每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 据摩根士丹利最新研报，全球半导体行业正处于AI驱动的结构性变革期，存储板块周期性复苏与 AI产业链高增长形成共振，行业景气度有望持续超预期。从竞争格局来看，技术领先、产能充足且深 度绑定核心客户的龙头企业将持续享受红利，一方面能够凭借技术壁垒承接高端需求，另一方面可通过 规模效应抵御行业波动。配置上重点布局四大核心赛道：AI算力芯片、高端存储、先进封装、半导体 设备。 中证半导体材料设备主题指数由40只业务涉及半导体材料和半导体设备的股票组成，根据申万三级 行业分类，指数半导体设备占比约63%，在国产化趋势中具备较强弹性。看好设备产业链的投资者，可 借道半导体设备ETF易方达（159558）等产品一键打包板块龙头。 1月22日早盘，半导体设备板块高开低走。截至10:40，中证半导体材料设备主题指数下跌2.4%，半 导体设 ...

Group 1 - The technology sector, particularly the semiconductor sector, is experiencing a collective decline, with the semiconductor materials and equipment index down by 1.7% and the Sci-Tech chip index down by 1.3% as of 10:25 AM on January 20 [1] - Despite the decline in indices, there has been a continuous inflow of funds into related ETFs, with the E Fund Sci-Tech Chip ETF (589130) seeing an inflow of nearly 400 million yuan over three consecutive trading days, and the E Fund Semiconductor Equipment ETF (159558) attracting over 2.3 billion yuan over 15 consecutive trading days [1] - According to a report from China Merchants Securities, the AI-driven global storage chip industry is entering a "super cycle," with supply-demand mismatches leading to unexpected price increases for products [1] Group 2 - Domestic and international storage capacity expansions are ongoing, with companies like Changxin and Changcun accelerating their IPO processes, indicating a positive outlook for upstream semiconductor equipment investment opportunities [1] - The semiconductor materials and equipment index focuses on the semiconductor equipment and materials sectors, with over 60% of the index comprising semiconductor equipment, which shows strong resilience amid the trend of domestic substitution [1] - The Sci-Tech Board chip index covers various segments of the semiconductor industry, including design, manufacturing, testing, and equipment, with digital chip design and semiconductor equipment being the top two weighted sectors, accounting for approximately 65% of the index [1]

半导体设备ETF易方达（159558）、芯片ETF易方达（516350）分别跟踪以上指数，其中半导体设备 ETF易方达（159558）今年以来持续获资金青睐，10个交易日合计净流入额近20亿元，可助力投资者把 握产业链核心企业。 （文章来源：每日经济新闻） 有分析称，存储和逻辑芯片厂商皆展示出对半导体设备的显著需求，带动全球半导体设备进入扩产周 期。此外，国内两存上市及扩产、国产先进制程扩产，亦将为半导体设备注入实际业绩需求，再考虑到 进入业绩预告期后其稳定业绩对资金的吸引力，相关板块配置机会显现。 中证半导体材料设备主题指数聚焦半导体材料和设备领域，根据申万三级行业分类，指数半导体设备占 比超60%，在国产化趋势中具备较强弹性；中证芯片产业指数则由50只业务涉及芯片设计、制造、封装 与测试以及半导体材料、半导体生产设备等领域的股票组成，半导体设备行业占比约20%。 1月19日午后，半导体设备板块持续震荡调整，截至14:30，中证半导体材料设备主题指数下跌0.3%，中 证芯片产业指数下跌0.2%。相关ETF逆势获资金加仓，半导体设备ETF易方达（159558）盘中净申购超 1.5亿份。 消息面上，台积电近日披 ...

Core Insights - The A-share market experienced a positive trend with all three major indices rising, particularly the ChiNext Index which increased by 1.31%, indicating resilience in the market [1] - The total trading volume surged to 1.89 trillion yuan, signaling a clear influx of new capital and providing substantial liquidity support for the market's structural rally [1] - The market showed a high degree of focus rather than broad participation, with the non-ferrous metals (+2.85%) and communication (+2.81%) sectors leading the gains, reflecting a shift driven by industrial logic and macroeconomic expectations [1] Non-Ferrous Metals Sector - The rise of the non-ferrous metals sector is attributed to macroeconomic factors and a resonance with commodity prices, particularly driven by the surge in London silver prices, which have increased by over 98% this year [2] - This trend is not merely a short-term speculative reflection but represents market pricing of the evolving global macroeconomic landscape, with leading companies like Jiangxi Copper closely tied to global commodity cycles [2] Communication Sector - The strong performance of the communication sector reflects the inherent growth logic of the technology industry and the trend towards domestic production [3] - The competition between Google TPU and Nvidia GPU has positively impacted the Chinese tech supply chain, emphasizing the necessity for self-sufficiency in core computing power [3] - The advancement of national strategies such as "East Data West Computing" and the construction of computing infrastructure, along with the rollout of 5G-A, provide a clear growth trajectory for the communication industry [3] - Sub-sectors like smart speakers, MCU chips, and eSIM cards have seen index increases of over 5%, indicating a revival and innovation in the consumer electronics sector driven by AI [3] Market Outlook - The market's operational logic is subtly shifting from being driven by policy expectations to focusing on profit expectations, with institutional funds likely to prioritize company fundamentals and valuation in their year-end adjustments [4] - The concurrent rise of the cyclical (non-ferrous) and growth (communication) sectors may signal a transition phase where macro and micro factors resonate, highlighting the diversity of market opportunities [4]

