Group 1 - China Aluminum International (02068) saw a mid-day increase of over 2.4% after announcing a joint venture to undertake a new electrolytic aluminum project with an annual capacity of 394,000 tons, with the first phase set at 294,000 tons [1] - CGN Mining (01164) rose over 8.3% following the submission of a preliminary prospectus for a trust that plans to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months, with annual uranium procurement not exceeding 9 million pounds [1] - China Shengmu Organic Milk (01432) increased nearly 6% after a joint announcement regarding a potential conditional cash offer to acquire all issued shares of the company [1] Group 2 - Yijun Group Holdings (02442) surged over 18%, with a cumulative increase of nearly 500% since its resumption of trading in December, following the sale of shares by its controlling shareholder [2] - China Rare Earth Holdings (03788) rose over 10%, reaching a historical high of 5.49 HKD, after announcing the termination of its gold spin-off plan to focus on gold business [2] - Laopuqin Gold (06181) increased over 7.3% as consumer demand is expected to rise during the upcoming Spring Festival, driven by higher gold prices and anticipated price increases [2] Group 3 - Oil stocks continued to rise, with CNOOC (02883) up 4.19%, Sinopec (00386) up 2.54%, and PetroChina (00857) up 3.68%, amid escalating geopolitical tensions in Iran and Cuba [3] - Changfei Optical Fiber (06869) saw a rise of over 15.4% due to significant price increases and supply tightness in the G.652.D optical fiber market, with major manufacturers unable to meet their own orders [3] Group 4 - Nanshan Aluminum International (02610) increased over 2.6% after announcing plans to start construction on a 250,000-ton electrolytic aluminum project in 2026, with an investment of $437 million [4] - Xindong Company (02400) saw a slight increase of 0.43% as its mobile game "Xindong Town" surpassed 10 million downloads, indicating strong user growth [4] Group 5 - EquipmentShare.com (EQPT.US) debuted on the US stock market with an IPO price of $24.5, closing up 32.9% on its first day [5] - The solar energy sector saw initial gains, with JinkoSolar (JKS.US) up 9.03% and Canadian Solar (CSIQ.US) up 4.57%, following discussions at the Davos Forum [5] - Silver-related stocks experienced gains, with First Majestic Silver (AG.US) rising 5.04% as spot silver prices surpassed $100 [5] Group 6 - Lithium mining stocks mostly rose, with Sigma Lithium (SGML.US) up 17.54% after announcing additional sales of high-purity lithium powder [6] - Bank stocks declined, with Goldman Sachs (GS.US) down 3.75% amid legal issues involving President Trump and JPMorgan [6] - Redwire (RDW.US) increased by 4.51% following comments from Elon Musk about SpaceX's plans for reusable rocket technology [6] Group 7 - Semiconductor stocks showed strength, with AMD (AMD.US) up 2.35% and Nvidia (NVDA.US) up 1.53%, as Nvidia's CEO visited China to discuss future plans [7] - Ericsson (ERIC.US) rose 8.87% after reporting strong fourth-quarter earnings, with adjusted EBITA reaching 12.7 billion SEK, a 24% increase year-over-year [8] - Intel (INTC.US) fell 17.03% due to disappointing performance outlooks and manufacturing issues [8]

高盛将中国台湾加权指数的12个月目标点位从32400点上调至34600点，理由是台积电的财报及指引推动 上调了盈利。 本文源自：金融界AI电报 ...

Core Viewpoint - The choice of TSMC as a foundry partner by Nvidia and AMD has proven to be a significant investment, especially in the context of the current AI industry where chip supply is a major bottleneck [1][2][3]. Group 1: Importance of TSMC - TSMC is recognized as the largest foundry in the AI supply chain, playing a crucial role alongside manufacturers like Nvidia and AMD [4]. - The strong relationships TSMC maintains with its partners are a key reason why companies prefer TSMC over alternatives, even when faced with attractive options from competitors like Intel [4]. Group 2: Nvidia's Commitment - Nvidia's CEO Jensen Huang expressed confidence in becoming TSMC's largest customer, a promise he made despite initial setbacks in technology [2]. - Nvidia's success, with a market valuation of $5 trillion, is attributed to its close relationship with TSMC, which has granted Nvidia exclusive access to certain technologies and a steady supply of chips [2]. Group 3: AMD's Strategic Decision - AMD's CEO Lisa Su highlighted the decision to trust TSMC as a major strategic move, which has led to significant gains in market share in both client and server segments [3]. - AMD's shift from GlobalFoundries to TSMC as its primary manufacturing partner has been pivotal in its success, contrasting with Intel's struggles in its internal foundry operations [3].

