证券日报网讯 2月25日，景嘉微在互动平台回答投资者提问时表示，公司主要从事高可靠电子产品的研 发、生产和销售，产品主要涉及图形显控领域、小型专用化雷达领域、芯片领域和其他领域。图形显控 是公司现有核心业务，也是传统优势业务，小型专用化雷达和芯片是公司未来大力发展的业务方向。 （文章来源：证券日报） ...

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 2026 年 02 月 09 日 备行业周报、月报 [Table_Title] 英特尔和 AMD 服务器 CPU 交期延长，英飞 凌功率半导体涨价 ——行业周报 [Table_Summary] 报告要点： 本周（2026.2.2-2026.2.8）市场回顾 1）海外 AI 芯片指数本周下跌 0.9%。其中，MPS 和台积电上涨 9.4% 和 5.5%，AMD 下跌 12%，英伟达下跌 3.0%。2）国内 AI 芯片指数 本周下跌11.2%。寒武纪、翱捷科技、兆易创新和长电科技跌幅超11%， 澜起科技、通富微电、中芯国际和海光信息跌幅近 10%。3）英伟达 映射指数本周下跌 4.8%，江海股份和英维克跌幅在 8.4%和 6.8%， 工业富联和长芯博创跌幅在 5%以上，兆龙互连、麦格米特和景旺电 子跌幅在 4%-5%。4）服务器 ODM 指数本周上涨 2.0%，超微电脑和 Quanta 涨幅在 18%和 7.1%，Gigabyte 和鸿海精密跌幅在 3%-4%。 5）存储芯片指数本周下跌 13.7%，聚辰股份 ...

证 券 研 究 报 告 报告摘要 2026.2.9 www.swsresearch.com 证券研究报告 2 Capex计划超预期，为何美股科技反而下跌？ 全球资产配置每周聚焦 (20260130-20260206) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 王胜 A0230511060001 3 2. 全球资金流向：资金流入发达市场股市，流出中国股市 3. 资产估值指标：A股ERP较上周小幅上升，仍位于历史中性水平 4. 资产风险情绪：美股散户看涨比例下降，A股隐含波动率显著下行 5. 全球经济数据：美国制造业PMI大幅上行，降息预期小幅上行 6. 风险提示 地缘避险与增长忧虑交织，黄金与工业金属走势分化 ◼ 全球资本市场回顾：本周 (20260130-20260206)美国ADP数据低于预期，美联储3月降息预期升温1）固收方面，10Y美债收益率录得 4.22%，本周下跌4BP，美元指数上涨0.51%，当前点位为97.6；2）本周泰国、法国市场股市上涨较多，A股全线收跌，恒生科技、科创50 和创业扳指跌幅位列前三，阿根廷、越 ...

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 2026 年 02 月 02 日 备行业周报、月报 [Table_Title] 台积电持续扩充 CoWoS 产能，英伟达联手 奔驰打造无人出租车 ——行业周报 [Table_Summary] 报告要点： 本周（2026.1.26-2026.2.1）市场回顾 1）海外 AI 芯片指数本周上涨 0.95%，MPS 和博通上涨 5.7%和 3.5%， AMD 下跌 8.8%，Marvell 和台积电小幅下滑。2）国内 AI 芯片指数本 周下跌 2.1%。澜起科技和兆易创新分别上涨 13.6%和 5.9%，恒玄科 技和通富微电分别下跌 10.4%和 7.6%，翱捷科技和寒武纪下滑幅度 在 5%-6%。3）英伟达映射指数本周下跌 1.8%，长芯博创和太辰光涨 幅均在 22%以上，英维克和麦格米特涨幅在 9.9%和 5.4%。沃尔核材 和神宇股份跌幅分别在 14.2%和 8%，兆龙互连、工业富联、景旺电 子、沪电股份和江海股份跌幅在 2%-6%。4）服务器 ODM 指数本周 下跌 0.7%，超微电脑跌幅超 8%，Wi ...

Market Performance - The Hang Seng Index rose by 0.51%, reaching a new high since August 2021[9] - The S&P 500 index decreased by 0.13%, while the Nasdaq fell by 0.72%[3] - The Shanghai Composite Index increased by 0.16%, reflecting a year-to-date gain of 4.77%[3] Company Highlights - Apple's quarterly revenue grew by 16% year-on-year, significantly exceeding Wall Street expectations, with a 38% increase in revenue from China[14] - Microsoft reported a 39% growth in its cloud business, but its stock fell by 9.99% following the earnings report[9] - Semiconductor stocks faced pressure, with Horizon Robotics and Huahong Semiconductor both declining over 5%[9] Sector Performance - Real estate stocks surged, with Sunac China rising over 29% and Shimao Group increasing by over 23%[9] - Paper industry stocks performed well, with Nine Dragons Paper up over 9% and Sunshine Paper up over 7%[9] - Alcohol beverage stocks were active, with Zhenjiu Lidu rising over 12%[9] Economic Indicators - The U.S. trade deficit widened in November, driven by a rebound in imports, while initial jobless claims showed a slight decline[12] - The Japanese yen depreciated to 153.19 against the U.S. dollar, benefiting export-oriented Japanese companies[12] - Copper prices surged by 11%, marking the largest intraday increase in over 17 years, driven by speculation in the metals market[12]

