国产化潜力大的量检测环节：精测电子、中科飞测、赛腾股份、埃科光电等； 洁净室、介质系统：正帆科技、盛剑科技、美埃科技、至纯科技、柏诚股份等； 午后半导体设备股震荡回升，华峰测控、微导纳米涨超10%，福光股份、永新光学、京仪装备、光力科技跟涨。 消息面上，台积电1月销售额4012.6亿元新台币，同比增长36.8%。受此消息影响，台积电美股夜盘短线拉升涨超3%。 中国银河证券表示，从国际厂商的业绩表现来看，全球晶圆厂扩产预期依旧强劲。ASML 2025年第四季度实现净销售额97.2亿欧元，同比增长 4.92%；泛林集团2025年营收也同比增长27%，达到了206亿美元。长期来看，半导体设备行业需求较为确定，增长动力清晰。 据华福证券梳理： 台系半导体产业链：圣晖集成、亚翔集成、汉钟精机等； 测试探针：和林微纳、强一股份等； 核心工艺设备：北方华创、中微公司、拓荆科技、微导纳米、迈为股份等； 先进封装：快克智能、芯碁微装等； 第三方检测：苏试试验、胜科纳米等。 ...

数据显示，截至2026年1月30日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创、新易 盛、寒武纪、澜起科技、科大讯飞、中科曙光、海康威视、豪威集团、芯原股份、金山办公，前十大权 重股合计占比57.27%。 AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自 ...

规模方面，科创半导体ETF近3月规模增长42.96亿元，实现显著增长，新增规模领先同类；半导体设备 ETF华夏最新规模达27.59亿元。 资金流入方面，科创半导体ETF最新资金净流出6371.43万元。拉长时间看，近10个交易日内，合计"吸 金"1.82亿元；半导体设备ETF华夏最新资金净流入382.94万元。拉长时间看，近21个交易日内有15日资 金净流入，合计"吸金"12.69亿元，日均净流入达6042.88万元。 截至2026年2月10日 11:04，上证科创板半导体材料设备主题指数下跌0.31%。成分股方面涨跌互现，华 峰测控领涨7.20%，兴福电子上涨5.36%，艾森股份上涨2.79%；神工股份领跌4.61%，耐科装备下跌 4.02%，中科飞测下跌3.90%。科创半导体ETF（588170）下跌0.39%，最新报价1.77元。 截至2026年2月10日 11:06，中证半导体材料设备主题指数下跌0.65%。成分股方面涨跌互现，华峰测控 领涨7.53%，艾森股份上涨2.79%，京仪装备上涨2.10%；神工股份领跌4.55%，矽电股份下跌4.18%，康 强电子下跌4.13%。半导体设备ETF华夏（562 ...

Core Insights - The iShares Core MSCI Total International Stock ETF (IXUS) includes both developed and emerging markets, while the iShares Core MSCI EAFE ETF (IEFA) focuses solely on developed markets, providing different investment exposures [1][2] Cost & Size Comparison - Both IXUS and IEFA have an expense ratio of 0.07% - As of January 30, 2026, IXUS has a 1-year return of 37.7% compared to IEFA's 34.9% - IXUS has a dividend yield of 3.2%, while IEFA offers a slightly higher yield at 3.6% - IXUS has assets under management (AUM) of $51.9 billion, whereas IEFA has a significantly larger AUM of $162.6 billion [3][4] Performance & Risk Comparison - The maximum drawdown over five years for IXUS is -30.05%, while IEFA's is -30.41% - An investment of $1,000 in IXUS would grow to $1,305 over five years, compared to $1,353 for IEFA [5] Portfolio Composition - IEFA tracks developed markets in Europe, Australasia, and the Far East, holding 2,589 companies with a sector tilt towards financial services (22%), industrials (20%), and healthcare (11%) [6] - IXUS holds over 4,100 stocks, providing broader diversification with sector allocations leaning towards financial services, industrials, and basic materials, featuring top holdings in Taiwan Semiconductor Manufacturing, ASML, and Samsung Electronics [7] Investment Implications - The choice between IXUS and IEFA depends on the desired exposure; IEFA avoids the volatility of emerging markets but limits potential upside during strong emerging market cycles, while IXUS offers broader diversification and exposure to high-growth potential [8]

Core Insights - The iShares Core MSCI Total International Stock ETF (IXUS) provides broad exposure to developed and emerging markets at a lower cost compared to the iShares Core MSCI Emerging Markets ETF (IEMG), which focuses solely on emerging markets and has seen stronger recent returns [1][2] Cost and Size Comparison - IXUS has an expense ratio of 0.07%, while IEMG has a slightly higher expense ratio of 0.09% [3][4] - As of February 2, 2026, IXUS has a one-year return of 35.9% and a dividend yield of 3.24%, whereas IEMG has a one-year return of 41.5% and a dividend yield of 2.75% [3] - IXUS has assets under management (AUM) of $51.9 billion, while IEMG has a significantly larger AUM of $120.0 billion [3] Performance and Risk Analysis - Over the past five years, IXUS has experienced a maximum drawdown of 30.05%, compared to IEMG's 37.16% [6] - A $1,000 investment in IXUS would have grown to $1,305 over five years, while the same investment in IEMG would have grown to $1,106 [6] Portfolio Composition - IXUS holds 4,173 stocks across developed and emerging markets, with a focus on financial services (21%), industrials (15%), and basic materials (13%) [7] - IEMG consists of 2,725 stocks from emerging economies, with a significant emphasis on technology (26%), financial services (21%), and consumer cyclicals (12%) [6][10] - Both ETFs have Taiwan Semiconductor Manufacturing as a top holding, but IXUS diversifies its exposure across various sectors and regions, while IEMG is heavily concentrated in technology [10][11] Investment Implications - International stocks have outperformed U.S. markets in 2025, driven by a weaker dollar, attractive valuations, and strong earnings growth, making both IXUS and IEMG viable options for investors [8][9] - IXUS is suitable for investors seeking comprehensive international exposure with stability, while IEMG appeals to those willing to accept higher volatility for potential long-term growth in emerging markets [11]

