Investment Rating - The report maintains a "Neutral" investment rating for the electronic sector, indicating a cautious outlook amidst ongoing market fluctuations [4]. Core Insights - The AI infrastructure construction is still in a phase of large-scale investment, with the four major CSP companies expected to collectively reach capital expenditures of $670 billion in 2026, a 60% year-on-year increase [4][10]. - The global semiconductor industry is projected to achieve record sales of $1 trillion in 2026, driven by emerging technologies such as AI and IoT, with a price increase trend spreading from memory chips to power, analog, and MCU chips [4][12]. - The electronic sector is experiencing a recovery in demand, with storage chip prices rising and domestic production efforts exceeding expectations [4]. Summary by Sections Industry Overview - The electronic sector is witnessing a significant increase in capital expenditures from major CSPs, with Google and Amazon both reporting substantial growth in their cloud and advertising businesses [4][10]. - The semiconductor industry is entering a comprehensive price increase cycle, with sales reaching $791.7 billion in 2025, a 25.6% increase year-on-year, and expected to exceed $1 trillion in 2026 [4][12]. Investment Recommendations - The report suggests focusing on structural opportunities in AI computing, AIOT, semiconductor equipment, key components, and storage price increases [4]. - Specific companies to watch include: - AIOT beneficiaries: Lexin Technology, Hengxuan Technology, and others [5]. - AI innovation-driven sectors: Cambrian, Moore Threads, and others [5]. - Semiconductor equipment and materials: North Huachuang, Zhongwei Company, and others [5]. Market Performance - The electronic sector underperformed the market this week, with the Shenwan Electronic Index dropping 5.23%, while the overall market saw a decline of 1.33% [4][19]. - Sub-sectors such as semiconductors and electronic components experienced significant declines, with semiconductor stocks down 7.97% [21].

Group 1 - The core viewpoint of the news is that Shanghai Zhaoxin has submitted a detailed response to regulatory inquiries regarding its IPO application, highlighting its market position in the domestic x86 CPU sector and addressing concerns about its ongoing losses and business strategies [1][2][3] - Shanghai Zhaoxin holds approximately 40% market share in the desktop PC sector, ranking first, and has completed five generations of microarchitecture evolution [1] - The company reported a significant R&D investment of 113.28% in 2024, which is a primary reason for its continued losses, alongside challenges in product yield and high fixed costs [1] Group 2 - Despite leading in the PC market, Shanghai Zhaoxin's performance in the server market is underwhelming, with low sales rates for its KH-40000 series processors and a price reduction of nearly 50% to boost sales [2] - The company faces intense competition in the server CPU market, with competitors like Haiguang and Huawei HiSilicon holding over 90% market share, raising questions about the feasibility of Zhaoxin's target to achieve a 4.5% market share by 2027 [2] - The gross margin for Shanghai Zhaoxin in 2024 is projected at only 12.69%, significantly lower than competitors, and achieving a gross margin of over 30% by 2027 is contingent on reaching sales volumes in the millions [2] Group 3 - Shanghai Zhaoxin's separation from its GPU business, which led to the establishment of Glanfy, has resulted in substantial annual IP licensing and service fees, raising concerns about the rationale behind this split [3] - The company has a high dependency on a related party for chip procurement, with the proportion of purchases increasing from 42.74% in 2022 to 73.55% in 2024, which poses risks in the current international trade environment [3] - The response from Shanghai Zhaoxin reveals its technological strengths as a domestic x86 leader but also acknowledges challenges in server business promotion, low gross margins, and supply chain risks [3]

半导体 2026 年 02 月 08 日 行 业 研 究 半导体 布局节后科技行情 ——大科技海外周报第 5 期 科技多板块持续回调，关注板块内超跌个股。 行 业 定 期 报 告 过去两周科技多板块持续回调，26/01/28-26/02/06 期间，半导体（申 万）下跌 9.30%，万得 AI 眼镜主题指数下跌 8.51%、国证算力下跌 8.48%、卫星通信下跌 8.23%、机器人指数下跌 4.82%，同期，上证指 数下跌 1.80%，科技行业多板块回调幅度显著，我们认为短期板块的 回调更多是资金和情绪驱动，各成长方向产业趋势明确，中长期具有 坚实的基本面趋势支撑，建议关注板块内超跌个股的机会。 布局节后科技行情。 1）Agent 带动 CPU 需求：近期国产 Agent 在春节前已开启"红 包大战"，Agent APP 下载量迎来显著增长，我们预计 Agent 的投流推 广将带来增量的 CPU 和 GPU 需求，据我们前期观点，在 Agent 快速 发展的 AI 时代，系统设计需从以 GPU 为中心转向 CPU-GPU 协同。 预计在 Agent 持续发展的过程中，CPU 需求有望被拉动，建议关注国 产 C ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

