Investment Rating - The report maintains a rating of "Outperform" for the industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report emphasizes that AI inference is driving innovation, with a focus on demand-driven Opex-related sectors, particularly in storage, power, ASIC, and supernodes [2][30]. - The storage sector is highlighted as a key area of growth, with expectations for significant expansion in domestic storage capacity driven by increasing demand for SSDs and HBM products [2][30]. - The report suggests that 2026 will be a pivotal year for expansion in the storage industry, particularly for domestic players [2][30]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.93%, while the Shenwan Electronics Index decreased by 5.07%, ranking 28th among 31 sectors [12][13]. - Year-to-date, the Shenwan Electronics Index has risen by 7.09%, ranking 14th among 31 sectors [12][13]. Weekly Focus - The report discusses the significant investment in major projects in the integrated circuit sector, with expected investments ranging from hundreds of billions to trillions [26]. - It highlights the strong performance of Baiwei Storage, which anticipates a revenue increase of 340% to 395% year-on-year for January-February 2026 [27][29]. Sector Analysis - The storage sector is expected to benefit from a supply-demand mismatch, with major companies like Yangtze Memory Technologies and Changxin Memory Technologies expanding production [30][31]. - The ASIC segment is projected to see increased market share, with a focus on major cloud service providers [32]. - The report identifies growth opportunities in high-speed interconnects, cabinet manufacturing, liquid cooling, and PCB demand, recommending specific companies in these areas [32][33]. Investment Opportunities - The report suggests focusing on the domestic storage industry chain, including companies involved in NAND and DRAM production, as well as those in the HBM storage chip sector [31][32]. - It also highlights the importance of advancements in power generation and consumption technologies, recommending companies in both sectors [32].

Group 1 - As of February 26, the margin trading balance in A-shares reached 26,670.4 billion yuan, an increase of 20.41 billion yuan from the previous trading day, accounting for 2.54% of the A-share circulating market value [1] - The trading volume of margin transactions on the same day was 2,572.58 billion yuan, an increase of 9.80 billion yuan from the previous trading day, representing 10.06% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 26 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 4.87 billion yuan [1] Group 2 - A total of 65 stocks had net financing inflows exceeding 100 million yuan, with Cambricon Technologies leading at a net inflow of 1.376 billion yuan [1] - Other notable stocks with significant net financing inflows included Sungrow Power Supply, Chipone Technology, CATL, Shenghong Technology, Northern Rare Earth, China Ping An, Baotou Steel, Haiguang Information, and Huafeng Technology [1][2] - Research from Shingang Securities indicates that the increase in demand for data calls and the improvement in monetization capabilities of domestic AI models are expected to benefit the domestic computing power industry chain [2]

Group 1 - The semiconductor industry is currently in an upward cycle, driven primarily by AI, with significant capital expenditure growth expected from major North American cloud providers in 2025 and 2026, which will boost demand for AI computing hardware infrastructure [1] - Global semiconductor sales increased by 37.1% year-on-year in January 2026, marking 26 consecutive months of positive growth, with DRAM and NAND Flash spot prices rising approximately 39% and 35% respectively [1] - The domestic computing power industry chain is experiencing a dual resonance from both supply and demand sides, with improved yield and capacity in wafer fabs and high AI capital expenditure driving demand [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the Sci-Tech Innovation Board chip index accounted for 59% of the index, with key companies including Lanqi Technology, Haiguang Information, and SMIC [2] - The Sci-Tech Chip ETF (588200) serves as a convenient tool for investors looking to gain exposure to the Sci-Tech Innovation Board chip sector [2] - Investors without stock accounts can consider the Sci-Tech Chip ETF linked fund (017470) to explore investment opportunities in domestic chips [3]

