2026 年 2 月 6 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业 超配（维持） 半导体行业双周报（2026/01/23-2026/02/05） 行 业 存储芯片公司 25Q4 业绩表现亮眼 半导体行业指数近两周涨跌幅：截至2026年1月22日，申万半导体行业指数 近两周（2026/1/23-2026/2/5）累计下跌7.68%，跑输沪深300指数6.55个 百分点；2026年以来申万半导体行业指数累计上涨9.77%，跑赢沪深300指 数8.90个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态：（1）铠侠：在AI ...

Core Insights - Insurance capital management is increasingly focused on deep research of individual stocks and industries, with significant interest in A-share listed companies as indicated by over 300 companies being researched since the beginning of 2026 [1][2] Group 1: Research Trends - A total of 96 insurance companies and 32 insurance asset management companies have participated in the research of A-share listed companies since the beginning of 2026 [2] - Key players such as Taiping Pension, Changjiang Pension, and China Life Pension have conducted over 30 research sessions each within a month [2] - Regional banks and sectors like electronic components, semiconductor materials, and devices are receiving heightened attention from insurance capital [2] Group 2: Investment Strategies - Insurance capital views company research as a crucial part of investment strategy, often focusing on high-quality stocks with long-term growth potential [3] - The demand for high dividend stocks is driven by the need for stable cash flow in a low-interest-rate environment, with banks being a primary focus for insurance capital [4] - Insurance capital is increasingly adopting a dividend strategy, favoring high dividend stocks to stabilize returns amid pressure on fixed-income yields [4] Group 3: Focus on New Productive Forces - Insurance capital is aligning with long-term investments in new productive forces, particularly in technology innovation and emerging strategic industries [5] - There is a focus on investing in sectors with real technological barriers and clear business models that can deliver performance [5] Group 4: Investment Paths - For mature technology leaders, insurance capital is likely to invest directly for excess returns, while for emerging tech sectors, indirect investments through ETFs or industry funds are preferred to manage risks [6] - The insurance capital sector is particularly interested in AI-driven technology and high-end manufacturing, with a strategy to invest in companies with clear business models and strong competitive advantages [6]

Group 1 - The core viewpoint of the articles highlights the increasing interest of insurance capital in specific sectors and companies, particularly in regional banks and new productivity sectors, as indicated by their extensive research activities [1][2][3] - Since the beginning of 2026, over 300 A-share listed companies have been researched by insurance companies and asset management firms, with significant participation from 96 insurance companies and 32 asset management companies [2] - Key areas of focus for insurance capital include regional banks such as Shanghai Bank and Nanjing Bank, as well as sectors like electronic components, semiconductor materials, and devices [2][3] Group 2 - Insurance capital is increasingly favoring high-dividend stocks as a stable source of cash flow, particularly in a low-interest-rate environment, which drives the demand for equity assets [4] - The strategy of investing in high-dividend stocks is seen as a way to enhance returns and stabilize portfolios, with a focus on long-term holdings and dividend yields [4][5] - The shift towards high-dividend stocks is also a response to new accounting standards that increase profit statement volatility, making these investments more attractive [4] Group 3 - Insurance capital is aligning with the new productivity sector, which relies on technological innovation and strategic emerging industries, requiring long-term and stable capital support [5][6] - Investments are being directed towards technology leaders with clear business models and performance track records, while emerging tech sectors may be approached through industry-themed ETFs or funds to mitigate risks [6] - The focus on AI-driven technology and high-end manufacturing is expected to be central to future technological revolutions, with a commitment to direct investments in companies with strong competitive advantages [6]

