Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - The "hard technology" sector is expected to perform well under the influence of AI, with domestic computing chips, AI-PCB, AIDC supporting facilities, and AI edge SoC chip design/testing showing rapid growth in 2024 and maintaining high growth in Q1-Q3 of 2025. This sector is projected to benefit from continued growth in domestic computing capital investment and increasing penetration of edge applications, becoming one of the fastest-growing areas in the electronics and technology industries [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in the semiconductor manufacturing and equipment sectors, where the domestic production ratio is currently low. Companies such as Cambricon, SMIC, North Huachuang, Haiguang Information, and Zhongwei Company are recommended for attention [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB (semiconductors) and AI optical modules. Companies like Shenghong Technology, Huitian Technology, and others are highlighted for their potential [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," have become more cost-effective due to macroeconomic impacts on stock prices. Leading companies in the fruit chain and ODM sectors are expected to leverage demand in AIoT, humanoid robots, and automotive electronics to achieve performance and valuation improvements in the second half of the year [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, leading to significant breakthroughs for PCB manufacturers in the AI server field. The overall market for AI chips is expected to grow, with China being a major consumer market [18][22] - The AI-driven demand for computing power is pushing the development of various applications, including automotive electronics and IoT, which are expected to drive growth in the chip industry [18] Semiconductor and Equipment - The semiconductor manufacturing sector is projected to see substantial growth, with companies like SMIC and North Huachuang showing promising revenue and profit growth rates [17] - The PCB equipment market is expected to grow significantly, with a projected market size of 290.25 billion yuan in 2024, increasing to 347.09 billion yuan by 2026 [27] Consumer Electronics - The CIS market is experiencing a recovery, driven by demand from smartphones, security, and automotive applications. Domestic manufacturers are increasing their market presence with high-end products [46] - The SoC market is expected to grow, with AI technology becoming a crucial component for various applications, including smart home devices and automotive electronics [44]

Core Insights - The GPU industry, as a core support for the digital economy, is dominated by international giants, while domestic GPU companies face multiple bottlenecks in supply chain, ecosystem, and talent [1] - Shanghai-based Muxi Integrated Circuit, established in 2020, has emerged as a unicorn in the domestic GPU sector, with its IPO application accepted to raise 3.904 billion yuan for technology iteration and industrial implementation [1] Supply Chain Challenges - The global GPU industry is characterized by a monopoly of international giants in core segments, with domestic companies facing challenges such as reliance on EDA software and insufficient yield in advanced processes [3] - Muxi focuses on "segment breakthroughs + ecosystem collaboration" as a dual-path strategy to address these challenges, emphasizing the need for end-to-end platform capabilities [3] - Muxi proposes a "project integration" strategy to enhance domestic EDA tools through real product development projects, facilitating the connection between domestic EDA and local wafer fabs [3] Industry Collaboration - The autonomy of the GPU supply chain cannot be achieved by a single company; collaboration is essential among upstream materials and equipment sectors [4] - Government subsidies for classic customer projects may help promote the collaboration between domestic EDA and wafer fabs, addressing common issues [4] Ecosystem Development - The domestic GPU ecosystem faces issues such as disorganization, resource scarcity, and talent shortages, with many open-source associations lacking official support [6] - Muxi differentiates itself by adopting a generalized underlying architecture and an open-source strategy to build a collaborative ecosystem, aiming to attract developers and expand market reach [6][8] - Muxi's complete software stack (MXMACA) is designed to be compatible with mainstream GPU ecosystems, encouraging users to choose domestic solutions [6] Talent Development - The GPU industry requires highly skilled, cross-disciplinary talent, with product development often taking 2-3 years, yet there is a significant talent shortage in the domestic integrated circuit industry [10] - Muxi's core team has an average of nearly 20 years of experience in high-performance GPU development, which is a key factor in its rapid rise [10] - Muxi has established a three-pronged talent cultivation system focusing on vocational education, industry-academia integration, and open-source community engagement to address the talent shortage [10] Systemic Upgrades - The breakthrough of domestic GPUs is not just a technical competition among individual companies but requires a systemic upgrade across the supply chain, ecosystem, policies, and market [11] - Addressing deep-seated contradictions is essential for domestic GPUs to transition from "replacement" to "independent leadership," providing reliable computing power for digital economic development [11]

股票简称：恒运昌 股票代码：688785 深圳市恒运昌真空技术股份有限公司 Shenzhen CSL Vacuum Science and Technology Co., Ltd. （深圳市宝安区桃花源智创小镇功能配套区 B 栋） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二六年一月二十七日 深圳市恒运昌真空技术股份有限公司 上市公告书 特别提示 深圳市恒运昌真空技术股份有限公司（以下简称"恒运昌"、"本公司"、 "发行人"、"公司"）股票将于 2026 年 1 月 28 日在上海证券交易所科创板上 市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 深圳市恒运昌真空技术股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承担 法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意 ...

[Table_Reportdate] 2026年01月26日 1 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.台积电CapEX超预期，2025 年智能手机出货实现韧性增长 ——电子行业周报2026/1/12- 2025/1/18 1. 台积电CapEX超预期，2025年智 能手机出货实现韧性增长——电子 行业周报（20260112-20260118） 2. 英伟达Rubin平台正式发布，台 积电2025全年营收创新高——电子 行业周报（20260105-20260111） 3. 英伟达获Groq推理技术授权，中 芯国际对部分产能实施涨价——电 子行业周报（20251222- 20251228） [Table_NewTitle] 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2 ...