2026年1月23日，截至收盘，沪指涨0.33%，报收4136.16点；深成指涨0.79%，报收14439.66点；创业板 指涨0.63%，报收3349.50点。科创半导体ETF（588170）涨1.51%，半导体设备ETF华夏（562590）涨 1.95%。 3.盛美上海（688082.SH）发布2025年度业绩预告，预计营业收入为66.80亿元-68.80亿元，比上年同期 增长18.91%-22.47%。报告期内，全球半导体市场需求强劲，公司凭借技术差异化优势，持续推进销售 交付与调试验收，产品平台化进展顺利，客户全球化拓展成效显著，新客户开发取得突破，市场认可度 不断提升，推动营业收入稳步增长。综合近年来的业务发展趋势，以及目前的订单等多方面情况，公司 预计2026年全年的营业收入将在人民币82.00亿元至88.00亿元之间。 银河证券指出，AI算力需求不减、存储芯片周期上行以及先进封装技术渗透，共同推动半导体设备需 求提振，2026年半导体设备市场规模持续增长预期强烈。台积电预计2026年资本开支为520-560亿美 元，相较于2025年409亿美元的资本开支大幅增长，半导体设备的市场机遇进一步凸显。 ...

Core Viewpoint - The PCB sector is experiencing significant performance growth driven by AI demand, with several key investment themes identified for 2023 [1][2]. Investment Themes - **PCB Upgrade Trend**: The commercialization of CoWoP technology is accelerating, leading to a new round of upgrades in AI PCB products. mSAP capacity, equipment, and technical capabilities will become higher competitive thresholds for PCB manufacturers, presenting investment opportunities across the mSAP supply chain [1][2]. - **CCL Upgrade from M8 to M9**: The transition from M8 to M9 CCL is a definitive trend, with an increasing number of GPUs, ASIC servers, and 1.6T switches adopting M9 CCL. The usage of Q fabric, HVLP 3-4, and hydrocarbon resins will continue to rise rapidly [1][2]. - **Upstream Material Price Increases**: The price of upstream materials is still in an upward cycle, which is expected to further improve profitability [1][3]. - **Rising Demand for Substrates**: Demand for BT substrates is increasing, with continuous price hikes, while ABF substrate demand is beginning to overflow to domestic manufacturers [1][4]. Market Performance - The PCB sector's performance has exceeded market expectations, particularly in the upstream materials and equipment segments, driven by global AI PCB capacity expansion. Companies like Jin'an Guoji and Huazheng New Materials in the CCL segment, and Dazhu CNC and Chipbase in the equipment segment, have shown significant excess returns [2]. Price Trends - The CCL industry average price has increased by 20%-30% in 2025, with expectations for further price hikes in 2026 potentially exceeding those of 2025 due to supply-demand dynamics and raw material price trends [3]. Demand Dynamics - The global AI data center's storage demand is robust, with TSMC's capital expenditure for 2026 projected at $52-56 billion, significantly above market expectations. This indicates a strong upward trend in storage chip demand, leading to continuous price increases for BT substrates and the overflow of ABF substrate demand to domestic suppliers [4].

Core Insights - The Schwab Emerging Markets Equity ETF (SCHE) offers lower costs and higher yields compared to the iShares MSCI Emerging Markets ETF (EEM), which has a longer history and greater tech exposure [1][4][10] Cost and Size Comparison - SCHE has an expense ratio of 0.07%, significantly lower than EEM's 0.72%, which could lead to compounded savings over time [3][4] - As of January 22, 2026, SCHE's one-year return is 28.4%, while EEM's is 37.9% [3] - SCHE has a dividend yield of 2.9%, higher than EEM's 2.2% [3][9] - SCHE has assets under management (AUM) of $12.0 billion, compared to EEM's $25.1 billion [3] Performance and Risk Comparison - Over the past five years, SCHE's maximum drawdown is -35.70%, while EEM's is -39.82% [5] - The growth of $1,000 invested over five years is $1,036 for SCHE and $1,044 for EEM [5] Holdings and Diversification - EEM tracks large- and mid-cap companies with a 30% tilt towards technology, while SCHE has a 22% tech exposure and holds over 2,100 stocks, making it more diversified by company count [6][7] - EEM's top holdings include Taiwan Semiconductor Manufacturing, Tencent Holdings, and Samsung Electronics, which make up 21.5% of its assets [6] - SCHE's top holdings also feature Taiwan Semiconductor, Tencent, and Alibaba Group, comprising nearly 22% of its assets [7] Investment Implications - Both SCHE and EEM provide passive investment opportunities in emerging markets, holding over 1,000 stocks each [8] - The significant difference in expense ratios suggests that SCHE may be a more cost-effective option for investors seeking exposure to emerging markets [10]

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is significantly investing to meet the growing demand for AI chips, with a planned capital expenditure of up to $56 billion, indicating strong confidence in sustained AI demand despite some caution from its CEO [2][4][5]. Company Overview - TSMC holds a dominant market share in the logic chip market, essential for AI computing, and is increasing production capacity to meet demand [2]. - The company's stock has increased over 300% since the start of the AI race in 2023, yet it is still considered undervalued compared to major tech companies [7][8]. Financial Performance - TSMC's revenue rose by 26% year over year during its last quarter, and it trades at 25 times forward earnings, which is competitive compared to the broader market [8][10]. - The company projects nearly 30% revenue growth by 2026 and expects a compound annual growth rate (CAGR) of 25% through 2029 [11]. Market Dynamics - Continued spending by AI hyperscalers on data centers is crucial for maintaining elevated demand for TSMC's chips, with projections indicating growth in data center buildouts through at least 2030 [12]. - The overall market environment shows that major tech companies trade at about 30 times forward earnings, while TSMC's growth rate is expected to accelerate, making it a potentially stronger investment [8][10].

