证券研究报告 | 2026年02月02日 2026年02月03日 2026年02月04日 电子行业周报 优于大市 AI 应用爆点频出，算力链重回主线 AI 应用爆点频出，海外算力链重回主线。过去一周上证下跌 0.44%，电子下 跌 2.51%，子行业中半导体下跌 0.90%，电子化学品下跌 5.87%。同期恒生科 技、费城半导体、台湾资讯科技下跌 1.38%、上涨 0.51%、上涨 0.55%。过去 一周，由 Clawdbot 所引致的对于"AI 智能体正加速场景落地"的预期成为 市场热点，同时，国内互联网大厂陆续启动"红包大战"争抢大模型流量入 口。在此背景下，算力资源不单单成为军备竞赛的着力点，更是在各类 AI 应用试水过程中逐步成为"卖方型市场"，成为 AI 应用的核心预算约束， 算力链有望在强业绩支撑下重回科技投资主线，继续推荐：澜起科技、胜宏 科技、工业富联、蓝特光学、德明利、华勤技术、翱捷科技、芯原股份、寒 武纪、中芯国际、晶丰明源等。 海外原厂业绩保持强劲，建议关注存储产业链相关公司。存储周期持续上行， 原厂业绩保持强劲：AI 驱动企业级 SSD 量价齐升，闪迪 2QFY26 营收环比增 长 3 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][11]. Core Insights - AI applications are rapidly emerging, with the computing power chain returning to the main investment focus. The market is witnessing a "seller's market" for computing resources, driven by the increasing demand for AI applications [1]. - The storage cycle is on an upward trend, with strong performance from overseas manufacturers. Companies like SanDisk and Samsung have reported significant revenue growth, driven by AI demand [2]. - Texas Instruments (TI) anticipates a median revenue increase in Q1 2026, supported by a continuous rise in order volume, particularly in the industrial and data center markets [3]. - Apple reported record quarterly performance, with revenues exceeding market expectations, particularly in the iPhone segment, which saw a 23% year-over-year increase [4]. - Global wafer expansion is entering an upward cycle, with ASML and LAM Research exceeding expectations in their quarterly performances, indicating a strong demand driven by AI [5]. Summary by Sections Electronic Industry Overview - The electronic industry experienced a decline of 2.51% in the past week, with semiconductors down 0.90% and electronic chemicals down 5.87% [12]. Semiconductor Sector - Companies such as Zhongxin International, Aojie Technology, and Demingli are recommended for investment due to their strong performance and growth potential in the semiconductor sector [11]. Storage Industry - The storage cycle is strengthening, with companies like Demingli and Jiangbolong showing significant revenue growth, driven by AI and data center demands [2]. Consumer Electronics - Apple’s revenue reached $143.76 billion in Q4 2025, with a 16% year-over-year increase, driven by strong iPhone sales and services [4]. Equipment and Materials - ASML and LAM Research reported strong quarterly results, indicating a robust demand for advanced logic and storage equipment, suggesting a positive outlook for the equipment sector [5].

>> GOOD MORNING. IT'S MONDAY, FEBRUARY THE SECOND. A METALS ROUND FOR THE AGES.OIL TAKES A TOMBOY AND NVIDIA HAS COMMITMENT ISSUES WITH OPENAI. TOM: MULTIPLE ASSETS SEEING 2, 3, 4 STANDARD DEVIATION MOVES THIS MORNING, GOLD AT 4500, DOWN 8%. BRENT CRUDE DOWN 5% AT 65 79, RIPPLING INTO THE EQUITY MARKETS.EUROPE IS DOWN BY A PERCENT. THE NASDAQ IS DOWN BY ONE AND A HALF, MAY BE MORE TODAY. WE WILL WATCH THE RELATIONSHIP WITH DIFFERENT ASSETS.DOES ONE ASSET EFFECT OF THE OTHER. THAT IS WHAT WE ARE WATCHING THI ...

Market Performance - The market experienced fluctuations throughout the day, with the Shanghai Composite Index falling by 2.48%, the Shenzhen Component Index by 2.69%, and the ChiNext Index by 2.46%. The total trading volume in the Shanghai and Shenzhen markets reached 2.58 trillion yuan. The semiconductor sector saw significant declines, with various ETFs dropping over 5% [1][3]. Downward Factors Analysis - The decline in the semiconductor sector was influenced by the U.S. Federal Reserve's decisions and market reactions. The Fed maintained the benchmark interest rate at 3.50-3.75%, and the nomination of Warsh as the new Fed Chair raised market concerns due to his hawkish stance. This led to a pullback in the U.S. semiconductor sector, impacting A-shares [3]. - The overall market performance was weak, with a significant reduction in trading volume. The semiconductor sector had previously accumulated gains in early January, making it vulnerable to pressure in a declining market [3]. Future Outlook - There is strong demand for storage expansion, and the semiconductor equipment sector remains robust. ASML reported a record new order amount of 13.2 billion euros for Q4 2025, with 7.4 billion euros for EUV lithography machines. The backlog of orders at ASML extends to 2027, indicating strong growth potential in the storage sector [4]. - After recent corrections, the semiconductor equipment ETFs present an attractive investment opportunity. The high demand in the storage sector is expected to positively influence semiconductor equipment. The narrative of "storage expansion + advanced process domestic substitution" provides strong growth momentum [5]. - Concerns regarding the impact of H200 on domestic GPUs have largely subsided, and domestic GPU manufacturers are expected to gradually increase their shipment volumes, entering a phase of high growth. The Sci-Tech Innovation Chip ETF is also worth monitoring [5].

