关税恐慌再现、以及地缘政治紧张，受美股大跌影响，港股马年第三个交易日三大指数大幅下挫，恒生 指数跌1.82%，国企指数跌2.06%，恒生科技指数盘中一度跌至2.7%，最终收跌2.13%。 具体盘面上，权重科技股全线下跌拖累大市走低，其中，美团跌超4%，腾讯盘中刷新阶段新低，小 米、阿里巴巴、京东皆有跌幅；大金融股(银行、保险、券商)全天表现弱势，尤其是保险股跌幅尤其明 显，中国人寿大跌6%，新华保险跌5.79%，中国银河、中金公司领衔中资券商股下跌；春节挡票房同比 大幅下滑，影视板块跌幅较大，濠赌股、机器人概念股、光伏股、苹果概念股、内房股、有色金属股纷 纷走低。 另一方面，半导体储存概念股逆势上扬，兆易创新大涨近12%领衔，集运欧线早盘一度大涨13%，港口 及海运股全天活跃，此外，AI应用"双雄"智谱、MINIMAX-WP表现强势。(格隆汇) ...

| 股票名称 | H股(港元) | A股 | 溢价率↓ | 偏离值 | | --- | --- | --- | --- | --- | | 东北电气(00042) | 0.315 | 2.25 | 757.14% | -50.71% | | 京城机电股份 | 4.380 | 14.1 | 285.62% | 12.60% | | (00187) | | | | | | 中石化油服(01033) | 1.010 | 3.22 | 282.18% | -2.51% | | 弘业期货(03678) | 3.190 | 9.96 | 273.98% | 2.61% | | 南京熊猫电子股份 | 5.280 | 14.78 | 235.23% | -0.03% | | (00553) | | | | | | 凯盛新能(01108) | 4.070 | 11.11 | 227.03% | 1.59% | | 钧达股份(02865) | 35.700 | 97.15 | 225.97% | -17.30% | | 复旦张江(01349) | 3.200 | 8.62 | 222.81% | -15.46% | | 安德利果 ...

Group 1 - The stock price of Zhaoyi Innovation reached a new high of 450 HKD per share before retreating, closing at 428 HKD per share with a 10.82% increase [1] Group 2 - SK Hynix's management indicated that the global memory chip industry has transitioned to a seller's market, driven by strong demand from AI infrastructure and supply constraints [4] - SK Hynix predicts that memory chip prices will rise quarterly until 2026, supported by a solid fundamental backdrop due to structural supply-demand imbalances [4] - According to a report by China Merchants Securities, memory prices are expected to continue rising this year, with limited new supply anticipated until 2027, indicating a prolonged memory shortage trend [4]

Group 1 - The stock price of a company surged over 14%, reaching a new historical high of 445 HKD during intraday trading, with a current price of 442 HKD and a trading volume exceeding 600 million HKD [1] Group 2 - On February 20, Hynix stated in a conference call that it is unable to meet all customer demands due to strong demand from AI clients and limited supply, leading to a continuous increase in storage prices this year [4] - Hynix reported that the inventory for DRAM and NAND is only about 4 weeks, and this level is expected to continue to decline throughout the year [4] - The company is in discussions with major clients regarding long-term contracts, and all HBM (High Bandwidth Memory) for 2026 has been sold out, with production plans already allocated to meet customer demands [4] - The current tight supply and demand for traditional DRAM may lead to more favorable terms for HBM business in 2027 [4] - Huajin Securities noted that with the steady upward cycle of storage, the company is expected to maintain its leading position as it continues to advance storage chip process iterations and categories [4] - The potential for customized DRAM to open up incremental space is highlighted, alongside the growth of MCU, sensors, and analog businesses in the context of consumer electronics, automotive electronics, and industrial smartization, indicating continued performance growth [4]

