银河证券认为，尽管市场担忧AI存在泡沫，但我们认为AI仍处在早期发展阶段，美国头部互联网公司 财务状况仍较健康，未来资本支出依然有增长空间。沐曦股份、摩尔线程和天数智芯陆续登陆资本市 场，国产GPU发展有望加速，从而带动集成电路制造以及设备和材料需求。 相关ETF：公开信息显示，科创半导体ETF(588170)及其联接基金(A类：024417；C类：024418)跟踪上 证科创板半导体材料设备主题指数，囊括科创板中半导体设备(60%)和半导体材料(25%)细分领域的硬科 技公司。半导体设备和材料行业是重要的国产替代领域，具备国产化率较低、国产替代天花板较高属 性，受益于人工智能革命下的半导体需求，扩张、科技重组并购浪潮、光刻机技术进展。 截至2026年1月28日11:07，上证科创板半导体材料设备主题指数(950125)下跌0.48%。成分股方面涨跌互 现，神工股份领涨4.06%，盛美上海上涨2.28%，拓荆科技上涨1.58%；耐科装备领跌5.19%，兴福电子 下跌3.7%，艾森股份下跌3.56%。科创半导体ETF(588170)下跌0.59%，最新报价1.87元。流动性方面， 科创半导体ETF盘中换手8.3 ...

Geoeconomic Trends - Geoeconomics are increasingly influencing business leaders and investors, leading to a reality check on managing uncertainty while focusing on long-term trends [1] - Despite geopolitical noise, markets and businesses are progressing, with the global economy expected to grow at around 2.9% entering 2026 [2][3] Capital Flows and Regional Focus - There is a noticeable shift in capital flows towards Asia, particularly China, India, Japan, and Korea, driven by technological advancements and resilient economies [5][6] - The incremental investment decisions are increasingly favoring Asia without a significant rotation out of the United States [7] Market Performance in North Asia - Korea's market has reached historic highs, with the Kospi index surpassing 5,000, benefiting from geopolitical tailwinds and advancements in technology, especially in the semiconductor sector [8][9] - Taiwan is experiencing renewed confidence in its technology sector, while Japan is focusing on corporate governance reforms to enhance market activity [10][11] Economic Growth Projections - China’s GDP growth is projected at 4.8%, supported by a strong export model and record trade surplus of $1.2 trillion [16][18] - The sluggishness in the property sector remains a drag on growth but is diminishing over time, with expectations of reduced impact in the coming years [19][20] Hong Kong Market Activity - Hong Kong has seen a significant increase in IPO activity, raising $37 billion last year, with over 300 companies in the pipeline for this year [23][24] - The market is currently able to digest new capital, supported by strong aftermarket performance of IPOs and substantial liquidity from the South Connect [25][26] M&A Outlook - The M&A landscape is expected to be constructive in 2026, driven by financing for mega deals, interest in AI, and favorable credit conditions [27][28] - Corporate activity is a key driver of M&A, with expectations of increased participation from sponsors in the near future [30][31]

证券研究报告·行业深度报告·半导体 2026 年 01 月 28 日 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 证券分析师 李雅文 执业证书：S0600526010002 liyw@dwzq.com.cn 半导体行业深度报告 Agentic AI 时代的算力重构：CPU，从"旁观 者"到"总指挥"的价值回归 增持（维持） [Table_Tag] [Table_Summary] 投资要点 产业端推进方面，AWS 和 Google Cloud 等头部 CSP 正在加速建设面向 Agent的沙盒环境软硬件基础设施，率先在软件层面强化 Agent Sandbox 的隔离与编排能力，通过运行时与调度体系的完善，为后续 CPU 侧基 础设施规模化部署奠定基础。与此同时，CPU 龙头也在 Agent 驱动下向 超多核架构演进：AMD 推出的 Turin 最高可达 192 核；Intel 的 Sierra Forest 采用纯能效核设计，核心数可达 144 甚至 288 核。我们认为， 随着 Agent 商业化推进，厂商必须持续压低每次任务执行成本。在这一 目标下，超多 ...

