2）当下全球存储仍以典型周期资产估值定价，下一个阶段有望转向成长，估值将不再是5X、6X，而是10X、 15X、甚至20X。 持续强call存储设备，重视机器人催化【华西机械】 3）大陆存储扩产是景气度+国产替代共振，十五五两存+晋华预计扩产规划超过百万，显著强于海外，短期看两存 招标po临近。 持续强call存储设备，重视机器人催化【华西机械】 #1、1）春节假期海外指数普涨，欧洲、东亚等多国指数创新高；2）科技方向中存储板块表现强势，海力士、三 星等原厂股价再创新高，ASML、AMAT、LAM、泰瑞达等半导体设备龙头同样表现强势，股价逼近历史新高。 #1、1）春节假期海外指数普涨，欧洲、东亚等多国指数创新高；2）科技方向中存储板块表现强势，海力士、三 星等原厂股价再创新高，ASML、AMAT、LAM、泰瑞达等半导体设备龙头同样表现强势，股价逼近历史新高。 #2、1）2月20日海力士电话会议再次乐观指引全球存储景气度：一方面，AI带来的真实需求爆发，另一方面原厂 纪律性扩产以及洁净室限制导致供给失衡。 #2、1）2月20日海力士电话会议再次乐观指引全球存储景气度：一方面，AI带来的真实需求爆发，另一方面原厂 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a positive outlook for the semiconductor industry, driven by increasing demand for AI computing power and capital expenditures [7] - Key companies such as Nvidia and Meta are making significant investments in AI chips, indicating strong market growth potential [5] - The report emphasizes the importance of domestic supply chains and price increases in materials like target materials and passive components [7] Market Review - During the Spring Festival holiday (February 16-20, 2026), major overseas technology stocks saw gains, with the Nasdaq index rising by 1.51% and the Philadelphia Semiconductor Index also increasing by 1.51% [3] - Notable stock performances included Nvidia up by 3.83%, Apple up by 3.44%, and Amazon up by 5.69% [3] Industry Updates - The report notes a surge in AI model updates from domestic and international companies, with significant product launches expected from Apple and others [4] - Nvidia's CEO announced a groundbreaking new chip at the upcoming GTC 2026 conference, and a multi-billion dollar chip procurement agreement with Meta was confirmed [5] - Samsung and SK Hynix are accelerating production capacity due to increased storage demand driven by AI [6] Investment Recommendations - The report suggests focusing on sectors benefiting from increased AI computing capital expenditures and domestic supply chain developments [7] - Recommended stocks include Jiangfeng Electronics, with beneficiaries including Jingce Electronics, Chipone Technology, and others [7]

Group 1 - The core point of the article is that the recent US Supreme Court ruling on the $175 billion tariff refund has significant implications for both China and the A-share market, despite the refund being an internal US matter [2][6][28] - The $175 billion in tariffs was primarily collected from imports, including a 10% tariff on Chinese goods, and is now being refunded to US importers [8][10] - The refund will indirectly benefit Chinese companies as US importers, who have been financially strained by tariffs, will use the refunded money to pay off debts to Chinese suppliers and resume orders [12][14][28] Group 2 - The immediate impact on the A-share market is expected to be positive, with a potential "opening red" for A-shares as market sentiment improves following the ruling [40][46] - The ruling is seen as a signal that the previous high tariffs on Chinese goods may not be a permanent state, which could lead to a more favorable environment for Chinese exports [20][48] - Structural opportunities in the A-share market are identified, focusing on five main lines: export-oriented sectors, domestic substitution, strategic resources, domestic consumption, and new energy [51][62][88] Group 3 - Export-oriented sectors, particularly those with high exposure to the US market, are expected to benefit directly from the tariff refunds, with companies like Midea Group and Haier expected to see improved performance [52][72][73] - Domestic substitution and self-sufficiency in sectors like semiconductors and military equipment are highlighted as long-term strategic focuses, with companies like SMIC and AVIC Shenyang Aircraft being key players [53][78][86] - Strategic resources such as rare earths and gold are also expected to see price support due to ongoing global supply chain disruptions, benefiting companies like Northern Rare Earth and Shandong Gold [56][87]