● 本报记者 薛瑾 "无论是配置盘还是交易盘，险资投资框架都是基于对个股和行业的深度研判。"一位保险资管人士日前 在接受中国证券报记者采访时表示。作为对个股和行业研判的重要环节，上市公司调研透露出险资一段 时间内的兴趣点。Wind数据显示，2026年开年以来，保险公司及保险资管公司合计调研A股上市公司逾 300家。从调研标的分布来看，部分区域性银行和新质生产力领域个股备受险资关注。 调研个股透露险资偏好 从调研机构看，截至2月5日，2026年以来有96家保险公司、32家保险资产管理公司参与调研A股上市公 司。保险公司中，太平养老、长江养老、国寿养老、人保养老在一个多月的时间里调研次数均超过30 次。保险资管公司中，泰康资产、华泰资产、新华资产、人保资产、国寿资产、大家资产调研次数居 前，也均达到30次以上。 从调研对象来看，部分区域性银行以及电子元件、电子设备和仪器、半导体材料与设备等领域关注度颇 高。 上海银行、南京银行、苏州银行、齐鲁银行、厦门银行等多家区域性银行，均位列险资调研行列，上海 银行被14家保险公司及保险资管公司调研，南京银行也得到10家保险公司及保险资管公司调研。息差变 化及管理举措、投资策 ...

Core Insights - The report highlights the significant growth potential of perovskite solar cells, driven by their advantages over traditional silicon cells, including lower costs, higher efficiency, and flexibility [9][10][11] - The demand for rubidium and cesium salts is expected to increase significantly due to the rising adoption of perovskite solar cells in various applications, including space photovoltaics and building-integrated photovoltaics (BIPV) [14][18] - The report anticipates that the global installed capacity of perovskite solar cells will grow from 20 GW in 2026 to 281.7 GW by 2030, leading to a corresponding increase in rubidium demand from 146.7 tons to 2065.7 tons during the same period [18] Industry Overview - The perovskite solar cell market is projected to see a penetration rate increase from 1.3% in 2025 to 30% by 2030, with significant growth in ground photovoltaic applications [11][14] - The flexible nature of perovskite solar cells allows for innovative applications in various sectors, including wearable devices, vehicle power generation, and portable electronics [12][13] - The BIPV market is expected to grow substantially, with a projected CAGR of 23.06% from 2026 to 2031, driven by the integration of perovskite solar cells into building materials [13] Company Insights - Key companies recommended for investment include Jin Yin He and Zhongkuang Resources, which are positioned to benefit from the expanding perovskite solar cell market and the associated demand for rubidium and cesium salts [19]

Group 1 - The core viewpoint of the article highlights the performance of the 中证2000ETF嘉实 (159535), which experienced a decline of 1.10% to 1.534 yuan with a trading volume of 302.89 million yuan as of the midday close on February 5 [1] - The major holdings of 中证2000ETF嘉实 include stocks such as 炬光科技, which fell by 12.17%, and 平潭发展, which rose by 10.05% [1] - The fund's performance benchmark is the 中证2000 index return, managed by 嘉实基金管理有限公司, with a return of 54.86% since its establishment on September 14, 2023, and an 8.17% return over the past month [1]

Group 1 - Laplace's stock price surged by 105% since January 5, 2026, with a closing price of 73.90 yuan and a market capitalization of 29.48 billion yuan as of February 4 [1] - The company specializes in the research and sales of core equipment for high-efficiency photovoltaic cell production, achieving significant market share in thermal processing, coating, and automation equipment [3] - In January, 112 companies on the Sci-Tech Innovation Board received institutional research, with a focus on sectors such as semiconductors, medical devices, and specialized equipment [3] Group 2 - In January, 56 institutions conducted a total of 1,221 "buy" ratings covering 653 stocks, with 40 stocks receiving ratings from at least five institutions [4] - The banking and food and beverage sectors had the highest number of rated stocks, with 7 and 6 stocks respectively, as low valuation bank stocks attracted institutional attention [4] - The average return for billion-level quantitative private equity in 2025 reached 32.77%, with some firms achieving returns over 50% [5] Group 3 - Several small and medium-sized banks have raised deposit rates, while others have chosen to lower rates amid a declining market interest rate environment [6] - The total market capitalization of cryptocurrencies has decreased by approximately 467.6 billion dollars since January 29, despite supportive stances from the White House [7]

中证2000ETF富国（563200）业绩比较基准为中证2000指数收益率，管理人为富国基金管理有限公司， 基金经理为牛志冬，成立（2023-09-28）以来回报为64.36%，近一个月回报为9.37%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月4日，截止午间收盘，中证2000ETF富国（563200）跌0.37%，报1.637元，成交额356.15万元。中证 2000ETF富国（563200）重仓股方面，隆华科技截止午盘涨1.12%，苏州高新跌0.14%，航发科技涨 0.41%，精智达涨1.13%，山大地纬跌1.82%，广电电气跌2.62%，亨通股份跌1.50%，红星发展跌 0.91%，华联控股跌4.13%，振华股份跌1.99%。 来源：新浪基金∞工作室 ...

