上海浦东发展银行（下称"浦发银行"）于2月4日集中发布两则重要采购结果公示，分别完成鲲鹏芯片服务器、海光四号芯片服务器两大项目的中标结果公 布，合计中标金额达3.73亿元，标志着该行金融云信创基础设施建设再提速，国产算力在金融核心场景的应用持续深化。 本次两大采购项目的招标公告均于2025年12月26日同步发布，经过规范评审流程后，最终确定中标方。其中，《2025年金融云信创基础设施系统常规扩容 项目等两项目第二批鲲鹏芯片服务器采购项目》由上海恒驰信息系统有限公司以1.58亿元中标，采购内容涵盖第二批鲲鹏芯片服务器及配套维保服务，用 于支撑金融云信创基础设施的常规扩容需求。另一项《2025年金融云信创基础设施常规扩容等二项目之海光四号芯片服务器采购项目》则由北京神州新桥 科技有限公司以2.15亿元中标，除满足金融云信创基础设施扩容外，还将为对公分布式核心重构及核心平台领域公共能力建设项目提供海光四号芯片服务 器与维保服务，助力核心业务系统的信创升级。 上海恒驰信息系统成立于2005年，核心业务聚焦ICT集成、云业务与信息安全，2017年成为华为公有云一级代理，在国产算力部署与云基础设施建设领域 积累了成熟案例 ...

Group 1 - The semiconductor ETF (159813) opened down 1.34% at 1.182 yuan on February 6 [1] - Major holdings in the semiconductor ETF experienced declines, including SMIC down 1.48%, Haiguang Information down 1.00%, and Cambrian down 1.49% [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return rate, managed by Penghua Fund Management Co., Ltd. [1] Group 2 - Since its establishment on April 17, 2020, the semiconductor ETF has returned 79.62%, with a return of 3.35% over the past month [1]

2026 年 2 月 6 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业 超配（维持） 半导体行业双周报（2026/01/23-2026/02/05） 行 业 存储芯片公司 25Q4 业绩表现亮眼 半导体行业指数近两周涨跌幅：截至2026年1月22日，申万半导体行业指数 近两周（2026/1/23-2026/2/5）累计下跌7.68%，跑输沪深300指数6.55个 百分点；2026年以来申万半导体行业指数累计上涨9.77%，跑赢沪深300指 数8.90个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态：（1）铠侠：在AI ...

