芯片ETF（512760）跟踪的是中华半导体芯片指数（990001），该指数从沪深市场中选取主营业务涉及 半导体芯片材料、设备、设计、制造、封装或测试的上市公司证券作为指数样本，侧重信息技术行业， 以反映国内半导体芯片领域相关上市公司证券的整体表现。 1月27日，芯片ETF（512760）涨超1.8%，连续三日资金净流入超2.6亿元，AI芯片需求暴涨 华鑫证券指出，随着全球云服务大厂纷纷扩建人工智能（AI）数据中心，不仅驱动了对于AI芯片及存 储芯片的需求暴涨，对于服务器CPU的需求也在增长，导致头部大厂英特尔、AMD的服务器CPU供应 开始出现紧缺和涨价。根据KeyBanc数据，由于超大规模云服务商的采购，英特尔和AMD在2026全年 的服务器CPU产能已接近售罄，为应对供需极端失衡并确保后续供应稳定，两家公司均计划将服务器 CPU价格上调10%～15%。此外，AMD Zen全系产品受高危硬件漏洞"StackWarp"影响，其缓解措施可能 对系统算力和部署成本造成影响。相比之下，国产海光C86处理器不受该漏洞影响，且基于完整的x86 指令集永久授权实现了国产化自研，产品安全性能逐代提升。 （文章来源：每日经 ...

3 2026 年 01 月 26 日 Intel 与 AMD 服务器 CPU 将涨价，国产 CPU 抵抗 AMD Zen 高危漏洞 —半导体行业周报 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 电子(申万) | 12.4 | 11.3 | 63.2 | | 沪深 300 | 1.3 | 0.9 | 22.7 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 (%) 电子 沪深300 相关研究 1、《电子行业周报：Meta 成立新部 门专攻 AI 基础设施建设，Cerebras 斩获 OpenAI 合作大单》2026-01-20 2、《电子行业周报：英伟达已投产 VeraRubin，xAI 加码算力基建》 2026-01-15 3、《半导体行业周报：中芯国际拟 花 406 亿元收购中芯北方，台积电 开始量产 2nm 芯片》2025-12-31 ▌产能接近售罄，Intel 与 AMD 服务器 CPU 将涨价 ...

3 2026 年 01 月 26 日 Intel 与 AMD 服务器 CPU 将涨价，国产 CPU 抵抗 AMD Zen 高危漏洞 —半导体行业周报 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 电子(申万) | 12.4 | 11.3 | 63.2 | | 沪深 300 | 1.3 | 0.9 | 22.7 | 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 (%) 电子 沪深300 相关研究 1、《电子行业周报：Meta 成立新部 门专攻 AI 基础设施建设，Cerebras 斩获 OpenAI 合作大单》2026-01-20 2、《电子行业周报：英伟达已投产 VeraRubin，xAI 加码算力基建》 2026-01-15 3、《半导体行业周报：中芯国际拟 花 406 亿元收购中芯北方，台积电 开始量产 2nm 芯片》2025-12-31 ▌产能接近售罄，Intel 与 AMD 服务器 CPU 将涨价 ...

在算力成为基础设施的今天，海光C86架构的独立演进，为中 国的数字基础设施建设提供了一个安全、可控且高效的选择。 作者：冯科翰 封图：图片资料室 为了防个小偷，不得不把家里一半的房间门焊死，这种令人"智熄"的操作，最近却在使用AMD处 理器的云服务商身上上演了。 但在中国市场，海光C86处理器的用户不需要担心这个问题。 因为从最底层的架构设计上，海光全系处理器就对StackWarp漏洞天然免疫，用户无需升级固 件，无需禁用超线程，更不需要牺牲任何计算性能，服务器可以保持满负荷运转，业务连续性不受 影响。 在由StackWarp漏洞引发的危机背后，不难看出，海光C86架构虽然在应用层保持了对x86生态 的兼容，但在底层的安全逻辑和微架构实现上，已经与X86技术路线完成了解耦，走出了一条独立 演进的道路。 通过对底层代码的消化与重构，国产芯片厂商在同样的指令集生态下，早已经构建出了完全不同的 安全内核。 事情的起因是近期德国一家安全机构发现了一个名为StackWarp的芯片级漏洞，这个漏洞主要影 响AMD的Zen系列处理器，导致云计算最核心的"隔离能力"出现了缺口。 什么意思？对于云服务平台而言，作为平台，是无权 ...

