需求恢复不及预期的风险；AIGC 进展不及预期的风险；外部制裁进一步升级的风险。 敬请参阅最后一页特别声明 1 继续看好 AI-PCB 及核心算力硬件、苹果产业链及自主可控受益产业链。Meta 2026 年全年资本开支指引超预 期，闪迪 2026 第三财季业绩指引超预期。我们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，继续看好核心受益公司。继续看好 AI-PCB 及核心算力 硬件、苹果产业链及自主可控受益产业链。 细分行业景气指标：消费电子（稳健向上）、PCB（加速向上）、半导体芯片（稳健向上）、半导体代工/设备/材料 /零部件（稳健向上）、显示（底部企稳）、被动元件（稳健向上）、封测（稳健向上）。 北美大厂 AI 开支超预期，存储业绩持续爆发。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。我们看到 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 ...

Group 1 - The year 2026 marks the beginning of the "14th Five-Year Plan," with favorable policies and market conditions for the cyclical sector, driven by coordinated fiscal and monetary policies, including the issuance of long-term special government bonds and increased infrastructure special bonds [1] - The domestic economic recovery is confirmed, with all three PMI indices returning to the expansion zone by December 2025, and the IMF raising China's GDP growth forecast for 2026 to 4.5%, presenting opportunities for both fundamental and valuation recovery in cyclical sectors [1] - The cyclical industry is experiencing an upward trend in prosperity, with strong growth momentum in key sectors, such as a forecast of 120GW of new wind power installations in China for 2026 and a 36% year-on-year increase in transformer exports in 2025 [1] Group 2 - Global liquidity remains accommodative, benefiting the financial attributes of commodities, with expectations of continued easing in 2026, supported by supply-side reforms and structural upgrades in China [2] - The long-term backdrop of Sino-US competition is driving up the valuation system for resource products, with the "self-sufficient" strategy boosting demand for bulk commodities and contributing to long-term price support [2] - The focus is on three main directions: resources, overseas electricity shortages (electric power equipment), and chemical industry anti-involution, with optimism regarding market opportunities benefiting from improved liquidity and valuation shifts in January [2] Group 3 - The fund manager has extensive experience in the cyclical sector, achieving significant performance with the funds managed, including a 71.86% net value growth rate for the Minsheng Jianyin Cyclical Preferred Mixed Fund A in the past year, outperforming the benchmark [3] - Over longer periods, the Minsheng Jianyin Cyclical Preferred Mixed Fund A and the Minsheng Jianyin Urbanization Flexible Allocation Mixed Fund A have consistently ranked in the top third of their category [3]

截至午间收盘，中证云计算与大数据主题指数下跌1.6%，中证芯片产业指数上涨0.3%，中证半导体材料设备主题指数下跌0.6%，半导体设备ETF易方达 （159558）半日净申购达2900万份。 国金证券认为，半导体设备是半导体产业链的基石，存储扩产与自主可控共振，国产化空间广阔。存储芯片架构从2D向3D深层次变革，随着3D DRAM技术 引入以及NAND堆叠层数向5xx层及以上演进，制造工艺中对高深宽比刻蚀及先进薄膜沉积的要求呈指数级提升，相关设备厂商将深度受益于工艺复杂度提 升带来的红利。 0.3% 半导体设备ETF易方达 跟踪中证半导体材料设备主题指数 该指数由40只业务涉及半 导体材料和半导体设备的公 司股票组成,聚焦未来计算 的硬件基础环节。 截至午间收盘 该指数涨跌 -0.6% 同标的指数中规模居第一 联际十九心 广州指数 该指数由50只业务涉及芯 片设计、制造、封装与测 试以及半导体材料、半导 体生产设备等公司股票组 成,聚焦未来计算的核心 硬件环节。 截至午间收盘 该指数涨跌 每日经济新闻 低费率(0.15%+0. 05%费 ...

