晨会纪要 证券研究报告 2026 年 01 月 09 日 核心结论 分析师 【汽车】奇瑞汽车（09973.HK）首次覆盖报告：五大品牌各有亮点，先发 优势助力出海领先 预计 2025-2027 年公司营业收入分别为 3077 亿元、3570 亿元、3944 亿元， 分别同比增长 14%/16%/10%；归母净利润分别为 181 亿元、214 亿元、248 亿元，同比 28%/18%/16%，当前股价对应 PE 估值为 8.7/7.4/6.4 倍。首次 覆盖，给予"买入"评级。 【计算机】从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 【计算机】数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 【石油石化】石油石化行业点评：石化行业拐点或已出现，26 年长丝供需 格局改善盈利有望增长 1、全球炼化宏观条件逐步改善，石化行业拐点或已出现。2、25 年长丝链 条景气度上行，预计 26 年供需格局将进一步改善。3、反内卷有望带动行业 盈利增长，对应公 ...

Group 1 - The electronic sector is experiencing significant growth, with the electronic ETF (515260) rising over 2.3% and reaching a new high [1] - In the semiconductor segment, companies like Rockchip and GigaDevice saw notable increases, with Rockchip hitting the daily limit and GigaDevice rising over 4% [1] - The printed circuit board (PCB) sector also performed well, with Shenzhen Circuit rising over 7% and Huitian Technology increasing by more than 5% [1] Group 2 - Apple announced its annual fall event scheduled for September 9, focusing on its three-year plan and collaboration with Google on Gemini AI to enhance Siri [2] - Cambrian Technology reported a revenue of 2.881 billion yuan for the first half of 2025, marking a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, indicating a turnaround [3] - The Chinese government issued a policy to implement "Artificial Intelligence +" actions, positioning AI as a core driver for industrial transformation and economic growth [3] Group 3 - The electronic sector has seen a net inflow of 12.982 billion yuan from major funds, with significant inflows over the past 5 and 20 days, totaling 64.773 billion yuan and 194.955 billion yuan respectively [3] - Cambrian Technology attracted over 1.6 billion yuan in net inflow, ranking fourth in the A-share market for capital absorption [3] - The electronic ETF and its connected fund focus on semiconductor and consumer electronics sectors, with a significant allocation to AI chips, automotive electronics, and 5G technologies [5]

Group 1: Overview of AI Development in China and the US - The article highlights the significant impact of artificial intelligence (AI) on society, comparing its importance to that of the Industrial Revolution [1] - It emphasizes the ongoing competition for AI supremacy between the US and China, suggesting that the battle may shift from a national level to a city level within China, particularly between Shenzhen and Hangzhou [2][18] Group 2: US AI Landscape - The US has historically been a leader in AI, with numerous top research institutions and tech companies making groundbreaking advancements in areas like machine learning and natural language processing [4] - Major US tech companies such as Google, Microsoft, and Amazon have invested heavily in AI research and applications, achieving widespread influence [4][6] - However, the US faces challenges, including data privacy and ethical concerns, which could hinder further AI adoption [6] Group 3: China's AI Advancements - China has made rapid progress in AI over the past few years, elevating it to a national strategy with comprehensive support policies [8][15] - Chinese companies like Baidu, Alibaba, and Tencent are heavily investing in AI, with notable developments in AI models and applications [10][21] - Shenzhen and Hangzhou are highlighted as key cities in China's AI development, each with unique strengths in hardware and software innovation [12][21] Group 4: Future Prospects - Both the US and China possess distinct advantages in AI, making it difficult to predict a clear winner in the long term [18] - China's large population and supportive policies position it well for potential breakthroughs in AI, particularly in application innovation [15][16] - The competition between Shenzhen and Hangzhou is seen as a healthy rivalry that could drive technological advancements and elevate China's global standing in AI [24][26]