電子-關(guān)注Pico銷售和特斯拉機(jī)器人發(fā)布

1Feb-22Jun-22Sep-22告Feb-22Jun-22Sep-22告華泰研究專題研究增增持(維持)華泰觀點(diǎn)：關(guān)注Pico銷售及特斯拉機(jī)器人發(fā)布周宏偉在接受經(jīng)濟(jì)觀察網(wǎng)采訪時(shí)表示目標(biāo)100+萬臺(tái)(據(jù)IDC，Pico3累計(jì)銷量55.8萬特斯拉召開年度AIDay，發(fā)布特斯拉機(jī)器人原型機(jī)。馬斯克承認(rèn)機(jī)器人實(shí)際量A調(diào)風(fēng)險(xiǎn)。華泰觀點(diǎn)#2：國(guó)慶期間留意電動(dòng)車競(jìng)爭(zhēng)和銷量融資租賃建議關(guān)注10月起新車貢獻(xiàn)和電動(dòng)車競(jìng)爭(zhēng)格局變化。面板方面，據(jù)CINNOResearch三家液晶電視面板庫存水位已A股：SW電子下跌4.2%，跑輸上證指數(shù)(-2.1%)A5%。上周奕瑞總投資芯?？萍际状喂_發(fā)行175萬股戰(zhàn)略配售限售股，股價(jià)下跌8.3%。其它漲幅居前企業(yè)包括：?？低?+4.7%)、三環(huán)集團(tuán)(+4.1%)；跌幅居前企業(yè)包括：華大九天(-10.9%)、概倫電子(-9.7%)。北上資金上周合計(jì)凈流入58億元，港股：恒生科技指數(shù)下跌3.9%，跑贏恒生指數(shù)(-4.0%)額合計(jì)727億港元，環(huán)比漲6.4%。恒生科技主要成分股中其它漲幅居前企業(yè)包括：美團(tuán)(+3.3%)、攜程集團(tuán)(+1.9%)；跌幅居前的企業(yè)包括：商湯科技(-17.5%)、明源云(-16.4%)。南向資金上周合計(jì)凈流入66億元，主要增持騰訊控股、中國(guó)移動(dòng)、美團(tuán)，減持舜宇光學(xué)科技、中芯團(tuán)漲3.3%、阿里巴巴跌0.6%、百度跌海外：納斯達(dá)克中概股下跌2.2%，納指下跌2.7%，標(biāo)普500下跌2.9%2.9%、費(fèi)城半導(dǎo)體指數(shù)跌4.2%。十年期美債利率上升14bp至3.83%。半導(dǎo)體板塊跌幅較大的為東京電子(-9.9%)、臺(tái)積電(-7.3%)、AMD超威半導(dǎo)體(-6.8%)。。上周比特幣漲2.6%。風(fēng)險(xiǎn)提示：海外疫情升級(jí)風(fēng)險(xiǎn)，宏觀下行風(fēng)險(xiǎn)，創(chuàng)新品滲透不及預(yù)期風(fēng)險(xiǎn)。本研報(bào)中涉及到未上市公司或未覆蓋個(gè)股內(nèi)容，均系對(duì)其客觀公開信息的整理，并不代表本研究團(tuán)隊(duì)對(duì)該公司、該股票的推薦或覆蓋。研究員SACNo.S0570521050001SFCNo.AUZ066研究員SACNo.S0570521070004SFCNo.BPH392研究員SACNo.S0570522020001研究員SACNo.S0570522070002聯(lián)系人SACNo.S0570121090024SFCNo.BSF274聯(lián)系人SACNo.S0570121040041SFCNo.BOB674聯(lián)系人SACNo.S0570121070191SFCNo.BRH099leping.huang@+(852)36586000chenxudong@+(86)2128972228zhanghaoyi@+(86)2128972228liuyi020747@+(86)2128972228zhangyu@+(86)1063211166huyuzhou@+(852)36586000andrewhuang@+(852)36586000行業(yè)走勢(shì)圖子滬深子(%)1(10)(21)(32)Oct-21資料來源：Wind，華泰研究304688052CH納芯微3.6%3.2%3.0%1.5%1.3%1.3%0.9%-0.3%-0.6%-0.8%-0.9%-0.9%-1.8%-2.0%-2.2%-2.3%-2.3%-2.3%-2.5%-2.5%-2.5%-2.8%-3.0%-3.8%-3.9%-4.1%-4.5%-4.5%-4.6%-4.8%-4.9%-5.2%-5.3%-5.9%-6.4%-6.4%-6.7%-7.0%-7.2%-7.3%-7.3%-7.8%-8.0%-8.0%-8.0%-8.3%-9.6%-9.7% 0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0304688052CH納芯微3.6%3.2%3.0%1.5%1.3%1.3%0.9%-0.3%-0.6%-0.8%-0.9%-0.9%-1.8%-2.0%-2.2%-2.3%-2.3%-2.3%-2.5%-2.5%-2.5%-2.8%-3.0%-3.8%-3.9%-4.1%-4.5%-4.5%-4.6%-4.8%-4.9%-5.2%-5.3%-5.9%-6.4%-6.4%-6.7%-7.0%-7.2%-7.3%-7.3%-7.8%-8.0%-8.0%-8.0%-8.3%-9.6%-9.7% 0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%n.a.20.44.5n.a.6.5n.a.n.a.18.5n.a.n.a.n.a.2.112.0n.a.4.91.373.068.28.55.02.09.2231.71.2n.a.n.a.8.04.447.327.754.211.1n.a.7.319.72.30.531.511.35.51.41.33.9n.a.3.3n.a.n.a.n.a.n.a.n.a.n.a.-21.071.246.529.82518.724.190.797.143.0-26.7209.377.324.233.929.3219.535.119.582.222.522.436.861.566.835.1135.8216.611.819.660.320.674.431.627.822.224.434.522.468.0N.A.17.724.653.422.032.3N.A.279.7261.40.03.10.00.03.10.00.00.01.71.00.00.50.00.02.02.65.01.80.4n.a.9.34.0n.a.1.01.80.02.00.00.0n.a.0.00.045.334.323.3478.921.356.868.428.8-34.6125.950.122.024.919.7149.824.515.258.717.717.625.641.267.724.182.1114.410.417.547.016.753.224.418.916.919.526.516.757.428.423.97.0N.A.14.017.931.014.720.9N.A.205.9195.118.214.75.418.65.721.016.914.224.628.621.36.216.69.913.97.33.610.34.15.54.812.116.84.226.57.81.11.814