证 券 研 究 报 告 计算机行业深度研究报告 全球 AI 算力革命，生态之争加速演绎 行业研究 计算机 2026 年 01 月 16 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：祝小茜 邮箱：zhuxiaoqian@hcyjs.com 执业编号：S0360524070011 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 67,013.18 | 5.20 | | 流通市值(亿元) | 60,548.48 | 5.82 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 19.5% | 30.1% | 52.9% | | 相对表现 | 15.1% | 11.9% | 27.8% | -6% 15% 35% 55% 25/01 25/03 25/06 25/08 25/10 26/01 2025-01-16~2026-01 ...

交易披露显示，方舟旗下两只基金同步加仓博通：下一代互联网基金增持31,308股，创新基金新买入 111,781股，完成对这只芯片股的初步布局。 与此同时，方舟创新基金减持86,139股特斯拉股票。尽管特斯拉仍是该基金第一大持仓股，占比近 10%，但持续减持动作叠加特斯拉2026年股价震荡，反映出伍德对其短期走势的谨慎态度。特斯拉埃隆 ·马斯克宣布全自动驾驶软件改为月度订阅服务后，特斯拉股价单日下跌1.8%，进一步加剧波动。此 外，方舟金融科技基金加仓新上市的克拉纳集团，延续对高成长赛道的布局。（旺旺） 来源：环球网 【环球网科技综合报道】1月16日消息，据外媒《巴伦》报道，以"特斯拉多头"闻名的方舟投资创始人 凯西·伍德近期调整基金持仓布局，在持续减持特斯拉的同时，逆势加仓半导体巨头博通，释放出押注 AI半导体赛道的明确信号。 ...

Pajjuri表示："AI工作负载正朝着强化学习与分布式推理方向转型，而这两类技术路线均对存储器性能 提出极高要求。即将到来的HBM4迭代是另一重要利好，其平均售价预计高出30-50%。生成式AI的爆 发，也推动了高容量服务器内存条(DIMM)以及固态硬盘(NAND eSSD)的需求增长。尽管存储器价格高 企可能对PC及智能手机市场需求造成一定压力，但我们预计，到2027年，存储器行业仍将维持供不应 求的格局。" 与多家金融机构的观点一致，该行预计未来两年晶圆制造设备(WFE)领域的资本开支将保持强劲增长态 势。 Pajjuri补充道："此外，背侧供电、先进封装以及三维结构等技术趋势的落地，让我们有理由相信，未 来两年晶圆制造设备市场增速至少能达到高个位数水平。" 该行分析师Srini Pajjuri和Grant Li在一份投资者报告中指出："当前市场供应紧张，企业订单交付周期已 延长至18个月，这也让行业前景更为清晰。基础设施瓶颈或导致部分项目延期，但在我们看来，这未必 是利空因素——此类制约反而可能拉长并平滑AI领域的支出周期。尽管定制化专用集成电路(ASIC)近期 取得进展，但考虑到AI技术迭代速度迅猛 ...

Core Viewpoint - Broadcom Inc. (NASDAQ:AVGO) is positioned as a strong player in the semiconductor and infrastructure software market, with significant growth potential and robust financial health. Group 1: Company Overview - Broadcom Inc. designs, develops, and supplies a wide range of semiconductor and infrastructure software solutions, serving industries such as data centers, networking, software, broadband, wireless, and storage [1] - The company competes with major tech firms like Intel, Qualcomm, and Texas Instruments in the semiconductor sector [1] Group 2: Stock Performance - Over the past month, AVGO has experienced a price increase of approximately 5.02%, indicating strong investor confidence and positive market sentiment [2] - In the last 10 days, the stock has seen a slight decline of about 1.51%, which may present a buying opportunity for investors anticipating a rebound [2] Group 3: Growth Potential - AVGO's stock price growth potential is estimated at 32.39%, suggesting that the stock is currently undervalued and has substantial room for appreciation [3] - This growth potential is particularly appealing to growth-oriented investors seeking promising future prospects [3] Group 4: Financial Health - The company has a Piotroski Score of 8, indicating strong financial health and efficient management, which are positive indicators for investors assessing the company's fundamentals [4][6] Group 5: Target Price and Market Sentiment - Analysts have set a target price for AVGO at $453.25, reflecting expectations for the stock's future trajectory and potential upside [5] - The recent touch of a local minimum suggests a possible support level, which can be a positive sign for investors looking for entry points [5]

【导读】美股收高，银行股、芯片股领涨；原油大跌，黄金白银跳水 美东时间2026年1月15日（周四），美股收高，在台积电财报带动下，美股芯片板块普涨。原油价格创下自2025年6月以来最大跌幅。 道指涨292.81点，涨幅为0.60%，报49442.44点；纳指涨58.27点，涨幅为0.25%，报23530.02点；标普500指数涨17.87点，涨幅为0.26%，报6944.47点。 CME"美联储观察"工具显示，美联储1月降息25个基点的概率为5%，维持利率不变的概率为95%。到3月累计降息25个基点的概率为20.8%，维持利率不变 的概率为78.4%，累计降息50个基点的概率为0.9%。 堪萨斯城联邦储备银行行长施密德于周四表示反对降息。他称通胀"过热"，并警告特朗普政府的政策可能进一步推动经济增长势头。 芝加哥联邦储备银行总裁古尔斯比表示，在有充分证据表明就业市场稳定的情况下，美联储应将重点放在降低通胀上。 美国上周初请失业金人数为19.8万人，预期为21.5万人，前值自20.8万人修正至20.7万人。 芯片股多数上涨 美国白宫发布声明，美国从1月15日起对部分进口半导体、半导体制造设备和衍生品加征25%进 ...