计算机 2026 年 02 月 06 日 AI 动态跟踪系列（十五） 谷歌优异业绩持续验证 AI 商业模式，CapEx 指引彰显信心 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业动态跟踪报告*计算机*AI 动态跟踪 系列（十四）：AI 漫剧产业快速扩张，关注 AIGC 工 具助力创作提效*强于大市 20260128 【平安证券】行业动态跟踪报告*计算机*CES 大会 Rubin 完整发布，科技巨头芯片模型持续迭代*强于 大市 20260114 行 业 动 态 跟 踪 报 证 券 研 究 报 告 告 四季度收入增长维持提速，云业务规模化效应逐渐显现。谷歌母公司 Alphabet 在 2025 年第四季度实现营收 1138.28 亿美元（+18% Y/Y），增 速较第三季度进一步提升；实现净利润 344.55 亿美元（+30% Y/Y）。2025 年全年来看， Alphabet 实现营收 4028.36 亿美元（+15% Y/Y），为公司 首次突破 4000 亿美元；实现净利润 1321.70 亿美元（+32% Y/Y）。四季 度谷歌服务与谷歌云共同驱动了公司收入的快增。1）谷歌服务：959 亿 ...

截至2026年2月6日 15:00，上证科创板芯片设计主题指数(950162)下跌1.48%。成分股方面涨跌互现，英 集芯领涨3.87%，裕太微上涨3.50%，峰岹科技上涨2.98%；芯原股份领跌6.28%，思瑞浦下跌4.45%，力 芯微下跌4.44%。科创芯片设计ETF易方达(589030)下跌1.51%，最新报价0.98元。（以上所列股票仅为 指数成份股，无特定推荐之意） 资金流入方面，科创芯片设计ETF易方达最新资金净流入594.24万元。拉长时间看，近5个交易日内有4 日资金净流入，合计"吸金"9803.42万元，日均净流入达1960.68万元。（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新市盈率（PE- TTM）仅238.66倍，处于近1年19.92%的分位，即估值低于近1年80.08%以上的时间，处于历史低位。 科创芯片设计ETF易方达紧密跟踪上证科创板芯片设计主题指数，上证科创板芯片设计主题指数选取科 创板内业务涉及芯片设计领域的上市公司证券作为指数样本，以反映科创板芯片设计领域上市公司证券 的整体表现。 数据显示，截至2026年1月30日， ...

在 许 多人 记忆 中，得力是那个与铅笔、橡皮息息相关的 "文具巨头"。然而，在历史文化艺术殿堂 里，它正以全新的身份接受 " 检阅 " 。 从课桌办公桌，到国家战略展台，一场关于安全、自主与智能化的科技突围，正在改写这家中国制造 龙头的未来图景。这不仅仅是一次产品的亮相，更是一家企业与国家产业脉搏同频共振的深刻叙事。 得力向世界宣告：它的未来，早已不止于文具。 得力集团副总裁、设备事业群总裁张磊接受第一财经专访 入选国博 ， 做 "中国人自己的打印机" 得力亮相 中国国家博物馆 了。 近日， "筑基强国路——中国制造'十四五'成就展"在中国国家博物馆隆重启幕。作为中国文具办公 行业唯一受邀代表，得力集团携自主研创的书写工具与打印创新成果重磅登场，向世界展现了中国制 造在细分领域的深耕实力与引领姿态。这不仅是一次产品亮相，更是国家对其行业龙头地位、技术自 研能力与高端制造水平的权威认可。 得力 亮相 中国国家博物馆 得力这次在国博的展出产品，是打印机和它的 "心脏"。其中包括 激光打印机组件，十大核心元器件 已全面实现国产化，有激光扫描器、主控板（龙芯 2P0500）等，目前得力的 激光打印机已经实现了 从主 ...

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]

Core Insights - The firewall market in China is steadily growing, with the market size expected to increase from $1.17 billion in 2016 to $3.02 billion by 2025, and projected to reach $3.156 billion in 2026 [2][7][20] - The growth is driven by policy support, increasing market demand, and technological advancements, particularly with the deployment of 5G, private networks, and industrial internet [2][15] - The rise of edge computing is increasing the demand for lightweight firewalls, and customized firewall products for scenarios like IoT and smart cities are expected to emerge [2][15] Firewall Industry Definition and Classification - A firewall is an access control product that creates barriers between internal networks and insecure external networks, preventing unauthorized access and attacks [3][16] - Firewalls can be categorized based on technology into traditional firewalls, Unified Threat Management (UTM) firewalls, Next-Generation Firewalls (NGFW), and AI firewalls [5][18] - They can also be classified by form into software firewalls, hardware firewalls, and chip-level firewalls [5][18] Current Development Status - The firewall industry is characterized as a critical component of IT infrastructure, acting as a gatekeeper for network security [7][20] - The market is experiencing steady growth due to supportive policies and increasing technological advancements [7][20] Industry Value Chain - The upstream of the firewall industry includes basic hardware (chips, hard drives, network cards, etc.) and basic software (BIOS, operating systems, encryption) [9][22] - The midstream consists of firewall products, while the downstream applications span various sectors including government, finance, telecommunications, energy, education, healthcare, transportation, and aerospace [9][22] Key Companies - Notable listed companies in the firewall sector include Sangfor Technologies (300454.SZ), Tianrongxin (002212.SZ), Hillstone Networks (688030.SH), Deepin Technology (300768.SZ), Ruijie Networks (301165.SZ), Venustech (002439.SZ), Qihoo 360 (688561.SH), and NSFOCUS (300369.SZ) [2][15]

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 ...