.65.419.64.63.64.08.98.75.59.44.54.30.9N.A.1.05.413.34.65.4N.A.47.161.812.410.44.312.64.813.311.79.616.519.414.35.412.16.610.75.32.87.63.24.33.78.514.93.417.36.11.01.610.84.213.33.52.73.17.16.64.28.43.93.20.9N.A.0.84.09.23.34.1N.A.32.945.8301.0140.974.053.847.6332.2104.152.362.7298.5108.537.8224.476.317.967.580.1278.449.433.317.557.016.047.658.844.021.48.1107.993.8324.032.176.365.088.485.017.718.054.239.747.8233.330.990.3CNY圣邦股份北京君正安路科技-U華潤(rùn)微華海清科盛美上海瀾起科技寒武紀(jì)-U拓荊科技-U長(zhǎng)光華芯中芯國(guó)際華峰測(cè)控聚辰股份滬硅產(chǎn)業(yè)-U瑞芯微韋爾股份北方華創(chuàng)揚(yáng)杰科技中穎電子三安光電長(zhǎng)川科技中芯國(guó)際匯頂科技海光信息芯原股份-U長(zhǎng)電科技華天科技中微公司兆易創(chuàng)新斯達(dá)半導(dǎo)士蘭微樂鑫科技晶晨股份卓勝微新潔能捷捷微電華虹半導(dǎo)體時(shí)代電氣至純科技ASMPT國(guó)科微通富微電芯朋微思瑞浦恒玄科技芯?？萍际⒚腊雽?dǎo)體概倫電子華大九天16.2%-31.5%-44.7%-25.0%-26.1% 48.2%-18.5%-37.3%-34.1%223.4% 36.9%-28.7%-34.8% 12.7%-30.9%-50.3%-65.1%-19.7%-26.3%-45.6%-53.2% -0.6%-14.3%-55.7% -2.1%-43.2%-30.4%-36.0%-14.8%-46.3%-14.8%-40.7%-59.2%-50.1%-56.6%-32.8%-43.4%-58.2%-33.4%-17.5%-40.2%-64.2%-22.4%-55.1%-54.7%-68.7%-61.6%-56.2%-15.6%20.4%5023562156293544515932513781471,603204924882829491,4712531147833451,6032181,36721938126066562555345461267472181130212634127177120200582791144852134490CNYCNYCNYCNYCNYCNYCNYCNYCNYCNYUSDCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYUSDCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYUSDCNYCNYHKDCNYCNYCNYCNYCNYCNYUSDCNYCNY-4.6n.a.-6.6n.a.n.a.18.5n.a.n.a.n.a.1-8.9n.a.-4.9-73.9-69.3-8.6-5.0-9.4-229.4n.a.n.a.-7.8-4.3-46.8-27.6-53.711.0n.a.119.6-2.3-0.5-30.511.0-5.5-3.8n.a.-3.2n.a.n.a.n.a.n.a.n.a.8.2%688301CH奕瑞科技0.0%5.6%2.6378521.761.845.7CNY?？低暼h(huán)集團(tuán)傳音控股視源股份環(huán)旭電子工業(yè)富聯(lián)鵬鼎控股安潔科技生益科技深南電路藍(lán)思科技利亞德深天馬A京東方A信維通信TCL科技江海股份法拉電子大華股份歌爾股份順絡(luò)電子小米集團(tuán)-W滬電股份風(fēng)華高科德賽電池建滔積層板聯(lián)想集團(tuán)舜宇光學(xué)科技長(zhǎng)盈精密瑞聲科技立訊精密涂鴉智能2,8704994684163321,692601853043884591402091,2481375092023623909051602,0281891631252005997461291342,083404.7%4.1%2.8%0.9%-0.8%-2.0%-2.2%-2.3%-2.5%-2.7%-3.0%-3.2%-3.3%-3.5%-3.5%-3.7%-4.2%-4.4%-4.5%-4.8%-5.1%-5.3%-5.4%-6.3%-6.4%-6.7%-7.0%-7.1%-7.2%-7.3%-7.8%-8.0%-40.2%-41.0%-62.3%-25.7% -4.2%-24.7%-37.9%-26.0%-42.3%-37.3%-59.5%-45.8%-34.1%-31.6%-43.9%-39.1%-11.0%-30.2%-44.3%-50.7%-47.4%-52.6%-39.3%-52.5%-27.2%-41.7%-36.6%-69.2%-46.0%-60.1%-40.0%-85.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%3.17.01.01.70.50.31.61.71.52.40.81.40.70.61.40.34.39.41.00.93.10.72.33.10.60.80.92.50.90.81.02.113.217.79.714.411.17.012.815.411.117.412.311.817.35.512.45.924.426.47.913.214.614.211.013.511.74.428.219.119.113.415.7-4.115.923.012.917.713.57.714.921.213.721.317.715.99.931.935.09.716.718.921.414.818.513.94.030.626.4164.617.520.8-3.430.426.058.259.715.18.525.912.414.23.624.2160.712.926.519.89.010.05.575.210.712.34.03.0n.a.n.a.n.a.n.a.1.9n.a.7.4n.a.14.07.51.03.447.022.019.670.111.1312.01.014.9126.02.79.7168.0n.a.12.617.9-9.1-9.313.22.65.50.81.40.40.31.41.41.32.00.71.10.60.51.20.23.47.10.90.72.50.61.92.30.50.80.92.10.70.70.81.7CNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYHKDUSDCNYCNYCNYCNYUSD-41.312.3-0.7-9.313.9-7.4-3.4-45.812.5-5.3-21.919.2-69.510.8-306.0-0.6-0.914.2-121.8-2.6-9.4-162.0n.a. 0.0%0.0%n.a.n.a.