第一上海发布研报称，H200放开对国产算力产业链影响非常有限，主要原因包括H200主要场景在训 练，而国产算力主要场景集中于中小模型、垂直模型训练，以及推理应用场景，两者应用场景重叠度不 高，2026年国产算力迎来换代，新一代产品算力对标H100，H200在推理场景的性价比不高。此外国产 算力往超节点方向发展，带动国产算力性价比进一步提升。 芯片股午后跌幅扩大，截至发稿，华虹半导体(01347)跌4.89%，报116.7港元；ASMPT(00522)跌 4.84%，报104.2港元；中芯国际(00981)跌3.28%，报76.7港元；上海复旦(01385)跌0.78%，报50.75港 元。 消息面上，英伟达创始人兼CEO黄仁勋近日访华，有市场传闻称，H200芯片入华获批。有分析指出， 短期来看，H200的到来可以解决国内AI产业高端计算资源短缺痛点，推动大模型开发加速，促进AI应 用迭代；长期来看，AI芯片国产替代的逻辑未变。 ...

消息面上，英伟达创始人兼CEO黄仁勋近日访华，有市场传闻称，H200芯片入华获批。有分析指出， 短期来看，H200的到来可以解决国内AI产业高端计算资源短缺痛点，推动大模型开发加速，促进AI应 用迭代；长期来看，AI芯片国产替代的逻辑未变。 第一上海发布研报称，H200放开对国产算力产业链影响非常有限，主要原因包括H200主要场景在训 练，而国产算力主要场景集中于中小模型、垂直模型训练，以及推理应用场景，两者应用场景重叠度不 高，2026年国产算力迎来换代，新一代产品算力对标H100，H200在推理场景的性价比不高。此外国产 算力往超节点方向发展，带动国产算力性价比进一步提升。 智通财经APP获悉，芯片股午后跌幅扩大，截至发稿，华虹半导体(01347)跌4.89%，报116.7港元； ASMPT(00522)跌4.84%，报104.2港元；中芯国际(00981)跌3.28%，报76.7港元；上海复旦(01385)跌 0.78%，报50.75港元。 ...

据交易所数据显示，截至1月29日午后一小时，主力资金流出前20的股票分别为： 工业富联（-54.44亿元）、 阳光电源（-15.58亿元）、 中国铝业（-14.52亿 元）、铜陵有色（-12.04亿元）、 中芯国际（-11.09亿元）、 洛阳钼业（-10.80亿元）、 立讯精密（-10.68亿元）、 湖南白银（-10.62亿元）、 特变电工 （-10.23亿元）、 通富微电（-9.90亿元）、 澜起科技（-9.65亿元）、 沪电股份（-8.95亿元）、 兆易创新（-8.54亿元）、 厦门钨业（-8.21亿元）、 南山铝 业（-7.94亿元）、 歌尔股份（-7.74亿元）、 沃尔核材（-7.66亿元）、 三花智控（-7.61亿元）、 中国中铁（-7.41亿元）、 胜宏科技（-7.40亿元）。 | 沪电股份 | -3.79 | -8.95亿元 | 电子元件 | | --- | --- | --- | --- | | 兆易创新 | -4.22 | -8.54亿元 | 未营体 | | 厦门钨业 | -7.1 1 | -8.21亿元 | 小金属 | | 南山铝业 | 2.29 | -7.94亿元 | 有色金属 | | ...

1月29日，芯片赛道短线回调，全"芯"科创芯片ETF华宝（589190）早盘低开后冲高回落，场内价格现 跌1.75%，水下区间持续宽幅溢价，显示买盘资金逢跌积极介入。 板块个股涨跌分化，权重龙头多数回调，中微公司、澜起科技跌超4%，中芯国际跌超3%，寒武纪-U、 海光信息、华虹公司跟跌。 消息面上，阿里自研AI芯片"真武"亮相。该芯片实现软硬件全自研，已在阿里云实现多个万卡集群部 署，并服务了国家电网、中科院、小鹏汽车、新浪微博等400多家客户。 MACD金叉信号形成，这些股涨势不错！ 此外，全球芯片领域掀新一轮涨价潮。消息称，三星电子、SK海力士已经完成与苹果谈判，大幅上调 iPhone所用LPDDR内存的价格，三星报价涨幅超过80%，SK海力士则接近100%。国内方面，中微半导 宣布调整MCU、Norflash等产品价格，涨幅15%-50%；国科微宣布KGD产品涨价，幅度40%-80%。 中信证券指出，展望2026年，算力发展具备高确定性，超节点技术迎来拐点性机遇，大厂Capex验证需 求逻辑，叠加国产算力厂商竞争力提升，看好国产算力芯片及国产系统级厂商投资机遇。 东海证券表示，受益于AI浪潮，国内相关A ...

