智通财经APP获悉，国金证券发布研报称，Meta(META.US)2026年全年资本开支指引超预期，闪迪 (SNDK.US)2026第三财季业绩指引超预期。继续看好覆铜板及存储芯片涨价趋势，具有较强的持续性， 从产业链公司陆续公布的营收及利润来看，业绩在持续兑现，看好核心受益公司。整体来看，AI-PCB 及核心算力硬件、苹果产业链及自主可控受益产业链值得关注。 国金证券主要观点如下： Meta预计2026年全年资本支出在1150亿至1350亿美元之间，主要用于数据中心、服务器和网络基础设 施，较25年的约700亿美元CAPEX实现显著增长。国金证券指出，AI对meta自身业务实现了积极帮助， AI改进了推荐算法，直接导致用户在平台上的停留时间增加，新的序列学习模型结合GEM模型，使 Facebook的广告点击率提升了3.5%，Instagram的转化率提升了超过1%，同时得益于推荐质量的提升， Instagram Reels在美国的观看时间同比增长了30%。Facebook的视频观看时间在美国也实现了两位数的 增长。 风险提示：需求恢复不及预期的风脸；AIGC进展不及预期的风险；外部制裁进一步升级的风险。 M ...

芯片股跌幅居前，华虹半导体跌超10%。周一，三星、SK海力士下跌。据媒体报道，三星、SK 海力士 与美光三大原厂已纷纷收紧订单审核，对客户进行更严格的尽职调查——包括核实终端用户身份、确认 实际需求数量，甚至质疑订单真实性，以应对因部分客户超额下单或囤货而可能引发的后续市场波动。 新浪合作大平台期货开户 安全快捷有保障 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：郝欣煜 2月2日消息，港股三大指数低开低走。截至午间收盘，恒生指数跌2.4%，报26730.78点，恒生科技指数 跌3.68%，国企指数跌2.71%。盘面上，科网股普跌，哔哩哔哩跌超4%，百度、网易、快手、阿里巴巴 跌超3%，小米、美团跌超2%；黄金股继续下跌，山东黄金跌超10%；汽车股走弱，小鹏汽车跌9%；芯 片股跌幅居前，华虹半导体跌超10%。 | 名称 | | 昌新价 | 涨跌额 | 涨跌幅 へ | | --- | --- | --- | --- | --- | | 恒生科技指数 | Wh | 5507.77 | -210.41 | -3.68% | | 800700 | | | | | | 国企指数 | | 9 ...

Group 1 - Semiconductor stocks experienced a decline, with Huahong Semiconductor down 9.53% to HKD 105.4, and other companies like Zhaoyi Innovation, Shanghai Fudan, and SMIC also reporting significant drops [1] - The South Korean stock market saw a sharp decline of 4%, with major players Samsung and SK Hynix facing losses [1] - Samsung, SK Hynix, and Micron have tightened order reviews and are conducting stricter due diligence on customers to mitigate potential market fluctuations caused by over-ordering and stockpiling [1] Group 2 - Jensen Huang recently stated that no orders for the H200 chip have been received from Chinese customers, indicating a wait-and-see approach [1] - First Shanghai noted that the impact of the H200 release on the domestic computing power industry chain is limited, primarily due to the differing application scenarios between H200 and domestic computing power, which focuses on small to medium models and inference applications [1]