Core Viewpoint - On January 29, a total of 15 stocks received buy ratings from brokerages, with 2 stocks announcing target prices, indicating a positive outlook for these companies [1] Group 1: Stock Ratings - Among the stocks with buy ratings, Ningde Times and Dingsheng New Materials have the highest target price increases, with potential rises of 75.79% and 39.29% respectively [1] - Out of the 15 stocks, 12 maintained their ratings, 2 had their ratings upgraded, and 1 received its first rating [1] Group 2: Industry Analysis - The sectors with the most stocks receiving buy ratings include Capital Goods (6 stocks), Technology Hardware and Equipment (3 stocks), and Semiconductors and Semiconductor Equipment (2 stocks) [1]

Group 1 - On January 23, a total of 6 stocks received buy ratings from brokerages, with 1 stock announcing a target price [1] - Based on the highest target price, Huashu Gaoke ranks first with a target price increase of 30.01% [1] - Among the stocks with buy ratings, 4 maintained their ratings while 2 received ratings for the first time [1] Group 2 - The sectors with the most stocks receiving buy ratings include Capital Goods, Technology Hardware & Equipment, and Semiconductors & Semiconductor Equipment, with 3, 2, and 1 stocks respectively [1]

Group 1 - On January 21, a total of 12 stocks received buy ratings from brokerages, with 2 stocks announcing target prices [1] - Based on the highest target price, Putailai and Zhongrong Electric ranked first in target price increase, with increases of 47.91% and 27.62% respectively [1] - Among the stocks with buy ratings, the sectors with the most stocks were technology hardware and equipment, semiconductors and semiconductor production equipment, and capital goods, with 3, 2, and 2 stocks respectively [1] Group 2 - 9 stocks maintained their ratings, 1 stock had an upgraded rating, and 2 stocks received ratings for the first time [1]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor production equipment industry [5] Core Insights - The U.S. government has relaxed export controls on NVIDIA H200 chips to China, which is expected to boost the AI chip market in China [3] - Micron plans to build up to four wafer fabs in New York, potentially receiving over $25 billion in federal subsidies, with the first fab expected to be operational by 2030 [3] - The global electric vehicle sales are projected to reach 20.985 million units in 2025, a year-on-year increase of approximately 22%, and are expected to rise to 24.166 million units in 2026, a 15% increase [2][23] - The domestic AI chip index increased by 7.8% this week, with several companies experiencing significant gains [10] Market Indices Summary - The overseas AI chip index fell by 1.5%, while the domestic A-share chip index rose by 7.8% [10] - The storage chip index increased by 12.1%, with notable gains from companies like Purun and Hengsuo [10][16] - The power semiconductor index rose by 5.7%, indicating positive market sentiment in this segment [10][16] - The server ODM index decreased by 3.0%, reflecting challenges in the server market [10][16] Industry Data Summary - Global smart watch shipments are expected to grow by 7% by the end of 2025, recovering from a decline in 2024 [2][25] - The shipment volume of foldable smartphone panels is projected to grow by 46% in 2026, driven by Apple's entry into the foldable smartphone market [2][28]

Group 1 - The "Is it dead?" app has gained significant attention, achieving a valuation of 10 million yuan, with initial development costs of only over 1,000 yuan and a user growth rate exceeding 100 times in just a few days [2][3] - The app is designed for individuals living alone, requiring users to set emergency contacts and check in regularly, with automatic notifications sent if users fail to check in for consecutive days [2] - The app's creator expressed surprise at its rapid popularity and is currently working on server expansion to accommodate the increased traffic [2] Group 2 - Hong Kong legislator Ho Kwan-kit has publicly declared his personal assets, owning 35 properties, including 7 for personal use and 28 for rental, across various locations including Hong Kong, Macau, and mainland China [3] - The properties are part of a broader trend where many legislators in Hong Kong hold significant real estate assets, reflecting the investment landscape in the region [3] Group 3 - The demand for the 15-year-old iPhone 4 has surged nearly 1,000% due to its unique photo qualities, despite its outdated technology compared to newer models [3] - The resurgence in interest is largely driven by social media platforms like TikTok, where discussions around the iPhone 4 have proliferated [3] - Experts have warned about potential digital security risks associated with using the iPhone 4, as it only supports an outdated version of iOS [3] Group 4 - The Myanmar government has demolished 635 illegal buildings associated with online scams and gambling, emphasizing its commitment to eradicating such activities [5] - This action reflects a broader governmental strategy to combat cybercrime and improve national security [5] Group 5 - The price of second-hand Xiaomi vehicles has significantly dropped, with the average price now at 412,000 yuan, and some models seeing declines of over 150,000 yuan [6] - Dealers are cautious in acquiring used cars due to rapid market fluctuations, indicating a volatile automotive market [6] Group 6 - The price of memory modules has outperformed gold, with reports indicating that 100 memory sticks could purchase a house in Shanghai, highlighting the strong demand driven by AI and data center needs [7] - The memory market is experiencing a boom due to supply shortages following production cuts in previous years, with expectations of continued price increases in the near future [7] Group 7 - Lei Jun, CEO of Xiaomi, expressed confidence in competing with Tesla, noting that the SU7 model has outperformed the Model 3 in sales, showcasing the competitive landscape in the electric vehicle market [8] - The announcement of Tesla's plans to open-source its algorithm within a week indicates a shift towards transparency in social media platforms [8] Group 8 - The Hainan duty-free shopping market reported a strong start to the year, with sales reaching 1.21 billion yuan in the first week of January, marking significant year-on-year growth [8] - This trend reflects the increasing consumer interest in duty-free shopping in the region [8] Group 9 - OpenAI and SoftBank have jointly invested 1 billion USD in SB Energy to support the development of AI data centers in the U.S., indicating a strong push towards infrastructure for AI technologies [14] - The investment aims to enhance the operational capacity of SB Energy, which is set to build a 1.2 GW data center [14]