+852-2532 1954 行业评论 第一上海研究部 research@firstshanghai.com.hk 2026 年 3 月 2 日 星期一 【行业评论】 科技行业周报：重视国产算力产业链，AI 应用强化算力 CAPEX 趋势 chen.huang@firstshanghai.com.hk 行业 TMT 我们继续提示国产算力的确定性机会，预计 H 公司新一代改款算力芯片 950 系列即 将发布，实现量产落地。产业链调研情况看，互联网公司对 950 芯片的评价正面， 采购意愿积极，我们重申 2026 年将是国产算力放量年。上周，关于寒武纪的小作 文也在各种媒体流传，我们认为这是下游客户端旺盛需求的一个印证。随着 AI 推 理应用逐步推广，算力瓶颈开始凸显。近日，字节 Seedance 视频生成任务开始拥 堵，反映了用户端爆发的需求与有限的算力之间的供需差。 推荐国产算力的核心标的包括寒武纪（688256）为代表的国产算力卡供应商，以及 中芯国际（981.HK）为代表的上游晶圆代工厂。此外，华虹集团在先进制程上进展 积极，建议关注旗下子公司华虹半导体（1347.HK）的投资机会。以及 H 公司产业 链 ...

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of China Electric Port, indicating a decline in stock price and significant financing activities on February 10 [1] - On February 10, China Electric Port's stock fell by 1.09%, with a trading volume of 267 million yuan. The net financing buy was -4.08 million yuan, with a total financing balance of 748 million yuan, which is 7.27% of the circulating market value [1] - The financing balance is at a high level, exceeding the 90th percentile of the past year, indicating strong investor interest despite the stock price decline [1] Group 2 - China Electric Port, established on September 28, 2014, specializes in electronic component distribution, design chain services, supply chain collaboration, and industrial data services. The revenue composition includes processors (40.78%), memory (30.53%), and other categories [2] - As of January 31, the number of shareholders decreased by 12.22% to 83,500, while the average circulating shares per person increased by 13.93% to 5,235 shares [2] - For the period from January to September 2025, China Electric Port reported a revenue of 50.598 billion yuan, a year-on-year increase of 33.29%, and a net profit attributable to shareholders of 258 million yuan, up 73.06% [2] Group 3 - Since its A-share listing, China Electric Port has distributed a total of 258 million yuan in dividends [3] - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited increased its holdings by 4.8476 million shares to 7.5375 million shares, while several ETFs saw a decrease in their holdings [3]

Core Viewpoint - The semiconductor industry is experiencing price increases in power devices like Mosfets, with expectations for similar trends in analog devices and MCUs, driven by rising raw material costs and recovering demand, particularly from AI applications [1] Group 1: Power Devices - Power devices such as Mosfets have seen initial price increases, with expectations for analog devices and MCUs to follow due to rising raw material costs and recovering demand from AI [1] - The SiC market is expected to benefit from long-term demand driven by AI data centers and the evolution of 800V architectures in new energy vehicles, with significant cost reductions leading to increased applications in diodes and transistors [1] - IGBTs are at a critical supply-demand juncture, with potential boosts from energy storage and new energy demands [1] Group 2: Packaging Industry - The packaging industry is experiencing improved market conditions, with rising capacity utilization rates and strong demand for both advanced and traditional packaging, leading some leading manufacturers to initiate price increases [1] - Advanced packaging is identified as a long-term trend due to the physical limits of semiconductor processes, with performance improvements increasingly reliant on advanced packaging techniques [1] Group 3: Storage Industry - The storage sector maintains a positive outlook, with new AI applications expected to drive terminal storage demand as a growth point [1] Group 4: Investment Trends - There is a strong expectation for increased capital expenditure from North American cloud service providers, driven by investments in AI infrastructure [1] - The Xinchuang ETF (159537) tracks the Guozhen Xinchuang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors to reflect the overall performance of the information technology innovation theme [1]