为了防个小偷，不得不把家里一半的房间门焊死，这种令人"智熄"的操作，最近却在使用AMD处理器的云服务商身上上演了。 事情的起因是近期德国一家安全机构发现了一个名为StackWarp的芯片级漏洞，这个漏洞主要影响AMD的Zen系列处理器，导致云计算最核心的"隔离能 力"出现了缺口。 什么意思？对于云服务平台而言，作为平台，是无权也无法触碰用户的数据，这就像房东不该进租客的卧室。 如此严重的漏洞，必须马上拿个解决方案出来，AMD给的解决方案很直接，既然是同步多线程(SMT)引起的问题，那把同步多线程禁用不就完了。 这一堪称"甜菜"操作背后，直接导致了算力的缩水，同步多线程一旦禁用，处理器的并行处理能力会大幅下降。 对于云服务商而言，原本能支持100个虚拟服务实例的服务器，在执行防御措施后，支撑能力将直接减半，在算力需求激增的当下，这种折损背后的成本有 多高，不言而喻。 但在中国市场，海光C86处理器的用户不需要担心这个问题。 因为从最底层的架构设计上，海光全系处理器就对StackWarp漏洞天然免疫，用户无需升级固件，无需禁用超线程，更不需要牺牲任何计算性能，服务器可 以保持满负荷运转，业务连续性不受影响。 在由 ...

Core Viewpoint - The domestic chip industry in China is undergoing significant transformation, moving from a perception of being "stuck" or "ineffective" to showcasing advancements and capabilities by 2025 [1][3]. Group 1: Consumer Electronics and Automotive - The gaming performance of domestic processors is improving, with the Haiguang C86 processor achieving frame rates of nearly 200 and 300 for major games, indicating readiness for high-performance gaming [2][3]. - The Haiguang C86 processor, featured in the "Black Warrior·Hunting Blade Pro" gaming PC, has a base frequency of 2.8GHz and supports PCIe 5.0, demonstrating its capability to handle high-load tasks [5][6]. - The GAC Aopao GT "Climbing Edition" achieved 100% domestic chip design, utilizing the RK3588M chip for its intelligent cockpit, showcasing the reliability and performance of domestic chips in high-end vehicles [12][13]. Group 2: Storage and Memory Chips - Changxin Storage launched DDR5 products with speeds up to 8000Mbps, marking a significant advancement for domestic manufacturers in the high-end memory market [9][10]. - The introduction of DDR5 technology represents a leap from DDR4, with performance improvements and the ability to address high-frequency signal interference [10][11]. - Longjiang Storage's TiPlus7100s SSD achieved read speeds of 7400MB/s and write speeds of 6900MB/s, indicating competitive performance against international brands [11]. Group 3: AI and Computing Power - The exit of international giants from the AI chip market has created opportunities for domestic companies, with Cambrian Technologies reporting a 1332.52% year-on-year revenue increase in Q3 2025 [15][16]. - Domestic firms are adopting "super node" technology to enhance computing power by integrating multiple AI acceleration cards into a single cabinet, addressing performance bottlenecks in large model training [17][18]. - The demand for storage has shifted from being a cost component to a strategic asset, with significant implications for the supply chain and market dynamics [18][19]. Group 4: Semiconductor Manufacturing and Equipment - Domestic companies are making strides in semiconductor manufacturing equipment, with the shipment of a 350nm lithography machine that supports the production of power devices and RF chips [23][24]. - The development of high-speed oscilloscopes and EDA tools is filling critical gaps in the chip design and testing process, enhancing the capabilities of domestic semiconductor firms [25][26]. - The Chinese semiconductor industry is transitioning from "point breakthroughs" to "chain collaboration," indicating a shift towards more integrated and cooperative development efforts [20][27].