2月2日，市场震荡调整，半导体板块跟随大盘回调。截至14:10，中证半导体材料设备主题指数下跌 3.7%。Wind数据显示，多只半导体设备相关ETF盘中获资金加仓，其中半导体设备ETF易方达 （159558）净申购约2000万份。 中证半导体材料设备主题指数聚焦半导体设备与半导体材料领域，根据申万三级行业分类，指数半导体 设备占比超60%，半导体材料占比约20%，权重股覆盖中微公司、北方华创、拓荆科技、长川科技、华 海清科等行业龙头，在国产化趋势中具备较强弹性，投资者可通过半导体设备ETF易方达（159558）等 跟踪该指数的产品一键把握产业发展机遇。 （文章来源：每日经济新闻） 国泰海通证券指出，ASML去年第四季度新增订单额飙升至132亿欧元，达市场预期近两倍；KLA同期 总收入32.97亿美元，同比增长7.2%，均反映AI驱动下设备订单爆发式增长与客户扩产升级的强劲动 能。设备订单高增与业绩指引上修共同确认半导体设备行业已进入强劲上升通道，为上游国产设备厂商 提供明确需求支撑。 ...

Market Overview - The electronic industry index experienced a weekly decline of 2.18% from January 26 to January 30, 2026, with consumer electronics down 4.74%, semiconductors down 0.83%, and optoelectronics down 4.10% [1][2] - In the same period, the Nasdaq index fell by 0.17%, while notable gains were seen in companies like SanDisk (up 21.62%), Meta (up 8.76%), Apple (up 4.61%), Micron (up 3.81%), and Intel (up 3.11%) [1][2] Company Performance - Apple reported a strong fourth-quarter revenue of $143.76 billion, significantly exceeding market expectations of $138.48 billion, with net profit rising from $36.33 billion to $42.1 billion year-over-year, primarily driven by a surge in iPhone sales [3] - Meta's performance and AI capital expenditures surpassed expectations, with a revised capital expenditure guidance for 2026 set between $115 billion and $135 billion, nearly doubling year-over-year, focusing on AI computing power and infrastructure [3] - SanDisk achieved a revenue of $3.025 billion in Q4 2025, a 61% year-over-year increase, with a net profit of $803 million, reflecting a 672% growth, and a gross margin of 50.9%, up 18.6% year-over-year [4] - SK Hynix reported record highs in all three major metrics for Q4 2025, with revenue increasing by 34% to 32.83 trillion KRW and operating profit rising by 68% to 19.17 trillion KRW, achieving an operating profit margin of 58% [4] - ASML's Q4 2025 net sales reached €9.718 billion, a 4.9% year-over-year increase, with a 29.3% quarter-over-quarter growth, and new orders of €13.2 billion setting a historical record [4] Beneficiary Companies - Companies identified as beneficiaries include Huahong Semiconductor, Zhongwei Company, Jingce Electronics, Huafeng Measurement and Control, Changchuan Technology, Tongfu Microelectronics, Lanke Technology, Haiguang Information, Chipone Technology, and Zhaoxin Technology [5]

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The performance of the U.S. storage sector has exceeded expectations, with both domestic and international CSPs continuing to increase their AI capital investments [1] - Apple's strong iPhone sales and the success of Openclaw have significantly boosted revenue, with Q4 revenue reaching $143.76 billion, surpassing market expectations of $138.48 billion [5] - Meta's Q4 performance and AI capital expenditures have also exceeded expectations, with a capital expenditure guidance for 2026 revised up to $115-135 billion, nearly doubling year-on-year [5] - NAND flash manufacturers like SanDisk and SK Hynix reported outstanding results, with SanDisk's Q4 revenue at $3.025 billion, a 61% year-on-year increase, and SK Hynix achieving record highs in revenue and operating profit [6] Market Review - The electronic industry index saw a weekly decline of 2.18%, with consumer electronics down 4.74% and semiconductors down 0.83% [4] - Notable stock movements included a 21.62% increase in SanDisk and a 6.10% increase in Hua Hong Semiconductor [4]

