[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 A-share market experienced fluctuations with a strong performance in cyclical sectors like non-ferrous metals, while the hard technology sector faced pressure. The Robot ETF fund (159213) saw a significant drop of 2.51% at the close, with trading volume increasing sharply [1]. Group 1: Robot ETF Fund Performance - The majority of the index component stocks of the Robot ETF fund (159213) experienced a pullback, with notable movements including a rise of over 12% for Zhongkong Technology and a drop of over 7% for Top Group. Other stocks like Shuanghuan Transmission and Greentech also fell by over 5% [3][4]. - The top ten component stocks of the Robot ETF fund include Keda Xunfei, Huichuan Technology, and Top Group, with varying performance and estimated weights in the index [4]. Group 2: Human-Robot Sector Developments - The human-robot sector is witnessing rich catalysts, including the announcement that Galaxy General Robotics will be the designated embodied large model robot for the 2026 Spring Festival Gala, following the previous year's appearance by Yushu Robotics [5]. - Recent developments in the human-robot sector include the establishment of a humanoid robot research institute by OpenAI and Tesla's plans for consumer sales of humanoid robots by 2027. Additionally, Yushu Technology has received two design patents for humanoid robots [5][6]. Group 3: Market Growth Projections - According to IDC, the global humanoid robot market is expected to experience explosive growth, with an estimated shipment of approximately 18,000 units by 2025, representing a year-on-year increase of about 508%. Chinese manufacturers are expected to dominate this market [6]. - East Wu Securities highlights that the core transformation in the development of humanoid robots will be driven by consumer access to practical products, with significant events anticipated in Q1 2026 related to Tesla's Optimus V3 robot [7]. Group 4: Investment Opportunities - Guolian Minsheng Securities emphasizes the importance of Tesla's production progress and technological iterations, with the Optimus V3 set to begin mass production in 2026. The IPO processes of domestic robot manufacturers are also expected to serve as significant catalysts for the sector [8][9]. - The report suggests that the valuation of leading automotive robot manufacturers may undergo reconstruction, as current market valuations do not reflect the expected contributions from robotics [9].

[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： ...

智通财经见习记者｜蒋习 1月26日，迈为股份(300751.SZ)股价开盘大涨，市值一度破千亿元。 图片来源：Wind 在2026年1月22日的达沃斯世界经济论坛上，马斯克在与贝莱德CEO拉里·芬克对谈时再次力挺太空光伏，并透露特斯拉与Space X正分别推进在美国的太阳 能制造产能建设，目标为实现每年高达100吉瓦的产能。 马斯克在达沃斯的言论，迅速点燃资本市场对光伏板块的热情。 1月23日，迈为股份、晶科能源(688223.SH)、天合光能(688599.SH)等多家光伏上市公司股价涨停。 此前，有市场传言称，Space X与迈为的HJT设备订单基本敲定，金额约5亿美元，对应约7 GW异质结年产能。 截至1月26日收盘，迈为股份股价报收342.11元/股，涨幅为5.47%，公司市值为955.87亿。 自2025年12月初的114.25元/股起算，其股价在不足两个月内已实现近两倍的增长。 迈为股份是光伏设备商龙头，主营产品为太阳能电池生产设备，系自动化成套生产线。该公司在新一代技术选择上，更偏向于异质结(HJT)。 其股价走强，与特斯拉CEO埃隆·马斯克近期多次高调倡导"太空光伏"，以及披露相关产能规划相关 ...