-39.2%-33.2%42.014.11.50.41.40.41-33.92.235.7613867660.919.047.220.7USDCNYCNY002920CH德賽西威121.4-25.7-47.43.51.9-13.6%0.0%-23.6%n.a.n.a.n.a.公司名稱財(cái)報(bào)貨幣市值(人民幣億股價(jià)變動(dòng)北向/南向資金流公司名稱財(cái)報(bào)貨幣市值(人民幣億股價(jià)變動(dòng)北向/南向資金流南向/北向資金持入(億人民幣/億股市值(億人民幣南向/北向資金持股比例(%)P/EP/S代碼(元交易元)貨幣)2022E元)貨幣)2022E2023E2022E2023E1W1MYTD半導(dǎo)體港元)300661CH300223CH688107CH688396CH688120CH688082CH688008CH688256CH688072CH688048CH688981CH688200CH688123CH688126CH603893CH603501CH002371CH300373CH300327CH600703CH300604CH0981HK603160CH688041CH688521CH600584CH002185CH688012CH603986CH603290CH600460CH688018CH688099CH300782CH605111CH300623CH1347HK688187CH603690CH0522HK300672CH002156CH688508CH688536CH688608CH688595CHACMRUS688206CH301269CH非非半導(dǎo)體--5.6002415CH300408CH688036CH002841CH601231CH601138CH002938CH002635CH600183CH002916CH300433CH300296CH000050CH000725CH300136CH000100CH002484CH600563CH002236CH002241CH002138CH1810HK002463CH000636CH000049CH1888HK0992HK2382HK300115CH2018HK002475CHTUYAUS6088HKFITHONTENG0285HK比亞迪電子汽車電子138.063.50.0%-2.2%-32.531.34.1300496CH中科創(chuàng)達(dá)CNY482105.652.238.08.25.9-2.70.0%-23.5%-41.140.411.2002906CH華陽集團(tuán)CNY19240.345.3-4.60.0%-26.2%-2015HK理想汽車-WCNY1,70890.6-372.6-4.80.0%-26.2%-122.9120.4n.a.002036CH聯(lián)創(chuàng)電子CNY14613.744.8-5.50.0%-43.4%-688326CH經(jīng)緯恒潤(rùn)-WCNY217181.095.267.05.13.9-7.30.0%81.0%n.a.n.a.0.0002405CH四維圖新CNY27511.582.5-7.30.0%-27.5%10.511.13.99868HK小鵬汽車-WCNY73046.0-%0.0%-75.3%-32.933.6n.a.9866HK蔚來-SWCNY1,858注：此表中北向/南向資金流入=北向/南向資金流入股數(shù)*周交易均價(jià)，使用Wind一致預(yù)期。資料來源：Wind，華泰研究股價(jià)變動(dòng)YTD南向/北向資金南向/北向資金持股市值(億人民幣/億元)2.4923.037.83.362.68.2北向/南向資金流入(億人民幣/億港收盤價(jià)(當(dāng)?shù)刎泿旁?8.163.068.33.87.033.9股價(jià)變動(dòng)YTD南向/北向資金南向/北向資金持股市值(億人民幣/億元)2.4923.037.83.362.68.2北向/南向資金流入(億人民幣/億港收盤價(jià)(當(dāng)?shù)刎泿旁?8.163.068.33.87.033.945.678.177.532.85.336.80.127.524.978.07.1266.451.022.36,190.7473.23,392.31,795.717,222.8P/E2022E8.226.321.477.320.034.334.221.631.042.446.055.349.621.360.5N.A.31.896.8-8.3309.4N.A.52.773.868.682.5483.6-96.8P/S2022E2023E持股比例(%)3.90.00.60.05.87.62023E5.820.56.023.022.524.131.334.641.437.643.258.127.838.0N.A.24.942.2-21.99.6N.A.58.634.154.349.856.548.58.784.50.0--0.60.00.1-0.20.8-0.6-0.2-0.8---0.2-0.522.14.0市市值(人民幣億元)公司名稱財(cái)報(bào)貨幣代碼通信2.3%0.7%0.3%-0.8%-0.9%2.3%0.7%0.3%-0.8%-0.9%-3.6%-3.7%-3.7%-3.8%-4.2%-4.2%-4.2%-5.3%-5.8%-5.9%-5.9% CDUS300628CH688100CH600941CH601728CH688048CH300502CH002402CH002396CH0941HK600050CH300308CH000063CH000938CH000988CH300383CH0728HK0762HK002123CH603236CH002139CH9698HK-4.3% 9.9% 5.4% -0.9% -5.6% -8.3% 2.6% -3.5%-22.7%-22.7%-36.9%-0.6% -8.0% 0.7% -7.0% -9.0% 7.4% -7.0% -8.4% -3.2%-24.0% -23.8% 3.6%11.7% -6.8% 2.7%-32.9%-35.2%22.6%-21.8%-43.6%25.5% -4.5%36.9%-45.8%-46.0%-22.7%16.7%-38.2%-35.3%-30.2%-33.4%-46.0%19.1% -27.0%-44.4%-62.0%-57.9%-30.7%-28.9%-28.2% 