Group 1 - The semiconductor and chip sector experienced a significant rally, with the STAR Market chip index rising by 3.92% as of 10:14 AM on January 21, 2026, driven by strong performances from companies like Loongson Technology (up 20.00%) and Haiguang Information (up 12.46%) [1] - CITIC Securities believes that the storage chip market is currently in a price uptrend due to the explosive demand from AI and supply-side contractions, leading to a performance surge for global storage industry enterprises [1] - The construction of storage production lines and the increase in domestic production rates are expected to accelerate, creating investment opportunities in domestic semiconductor equipment and packaging/testing sectors [1] Group 2 - TSMC is projected to achieve record-high revenue in Q4 2025, with advanced process technology (7nm and below) accounting for 77% of its revenue, and 3nm process shipments reaching 28% [1] - The company anticipates a significant increase in capital expenditure for 2026, estimated between $52 billion and $56 billion, aimed at enhancing its technological advantages and capacity expansion in the high-end wafer foundry sector [1] - The ongoing demand for AI computing power is expected to strongly drive the semiconductor manufacturing sector [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the STAR Market chip index accounted for 57.76% of the index, including companies like SMIC, Haiguang Information, and Cambrian [2] - The STAR Chip ETF (588200) serves as a convenient tool for investors looking to gain exposure to the STAR Market chip sector [2] Group 4 - Investors without stock accounts can explore investment opportunities in domestic chips through the STAR Chip ETF linked fund (017470) [3]

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 ...

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]

格隆汇1月21日｜据21财经，集邦咨询报告显示，全球8英寸晶圆供需正步入失衡期。受台积电、三星电 子战略性削减产能影响，2026年全球8英寸代工总产能将萎缩2.4%。而AI驱动的电源管理芯片(Power IC)等产品需求维持强劲，正拉动行业平均产能利用率回升至90%的高位。在此背景下，中国大陆晶圆 代工厂正在崛起，成为满足8英寸芯片需求的替代方案。晶圆代工厂正提高报价，预计调价幅度在5%至 20%之间。 具体来看，目前台积电在中国台湾有4座8英寸晶圆厂和1座6英寸晶圆厂，若要在2027年全 面退出，2026年就需要持续削减产能。目前台积电的8英寸晶圆代工月产能约为52.8万片。 三星电子同 样于2025年下半年启动8英寸晶圆厂减产，且态度更为积极，希望将更多的资源投入到12英寸晶圆市场 的竞争当中。此前，三星为了应对持续亏损的晶圆代工业务以及8英寸晶圆厂的低产能利用率，就已经 计划削减8英寸晶圆厂规模，并传闻对8英寸代工制造和技术团队裁员30%以上。目前三星电子的8英寸 晶圆代工月产能亦约为52.8万片。 联电旗下8英寸晶圆月产能曾超36万片，现阶段产能利用率约70%。 展望后市，联电正向看待2026年营运有 ...

记者丨彭新 在此背景下，中国大陆晶圆代工厂正在崛起，成为满足8英寸芯片需求的替代方案。同时，晶圆代工厂 正提高报价，预计调价幅度在5%至20%之间。 8英寸晶圆供需失衡 编辑丨骆一帆 8英寸晶圆主要用于生产电源管理芯片（PMIC）、驱动IC、微控制器（MCU）及功率器件（IGBT、 MOSFET）等。长期以来，该市场因工艺成熟、设备折旧完毕，被视为先进制程巨头资产组合中的"现 金奶牛"，利润丰厚。 人工智能（AI）浪潮之下，先进制程芯片难求、身价飙升。与此同时，曾被晶圆厂加速剥离的8英寸晶 圆产线，正因国际巨头集体转向12英寸以及AI外围芯片需求的增长，上演了一场从产能过剩到提价满 载的结构性反转。在此变局下，中国大陆晶圆代工厂正承接这一全球产能真空，其角色变化引起市场瞩 目。 1月13日，市场调研机构集邦咨询（TrendForce）发布最新报告显示，全球8英寸晶圆供需正步入失衡 期。受台积电、三星电子战略性削减产能影响，2026年全球8英寸代工总产能将萎缩2.4%。与此同时， AI驱动的电源管理芯片（Power IC）等产品需求维持强劲，正拉动行业平均产能利用率回升至90%的高 位。 然而，随着制程节点向3 ...