Group 1 - The core viewpoint of the article highlights the rising prices of power devices such as Mosfets, with expectations of price increases in analog devices and MCUs due to rising raw material costs and recovering demand, primarily driven by AI-related applications [1] - The testing and packaging industry is experiencing improved market conditions, with capacity utilization rates continuously increasing and strong demand for both advanced and traditional packaging, leading some leading manufacturers to initiate price hikes [1] - Advanced packaging is identified as a long-term trend, especially as processes reach below 5nm, where performance improvements will heavily rely on advanced packaging [1] Group 2 - The storage industry outlook remains positive, with new AI applications expected to drive terminal storage demand as a future growth point [1] - The transition of AI data centers and new energy vehicles towards an 800V architecture is anticipated to provide long-term support for SiC [1] - Currently, power devices are at a low valuation level, indicating potential investment opportunities [1] Group 3 - The chip ETF (512760) tracks the China Semiconductor Index (990001), which selects listed companies involved in semiconductor materials, equipment design, manufacturing, packaging, and testing from the Chinese A-share market to reflect the overall performance of semiconductor-related securities [1] - The index consists of the top 50 companies ranked by daily average market capitalization, focusing on specific market capitalization ranges and reflecting a small and mid-cap style, aiming to track the overall development trend of the Chinese semiconductor industry [1]

Core Viewpoint - The company, 商络电子, is actively engaged in the distribution of various electronic components, with a focus on maintaining a diverse product range and ensuring compliance with regulatory requirements [2][3]. Group 1: Stock Performance - As of January 19, 2026, the stock price of 商络电子 closed at 13.94 yuan, reflecting an increase of 0.58% with a turnover rate of 6.21% and a trading volume of 305,700 shares, resulting in a transaction value of 425 million yuan [1]. Group 2: Investor Relations - The company confirmed that it primarily distributes electronic components, including memory devices and passive components, with over 110 brands represented [2]. - As of January 9, 2026, the total number of shareholders was reported to be 48,364 [2]. - The company stated that there are currently no ongoing restructuring projects that would require a trading suspension, and it will adhere to legal and regulatory disclosure obligations [2]. Group 3: Financial Guarantees - 商络电子 announced that it provided a joint liability guarantee of up to 30 million yuan for its wholly-owned subsidiary, 南京恒邦电子科技有限公司, and issued a performance guarantee of 650,000 USD for its controlling subsidiary, 立功电子科技（香港）有限公司, to NXP [3][4]. - The total amount of external guarantees stands at approximately 683.01 million yuan, which accounts for 31.55% of the most recent audited net assets, all of which are guarantees for subsidiaries without any overdue guarantees or guarantees for external entities [3][4].

Core Viewpoint - The company, Shangluo Electronics, specializes in the distribution of various electronic components, including active components like memory devices, analog devices, and IC devices, as well as passive components such as resistors, capacitors, and inductors [1] Company Overview - The company offers a wide range of products that cover over 110 brands in the electronic components sector [1] - The company encourages stakeholders to pay attention to its regular reports for updates on its operational performance [1]

Core Insights - Zhongdian Port's stock price increased by 1.73% on November 28, with a trading volume of 398 million yuan [1] - The company reported a net financing outflow of 9.78 million yuan on the same day, with a total financing balance of 545 million yuan, representing 5.58% of its market capitalization [1] Company Overview - Shenzhen Zhongdian Port Technology Co., Ltd. was established on September 28, 2014, and went public on April 10, 2023 [2] - The company's main business includes electronic component distribution, design chain services, supply chain collaboration, and industrial data services [2] - Revenue composition: Processors 40.78%, Memory 30.53%, Others 16.09%, Analog Devices 8.74%, RF and Wireless Connectivity 3.85% [2] Financial Performance - For the period from January to September 2025, Zhongdian Port achieved a revenue of 50.598 billion yuan, a year-on-year increase of 33.29% [2] - The net profit attributable to shareholders was 258 million yuan, reflecting a year-on-year growth of 73.06% [2] - Cumulative cash dividends since the A-share listing amount to 258 million yuan [3] Shareholder Structure - As of September 30, 2025, the number of shareholders was 95,500, a decrease of 8.14% from the previous period [3] - The average circulating shares per person increased by 8.86% to 4,580 shares [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with changes in their holdings noted [3]