Core Insights - The article highlights significant advancements in the domestic chip industry, showcasing breakthroughs in gaming, automotive, and AI sectors, indicating a shift from reliance on foreign technology to a more self-sufficient and competitive domestic market [2][3][4]. Group 1: Gaming and Consumer Electronics - The domestic chip, Haiguang C86, demonstrated impressive performance in gaming, achieving frame rates of nearly 200 and 300 for major titles, indicating its capability to meet high-performance gaming demands [2]. - Thunderobot's new gaming PC, featuring the Haiguang C86 processor, marks a significant entry into the consumer gaming market, showcasing the processor's specifications that support high-performance tasks [5][6]. - The shift in perception of domestic chips from being seen as inferior to now being recognized for their performance and compatibility with mainstream software and games is emphasized [6]. Group 2: Automotive Sector - The GAC Aopao GT "Climbing Edition" achieved 100% domestic chip design, utilizing the RK3588M chip from Rockchip, which supports advanced features like multi-screen interaction and 3D rendering [11][12]. - The introduction of domestic chips in high-end vehicles signifies their ability to meet stringent performance and reliability standards required in the automotive industry [12]. Group 3: AI and Computing - The domestic AI chip market is experiencing a surge, with companies like Cambricon reporting significant revenue growth, indicating a shift in market dynamics following the exit of international competitors [15][16]. - The adoption of "super node" technology by domestic firms aims to enhance computing power by integrating multiple AI acceleration cards, addressing the challenges of performance and efficiency in AI training [16]. - The need for cost-effective solutions in AI computing is highlighted, with innovations that significantly reduce hardware costs for training large models [17]. Group 4: Storage and Memory - Changxin Storage's launch of DDR5 products marks a significant advancement in domestic memory technology, achieving speeds of up to 8000 Mbps, thus entering the high-end market previously dominated by international brands [9][10]. - The demand for high-performance storage solutions is increasing, with domestic manufacturers stepping up to fill the gap left by international suppliers [18][19]. Group 5: Semiconductor Manufacturing and Materials - The development of domestic semiconductor manufacturing equipment, such as the AST6200 lithography machine, represents a crucial step towards self-sufficiency in chip production [23]. - The emergence of domestic materials for semiconductor manufacturing, like those produced by Hengkun New Materials, indicates progress in reducing reliance on foreign suppliers [24]. - Innovations in testing equipment and EDA tools are also being made, with companies like Wanliyan Technology and Huada Jiutian leading efforts to enhance domestic capabilities in chip design and testing [25][26]. Group 6: Industry Challenges and Future Directions - Despite advancements, the domestic chip industry faces challenges in high-end manufacturing and the need for substantial R&D investment to keep pace with global competitors [27][28]. - The article concludes that while the domestic chip industry has made significant strides, ongoing investment and innovation are essential to overcome existing gaps and achieve long-term competitiveness [28].

Group 1 - The core viewpoint of the articles highlights the launch of the new generation C86 processor by Haiguang Information, which aims to enhance domestic high-end computing capabilities and promote an open ecosystem for widespread adoption [1][2][3] - The domestic high-end computing gap is becoming increasingly significant, with a projected demand of 3000 EFLOPS in 2025, while supply can only meet 40% of this demand, indicating a critical need for advancements in high-end computing infrastructure [2][3] - Haiguang's C86 processor is reported to have leading comprehensive performance in China, matching international counterparts, and is designed to support a wide range of AI applications, enhancing training and inference capabilities [2][3][4] Group 2 - The success of high-end computing in the domestic market relies on the synergy between hardware and software ecosystems, necessitating deep collaboration among upstream and downstream enterprises in the semiconductor industry [4][5] - Haiguang has established the "Xinghai Plan" to enhance collaboration across the C86 ecosystem, which includes over 6000 partners and aims to optimize technology and market development [4][5] - The "Qiangxin Gudi" plan focuses on strengthening software ecosystem partnerships, enabling comprehensive adaptation and optimization of AI computing tools, thus addressing the needs of various AI models and applications [7]