记者丨彭新 编辑丨骆一帆 人工智能（AI）浪潮之下，先进制程芯片难求、身价飙升。与此同时，曾被晶圆厂加速剥离的 8英寸晶圆产线，正因国际巨头集体转向12英寸以及AI外围芯片需求的增长，上演了一场从产 能过剩到提价满载的结构性反转。在此变局下，中国大陆晶圆代工厂正承接这一全球产能真 空，其角色变化引起市场瞩目。 1月13日，市场调研机构集邦咨询（TrendForce）发布最新报告显示， 全球8英寸晶圆供需正 步入失衡期。 受台积电、三星电子战略性削减产能影响，2026年全球8英寸代工总产能将萎缩 2.4%。与此同时，AI驱动的电源管理芯片（Power IC）等产品需求维持强劲，正拉动行业平 均产能利用率回升至90%的高位。 在此背景下，中国大陆晶圆代工厂正在崛起，成为满足8英寸芯片需求的替代方案。同时， 晶 圆代工厂正提高报价，预计调价幅度在5%至20%之间。 8英寸晶圆供需失衡 8英寸晶圆主要用于生产电源管理芯片（PMIC）、驱动IC、微控制器（MCU）及功率器件 （IGBT、MOSFET）等。长期以来，该市场因工艺成熟、设备折旧完毕， 被视为先进制程巨 头资产组合中的"现金奶牛"，利润丰厚。 然而，随着制程 ...

Core Insights - The rise of China's wafer foundries is addressing the demand for 8-inch chips as global giants shift focus to 12-inch wafers and AI-related chip needs increase [1][6] - A structural reversal in the 8-inch wafer market is occurring due to a combination of reduced capacity from major players and strong demand for power management chips driven by AI [4][5] Group 1: Market Dynamics - The global supply and demand for 8-inch wafers is entering a state of imbalance, with a projected 2.4% decline in total global 8-inch foundry capacity by 2026 due to strategic capacity reductions by TSMC and Samsung [4][6] - The average capacity utilization rate in the industry is expected to rise to 90% by Q4 2025, reflecting a year-on-year increase of approximately 7 percentage points, driven by AI applications and recovery in automotive and industrial control sectors [4][6] Group 2: Chinese Foundries' Position - Chinese wafer foundries are positioned to fill the global capacity vacuum left by TSMC and Samsung, with companies like SMIC and Hua Hong Semiconductor showing strong performance in 8-inch production [6][7] - SMIC's monthly production capacity for logic chips (equivalent to 8-inch) has reached a historic high of 1.023 million wafers, with a capacity utilization rate of 95.8% as of Q3 2025 [7] - Hua Hong Semiconductor's 8-inch production lines are nearing full capacity, benefiting from orders redirected from international power semiconductor giants [7] Group 3: Pricing Trends - Due to the surge in demand, Chinese wafer foundries have raised prices for 8-inch chip processes by approximately 10%, with some orders seeing increases of up to 20% [8][9] - The price increase trend is expected to continue into 2026, as the supply-demand tightness persists [9] Group 4: Long-term Outlook - Despite the current boom in 8-inch wafer production, the long-term trend indicates a migration of power management and display driver chips towards 12-inch nodes, necessitating Chinese manufacturers to accelerate their 12-inch specialty process development [9] - The global semiconductor manufacturing sector anticipates an increase in 12-inch wafer production capacity to a historical high of 9.6 million wafers per month by 2026, driven by sustained strong demand [9]

1月20日，南下资金净买入港股36.63亿港元。 其中，净买入腾讯控股6.63亿、美团-W 5.73亿、小米集团-W 3.95亿、泡泡玛特3.47亿、华虹半导体2.45亿、长飞光纤光缆1.54亿； 净卖出中芯国际7.17亿、中国移动6.37亿、优必选5.17亿。 北水动向 腾讯控股：华泰证券预期腾讯4Q25营收同比增长13%，经调整归母净利润同比增长16%至643亿。分业务看，4Q游戏、广告、金融科技的收入有望分别同增 16%、20%、9%。 美团：美团旅行1月19日发布的数据显示，1月以来，该平台"反向春运"机票的预订量增速明显，同比增长约35%。从预订情况看，热门出发地主要集中在郑 州、武汉、西安、长沙、成都、哈尔滨、长春等地；目的地包括北京、上海、广州、深圳、杭州等，呈现出从中西部城市向一线及新一线城市集中流动的趋 势。 小米集团：1月20日，小米集团斥资约1.96亿港元回购550万股B类股份，每股回购价格为35.46港元-35.86港元。 泡泡玛特：消息面上，1月19日，泡泡玛特斥资2.51亿港元回购140万股股份。摩根士丹利表示，泡泡玛特自2024年初以来首次回购股份，预计能够吸引更多 投资者的关注 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 3.663 billion today [1] - The top net purchases included Tencent Holdings at HKD 663 million, Meituan-W at HKD 573 million, and Xiaomi Group-W at HKD 395 million [1] - Continuous net buying trends were observed for Tencent over 10 days totaling HKD 10.62116 billion and Alibaba over 7 days totaling HKD 4.75655 billion [1] Group 2 - Southbound funds net sold shares of SMIC at HKD 717 million and China Mobile at HKD 637 million [1] - China Mobile has seen continuous net selling for 12 days, amounting to HKD 9.29936 billion [1] - Hua Hong Semiconductor and Xiaomi also experienced net buying trends over multiple days, with Hua Hong totaling HKD 1.33901 billion over 4 days and Xiaomi HKD 1.42914 billion over 3 days [1]

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]