个股方面，1月21日，有1852股获融资净买入，净买入金额在5000万元以上的有147股。其中，15股获融 资净买入额超2亿元。航天电子获融资净买入额居首，净买入8.3亿元；融资净买入金额居前的还有新易 盛、宁德时代、紫金矿业、贵州茅台、中微公司、海光信息、通富微电、中国平安等股。 （文章来源：证券时报网） Wind统计显示，1月21日，申万31个一级行业中有23个行业获融资净买入，其中，有色金属行业获融资 净买入额居首，当日净买入19.04亿元；获融资净买入居前的行业还有电子、化工、非银金融、银行、 食品饮料、建筑装饰等。 ...

Market Overview - A-shares showed mixed performance on January 21, with the Sci-Tech Innovation 50 index rising by 3.53%, while the Shanghai Composite Index increased by 0.08%, the Shenzhen Component Index rose by 0.7%, and the ChiNext Index gained 0.54% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.60 trillion yuan, a decrease of approximately 177.1 billion yuan compared to the previous trading day [1] - Among individual stocks, 2,962 stocks rose while 2,046 stocks fell [1] Sector Performance - Semiconductor sector saw the highest net inflow of funds, while the electric grid equipment and brewing industries experienced significant net outflows [1] - Precious metals and silver led the gains among themes, while sectors like electric power IoT and space computing faced declines [1] Hot Stocks - The top ten popular stocks included Tongfu Microelectronics, Huatian Technology, China Great Wall, Lioo Co., Silver Lead, Changdian Technology, Fenglong Co., Dagang Co., Hunan Silver, and TBEA [2] - Tongfu Microelectronics and Huatian Technology both achieved a heat value of 9.5, benefiting from national fund holdings and Huawei-related concepts, with both stocks hitting the daily limit [2] - China Great Wall's stock price increased due to significant improvement in fundamentals and alignment with current market trends [3] Company Insights - Tongfu Microelectronics' stock price surged due to improved industry conditions and better-than-expected company performance, with a forecasted net profit growth of over 60% year-on-year [3] - Huatian Technology's stock performance is driven by its competitive advantage in advanced packaging technology and ongoing acquisition efforts [3] - China Great Wall's stock strength is attributed to a significant reduction in losses and its role as a core player in the Xinchuang industry [3] - Lioo Co. gained attention due to its involvement in AI applications and liquid cooling pumps, although it faced volatility post-resumption of trading [3] - Silver Lead's stock performance is closely tied to international silver prices, which have reached historical highs, benefiting from industrial demand and safe-haven buying [3] - Changdian Technology is experiencing growth due to the overall recovery of the packaging and testing industry and advancements in technology [3] Additional Company Developments - Fenglong Co.'s stock price fluctuations are linked to a change in control, with a proposed acquisition by UBTECH, which is expected to create business synergies [4] - Dagang Co. and Hunan Silver are benefiting from their respective positions in the semiconductor industry and the rising silver prices [4]

晨会纪要（2026/01/22） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2026.01.22） 金融工程研究 主要指数多数下跌，两融余额继续上升——融资融券周报 行业研究 2025 年全国工程机械开工率为 44.89%——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/01/22） 金融工程研究 主要指数多数下跌，两融余额继续上升——融资融券周报 3、风险提示 两融业务成本超预期变动风险；两融监管政策超预期变动风险。 行业研究 2025 年全国工程机械开工率为 44.89%——机械设备行业周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（1 月 14 日-1 月 20 日）A 股市场主要指数多数下跌，其中中证 500 涨幅最大，上涨了 1.28%；上证 50 跌幅最大，下跌了 1.99%。此外，上证综指下跌 0.61%，深证成指下跌 0.10%，创业板 ...

○寒潮致国家电网负荷承压产业链景气度持续提升 今日提示 ·国新办1月22日就加快农业农村现代化，扎实推进乡村全面振兴有关情况举行新闻发布会。 ·上海外滩数据智能科技创新论坛1月22日举行。 ·1月22日，1793亿元7天期逆回购到期。 上证精选 ·日前，住房城乡建设部党组书记、部长倪虹表示，我国新型城镇化仍在持续推进，城市存量优化调整 也有广阔空间，人民群众对高品质住房充满期待，房地产高质量发展仍有较大潜力。房地产是不动产， 房地产市场是以城市为单元的市场，城市政府应当充分用好调控自主权。下一步，将继续坚持因城施 策、精准施策、一城一策，控增量、去库存、优供给，发挥好房地产融资"白名单"制度作用，支持房企 合理融资需求，支持居民刚性和改善性住房需求，推动房地产市场平稳运行。 ·财政部、税务总局、中国证监会1月21日对外发布公告称，延续实施创新企业境内发行存托凭证（以下 称创新企业CDR）试点阶段有关税收政策。公告称，自2026年1月1日至2027年12月31日，对个人投资 者转让创新企业CDR取得的差价所得，暂免征收个人所得税。自2026年1月1日至2027年12月31日，对 个人投资者持有创新企业CDR取得 ...