来源：金十数据 随着大型科技公司准备在未来几周陆续公布季度财报，AI交易正走向一个关键节点。 "七大科技巨头"此前被视为市场中毫无争议的赢家，但这一叙事在今年以来已明显动摇，投资者开始追 逐周期股、小盘股以及国际市场的动量。本轮财报季将考验这些超大市值科技股的韧性，尤其是在市场 从少数赢家向更广泛标的扩散的背景下。 微软(MSFT.O)、Meta Platforms(META.O)和特斯拉(TSLA.O)都将于1月28日（周三）美股盘后公布财 报；苹果(AAPL.O)则将在次日、1月29日盘后发布业绩。 苹果和Alphabet得到最大青睐 当前，华尔街尤其看好两家大型科技公司：苹果和谷歌母公司Alphabet(GOOGL.O)。 本月早些时候，这两家公司达成合作，苹果将授权使用谷歌的Gemini技术，用于其下一代Siri语音助 手。美国银行分析师瓦姆西·莫汉（Wamsi Mohan）认为，苹果引入Gemini将是推进其AI战略的关键一 步。他在1月的一份报告中写道： 半导体热潮中的热门标的 尽管英伟达(NVDA.O)股价今年以来整体持平，但市场对半导体的热情并未降温，VanEck半导体 ETF(SMH.O)年 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing significant negative growth, with retail sales of passenger vehicles dropping by 28% year-on-year in the first half of January 2026, and wholesale sales declining by 35% [1][19] - The report emphasizes the need for supportive policies to stimulate market recovery and highlights the potential for growth in the overseas electric vehicle market due to favorable policies in countries like Canada and Germany [3][4] - The report suggests that the domestic market may rebound following the implementation of supportive policies, which could positively impact leading brands [4] Summary by Sections Market Overview - As of January 1-18, 2026, retail sales of passenger vehicles in China reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, retail sales of new energy vehicles were 312,000 units, reflecting a 16% decline year-on-year, and wholesale sales were 348,000 units, down 23% [1][19] Policy Developments - Canada announced plans to import 49,000 electric vehicles from China, significantly reducing tariffs from 100% to 6.1% [3] - Germany introduced a new subsidy program for electric vehicles, offering up to 6,000 euros to families purchasing new electric cars, effective from January 1, 2026 [3][44] - The UK government has launched a substantial subsidy program for electric trucks, with a total budget of 318 million pounds [48] Investment Opportunities - The report highlights the potential for Chinese new energy vehicles to expand into overseas markets, driven by favorable international policies [4] - It suggests that the recovery of the domestic automotive market could benefit leading brands significantly [4]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is currently experiencing significant negative growth, with retail sales of passenger vehicles down 28% year-on-year for the first half of January 2026, and wholesale sales down 35% [1][19] - There is an expectation for policy support to stimulate a rebound in the market, particularly focusing on the impact of domestic policies and overseas electric vehicle (EV) opportunities [2][4] - Recent international policies favoring electric vehicles, such as Canada's reduction of import tariffs on Chinese EVs and Germany's new subsidy program for electric vehicle purchases, are seen as positive developments for the industry [3][44][45] Summary by Sections Market Performance - From January 1 to 18, 2026, the national retail sales of passenger vehicles reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, the retail sales of new energy vehicles (NEVs) were 312,000 units, reflecting a 16% decline year-on-year, with wholesale sales at 348,000 units, down 23% [1][19] Policy Developments - Canada announced it will import 49,000 Chinese electric vehicles and significantly reduce tariffs from 100% to 6.1%, which is expected to enhance trade opportunities for Chinese manufacturers [3][40] - Germany's new subsidy program offers up to €6,000 for families purchasing electric vehicles, applicable to various types of electric cars, and is open to all manufacturers, including Chinese brands [3][44][45] - The UK government has introduced a substantial subsidy plan for electric trucks, with a total budget of £318 million, aimed at promoting the adoption of electric commercial vehicles [3][48] Investment Opportunities - The report suggests focusing on the potential recovery of the automotive market driven by domestic policy support and the favorable international environment for Chinese NEVs [4] - The emergence of financial incentives and low-interest financing options in the market is expected to stimulate consumer demand and enhance brand loyalty [36][39]

Group 1 - The core concept of space photovoltaic technology is to deploy large solar power stations in space, converting solar energy into electricity and transmitting it back to Earth or supplying power to satellites and space stations [1][2] - Elon Musk announced a target of achieving 100GW of solar manufacturing capacity annually within three years, which is nearly half of China's annual new photovoltaic installation capacity [1][2] - The rise of AI models is driving exponential growth in computing power demand, making energy-intensive data centers significant energy consumers, thus creating new opportunities for the photovoltaic industry [2] Group 2 - Companies like Trina Solar have established long-term strategies in various solar technologies, including crystalline silicon, perovskite tandem cells, and III-V arsenide multi-junction cells, and are collaborating with domestic and international space agencies [2] - Junda Co. announced a cash investment of 30 million yuan to acquire a 16.67% stake in Shanghai Xingyi Chip Energy Technology Co., marking a strategic shift from ground photovoltaic to space photovoltaic [3] - Securities firms are optimistic about the long-term value of space photovoltaic technology, predicting that early movers with differentiated technology reserves will gain competitive advantages and valuation premiums [3]