Group 1 - The core viewpoint of the news highlights the recent performance of China Electric Port, noting a decline in stock price and significant trading activity on November 12, with a net financing outflow of 47.37 million yuan [1] - As of November 12, the total margin trading balance for China Electric Port was 646 million yuan, with a financing balance of 644 million yuan, accounting for 5.78% of the circulating market value, indicating a high level compared to the past year [1] - The company experienced a financing buy-in of 113 million yuan on the same day, while the margin selling was minimal, with only 100 shares sold, reflecting a cautious sentiment among investors [1] Group 2 - China Electric Port, established on September 28, 2014, and listed on April 10, 2023, specializes in electronic component distribution, design chain services, supply chain collaboration, and industrial data services [2] - The company's revenue composition includes processors (40.78%), memory (30.53%), other components (16.09%), analog devices (8.74%), and RF and wireless connections (3.85%) [2] - For the period from January to September 2025, China Electric Port reported a revenue of 50.598 billion yuan, a year-on-year increase of 33.29%, and a net profit attributable to shareholders of 258 million yuan, up 73.06% year-on-year [2] Group 3 - Since its A-share listing, China Electric Port has distributed a total of 258 million yuan in dividends [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 4.8476 million shares, and several ETFs that saw a decrease in their holdings [3]

Group 1 - The core point of the news is the performance and financial details of Shenzhen Zhongdian Port Technology Co., Ltd., which saw its stock price increase by 6.03% to 25.50 CNY per share, with a trading volume of 9.61 billion CNY and a market capitalization of 19.377 billion CNY [1] - The company was established on September 28, 2014, and went public on April 10, 2023. Its main business includes electronic component distribution, design chain services, supply chain collaboration services, and industrial data services [1] - The revenue composition of the company is as follows: processors account for 40.78%, memory for 30.53%, others for 16.09%, analog devices for 8.74%, and RF and wireless connections for 3.85% [1] Group 2 - From the perspective of major circulating shareholders, GF Fund's Guangfa CSI 1000 ETF (560010) entered the top ten circulating shareholders in the second quarter, holding 1.3327 million shares, which is 0.3% of the circulating shares [2] - The estimated floating profit for the ETF today is approximately 1.9324 million CNY [2] - The Guangfa CSI 1000 ETF was established on July 28, 2022, with a latest scale of 30.718 billion CNY, and has achieved a year-to-date return of 25.89%, ranking 2111 out of 4218 in its category [2]

Core Insights - 中电港's stock price increased by 0.73% on October 22, with a trading volume of 1.022 billion yuan [1] - The company reported a net financing purchase of 27.22 million yuan on the same day, with a total financing and margin balance of 531 million yuan [1] Company Overview - 中电港, established on September 28, 2014, is located in Shenzhen, Guangdong Province, and was listed on April 10, 2023 [2] - The company's main business includes electronic component distribution, design chain services, supply chain collaboration, and industrial data services [2] - Revenue composition: processors 40.78%, memory 30.53%, others 16.09%, analog devices 8.74%, RF and wireless connections 3.85% [2] Financial Performance - For the first half of 2025, 中电港 achieved a revenue of 33.526 billion yuan, representing a year-on-year growth of 35.64% [2] - The net profit attributable to shareholders was 181 million yuan, with a year-on-year increase of 64.98% [2] Shareholder Information - As of October 20, 2025, 中电港 had 74,100 shareholders, a decrease of 6.82% from the previous period [2] - The average circulating shares per shareholder increased by 7.31% to 5,903 shares [2] - Cumulative cash dividends since the A-share listing amount to 258 million yuan [3] Institutional Holdings - As of June 30, 2025, 南方中证1000ETF is the sixth largest circulating shareholder with 2.7955 million shares, an increase of 1.095 million shares [3] - 香港中央结算有限公司 is the seventh largest shareholder with 2.6899 million shares, up by 216,800 shares [3] - 华夏中证1000ETF is the eighth largest shareholder with 1.6568 million shares, an increase of 710,300 shares [3] - 广发中证1000ETF is the tenth largest shareholder with 1.3327 million shares, marking a new entry [3]