孟灿 李忠宇 SAC:S1130524100002 lizhongyu01@gjzq.com.cn 1 N 产业研究中心 2026 年 1 月 26 日 产业研究周报 | 科技 英特尔财报佐证 AI 供不应求，巨头 AI 应用进展喜人 SAC:S1130522050001 mengcan@gjzq.com.cn | 证券研究报告 | 核心要点 产业前沿 欧盟委员会公布《欧盟网络安全法》修订草案，预计存储芯片 2026-2027 年仍 将是供不应求状态，2028 年才会改善，工信部印发《关于全面开展算力态势感 知自动化监测工作的通知》；OpenAI、Anthropic25 年年化收入已突破 200、90 亿美元；OpenAI 计划未来几周在 ChatGPT 的"免费版"和"Go 版"中测试广告， 26 年下半年推出首款 AI 设备；字节跳动 AI Agent 平台"扣子"宣布 2.0 升级。 资本风向 英特尔 25Q1 财报表现优异，但 26Q1 预期不佳，阿里考虑将平头哥分拆上市； Meta 新成立的人工智能实验室已于本月向内部交付首批重要 AI 模型，过去一年 谷歌 GeminiAPI 调用量增长逾一倍，达 ...

[Table_Reportdate] 2026年01月27日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 陈伟业 cwy@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260127 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.药品零售新政出台，赋能行业高质量发展——医药生物行业周报（2026/01/19- 2026/01/25） ➢ 2.2026年全球AI服务器出货同比有望增超28%，AI相关芯片涨价持续——电子行业周报 2026/1/19-2025/1/25 ➢ 1.商务部：将优化实施消费品以旧换新，促进家电等大宗耐用商品消费 ➢ 2.上期所调整白银、锡期货相关合约交易限额 ➢ 3.香港特别行政区行 ...

截至2026年1月26日 13:10，中证消费电子主题指数(931494)成分股方面涨跌互现，芯原股份领涨 6.92%，澜起科技上涨3.09%，环旭电子上涨2.75%；蓝思科技领跌。消费电子ETF(561600)最新报价1.28 元。 泡泡玛特PUCKY"电子木鱼"搪胶毛绒挂件盲盒上线即售罄，主打情绪解压功能，被广泛称为"电子木 鱼"，二手平台出现溢价；同期公司完成约3.5亿港元回购，并推进星星人情人节系列销售。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、 整机品牌设计及生产等消费电子相关的上市公司证券作为指数样本，以反映消费电子主题上市公司证券 的整体表现。 数据显示，截至2025年12月31日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密、寒武 纪、工业富联、中芯国际、京东方A、兆易创新、澜起科技、东山精密、豪威集团、生益科技，前十大 权重股合计占比54.35%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题E ...

Core Insights - The report highlights the contrasting trading strategies of long-term fund managers compared to the overall public fund adjustments in Q4 2025, indicating a unique approach to navigating the structural market conditions [1] Fund Manager Adjustments - In Q4 2025, Zhongji Xuchuang (300308) became the largest holding for public funds, with an increase of over 22 billion yuan, while many long-term fund managers chose to reduce their positions in this stock by over 40% [2] - Similar trends were observed with Xinyisheng (300502), where public funds increased holdings by over 9 billion yuan, yet long-term fund manager Yang Dong reduced his position by over 40% [3] Divergence in Stock Adjustments - There were notable differences among long-term fund managers regarding their adjustments in Xinyisheng, with some increasing their positions while others significantly reduced theirs [3] - Industrial Fulian (601138) exited the top ten holdings for public funds, while some fund managers drastically reduced their positions, with reductions exceeding 80% [3] - In contrast, Zijin Mining (601899) and Shengyi Technology (600183) saw overall increases in public fund holdings, but individual fund managers had varying strategies, with some increasing and others decreasing their stakes [3] Position Management - Many long-term fund managers opted to lower their stock positions in Q4 2025, with significant reductions noted, such as a drop from 78.70% to 62.74% in one fund [4] - Other funds also reported reductions in stock positions ranging from 1% to 10% [4] Portfolio Diversification - Long-term funds generally maintained a high concentration in their top ten holdings, but there was a noticeable decrease in concentration compared to Q3 2025, with some funds seeing reductions of over 25 percentage points [5][6] - The focus of many fund managers shifted towards diversified sectors, including AI, cyclical industries, and consumer sectors, indicating a broader investment strategy [6] Sector Focus - The cyclical sector became a popular area for public fund increases, with significant investments in non-ferrous metals and chemicals [7] - Consumer and social service sectors also saw increased attention from fund managers, with notable additions to top holdings in these areas [8] Major Changes in Top Holdings - Several funds underwent significant changes in their top ten holdings, with multiple stocks being replaced, indicating a strategic shift in investment focus [9] Outlook for 2026 - Fund managers expressed optimism for the A-share market in 2026, anticipating a potential upward trend driven by multiple positive factors [10] - AI applications are expected to be a core focus, with varying strategies among fund managers regarding their investment in AI-related sectors [11] - The cyclical sector is recognized for its investment potential, with expectations of improved performance in related industries [12]