东方证券发布研报称，海外存储巨头SK海力士与闪迪(SNDK.US)业绩强劲，且下季指引乐观，印证存 储行业供不应求。AI推理需求正成为存储增长核心动力，将持续拉动数据中心对DRAM和NAND的需 求。同时，NOR Flash等利基存储因产能被主流产品挤压，供给大幅收缩，预计紧缺与涨价态势将延 续，国内相关厂商有望受益。 东方证券主要观点如下： 事件 SK海力士、三星、闪迪等海外头部存储厂商近日先后发布最新一季财报。 海外存储巨头业绩强劲 SK海力士25Q4营收32.8万亿韩元，环比增长34%；营业利润19.2万亿韩元，环比增长68%；营业利润率 达58%，均创下季度新高。闪迪2026Q2财季营业收入30.25亿美元，同比增长61%，环比增长31%；毛利 率达51%。闪迪预计2026Q3财季营收为44-48亿美元，按中值计算环比增长52%，毛利率预计达 65%-67%。该行认为，SK海力士、闪迪业绩强劲，下季度指引乐观，充分体现存储供不应求情况有望 持续。 AI需求有望被持续挖掘，带动存储供不应求持续 部分投资者担忧消费电子需求可能承压，影响存储需求。但该行认为，AI算力等相关需求在存储需求 中逐步占据主导地位 ...

Group 1 - Semiconductor stocks experienced a decline, with notable drops including Huahong Semiconductor down 9.53% to HKD 105.4, GigaDevice down 8.06% to HKD 308, Shanghai Fudan down 5.08% to HKD 49.36, and SMIC down 4.18% to HKD 72.25 [1] - The South Korean stock market saw a significant drop of 4%, impacting major companies like Samsung and SK Hynix [1] - Major chip manufacturers, including Samsung, SK Hynix, and Micron, have tightened order reviews and are conducting stricter due diligence on customers to mitigate potential market fluctuations caused by excessive orders or stockpiling [1] Group 2 - Jensen Huang recently stated that no orders for the H200 chip have been received from Chinese customers, indicating a wait-and-see approach [1] - First Shanghai noted that the impact of the H200 chip release on the domestic computing power industry chain is limited, primarily due to the differing application scenarios between H200 and domestic computing power, which focuses on small to medium models and inference applications [1]

在贫富差距如此巨大的韩国，由于政府推行扭曲的新自由主义政策，整个社会滑向了"内卷"的深渊，无法自拔。 2018年5月，在世界三大电影节之一的戛纳国际电影节上，日本导演是枝裕和执导的《小偷家族》一举获得了最佳 影片奖——金棕榈奖。这部影片主要讲述了一个贫穷家庭不得已只能靠犯罪来维持生活的故事。 2019年5月，同样在戛纳国际电影节上，曾经执导过惊悚悬疑片《杀人回忆》的导演奉俊昊携新作《寄生虫》荣膺 金棕榈奖。 虽然两部都是以家庭为题材的电影，但《寄生虫》与《小偷家族》的不同点在于，前者将贫穷家庭与富裕家庭的 生活对比作为主题切入，用一种黑色喜剧的方式将韩国的贫富差距及内在纠葛展现得淋漓尽致。 值得一提的是，即使在现在的韩国，类似电影里主人公一家生活在"半地下室"的家庭依然存在，这样的家庭也毫 无疑问地被视为贫穷的象征。 到底什么是"半地下室"？简单来说，"半地下室"指的是介于地上和地下的居住空间。根据韩国住宅的相关法律规 定，如果室内地面与室外地平面的高度差超过了室内一半高度以上，就被视为"地下室"，如果不到一半，就被看 作是"半地下室"。 此外，韩国保健社会研究院在2019年6月发表的《社会统合实况诊断与应对 ...