Core Insights - The article highlights the strategic transition of domestic terminals from key industries to full-scene applications, emphasizing the evolution of product safety, performance, and ecosystem [1] - Major manufacturers like Lenovo, Unisoc, and ZTE have launched over ten new Haiguang C86 terminal products, marking a significant step towards comprehensive domestic terminal application [1] Group 1: Security and Dependence - The "security foundation" is identified as a critical necessity, especially following Intel's security vulnerabilities that exposed risks associated with non-domestic chips [2][3] - The reliance on the Wintel architecture poses potential security threats, making information security a top priority in the domestic terminal market [3] Group 2: Application and Performance Challenges - The domestic terminal market faces challenges in applying products across various industries, necessitating a focus on real-world application scenarios [4] - Mobile office environments demand high performance and efficiency, which current domestic chips struggle to meet due to limitations in technology and ecosystem compatibility [5] Group 3: Strategic Development and Collaboration - The consensus in the industry is that the full-scene application capability of domestic terminals must be built on a foundation of core hardware security, performance upgrades, and ecosystem collaboration [6] - Companies are focusing on partnerships to leverage the latest hardware performance while adhering to national cybersecurity requirements [6][7] Group 4: Haiguang C86 Processor Innovations - The new Haiguang C86 processors have shown significant performance improvements, with single-core performance up by 62% and multi-core performance by over 135% compared to previous generations [9] - The C86 processors also integrate advanced security features without compromising performance, addressing the "impossible triangle" of performance, security, and cost [9][10] Group 5: Ecosystem Expansion - The C86 ecosystem is expanding rapidly, with over 5,000 partners collaborating on technology development and market expansion [10] - The "Xinghai Plan" aims to enhance cooperation among ecosystem partners, supporting a comprehensive approach to the full-scene terminal market [10]

Investment Rating - The report suggests a positive outlook for the electronic sector, indicating a gradual recovery in demand and price stabilization, recommending a slow accumulation of positions in the market [5][6]. Core Insights - The electronic sector is experiencing a mild recovery, driven by strong downstream demand from AIOT and accelerated product penetration by companies like Lexin Technology and Rockchip, which are expected to report impressive half-year results [5][6]. - The release of the multi-modal model Grok 4 by xAI has significantly enhanced reasoning capabilities, potentially opening new application scenarios [5][11]. - The report highlights four main investment themes: AIOT, AI-driven technologies, equipment materials, and consumer electronics [5][6]. Summary by Sections Industry Overview - The report notes that the semiconductor sector is entering a period of intensive earnings forecasts, with companies like Lexin Technology and Rockchip expected to show substantial revenue growth due to ongoing demand in AIOT and other emerging fields [5][6]. Company Performance - Lexin Technology anticipates a revenue of CNY 1.22-1.25 billion for the first half of 2025, a year-on-year increase of 33%-36%, with net profit expected to rise by 65%-78% [5][17]. - Rockchip expects to achieve approximately CNY 2.045 billion in revenue, reflecting a year-on-year growth of about 64%, with net profit projected to increase by 185%-195% [5][17]. Market Trends - The report indicates that the electronic industry outperformed the broader market, with the Shenzhen and Shanghai 300 Index rising by 0.82% and the Shenwan Electronics Index increasing by 0.93% [19][21]. - The semiconductor sub-sector showed a positive trend, with a 1.07% increase in semiconductor stocks [21][26]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Rockchip [5][6]. - It also suggests monitoring AI innovation-driven sectors, including computing chips and optical devices, as well as upstream supply chain components [5][6].