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 【巨头风向标】 开源项目Clawdbot爆火，开发者爆料开发内幕：100%AI开发 近日，个人AI助手ClawdBot掀起讨论热潮。开源项目Clawdbot可在Mac mini上运行，兼具本地AI智能体 和聊天网关双重身份，可本地运行并接入WhatsApp、Telegram、GitHub等工具，已获超3万GitHub星 标。Clawdbot能记住两周前的对话，还会主动推送邮件、日程提醒，并可直接操控电脑执行任务。其幕 后开发者Peter Steinberger称，该项目几乎是100%用AI写出来的，并且认为国产大模型MiniMax 2.1是目 前最"Agentic"的一个大模型。Steinberger目前就在自己的Mac Studio上使用MiniMax 2.1本地跑 Clawdbot。 发布13年仍在维护，苹果向iPhone 5S推送iOS 12.5.8系统更新 1月27日，苹果向iPhone 5S、iPhone 6系列推送了iOS 12.5.8系统更新。其 ...

Core Viewpoint - The article discusses the resurgence of the Hong Kong Stock Exchange (HKEX) as a leading platform for AI companies, highlighting a significant shift from traditional sectors to technology-driven firms, particularly in AI and semiconductor industries [6][9][12]. Group 1: IPO Trends and Market Dynamics - Wall Street's IPO market has seen a drastic decline from approximately 310 billion HKD in 2021 to just over 100 billion HKD in 2022, a drop of about 65% [6]. - In 2023, the HKEX recorded only 68 IPOs, raising around 46 billion HKD, marking the lowest level since 2013 [6]. - The first two weeks of 2026 witnessed an unprecedented AI IPO wave, with companies like Wallran Technology experiencing a 2348 times oversubscription and raising 130 billion HKD [9]. Group 2: Financial Performance of HKEX - The HKEX reported a 41% increase in major business revenue from 14,542 million HKD in 2024 to 20,438 million HKD in 2025 [10]. - The net profit attributable to shareholders rose by 45%, from 9,270 million HKD in 2024 to 13,419 million HKD in 2025 [10]. - The EBITDA for the first three quarters of 2025 reached 17,164 million HKD, a 48% increase compared to the previous year [10]. Group 3: AI Companies and Their Financial Needs - AI companies often have R&D expenditures that are several times their revenue, with companies like Zhipu spending over eight times their revenue on R&D in the first half of 2025 [11]. - Wallran Technology's revenue surged from less than 500,000 HKD in 2022 to over 300 million HKD in 2024, but its R&D expenses reached 830 million HKD, indicating a cash burn situation [11]. - The need for continuous funding is critical for AI companies, as they require a sustainable capital pool to support ongoing operations and development [12]. Group 4: Advantages of HKEX for AI Companies - The HKEX has adapted its listing rules to accommodate frontier technology companies, allowing unprofitable firms to list if they have technological barriers and top-tier capital backing [13][14]. - The minimum market capitalization requirements for companies have been lowered, benefiting many AI firms [13]. - The HKEX's approval process has been streamlined, reducing the time from 8-12 months to 4-6 months, enhancing its attractiveness for tech firms [14]. Group 5: Future Outlook and Market Sentiment - The article suggests that the HKEX will continue to attract more technology-focused companies, with several AI and semiconductor firms already in the pipeline for IPOs [16]. - The success of AI companies is paradoxical; as they succeed, they require more capital, which may lead to prolonged periods of unprofitability [17]. - Investors are betting on the potential of AI companies, despite uncertainties regarding their profitability and market sustainability [18].

