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]

图源：恒运昌官网 1月28日，深圳市恒运昌真空技术股份有限公司（下称"恒运昌"；688785.SH）登陆科创板首日便获市场追捧，盘中一度涨超320%，触及390 元/股。以发行价92.18元/股计算，股民中一签（500股）最高可赚约14.89万元。 最终，恒运昌上市首日收盘报371.3元/股，上涨302.8%，全天换手率达76.12%，振幅达86.79%，总市值251亿元。 招股书显示，恒运昌主要从事等离子体射频电源系统、等离子体激发装置、等离子体直流电源、各种配件的研发、生产、销售及技术服务， 并引进真空获得和流体控制等相关的核心零部件，围绕等离子体工艺提供核心零部件整体解决方案。 2022年至2024年及2025年上半年，恒运昌主营业务收入分别约为1.58亿元、3.25亿元、5.41亿元和3.04亿元；其中等离子体射频电源系统收入 占比分别为62.47%、66.53%、78.70%和76.54%。 | 分产品/ 服务 | 2025年1-6月 | | 2024 年度 | | 2023 年度 | | 2022 年度 | | | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The article discusses the focus of fund managers on semiconductor equipment and technology sectors, highlighting the performance of key fund managers and their investment strategies in these areas [4][20]. Fund Manager Performance - Fund managers Xie Zhiyu and Qiao Qian have significant management scales of 38.6 billion and 24 billion respectively, with annualized returns of 18% and 13.52% since their tenure began [4]. - Xie Zhiyu's fund, Xingquan Helun Mixed A, achieved a return of 35.7% in 2025, outperforming the CSI 300 index by 18 percentage points [4][5]. - Qiao Qian's fund, Xingquan Business Model Mixed A, recorded a return of 38.05% in 2025, with a net value growth exceeding 10% in early 2026 [5][6]. Investment Focus - Both fund managers are concentrating on technology sectors, particularly overseas computing power and semiconductor equipment [8][9]. - Xie Zhiyu maintains a high equity position, with 92.5% of the fund's net value in stocks by the end of the fourth quarter [11]. - Qiao Qian's fund also operates with a high equity position of 94.4% at the end of the fourth quarter [16]. Portfolio Adjustments - Xie Zhiyu's fund saw significant changes in its top holdings, with the introduction of storage testing and module leader Baiwei Storage, which is expected to see a net profit growth of 427%-520% in 2025 [12]. - New entries in the top ten holdings for Xie Zhiyu include semiconductor equipment stocks Tuo Jing Technology and Huahai Qingke, while North China Innovation, Lens Technology, and Focus Media exited the list [13]. - Qiao Qian's fund also adjusted its top holdings significantly, with six new entries, including Baiwei Storage and Huahai Qingke, while North China Innovation and Lens Technology were removed [17]. Overall Market Outlook - The two fund managers agree on the positive outlook for technology sectors, particularly semiconductor equipment, storage, and overseas computing power [20].

[Table_Reportdate] 2026年01月28日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 陈伟业 cwy@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260128 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.公募业绩比较基准正式落地，预定利率研究值环比微降1bp——非银金融行业周报 （20260119-20260125） ➢ 2.拓荆科技（688072）：深耕薄膜沉积技术护城河，打造混合键合第二增长极——公司深 度报告 ➢ 3.奶价持续磨底，餐饮边际改善——食品饮料行业周报（2026/1/19-2026/1/25） ➢ 1.新华社：我国将出台促就业文件和劳动保障政策 ➢ 2.国家主席 ...

| | | | 1家最新被调高评级的公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 000526 | 学大教育 | 信达证券 | 増持 | 买入 | 教育 | | | | | 日期：01月27日，南财投研通×21快讯制图 | | | 首次覆盖方面，1月27日券商共给出了5次首次覆盖，其中泰和新材获得东北证券给予"增持"评级，可立 克获得国信证券给予"优于大市"评级，天益医疗获得信达证券给予"买入"评级，新恒汇获得中邮证券给 南财投研通数据显示，1月27日，券商给予上市公司目标价共9次，按最新收盘价计算，目标价涨幅排名 居前的公司有长源东谷、弘元绿能、好太太，目标价涨幅分别为50.61%、42.37%、30.60%，分别属于 汽车零部件、光伏设备、家居用品行业。 | | | 01月27日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 嚴高目标价 (元) | 目标涨幅 ( ...

| | | 1家最新被调高评级的公司 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 000526 | 学大教育 | 信达证券 | 増持 | 买人 | 教育 | | | | 日期：01月27日，南财投研通×21快讯制图 | | | | 南财投研通数据显示，1月27日，券商给予上市公司目标价共9次，按最新收盘价计算，目标价涨幅排名 居前的公司有长源东谷、弘元绿能、好太太，目标价涨幅分别为50.61%、42.37%、30.60%，分别属于 汽车零部件、光伏设备、家居用品行业。 | | | 01月27日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 嚴富目極化 | 目标涨幅 | | | | | | (元) | (%) | | 603950 | 长源东谷 | 中信证券 | 买人 | 48.00 | 50.61 | | 603185 | 弘元绿能 | 国投证券 | 派 | 42. ...

来源：格隆汇 温馨提示：财经最新动态随时看，请关注金投网APP。 致尚科技股东刘东生与刘东利拟合计减持不超过3%股份;恒天海龙股东恒天集团拟减持不超过3%股份;首创证券股东城市动 力拟减持不超过2724.5万股公司A股股份;欧林生物股东泰昌集团拟减持合计不超过600万股股份;聚和材料股东常州鹏季拟减 持不超1.2297%股份;复洁科技实控人及其一致行动人拟合计减持不超1.00%股份;三江购物股东阿里泽泰大宗交易减持616.53 万股公司股份;傲农生物股东外贸信托、厦门信托、北京雅温拟合计减持不超1%股份;拓荆科技股东国家集成电路基金大宗交 易合计减持2.99%股份;ST纳川公司股票交易可能被实施退市风险警示;高盟新材实际控制人、副董事长熊海涛被留置 | | | 1月28日A股投资避雷针 | | --- | --- | --- | | 类别 | 公司 | 主要内容 | | 股东减持 | 致尚科技 | 刘东生与刘东利拟合计减持不超过3%股份 | | | 恒天海龙 | 恒天集团拟减持不超过3%股份 | | | 首创证券 | 城市动力拟减持不超过2724.5万股公司A股股份 | | | 欧林生物 | 泰昌集团拟减持合 ...

（编辑 丛可心） 证券日报网讯 1月27日，拓荆科技发布公告称，国家集成电路基金于2025年12月17日至2026年1月27日 通过大宗交易减持公司8434917股，占当前总股本282344902股的2.99%，减持金额3017640442.32元，减 持后持股46591776股，占比16.50%。 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2026-008 股东持股的基本情况 本次减持计划实施前，拓荆科技股份有限公司（以下简称"公司"）股东国 家集成电路产业投资基金股份有限公司（以下简称"国家集成电路基金"）持有 公司股份 55,026,693 股，占公司当前总股本 282,344,902 股的 19.49%，其所持股 份全部为公司首次公开发行前股份，均为无限售流通股。 减持计划的实施结果情况 拓荆科技股份有限公司 股东大宗交易减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 股东名称 国家集成电路产业投资基金股份有限公司 1 | 股东身份 | 控股股东、实控人及一致行动人 | | □是 | √否 | | --- | --- | --- | --- | --- | | | 直接持股 | 5%以上股东 | √是 | □否 | | | 董事、监事和高级管理人员 | | □是 | √否 | | | 其他：无 | | | | | 持股数量 | 55,026,693股 | ...