中山证券表示，展望2026年，AI相关产业景气度有望维持，国产化加速有望带来国内半导体行业的机 会。根据有关机构预测，2026年云计算巨头资本支出有望维持40%以上的增长，AI行业的景气度有望维 持在较高水平。同时AI相关芯片国产化进程持续推进，有望带动国产设备材料公司股价表现好于电子 行业整体。 数据显示，截至2025年12月31日，上证科创板芯片指数前十大权重股分别为中芯国际、海光信息、寒武 纪、澜起科技、中微公司、拓荆科技、芯原股份、华虹公司、沪硅产业、东芯股份，前十大权重股合计 占比57.76%。 科创芯片ETF（588200）跟踪上证科创板芯片指数，是布局科创板芯片板块的便利工具。 截至2026年1月26日 10:19，上证科创板芯片指数下跌1.14%。成分股方面涨跌互现，芯原股份领涨 10.01%，东芯股份上涨6.92%，澜起科技上涨4.56%；天岳先进领跌，成都华微、华峰测控跟跌。 最新消息，三星电子今年第一季度将其NAND闪存的价格提高了一倍多，涨幅远超市场预期。目前三星 电子已经着手与客户就第二季度的NAND价格进行新一轮谈判，市场普遍预计价格上涨的势头将在第二 季度延续。 没有股票账户的场 ...

Global Research ab 20 January 2026 China Semi Equipment Strong litho imports point to accelerating expansion in tier-1 markets Litho drove China's solid SPE imports in Dec 2025 (+95% MoM/-9% YoY) China's semiconductor production equipment (SPE) imports rebounded strongly in December 2025, up 95% MoM, albeit down 9% YoY from the prior year's high base due to rising concerns over geopolitical uncertainties. In particular, we saw a strong pick-up in litho imports (a leading indicator of semiconductor manufactu ...

上周（1月19~1月23日），南向资金净流入235.2亿港元，环比前一周有扩大。年初至今，南向资金净流 入香港市场593亿港元，占去年全年净流入水平的4.56%。 再从个股层面看，南向资金上周重点加仓阿里巴巴-W、小米集团-W、泡泡玛特、中芯国际等，分别净 流入33.49亿港元、25.83亿港元、16.91亿港元、16.83亿港元，互联网平台与科技龙头占据主要位置。 港股科技相关ETF，关注恒生互联网ETF（513330.SH）及港股通科技ETF基金（159101.SZ）。恒生互 联网ETF（513330.SH）聚焦互联网巨头，囊括未在港股通范围内的百度集团-S、京东集团-S、网易-S 等；港股通科技ETF基金（159101.SZ）则聚焦港股硬科技+软应用+智能驾驶+CXO多重概念，同时成分 股包括中芯国际、阿里巴巴、小米集团、理想汽车、信达生物等，均为港股通标的，不受QDII外汇额 度限制。 ...

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].

【数智周报将整合本周最重要的企业级服务、云计算、大数据领域的前沿趋势、重磅政策及行研报 告。】 观点 黄仁勋谈AI泡沫：泡沫产生是因为投资规模空前庞大，巨额投资是为了构建AI基础设施 黄仁勋在达沃斯论坛上表示，泡沫产生是因为投资规模空前庞大，巨额投资是为了构建AI基础设施， 机会非常巨大，每个人都该参与进来。人工智能行业虽然看起来像泡沫，但它并不是泡沫。他指出，人 工智能正引发一场"平台级变革"，人类即将迎来史上规模最大的基础设施投资，总规模将达数万亿美 元。人工智能基础设施在未来几年需要"数万亿美元"的额外投资。否则，最终将走向失败。 微软CEO纳德拉直言AI泡沫隐现，资本堆砌难掩生产率短板 微软CEO萨提亚·纳德拉发出警告，若人工智能的发展仅依赖资本堆砌而缺乏真实的生产率改善，市场 很可能正在形成泡沫。纳德拉指出，判断AI泡沫的一个明显信号，是行业讨论过度聚焦科技公司与技 术供给侧，却忽视实际需求与落地应用。AI的核心价值不在于持续加大资本投入，而在于推动企业改 变工作方式，让组织运作与AI的结构性特征相匹配。 DeepMind与Anthropic达沃斯交锋：AGI逼近，5年内或迎劳动力市场剧变 Deep ...

Group 1 - The core viewpoint of the article is the analysis of long-term heavy holdings by funds, identifying key stocks that are consistently held over multiple reporting periods, such as Ningde Times, Tencent Holdings, Zijin Mining, Kweichow Moutai, and Midea Group [4][5] Group 2 - In the long-term heavy holdings change, stocks like Xiaomi Group and Poly Developments have a high termination ratio in Q4 2025, while stocks like Baillie Tianheng and Zijin Mining have a low termination ratio [2][6] Group 3 - Industry-wise, the media, food and beverage, and electric equipment sectors show relatively low termination ratios for long-term holdings, indicating a positive outlook from fund managers for these sectors [3][9]