Wind数据显示，1月以来，跟踪该指数的恒生科技ETF易方达（513010）累计净流入超15亿元，产品最 新规模突破300亿元、创成立以来新高，流动性较好且支持T+0交易，可助力投资者把握港股科技产业 链在资金回流与产业催化共振下的配置机会。 从消息面看，当前美股科技股进入财报密集期，AI、云计算及应用端商业化进展仍是市场关注焦点。 若海外科技龙头业绩表现及未来指引超出预期，相关产业趋势有望通过估值与风险偏好传导，对港股科 技板块形成同步催化。 恒生科技指数由港股上市公司中与科技主题高度相关的、市值最大的30只股票组成，聚焦半导体、机器 人、软件、互联网、智能驾驶等科技板块，权重股包括腾讯控股、阿里巴巴、中芯国际等龙头企业。从 估值来看，指数当前滚动市盈率为24.8倍，位于2020年发布以来40%分位以下。 1月29日早盘，港股科技板块大幅下探后持续反弹，展现出较强韧性，截至9:47，恒生科技指数下跌 0.7%。 从成交与资金来看，近期港股市场整体成交回暖，南向资金成交金额及成交占比双双回升，资金参与度 持续提升；与此同时，外资主动型资金已连续两周转为净流入，港股科技板块的资金结构出现积极变 化，为行情修复提 ...

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to lead global innovation in new materials, emphasizing their critical role in the transformation of high-tech industries and the future economy [1][2]. Group 1: Event Overview - FINE 2026 will take place from June 10 to 12, 2026, at the Shanghai New International Expo Center, featuring a total exhibition area of 50,000 square meters and over 800 exhibitors [12][34]. - The expo will include more than 300 strategic and cutting-edge technology reports, showcasing innovations applicable to various industries such as AI, aerospace, smart vehicles, and renewable energy [2][20]. Group 2: Focus Areas - The event will concentrate on five common demands of future industries: advanced semiconductors, advanced batteries, lightweight functional materials, low-carbon sustainability, and thermal management [2][10]. - Six thematic exhibition areas will be established, including advanced semiconductors, advanced batteries and energy materials, thermal management, lightweight and sustainable materials, new materials technology innovation, and future smart terminals [12][15]. Group 3: Participation and Audience - The expo is expected to attract over 100,000 professional visitors, including industry leaders and investors, facilitating precise connections between enterprises and industry resources [34][35]. - A targeted invitation will be extended to over 5,000 industry investors to support quality startups and enhance resource accumulation [10][35]. Group 4: Supporting Organizations - The event is organized by DT New Materials, in collaboration with various associations and institutions, including the China Productivity Promotion Center and the Ningbo New Materials Industry Association [4][5]. - The organizing body has a decade of experience in the new materials sector, with extensive connections across industries such as semiconductors, robotics, and renewable energy [10][44]. Group 5: Historical Context and Expectations - The previous editions of the expo, including the 2025 International Carbon Materials Expo and the 2025 Thermal Management Expo, achieved record attendance and participation, indicating a strong foundation for FINE 2026 [7][34]. - The event is positioned as a pivotal opportunity for businesses to engage in technology transfer and innovation integration, aiming to solidify the material foundation for the next decade of high-tech industry development in China [2][10].