Market Overview - On January 26, A-shares opened higher, with the Shanghai Composite Index up 0.41% to 4152.99, and the Shenzhen Component Index up 0.05% to 14446.23, while the ChiNext Index fell 0.36% to 3337.32 [1][2] Sector Performance - Precious metals, internet, and photovoltaic sectors showed strong performance, while aerospace and military, semiconductor equipment, and retail sectors experienced declines [2] - The gold and silver market saw significant gains, with spot gold surpassing $5080 per ounce, reaching a new high, and silver futures on the Shanghai Futures Exchange hitting a limit up at 27634 yuan per kilogram, up 14.55% [7][12] Precious Metals Stocks - Precious metals stocks continued their strong performance, with Hunan Gold and Shengda Resources hitting the daily limit, and other stocks like Yuguang Gold Lead and Hengbang Co. also seeing gains [5][6] - Notable stock performances included: - Hunan Gold at 25.27, up 10.01% - Shengda Resources at 56.65, up 10.00% - Hengbang Co. at 18.85, up 9.59% [6] Basic Metals Stocks - Basic metals stocks also rose, with New Weiling up over 14%, and several stocks like Yongjie New Materials and Xingye Silver Tin hitting the daily limit [7] Photovoltaic Sector - The photovoltaic sector opened significantly higher, with stocks like Optec rising over 25% and Dongfang Risen hitting the daily limit at 20% [9][11] - Elon Musk announced plans for SpaceX and Tesla to build a total of 200GW of photovoltaic capacity in the U.S. over the next three years, with a focus on space-based solar power [12]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][28]. Core Insights - The report highlights that 2026 is expected to see a surge in mature AI agent products due to advancements in large models, particularly in multi-modal capabilities, long text processing, and reasoning abilities. This increase in demand for reasoning will drive revenue growth for upstream cloud computing vendors [2][25]. - It notes that domestic internet giants are approximately one year behind their overseas counterparts in AI capital expenditures. As the capabilities of large models improve and supply builds up, AI will increasingly empower the core businesses of these giants [2][25]. - The report anticipates that the third quarter will mark a peak in spending for the internet giants' food delivery competition, with a projected narrowing of losses for Alibaba, Meituan, and JD.com in the fourth quarter [2][25]. - The report recommends focusing on AI-related stock selection, specifically highlighting Alibaba and Tencent Holdings as key investment opportunities [2][25]. Company Summaries - Tencent Holdings (0700.HK) is rated "Outperform" with an adjusted EPS forecast of 27.60 in 2025 and 32.63 in 2026, with PE ratios of 20.3 and 17.1 respectively [3]. - Alibaba Group (9988.HK) is also rated "Outperform," with an adjusted EPS of 6.66 for 2025 and 8.77 for 2026, and PE ratios of 23.8 and 18.1 [3]. - Meituan (3690.HK) is rated "Outperform," with a forecasted adjusted EPS of -1.26 in 2025 and 5.20 in 2026, reflecting a significant improvement in its financial outlook [3]. - Baidu Group (9888.HK) is rated "Outperform," with an adjusted EPS of 7.64 for 2025 and 8.87 for 2026, and PE ratios of 19.7 and 17.0 [3]. - Kuaishou (1024.HK) is rated "Outperform," with an adjusted EPS forecast of 4.68 in 2025 and 5.51 in 2026, with PE ratios of 16.3 and 13.9 [3]. - Tencent Music (TME.N) is rated "Outperform," with an adjusted EPS of 5.64 for 2025 and 6.50 for 2026, and PE ratios of 21.1 and 18.4 [3]. - NetEase Cloud Music (9899.HK) is rated "Outperform," with an adjusted EPS of 14.54 for 2025 and 12.09 for 2026, with PE ratios of 11.5 and 13.8 [3]. - Meitu (1357.HK) is rated "Outperform," with an adjusted EPS of 0.16 for 2025 and 0.27 for 2026, with PE ratios of 48.6 and 28.8 [3].