Company and Industry Summary Company: DW Electronics Key Points - **Market Expansion and Revenue Projections** DW Electronics anticipates significant growth in the storage testing machine market, projecting an increase from 60 billion to 80 billion due to the expected supply-demand gap in NAND technology. The company estimates that each of the two storage segments will expand by 60,000 units annually, leading to projected revenues of 40 billion from storage testing machines with a net profit margin of 25%, resulting in a profit of 10 billion [1][2] - **H Storage Testing Machine Market** The H storage testing machine market is projected to be 18 billion, with DW Electronics expected to capture a 50% market share, translating to 9 billion in revenue and a net profit margin of 20%, yielding a profit of 1.8 billion [1] - **Probe Card Supply Dynamics** A supply disruption in September from a U.S. supplier has allowed DW Electronics to transition from a secondary supplier to a primary supplier. The market for the two storage segments is estimated at 15 billion, with DW Electronics expected to hold a 70% market share, resulting in 10 billion in revenue and a net profit margin of 10%, contributing an incremental profit of 1 billion [1] - **Core Business Performance** The main business segment, focused on panel testing, generates stable annual revenues of 6-7 billion with a profit of 1.5 billion [2] - **GPU and SOC Testing Machine Market** The domestic market for GPU and SOC testing machines is valued at 80 billion, with DW Electronics capturing a 30% market share, leading to 24 billion in revenue and a net profit margin of 25%, resulting in a profit of 6 billion [2] - **Total Revenue and Profit Overview** The total projected revenue for DW Electronics is 89.5 billion, with a total profit of 20.3 billion. The company is valued at a market capitalization of 609 billion, with a price-to-earnings ratio of 30 [2] - **Breakdown of Revenue Sources** - Storage business: 59 billion revenue, 12.8 billion profit, 384 billion market cap - GPU and SOC testing machines: 24 billion revenue, 6 billion profit, 180 billion market cap - Core business: 1.5 billion profit, 45 billion market cap [2]

Core Insights - The report highlights the strategic development of Beijing Lier (002392.SZ) through a planned private placement to raise up to 1.034 billion yuan for projects in composite zirconia and aerospace materials, as well as for an innovation research center and a production base in Vietnam [7][8][9] Company Overview - Beijing Lier aims to enhance its traditional refractory materials business while simultaneously driving growth in emerging technologies, establishing a dual-engine growth strategy [8] - The company has invested in promising sectors, including silicon-carbon anode materials and AI chip companies, indicating a commitment to diversifying its portfolio [8][9] - The new production line for composite zirconia is projected to have an internal rate of return of 29.35% and a payback period of 4.89 years, showcasing the financial viability of the investment [9][11] Emerging Business Opportunities - The composite zirconia and zirconium-based materials can be utilized in high-end refractory materials, solid-state battery electrolytes, and aerospace applications, indicating a broad market potential [9] - The establishment of a production line in Vietnam is part of the company's strategy to expand its overseas operations, particularly in Southeast Asia, where steel production is rapidly increasing [10] - The report emphasizes the importance of integrating R&D in China with manufacturing in Southeast Asia and global distribution, which could enhance operational efficiency and market reach [10] Financial Projections - The company forecasts net profits of 459 million yuan, 669 million yuan, and 929 million yuan for the years 2025 to 2027, respectively, with corresponding earnings per share (EPS) of 0.39, 0.56, and 0.78 yuan [11] - The traditional refractory materials business is expected to maintain a strong competitive advantage, while the new and overseas business ventures are anticipated to provide additional growth avenues [11]