3.4%-45.4%-45.6%-50.7%-26.0%-37.3%-23.5%-38.7%-64.8%-44.4%-44.6%-39.6%-82.2%-47.6%-50.8%-23.8%-33.7%-44.9%-27.5%-52.9%-51.0%-57.2%-70.9%CNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNY9.03.01.40.72.41.40.51.10.31.80.70.51.01.60.50.31.51.01.12.43.6.47.66.44.88.92.9.74.70.72.45.93.93.02.41.00.36.23.84.8.3.23.35.21.42.75.67.02086869,8513,3189,851209484543,31877821623711.74.01.60.721.33.01.80.61.10.32.10.80.61.41.80.50.31.81.31.42.84.525.49.47.96.310.73.616.45.70.83.28.2N.A.4.93.73.01.20.47.3N.A.4.96.222.817.84.56.91.63.77.09.70.00.10.3-0.30.60.10.10.5-0.8億聯(lián)網(wǎng)絡(luò)威勝信息中國(guó)移動(dòng)中國(guó)電信長(zhǎng)光華芯新易盛和而泰星網(wǎng)銳捷中國(guó)移動(dòng)中國(guó)聯(lián)通中際旭創(chuàng)中興通訊紫光股份華工科技光環(huán)新網(wǎng)中國(guó)電信中國(guó)聯(lián)通夢(mèng)網(wǎng)科技移遠(yuǎn)通信拓邦股份萬國(guó)數(shù)據(jù)計(jì)算機(jī)計(jì)算機(jī)9.7%5.8%4.2%0.9%0.3%-09.7%5.8%4.2%0.9%0.3%-0.9%-2.5%-2.6%-2.7%-2.7%-2.9%-3.8%-5.2%-5.5%-5.9%-6.9%-7.0%-7.0%-7.3%-7.3%-7.7% 300253CH688188CH600570CH002410CH688777CH300033CH002439CH688088CH600588CH600271CH002230CH300496CH002065CH600845CH3888HK2013HK002373CH000977CH002153CH8083HK300454CH002268CH688111CH688083CH688023CH002405CH300773CH688561CH0268HK0020HKCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYCNYHKDHKDCNYCNYCNYHKDCNYCNYCNY6.28.885.464.69.912.321.10.843.235.737.53.333.211.26.619.67.536.52.849.910.1918.40.2277444488417704634824625842892604162332827529423483.80.04.10.02.40.00.00.00.00.0-0.6CNYCNYCNYCNYCNYHKDHKD0.0柏楚電子恒生電子廣聯(lián)達(dá)中控技術(shù)啟明星辰虹軟科技用友網(wǎng)絡(luò)航天信息科大訊飛中科創(chuàng)達(dá)東華軟件寶信軟件金山軟件微盟集團(tuán)千方科技浪潮信息石基信息中國(guó)有贊深信服衛(wèi)士通金山辦公中望軟件安恒信息四維圖新拉卡拉奇安信金蝶國(guó)際商湯科技傳媒傳媒&互聯(lián)網(wǎng)7.4%3.3%0.7%-0.2%-0.6%7.4%3.3%0.7%-0.2%-0.6%-2.0%-2.7%-3.3%-6.9%-2.2%-2.7%-3.0%-3.4%-3.9%-4.0%-26.5%-33.0%-56.3%-34.4%-33.4%-32.6%-43.3%-25.8%-39.6%-23.9%-66.6%-29.3%-54.6%-30.4%-35.2%-34.7%-39.2%-26.4%CNYHKDCNYCNYHKDCNYCNYHKDCNYHKDHKDHKDHKDHKDD002027CH3690HK002555CH300413CH9988HK002624CH002739CH9888HK300251CH9618HK0700HK9999HK9626HK24HK-8.9% -8.2%-23.2%-25.9%-30.5% -8.3% -8.3% 2.334.326.881.022.421.2-5.721.112.96.75.2179.34.63.510.12.01.816.82.92.514.61.81.611.52.52.119.52.01.522.02.52.220.210.28.338.00.60.517.34.43.918.44.03.5-8.32.11.6-40.42.31.915.22.72.4979,26986466362412272,8532085,61023,1213,520423200.60.56.5.823.0芒果超媒阿里巴巴完美世界萬達(dá)電影度光線傳媒京東集團(tuán)騰訊嗶哩嗶哩-SW快手-W0772HK0772HK指數(shù)納斯達(dá)克中概股指數(shù)傳媒(申萬)XC納斯達(dá)克中概股指數(shù)傳媒(申萬)XCO801760.SI801750.SI801770.SIHSTECH.HIHSI.HI 通信(申萬)恒生科技恒生指數(shù)注：此表中北向/南向資金流入=北向/南向資金流入股數(shù)*周交易均價(jià)，使用Wind一致預(yù)期。資料來源：Wind，華泰研究代碼代碼公司板塊分類成分占比交易貨幣市值股價(jià)(億元港幣)(港幣元)股價(jià)漲跌幅30DYTD恒生科技指數(shù)成份3690HK訊科技8.21%3.12.8%43.8%6690HK智家非必須性消費(fèi)4.40%,08024.052.8%11.2%9961HK攜程集團(tuán)-S非必須性消費(fèi)0.76%210.80..2%24.8%6618HK京東健康4.28%45.10-0.17.5%69.9%9988HK訊科技8.21%21,037.95-0.17.3%66.5%0241HK620020.9%84.3%9888HK訊科技4.64%4,01819.4%54.7%0981HK訊科技4.95%2,25727.6%9618HK京東集團(tuán)訊科技8.89%90219.5%40.6%0700HK騰訊訊科技7.66%32,565266.40-3.-3.18.6%51.0%9999HK訊科技6.11%4,957-3.-3.16.4%18.1%3888HK金山軟件訊科技36420.90-4.-4.12.9%57.8%2015HK想非必須性消費(fèi)2.64%2,4060.60-4.-4.21.4%22.6%9626HK嗶哩嗶哩-SW訊科技595-5.-5.37.1%85.1%K團(tuán)-W訊科技8.19%2,8566-5.-5.22.5%73.0%K華虹半導(dǎo)體訊科技0.95%298-6.-6.22.6%59.2%K-W訊科技6.96%2,7890.95-6.-6.25.9%83.0%0992HK聯(lián)想集團(tuán)訊科技3.29%8446-7.-7.16.0%19.1%2382HK舜宇光學(xué)科技業(yè)5.39%.15-7.-7.30.4%55.0%2018HK瑞聲科技業(yè)0.74%-7.-7.16.0%71.5%9868HK非必須性消費(fèi)0.87%46.00-10-10.37.6%72.1%0285HK子訊科技5%544-11-11.3%52.8%6060HK眾安在線金融業(yè)5%330-11-11.24.0%51.4%0268HK金蝶國(guó)際訊科技2.61%455-12-12.32.9%67.5%K平安好醫(yī)生0.76%211-12-12.