Core Insights - Artificial intelligence (AI) continues to drive market gains, with the eight highest-value stocks being AI-related companies, indicating ongoing massive opportunities in the sector [1] Company Summaries Alphabet - Alphabet, the parent company of Google, holds a dominant position in various sectors, including search engines, Android, and YouTube, providing diversification and low-risk investment potential [4] - The company is leveraging AI through features like AI summaries in Google searches, which have attracted 75 million active daily users, and it has 650 million monthly active users for its Gemini LLMs [5] - Revenue growth accelerated to 16% in Q3 2025, with AI revenue being a significant growth driver; capital expenditure is expected to increase from approximately $92 billion in 2025, and the company is developing its own tensor processing units (TPUs) to meet demand [6] - All business segments are performing well, with cloud services showing a $155 billion backlog (up 46% year-over-year) and advertising revenue increasing by 15% [7] Taiwan Semiconductor Manufacturing - Taiwan Semiconductor is a key player in AI development, fabricating AI chips for companies like Nvidia and Alphabet, with high-performance computing (HPC) revenue accounting for 58% of total revenue in 2025, reflecting a 48% increase from the previous year [8] - Total revenue for Taiwan Semiconductor increased by 26%, with management projecting a compound annual growth rate of at least 25% through 2029 [8]

Investment Rating - The investment rating for the electronics industry is "Positive" (maintained) [4] Core Insights - TSMC's Q4 2025 performance indicates a thriving AI industry driving the upstream supply chain into a growth cycle, with expected revenue of $33.7 billion, a year-on-year increase of 25.5%, primarily due to AI chip demand [4] - The semiconductor testing industry is entering an "inflation" cycle, driven by increased complexity in AI chips, leading to a rise in both demand and prices for testing services and equipment [4] - The global smartphone shipment volume for Q4 2025 is approximately 336 million units, with Apple and Samsung showing resilience against rising storage chip prices, while domestic Android manufacturers face significant sales pressure [4] Summary by Sections Industry Dynamics - Limited supply of H200 chips continues to be a pain point in the domestic market, with demand expected to diversify into a multi-layered structure [7] - Nvidia's CEO Jensen Huang visited China, indicating potential strategic shifts in the semiconductor landscape [7] - Alibaba's T-Head semiconductor unit is planning for an independent listing, reflecting the growing importance of domestic chip design [7] - Baidu's Wenxin assistant has surpassed 200 million monthly active users, highlighting the competitive landscape in AI services [7] Weekly Market Analysis - The electronics sector saw a weekly increase of 1.39% from January 19 to January 23, 2026, with integrated circuit packaging and testing, LED, and analog chip design leading the gains [9][12] Testing Industry Analysis - The semiconductor testing market is projected to grow significantly, with the global testing equipment market expected to reach $32.7 billion by 2025, growing at a CAGR of 3.43% from 2025 to 2032 [19][23] - The demand for testing equipment and consumables is expected to rise due to the increasing complexity of AI chips, with testing times for AI chips expected to increase significantly [30][39] - The global probe card market is also experiencing growth, with a projected increase in revenue driven by the demand for advanced logic and high-performance memory testing [40][42] Investment Recommendations - Recommended companies for investment include testing equipment manufacturers such as Huafeng Measurement and Control, Changchuan Technology, and testing service providers like Weicai Technology and Changdian Technology [45]

从上述绩优基金在基金四季报中披露的持仓来看，其大多重点持有港股创新药。以汇添富香港优势精选 混合A为例，截至去年四季度末，基金前五大重仓股分别为科伦博泰生物-B、信达生物、石药集团、三 生制药和恒瑞医药。 此外，科技板块也是不少绩优产品的重点布局方向。以易方达全球成长精选混合A为例，截至去年四季 度末，基金前十大重仓股囊括了台积电、新易盛、谷歌-A、中际旭创、美光科技等全球科技股龙头。 展望后市，创新药与科技板块仍是不少基金经理看好的方向。 "去年四季度创新药行业整体呈现阶段性调整，我们基于对产业长期趋势的判断，策略上适度向板块内 具备核心竞争力的头部企业与高确定性标的集中。"富国全球健康生活主题混合基金经理彭陈晨和王超 在基金四季报中称。 张大伟 制图 ■投基论道 QDII基金交出亮眼"成绩单" 后市看好创新药和科技方向 ◎记者 王彭 2025年以来，QDII基金整体交出了一份亮眼的"成绩单"，平均净值上涨27.9%，其中，多只重仓港股创 新药的基金占据排行榜前列。多位基金经理在最新披露的基金2025年四季报中表示，创新药和科技仍是 其未来较为看好的投资方向。 Choice数据显示，截至今年1月21日，QD ...