Core Viewpoint - The company, Victory Nano (688757), is positioned as a third-party testing and analysis laboratory for the semiconductor industry, benefiting from the growth in demand for advanced processes and new technologies, while also adapting to market conditions by offering cost-effective solutions through a Labless model [1][2]. Financial Performance - In the first three quarters of this year, the company achieved operating revenue of 386 million yuan, representing a year-on-year growth of 31.22%, and a net profit attributable to shareholders of 56.59 million yuan, with a year-on-year increase of 3.59% [2]. - Orders and revenue from advanced process fields, including 28nm and below processes, high-end specialty processes, advanced packaging, and advanced materials, have shown significant year-on-year growth [2]. Market Trends and Opportunities - The semiconductor testing and analysis demand is expected to grow further due to influences from artificial intelligence, high-performance computing, and domestic production trends, presenting more development opportunities for the company [3]. - The company has established new facilities, including a headquarters in Suzhou and a laboratory in Beijing, which are expected to provide sufficient capacity for future revenue growth [3]. Technological Advancements - The company’s fourth-generation production line utilizes transistor-level nano-probe analysis technology to address the high demands of failure analysis for advanced process SRAM, leading to an increase in customer numbers and order demand, contributing to higher profit margins [2].

Core Viewpoint - The article discusses the impact of the storage "super cycle" on end-user demand and the outlook for domestic chip production trends in China, particularly focusing on the performance and projections of SMIC. Group 1: Financial Performance - SMIC reported a 7.8% quarter-on-quarter revenue growth in Q3 2025, with a gross margin of 22.0%, exceeding company guidance [1] - The company anticipates Q4 revenue to remain flat or grow by 2%, with a gross margin forecast of 18-20%, which is below Bloomberg consensus expectations [1] Group 2: Market Trends - The rapid growth in storage demand for AI applications, such as HBM and eSSD, has led to significant price increases in consumer-grade DRAM and NAND over the past few months [1] - Due to concerns over adequate storage supply, downstream customers in sectors like mobile and automotive are adopting a cautious approach in their 2026 production planning, which may impact the capacity utilization of SMIC's mobile-related process platforms [1] Group 3: Domestic Production Outlook - In Q3, revenue from the Chinese market grew by 11% quarter-on-quarter, increasing its share by 2.1 percentage points to 86%, indicating an accelerated trend towards domestic production in the supply chain [2] - The company is optimistic about the continued strong demand for domestic chip production in sectors such as home appliances and networking in 2026 [2] Group 4: Revenue Forecast Adjustments - The company has lowered its revenue forecasts for 2026 and 2027 by 4.8% and 3.1%, respectively, and reduced net profit forecasts for the same years by 3.0% and 3.6% [3] - After adjustments, the company expects total revenue of $10.81 billion in 2026, representing a 17% year-on-year growth [3] - SMIC is viewed as the only company in mainland China capable of large-scale production of advanced process technologies, which gives it strategic scarcity, and it is assigned a valuation of 4.7x 2026 EPB [3]

Core Viewpoint - Yunnan Zhenye (002428.SZ) is actively expanding its market for compound semiconductor materials, receiving positive feedback from multiple domestic and international clients [1] Company Summary - The company has supplied compound semiconductor materials to several clients, with good usage feedback reported [1] - Yunnan Zhenye is focusing on market development to secure more orders [1] Industry Summary - The global compound semiconductor materials market is primarily concentrated in developed countries such as the US and Japan [1] - Major international companies in the compound semiconductor materials sector include Sumitomo Electric Industries, JX Nippon Mining & Metals, AXT in the US, and Freiberg Compound Materials in Germany, all of which possess strong R&D capabilities, technical reserves, sales channels, and market reputation [1] - The domestic compound semiconductor materials industry in China has been growing rapidly, with a noticeable trend towards localization [1]

Core Viewpoint - The company, 汇川技术, is a leading player in the automation equipment sector, with a current market capitalization of 177.297 billion yuan, ranking 1st in its industry and 67th in the overall A-share market. The company is actively enhancing its investor relations and market share through tailored solutions and strong communication with investors [1][2][4]. Group 1: Investor Relations Management - The company has established a comprehensive management system for investor relations, including a tiered reception mechanism and various forms of engagement to meet the needs of different types of investors [1]. - The management team, including the chairman, is actively involved in direct communication with investors, enhancing transparency and trust [1]. - The company holds three performance briefings annually and regularly convenes shareholder meetings to ensure participation from all shareholders, including minority investors [1]. Group 2: Market Share Enhancement Strategies - The company employs a "Industrial Control + Process" strategy to provide customized solutions for downstream sectors, which gives it a competitive edge over foreign brands [2]. - The cost-effectiveness and rapid response of the company's products and solutions further contribute to increasing its market share [2]. - There is a growing demand for domestic products due to the trend of localization, which supports the company's efforts to enhance its market share [2].