公众号记得加星标⭐️，第一时间看推送不会错过。 上世纪70年代末，日本著名的调味品公司味之素开始研究副产品的应用。 在对蛋白质和氨基酸（关键调味料成分）进行研究时，味之素研发团队发现副产物可以做出拥有极高 绝缘性的树脂类合成材料，于是创造出了一种具有高耐用性，低热膨胀性，易于加工和其他重要特征 的热固性薄膜，该膜被命名为ABF。 1996年，英特尔与味之素联系，寻求使用氨基酸技术开发薄膜型绝缘子，这两家企业合作研发出了 FC-BGA（Flip Chip Ball Grid Array），最终让ABF成为了FC-BGA产品的主要方案。 那时没人会想到，这种从制作味精时产生的"废料"中提炼出的薄膜，最终会垄断全球99%的高端CPU 和GPU封装市场。到2021年，当全球芯片荒席卷而来时，味之素ABF材料的交付周期长达30周，英 特尔、AMD和英伟达等巨头不得不排队等待这家调味料公司的供货。 而当我们回望半导体行业近百年发展历程，像味之素这样跨界成功的半导体"隐形冠军"，远不止一两 家。 在漫长的时间里，唐纳森公司的工程师发现了一个惊人的相似性：半导体工厂面临的问题，本质上和 一百年前的拖拉机一模一样，就是如何防止 ...

Core Viewpoint - The article discusses the ongoing challenges and historical context of India's semiconductor industry, highlighting the repeated failures in attracting foreign investment and technology partnerships, despite high expectations and strategic initiatives [4][10][51]. Group 1: Historical Context - India's semiconductor industry has a high starting point, with Bharat Electronics Ltd. producing silicon and germanium transistors as early as 1962, which was ahead of the global curve [14][16]. - The collaboration with Fairchild Semiconductor in the 1960s failed due to India's stringent licensing requirements and bureaucratic inefficiencies, leading to missed opportunities for technological advancement [19][22]. - The establishment of SCL in 1984, supported by significant government investment, ultimately failed due to a catastrophic fire and subsequent bureaucratic delays, resulting in a loss of competitive edge [23][25][26]. Group 2: Current Challenges - India's ambition to become a "chip superpower" is hindered by a lack of core technology and the inability to effectively utilize its resources, leading to a reliance on low-value manufacturing [27][30][51]. - Recent attempts to attract foreign investment, such as the partnership between Foxconn and Vedanta, have faltered due to India's slow policy implementation and lack of a coherent semiconductor strategy [40][50]. - The exit of Foxconn from a $19.5 billion semiconductor project underscores the fragility of India's "market for technology" approach, revealing deeper issues in the industry [51][52]. Group 3: Structural Issues - The inefficiency of India's bureaucratic system creates hidden costs for foreign companies, complicating project execution and leading to delays [82][83]. - Resource management in India is inefficient, particularly regarding water and power supply, which are critical for semiconductor manufacturing [88][93]. - Despite a large pool of engineers, the high turnover rates and focus on low-value tasks contribute to a talent drain, undermining the industry's potential [96][100]. Group 4: Future Outlook - The article emphasizes the need for India to address its foundational issues, such as infrastructure, bureaucratic inefficiencies, and talent management, to successfully develop its semiconductor industry [102][103]. - The collaboration between Intel and Tata Group is seen as a potential turning point, but the article stresses that India must demonstrate a commitment to overcoming past challenges to achieve meaningful progress [104].

Core Viewpoint - International equities are experiencing a resurgence after a decade of underperformance against the U.S. stock market, with experts suggesting that this opportunity may persist for the foreseeable future [1][2]. Group 1: Performance and Market Dynamics - International equities began to outperform U.S. equities in November 2024, achieving approximately 15% better returns since then, marking a significant inflection point despite a decade of lagging performance [4]. - Over the past ten years, global equities outside the U.S. underperformed domestic markets by about 60%, leading to a capital flow into U.S. equities, particularly in mega-cap technology stocks [3]. - The iShares MSCI Emerging Markets ETF (EEM) has $26.55 billion in assets and returned 42% over the past year, while the iShares MSCI ACWI ETF is up 20%, outperforming the S&P 500 by about 5% [5]. Group 2: Investor Behavior and Portfolio Allocation - U.S. investor exposure to international markets is estimated to be only 12-15%, significantly lower than the 30-40% representation of international equities in global market capitalization [3]. - Investors are encouraged to diversify their portfolios, with a suggested allocation of 70% to developed markets and 30% to emerging markets [5]. - The renewed interest in international markets is partly driven by a weakening U.S. dollar, which has improved returns for dollar-based investors holding foreign assets [6][7]. Group 3: Regional Insights and Sector Performance - Japan is highlighted as a key example of improving fundamentals, with corporate governance reforms boosting returns [7]. - Europe is benefiting from lower interest rates, fiscal spending, and regulatory changes, with sectors like banking, utilities, and industrials gaining momentum [8]. - Latin America, particularly Chile and Peru, is performing strongly due to rising commodity demand, with the iShares MSCI Brazil ETF (EWZ) up nearly 49% and the iShares MSCI Peru and Global Exposure ETF (EPU) up almost 118% over the past year [10][11]. Group 4: Broader Market Trends - The dynamics of global trade are shifting, with international policies from the Trump administration expected to serve as long-term tailwinds for international-themed trades [13]. - The technology sector is also being reassessed, with South Korea's market heavily weighted towards memory chip leaders, which have seen significant gains [14]. - The overall trend reflects a broader reallocation towards international equities after years of neglect, driven by valuation gaps and earnings growth [15].