Group 1 - The Hong Kong stock market opened high on January 23, with the Hong Kong Technology 30 ETF (513160) rising by 0.88% and trading volume exceeding 1 billion yuan [1] - Major constituents of the Hong Kong Technology 30 ETF include leading tech companies such as Alibaba-W, Meituan-W, and Tencent Holdings, with Alibaba-W increasing by over 3% [1] - The ETF has attracted over 110 million yuan in capital over the last 10 trading days, indicating strong investor interest [1] Group 2 - Haitong International Securities suggests that Hong Kong tech stocks will benefit from an upcoming window of intensive AI product releases, with companies like Alibaba and Tencent integrating AI into their business ecosystems [1] - The market sentiment is supported by expectations of a Federal Reserve interest rate cut and a recovery in A-share sentiment, leading to a structural upward trend in the Hong Kong stock market [2] - The long-term outlook for the AI and semiconductor industries remains positive, with a vibrant IPO market in Hong Kong, particularly in the new economy sector, providing structural opportunities for investors [2]

Group 1 - In the fourth quarter of last year, 464 Sci-Tech Innovation Board stocks appeared in the fund's heavy holdings list, with 60 new additions, 193 increased holdings, and 207 reduced holdings compared to the previous quarter [1] - The total shareholding amount for these stocks reached 4.801 billion shares, with a total market value of 536.151 billion yuan at the end of the period [1] - Major stocks held by funds include SMIC, Hu Silicon Industry, and Lanke Technology, with respective holdings of 377 million shares, 295 million shares, and 268 million shares [1] Group 2 - The stocks with the highest fund holdings include Baijie Shenzhou, Baili Tianheng, and Zhongke Feicai, with fund ownership ratios of 26.20%, 25.07%, and 24.51% respectively [2] - A total of 184 stocks were held by more than 10 funds, while 80 stocks saw collective new investments from 5 to 9 funds [1][2] - The stock with the most fund holders is Cambricon, with 1,067 funds collectively holding 5.935 million shares, accounting for 14.19% of its circulating shares [1][2] Group 3 - In terms of new investments, 60 stocks were newly added, with Frontier Biotech, Baio Saitu, and New Xiangwei having the largest new holdings of 11.3733 million shares, 7.7342 million shares, and 7.1080 million shares respectively [2] - The stocks with the highest increase in holdings include Shenkong Co., Fangyuan Co., and Longda Co., with Shenkong Co. seeing a staggering increase of 59,020.96% in holdings [2] - Significant reductions were noted in stocks such as Tiejian Heavy Industry, Sikan Technology, and Electric Wind Power, with reductions of 100.00%, 99.91%, and 99.63% respectively [2]

Group 1 - The Hang Seng Tech Index has returned above the 20-day moving average, indicating a short-term bullish trend, with notable stock movements from major companies like Baidu, Alibaba, Bilibili, Kuaishou, SMIC, Hua Hong Semiconductor, and Li Auto [1] - Since October of last year, Hong Kong tech assets have been under pressure due to structural industry differences, negative impacts from delivery subsidies, and year-end liquidity constraints. However, these factors are expected to improve by 2026, driven by AI industry growth, a cycle of overseas interest rate cuts, foreign capital inflows, and the return of southbound funds, suggesting a potential rebound for undervalued Hong Kong tech stocks [1] - Year-to-date, southbound funds have seen a cumulative net inflow of nearly 68 billion HKD into the Hong Kong stock market. Looking ahead to 2026, domestic AI models like DeepSeek are expected to launch around the Chinese New Year, while major domestic companies are increasing capital expenditures to enhance overall model capabilities [1] Group 2 - The National Securities Hong Kong Stock Connect Technology Index includes biotech leaders such as BeiGene, Innovent Biologics, and WuXi Biologics, currently trading at a rolling P/E ratio of only 27 times, which is below the 50th percentile of the past decade, indicating significant mean reversion potential [2]

Group 1 - The A-share market experienced fluctuations at relatively high levels in Q4 2025, with a slight decrease in overall equity positions of public funds compared to Q3 2025 [1][2] - The average equity positions for stock and mixed funds were 89.06% and 81.05%, respectively, showing a minor decline from the previous quarter [2] - Major holdings in public funds included leading light module companies, with Zhongji Xuchuang and Xinyi Sheng surpassing Ningde Times and Tencent Holdings to become the top two heavyweights [1][4] Group 2 - Several actively managed equity funds significantly increased their positions, with notable examples including Bosera Huixing and GF Chengxiang, which raised their equity positions by 12.31 and 10.3 percentage points, respectively [2] - Fund managers expressed optimism about the A-share market for 2026, citing potential dual benefits from domestic and international liquidity [3][9] - The focus on technology sectors continued, with managers identifying investment opportunities in storage chips, solid-state batteries, and humanoid robots [7][10] Group 3 - The top 50 heavyweights in public funds were primarily concentrated in information technology, consumer goods, and investment sectors, with 18 stocks in the information technology sector [4][6] - AI-related stocks gained prominence, with Zhongji Xuchuang, Xinyi Sheng, and Hanwujing entering the top seven heavyweights due to the AI boom [4][6] - The number of innovative drug companies in the top 50 heavyweights decreased from eight to five by the end of Q4 2025, indicating a shift in investment focus [5] Group 4 - Fund managers anticipate that the AI investment theme will continue to be a primary focus, with expectations for rapid growth in AI applications in the coming years [9][10] - The investment strategy is shifting towards AI applications, including smart driving, edge AI, and humanoid robots, as the industry matures [9][10] - The overall sentiment among fund managers is that the AI-driven technology market will remain a significant area of investment for the next several years [9][10]