智通财经APP获悉，财通证券发布研报称，PCIe为服务器中的总线标准，数据传输速率不断提升。2025 年8月，PCI-SIG协会宣布正在开发的PCIe 8.0规范将把数据速率提升至256GT/s，并有望于2028年发布。 PCIe的通道配置是决定PCIe设备性能的关键因素，通道数决定PCIe插槽数量&长度的上限，随PCIe通道 数量提高，PCIe插槽需求量有望随之提高。受益于服务器CPU的不断更迭，适配服务器CPU的PCIe代际 &通道数有望逐步提升，并带来相关产业链的增量需求空间。 财通证券主要观点如下： PCIe为服务器中的总线标准，数据传输速率不断提升 风险提示 PCIe技术渗透不及预期，服务器需求不及预期，新一代服务器CPU渗透进度不及预期。 服务器CPU向着适配PCIe 6.0迭代，带来PCIe Retimer芯片增量空间 英特尔第六代服务器CPU已适配支持PCIe 5.0，AMD下一代EPYC霄龙服务器处理器"Venice"有望首次适 配PCIe 6.0，有望于2026年推出；PCIe协议快速发展，传输速率不断提升，另一方面，由于服务器的物 理尺寸受限于工业标准并没有很大的变化，导致整个链路的插损 ...

Core Viewpoint - The report highlights the increasing institutional interest in various sectors, particularly in electronics and automotive, with a significant number of stocks receiving "buy" ratings from analysts. Group 1: Institutional Ratings - A total of 63 institutions conducted 1,827 ratings since 2026, with 932 stocks receiving "buy" ratings, including buy, accumulate, strong recommendation, and recommendation [1][12]. - The electronics sector has the highest number of rated stocks, followed by machinery, power equipment, automotive, pharmaceuticals, basic chemicals, and computers, with each having over 50 rated stocks [2][13]. Group 2: Electronics Sector Performance - The electronics index has risen by 8.41% this year, significantly outperforming the Shanghai Composite Index, with the semiconductor index showing the highest increase of 13.93% [4][14]. - Key semiconductor companies like Baiwei Storage, Zhaoyi Innovation, SMIC, and Jiangfeng Electronics have received ratings from five or more institutions, indicating strong market interest [4][14]. Group 3: Notable Stocks - 67 stocks have received attention from five or more rating agencies, with Dongpeng Beverage, BYD, Wancheng Group, Kweichow Moutai, and China Duty Free leading the list [5][15]. - Dongpeng Beverage is projected to achieve revenue of 20.76 billion to 21.12 billion yuan in 2025, with a year-on-year growth of 31.07% to 33.34%, and a net profit of 4.34 billion to 4.59 billion yuan, reflecting a growth of 30.46% to 37.97% [5][15]. - BYD's sales in January were 210,100 units, a year-on-year decrease of 30.11%, attributed to inventory reduction and a transitional policy period [5][15]. Group 4: Future Growth Prospects - Baiwei Storage is expected to achieve revenue of 10 billion to 12 billion yuan in 2025, with a year-on-year growth of 49.36% to 79.23%, and a net profit of 850 million to 1 billion yuan, reflecting a growth of 427.19% to 520.22% [10][19]. - The company is focusing on AI storage solutions and has strong competitive advantages through self-developed chips and advanced packaging capabilities [11][19].

Group 1 - ByteDance plans to sell its gaming subsidiary, Mu Tong Technology, for over $6 billion, with the buyer being Savvy Games Group, a subsidiary of the Saudi Public Investment Fund [1] - The core product of Mu Tong is the overseas MOBA mobile game "Decisive Peak," which ByteDance acquired in 2021 for approximately $4 billion, indicating asset appreciation [1] - This sale is viewed as ByteDance's strategy to continue shrinking its non-core gaming business and refocus on AI and cloud computing [1] Group 2 - ByteDance's chip team is undergoing large-scale recruitment across cities like Beijing, Shanghai, and Shenzhen, focusing on key positions in chip architecture and SoC design [2] - The chip team has grown to over a thousand members, covering multiple product lines including AI inference chips, server CPUs, VPU, and DPU [2] - Several chips have successfully completed the tape-out process and are advancing towards mass production to support the computational needs of large models, Douyin, and Volcano Engine [2] Group 3 - The sale of Mu Tong is aimed at capital recovery, while the expansion of the chip team signifies a deepening commitment to computational power [3]

半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数聚焦于半导体产业链中的 材料与设备领域，从市场中选取涉及半导体材料生产、加工以及相关设备制造等业务的上市公司证券作 为指数样本，以反映半导体产业链上游关键环节相关上市公司证券的整体表现。该领域具有较高的技术 壁垒和成长性，是科技投资的重要参考方向之一。 （文章来源：每日经济新闻） 中原证券指出，AI驱动半导体周期持续上行，国内主要晶圆厂持续满载运行，部分工艺节点的价格已 经上涨。AI服务器需求的爆发式增长使得封测产能出现严重短缺，封测厂商也已开始调涨价格。由于 上游成本的上涨，产业链多家厂商陆续发布涨价函。由于AI推理需求的激增，拉动推理服务器的需 求，英特尔和AMD已经售出2026年大部分服务器CPU的产能，并计划在本季度调涨服务器CPU价格。 半导体行业持续景气，涨价已从存储蔓延至产业链各环节，半导体产业链迎来全面涨价潮。目前半导体 行业仍处于上行周期，AI为推动半导体行业成长的重要动力。 ...

