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 ...

Don't overthink the AI boom. This year's AI winners are sitting in plain sight.It's been a little over three years since artificial intelligence (AI) became the hottest topic on Wall Street. Nothing lasts forever, but it's hard to envision the AI boom ending this year. At least, not while billions of dollars continue to flow into data centers, chips, and other AI infrastructure.So, how is the AI space shaping up for 2026? Consensus estimates from Goldman Sachs indicate that AI companies could spend more tha ...

Investment Rating - The report maintains a positive outlook on the price increase trends for copper-clad laminates and storage chips, indicating strong sustainability in performance [2][5]. Core Insights - The report highlights the significant growth in the performance of companies within the copper-clad laminate and storage chip sectors, with expectations of continued price increases driven by strong demand, particularly in AI applications [2][5]. - Companies like Jin'an Guoji are projected to see substantial profit increases, with forecasts suggesting a net profit of 280-360 million yuan in 2025, representing a year-on-year growth of 655-871% [2]. - The storage chip market is expected to experience a price surge in Q1 2026, with DRAM contract prices anticipated to increase by 55-60% and NAND Flash by 33-38% [2]. - The overall semiconductor industry is projected to reach $551.6 billion in 2026, a 134% year-on-year increase, with further growth expected in 2027 [2]. Summary by Sections Consumer Electronics - The report emphasizes the ongoing expansion of AI applications in consumer electronics, particularly within the Apple supply chain and smart glasses, which are expected to drive demand for related components [6]. PCB - The report notes a sustained high demand for copper-clad laminates, with price increases expected due to rising demand from automotive and industrial control sectors, alongside AI applications [7]. Components - The report identifies growth opportunities in passive components, particularly in MLCCs and inductors, driven by increased usage in AI mobile devices and laptops [22]. IC Design - The report expresses optimism regarding the storage sector, forecasting a significant price increase for DRAM due to rising demand from cloud service providers and consumer electronics [24][25]. Semiconductor Equipment and Materials - The report discusses the ongoing trend of de-globalization in the semiconductor industry, with a focus on domestic production capabilities and the need for self-sufficiency in semiconductor equipment and materials [26][28]. Key Companies - Companies such as Shenghong Technology and Northern Huachuang are highlighted for their strong market positions and growth potential in the semiconductor and PCB sectors [30][31][36].

Core Insights - The article discusses the emergence of Micron Technology as a potential member of the trillion-dollar club in the AI chip industry, alongside established players like Nvidia, TSMC, and Broadcom [1][2][3]. Industry Overview - The AI revolution has significantly transformed the semiconductor industry, with companies like Nvidia, TSMC, and Broadcom evolving from cyclical chip businesses to trillion-dollar enterprises [1][2]. - The demand for AI infrastructure is expected to grow, driven by hyperscalers such as Microsoft, Alphabet, Amazon, and Meta Platforms, which are investing heavily in advanced AI applications [5][6]. Micron Technology's Position - Micron Technology is positioned to benefit from the increasing demand for high-bandwidth memory (HBM), dynamic random access memory (DRAM), and NAND chips, which are essential for efficient data processing in AI workloads [6][10]. - The company reported a revenue of $13.6 billion for its first fiscal quarter of 2026, marking a 57% year-over-year increase, with strong performance across all core segments [9]. Market Dynamics - Prices for DRAM and NAND chips are projected to rise significantly, with increases of up to 60% and 38% respectively in the first quarter, driven by surging demand from hyperscalers [8]. - The total addressable market for HBM is expected to reach $100 billion by 2028, indicating substantial growth potential for Micron [10]. Financial Projections - Analysts predict that Micron's revenue will more than double by fiscal 2027, with earnings per share (EPS) potentially surging nearly fourfold [12]. - Despite strong growth prospects, Micron currently trades at a forward price-to-earnings (P/E) multiple of 12.3, which is significantly lower than other chip leaders [14]. Valuation Potential - If Micron's P/E ratio aligns more closely with industry peers, an implied market cap of approximately $850 billion could be achieved, with a forward earnings multiple of 30 potentially leading to a $1 trillion valuation [16]. - The long-term outlook for Micron is positive, with the AI infrastructure market representing a multiyear, multitrillion-dollar opportunity [17].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational nature of the new materials industry as the material basis for other industries [4][15]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Recent developments include TSMC's plan to increase investment in advanced packaging technology, aiming to upgrade existing InFO equipment and establish a new WMCM production line, with a target capacity of approximately 60,000 wafers per month by the end of 2026 [6][40]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. - The successful launch of the Long March 12 rocket, which deployed 19 low-orbit satellites, demonstrates the capabilities of China's aerospace technology [8][50]. 3. New Energy Sector - Focus areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. - By the end of 2025, China's power storage capacity is projected to reach 213.3 GW, a year-on-year increase of 54%, with new energy storage accounting for over two-thirds of this capacity [10]. 4. Biotechnology Sector - Key areas include synthetic biology and scientific services [11]. - Significant advancements in agricultural biotechnology were reported, including breakthroughs in crop genetic improvement and the development of new wheat varieties [12]. 5. Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [13]. - The government has initiated projects to support equipment upgrades across various sectors, with a total investment exceeding 460 billion yuan [14]. 6. Key Companies and Profit Forecasts - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2023 to 2025, indicating a generally positive outlook for the new materials sector [16].

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The electronic industry index experienced a weekly change of +1.58%, with semiconductors rising by 2.7% and consumer electronics declining by 1.4% [4] - TSMC plans to build four advanced packaging facilities to enhance backend capacity, driven by strong demand for AI [6] - The AI hardware market is expected to see a surge in product launches, including OpenAI's AI audio headphones with projected shipments of 40-50 million units in the first year [5] Market Review - The semiconductor sector is witnessing a significant increase in demand, with TSMC's 3nm capacity fully booked until 2027 due to AI demand [6] - Major storage companies are entering a price increase cycle as they face unprecedented chip shortages, with Micron indicating that its HBM orders for 2026 are already filled [5] - The import value of key semiconductor equipment in China reached 15.5 billion yuan in December 2025, marking a 244% month-on-month increase [6] Industry Developments - AI infrastructure is rapidly developing, with domestic GPU manufacturers accelerating their self-sufficiency processes [5] - Companies like SK Hynix and Kioxia have reported that their chip and flash memory production capacities for 2026 are already sold out, exacerbating NAND supply pressures [5] - The Nasdaq index saw a slight decline of 0.06% this week, while notable gains were observed in companies like SanDisk (+14.56%) and AMD (+12.01%) [4]