Core Viewpoint - The company has established a leading position in the domestic silicon component market in China and has entered the supply chains of major storage chip manufacturers and plasma etching equipment manufacturers, emphasizing its unique role in domestic production [1] Group 1: Market Position - The company has achieved a leading position in the domestic silicon component market in China [1] - The company is part of the supply chains for major storage chip manufacturers such as Yangtze Memory Technologies and ChangXin Memory Technologies [1] - The company also supplies to plasma etching equipment manufacturers like Northern Huachuang and AMEC [1] Group 2: Production and Expansion - The company has been continuously expanding production based on downstream demand since the third quarter of 2025 [1] - The company aims to maintain the best balance between capacity growth and production yield, following the development curve of the past few years [1]

[Table_Page] 行业专题研究|电子 2026 年 1 月 26 日 证券研究报告 [Table_Title] AI 的 Memory 时刻 5 | | | | AI NAND | 供需紧张，涨价仍有弹性 | | | --- | --- | --- | --- | --- | --- | | 分析师： [Tabl | 王亮 | 分析师： | 耿正 | 分析师： | 焦鼎 | | e_Author] | SAC 执证号：S0260519060001 | | SAC 执证号：S0260520090002 | | SAC 执证号：S0260522120003 | | | SFC CE.no: BFS478 | | | | | | | 021-38003658 | | 021-38003660 | | 021-38003658 | | | gfwangliang@gf.com.cn | | gengzheng@gf.com.cn | | jiaoding@gf.com.cn | | 分析师： | 张大伟 | | | | | | | SAC 执证号：S0260523050001 | | | | | | | 02 ...

Core Viewpoint - The company has established a leading position in the domestic silicon component market in China and has entered the supply chains of major storage chip manufacturers and plasma etching equipment manufacturers, emphasizing its unique role in domestic production [1] Group 1: Market Position - The company has achieved a leading position in the Chinese domestic silicon component market [1] - It has entered the supply chains of major manufacturers such as Yangtze Memory Technologies and ChangXin Memory Technologies [1] - The company plays a significant role in promoting domestic production capabilities [1] Group 2: Production and Expansion - The company plans to continuously expand production starting from the third quarter of 2025 based on downstream demand [1] - It aims to maintain the best balance between capacity growth and production yield, following the development trajectory of the past few years [1]

格隆汇1月26日丨神工股份(688233.SH)投资者关系活动记录表显示，目前公司已取得了中国本土硅零部 件市场的领先地位，已进入了长江存储、长鑫存储等中国主流存储芯片制造厂及北方华创、中微公司等 等离子刻蚀设备制造厂的供应链，以高端品类为主，发挥了独特的国产化作用。 从2025年第三季度开始，公司已根据下游需求持续扩产，力争沿着过去数年的发展曲线，确保产能增长 和生产良率的最佳平衡。 ...

[Table_Reportdate] 2026年01月26日 1 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.台积电CapEX超预期，2025 年智能手机出货实现韧性增长 ——电子行业周报2026/1/12- 2025/1/18 1. 台积电CapEX超预期，2025年智 能手机出货实现韧性增长——电子 行业周报（20260112-20260118） 2. 英伟达Rubin平台正式发布，台 积电2025全年营收创新高——电子 行业周报（20260105-20260111） 3. 英伟达获Groq推理技术授权，中 芯国际对部分产能实施涨价——电 子行业周报（20251222- 20251228） [Table_NewTitle] 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 ➢ 电子板块观点： ...

美国最怕的事情发生了！81岁国产芯片设备巨头中微公司董事长尹志尧，放弃美国籍，恢复中国籍，带 队攻克2纳米刻蚀机！外媒："在刻蚀这个核心环节，中国已经坐上全球牌桌！" 比身份转变更让对手胆寒的，是实打实的技术反杀。 攻克2纳米刻蚀机是什么概念？这难度好比在米粒上雕琢10亿个汉字，容错率极低，误差不得超过头发 丝的百万分之一。 眼看中国半导体设备越做越强，他们祭出的"禁人令"非但没卡住中国脖子，反倒逼出了一个更狠的决 定，81岁的中微公司董事长尹志尧，直接放弃美国籍，恢复中国籍，带队攻克2纳米刻蚀机！ 然而，此间的博弈，其凶险程度远非表面那般云淡风轻。暗潮涌动之下，潜藏着难以想象的危机，远比 肉眼所见的表象要惊心动魄得多。 早在2022年，美方就处心积虑地铺开了大网，明令禁止美籍人员未经授权染指中国先进制程半导体的研 发，妄图用国籍充当"锁链"，困住中国的技术领军者。 尹志尧深耕硅谷数载，名下坐拥86项美国专利，全球半数的刻蚀设备都留有他的技术烙印。这种级别的 掌舵人若被束缚，中微无异于被扼住了咽喉。 岂料，这一招对他根本无效！ 2024年，尹志尧以决绝之势，果断斩断了与美国之间的国籍羁绊，展现出非凡的抉择勇气 ...