Group 1 - ARK Investment Management, led by Cathie Wood, is reducing its holdings in Tesla while increasing its position in semiconductor giant Broadcom [1][2] - The ARK Next Generation Internet ETF (ARKW) added 31,308 shares of Broadcom, bringing its total holdings to 62,545 shares, while the ARK Innovation ETF (ARKK) purchased 111,781 shares of Broadcom [1] - Broadcom's stock price experienced a decline of 4.2% amid a broader tech sell-off but rebounded to $343.02, reflecting ARK's bullish outlook on the semiconductor and AI sectors [1] Group 2 - The ARK Innovation ETF reduced its Tesla holdings by 86,139 shares, yet Tesla remains one of the largest positions in multiple ARK funds, with approximately 1.7285 million shares still held [2] - Tesla's stock has been volatile, with a 1.8% drop following CEO Elon Musk's announcement of a shift to a monthly subscription model for its full self-driving software [2] - ARK also made adjustments in the semiconductor sector by selling 19,310 shares of TSMC's American Depositary Receipts, retaining about 164,437 shares valued at approximately $53.8 million [2] Group 3 - In the fintech sector, the ARK Fintech Innovation ETF purchased 56,993 shares of Klarna Group, which went public at the end of last year [3] - The ARK Fintech Innovation ETF achieved a return of approximately 29% in 2025, outperforming the Nasdaq Composite Index, which rose about 20% during the same period [3]

ARK funds have been trimming Tesla holdings while adding positions in Broadcom and Klarna. ...

Core Insights - Intel Corporation and Broadcom Inc. are leading semiconductor companies focusing on AI and advanced chip technologies, with Intel emphasizing AI chips for data centers and PCs, marking a significant architectural shift for the company [1] - Both companies are advancing their semiconductor portfolios to enhance their competitive edge in the growing AI market across various applications [3] Intel's Position - Intel is experiencing strong demand for AI PCs, launching the Intel Core Ultra series 3 processor and planning to release Xeon 6+ in 2026, both manufactured using the advanced 18A process technology [4] - The company has secured a $5 billion investment from NVIDIA to develop innovative AI solutions, which are expected to enhance the semiconductor ecosystem [5] - Softbank's $2 billion investment in Intel aims to support AI research and development, alongside significant funding from the U.S. Department of Commerce to boost manufacturing capacity [6] - Despite these advancements, Intel faces challenges due to its reliance on the Chinese market amid tightening U.S. export restrictions, which could impact revenue and competition [7] Broadcom's Position - Broadcom is benefiting from strong demand for its networking products and custom AI accelerators, with next-generation XPUs designed for low power consumption [9] - The company has pursued strategic acquisitions to diversify its market presence, enhancing its capabilities in infrastructure software and storage chips [10] - However, Broadcom faces intense competition in its operating markets, leading to pricing pressures that could affect margins [11] Financial Estimates - The Zacks Consensus Estimate for Intel's 2025 sales indicates a 1% decline, while EPS is expected to grow by 361.5% [12] - In contrast, Broadcom's fiscal 2026 sales are projected to grow by 46.3%, with EPS rising by 44.6% [14] Price Performance and Valuation - Over the past year, Intel's stock has surged by 147.7%, outperforming the industry growth of 38%, while Broadcom has gained 47.5% [15] - From a valuation perspective, Intel's shares trade at a price/sales ratio of 4.29, significantly lower than Broadcom's 15.8 [15] Investment Outlook - Both companies anticipate earnings improvement, but Intel expects a revenue decline, contrasting with Broadcom's growth trajectory [20] - Broadcom shows a healthier long-term earnings growth expectation of 35.7%, compared to Intel's 9.3%, making Broadcom a more attractive investment option despite its higher valuation metrics [20]

U.S. stock futures are presenting a mixed picture in early trading on Thursday, January 15, 2026, as a rebound in technology stocks contends with ongoing concerns stemming from bank earnings and geopolitical developments. While Nasdaq 100 futures and S&P 500 futures show modest gains, Dow Jones Industrial Average futures are slightly down, signaling a cautious start to the trading day. This follows a second consecutive day of losses for the major indexes on Wednesday, largely driven by a slump in Big Tech a ...

如果您希望可以时常见面，欢迎标星收藏哦~ 市场传出，台积电已告知英伟达(Nvidia)及博通(Broadcom)，目前无法提供他们所要求的庞大产 能。 TheFly、Benzinga引述The Information 14日报导，英伟达并非唯一向台积电要求更多晶片的科 技巨擘。消息人士透露，最近几月，博通也一再向台积电要求额外产能。博通主要委托台积电代工 Google自研的张量处理单元(TPU)。不过，台积电已明确告知英伟达及博通，目前无法满足他们要 求的产能规模。 根据报导，虽然台积电近期传出扩充了亚利桑那州的厂房，短期内却几乎没有什么助益，因为这些 新厂还需要数年才能全面投入营运。 台积电的回应显示，AI浪潮已让这家全球最大晶圆代工厂产能不堪负荷。 这令英特尔(Intel Corp.)的晶圆代工业务显得愈来愈重要。 KeyBanc分析师John Vinh 1月13日发 表研究报告指出，尽管英特尔不太可能靠18A制程挑战台积电的产业龙头地位，却有机会从三星电 子(Samsung Electronics)手中夺下老二的位置。 喜欢我们的内容就点 "在看 " 分享给小伙伴哦~ Vinh写道，「18A制程的进展令 ...