Group 1 - ByteDance is advancing its self-developed chip strategy, expanding its chip team to over 1,000 members, with more than half focused on AI chips, totaling over 500 people [1] - The company has undergone a team restructuring, with the former head of chip business, Wang Jian, no longer overseeing the division, and the heads of AI chip and DPU teams, Shi Yunfeng, and CPU team head, Yu Hongbin, reporting directly to Vice President Yang Zhenyuan [1] - ByteDance's chip business began in 2020 and has developed four product lines: AI chips for large model inference, server CPUs for general computing in data centers, VPUs for video decoding and content review, and DPUs for network optimization in data centers [1] Group 2 - By the end of 2025, ByteDance has reportedly secured nearly 120,000 NVIDIA cards (A100, A800, H800) and close to 1 million NVIDIA H20, L20, and L40 chips [2] - The company is developing an AI chip codenamed SeedChip and is in talks with Samsung Electronics for foundry services, aiming to ensure a supply of advanced chips, with plans to receive chip samples by the end of March [1] - ByteDance plans to produce at least 100,000 chips for AI inference tasks this year, with a goal to gradually increase production to 350,000 chips [1]

全球AI算力与存储定价机制重塑，科创芯片ETF（589100）再度活跃，盘中涨超2.2%。 近期全球科技产业链事件密集，AI基础设施与半导体板块成为市场关注焦点。在此背景下，聚焦 科创板芯片核心资产的科创芯片ETF（589100）盘中震荡走强，涨幅超过2.2%，板块情绪明显改善。 全球AI资本开支扩张与存储定价机制变革形成共振 从海外产业动态看，AI基础设施景气度仍在强化。SpaceX与人工智能公司xAI宣布合并，合并后企 业估值达1.25万亿美元。xAI将借助SpaceX稳定的现金流与盈利能力获取更强的资金支持。此举从侧面 印证全球科技龙头对AI大模型、算力与数据基础设施长期投入的决心，AI产业资本开支周期有望持续 拉长。 与此同时，存储产业链出现结构性变化。三星电子、SK海力士、美光等存储巨头由长期固定价格 协议转向短期甚至月度定价机制，并引入"价格追溯结算"模式。这一变化意味着存储产品定价更具弹 性，行业供需改善背景下，价格传导效率提升，有助于龙头企业盈利能力修复与业绩弹性释放。叠加三 星计划量产第六代高带宽内存HBM4，AI服务器对高端存储需求持续扩张，算力链条核心环节迎来边际 强化。 在CPU领域， ...

Group 1 - The core viewpoint is that the semiconductor industry, particularly the storage chip sector, is experiencing significant growth driven by AI and computing power demands, with expectations of continued high demand and price increases into 2026 [3][4][6] - Major companies like Micron and SanDisk saw stock price increases of 9.94% and 10.65% respectively, following an upgrade in Micron's target price by Morgan Stanley, indicating strong market sentiment [1] - The Philadelphia Semiconductor Index rose by 2.3%, reflecting a broader positive trend in the semiconductor sector, with notable gains from companies like Intel and TSMC [1] Group 2 - A new model from DeepSeek has been launched, significantly enhancing its contextual capabilities from 128K tokens to 1M tokens, which is expected to improve data processing capabilities substantially [1] - The earnings report from Amlogic showed a revenue of 6.793 billion yuan for 2025, a year-on-year increase of 14.63%, with net profit reaching 871 million yuan, marking a historical high for both revenue and chip sales [1] - The storage chip industry is projected to maintain high profitability due to ongoing price increases, with DRAM and NAND Flash prices expected to rise significantly in the first quarter of 2026 [4][5] Group 3 - The ETF Huatai Securities (516920) has seen varied performance among its constituent stocks, with Amlogic rising over 12% due to positive earnings, while other storage chip stocks also showed gains [2] - The semiconductor industry is entering an expansion phase, with companies like Amlogic and others actively increasing production capacity to meet rising demand [4] - North American cloud service providers are significantly increasing capital expenditures, with a combined budget of $117.6 billion for Q4 2025, indicating strong investment in AI infrastructure [6][8]

今日早参 2026 年 2 月 12 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：核心通胀回升渐入佳境 2026 年 1 月中国 CPI 同比 0.2%（前值 0.8%，彭博一致预期 0.4%），环比 增速持平于 12 月的 0.2%；PPI 同比-1.4%（前值-1.9%），略高于彭博一致 预期的-1.5%，环比较 12 月的 0.2%上行至 0.4%。 风险提示：反内卷政策推进程度不及预期，内需超预期走弱。 研报发布日期：2026-02-11 研究员 吴宛忆 SAC:S0570524090005 SFC:BVN199 易峘 SAC:S0570520100005 SFC:AMH263 王洺硕 SAC:S0570525070003 SFC:BUP051 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 今日早参 | 2026 年 2 月 12 日 宏观：1 月新增非农反弹但持续性待观察 概览：2026 年 1 月美国新增非农就业 13 万，高于彭博一致预期的 6.5 万， 11-12 月累计下修 1 ...

