾 5%。 ...

Core Viewpoint - The Shanghai 180 ETF Index Fund closely tracks the Shanghai 180 Index, which reflects the overall performance of 180 large-cap and liquid stocks in the Shanghai securities market [2] Group 1: Index Performance - As of January 20, 2026, the Shanghai 180 Index rose by 0.08%, with notable increases in constituent stocks such as China Chemical (+10.01%), China Power Construction (+7.02%), and Hengli Petrochemical (+6.62%) [1] - The Shanghai 180 ETF Index Fund achieved a four-day consecutive increase, with the latest price reported at 1.26 yuan [1] - The fund's average daily trading volume over the past year was 256.26 million yuan, with a turnover rate of 0.11% on January 20, 2026 [1] Group 2: Fund Metrics - The fund's Sharpe ratio since inception is 2.13, indicating a favorable risk-adjusted return [1] - The maximum drawdown for the fund year-to-date is 1.30%, with a relative benchmark drawdown of 0.06% [1] - The management fee for the fund is 0.15%, and the custody fee is 0.05% [1] Group 3: Top Holdings - As of December 31, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 25.29% of the index, including Kweichow Moutai, Zijin Mining, and China Ping An [2] - The top ten stocks by weight are Kweichow Moutai (4.21%), Zijin Mining (3.78%), and China Ping An (2.31%), among others [3]

科创50指数涨幅扩大至3%，现报1528.16点。芯片股领涨，海光信息大涨超10%创历史新高。 ...

苏新上证科创综指增强A（023937）成立日期2025年5月20日，最新规模8261.27万。今年以来收益 10.07%，同类排名756/5542；成立以来收益48.75%。 苏新上证科创综指增强A（023937）基金经理为林茂政。 截至发稿，林茂政累计任职时间1年23天，现任基金资产总规模5.35亿元，任职期间最佳基金回报 51.06%， 任职期间最差基金回报6.23%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 1月21日，海光信息涨5.42%，截至发稿，报268.00元/股，成交18.97亿元，换手率0.30%，总市值 6229.23亿元。 资料显示，海光信息技术股份有限公司位于北京市海淀区东北旺西路8号中关村软件园27号楼C座4-5 层，成立日期2014年10月24日，上市日期2022年8月12日，公司主营业务涉及研发、设计和销售应用于 服务器、工作站等计算、存储设备中的高端处理器。主营业务收入构成为：高端处理器99.73%，其他 (补充)0.27%。 从基 ...

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7] Core Viewpoints - The report expresses optimism regarding AI applications and domestic computing power investment opportunities, highlighting the acceleration of AI applications and the potential for industry upgrades in the long term [6][40] - The introduction of the Universal Commerce Protocol (UCP) by Google is seen as a significant development that could reshape the e-commerce landscape, facilitating seamless transactions and enhancing user experience [21][24][28] - The report emphasizes the importance of data element value release in 2026, marking it as a pivotal year for the digital economy and data market reforms [30][35][38] Summary by Sections Market Performance - Last week, the computer sector experienced a high and then a pullback, with an overall increase of 4.14%, ranking first among major industries in the Yangtze River region, and accounting for 11.21% of total market turnover [2][4][15] Key Recommendations - The report recommends focusing on: 1. Domestic large model manufacturers 2. Major domestic cloud service providers 3. Vertical scenario agent manufacturers 4. The domestic computing power supply chain, particularly AI chip companies like Haiguang Information and Cambrian [6][40] AI and E-commerce Developments - The UCP aims to create a standardized communication framework for AI agents, merchants, and platforms, potentially transforming the e-commerce industry by reducing decision-making time and enhancing transaction efficiency [21][24][28] - The report notes that AI-assisted shopping is expected to become mainstream, with significant growth projected in the AI e-commerce market from 23.93 billion yuan in 2020 to 50.44 billion yuan by 2024, with a compound annual growth rate of 20.50% [29] Data Element Value Release - The report highlights that 2026 is designated as the "Year of Data Element Value Release," with a focus on market-oriented reforms and the establishment of data standards to facilitate the flow and utilization of data [30][35][38] - The establishment of a data property rights registration system is anticipated to enhance data circulation and unlock value within the data economy [37][38]