Core Viewpoint - The semiconductor and chip industry is experiencing fluctuations, with the Shanghai Stock Exchange's Sci-Tech Innovation Board chip index down by 1.01% as of February 6, 2026, amid mixed performance among constituent stocks [1] Group 1: Market Performance - As of 10:20 AM on February 6, 2026, the Sci-Tech Innovation Board chip index decreased by 1.01%, with stocks like Zhongke Feimiao and Zhongke Lanyun showing gains of 1.18% and 1.09% respectively, while companies like Chip Origin and Yuanzhe Technology faced declines [1] - The top ten weighted stocks in the Sci-Tech Innovation Board chip index account for 59% of the index, including companies like Lanke Technology and SMIC [2] Group 2: Industry Developments - Amazon plans to invest approximately $200 billion throughout the year, primarily in AWS, focusing on self-developed hardware and AI vertical integration to build long-term competitive advantages and high ROIC [1] - The price of storage chips continues to rise significantly, with DRAM and NAND Flash prices increasing by 5.95% to 63.43%, and Samsung Electronics has raised NAND flash prices by over 100% [1] - AI server CPUs are facing supply shortages, with AMD products nearly sold out, prompting both AMD and Intel to consider raising average prices by 10-15% in the first quarter [1] Group 3: Investment Insights - Donghai Securities indicates that semiconductor prices continued to rise in January, with demand recovering, and February is expected to see further demand resurgence [1] - The semiconductor industry is slowly recovering, with AI investments exceeding expectations and storage chip price increases surpassing forecasts [1] - The market currently has high capital enthusiasm, and it is recommended to consider low-cost investments [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Design Theme Index (950162) has decreased by 1.27%, with major stocks such as Haiguang Information down by 0.92% and Cambrian Technology down by 0.8% [1] - Over the past year, the index has increased by 77.07% [1] - The E Fund Sci-Tech Chip Design ETF (589030) has attracted over 98 million in the last 5 days and over 210 million in the last 10 days [1] Group 2 - Major global PC manufacturers, including HP, Dell, Acer, and Asus, are considering sourcing memory chips from Chinese manufacturers due to tight supply and rising costs in the tech industry [3] - CITIC Securities believes that AI-driven logic and storage expansion demand will continue to rise, with a significant gap in advanced logic production in domestic fabs [3] - The E Fund Sci-Tech Chip Design ETF tracks the Sci-Tech Innovation Board Chip Design Theme Index, covering various segments of the semiconductor industry, with digital and analog chip design accounting for 94.1% of the index [3]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [4][13] Core Insights - The report highlights the emergence of autonomous agents, marking the beginning of the third scaling phase in the industry. Companies like Anthropic are revising their revenue expectations upwards, with projections of $18 billion and $55 billion for 2026 and 2027 respectively. The penetration of agents is expected to drive significant revenue growth [6] - The report notes a decline in global web traffic share for ChatGPT, which fell to 64.5% in January 2026, a decrease of approximately 20 percentage points compared to January 2025. This shift indicates a transition in growth narratives towards mixed revenue models [6] - The report emphasizes the potential for AI-native products to emerge rapidly, amplifying short-term industry volatility while validating long-term trends. It anticipates a significant increase in the "Token->ARR" conversion for agents in 2026, suggesting a robust investment opportunity in high-growth sectors [6] Summary by Sections Section: Market Performance - The report discusses the performance of the computer sector, indicating a positive outlook based on recent developments and market trends [2] Section: Autonomous Agents - The report details the advancements in autonomous agents, including their increasing role in B2B applications and the significant rise in token consumption compared to traditional chat models. The penetration of these agents is seen as a key lever for revenue growth for companies like Anthropic [6] Section: Consumer Productivity - OpenClaw has gained popularity, driving a surge in Mac mini purchases. The report notes that consumer sensitivity to model performance is low, while sensitivity to interaction is high, indicating a shift in user engagement with AI tools [6] Section: Group Intelligence - The emergence of Moltbook, an agent-based platform, is discussed as a preliminary form of group intelligence. The report highlights the initial chaotic nature of agent interactions and the potential for new business models to develop from these early stages [6] Section: Investment Strategy - The report suggests focusing on sectors with clear industry trends and high growth certainty, recommending investments in domestic large models, agents, infrastructure, and computing power companies. It advises on the importance of reverse investment strategies and forward-looking positioning due to industry volatility [6]

Core Viewpoint - The Sci-Tech Chip ETF (588200) opened with a decline of 1.60%, indicating a negative market sentiment towards the semiconductor sector on February 6 [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588200) opened at 2.525 yuan, reflecting a decrease of 1.60% [1] - Since its establishment on September 30, 2022, the ETF has achieved a return of 157.22% [1] - The ETF has recorded a return of 4.60% over the past month [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) down 1.48% [1] - Haiguang Information (海光信息) down 1.00% [1] - Cambricon (寒武纪) down 1.49% [1] - Lattice Semiconductor (澜起科技) down 1.87% [1] - Zhongwei Company (中微公司) down 1.23% [1] - Tuojing Technology (拓荆科技) down 0.37% [1] - Chipone (芯原股份) down 3.69% [1] - Hua Hong Semiconductor (华虹公司) down 1.90% [1] - Hu Silicon Industry (沪硅产业) unchanged [1] - Dongxin Co. (东芯股份) down 1.37% [1]