Group 1 - The A-share market is experiencing a structural rally with over 3,000 stocks rising and more than 80 stocks hitting the daily limit up, particularly in sectors like GPU, advanced packaging, gold, and semiconductors [1][2] - As of January 21, 587 listed companies have disclosed their 2025 earnings forecasts, with over 50% showing positive profit growth expectations, leading to significant stock price increases for companies like Jinhaitong and Baiwei Storage [1][2] - Analysts suggest that as earnings forecasts are released, market focus on fundamentals is increasing, with recommendations to invest in cyclical and technology sectors [1][3] Group 2 - The performance of large-cap stocks is mixed, with the Shanghai 50 Index down 0.11% while the CSI 300 Index is up 0.09%, indicating stronger performance in small-cap stocks [2] - Notable stocks that have surged following their earnings forecasts include Baiwei Storage and Tongfu Microelectronics, with increases of 65.83% and 48.83% respectively since January [2] - The correlation between stock prices and earnings forecasts has increased significantly in January, with sectors like electronics, new energy, chemicals, and pharmaceuticals showing strong earnings [3][4] Group 3 - Analysts recommend focusing on large-cap growth stocks and suggest sector allocations based on the spring market and earnings previews, particularly in power equipment, machinery, non-bank financials, electronics, and basic chemicals [4]

Group 1: Precious Metals Sector Performance - The precious metals sector saw significant gains, with the Shenwan Precious Metals Index rising by 7.97%, marking it as the top-performing industry, and a cumulative increase of 33.92% year-to-date [2] - International gold prices reached a historic high, with London spot gold surpassing $4800 per ounce and COMEX gold futures hitting $4891 per ounce, reflecting a year-to-date increase of approximately 12% [2] - Domestic stocks such as Zhaojin Mining, Sichuan Gold, and Western Gold hit the daily limit, while Hunan Silver's stock price has surged by 97% this year [2] Group 2: Regulatory Measures in Futures Markets - In response to rising speculation in precious metals, the Chicago Mercantile Exchange has raised margin requirements for precious metals three times since late last year [3] - The Shanghai Futures Exchange adjusted trading margin ratios and price limits for copper, aluminum, gold, and silver futures, marking the first adjustment of risk control parameters for copper and aluminum this year [3] - Analysts attribute the price increases in strategic resources like gold and silver to geopolitical tensions and uncertainties in monetary policies, prompting regulatory measures to stabilize market order [3] Group 3: Semiconductor Sector Activity - The semiconductor sector, particularly AI chips, showed strong performance with the Shenwan Semiconductor Index rising by 3.50%, and several companies, including Longxin Zhongke and Huada Semiconductor, hitting the daily limit [4] - The Ministry of Industry and Information Technology announced a joint initiative to promote high-quality development in the AI industry, focusing on technological innovation and key technology breakthroughs [4] - Micron Technology reported a worsening shortage of memory chips due to surging demand for high-end semiconductors driven by AI infrastructure, indicating that this supply tightness will persist until 2026 [4] Group 4: Earnings Forecasts in Semiconductor Companies - Several semiconductor companies have released optimistic earnings forecasts for 2025, with Tongfu Microelectronics projecting a net profit of 1.1 to 1.35 billion yuan, representing a year-on-year growth of 62.34% to 99.24% [5] - Other companies in the semiconductor sector, including Chengdu Huami and Allwinner Technology, also expect significant profit increases, with lower bounds exceeding 50% [5] Group 5: Market Trends and Investment Focus - The A-share market is experiencing structural trends, with sectors like storage chips and non-ferrous metals showing strength amid a broader market consolidation [6] - Analysts suggest focusing on sectors with high growth catalysts, such as AI-related capital expenditures and the ongoing strength in gold prices driven by risk sentiment and monetary policy expectations [6] - The innovative drug sector is also highlighted as a focus area, with significant transactions enhancing market interest and valuation of domestic innovative drug assets [6]

