产业经济周报：CXO上游业绩回暖，电子产业链景气度分化-20260203

Consumer Sector - Major companies are accelerating their C-end AI initiatives, with significant marketing investments exceeding 4.5 billion CNY from Tencent, ByteDance, and Baidu for the Spring Festival[4] - The top three AI applications have achieved over 100 million monthly active users (MAU): Doubao (approximately 320 million), Deepseek (approximately 150 million), and Qianwen (approximately 100 million) as of January 2026[7] High-end Manufacturing - Elon Musk announced plans to build 200 GW of solar capacity in the U.S. within three years, focusing on space-based solar energy, but the short-term impact on the photovoltaic industry remains limited[14] - Major photovoltaic companies are projected to incur significant losses in 2025, with Longi Green Energy, Tongwei Co., and TCL Zhonghuan each expected to lose over 6 billion CNY[17] Hard Technology - The electronic supply chain is experiencing a divergence in performance, with upstream companies like Western Digital and Seagate reporting better-than-expected earnings due to AI-driven demand, while downstream sectors face cost pressures[19] - Global smartphone SoC shipments are expected to decline by 7% in 2026, with low-end models under the most pressure[22] Health Sector - The CXO and research upstream sectors are showing signs of recovery, with notable profit growth expected for leading companies: WuXi AppTec's net profit is projected to increase by 102.65% to 19.15 billion CNY in 2025[26] - Global biopharmaceutical financing data is expected to show a 2.7% increase in 2025, with China's growth rate at 6.4%[28]