韩国首尔综指日内大跌4%，三星、SK海力士下跌。 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the trends in the server power supply and components industry, particularly focusing on the evolution towards 800V HVDC and SST technologies, with expectations for implementation starting in 2026 and pilot projects by late 2026 to early 2027 [1][5][6]. Core Insights and Arguments - **Power Supply Architecture Evolution**: The current power supply architecture is transitioning from traditional AC power to HVDC and SST, with a significant shift expected in the coming years. The final stage will see SST directly connected to the grid, maintaining a 48V to 12V conversion [2][5]. - **Demand Growth**: Both domestic and international demand for power supplies is on the rise, with expectations for manufacturers' performance to double by 2026, driven by increased shipments of NV series JD300 and domestic super node projects [1][6]. - **Server Shipment Projections**: Domestic server shipments are expected to rise significantly in 2026, with major clients like ByteDance and Alibaba driving demand. ByteDance's server shipments are projected to increase from 650,000-700,000 units in 2025 to 800,000-900,000 units in 2026 [6][7]. - **AI Server Market Share**: The proportion of AI servers is expected to increase, with predictions that AI servers could account for up to 70% of total server shipments by 2027 [6]. Competitive Landscape - **Leading Companies**: Delta and Vertiv are leading in the 800V sector, with Delta performing strongly in both domestic and international markets, while Vertiv primarily serves large North American clients [3][9]. - **Market Share Dynamics**: The market is becoming more competitive, with several companies like Lite-On, Chuangwei, and Megmeet also participating, albeit with smaller shares compared to Delta and Vertiv [3][9]. Technical Challenges and Opportunities - **800V Technology Adoption**: The adoption of 800V technology is slow due to high retrofitting costs and immature supply chains for related semiconductor devices. However, it is seen as a long-term trend with pilot projects expected by late 2026 to early 2027 [5][6]. - **Cost Considerations**: The cost of HVDC systems is competitive, with the unit value of 21kW HVDC at approximately 2 RMB per watt, compared to 1.8 RMB for traditional systems [10]. - **Component Supply Issues**: There are significant supply shortages for high-performance components like Jer MOSFETs and high-capacity memory, which are expected to persist until at least the end of 2026 [17][18]. Future Outlook - **Investment in AI and Power Supply**: ByteDance and Alibaba are making substantial investments in AI and power supply infrastructure, with ByteDance investing around 150 billion RMB annually in AI [7]. - **Domestic Semiconductor Opportunities**: The current shortage of key components presents opportunities for domestic manufacturers to fill market gaps, especially as companies seek alternative suppliers to mitigate global supply chain risks [22]. Additional Insights - **BBU Demand**: There is a consistent demand for Battery Backup Units (BBUs) in data centers, crucial for ensuring uninterrupted power supply, which presents market opportunities for Chinese energy storage companies [25]. - **SST Development**: The development of SST technology is progressing faster abroad, with domestic applications primarily in power plants rather than data centers, indicating a lag in large-scale adoption [15]. This summary encapsulates the key points discussed in the conference call, highlighting the trends, competitive landscape, technical challenges, and future outlook for the server power supply industry.

