作为中国经济未来发展的战略指引，已发布的"十五五"规划建议全文强调，采取超常规措施，全链条推 动集成电路、工业母机、高端仪器、基础软件、先进材料、生物制造等重点领域关键核心技术攻关取得 决定性突破；明确推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信 等成为新的经济增长点；要求全面实施"人工智能+"行动，抢占人工智能产业应用制高点，全方位赋能 千行百业。相关表述将中国芯片产业成长空间强力推升到了"决定性突破"的新高度。千亿规模ETF大厂 ——华宝基金旗下重磅新品——科创芯片ETF华宝（589190）今日（1月27日）正式上市交易，该基金 跟踪上证科创板芯片指数，其标的指数由科创板50只业务涉及半导体材料和设备、芯片设计、芯片制 造、芯片封装和测试的硬科技公司构成成份股组合，将为投资者参与把握国产芯片产业链的"中国硬科 技核心资产"投资机遇提供又一重磅ETF工具。 全链布局国产芯片产业：重配"芯片设计+半导体材料与设备" 目前，以芯片产业为龙头的尖端硬科技领域，已成为大国角逐的核心战场。科创芯片ETF华宝 （589190）跟踪的标的指数为上证科创板芯片指数（000685.SH），该指数 ...

华宝基金 半导体材料 聚焦『高精尖』·20CM 高弹性 上证科创板芯片ETF GEF # 589 90 1月27日 全 "芯"上市 這便科技 ·聚焦高精尖 更高收益 科创芯片指数长期表现突出,自基日以来累计涨幅超 161%,年化收益率17.93%,显著跑赢科创创业半导 体、国证芯片等同类指数。 科创芯片指数基日以来累计收益 161.34% 180% 151.85% 160% 140% 112.93% 104.77% 120% 100% 80% 60% 40% 20% 0% 科创创业半导体 国证本片 中证全指半导体 科创芯片 更低回撤 在保持较强进攻性的同时,科创芯片指数年化夏普比 率更高. 风险收益比更好. 区间最大回撤也较小。 科创创业 国证芯片 中证合指 创成片指数 未自休 术营体 年化收益率 13.86% 17.93% 17.19% 13.10% 年化夏普比率 0.54 0.52 0.63 0.63 年化波动率 39.64% 37.48% 35.83% 36.52% | -60.05% -61.73% -62.54% 区间最大回撤 | -56.81% | | | --- | --- | --- | | ...

证券研究报告 2026年1月26日 行业：电子 增持 （维持） 全球算力多点突破，AI 驱动端侧应用渗透（更正） ——科技主题观点综述 分析师：颜枫 SAC编号：S0870525030001 分析师：方晨 SAC编号：S0870523060001 分析师：李心语 SAC编号：S0870525040001 主要观点 风险提示：人工智能技术落地和商业化不及预期；产业政策转变；宏观经济不及预期。 更正说明:页16更正数据、补充"资料来源：WIND，上海证券研究所 *盈利预测来自WIND机构一致预期"。 2 • "硬科技"在AI驱动下表现突出：A股上市公司中，以国产算力芯片，AI-PCB，AIDC配套设施，AI端侧Soc芯片设计/封 测和部分消费电子企业为代表的板块在2024年业绩表现出较快增速，并在2025年Q1-Q3保持高增长，展望2025-2026年， 有望受益于国产算力资本开支持续增长，端侧应用渗透率不断提高，成为电子乃至科技行业增速较快的领域。 • 大国博弈下科技行业的估值体系有望重构：随着中美两国在科技/贸易等领域持续博弈，以电子行业为代表的科技板块 的估值中枢有望进一步抬升，我们认为尤其是目前国产化比例 ...

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - The "hard technology" sector is expected to perform well under the influence of AI, with domestic computing chips, AI-PCB, AIDC supporting facilities, and AI edge SoC chip design/testing showing rapid growth in 2024 and maintaining high growth in Q1-Q3 of 2025. This sector is projected to benefit from continued growth in domestic computing capital investment and increasing penetration of edge applications, becoming one of the fastest-growing areas in the electronics and technology industries [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in the semiconductor manufacturing and equipment sectors, where the domestic production ratio is currently low. Companies such as Cambricon, SMIC, North Huachuang, Haiguang Information, and Zhongwei Company are recommended for attention [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB (semiconductors) and AI optical modules. Companies like Shenghong Technology, Huitian Technology, and others are highlighted for their potential [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," have become more cost-effective due to macroeconomic impacts on stock prices. Leading companies in the fruit chain and ODM sectors are expected to leverage demand in AIoT, humanoid robots, and automotive electronics to achieve performance and valuation improvements in the second half of the year [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, leading to significant breakthroughs for PCB manufacturers in the AI server field. The overall market for AI chips is expected to grow, with China being a major consumer market [18][22] - The AI-driven demand for computing power is pushing the development of various applications, including automotive electronics and IoT, which are expected to drive growth in the chip industry [18] Semiconductor and Equipment - The semiconductor manufacturing sector is projected to see substantial growth, with companies like SMIC and North Huachuang showing promising revenue and profit growth rates [17] - The PCB equipment market is expected to grow significantly, with a projected market size of 290.25 billion yuan in 2024, increasing to 347.09 billion yuan by 2026 [27] Consumer Electronics - The CIS market is experiencing a recovery, driven by demand from smartphones, security, and automotive applications. Domestic manufacturers are increasing their market presence with high-end products [46] - The SoC market is expected to grow, with AI technology becoming a crucial component for various applications, including smart home devices and automotive electronics [44]