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]

1月28日，A股三大指数表现分化，沪指再次走出"W"态势收涨0.27%，创业板指跌0.57%。行情逻辑围绕"涨价"主线展开，资源品全线走强，有色领涨两 市。全市场超3600只个股下跌，两市成交额2.97万亿元。 | 序号 代码 | | 名称 | 现价 | | 涨跌 涨跌幅 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 159876 主 | 有色ETF华宝 | 1.324 c | 0.086 | 695% | | 2 | 159220 | 跨 港股通红利低波ETF华宝 T+0 | 0.636 c | 0.017 | 2.75% | | 3 | 516020 | 主 化工ETF | 0.993 c | 0.024 | 2.48% | | 4 | 520560 | 跨 香港大盘30ETF T+0 | 0.968 c | 0.022 | 2.33% | | 5 | 159707 | 行 地产ETF | 0.644 c | 0.013 | 2.06% | | 6 | 562080 | 策 300现金流ETF | 0.650 c | 0.013 | 2.04% | | 7 ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up by 0.27% and the Shenzhen Component Index up by 0.09%, while the ChiNext Index fell by 0.57% [1] - Over 3600 stocks in the three markets closed lower, with significant gains in sectors like non-ferrous metals, oil and gas, and coal, while solar equipment and biopharmaceuticals faced declines [1] Sector Performance - The weakening US dollar and geopolitical risks led to significant gains in precious metals and oil and gas sectors, while semiconductor and real estate sectors also performed well [2] - Resource sectors attracted substantial capital inflows, with non-ferrous metals leading the way, while previously popular sectors like electric equipment and defense faced capital outflows [3][4] Capital Flow Analysis - The top five sectors for capital inflow included non-ferrous metals (net inflow of 343.73 billion), basic chemicals, building materials, coal, and oil and petrochemicals, indicating a strong preference for resource and cyclical industries [4] - Conversely, the sectors experiencing the most capital outflow were electric equipment, defense, pharmaceuticals, food and beverage, and automotive [4] Stock Performance - The top five stocks for capital inflow were dominated by non-ferrous metals and technology, with China Aluminum and Tongling Nonferrous Metals seeing significant gains [5] - Major outflows were observed in consumer and financial stocks, with Kweichow Moutai experiencing a net outflow exceeding 31 billion [5] Market Dynamics - On January 28, 85 stocks hit the daily limit up, with non-ferrous metals accounting for 41% of these, indicating a strong sector concentration driven by resource and policy factors [6][7] - The market showed a high level of event-driven trading, with significant interest in non-ferrous metals due to global supply chain restructuring and domestic policy support [6][7] Precious Metals Insights - International gold prices surged, reaching a historical high of 5300 USD/oz, with the precious metals index rising by 6.76% [9] - The increase in gold prices was attributed to a significant decline in the US dollar index, which fell to 95.77, the lowest since February 2022, making gold more attractive as a non-dollar asset [10][11] Geopolitical and Economic Factors - Geopolitical tensions and concerns over the US dollar's credibility have driven investors towards gold as a safe-haven asset, reflecting heightened global risk aversion [11] - Central banks' continued purchases of gold and expectations of interest rate cuts by the Federal Reserve have further boosted demand for gold ETFs and institutional allocations [12] Domestic Market Trends - Domestic gold prices also rose, with mainstream gold jewelry brands exceeding 1600 CNY/g, driven by strong market demand [13] - The oil sector's rise was primarily due to geopolitical supply disruptions, reflecting a systemic response to both geopolitical risks and a weakening dollar [13]

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) is planning to acquire a 49% stake in SMIC North from various state-backed entities for a total consideration of 40.60091 billion RMB, which will be paid through the issuance of new shares at a price of 74.20 RMB per share [1] Group 1 - As of January 28, 2026, SMIC's stock closed at 128.55 RMB, up 3.63% from the previous trading day, with a total market capitalization of 1,028.46 billion RMB [1] - The stock opened at 124.99 RMB, reached a high of 128.99 RMB, and a low of 124.99 RMB, with a trading volume of 12.644 billion RMB and a turnover rate of 4.97% [1] - The transaction to acquire the stake in SMIC North is classified as a related party transaction and will require approval at the upcoming temporary shareholders' meeting [1] Group 2 - The independent board committee and independent financial advisor have deemed the terms of the transaction to be fair and reasonable, aligning with the overall interests of the company and its shareholders [1]