Summary of Key Points from Conference Call Records Industry Overview - The global semiconductor industry is expected to approach $1 trillion by 2026, with significant growth in the storage sector. The hardware segment is projected to outperform the software segment, with raw materials, storage, and semiconductor equipment showing strong performance, while consumer electronics brands are expected to be the most affected, with Apple being relatively less impacted [1][4]. Smartphone Market - Global smartphone shipments are forecasted to decline by 6.7% in 2026, with Apple and Samsung remaining stable, while Chinese brands are expected to drop by 14% due to storage shortages affecting brands like Huawei, Honor, Xiaomi, OPPO, and vivo [1][9]. Capital Expenditure Trends - Microsoft and Meta are projected to increase their capital expenditures significantly in 2026, with Meta's spending rising from $70 billion to $120 billion, and Microsoft also showing over 40% growth. However, internet companies are only expected to see a 15% revenue increase, leading to tighter cash flows [1][10]. ASML and Equipment Market - ASML reported a record high in EUV order revenue, with over 100% year-on-year growth, driven by major clients like TSMC and storage manufacturers concerned about supply shortages [1][11]. Lam Research predicts a WFE market growth of over 20% in 2026, significantly higher than the 10% forecast by SEMI, driven by TSMC's 2nm transition and DRAM manufacturers' shift from HBM3 to HBM4 [1][13]. Company-Specific Insights - **Apple**: The company reported strong performance with iPhone 17 demand exceeding supply, and a 23% quarter-on-quarter revenue increase. However, concerns remain regarding storage shortages and SOC supply issues, which may impact margins [2][8]. - **Samsung**: The company saw a significant improvement in operating profit, with a rise from 14% to 21%. The semiconductor division's profit doubled to 16 trillion KRW, primarily due to DRAM and NAND price increases [1][17]. - **Hynix**: The company is expected to launch a new storage product, HBF, in late 2026, which will enhance AI inference capabilities. Hynix has a leading advantage in HBM technology [1][3][18]. - **Intel**: The target price for Intel has been raised to $71.5 based on significant advancements in process technology and successful execution of the IDM 2.0 strategy, attracting investments from both government and private sectors [1][23]. Market Valuation Changes - The valuation method for the storage industry has shifted from PB to PE, reflecting market recognition of stable profitability and growth potential for companies like Micron and Hynix. Hynix is currently valued at 9.4 times PE, with its target price raised based on strong financial performance [1][19]. HBM Technology Impact - The development of HBM technology is significantly impacting the storage market, enhancing performance and addressing heat issues. Samsung is leading in HBM4 technology, while Micron is also advancing its HBM4E plans to meet future demand [1][20]. Supply and Demand Dynamics - The global DRAM market is dominated by Micron, Samsung, and Hynix, with limited new capacity expansion expected, leading to a tight supply situation. The NAND market is similarly constrained, with major players controlling pricing and capacity [1][21]. Investment Recommendations - Hynix is identified as a preferred investment target due to its technological advantages, particularly in HBM technology, while Micron is also performing well but is slightly less favorable in comparison [1][22]. This summary encapsulates the critical insights and projections from the conference call records, providing a comprehensive overview of the semiconductor industry and key players.

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [36] Core Insights - Apple reported Q1 2026 financial results with revenue of $143.76 billion, a 16% year-over-year increase, and net profit of $42.10 billion, also up 16% year-over-year. iPhone revenue reached $85.27 billion, growing 23% year-over-year, accounting for 59.3% of total revenue. The Greater China region showed strong performance with revenue of $25.53 billion, a 38% increase year-over-year [3][6] - The semiconductor industry index fell by 0.9% this week, underperforming the CSI 300 index by 0.98 percentage points. However, since the beginning of 2026, the semiconductor industry index has risen by 18.04%, outperforming the CSI 300 index by 16.39 percentage points [27][30] - Global smartphone shipments are expected to decline by 2.1% in 2026 due to rising storage costs. It is recommended to focus on brands with scale advantages, comprehensive product lines, and vertical integration capabilities. Emerging products like foldable phones, AI smartphones, and AI glasses are expected to create new opportunities for the supply chain [3][12] - The Shanghai "Rocket Star City" plan was officially released, aiming to build a national aerospace industry hub with a target industry scale of around 100 billion yuan by 2027. The plan includes a complete layout for reusable rockets and satellite production capabilities [18][19] Summary by Sections Apple Financial Performance - Q1 2026 revenue: $143.76 billion, up 16% year-over-year - Net profit: $42.10 billion, up 16% year-over-year - iPhone revenue: $85.27 billion, up 23% year-over-year, 59.3% of total revenue - Greater China revenue: $25.53 billion, up 38% year-over-year [3][6] Semiconductor Industry Performance - Semiconductor industry index down 0.9% this week, underperforming CSI 300 index - Year-to-date increase of 18.04%, outperforming CSI 300 index by 16.39% [27][30] Global Smartphone Market Outlook - Expected decline in global smartphone shipments by 2.1% in 2026 - Focus on brands with scale advantages and emerging product opportunities [3][12] Shanghai Aerospace Initiative - "Rocket Star City" plan aims for a 100 billion yuan industry scale by 2027 - Goals include production capabilities for reusable rockets and satellites [18][19]