份额方面，科创芯片设计ETF易方达最新份额达3.34亿份，创成立以来新高。（数据来源：Wind） 截至2026年1月27日 14:43，上证科创板芯片设计主题指数(950162)强势上涨3.19%，成分股东芯股份上 涨20.00%，盛科通信上涨20.00%，普冉股份上涨14.66%，思瑞浦，力芯微等个股跟涨。科创芯片设计 ETF易方达(589030)上涨2.91%，最新价报1.1元。拉长时间看，截至2026年1月26日，科创芯片设计ETF 易方达近1周累计上涨5.56%。（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20.66%，成交7407.59万元，市场交投活跃。拉长时间 看，截至1月26日，科创芯片设计ETF易方达近1年日均成交9154.08万元。 规模方面，科创芯片设计ETF易方达最新规模达3.54亿元，创成立以来新高。（数据来源：Wind） 从资金净流入方面来看，科创芯片设计ETF易方达近3天获得连续资金净流入，最高单日获得6136.00万 元净流入，合计"吸金"8063.71万元，日均净流入达2687.90万元。（数据来源：Wind） 科创芯片设计ET ...

Group 1 - The semiconductor and space photovoltaic sectors are leading the market, with multiple stocks hitting the daily limit up, including Dongxin Co., Shengke Communication, and Laplace, each rising by 20% as of January 27, 2026 [1] - The domestic computing power hardware is breaking through technical bottlenecks, which is expected to deepen domestic substitution. Notable domestic computing power chip manufacturers include Cambrian, Haiguang Information, and Moore Threads, with major internet companies like Alibaba and Baidu also advancing self-developed computing power chips [1] - In the packaging sector, domestic companies are making significant progress, such as Changdian Technology achieving important advancements in optoelectronic packaging technology [1] - In the storage sector, Changxin Technology plans to launch DDR5 products by November 2025, reaching international first-tier levels in peak rate and other mainstream technical parameters, while Yangtze Memory Technologies has made breakthroughs in 3D NAND technology with its self-developed Xtacking architecture [1] Group 2 - The Science and Technology Innovation Index ETF (Penghua) closely tracks the Shanghai Stock Exchange Science and Technology Innovation Board Composite Index, which reflects the overall performance of eligible listed companies, including dividend income [2] - The top ten weighted stocks in the Science and Technology Innovation Index as of December 31, 2025, include Cambrian, Haiguang Information, and SMIC, collectively accounting for 23.57% of the index [2]

Group 1 - Semiconductor sector experienced significant gains, driven by Micron Technology's announcement of a $24 billion investment in a new NAND flash manufacturing facility in Singapore, expected to commence production in the second half of 2028 [1] - The biopharmaceutical sector gained attention due to the outbreak of Nipah virus in West Bengal, India, highlighting the market's focus on healthcare [1] - China Galaxy Securities noted that the semiconductor sector has performed well since January, with expectations of improved industry chain conditions and a long-term trend towards supply chain security and self-sufficiency [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the STAR Market 50 Index include SMIC, Cambricon, Haiguang Information, and others, collectively accounting for 54.42% of the index [2] - The STAR 50 ETF (588040), STAR 50 Enhanced ETF (588460), STAR 100 ETF (588220), STAR 200 ETF (588240), and STAR Composite Index ETF (589680) are key investment vehicles tracking the performance of the STAR Market [2]

Group 1 - DeepSeek's new DeepSeek-OCR 2 model utilizes the innovative DeepEncoder V2 method, enabling AI to "see" an image in a logical sequence similar to humans [2] - The AI ETF has seen a net inflow of 1.375 billion yuan over the past 10 days, with a current scale of 10.961 billion yuan, covering various segments of the AI industry chain [3] - The robot-themed ETF includes leading companies such as Huichuan Technology, leading in industrial robots, and Stone Technology, a leader in service robots [3] Group 2 - The Yuangbao plan will distribute 1 billion yuan in cash red envelopes starting February 1, with individual envelope amounts reaching up to 10,000 yuan [2] - Wenxin will launch a cash red envelope campaign totaling 500 million yuan from January 26 to March 12, also with a maximum prize of 10,000 yuan [2] - ByteDance's Volcano has become the exclusive AI cloud partner for CCTV's Spring Festival Gala, indicating potential for further promotional activities during the event [2]