Group 1 - The Digital Economy ETF (工银561220) opened at 1.480 yuan, experiencing a decline of 0.47% [1] - Major holdings in the ETF include companies like SMIC, which fell by 1.48%, and Haiguang Information, which dropped by 1.00% [1] - The ETF's performance benchmark is the China Securities Index for State-Owned Enterprises in the Digital Economy, managed by ICBC Credit Suisse Asset Management [1] Group 2 - Since its inception on May 21, 2025, the ETF has achieved a return of 48.72%, with a monthly return of 0.79% [1]

Group 1 - The core focus of the market is on the technology growth and cyclical sectors, with electronic stocks leading the recommendations at 12.83% [1] - The media industry saw a significant increase in recommendation by 66.88% compared to January, while the automotive sector's recommendation dropped over 33% [3] - Zhongji Xuchuang, a leading optical module manufacturer, received joint recommendations from 9 brokerages, driven by its strong position in the AI computing sector and expected profit doubling by 2025 [3][4] - Zijin Mining, recommended by 8 brokerages, is projected to achieve a record net profit exceeding 50 billion by 2025, benefiting from high international gold prices and strong copper demand [4] - Haiguang Information, also favored by 8 brokerages, reported a 90% profit increase in the first three quarters of the previous year, supported by national initiatives for computing infrastructure [4] Group 2 - Guizhou Moutai returned to the "gold stock" list after 5 months, receiving recommendations from 6 brokerages, with a stock price increase of over 10% recently [4] - Wanhua Chemical, favored by 7 brokerages, is expected to see a rebound in MDI prices and significant earnings growth as economic recovery strengthens [4] - China Ping An, supported by 6 brokerages, reported a 46% increase in new business value, indicating positive transformation prospects [6] - China Jushi, a global leader in fiberglass, is also favored for its strong profit growth and critical role in the electronics supply chain [6] - Foster, a leader in photovoltaic film, is recommended by 4 brokerages, with expectations of exceeding market growth in solar installations by 2025 [6] Group 3 - The market is expected to experience volatility before the Spring Festival, with better performance anticipated post-holiday as policies are implemented [7] - Historical data shows a 77% probability of the Shanghai Composite Index rising in the first 10 trading days before the Spring Festival, with an average increase of 1.9% [7] - In January, nearly 70% of the 307 recommended stocks saw price increases, with some brokerages achieving over 16% returns on their recommended stock portfolios [7] Group 4 - The market's trading activity is concentrated around AI computing, resource commodities like gold and copper, and a select few consumer stocks with strong earnings certainty [9] - The flow of funds is oscillating between "technology" and "resources," seeking companies with realizable performance and compelling narratives [9] - The spring market window remains open, but structural differentiation is more pronounced than ever [9]

份额方面，科创芯片设计ETF易方达最新份额达5.17亿份，创成立以来新高。（数据来源：Wind） 资金流入方面，科创芯片设计ETF易方达最新资金净流入4523.93万元。拉长时间看，近5个交易日内有 4日资金净流入，合计"吸金"1.34亿元，日均净流入达2685.83万元。（数据来源：Wind） 截至2026年2月5日 15:00，上证科创板芯片设计主题指数(950162)下跌1.40%。成分股方面涨跌互现，国 芯科技领涨11.30%，纳芯微上涨6.28%，思特威上涨3.98%；芯原股份领跌7.19%，盛科通信下跌 4.49%，普冉股份下跌3.76%。科创芯片设计ETF易方达(589030)下跌1.49%，最新报价0.99元。（以上所 列股票仅为指数成份股，无特定推荐之意） 流动性方面，科创芯片设计ETF易方达盘中换手8.17%，成交4184.11万元。拉长时间看，截至2月4日， 科创芯片设计ETF易方达近1年日均成交9205.08万元。 规模方面，科创芯片设计ETF易方达最新规模达5.21亿元，创成立以来新高。（数据来源：Wind） 从估值层面来看，科创芯片设计ETF易方达跟踪的上证科创板芯片设计主题指数最 ...