半导体行业迎新一轮资本开支，自主可控背景下公司未来增量项目显著。展望2026 年，全球半导体行 业景气度预计持续提升，国内长鑫、长存、盛合晶微等核心半导体企业IPO 有序推进，行业迎来新一轮 资本扩张，公司作为国内领先的电子大宗现场制气企业，将有望充分受益，潜在项目众多。同时在装备 制造升级方面，随着杭州智能装备制造基地的顺利投产，公司核心设备的自主可控能力进一步增强。同 时，公司自主研发的 Super-N 系列超高纯制氮装备等关键设备实现升级迭代，为公司新项目的高效投 产、稳定运行、效能提升提供坚实保障。根据公司公众号披露，2026 年1 月20 日，公司正式成为全球 首条规模化量产的第8.6代印刷OLED 生产线电子大宗气体供应商。此外，公司潜江C4F6、上海氯化 氢、合肥溴化氢等电子特气项目顺利推进，有望成为新的战略增长极。 投资分析意见：根据公司业绩快报数据，小幅下调2025 年归母净利润预测至2.86 亿元（原值为3.06 亿 元），维持2026-2027 年归母净利润预测分别为4.56、6.25 亿元，当前市值对应PE 分别为93、58、 43X，看好公司电子大宗现场制气业务模式，维持"增持"评级 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to market performance [8]. Core Insights - The company has shown a consistent upward trend in quarterly performance, benefiting from the semiconductor industry's expansion and the recovery of helium prices. The ongoing projects are expected to contribute to steady revenue growth [6][8]. - The semiconductor sector is experiencing a significant capital expenditure cycle, with the company positioned to benefit from new projects and increased demand for its gas supply services [8]. - The company has successfully enhanced its supply chain capabilities and is expanding its market share in helium, which is crucial for its growth strategy [8]. Financial Data and Earnings Forecast - Total revenue is projected to grow from 24.24 billion yuan in 2025 to 30.56 billion yuan in 2026, reflecting a year-on-year growth rate of 26.1% [7]. - The net profit attributable to the parent company is expected to increase from 2.86 billion yuan in 2025 to 4.56 billion yuan in 2026, with a significant growth rate of 59.7% [7]. - The company's earnings per share (EPS) is forecasted to rise from 0.22 yuan in 2025 to 0.35 yuan in 2026, indicating a positive trend in profitability [7].

Core Viewpoint - The revised Implementation Regulations of the Drug Administration Law of the People's Republic of China have been officially released, emphasizing a legal framework for drug activities that prioritizes public welfare and innovation [1] Industry Summary - The new regulations serve as a tool to refine and implement the Drug Administration Law, indicating a shift towards high-quality development in the pharmaceutical industry, driven by innovation and compliance [1] - The pharmaceutical industry is expected to maintain an overweight position, with investment strategies focusing on three main lines for 2026: 1. Innovation-driven and internationalization, highlighting the importance of companies that focus on innovation and international expansion in a domestic policy environment that discourages excessive competition [1] 2. Self-sufficiency, with an emphasis on core components, reagents, and upstream research that can replace imports, especially in light of potential geopolitical risks [1] 3. New policies and new opportunities, benefiting from optimized centralized procurement, three-payment systems in medical insurance, consumption stimulus policies, and state-owned enterprise reforms [1]

中信证券研报表示，修订后的《中华人民共和国药品管理法实施条例》正式发布。《条例》是细化和落 实《药品管理法》的抓手，展现出我国药品活动的法律法规以民生和创新为导向。我们对照了修订后的 《条例》与2002版《条例》，认为医药行业将以创新为核、合规为基，走向高质量发展。延续2026年的 产业投资策略观点：我们认为医药行业将是有望维持超配的行业，从横向维度上，建议2026年围绕以下 几条主线进行布局：1）创新驱动和国际化—在反内卷的国内政策环境下，关注创新驱动和国际化出海 的相关标的；2）自主可控—我们预计未来可能还会陆续面临地缘政治扰动带来的风险，应更多关注自 主可控下核心零部件、试剂、科研上游的进口替代进程加速的相关标的；3）新政新气象—受益于集采 优化、医保三个支付、消费刺激政策和国企改革的相关标的。 （文章来源：第一财经） ...