Core Insights - The report highlights the contrasting trading strategies of long-term fund managers compared to the overall public fund adjustments in Q4 2025, indicating a divergence in stock selection amidst a volatile market environment [1][2]. Fund Manager Adjustments - In Q4 2025, Zhongji Xuchuang replaced Ningde Times as the top holding for public funds, with an increase in market value exceeding 22 billion yuan. However, several long-term fund managers chose to reduce their positions in Zhongji Xuchuang, with reductions exceeding 40% by managers like Mo Haibo and Shen Ai Qian [1][2]. - Similar trends were observed with another popular stock, Xinyi Semiconductor, where public funds increased holdings by over 9 billion yuan, yet long-term fund manager Yang Dong reduced his position by over 40% [2]. - Notably, Industrial Fulian exited the top ten holdings for public funds, while some long-term managers like Liu Yuanhai increased their positions, showcasing differing strategies among fund managers [3]. Portfolio Management - Many long-term fund managers opted to lower their stock positions in Q4 2025, aligning with the overall trend of reduced stock allocations in public funds. For instance, the stock allocation of Mo Haibo's fund dropped from 85.20% to 71.92%, a decrease of approximately 13 percentage points [4]. - The concentration of holdings among long-term funds remained high, with many funds having over 50% of their net asset value in the top ten holdings, although some funds showed a noticeable decrease in concentration compared to Q3 2025 [5]. Sector Allocation - Fund managers displayed a diversified approach in their sector allocations, favoring areas such as AI, cyclical stocks, and consumer sectors. For example, Yang Dong's fund gained excess returns by focusing on AI and robotics, while Liu Yuanhai's fund adjusted its AI allocations during Q4 2025 [6][7]. - The cyclical sector gained traction among fund managers, with significant investments in non-ferrous metals and chemicals. For instance, Li You's fund made substantial increases in holdings of companies like Zijin Mining and Yun Aluminum [6][9]. - In the consumer and social services sectors, managers like Mo Haibo and Miao Weibin focused on domestic demand-related stocks, indicating a strategic shift towards consumer resilience and emerging consumption trends [6][9]. Market Outlook - Looking ahead to 2026, long-term fund managers maintain an optimistic outlook for the A-share market, anticipating a potential upward trend driven by multiple positive factors, including corporate earnings recovery and improved liquidity [7][8]. - The AI sector remains a focal point, with managers emphasizing the importance of AI applications over hardware, suggesting a shift in investment focus towards practical applications of AI technology [8][9].

Core Viewpoint - The PCB industry is experiencing significant growth and transformation, driven by advancements in technology and increasing demand across various sectors, including telecommunications, consumer electronics, and automotive applications [9][10][18]. Group 1: PCB Classification - PCBs are classified based on material type, layer count, and structure, including ordinary boards, high-frequency boards, high-speed boards, single-sided boards, double-sided boards, multi-layer boards, rigid boards, flexible boards, rigid-flex boards, HDI boards, and packaging substrates [5][6][8][9]. - Ordinary boards are primarily made from FR4 copper-clad laminates and are widely used in various fields with lower signal integrity requirements [5]. - High-frequency boards require materials with stable dielectric properties and low loss factors, mainly used in wireless communication and automotive applications [5]. Group 2: PCB Industry Chain - The PCB industry chain consists of upstream raw materials, midstream manufacturing, and downstream applications, with raw materials including copper foil, wood pulp, electronic cloth, resins, and inks [10][11]. - The downstream applications of PCBs are extensive, covering communication devices, consumer electronics, computers, automotive electronics, industrial control, and medical devices [10][11]. Group 3: Market Trends and Forecasts - The global PCB market is projected to grow significantly, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, driven by increasing demand for high-density and high-performance PCBs [13][14]. - The Chinese PCB market is expected to recover, with a forecasted market size of approximately 4,333.21 billion yuan by 2025, following a decline in 2023 [18]. Group 4: Downstream Demand Growth - The demand for PCBs is increasing across various sectors, including telecommunications, where the shift to higher-speed products is evident, and in the server industry, where AI server demand is driving growth [18]. - In the automotive sector, the integration of electronics in vehicles is expected to increase, with automotive electronics projected to account for 49.6% of the total vehicle value by 2030 [18]. Group 5: Copper Foil as a Key Material - Copper foil is a critical raw material in PCB manufacturing, accounting for a significant portion of the cost structure, with its demand driven by the growth of high-end PCBs [32][34]. - The production process of copper foil involves several steps, including copper dissolution, foil manufacturing, surface treatment, and packaging [43]. Group 6: High-End Copper Foil Demand - The demand for high-end copper foil is increasing due to advancements in 5G communication and AI technologies, with a focus on low-profile copper foils for high-density applications [48][49]. - The global high-end copper foil market is largely dominated by foreign companies, but domestic firms are gradually entering the supply chain [49][50].