Group 1 - Southbound funds recorded a net sell of HKD 826 million in Hong Kong stocks for the second consecutive day [1] - Notable net purchases included Tencent Holdings at HKD 1.015 billion, Xiaomi Group at HKD 822 million, and Pop Mart at HKD 613 million [1] - Significant net sales were observed in China Mobile at HKD 1.177 billion, Zijin Mining at HKD 1.077 billion, and Alibaba at HKD 235 million [1] Group 2 - Southbound funds have consistently net bought Xiaomi for 7 days, totaling HKD 3.89621 billion [1] - Continuous net buying for China National Offshore Oil Corporation (CNOOC) for 4 days, amounting to HKD 1.09627 billion [1] - Pop Mart has seen net buying for 3 consecutive days, totaling HKD 1.73397 billion [1] - China Mobile has faced net selling for 16 days, accumulating to HKD 12.89303 billion [1]

Market Overview - The Hang Seng Index (HSI) is currently at 26,765.52, with a slight increase of 16.01 points or 0.06%, and a trading volume of 261.7 billion [1] - The Hang Seng Technology Index (HSTECH) has decreased by 72.02 points or 1.24%, with a trading volume of 57.2 billion [1] - The Hang Seng Biotech Index (HSBIO) is at 15,631.84, down by 305.23 points or 1.92%, with a trading volume of 10 billion [1] - The Hang Seng China Enterprises Index (HSCEI) is at 9,147.21, down by 13.60 points or 0.15%, with a trading volume of 85.4 billion [1] - The Hang Seng Composite Index (HSCI) is at 4,121.71, down by 0.87 points or 0.02%, with a trading volume of 178.4 billion [1] Technology Sector Performance - Most tech stocks have experienced a pullback, with Xiaopeng Motors falling over 4% and companies like SMIC, Kuaishou, Baidu, Leap Motor, and NIO dropping over 3% [1] - Other notable declines include Xiaomi Group, Bilibili, and Alibaba, all of which have also seen decreases [1] Precious Metals Sector Performance - China Silver Group has seen a significant increase of 19.12%, currently priced at 0.810, with a rise of 0.130 [3] - China Gold International has increased by 8.08%, now at 235.400, with a rise of 17.600 [3] - Laopu Gold has risen by 7.80%, currently at 849.500, with an increase of 61.500 [3] - Other companies in the precious metals sector, such as Chifeng Gold and Shandong Gold, have also reported positive changes, with increases ranging from 4.51% to 7.44% [3]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index fell by 1.14% as of January 26, 2026, with mixed performance among constituent stocks, where Chipone Technology led with a 10.01% increase [1] - Samsung Electronics has raised the price of its NAND flash memory by more than 100% in the first quarter of this year, significantly exceeding market expectations, and is currently negotiating a new round of NAND pricing with clients for the second quarter, with expectations of continued price increases [1] - Zhongshan Securities forecasts that the AI-related industry will maintain a favorable outlook in 2026, with accelerated domestic production expected to create opportunities in the domestic semiconductor industry, and predicts over 40% growth in capital expenditure from cloud computing giants [1] Group 2 - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index as of December 31, 2025, include SMIC, Haiguang Information, Cambricon, and others, accounting for a total of 57.76% of the index [1] - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, serving as a convenient tool for investing in the chip sector [2] - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [3]