Group 1 - The core viewpoint of the article highlights the significant investment inflow into the semiconductor equipment ETF (159516), with a net inflow of 660 million shares, indicating strong market interest in this sector [1] - The AI wave is driving a surge in computing power demand, leading to increased value in segments such as servers, AI chips, optical chips, storage, and PCBs [1] - Nvidia's Rubin platform AI chip production is expected to enhance computing speed significantly while reducing costs, indicating a transformative impact on the industry [1] Group 2 - The storage prices have reached a bottom and are beginning to recover, while the utilization rate in the packaging and testing segment is gradually improving, driven by the growth in demand for advanced packaging related to AI chips [1] - TSMC's fourth-quarter revenue exceeded expectations, benefiting from a surge in AI application demand, and the next three years will focus on expanding advanced processes as a key strategy [1] - The passive components, digital SoC, and RF sectors are showing signs of recovery, indicating a positive trend in the upstream semiconductor industry [1] Group 3 - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), which includes publicly traded companies involved in semiconductor material research, production, sales, and equipment manufacturing [1]

2026.01. 28 本文字数：2709，阅读时长大约4.5分钟 作者 | 第一财经 周楠 当前正值上市公司年报预告披露期，不同于以往的绩优股抢先发布业绩，今年财报季里，一批亏损公司正在 密集"交卷"。 1 月 26 日 晚 间 ， 百 余 家 A 股 公 司 披 露 了 2025 年 业 绩 预 告 ， 多 家 亏 损 公 司 在 列 。 其 中 ， 大 禹 生 物 （920970.BJ）、ST英飞拓（002528.SZ）等续亏；二六三（002467.SZ）、恒基达鑫（002492.SZ）等首 亏。 另据Wind统计，截至1月26日，共计1165家A股公司已披露2025年业绩预告，业绩下滑的有709家，占比约 六成，当期预计亏损的有500多家。从行业来看，预亏幅度较大的企业扎堆房地产、建筑行业，涉及华夏幸 福（600340.SH）、绿地控股（600606.SH）等。华夏幸福预计去年亏损160亿元至240亿元，暂时成为"亏 损王"。 一些业绩"滑坡"的公司，遭遇投资者"用脚投票"。至纯科技（603690.SH）预计去年亏损3亿元至4.5亿元， 或出现上市以来的首次归母净利润亏损，消息披露后公司股票一度跌停。 ...

Core Viewpoint - Elon Musk's SpaceX has announced free access to its Starlink satellite internet service for Iranian users amid political turmoil, raising international concerns about the implications of commercial satellite constellations on global security and governance [1] Group 1: Impact of Starlink on Warfare - The Starlink system, initially designed for commercial satellite internet, has evolved into a quasi-military tool for the U.S., significantly influencing modern warfare dynamics, as evidenced by its rapid deployment to support Ukrainian forces during the Russia-Ukraine conflict [1] - The U.S. military has integrated Starlink with various operational units, enhancing its combat capabilities and creating a closed-loop information system for military operations [2] Group 2: Strategic Dependency and National Security - The reliance on Starlink technology by smaller nations creates a strategic dependency, posing risks to national sovereignty and security, as seen in past instances where the U.S. leveraged Starlink to exert pressure on countries like Ukraine [3] - The trend of countries, particularly in Europe and Japan, developing their own low-Earth orbit satellite constellations reflects a response to the vulnerabilities associated with dependency on foreign technology [3] Group 3: Challenges of Space Resource Management - Starlink's rapid expansion, with over 10,000 satellites in orbit, has led to monopolistic control over near-Earth orbital resources, increasing the risk of satellite collisions and space debris [4] - The lack of regulatory frameworks allows entities like Starlink to operate with impunity, potentially leading to a new arms race in outer space, as existing international laws struggle to address these emerging challenges [4] Group 4: Call for International Cooperation - There is a pressing need for the international community to establish binding guidelines for space activities to prevent militarization and ensure that space technology serves humanity's welfare [5] - Developing countries are encouraged to pursue autonomous technological paths and strengthen collaboration to build a secure space community [5]