Group 1 - The communication sector continues to show strength, with the largest communication ETF, Huaxia (515050), rising by 2.9% and trading volume exceeding 300 million yuan, driven by significant gains in stocks like Tianfu Communication, which surged over 13% with trading volume surpassing 10 billion yuan [1] - Chinese scientists have achieved a world-first in the integration of optical and wireless communication systems, developing a "fiber-optic-wireless integrated communication system" that sets a new record for data transmission rates, highlighting its potential applications in 6G base stations and wireless data centers [1] - Global demand for optical fibers is on the rise, driven by the increasing need for high-speed, low-latency transmission in AI-driven data centers and data center interconnect (DCI) scenarios, as noted in a report by Guotai Junan [1] Group 2 - The Huaxia communication ETF (515050) focuses on electronic and communication hardware, with top holdings including Zhongji Xuchuang, Xinyi Sheng, and Lixun Precision, indicating a balanced exposure to both hardware and application sectors [2] - The Huaxia AI ETF (159381) has a significant portion of its weight in the optical module CPO sector and AI software applications, with its top ten holdings reflecting a diverse investment strategy [2] - The fund size of the Huaxia AI ETF is nearly 2 billion yuan, with a low comprehensive fee rate of 0.20%, making it attractive for investors seeking high elasticity in the AI and communication sectors [2]

证券研究报告·宏观报告·宏观周报 金融产品周报 20260207 海外市场流动性有企稳迹象，情绪或会好转 【勘误版】 [Table_Summary] 基金规模统计：（2026.2.2-2026.2.6） 市场行情展望：（2026.2.9-2026.2.13） 基金配置建议： 2026 年 02 月 24 日 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 《黄金 ETF，2026 年 1 月复盘与 2 月 证券分析师 芦哲 展望》 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 2026-02-03 执业证书：S0600524120016 东吴证券研究所 1 / 20 tangyk@dwzq.com.cn 相关研究 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：规模指数 ETF（154.06 亿元），跨境行业指数 ETF（66.24 亿 元），策略指数 ETF（53.71 亿元）；基金规模变化排名后三名的权益 类 ETF 类型分别为：跨境规模 ...

Group 1 - The semiconductor ETF (159813) opened with a gain of 1.53%, priced at 1.260 yuan [1] - Key holdings in the semiconductor ETF include: - SMIC up 0.94% - Haiguang Information up 3.00% - Cambricon up 1.39% - Northern Huachuang up 1.17% - Zhaoyi Innovation up 2.85% - Zhongwei Company up 1.26% - Lanke Technology up 3.27% - OmniVision up 1.02% - Tuojing Technology up 0.92% - Changdian Technology up 1.67% [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return rate [1] Group 2 - The ETF is managed by Penghua Fund Management Co., Ltd., with the fund manager being Luo Yingyu [1] - Since its establishment on April 17, 2020, the ETF has achieved a return of 86.00%, with a return of 3.62% over the past month [1]

Summary of Conference Call Records Industry Overview - The conference call discusses the technology sector, particularly focusing on overseas computing power (CPO), domestic computing power, and storage chips during the Chinese New Year holiday period. [1][2] Key Points Overseas Computing Power - **CPO Performance**: - Lumentum increased by 18.66% and Coherent by 14.25%, benefiting from better-than-expected CPO and OCS orders announced in FY26Q2, indicating growing market recognition of the CPO industry. [1] - **Cloud Services**: - Google saw a 4.29% increase, launching the Gemini 3.1 Pro flagship model on February 19, significantly enhancing inference and coding capabilities. [1] Domestic Computing Power - **Domestic Model Performance**: - Notable increases in domestic models: Zhiyu up by 49.5% and Minimax by 42.7%. [2] - **New Model Launches**: - Several flagship models were launched during the holiday, including Zhiyu GLM-5, MiniMax M2.5, Qwen 3.5-Plus, and Doubao 2.0 + Seedance 2.0. [2] - **Technological and Commercialization Shift**: - The domestic large model sector is experiencing a dual inflection point, transitioning from parameter competition to efficiency and agent revolution, with commercialization moving from investment to profitability. [2] - **Globalization Trend**: - There is an accelerating trend of reverse globalization in the domestic computing power sector. [2] - **Focus on Full-stack Autonomy**: - Emphasis on domestic chips, self-developed frameworks, and deep model adaptation. [2] - **Aliyun's Progress**: - Achieved a key milestone with the global launch of the 3.2TNPO module, applied in the new generation of domestic four-chip switches. [2] Storage Chips - **Market Performance**: - In the US market, SanDisk rose by 3.74% and Micron by 4.01%. In the Hong Kong market, Zhaoyi Innovation increased by 8.92% and Lanke Technology by 14.59%. [2] - **Micron's Expansion**: - Micron is investing $50 billion to double the size of its Boise campus and is constructing two new wafer fabs, expected to start production of DRAM in 2027, with full production by the end of 2028. [3] Investment Insights - **CPO Technology Innovation**: - Continued focus on CPO technology and the Google chain, with key companies including 富联, 天孚, 致尚, 炬光, and 罗博. [3] - **Domestic Large Models and Chips**: - Emphasis on domestic computing power with companies like 中芯, 华虹, 芯原, 盛科, and 华懋. [3] - **Storage Recommendations**: - Continued recommendations for Zhaoyi Innovation and Lanke Technology, alongside a focus on US stocks like SNDK and MU. [3]