Investment Rating - The report maintains a "Strong Buy" rating for the domestic computing power industry chain, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The report emphasizes that AI inference is leading innovation, with a focus on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It highlights the expected growth in the domestic storage industry, driven by new products from Yangtze Memory Technologies and Changxin Memory Technologies, alongside a rapid increase in demand for SSDs and HBM [2][29]. - The report anticipates a significant expansion year for storage production, suggesting investors pay close attention to the overall opportunities within the domestic storage industry chain [29]. - The power industry is also highlighted, with a focus on new technologies on both the supply and demand sides, including companies like Sanhua Group and Zhongfu Circuit [30]. - The ASIC segment is expected to see an increase in market share, with a focus on major CSP manufacturers [30]. - The report predicts an evolution in cabinet models, with growth in demand for high-speed interconnects, cabinet OEM, liquid cooling, and PCB [30]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, while the Shenzhen Component Index dropped by 2.11%, and the overall Shenwan Electronics Index decreased by 5.23% [1][13]. - Year-to-date, the Shenwan Electronics Index has declined by 4.73%, ranking 14th out of 31 sectors [1][13]. Weekly Focus - Nvidia's upcoming Arm architecture-based N1X + N1 processor is discussed, indicating a strategic move into the AI PC and laptop market, competing directly with AMD and Intel [26][27]. - The report notes that Nvidia's new processors will utilize TSMC's 3nm process technology, enhancing performance while maintaining low power consumption [26][27]. Related Research - Previous reports have consistently highlighted the positive outlook for the domestic computing power industry chain, including price increases in semiconductor packaging and storage chips [4][6][5].

Investment Rating - The report maintains a "Strong Buy" rating for the domestic computing power industry chain, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The report emphasizes that AI inference is leading innovation, with a focus on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It highlights the expected growth in the storage sector due to new product breakthroughs from Yangtze Memory Technologies and Changxin Memory Technologies, predicting a significant expansion year for domestic storage capacity [29]. - The report also notes the anticipated increase in ASIC market share and the evolution of cabinet models, with a positive outlook on high-speed interconnects, cabinet manufacturing, liquid cooling, and PCB demand [30]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, while the Shenzhen Component Index dropped by 2.11%. The Shenwan Electronics Index decreased by 5.23%, ranking 29th among 31 Shenwan industries [1][13]. Weekly Focus - Nvidia is set to launch new Arm architecture-based chips, specifically the N1X and N1 processors, designed for AI computing, which will compete directly with AMD and Intel in the laptop market [26][27]. Storage Sector - The report identifies key players in the NAND & DRAM semiconductor industry, including Zhongwei Company, Tuojing Technology, and Anji Technology, and suggests focusing on the overall opportunities within the domestic storage industry chain [29]. Power Sector - The report recommends attention to new technologies in both the power generation and consumption sides, highlighting companies like Sanhuan Group and Zhongfu Circuit [30]. ASIC and Supernodes - The report anticipates an increase in ASIC's market share and suggests monitoring major CSP manufacturers, while also noting the expected growth in demand for high-speed interconnects and related technologies [30]. Domestic Computing Power Chain - The report underscores the improvement in domestic advanced process yields and capacity, which is expected to enhance the supply side of domestic computing power chips, alongside a clearer commercialization model for domestic CSP manufacturers [30][31].

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]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Views - The report highlights a continued price increase trend in the AI infrastructure supply chain, suggesting that multiple segments such as CPU and cloud services may experience simultaneous volume and price growth, benefiting related industries [8][58] - The report recommends focusing on the domestic computing power supply chain, particularly leading companies in computing chips like Cambricon and Haiguang Information, as well as domestic CPU, cloud, and AI infrastructure suppliers [8][58] Summary by Sections Market Performance - Last week, the computer sector rebounded slightly, with an overall decline of 0.25%, ranking 27th among major industries in the Yangtze River region, and accounting for 7.08% of total market turnover [2][18] Key Recommendations - The report emphasizes the importance of the domestic basic resource supply chain, particularly in light of ongoing price increases that are expected to benefit various segments, including computing chips and cloud services [8][58] Notable Developments - Recent updates include the IPO progress of three companies in the commercial aerospace sector, and announcements from Elon Musk regarding the Optimus humanoid robot, which is expected to be available to the public by the end of 2027 [2][23][29] - The report also notes that the full version of Tesla's FSD (Full Self-Driving) may receive regulatory approval soon, which could accelerate investment opportunities in the smart driving industry [37][41]