%30.8%84.3%9866HK蔚來非必須性消費(fèi)0.64%2,617-13-13.%23.6%23.6%9698HK國(guó)數(shù)據(jù)訊科技0.49%334-14-14.44%36.9%81.0%0772HK非必須性消費(fèi)29122.25-16.30.5%63.4%0909HK訊科技0.45%4.65-16.28.6%90.2%0020HK湯科技訊科技0.17%683-17.35.2%61.3%恒生科技指數(shù)成份注：市值、股價(jià)取9月30日收盤價(jià)，采用Wind匯率資料來源：Wind，華泰研究NOWUSACNUSSNOWUSMSFTUSCRMUSADBEUSSHOPUS半導(dǎo)體000660KSIFXNTRKLACUSASMLNA005930KSAMATUSNVDAUSNXPIUSLRCXUSNOWUSACNUSSNOWUSMSFTUSCRMUSADBEUSSHOPUS半導(dǎo)體000660KSIFXNTRKLACUSASMLNA005930KSAMATUSNVDAUSNXPIUSLRCXUSTXNUS2454TTAVGOUSINTCUS2303TTAMDUSQCOMUS2330TT8035JP互聯(lián)網(wǎng)SEUS3690HKAMZNUSGOOGUS0700HKMETAUS1024HK硬件CSCOUS6861JP1810HKAAPLUS汽車LCIDUSRIVNUSTSLAUS1211HKLIUSNIOUSXPEVUS指數(shù)HXCOIXIC.GISPX.GISOX.GISERVICENOWACCENTURE-ASNOWFLAKEMICROSOFTSALESFORCEADOBESHOPIFYMICRONTECHNOLOGYSKHYNIXINFINEONTECHNOLOGIESKLAASMLHOLDINGSAMSUNGELECAPPLIEDMATERIALNVIDIANXPSEMICONDUCTORSLAMRESEARCHTEXASINSTRUMENTSBROADCOMINTELADVANCEDMICRODEVICESQUALCOMMTSMCTOKYOELECTRONSEAMEITUAN-WAMAZONALPHABET-CTENCENTMETAPLATFORMSKUAISHOU-WCISCOSYSTEMSKEYENCEXIAOMI-WAPPLELUCIDGROUPRIVIANAUTOMOTIVETESLABYDCOMPANYLIAUTOXPENG納斯達(dá)克中概股納斯達(dá)克指數(shù)標(biāo)普500MSCI全球信息科技費(fèi)城半導(dǎo)體指數(shù)2%0%3%1%2%3%3%0%5%4%6%9%6%8%0%6%8%0%0%3%4%7%8%8%3%9% KRWEURUSDEURKRWUSDUSDUSDUSDUSDTWDUSDUSDTWDUSDUSDTWDJPYJPY 19.4% 12.8% ServiceNow埃森哲Snowflake微軟塞富時(shí)奧多比Shopify鎂光SK海力士英飛凌科天阿斯麥三星電子應(yīng)用材料英偉達(dá)恩智浦拉姆研究德州儀器聯(lián)發(fā)科博通英特爾聯(lián)電AMD超威半導(dǎo)體高通公司臺(tái)積電東京電子SEA美團(tuán)亞馬遜谷歌騰訊快手思科KEYENCE米蘋果Lucid特斯拉比亞迪理想蔚來鵬76,277171,02554,3871,736,943143,840127,94033,98155,26842,30628,94542,914167,221221,68070,485302,26138,73650,138141,42427,708179,825105,81213,061102,283126,877355,55638,95331,261130,5571,151,1941,250,740325,653364,64727,889164,35480,85428,5612,220,97823,36930,152831,15391,55024,05926,17210,288377.61257.30169.96232.90143.84275.2026.9450.100 22.52 302.63 433.60081.93121.39 147.51 366.00 154.78 551.00 444.01 25.77 35.75 63.36 112.98 422.00056.05165.60113.00 96.15266.40135.6850.9540.000.00 8.96138.2013.97 32.91265.25194.40 23.01 15.7711.953,585.6 371.90 0 2%433%7%0%1%4%9%6%1%3%1%4%9%7%7%0%6%8%2%7%9%9%2% -10-12代碼公司交易貨幣市值(百萬美元)股價(jià)30-SepW股價(jià)漲跌幅30DYTD軟件..................................................注：市值、股價(jià)取9月30日收盤價(jià)，采用Wind匯率資料來源：Wind，華泰研究證券代碼證券簡(jiǎn)稱變動(dòng)方向股東名稱公告日期方案進(jìn)度(擬)變動(dòng)數(shù)量上限(擬)減持股數(shù)(萬股)占總股本比(%)300773CH拉卡拉減持天津臺(tái)寶南山管理咨詢中心(有限合伙)等2022-09-29進(jìn)行中1,040.661.33資料來源：Wind，華泰研究證券代碼證券簡(jiǎn)稱公告日期方案進(jìn)度激勵(lì)方式激勵(lì)股數(shù)(萬股)期權(quán)初始行權(quán)價(jià)格主要公司層面行權(quán)條件300253CH衛(wèi)寧健康2022-09-30董事會(huì)預(yù)案期權(quán)16,547.385.71第一個(gè)行權(quán)期：1、以2021年凈利潤(rùn)為基數(shù)，2022年凈利潤(rùn)增長(zhǎng)率不低于24%；2、以2021年?duì)I業(yè)收入為基數(shù)，2022年?duì)I業(yè)收入增長(zhǎng)率不低于12%。第二個(gè)行權(quán)期：1、以2021年凈利潤(rùn)為基數(shù)，2023年凈利潤(rùn)增長(zhǎng)率不低于66%；2、以2021年?duì)I業(yè)收入為基數(shù)，2023年?duì)I業(yè)收入增長(zhǎng)率不低于36%。第三個(gè)行權(quán)期：1、以2021年凈利潤(rùn)為基數(shù)，2024年凈利潤(rùn)增長(zhǎng)率不低于118%；2、以2021年?duì)I業(yè)收入為基數(shù)，2024年?duì)I業(yè)收入增長(zhǎng)率不低于64%。第四個(gè)行權(quán)期：1、以2021年凈利潤(rùn)為基數(shù)，2025年凈利潤(rùn)增長(zhǎng)率不低于180%；2、以2021年?duì)I業(yè)收入為基數(shù)，2025年?duì)I業(yè)收入增長(zhǎng)率不低于95%。