Group 1: Core Insights - Intel will face key events in 2026 and beyond, including technology upgrades, capacity planning adjustments, and market supply-demand changes [1] Group 2: Stock Performance - Intel is accelerating advanced process technology, with the Intel 18A process capacity continuously increasing to support the demand for the third-generation Core Ultra processor "Panther Lake" [2] - The next-generation Intel 14A process has deep collaborations with customers, with the first official orders expected to land between the second half of 2026 and the first half of 2027 [2] - Intel 18AP process has delivered PDK1.0 toolkits to customers, laying the foundation for future collaborations [2] Group 3: Project Progress - Some wafer fab projects have been delayed due to approval and market demand factors, with the construction of the Fab29.1/29.2 plant near Magdeburg, Germany, postponed to 2025 and production plans adjusted to 2029-2030 [3] - The construction of the Ohio plant has also been delayed to 2026-2027, with production expected in 2027-2028, potentially affecting long-term capacity release [3] Group 4: Industry Conditions - Due to strong demand from hyperscale cloud service providers, server CPU capacity is nearly sold out for 2026 [4] - To balance supply and demand, Intel and AMD plan to raise server CPU prices by 10-15%, driven primarily by customers like Meta [4] Group 5: Business and Technology Development - The company announced its commitment to producing graphics processing units (GPUs) to expand into the AI hardware market [5] - Collaboration with Changxin Bochuang on silicon photonics technology has secured 30% of the 1.6T silicon chip capacity for 2026-2028, enhancing supply chain stability [5] - The market is also watching for potential collaboration with Apple regarding the adoption of Intel's 18A process in the future [5] Group 6: Financial Status - Citigroup reports that Intel's capital expenditures are expected to stabilize around $15 billion to $16 billion in 2026, supported by improvements in the foundry customer pipeline [6] - Future financial reports may update specific guidance [6]

Investment Rating - The semiconductor industry is rated as "Outperform" compared to the market [1] Core Insights - The semiconductor industry is experiencing a comprehensive price increase driven by the accelerated capital expenditures of overseas cloud vendors in 2026, with significant demand from AI servers leading to a shortage in testing capacity and subsequent price hikes across the supply chain [4][8] - In January 2026, the domestic semiconductor industry saw an increase of 18.63%, significantly outperforming the Shanghai and Shenzhen 300 index, which rose by 1.65% [7][13] - Global semiconductor sales continued to grow year-on-year, with a 37.1% increase in December 2025, marking 26 consecutive months of growth [28] Summary by Sections 1. Semiconductor Industry Performance - In January 2026, the semiconductor sector (CITIC) rose by 18.63%, with integrated circuits up by 18.52%, discrete devices by 18.91%, semiconductor materials by 19.04%, and semiconductor equipment by 18.88% [7][13] - The Philadelphia Semiconductor Index increased by 12.92% in January 2026, outperforming the Nasdaq 100, which rose by 1.20% [19][20] 2. Global Semiconductor Sales Growth - December 2025 global semiconductor sales reached approximately $78.9 billion, with a year-on-year growth of 37.1% and a month-on-month increase of 2.7% [28] - The sales of logic products grew by 39.9% year-on-year, reaching $301.9 billion, while memory products saw a 34.8% increase, totaling $223.1 billion [28] 3. Capital Expenditure Trends - The capital expenditures of the four major North American cloud vendors (Google, Microsoft, Meta, Amazon) increased by 67% year-on-year in Q4 2025, with expectations for continued acceleration in 2026 [7][8] - Google is projected to spend between $175 billion and $185 billion in 2026, a year-on-year increase of 91-102% [7] 4. Price Trends in Semiconductor Products - In January 2026, DRAM and NAND Flash spot prices continued to rise, with DRAM prices increasing by approximately 39% and NAND prices by about 35% month-on-month [7] - TrendForce has raised its price forecast for Q1 2026, expecting a 90-95% increase in general DRAM contract prices and a 55-60% increase in NAND Flash contract prices [7] 5. Investment Opportunities - The report suggests focusing on investment opportunities in AI PCB, optical chips, wafer foundries, testing, power devices, server CPUs, and memory sectors due to the ongoing price increases and strong demand driven by AI [8]