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous and semiconductor sectors, with gold-related ETFs and chip-related ETFs leading in gains on January 21 [1][4][5] - The ShiHua ETF (159731) experienced a sudden surge, hitting the daily limit, which is suspected to be a result of a trading error [1][5] - The market saw significant net outflows from ETFs, totaling nearly 500 billion yuan on January 20, with a cumulative outflow of 903 billion yuan over the first two trading days of the week [3][12] Group 2 - The gold stock theme ETFs showed notable gains, with the leading ETFs reporting increases of 6.33% to 6.26% on January 21, driven by geopolitical uncertainties and a shift towards risk aversion [5][6] - The semiconductor sector is experiencing a bullish trend, with strong performance in storage and computing chips, leading to price increases across the supply chain due to rising AI demand and supply chain bottlenecks [7] - The banking sector and consumer goods faced declines, with multiple bank ETFs showing negative performance, indicating a shift in market sentiment [8][9] Group 3 - The trading activity in broad-based ETFs remained active, with the HuShen 300 ETF (510300) achieving a transaction volume of 23.208 billion yuan, and several other broad-based ETFs exceeding 10 billion yuan in trading volume [2][10][11] - Several ETFs disclosed their fourth-quarter reports for 2025, including the Securities ETF from Guolianan and the 1000 Enhanced ETF from Tianhong [14]

Investment Rating - The report maintains a rating of "Outperform" for the electronic industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report emphasizes that AI inference is driving innovation, with a focus on demand-driven Opex-related sectors, particularly in storage, power, ASIC, and supernodes [2][30]. - The semiconductor packaging industry is experiencing a significant price increase of 30%, driven by supply-demand imbalances and rising costs of raw materials [23][24][27]. - The report highlights the expected growth in the domestic computing power supply chain, particularly in storage and ASIC sectors, as companies like Yangtze Memory Technologies and ChangXin Memory Technologies expand production [2][30]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 0.45%, while the Shenzhen Component Index increased by 1.14%. The Shenwan Electronics Index rose by 3.77%, ranking second among 31 Shenwan industries [1][13]. Weekly Focus - TSMC reported a 35% increase in profits, driven by strong demand for AI chips, with expected capital expenditures of $52 billion to $56 billion in 2026 [23]. - The packaging industry is benefiting from a recovery in demand, with companies like Li Cheng and Hua Dong Technology seeing increased capacity utilization and order visibility [23][24]. Storage Sector - The report anticipates a significant expansion year for NAND and DRAM production, driven by rising demand for SSDs and HBM products [30]. - Key players in the NAND and DRAM semiconductor supply chain include companies like Zhongwei Technology and Tuo Jing Technology [30]. Power Sector - The report identifies growth opportunities in the power sector, focusing on new technologies in both generation and consumption [31]. ASIC and Supernodes - The report expresses optimism regarding the full-stack model of ASIC inference, predicting an increase in market share for ASICs [31]. - It also notes the anticipated evolution of cabinet models, with growth expected in high-speed interconnects, cabinet manufacturing, and liquid cooling technologies [31]. Domestic Supply Chain - The report highlights improvements in domestic advanced process yields and capacity, which are expected to enhance the supply of domestic computing power chips [30][32].

Group 1 - The semiconductor sector experienced a strong rebound on January 12, 2026, with the China Securities Semiconductor Materials and Equipment Theme Index rising by 1.78% [1] - Notable individual stock performances included Zhongwei Company increasing by 6.72%, Jianghua Micro rising by 5.65%, and Yake Technology up by 4.63% [1] - The Semiconductor Equipment ETF (159327) also saw an increase of 1.77%, reaching a peak gain of over 2% during the trading session [1] Group 2 - As of January 9, 2026, the latest scale of the Semiconductor Equipment ETF reached 787 million yuan, marking a new high since its inception [1] - The ETF has experienced continuous net inflows over the past four days, totaling 133 million yuan [1] - The Shanghai Municipal Government issued a three-year action plan (2026-2028) to support the transformation and upgrading of advanced manufacturing, focusing on integrated circuit enterprises [1] Group 3 - The global semiconductor sector has been strengthening, particularly influenced by events like CES, with the A-share semiconductor equipment index showing a weekly increase of 17% [1] - Haitong International believes that the semiconductor market is not yet over and recommends increasing positions when the sector pulls back to key moving averages [1] - The ongoing development of the domestic computing power industry chain and the anticipated release of the V4 model by DeepSeek in February are expected to enhance market sentiment towards Chinese tech assets [1] Group 4 - As of December 31, 2025, the top ten weighted stocks in the China Securities Semiconductor Materials and Equipment Theme Index accounted for 65.08% of the index [2] - The Semiconductor Equipment ETF closely tracks the China Securities Semiconductor Materials and Equipment Theme Index, characterized by high growth and high elasticity [2] - Investors can access investment opportunities through the connection funds (A: 023828; C: 023829) [2]