Investment Rating - The report maintains a "Hold" rating for the CPU industry, indicating a cautious outlook on the sector's performance relative to the benchmark index [8]. Core Insights - The CPU's importance is expected to significantly increase due to advancements in AI and the emergence of new computational scenarios, which demand higher processing speeds and precision [13]. - DeepSeek's recent developments in AI model architecture highlight the potential for CPUs to handle large-scale models more efficiently, reducing reliance on expensive GPU memory [5][6]. - The ongoing shortage of CPU supply, particularly from leading manufacturers like Intel, is projected to peak in the first quarter of 2026, driven by demand exceeding supply [6][7]. Summary by Sections CPU Demand and Supply Dynamics - The demand for CPUs is anticipated to rise due to the increasing need for processing power in AI applications, with Intel indicating that the shortage may persist as they do not plan to expand production capacity [6][7]. - The report notes that the design of systems that decouple storage and computation can lead to significant efficiency gains, allowing for larger model parameters to be stored in cost-effective CPU memory [5][6]. AI Agent Trends - The report discusses the expected growth in the number of active AI agents, predicting an increase from approximately 28.6 million in 2025 to 2.216 billion by 2030, which will drive CPU demand [12]. - The annual execution of tasks by these agents is projected to rise dramatically, necessitating a substantial increase in CPU supply to meet the demands of AI workloads [12]. Investment Recommendations - The report suggests focusing on several key areas within the CPU ecosystem, including CPU chip manufacturers, advanced wafer fabrication, and related solutions, highlighting companies such as Haiguang Information and SMIC [13].

Core Viewpoint - The article emphasizes the importance of efficiently filtering and interpreting key announcements in the investment landscape, providing insights into potential investment opportunities within a short timeframe [1]. Group 1: Selected Highlights - On January 20, a contract worth 328 million yuan for special functional materials for aircraft engines was signed by Huayin Technology (688281), resulting in a stock increase of 7.81% [2]. - Tongfu Microelectronics (002156) announced that its storage production line has entered mass production, leading to a stock price surge and hitting a historical high after a brief initial flat opening [2]. - Zhongtung High-tech (000657) reported an increase in tungsten metal reserves by 91,700 tons, which contributed to its stock reaching a new historical high after a slight initial increase of less than 1.5% [2]. Group 2: Today's Overview - A company signed a sales order for high-end optical devices in the optical communication sector worth 1.28 million USD [3]. - A leading supplier of photomasks has initiated trial production of 40nm process products, indicating advancements in semiconductor technology [3]. - A company has developed a high-voltage frequency converter that has passed inspection by the China National Nuclear Corporation, with projected net profit growth of 386%-628% year-on-year by 2025 [3].

随着2025年年报业绩预告密集披露，半导体行业再次成为资本市场关注的焦点。在AI技术革命持续深 化、算力需求爆发的宏观背景下，半导体产业链，尤其是GPU、先进封装、存储等关键环节，迎来了显 著的景气度提升。 结构性分化显著，赛道差异致业绩冷暖不一 第一财经不完全统计，截至目前，已有超过20家半导体产业链公司发布了2025年度业绩预告。整体来 看，行业在AI浪潮驱动下呈现整体走强态势，然而细究各家公司的预告数据，内部业绩分化已十分显 著。存储芯片企业凭借产品价格回升与旺盛需求成为"业绩领跑者"，而部分处于特定赛道或面临经营调 整的公司则业绩承压，这背后折射出细分领域需求分化、应用场景差异、企业经营策略等多重复杂因素 的交织影响。 存储芯片与AI算力链业绩亮眼，量价齐升驱动高增长 AI算力与数据中心建设犹如一股强劲的东风，让存储、高端PCB、特定半导体设备等"风口上的"环节企 业扶摇直上，业绩大幅预增。 在已发布的业绩预告中，与AI直接相关的细分领域上市公司的业绩表现最为突出，业绩增长主要得益 于下游需求的强劲拉动和产品价格的周期性回升。 以澜起科技（688008.SH）、佰维存储（688525.SH）为代表的存 ...

证券研究报告 | 2026年01月21日 折溢价：20260120 当日 ETF 溢价较多的是智能电车 ETF 浦银，ETF 折价 较多的是游戏传媒 ETF 浦银。近半年以来大宗交易日均成交金额达到 23 亿 元，20260120 当日大宗交易成交金额为 10 亿元，近半年以来平均折价率 6.75%，当日折价率为 5.88%。近一年以来上证 50、沪深 300、中证 500、 中证 1000 股指期货主力合约的年化贴水率中位数分别为 0.68%、3.79%、 11.11%、13.61%，当日上证 50 股指期货主力合约年化升水率为 1.45%， 处于近一年来 90%分位点，当日沪深 300 股指期货主力合约年化贴水率为 0.04%，处于近一年来 91%分位点；当日中证 500 股指期货主力合约年化升 水率为 2.57%，处于近一年来 98%分位点；当日中证 1000 股指期货主力合 约年化贴水率为 1.40%，处于近一年来 98%分位点。 机构关注与龙虎榜：近一周内调研机构较多的股票是帝科股份、润丰股份、 海康威视、埃科光电、苏盐井神、中创智领、阿拉丁、英联股份等，帝科股 份被 123 家机构调研。20260 ...