长安基金王浩聿：以产业周期视角迎接AI投资浪潮 ◎记者 赵明超 历经苹果产业链崛起、5G爆发及新能源浪潮等多轮产业周期，长安宏观策略混合基金经理王浩聿直 言，"水大才能鱼多"。他沉淀出一套"锚定趋势、验证业绩、敬畏估值"的核心框架。当人工智能成为席 卷全球的科技浪潮时，王浩聿表示这是"20年一遇的大机会"，需要沉下心做好研究与跟踪，才能把握好 这次投资机会。 聚焦产业发展趋势 在担任基金经理前，王浩聿在科技行业深耕多年，覆盖电子、传媒、通信、计算机、机器人等领域，也 逐渐形成了一套完整的投资框架，即从产业发展趋势入手，聚焦行业竞争格局，精选优质公司，通过对 订单和业绩的持续跟踪，结合市场走势和估值水平，对仓位进行灵活调整。 "任何产业趋势背后都有核心驱动力。以苹果产业链为例，很多人在研究苹果产业链时，可能会聚焦供 应链公司的订单业绩情况，但就本质而言，这些其实是产业趋势发展的结果。真正关键的是研究苹果公 司自身的发展逻辑，比如它如何规划产品线、未来手机的创新方向在哪里、TWS耳机为何能实现爆发 式增长、AI手机应该如何设计等，这才是产业链研究的核心。"王浩聿表示。 在锚定方向后，王浩聿会从竞争格局、订单及业绩 ...

Investment Rating - The report maintains a positive outlook on the price increase trends for copper-clad laminates and storage chips, indicating strong sustainability and performance realization from industry chain companies [2][5]. Core Insights - The report highlights the expected significant growth in the performance of companies like Jin'an Guoji, which forecasts a net profit of 280-360 million yuan for 2025, representing a year-on-year increase of 655-871% [2]. - The demand for copper-clad laminates is anticipated to continue rising due to improved market conditions and price recovery, with companies like Jian Tao and Sheng Yi Technology actively increasing prices [2][5]. - The storage chip market is projected to see substantial price increases in 2026, with DRAM contract prices expected to rise by 55-60% and NAND Flash by 33-38% in Q1 2026, leading to a forecasted market size of $551.6 billion in 2026 [2][5]. - The report emphasizes the strong demand for AI applications, which is expected to drive growth in the PCB and core computing hardware sectors, as well as the semiconductor equipment and Apple supply chain [2][5][29]. Summary by Sections Consumer Electronics - The report notes the continuous expansion of C-end application scenarios, particularly in the Apple supply chain and smart glasses, driven by advancements in AI and model optimization [6]. PCB - The report indicates that the demand for copper-clad laminates remains high, with expectations of price increases due to strong demand from automotive and industrial control sectors [7]. Semiconductor Industry - The report highlights a positive outlook for the storage segment, with expectations of price increases driven by demand from cloud service providers and consumer electronics [24][25]. - The semiconductor equipment sector is noted for its robust growth, with significant investments from major manufacturers like Micron and Samsung [26][28]. Key Companies - Jin'an Guoji is expected to see a substantial increase in profits due to its strategic positioning in the copper-clad laminate market [30]. - Northern Huachuang is recognized for its leading technology in semiconductor equipment, covering a wide range of core processes [31]. - Sanhua Group is noted for its advancements in MLCC products and the growth of its SOFC business, driven by AI demand [36].

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].

AI基金宏利转型机遇股票A（000828）披露2025年四季报，第四季度基金利润6533.12万元，加权平均基金份额本期利润0.099元。报告期内，基金净值增长 率为2.65%，截至四季度末，基金规模为27.59亿元。 该基金属于标准股票型基金，长期投资于TMT股票。截至1月22日，单位净值为4.911元。基金经理是孟杰，目前管理7只基金。其中，截至1月22日，宏利转 型机遇股票A近一年复权单位净值增长率最高，达69.23%；宏利行业精选混合A最低，为39.2%。 基金管理人在四季报中表示，科技相关行业经历了 2025 年全年的大幅上涨仍具备投资机会。人工智能模型仍在加速迭代，无论国内还是海外的互联网巨头 都将继续高额投入，算力产业链仍然有很好的投资机会。 手机、汽车、智能家居等端侧的智能化将成为持续的产业趋势，其中苹果是最具代表性的端侧产品，拥有从芯片设计到完善系统的良好生态，将开启又一轮 创新周期，国内产业链公司有望充分受益。先进逻辑及存储扩产拉动，国内晶圆厂仍然会持续加大资本支出，相关产业链公司订单有望持续增长。 截至1月22日，宏利转型机遇股票A近三个月复权单位净值增长率为13.16%，位于同类可比基 ...