股市风云变幻，众生百态尽显。近日，贵州茅台股价与火热的市场行情背道而驰，形成鲜明对比，引发不 少争议。有人开始质疑价值投资，甚至嘲讽投资大佬段永平。然而，这种简单粗暴的情绪化反应，恰恰暴 露了投资的短视与浮躁。 让我们试着站在段永平的角度思考。拥有超过1800亿人民币身家的他，早已实现了财富自由。对于他来 说，投资早已不是为了快速致富，而是为了财富的保值增值，追求的是长期的确定性，而非短期的高收 益。正如俗话所说，"慢就是快"，稳健才是王道。 更何况，贵州茅台在新掌门陈华的带领下，正积极进行渠道改革，展现出新的增长潜力。对于段永平来 说，此时的茅台更像是一支兼具进攻性的价值股，如同当年200多元的腾讯，极具吸引力。 然而，对于手中只有几万元的散户来说，茅台可能并不是一个理想的选择。一方面，资金量太小，难以配 置较多的茅台股票；另一方面，即使茅台未来翻倍，也难以改变他们的财务状况。他们更渴望的是一夜暴 富的机会，追求的是短期的高收益率，因此往往会选择风险更高的投资标的。 投资策略的选择，取决于投资者的自身情况和风险偏好。对于段永平来说，高确定性远比高收益更重要； 而对于追求快速致富的散户来说，高收益率才是他们的 ...

Core Viewpoint - The A-share market is experiencing fluctuations, but the sci-tech chip sector is showing resilience and strength, with significant capital inflow driven by "AI catalysis and independent innovation" [1][6]. Group 1: Market Performance - As of 11:01 on January 27, the sci-tech chip ETF Huatai (588750) rose by 2%, with over 220 million yuan net inflow for three consecutive days [1]. - Major component stocks of the sci-tech chip ETF saw significant gains, with Dongxin Co. hitting the daily limit, and other stocks like Chip Source Micro and Yuanjie Technology rising over 14% and 11% respectively [3][4]. Group 2: Industry Trends - The chip sector is receiving strong financial support, with the Shanghai three major leading industries mother fund announcing the selection of 17 sub-funds, including 4 for integrated circuits, totaling 22.89 billion yuan [6]. - The demand for storage chips is driven by AI, with a structural reconfiguration leading to price increases in high-end storage products like HBM and DDR5, expected to continue through 2026 [7]. - The demand for computing chips is surging as AI transitions from training to large-scale inference, resulting in a supply-demand imbalance across all categories of computing chips [8]. Group 3: Domestic Innovation and Market Opportunities - Domestic innovation and localization are accelerating in the chip industry, supported by top-level design and policy funding, creating a rapid growth window for domestic computing leaders [10]. - The domestic equipment procurement rate is projected to rise from approximately 18% in 2022 to around 30% by 2025, with potential growth to 60%-70% in the future [11]. - The sci-tech chip sector is positioned to benefit from both AI demand and domestic substitution, with the Huatai ETF focusing on core segments of the chip industry, showcasing higher growth potential and elasticity [12][14]. Group 4: Investment Insights - The Huatai sci-tech chip ETF is expected to show a net profit growth rate of 94% in the first three quarters of 2025, significantly outperforming peers [14]. - The ETF has demonstrated a maximum increase of 173% since September, indicating strong upward elasticity compared to other industry indices [15].

Core Viewpoint - The semiconductor equipment sector is experiencing strong performance, driven by significant price increases in the storage industry and breakthroughs in technology, indicating a robust recovery in the storage cycle and long-term growth potential in semiconductor materials and equipment [1][3][4]. Group 1: Market Performance - As of January 27, the semiconductor equipment ETF (561980) rose by 2.09%, with leading gains from companies closely related to the storage supply chain, such as ChipSource Microelectronics, Jinhai Tong, Fuchuang Precision, and Kangqiang Electronics [1]. - The focus of the market is currently on the upstream equipment and materials segments of the storage industry [2]. Group 2: Industry Cycle - Samsung Electronics plans to increase NAND flash supply prices by over 100% in Q1, confirming a shift in the supply-demand dynamics of the storage chip market and indicating the start of an upward industry cycle [3]. - The significant price recovery is expected to enhance the profitability and capital expenditure willingness of storage chip manufacturers, leading to increased orders for front-end manufacturing equipment and precision components [3]. Group 3: Technological Advancements - A research team from the Chinese Academy of Sciences has made significant progress in storage technology for AI chips, with new structures of ferroelectric materials published in the journal "Science," potentially breaking existing limits on density and energy efficiency [4]. - The concept of "space storage" links this technology to high-reliability applications in extreme environments, opening long-term growth opportunities for semiconductor materials and advanced equipment [4]. Group 4: Investment Opportunities - The semiconductor equipment ETF (561980) focuses on critical areas of domestic substitution, heavily investing in leading equipment companies and design giants, indicating strong growth potential [5]. - Investors can also consider connecting to funds for exposure to this sector, with a significant concentration in leading companies within the equipment and design fields [5].