A股市场春节后第一个交易日，喜提开门红！沪指半日涨1.17%，深成指涨1.82%，创业板指涨1.76%。 贵金属、煤炭、半导体、化工、电力、基本金属板块涨幅居前，沪深京三市上涨个股超4200只。 10股纷纷涨停。值得注意的是，上交所欧线集运主力合约盘初一度暴涨超13%。 化工板块爆发，美邦股份4连板，金牛化工7天4板，澄星股份、金浦钛业涨停。玻纤概念反复活跃，国 际复材涨超4天2板，续创历史新高。 芯片股大涨，北京君正大涨近14%，兆易创新、赛微电子、晶方科技涨4%左右；港股兆易创新早盘也 一度涨约8%。光刻机指数盘中涨3%，炬光科技大涨14.23%。 光模块概念走强，天孚通信、盛科通信涨超10%，华工科技涨停。 下跌方面，算力租赁概念盘中持续调整，seedance、短剧游戏、DeepSeek等ai应用类题材大幅回调。传 媒股大面积跌停，其中光线传媒20cm跌停，幸福蓝海、中文在线跌超10%，博纳影业、横店影视、掌 阅科技、金逸影视、中国电影等集体跌停。港股影视股也同步下跌，猫眼娱乐跌超7%。消息面上， 2026年春节档收官，总票房为57.52亿元，不及此前市场预期。 国际黄金白银震荡加剧，现货黄金、白银冲高 ...

【东吴电子陈海进】存储"春节一览"："卖方市场"加剧，产品导入/价格/股价全面加速 【东吴电子陈海进】存储"春节一览"："卖方市场"加剧，产品导入/价格/股价全面加速 事件： 1铠侠2025财年Q3业绩会发布：营收环比+21%、同比+20%；净利润环比激增114.9%，净利率提升至16.5%。 调整后净利润预计3400亿日元，是市场预期的两倍有余。 铠侠表示，2026年全年NAND产能已提前售罄，库存处于低位，供需紧张态势将持续至2027年。 2SK海力士投资者会议表示，存储进入绝对卖方市场，2026年全年无任何客户需求可被完全满足。 假期期间（2.16-2.23）海外存储厂商股价上涨：三星+8%，海力士+7%，美光+4%，兆易H+4%，澜起H+6%，闪迪 +4%。 事件： 1铠侠2025财年Q3业绩会发布：营收环比+21%、同比+20%；净利润环比激增114.9%，净利率提升至16.5%。 调整后净利润预计3400亿日元，是市场预期的两倍有余。 铠侠表示，2026年全年NAND产能已提前售罄，库存处于低位，供需紧张态势将持续至2027年。 DRAM/NAND库存仅4周，2026年HBM全年产能售罄；标准DR ...