Core Insights - The average stock price of the Sci-Tech Innovation Board is 47.55 yuan, with 95 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1343.04 yuan, which fell by 5.40% today [1][2] Price Movements - Among the Sci-Tech Innovation Board stocks, 168 stocks rose while 425 stocks fell today. The average price of stocks over 100 yuan decreased by 1.17%, with 31 stocks increasing and 64 stocks decreasing [1][2] - Cambrian-U, the highest priced stock, closed at 1343.04 yuan, down 5.40%. Other notable stocks include SourceJet Technology at 712.68 yuan and Moer Technology-U at 615.21 yuan, both also experiencing declines [1][2] Premium Analysis - The latest closing prices of stocks over 100 yuan show an average premium of 516.60% compared to their issue prices, with the highest premiums seen in stocks like Shuangwei New Materials at 6145.49%, Anji Technology at 2172.49%, and Cambrian-U at 1985.79% [1] Industry Distribution - The stocks priced over 100 yuan are concentrated in the electronics, computer, and machinery equipment sectors, with 46, 13, and 11 stocks respectively [1] Capital Flow - The net outflow of main funds from stocks over 100 yuan today totaled 4.969 billion yuan, with notable net inflows into companies like Lanke Technology, Baiwei Storage, and Longxin Zhongke [2] - The total margin financing balance for stocks over 100 yuan is 126.021 billion yuan, with Cambrian-U, SMIC, and Haiguang Information having the highest financing balances [2]

Group 1 - Intel and AMD plan to increase server CPU prices by 10%-15% to address supply-demand imbalance and ensure stable future supply [2][3] - Global server shipments are expected to achieve over 9% year-on-year growth due to data center architecture upgrades and replacement of existing server CPUs [3] - The demand for server CPUs is increasing due to the ongoing evolution of generative AI, which is driving up procurement budgets for AI servers and affecting general server purchases [3][4] Group 2 - Cloud vendors are expected to expand capital expenditures to meet the increasing demand for AI inference capabilities, with global AI server shipments projected to grow over 20% year-on-year by 2026 [4] - Domestic next-generation server CPUs, such as Haiguang's Haiguang 4, Loongson's 3C6000, and China Great Wall's Feiteng S2500, are accelerating deployment in various sectors, improving stability and compatibility [5] - The demand for server CPUs is anticipated to continue growing due to data center architecture upgrades and increasing AI inference computing needs, with domestic CPUs expected to gain market share driven by performance improvements and policy support [6]

Summary of Conference Call on Domestic Chip Industry Industry Overview - Focus on the domestic chip industry, particularly in relation to the H200 AI chip and the tight supply of materials for intelligent computing servers [1][2] Key Points and Arguments - **H200 Chip Export Regulations**: The U.S. government has relaxed export controls on the H200 chip but with stringent conditions. Exports to China must undergo compliance testing and the quantity obtained by mainland China and Macau cannot exceed 50% of the total purchased by U.S. clients [1][2] - **Impact on Domestic Chips**: The H200 chip is not expected to significantly impact domestic chip manufacturers due to differing use cases and ongoing policy support for local production [1][2] - **Supply Shortages in AI Chips**: Strong demand for overseas AI chips has led to supply shortages, particularly affecting server CPUs from AMD and Intel, which are experiencing inventory shortages and price increases of 10%-15% [1][2] - **Opportunities for Domestic Suppliers**: The supply chain shortages may benefit domestic chip suppliers, allowing them to increase prices or enter the supply chains of major domestic cloud service providers (CSPs) [1][2] Additional Important Information - **Key Domestic Chip Players**: - AI Chips: Haiguang Information, Cambricon, Huawei Chain, and Biren Technology - CPUs: Haiguang Information, with potential price increases or entry into major manufacturers' supply chains - Other server chips: Haiguang Information and Lanke Technology for PCIe switches, and Shengke Communication for switching chips [3][4] - **Increased Tender Demand**: The demand for tenders has significantly increased, indicating a robust market for domestic chip manufacturers despite the challenges posed by the H200 chip [4]