300502CH新易盛2022-09-29董事會(huì)預(yù)案第一類限制性股票157.8511.62第一個(gè)解除限售期：以2019-2021年?duì)I業(yè)收入平均值為基數(shù)，2023年?duì)I業(yè)收入增長(zhǎng)率不低于70%。第二個(gè)解除限售期：以2019-2021年?duì)I業(yè)收入平均值為基數(shù)，2024年?duì)I業(yè)收入增長(zhǎng)率不低于120%。資料來源：Wind，華泰研究證券代碼公司狀態(tài)上上市/過會(huì)日期市值(億元當(dāng)?shù)刎泿?上市板發(fā)發(fā)行價(jià)格(元當(dāng)?shù)刎泿?新股發(fā)行數(shù)量(擬)募資總額(萬股)(億元當(dāng)?shù)刎泿?9863.HK零跑汽車已上市2022-09-29283.39港交所48.00130.819162.792602.HK萬物云已上市2022-09-29518.21港交所49.35116.714057.602350.HK數(shù)科集團(tuán)已上市2022-09-263.75港交所0.85156.25001.33301313CHC凡拓已上市2022-09-3029.67創(chuàng)業(yè)板25.252,558.346.46301176CHC逸豪已上市2022-09-2831.73創(chuàng)業(yè)板23.884,226.6710.09301285CHC鴻日達(dá)已上市2022-09-2831.41創(chuàng)業(yè)板14.605,167.007.54688252CHC天德已上市2022-09-2768.94科創(chuàng)板21.684,055.568.79301366CH一博科技已上市2022-09-2642.17創(chuàng)業(yè)板65.352,083.3313.61688387CH信科移動(dòng)-U已上市2022-09-26175.38科創(chuàng)板6.0578,631.2547.57資料來源：Wind，華泰研究8%6%4%2%0%-2%-4%-6%-8%股市債券貨幣大宗商品注：納斯達(dá)克中概股采用納斯達(dá)克中國(guó)金龍指數(shù)(Wind代碼HXC.O)；貨幣采取美元計(jì)價(jià)資料來源：Wind，華泰研究160%130%100%70%8%6%4%2%0%-2%-4%-6%-8%股市債券貨幣大宗商品注：納斯達(dá)克中概股采用納斯達(dá)克中國(guó)金龍指數(shù)(Wind代碼HXC.O)；貨幣采取美元計(jì)價(jià)資料來源：Wind，華泰研究160%130%100%70%40% 10%-20%-50%-80%股市債券貨幣大宗商品其它注：納斯達(dá)克中概股采用納斯達(dá)克中國(guó)金龍指數(shù)(Wind代碼HXC.O)；貨幣采取美元計(jì)價(jià)資料來源：Wind，華泰研究比特幣費(fèi)城半導(dǎo)體指數(shù)恒生科技電子(申萬)傳媒(申萬)計(jì)算機(jī)(申萬)納斯達(dá)克指數(shù)創(chuàng)業(yè)板MSCI全球/資本市場(chǎng)指數(shù)納斯達(dá)克中概股FAAMNGMSCI新興市場(chǎng)深證成指MSCI發(fā)達(dá)市場(chǎng)指數(shù)恒生指數(shù)日元標(biāo)普500德國(guó)DAX指數(shù)滬深300道瓊斯工業(yè)指數(shù)銅巴黎CAC40歐洲STOXX600通信(申萬)英鎊上證指數(shù)人民幣日經(jīng)225印度盧比黃金英國(guó)富時(shí)100印度Nifty中國(guó)國(guó)債俄羅斯MOEX巴西IBOVESPA小麥澳元大豆盧布原油VIX天然氣美國(guó)國(guó)債日經(jīng)225費(fèi)城半導(dǎo)體指數(shù)電子(申萬)盧布恒生指數(shù)恒生科技FAAMNG通信(申萬)MSCI新興市場(chǎng)英鎊計(jì)算機(jī)(申萬)道瓊斯工業(yè)指數(shù)標(biāo)普500MSCI全球/資本市場(chǎng)指數(shù)納斯達(dá)克指數(shù)傳媒(申萬)MSCI發(fā)達(dá)市場(chǎng)指數(shù)納斯達(dá)克中概股上證指數(shù)深證成指澳元英國(guó)富時(shí)100天然氣巴西IBOVESPA德國(guó)DAX指數(shù)印度Nifty滬深300大豆日元?jiǎng)?chuàng)業(yè)板歐洲STOXX600印度盧比巴黎CAC40原油比特幣俄羅斯MOEX人民幣黃金銅小麥美國(guó)國(guó)債中國(guó)國(guó)債VIX國(guó)防軍工有色金屬鋼鐵汽車建筑裝飾子機(jī)械設(shè)備非銀金融公用事業(yè)化工電氣設(shè)備通信計(jì)算機(jī)綜合傳媒房地產(chǎn)紡織服裝交通運(yùn)輸建筑材料輕工制造家用電器農(nóng)林牧漁銀行休閑服務(wù)商業(yè)貿(mào)易采掘食品飲料醫(yī)藥生物-6%-4%-2%0%2%4%6%-10%-6%-4%-2%0%2%4%6%注：使用申萬指數(shù)資料來源：Wind，華泰研究原材料業(yè)公用事業(yè)工業(yè)綜合企業(yè)能源業(yè)電訊業(yè)金融業(yè)地產(chǎn)建筑業(yè)非必需性消費(fèi)資訊科技業(yè)必需性消費(fèi)醫(yī)療保健業(yè)-8%-6%-4%-2%0%2%-8%-6%-4%-2%0%2%注：使用港交所行業(yè)分類資料來源：Wind，華泰研究子傳媒計(jì)算機(jī)建筑材料醫(yī)藥生物非銀金融鋼鐵國(guó)防軍工輕工制造機(jī)械設(shè)備電氣設(shè)備家用電器紡織服裝汽車休閑服務(wù)化工有色金屬通信公用事業(yè)食品飲料商業(yè)貿(mào)易建筑裝飾銀行農(nóng)林牧漁房地產(chǎn)交通運(yùn)輸綜合采掘-35%-45%-35%-45%-5%5%注：使用申萬指數(shù)資料來源：Wind，華泰研究醫(yī)療保健業(yè)公用事業(yè)工業(yè)資訊科技業(yè)金融業(yè)非必需性消費(fèi)綜合企業(yè)原材料業(yè)地產(chǎn)建筑業(yè)必需性消費(fèi)電訊業(yè)能源業(yè)0%10%20%-50%-40%-30%-20%-100%10%20%注：使用港交所行業(yè)分類資料來源：Wind，華泰研究2019/082019/102019/122020/022020/042020/062020/082020/102020/122021/022021/042021/062021/082021/102021/122022/022022/042022/062022/082019/082019/102019/122020/022020/042020/062020/082020/102020/122021/022021/042021/062021/082021/102021/122022/022022/042022/062022/08CS半導(dǎo)體CS消費(fèi)電子CS其他電子零組件ⅡCS光學(xué)光電CS元器件120%110%100%90%80%70%60%50%SW電子上證綜合指數(shù)成份 