[Table_Reportdate] 2026年01月27日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 陈伟业 cwy@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260127 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.药品零售新政出台，赋能行业高质量发展——医药生物行业周报（2026/01/19- 2026/01/25） ➢ 2.2026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 2026/1/19-2025/1/25 ➢ 1.商务部：将优化实施消费品以旧换新，促进家电等大宗耐用商品消费 ➢ 2.上期所调整白银、锡期货相关合约交易限额 ➢ 3.香港特别行政区行 ...

Investment Rating - The report indicates a positive outlook for sectors such as non-ferrous metals, communication, and non-bank financials, while suggesting a reduction in exposure to electronics and pharmaceuticals [4][6][9]. Core Insights - The overall asset scale of public funds continues to expand, with total assets rising from 38.1 trillion to 39.5 trillion yuan in the fourth quarter of 2025. However, the proportion of equity assets has decreased by 0.7 percentage points to 22.9%, while bond assets have increased by 0.6 percentage points to 53.4% [2][3]. - Active equity funds have seen a slight decrease in total assets from 3.1 trillion to 3 trillion yuan, with stock assets dropping to 2.6 trillion yuan and a decrease in equity position by 1.4 percentage points to 87%. A-share positions have increased from 71.7% to 72.3% [3][4]. - The report highlights a shift in fund holdings, with a decrease in concentration among leading stocks, as the top 100 stocks' market value share fell from 60.3% to 58.8% [6][9]. Summary by Sections Public Fund Position Changes - In Q4 2025, the A-share index rose by 2.2%, while the ChiNext index fell by 10.1%. The median return for actively managed equity funds was -1.5%, marking the lowest quarterly return of the year [1][3]. - The report notes that the proportion of equity assets in public funds has decreased, with stock assets slightly increasing to over 9 trillion yuan, but the overall equity proportion has declined [2][3]. Sector Allocation Changes - There has been an increase in allocations to non-ferrous metals (up 2.3 percentage points), communication (up 2 percentage points), and non-bank financials (up 1 percentage point). Conversely, reductions were noted in electronics (down 1.8 percentage points), pharmaceuticals (down 1.7 percentage points), and media [6][7][9]. - The report indicates that the communication equipment sector has seen significant increases in allocations, while sectors like consumer electronics, innovative pharmaceuticals, and semiconductors have experienced notable reductions [15][19]. Market Outlook - The report suggests that the A-share market is expected to show a "long-term" and "steady" trend, supported by multiple factors including industry hotspots, improving profit expectations, and a favorable liquidity environment [9][10]. - Recommendations for future investments include focusing on sectors with growth potential such as AI technology, overseas demand-driven industries, and high-dividend yielding companies [10].

Group 1 - The semiconductor equipment sector is showing strong performance, with the semiconductor equipment ETF (561980) increasing by 1.59% and peaking at 2.51% [1] - Major stocks in the sector, such as Northern Huachuang, Zhongwei Company, and Cambricon Technologies, have also seen gains of 1.63%, 3.30%, and 0.46% respectively [1] - The ETF has experienced continuous net inflows for eight consecutive days, accumulating over 560 million [1] Group 2 - A research team from the Chinese Academy of Sciences has made significant advancements in storage technology for AI chips, with their findings published in the prestigious journal "Science" [3] - This new technology is expected to break existing limits on memory density and energy efficiency, providing foundational hardware support for future AI computing [3] - The concept of "space storage" links this technology to high-reliability applications in extreme environments, opening long-term growth opportunities for semiconductor materials and advanced equipment [3] - Short-term trends indicate an upward trajectory in storage prices, which will positively impact orders and performance for equipment companies [3] - Long-term demand for AI chips will continue to drive semiconductor capital expenditures, with domestic equipment and material companies benefiting from technological advancements and supply chain security [3] - Investors are encouraged to focus on leading companies with deep layouts in storage, advanced packaging, and key materials [3] - The semiconductor equipment ETF (561980) emphasizes domestic substitution in critical areas, with nearly 80% of the top ten holdings and close to 90% in equipment and design sectors [3] - Investors can also consider connecting funds (Class A: 020464; Class C: 020465) for investment opportunities [3]