Core Viewpoint - The semiconductor industry is experiencing a significant cycle of growth driven by AI demand, leading to a resurgence in semiconductor equipment and materials, with a focus on capital expenditure and production capacity expansion [6][19][20]. Group 1: Semiconductor Market Dynamics - The semiconductor market faced a major crisis starting in 2021 due to pandemic-related disruptions, leading to a global chip shortage that affected various sectors, particularly automotive [6][7]. - The panic buying of chips created a closed-loop of high demand and low supply, resulting in extreme price inflation for certain components, such as automotive chips [8][11]. - In 2023, the global semiconductor market is projected to decline by 11% to $533 billion, with memory markets experiencing a nearly 40% contraction [11][12]. Group 2: Capital Expenditure Trends - Semiconductor capital expenditure surged by 35% in 2021 and an additional 15% in 2022, driven by capacity expansion plans from major players like TSMC and Samsung [11][12]. - In 2023, global semiconductor capital expenditure is expected to total $169 billion, reflecting a 7% decline, with memory sectors facing a 21% drop [12][13]. Group 3: AI and Semiconductor Demand - The demand for AI servers is significantly higher than traditional servers, with AI servers requiring 8 times the DRAM and 3 times the NAND capacity [13][14]. - The anticipated growth in AI applications is expected to lead to another chip shortage by the end of 2024, as supply struggles to keep pace with surging demand [14][15]. Group 4: Semiconductor Equipment Market - The semiconductor equipment market is projected to grow significantly, with Morgan Stanley raising its forecast for the global semiconductor capital equipment market growth rate to 16% by 2026, reaching $136 billion [19][20]. - The demand for semiconductor equipment is driven by the need for expanded production capacity in response to the AI-driven demand surge [16][19]. Group 5: Investment Strategies - Investing in semiconductor equipment and materials is crucial for capturing industry growth, with ETFs providing a practical approach for investors to gain exposure to leading companies in the sector [24][25]. - The semiconductor equipment ETF, E Fund (159558), has shown strong performance, reflecting the high demand and growth potential in the semiconductor equipment market [21][25].

Core Viewpoint - The A-share market experienced fluctuations with the Shanghai Composite Index closing up 0.16%, while the Shenzhen Component and ChiNext indices fell by 0.3% and 0.57% respectively, indicating a mixed market sentiment [3][4]. Market Performance - The Shanghai Composite Index closed at 4157.98, gaining 6.75 points or 0.16% [4]. - The Shenzhen Component Index closed at 14300.08, down 42.82 points or 0.3% [4]. - The ChiNext Index closed at 3304.51, decreasing by 19.05 points or 0.57% [4]. - The Sci-Tech Innovation Board Index fell by 49.46 points or 2.63%, closing at 1831.10 [4]. Sector Highlights - The liquor sector saw a significant surge, with stocks like Kweichow Moutai rising over 8%, and nearly 20 liquor stocks hitting the daily limit up [3][5]. - Oil and gas stocks continued their strong performance, with Intercontinental Oil and Gas achieving five consecutive limit-ups [7]. - The AI application sector was active, particularly in short drama and gaming themes, while sectors like semiconductors and commercial aerospace experienced notable pullbacks [3][5]. Capital Flow - There was a net inflow of capital into sectors such as media, food and beverage, and real estate, with Kweichow Moutai, Bluefocus, and Wuliangye receiving net inflows of 3.339 billion, 2.898 billion, and 1.703 billion respectively [9]. - Conversely, significant net outflows were observed in semiconductor and non-ferrous metal sectors, with companies like Industrial Fulian, Sungrow Power, and SMIC facing sell-offs of 6.531 billion, 1.787 billion, and 1.427 billion respectively [9]. Institutional Insights - Citic Securities noted that the index faces pressure above and support below, emphasizing the need to monitor changes in trading volume [11]. - Dexun Securities suggested that the index is likely to maintain narrow fluctuations in the short term [12]. - Dongwu Securities indicated that if trading volume aligns effectively, there is potential for the market to reach new highs in the short term [12].

沪深两市成交额3.23万亿，较上一个交易日放量2646亿。 1月29日，A股市场全天震荡分化，上证50尾盘一度涨超2%。截至收盘，沪指涨0.16%，深成指跌0.3%，创业板指跌0.57%。科创综指跌 2.63%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | In Nurw | 4157.98c | 6.75 | 0.16% | | 399001 | 深证成指 | the control | 14300.08c | -42.82 | -0.30% | | 399006 | 创业板指 | yenny | 3304.51 c | -19.05 | -0.57% | | 000680 | 科创综指 | mann | 1831.10c | -49.46 | -2.63% | 盘面上，白酒股掀涨停潮，贵州茅台涨逾8%；黄金股延续强势，多股续创新高；AI应用题材活跃，短剧游戏方向领涨；地产、保险、银行涨 幅靠前。半导体、算力硬件、商业航天、人形机器人概念股回调明显。 具体来看，白酒板块午后 ...

Price Increases in Semiconductor and Electronic Components Industry - Resonac announced a price increase of 30% for copper-clad laminates and adhesive films starting March 1, 2026, due to tight supply and rising costs of raw materials and labor [3] - Nanya Plastics will raise prices for all CCL products and PP by 8% starting November 20, 2025, citing increases in international copper prices and raw material costs [7] - TrendForce predicts that the average capacity utilization rate of global 8-inch wafer foundries will rise to 85%-90% in 2026, leading to price increases of 5%-20% for wafer foundry services across the board [8] - TSMC plans to increase prices for advanced technology nodes (5nm, 4nm, 3nm, 2nm) by 8%-10%, with a 50% increase for 2nm wafers starting in 2026 [10] - SMIC has implemented a price increase of approximately 10% for certain capacities [11] - Several packaging and testing companies have begun raising prices, with increases nearing 30% due to high demand and full capacity utilization [13] Memory Chip Price Increases - Samsung has raised NAND flash prices by over 100% and plans to increase server DRAM prices by 60%-70% in Q1 2026 [15] - SK Hynix is also raising server DRAM prices by 60%-70% and has negotiated significant price increases for LPDDR memory used in iPhones, approaching 100% [16] - Micron has announced a general price increase of approximately 20% across its product lines [17] - NAND flash wafer prices increased by over 10% in December 2025, with SSD prices rising by 15%-20% [24] Passive Components Price Adjustments - Various passive component manufacturers, including Yageo and Panasonic, have announced price increases for capacitors and resistors ranging from 8% to 30% [26][31] - ROHM Semiconductor has raised prices for thick film resistors by 8%-20% [38] - Multiple manufacturers are adjusting prices due to rising raw material costs and supply chain pressures [47] Power Devices and Other Electronics - Huazhong Microelectronics confirmed price increases for certain IGBT products due to rising copper and raw material costs [48] - Several semiconductor companies, including Jiangxi Tianyi and Wuxi Zongxiang Technology, have raised prices for specific products by 10%-20% [82][83] CPU and GPU Price Trends - AMD and Intel are planning to increase server CPU prices by up to 15% due to high demand from large enterprises [62] - NVIDIA and AMD are expected to raise GPU prices in early 2026, with multiple price adjustments anticipated throughout the year [79]

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].