深證成指SWSW電子上證綜合指數(shù)成份2021/082021/092021/102021/102021/112021/122021/122022/012022/022022/032022/032022/042022/052022/052022/062022/072022/072022/082022/092022/09資料來源：Wind，華泰研究CS半導(dǎo)體 CS光學(xué)光電CS其他電子零組件ⅡCS元器件CS消費(fèi)電子130%120%110%100%90%80%70%60%50%40%2021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/09資料來源：Wind，華泰研究成交金額(億元人民幣)8,0007,0006,0005,0004,0003,0002,0001,00002019/082019/102019/122020/022020/042020/062020/082020/102019/082019/102019/122020/022020/042020/062020/082020/102020/122021/022021/042021/062021/082021/102021/122022/022022/042022/062022/084,0003,5003,0002,5002,0001,5001,0005000資料來源：Wind，華泰研究SW電子SW申萬A股成份上證綜合指數(shù)成份深證成指 -6%-4.2%-2.5%0% -4% -2%資料來源：Wind，華泰研究--6.4%-5.9%-5.8%-5.2%-2.0%-8%-6%-4%0%-2%-8%-6%-4%0%資料來源：Wind，華泰研究成交金額(億元港幣)33,00031,00029,00027,00025,000233,00031,00029,00027,00025,0002,5002,0001,50023,0001,00021,000500150017,000015,0000資料來源：Wind，華泰研究P/E(X)2017/102018/012018/04P/E(X)2017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/07A/H手機(jī)產(chǎn)業(yè)鏈總市值30,00025,00020,00015,00010,0005,0000預(yù)測(cè)市盈率(未來12個(gè)月)(中值)35302520151050中位數(shù)=18資料來源：Wind，華泰研究8%6%4%2%0%-2%-4%-6%-8%恒生指數(shù)標(biāo)普500上證綜指2022/05/272022/06/032022/06/102022/06/172022/06/242022/07/012022/07/082022/07/152022/07/222022/07/292022/08/052022/08/122022/08/192022/08/262022/09/022022/09/092022/09/162022/09/232022/09/30資料來源：Wind，華泰研究120%100%80%60%40%20%0% 恒生科技指數(shù)恒生指數(shù)2021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/09資料來源：Wind，華泰研究(億元人民幣)P/E(X)35,00030,00025,00020,00015,00010,0005,00002017/102018/012018/042018/072018/102019/012017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/079080706050403020100 43預(yù)測(cè)市盈率(未來12個(gè)月)(中值)資料來源：Wind，華泰研究15%10%5%0%-5%費(fèi)城半導(dǎo)體納斯達(dá)克恒生科技電子(申萬)2022/05/272022/06/032022/06/102022/06/172022/06/242022/07/012022/07/082022/07/152022/07/222022/07/292022/08/052022/08/122022/08/192022/08/262022/09/022022/09/092022/09/162022/09/232022/09/30資料來源：Wind，華泰研究40恒生科技指數(shù)恒生綜合指數(shù)4035302520502020/072020/092020/112021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/09資料來源：Wind，華泰研究2012/012012/072013/012013/072014/012014/072015/012015/072016/012016/072017/012017/072018/012018/072019/012019/072020/012020/072021/012021/072022/012022/072021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/072022/082022/092012/012012/072013/012013/072014/012014/072015/012015/072016/012016/072017/012017/072018/012018/072019/012019/072020/012020/072021/012021/072022/012022/072021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/072022/082022/09費(fèi)城半導(dǎo)費(fèi)城半導(dǎo)體標(biāo)普500美股科技巨頭1000%800%600%400%200%0%注：科技巨頭包括谷歌，亞馬遜，蘋果，微軟資料來源：Wind，華泰研究SOX前向PES&P500前向PEBigTech前向PE6050403020022012/0822013/0222013/0822014/0222014/0822015/0222015/0822016/0222016/0822017/0222017/0822018/0222018/0822019/0222019/0822020/0222020/0822021/0222021/0822022/0222022/08注：科技巨頭包括谷歌，亞馬遜，蘋果，微軟資料來源：Bloomberg，華泰研究S&P500前向PE納斯達(dá)克100前向PE10年美債收益率(右軸)(%)4035302520502012/092012/122013/032013/062013/092013/122014/032014/062014/092014/122015/032015/062015/092015/122016/032016/062016/092016/122017/032017/062017/092017/122018/032018/062018/092018/122019/032019/062019/092019/122