与此同时，备受市场关注的美国非农就业数据原定于本周五发布，但受美国联邦政府停摆危机解除的影 响，该数据已推迟至下周周三公布。不过本周公布的其他多项数据显示，美国劳动力市场出现新的疲软 信号 —— 职位空缺数跌至 2020 年以来最低水平，企业裁员公告数量则大幅激增。 责任编辑：郭明煜 美股期货周五盘前走低，亚马逊发布财报后股价大跌，严重压制科技板块市场情绪；华尔街经历重挫交 易日后，投资者正准备迎接市场进一步下挫。 标普 500 指数期货（ES=F）下跌 0.2%，纳斯达克 100 指数期货（NQ=F）重挫约 0.5%，道琼斯工业平 均指数期货（YM=F）微跌 0.1%。 美股料在近期大幅抛售的基础上继续走低，科技股再度成为领跌主力。目前，标普 500 指数（^GSPC） 和纳斯达克综合指数（^IXIC）的 2026 年年内表现已转负。 市场对亚马逊财报的反应进一步加剧了悲观情绪。这家头部云服务提供商下调了营业利润预期，同时披 露 2026 年资本支出将大幅攀升至至少 2000 亿美元，其股价应声暴跌超 10%。华尔街正权衡亚马逊的 人工智能相关支出与业绩增长前景，加之市场对人工智能发展对传统科技业务的冲击担 ...

【CNMO科技消息】2月6日，小米创办人雷军通过社交媒体分享了一则来自国际权威媒体的重磅好评。 据《华尔街日报》报道，其资深科技专栏作家乔安娜·斯特恩通过朋友借得一辆小米SU7 Max，在美国 新泽西州进行了为期两周的深度试驾。其体验报告不仅对车辆赞誉有加，更引出了传统汽车巨头——福 特汽车公司CEO的强烈共鸣。 小米SU7 CNMO注意到，在《华尔街日报》的报道中，科技专栏作家乔安娜·斯特恩对小米SU7 Max的驾驶体验 和智能生态给出了高度评价。她特别强调，SU7 Max带给她的整体感受，完全符合大众对一家科技公司 如何造车的期待，而不是传统的汽车公司在做科技叠加。 A10 | Tuesday, February 3, 2026 PERSONAL JOURNAL. I Tested a Chinese-Made EV nd Now Yearn for M THE WALL STREET JOURNAL. 报道中更具戏剧性和行业影响力的细节是，全球汽车工业的巨头之一——福特汽车公司的CEO吉姆·法 利，在亲自试驾了小米SU7之后，也对其表现赞不绝口。报道原文用"爱不释手"来形容他的态度，吉姆· 法利本人更是 ...

资金流向方面，深证国企ESG（970055）指数成份股当日主力资金净流出合计4.88亿元，游资资金净流 入合计1.21亿元，散户资金净流入合计3.67亿元。成份股资金流向详情见下表： 证券之星消息，2月4日，深证国企ESG（970055）指数报收于1517.31点，涨1.27%，成交426.81亿元， 换手率1.53%。当日该指数成份股中，上涨的有35家，中来股份以20.0%的涨幅领涨，下跌的有15家， 深科技以5.09%的跌幅领跌。 深证国企ESG（970055）指数十大成份股详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Group 1 - The advanced packaging index declined by 2% on February 4, with most constituent stocks experiencing a drop [1] - Taiji Industry fell by 4.53%, Shenzhen Technology decreased by 4.05%, Tongfu Microelectronics dropped by 3.36%, Fuman Micro fell by 2.82%, and Huatian Technology declined by 2.72% [1]

Group 1 - The perception that HDDs are a seasonal and cyclical industry is outdated, with a current focus on supplying large-capacity HDDs to AI hyperscale cloud service providers, whose purchasing behavior is no longer influenced by seasonality or economic cycles [1] - By 2026, HDD production capacity has been fully booked, with contracts extending to 2027 and 2028, and discussions ongoing about potential extensions to 2028, 2029, and even inquiries for 2030 [1] - HDDs are the lowest-cost storage medium, and the AI boom has led to supply shortages, as AI servers consume significantly more storage than conventional servers, resulting in a surge in demand for nearline HDDs [1] Group 2 - The core advantages of HDDs include low unit storage costs, total cost of ownership (TCO), and physical storage performance, with a current price difference of 4-6 times compared to SSDs, making them a cost-effective choice for cloud computing vendors [2] - Future HDD applications will focus on large-scale data lakes and cold data archiving, with a projected market growth rate of approximately 15% over the next three years [2] - The HDD industry supply chain includes upstream components such as disks, heads, and controllers, with HDD manufacturing in the midstream and applications primarily in AI data lakes and cold data archiving in the downstream [2]

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on February 3, with a total transaction value of 2.236 billion yuan, highlighting notable trading in specific stocks such as Shanghai Airport, Zijin Mining, and Longjing Environmental Protection [1]. Group 1: Block Trading Activity - A total of 80 stocks underwent block trading, with Shanghai Airport leading at 349 million yuan, followed by Zijin Mining at 274 million yuan and Longjing Environmental Protection at 161 million yuan [1]. - Among the stocks traded, 7 were sold at par value, 2 at a premium, and 71 at a discount, indicating a predominance of discounted trades [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were DeMa Technology at 5.67% and Shen High-Speed at 2.01% [1]. - The stocks with the highest discount rates included Kai Fa Technology at 29.94%, New Wave Shares at 23.56%, and Ai Meike at 23.43% [1]. Group 3: Institutional Buying and Selling - The top institutional buying positions included Shanghai Airport at 349 million yuan, Longxin Zhongke at 116 million yuan, and Xinyuan Shares at 60.575 million yuan [2]. - The leading institutional selling positions were Nanxin Technology at 8.4 million yuan and Guobo Electronics at 4.1784 million yuan [2].