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index down by 0.7%, the Shenzhen Component Index down by 0.67%, and the ChiNext Index down by 0.96%. However, the Sci-Tech Innovation Board Index saw an increase of 0.34% [2]. Semiconductor Industry - The semiconductor industry chain showed strong performance, particularly in sectors such as photolithography machines, memory chips, and advanced packaging. Notable stocks like Langke Technology and Jingce Electronics saw significant gains [4][8]. - The stock of Zhiyuan Technology surged by 11.89%, reaching a new historical high, with a market capitalization of HKD 200.54 billion. The company announced a structural adjustment in its GLM Coding Plan pricing, with an overall increase starting from 30% [4]. Automotive Industry - The automotive industry chain also performed well, with sectors such as auto parts, smart cockpits, and vehicle networking showing increases. The automotive parts sector rose by 0.71% [9][10]. - Recent favorable industrial policies, including the development of mandatory national standards for intelligent connected vehicles, are expected to enhance the regulatory environment for the industry. Additionally, advancements in humanoid robotics are contributing to the sector's growth [10]. Financial Performance of Key Players - Kioxia, a Japanese flash memory manufacturer, reported a revenue of JPY 543.6 billion for the third quarter of fiscal year 2025, marking a year-on-year increase of 20.8% and a quarter-on-quarter increase of 21.3% [7]. - TrendForce forecasts significant price increases in DRAM and NAND flash memory, with DRAM prices expected to rise over 60% in Q1 2026 and NAND prices projected to increase by 55%-60% [7].

Group 1 - The A-share market experienced a collective decline on February 13, with the Shanghai Composite Index dropping by 0.26% during the session [1] - The consumer electronics sector showed resilience, with the Consumer Electronics ETF (159732.SZ) rising by 0.26% [1] - Notable performers within the consumer electronics sector included Jingce Electronics, which surged by 8.46%, and other companies like Zhaoyi Innovation and Jinghe Integrated, which rose by 3.41% and 3.32% respectively [1] Group 2 - According to Wellsenn XR's research, global AI smart glasses sales are projected to reach 4.5 million units by Q4 2025, marking a nearly 500% year-on-year increase [3] - In 2025, total AI smart glasses sales are expected to hit 7.46 million units, with Meta achieving over 6 million and Xiaomi contributing 160,000 units [3] - China Galaxy Securities anticipates continued rapid growth in the AI/AR glasses category, suggesting investment opportunities within the related supply chain [3]

格隆汇2月12日丨精测电子(300567.SZ)在投资者互动平台表示，公司目前研发产品主要针对的是 OLED 退火工艺。 ...

经济观察网 精测电子（300567）（300567.SZ）近期发生股东及高管减持计划，合计不超过总股本的 2.08%。同时，公司2025年业绩预告显示归母净利润预计为8000万元至9000万元，同比实现扭亏为盈。 高管减持 精测电子于2026年2月3日公告，部分股东及高管计划减持公司股份。其中，持股8.05%的股东陈凯计划 减持不超过500万股（占总股本1.79%）；股东武汉精至投资中心计划减持不超过77.84万股（占总股本 0.28%）；董事、副总经理刘炳华计划减持不超过1.04万股（占总股本0.0037%）；财务负责人游丽娟计 划减持不超过1.23万股（占总股本0.0044%）。上述减持计划合计不超过总股本的2.08%，减持期间为 2026年3月6日至2026年6月5日，通过集中竞价或大宗交易方式进行。减持原因为股东自身资金需求，预 计不会导致公司控制权变更。 最近业绩情况 公司已于2026年1月30日发布2025年业绩预告，预计归母净利润为8000万元至9000万元，同比扭亏为 盈，增幅达181.97%至192.21%。业绩增长主要得益于半导体业务放量、显示行业复苏及订单增长。投 资者可关注后续正式年报 ...

（文章来源：证券日报） 证券日报网讯 2月11日，精测电子在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东 总户数22152户。 ...

（文章来源：证券日报） 证券日报网讯 2月11日，精测电子发布公告称，公司控股股东、实际控制人彭骞于2月10日将1，000， 000股解除质押。 ...