020/032020/062020/092020/122021/032021/062021/092021/122022/032022/062022/094.54.03.53.02.52.0500.50.0資料來源：Bloomberg，華泰研究90807060504030200CNNFear&GreedIndexCBOEVolatilityIndex資料來源：CNN，CBOE，Wind，華泰研究2017/012017/032017/052017/072017/092017/112018/012018/032018/052018/072018/092018/112019/012019/032019/052019/072019/092019/112020/012020/032020/052020/072020/092020/112021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/092017/012017/032017/052017/072017/092017/112018/012018/032018/052017/012017/032017/052017/072017/092017/112018/012018/032018/052018/072018/092018/112019/012019/032019/052019/072019/092019/112020/012020/032020/052020/072020/092020/112021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/092017/012017/032017/052017/072017/092017/112018/012018/032018/052018/072018/092018/112019/012019/032019/052019/072019/092019/112020/012020/032020/052020/072020/092020/112021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/09成交量400350300250200150100500(十億美元)成交量收盤價(jià)(美元/個(gè))80,000收盤價(jià)(右軸(十億美元)成交量收盤價(jià)(美元/個(gè))80,00070,00060,00050,00040,00030,00020,00010,0000資料來源：YahooFinance，華泰研究收盤收盤價(jià)(美元/個(gè))6,000成交量收盤價(jià)(右軸)9成交量收盤價(jià)(右軸)805,000704,0004,000503,000402,00032,000201,000000資料來源：YahooFinance,華泰研究80,00070,00060,00050,000480,00070,00060,00050,00040,00030,00020,00010,0000比特幣在網(wǎng)算力比特幣價(jià)格(右軸)3002502001501005002017/012017/032017/052017/072017/092017/112018/012018/032018/052018/072018/092018/112019/012019/032019/052019/072019/092019/112020/012020/032020/052020/072020/092020/112021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/09資料來源：YahooFinance,B，華泰研究2021/012021/022021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022021/012021/022021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/09北北向資金凈流入(右軸)5,0004004,0002003,00002,000(200)(400)(600)北向資金流入北向資金流出(億元人民幣)(億元人民幣)1,0006000資料來源：Wind，華泰研究(億港元)(億港元)3,0002021/012021/022021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/06(億港元)(億港元)3,0002021/012021/022021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092,5002,0001,5001,00050001,2001,0008006004002000(200)(400)資料來源：Wind，華泰研究代碼公司名稱交易貨幣收盤價(jià)30/Sep1W股價(jià)變動(dòng)1MYTD北向資金流入(億元人民幣)北向資金持股比例(%)持股市值(億元人民幣)002475CH立訊精密CNY29.47.4154.1603501CH韋爾股份CNY80.17.570.7002241CH歌爾股份CNY26.50.08.466.8002371CH北方華創(chuàng)CNY278.44.765.1603290CH斯達(dá)半導(dǎo)CNY324.0.253.0000725CH京東方ACNY3.30.93.946.2002049CH紫光國(guó)微CNY144.00.13.340.8601138CH工業(yè)富聯(lián)CNY8.52.440.2002008CH大族激光CNY26.10.0.637.4603986CH兆易創(chuàng)新CNY93.80.14.326.5600745CH聞泰科技CNY47.75.123.0300207CH欣旺達(dá)CNY23.35.921.7600563CH法拉電子CNY160.70.05.821.0300661CH圣邦股份CNY140.94.320.6002236CH大華股份CNY.9300408CH三環(huán)集團(tuán)CNY26.0000733CH振華科技CNY116.02.03.1.6300782CH卓勝微CNY88.44.9.4688008CH瀾起科技CNY002384CH東山精密CNY注：此表中北向/南向資金流入=北向/南向資金流入股數(shù)*周交易均價(jià)資料來源：Wind，華泰研究代碼公司名稱交易貨幣收盤價(jià)9/30W股價(jià)變動(dòng)MYTD南向資金流入(億港元)南向/北向資金持股比例(%)持股市值(億港元)0700HK騰訊控股266.422.10.01988.80941HK中國(guó)移動(dòng)49.9.90.0923.03690HK美團(tuán)-W918.41810HK小米集團(tuán)-W9.02.4.3297.90981HK中芯國(guó)際.00.0221.71211HK比亞迪股份194.40.30.0130.70728HK中國(guó)電信2.84.233.8128.92382HK舜宇光學(xué)科技75.2.8113.49868HK中國(guó)聯(lián)通3.53.20.062.6026