Core Insights - Kioxia has introduced new Universal Flash Storage (UFS) Ver. 4.1 embedded memory devices utilizing 4-bit-per-cell QLC technology, aimed at high-capacity mobile storage needs [1] - The new devices leverage Kioxia's 8th generation BiCS FLASH™ 3D flash memory technology, offering significant performance improvements over previous generations [1] Performance Enhancements - Kioxia's QLC UFS devices achieve a 25% increase in sequential write speeds, a 90% increase in random read speeds, and a 95% increase in random write speeds compared to the previous UFS 4.0 generation [1] - The Write Amplification Factor (WAF) is improved by a maximum of 3.5 times when WriteBooster is disabled [1] Product Specifications - The new UFS 4.1 devices are available in 512-gigabyte (GB) and 1-terabyte (TB) capacities, featuring a reduced package size from 11×13 mm to 9×13 mm [1] - The devices are compliant with the UFS 4.1 specification and are backward-compatible with UFS 4.0 and UFS 3.1 [1] Technological Innovations - Kioxia's 8th generation BiCS FLASH™ introduces CMOS directly Bonded to Array (CBA) technology, marking a significant advancement in flash memory design [1] - The new devices are well-suited for a variety of applications, including smartphones, tablets, PCs, networking, AR/VR, IoT, and AI-enabled devices [1]

12月31日，公司成立深圳智能存储全资子公司；12月11日，引入两位半导体存储领域独立董事，坚定推进存储战 略。 ➡短期调整或系资金行为，收购事项正常推进 1月20日公告，收购金泰克的尽职调查、审计及评估等各项工作有序推进中。 12月31日，公司成立深圳智能存储全资子公司；12月11日，引入两位半导体存储领域独立董事，坚定推进存储战 略。 金泰克：稀缺国产企业级存储模组标的，深度卡位国产算力产 浙商大制造 邱世梁【开普云】短期调整无虞，收购金泰克事项有序推进，持续推荐！ ➡短期调整或系资金行为，收购事项正常推进 1月20日公告，收购金泰克的尽职调查、审计及评估等各项工作有序推进中。 浙商大制造 邱世梁【开普云】短期调整无虞，收购金泰克事项有序推进，持续推荐！ 金泰克：稀缺国产企业级存储模组标的，深度卡位国产算力产业链，受益于AI需求+存储涨价+国产化 1）金泰克聚焦国产替代最难、最急迫的企业级内存模组，企业级DDR4模组出货量国内领先，是国内首批实现企 业级DDR5模组国产替代的厂商，在前沿技术保持稳定领先。 2）供应链方面，金泰克与上游海力士等国际头部原厂合作关系稳固，叠加先进的存储颗粒筛选修复技术，实现了 ...

弗若斯特沙利文资料显示，2024年按模拟芯片收入计，纳芯微在中国模拟芯片厂商中位列第五，同时也 是国内前十厂商里唯一重点布局传感器、信号链芯片、电源管理芯片三大产品线的企业。开源证券此前 研报指出，2026年随下游需求持续复苏及AI资本开支维持高景气，国内模拟需求及价格亦存在上行机 会。 消息面上，继存储芯片接连涨价后，芯片涨价的公司、品类都在扩容。据上海证券报，记者从产业链了 解到，既存储芯片大幅涨价后，已有模拟芯片公司开始对部分产品进行涨价。公开资料显示，从2025年 底起，德州仪器、ADI等国际模拟公司开始对部分产品陆续启动涨价，涨价品类对应的下游应用领域主 要为AI服务器、汽车电子等。值得一提的是，德州仪器最新给出的强劲展望，凸显模拟芯片订单回 升。 智通财经APP获悉，纳芯微(02676)涨超133%，截至发稿，涨13.31%，报160港元，成交额3607.55万港 元。 ...

The semiconductor company posted a profit of $1.16 billion, or $1.27 a share, compared with $1.21 billion, or $1.30 a share, a year earlier. ...

GREENSBORO, N.C., Jan. 27, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2026 third quarter ended December 27, 2025. On a GAAP basis, revenue for Qorvo’s fiscal 2026 third quarter was $993.0 million, gross margin was 46.7%, operating income was $192.1 million, and diluted earnings per share was $1.75. On a non-GAAP basis, gross margin was 49.1%, operating income was $247.6 million, and ...