国家/地区 中国 行业 电子行业 报告发布日期 2026 年 02 月 03 日 看好（维持） 电子行业 行业研究 | 动态跟踪 AI 算力需求拉动，存储紧缺持续 核心观点 投资建议与投资标的 ⚫ AI 算力需求拉动，存储紧缺持续。相关标的：国内存储芯片设计厂商兆易创新、普 冉股份、聚辰股份、东芯股份、北京君正、恒烁股份等；国产存储模组厂商江波 龙、德明利、佰维存储等；受益存储技术迭代的澜起科技、联芸科技、翱捷科技 等；半导体设备企业中微公司、精智达、京仪装备、微导纳米、拓荆科技、北方华 创等；国内封测企业深科技、汇成股份、通富微电等；配套逻辑芯片厂商晶合集成 等。 风险提示 AI 落地不及预期，技术迭代速度不及预期，国产化进展不及预期 | 薛宏伟 | 执业证书编号：S0860524110001 | | --- | --- | | | xuehongwei@orientsec.com.cn | | | 021-63326320 | | 蒯剑 | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | | kuaijian@orientsec.com.cn | | | 02 ...

Core Insights - The global High Bandwidth Memory (HBM) market is experiencing rapid growth, with shipments expected to increase from 1.5 billion gigabytes (GB) in 2023 to 5.7 billion GB by 2026, and revenues projected to rise from $4.35 billion in 2023 to $50 billion in 2026 [6][7][8]. HBM Industry Definition and Advantages - HBM is a high-performance semiconductor memory based on 3D stacking technology, offering high bandwidth and energy efficiency, primarily used in high-performance computing and networking applications [1][4]. - HBM has four main advantages over traditional DRAM: high bandwidth, high capacity, low power consumption, and small size [2][3]. HBM Industry Development Status - HBM technology is becoming a standard for AI acceleration cards (GPUs, TPUs, etc.), with its value share continuing to increase [4][6]. - The demand for HBM is driven by the needs of AI and high-performance computing, with significant growth expected in the coming years [6][10]. HBM Industry Chain - The HBM industry chain includes upstream materials (electrolytes, precursors, IC substrates) and semiconductor equipment (lithography machines, etching machines), with midstream focusing on HBM production and downstream applications in AI, data centers, and high-performance computing [8][9]. HBM Industry Competitive Landscape - The global HBM market is dominated by foreign manufacturers, with SK Hynix holding a 53% market share, followed by Samsung at 38% and Micron at 9% [14][15]. - Domestic companies in China, such as Changxin Memory, Changdian Technology, and others, are making significant progress in the HBM supply chain, aiming to increase local production capabilities [15][16]. HBM Industry Development Trends - HBM is positioned as a critical hardware component for AI and high-performance computing, with its unique 3D stacked structure providing superior bandwidth compared to traditional memory solutions [16][17]. - The future memory landscape will be heterogeneous, with HBM focusing on training scenarios, while other memory types will cater to specific workloads, creating a diverse memory ecosystem for the AI era [17].

Group 1 - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1461.35 points, down 2.08%, with a trading volume of 52.363 billion yuan and a turnover rate of 1.8% [1] - Among the index constituents, 10 stocks rose, with XJ Electric leading at a 3.12% increase, while 39 stocks fell, with Shenzhen Technology leading the decline at a 10.0% drop [1] Group 2 - The net outflow of main funds from the Shenzhen State-owned Enterprise ESG Index constituents totaled 2.587 billion yuan, while the net inflow from speculative funds was 758 million yuan, and the net inflow from retail investors was 1.828 billion yuan [2] - Detailed fund flow information for the index constituents is available in the accompanying table [2]

Market Overview - On February 2, the trading volume of the Shanghai and Shenzhen stock markets was 2.58 trillion yuan, a decrease of 250.8 billion yuan compared to the previous trading day [1] - The precious metals and non-ferrous metals sectors experienced a significant decline, while the electric grid equipment and liquor sectors saw notable gains [1] Stock Performance - Notable gainers included: - STR (+5.19% to 2.23 yuan) with a trading volume of 3.49% [2] - *ST Huqing (+5.03% to 8.14 yuan) due to performance expectations and termination of equity transfer [2] - Huangtai Liquor (+9.98% to 17.52 yuan) driven by regional brand strength and shareholder increase [2] - Horizontal Film (+10.00% to 28.05 yuan) benefiting from the Spring Festival box office [2] - Wanfu Co. (+9.99% to 28.30 yuan) due to rising dye prices [2] Stock Declines - High-profile stocks facing declines included: - ST Jinglan with 6 consecutive gains [3] - Deep Technology (-10.00% to 29.24 yuan) due to a downturn in the storage chip sector and significant prior gains [14] - Kaipu Cloud (-20.00% to 195.84 yuan) with a projected net loss for 2025 [17] Institutional Trading - The top three net purchases on the daily leaderboard were: - Zhongchao Holdings with a net purchase of 512 million yuan [5] - Baobian Electric with a net purchase of 436 million yuan [5] - Shuangjie Electric with a net purchase of 308 million yuan [5] - The top three net sales were: - Deep Technology with a net sale of 251 million yuan [6] - Kaipu Cloud with a net sale of 192 million yuan [6] - Tianlong Group with a net sale of 187 million yuan [6] Sector Insights - Zhongchao Holdings is involved in commercial aerospace and high-temperature alloys, with strong demand for transformers and data center orders extending to 2027 [9] - Deep Technology's recent performance has been impacted by stricter customer audits from major storage manufacturers [14] - Kaipu Cloud's projected losses indicate a significant decline in profitability, with expectations of a 139% to 158% decrease in net profit [17]