Market Overview - The three major indices narrowed their declines in the afternoon, with the Shanghai Composite Index down 0.64%, the Shenzhen Component down 1.44%, and the ChiNext down 1.55% [1][14] - The total trading volume in the Shanghai and Shenzhen markets was 2.18 trillion yuan, a decrease of 304.8 billion yuan compared to the previous trading day, with over 3,700 stocks declining [1][14] - The materials and technology sectors continued to adjust, while the film, finance, and transportation sectors showed relative strength [1][14] Film Industry Performance - The Chinese film industry is expected to recover in 2025, with total box office revenue reaching 51.818 billion yuan, a year-on-year increase of 21.9%, recovering to 80.8% of the 2019 peak [3][16] - The first quarter of 2025 performed exceptionally well, driven by strong box office results from quality domestic films during the Spring Festival [3][17] Policy Developments - In August 2025, the National Radio and Television Administration implemented measures to enrich television content, including the removal of the 40-episode limit and the promotion of high-quality foreign programs [4][18] - These adjustments are expected to attract users and benefit the long-term development of the industry [4][18] AI and Content Trends - The AI-driven sector saw a significant increase in the release of AI dramas, with nearly 47,000 episodes launched in 2025, and a notable increase in average viewership for new dramas [6][18] - The trend indicates a shift towards higher quality content, with new dramas achieving 3-5 times the viewership of ordinary works [6][18] Upcoming Film Releases - As the Spring Festival approaches, several films have been scheduled for release in 2026, including titles with strong IPs and star-studded casts, indicating a rich variety of themes [8][20] Semiconductor Sector Insights - The semiconductor equipment ETF experienced a slight decline of 0.17%, while the communication ETF fell by 2.47% due to complex internal and external environments [21][23] - Recent financial reports from major companies like Meta and Google indicate a significant increase in capital expenditures for 2026, suggesting a positive outlook for the semiconductor industry [10][24] Storage Market Outlook - Major storage companies like Sandisk and SK Hynix are showing a doubling trend in performance, with strong demand for storage expansion noted by ASML [11][25] - The global wafer fabrication equipment market size is projected to reach 135 billion USD by 2026, indicating an upward trend in market conditions [11][25] Investment Opportunities - The technology sector shows a favorable trend based on earnings forecasts and financial reports, despite facing multiple pressures in the market [12][25] - Specific investment opportunities include the communication ETF and semiconductor equipment ETF, driven by high demand in the optical module market and storage expansion [12][25]

Macro and Strategy - The report discusses the "anti-involution" policy aimed at addressing overcapacity and disorderly competition, marking a significant shift in the construction of a unified national market [6][8] - The policy evolution is divided into three phases, with the current phase focusing on systematic implementation to eliminate local protectionism and market segmentation [6][7] - The report emphasizes the need for administrative coordination to break down local protection and industry barriers, while also advocating for a long-term focus on reasonable profit margins for enterprises [8][9] Industry and Company - The electronic industry report highlights the rapid emergence of AI applications, with a focus on the computing power chain becoming a central investment theme [16] - The automotive industry report notes that the penetration rate of NOA (Navigation on Autopilot) in urban areas has exceeded 20%, with significant investments in autonomous driving technologies [23][24] - The agricultural sector report indicates a rise in potassium fertilizer contract prices and increased demand for phosphate rock driven by energy storage needs [3] - The real estate sector in Hong Kong shows signs of recovery, with a 21% increase in private residential transaction volume in 2025, marking the second-highest level since 2013 [33][34] - The report on public REITs indicates a continued divergence in performance across different asset types, with a strong long-term allocation value expected as the market matures [10][11] Investment Strategies - The report suggests focusing on sectors benefiting from policy support and strong fundamentals, such as affordable housing and new infrastructure related to digital economy upgrades [10][11] - In the automotive sector, recommendations include investing in companies with strong new product cycles and those involved in intelligent driving technologies [26][29] - The report advises on maintaining a balanced asset allocation strategy, particularly in light of potential market volatility and economic recovery signals [12][13]

国信证券近日发布电子行业周报：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。 以下为研究报告摘要： 核心观点 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（300476）、工业 富联（6 ...

截至2026年2月4日11点07分，上证科创板半导体材料设备主题指数下跌0.95%。成分股方面涨跌互现， 晶升股份领涨3.01%，京仪装备上涨0.47%，中微公司上涨0.41%；神工股份领跌4.71%，华海诚科下跌 3.50%，富创精密下跌2.84%。科创半导体ETF(588170)下跌0.96%，最新报价1.75元。 截至2026年2月4日11点09分，中证半导体材料设备主题指数下跌0.90%。成分股方面涨跌互现，晶升股 份领涨3.03%，京仪装备上涨0.74%，拓荆科技上涨0.48%；神工股份领跌4.76%，华海诚科下跌3.41%， 富创精密下跌3.19%。半导体设备ETF华夏(562590)下跌0.74%，最新报价1.88元。 资金流入方面，科创半导体ETF最新资金净流出2.27亿元。拉长时间看，近5个交易日内有4日资金净流 入，合计"吸金"3.89亿元，日均净流入达7786.37万元；半导体设备ETF华夏最新资金净流出1.09亿元。 拉长时间看，近10个交易日内有7日资金净流入，合计"吸金"6474.22万元，日均净流入达647.42万元。 消息面上，Counterpoint表示，根据该机构2026年 ...

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 ...