Summary of Conference Call on China's Semiconductor Production Equipment (SPE) Imports Industry Overview - **Industry**: Semiconductor Production Equipment (SPE) - **Key Focus**: China's SPE imports, particularly lithography equipment, and their implications for capacity expansion in tier-1 cities Key Points SPE Import Trends - China's SPE imports rebounded significantly in December 2025, increasing by **95% MoM** but down **9% YoY** from the previous year's high base due to geopolitical uncertainties [1] - Total SPE imports for Q4 2025 were **US$9.3 billion**, a **1% decrease** from the previous quarter, while annual imports for 2025 reached **US$34.7 billion**, marking a **3% increase** YoY [1] Lithography Equipment Insights - Lithography imports surged to **US$2.3 billion** in December 2025, representing a **59% increase YoY** and **222% increase MoM**, accounting for **55%** of total SPE imports [2][1] - The average cost per unit of lithography equipment imported was **US$75 million** for Shanghai, **US$95 million** for Beijing, and **US$46 million** for Guangdong, indicating strong demand in these regions [3] Regional Performance - The Netherlands emerged as the top exporter of SPE to China in December 2025, while imports from Japan continued to decline, down **38% YoY** [2] - Major cities like Shanghai, Beijing, and Guangdong showed robust lithography import values, suggesting accelerated capacity expansion by local fabs such as SMIC and Hua Hong [3] Capital Expenditure (Capex) Outlook - Evidence suggests solid capex demand in tier-1 cities, supported by local government plans to invest in the semiconductor and AI industries [3] - Expectations for China's WFE spending in 2026 could exceed previous estimates, with projected growth of **10% YoY** driven by advanced logic and memory capacity expansion projects [4] Investment Recommendations - Top investment picks include **NAURA** (rated Buy) and **ACMR Shanghai** [4] Risks and Opportunities - **Downside Risks**: Include potential worsening macroeconomic conditions, intensified geopolitical tensions, and slower-than-expected R&D progress [52] - **Upside Risks**: Include faster-than-expected recovery in end-demand and potential technological breakthroughs by China's WFE vendors [53] Government Initiatives - The 15th Five-Year Plans from major provinces emphasize commitments to enhancing semiconductor capabilities and AI development, which may positively impact WFE demand in the long term [51] Additional Insights - The strong performance of lithography imports indicates a shift in spending patterns, with lithography now accounting for a significantly higher percentage of total WFE spending than the historical norm of **20-25%** [2] - The average selling price (ASP) of lithography units reflects the high value and demand for advanced semiconductor manufacturing capabilities in China [3] This summary encapsulates the key insights and trends from the conference call regarding China's semiconductor production equipment imports and the broader implications for the industry.

Group 1 - The core viewpoint of the article highlights that southbound capital inflow into the Hong Kong market reached 23.52 billion HKD last week, showing an increase compared to the previous week [1] - Year-to-date, the net inflow of southbound capital into Hong Kong has totaled 59.3 billion HKD, which represents 4.56% of the total net inflow for the entire previous year [1] - Key stocks that saw significant net inflows from southbound capital last week include Alibaba-W (3.349 billion HKD), Xiaomi Group-W (2.583 billion HKD), Pop Mart (1.691 billion HKD), and SMIC (1.683 billion HKD), indicating a strong focus on internet platforms and technology leaders [1] Group 2 - The article suggests monitoring technology-related ETFs in the Hong Kong market, specifically the Hang Seng Internet ETF (513330.SH) and the Hong Kong Stock Connect Technology ETF (159101.SZ) [1] - The Hang Seng Internet ETF (513330.SH) focuses on internet giants and includes companies not covered by the Stock Connect, such as Baidu Group-S, JD Group-S, and NetEase-S [1] - The Hong Kong Stock Connect Technology ETF (159101.SZ) targets hard technology, soft applications, smart driving, and CXO concepts, with constituent stocks including SMIC, Alibaba, Xiaomi, Li Auto, and Innovent Biologics, all of which are eligible for Stock Connect and not subject to QDII foreign exchange limits [1]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating a favorable outlook for the sector [5]. Core Insights - Strong demand for computing power driven by AI is creating investment opportunities across various segments of the industry [2][8]. - The report highlights a supply-demand imbalance in hardware related to AI, with significant growth expected in the semiconductor and storage sectors [7]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - **AI Computing Hardware**: - Wafer Manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and Packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others - Server Storage: Lanke Technology (688008, Buy) - CPU: Haiguang Information (688041, Buy), Loongson Technology (688047, Not Rated), and others - Passive Components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) - Server Manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) - Analog and Power Chips: Naxin Micro (688052, Buy), and others - Semiconductor Equipment: Zhongwei Company (688012, Buy), and others [3][8]. AI Applications and Edge Computing - Investment opportunities in edge AI applications are expected to grow, with significant advancements in hardware integration across consumer electronics like PCs, TVs, and smartphones [7][9]. - The report anticipates that major tech companies will launch innovative AI products, enhancing user interaction and creating new growth opportunities for related businesses [7].