电子-关注Pico销售和特斯拉机器人发布

1Feb-22Jun-22Sep-22告Feb-22Jun-22Sep-22告华泰研究专题研究增增持(维持)华泰观点：关注Pico销售及特斯拉机器人发布周宏伟在接受经济观察网采访时表示目标100+万台(据IDC，Pico3累计销量55.8万特斯拉召开年度AIDay，发布特斯拉机器人原型机。马斯克承认机器人实际量A调风险。华泰观点#2：国庆期间留意电动车竞争和销量融资租赁建议关注10月起新车贡献和电动车竞争格局变化。面板方面，据CINNOResearch三家液晶电视面板库存水位已A股：SW电子下跌4.2%，跑输上证指数(-2.1%)A5%。上周奕瑞总投资芯海科技首次公开发行175万股战略配售限售股，股价下跌8.3%。其它涨幅居前企业包括：海康威视(+4.7%)、三环集团(+4.1%)；跌幅居前企业包括：华大九天(-10.9%)、概伦电子(-9.7%)。北上资金上周合计净流入58亿元，港股：恒生科技指数下跌3.9%，跑赢恒生指数(-4.0%)额合计727亿港元，环比涨6.4%。恒生科技主要成分股中其它涨幅居前企业包括：美团(+3.3%)、携程集团(+1.9%)；跌幅居前的企业包括：商汤科技(-17.5%)、明源云(-16.4%)。南向资金上周合计净流入66亿元，主要增持腾讯控股、中国移动、美团，减持舜宇光学科技、中芯团涨3.3%、阿里巴巴跌0.6%、百度跌海外：纳斯达克中概股下跌2.2%，纳指下跌2.7%，标普500下跌2.9%2.9%、费城半导体指数跌4.2%。十年期美债利率上升14bp至3.83%。半导体板块跌幅较大的为东京电子(-9.9%)、台积电(-7.3%)、AMD超威半导体(-6.8%)。。上周比特币涨2.6%。风险提示：海外疫情升级风险，宏观下行风险，创新品渗透不及预期风险。本研报中涉及到未上市公司或未覆盖个股内容，均系对其客观公开信息的整理，并不代表本研究团队对该公司、该股票的推荐或覆盖。研究员SACNo.S0570521050001SFCNo.AUZ066研究员SACNo.S0570521070004SFCNo.BPH392研究员SACNo.S0570522020001研究员SACNo.S0570522070002联系人SACNo.S0570121090024SFCNo.BSF274联系人SACNo.S0570121040041SFCNo.BOB674联系人SACNo.S0570121070191SFCNo.BRH099leping.huang@+(852)36586000chenxudong@+(86)2128972228zhanghaoyi@+(86)2128972228liuyi020747@+(86)2128972228zhangyu@+(86)1063211166huyuzhou@+(852)36586000andrewhuang@+(852)36586000行业走势图子沪深子(%)1(10)(21)(32)Oct-21资料来源：Wind，华泰研究304688052CH纳芯微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纳芯微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华润微华海清科盛美上海澜起科技寒武纪-U拓荆科技-U长光华芯中芯国际华峰测控聚辰股份沪硅产业-U瑞芯微韦尔股份北方华创扬杰科技中颖电子三安光电长川科技中芯国际汇顶科技海光信息芯原股份-U长电科技华天科技中微公司兆易创新斯达半导士兰微乐鑫科技晶晨股份卓胜微新洁能捷捷微电华虹半导体时代电气至纯科技ASMPT国科微通富微电芯朋微思瑞浦恒玄科技芯海科技盛美半导体概伦电子华大九天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海康威视三环集团传音控股视源股份环旭电子工业富联鹏鼎控股安洁科技生益科技深南电路蓝思科技利亚德深天马A京东方A信维通信TCL科技江海股份法拉电子大华股份歌尔股份顺络电子小米集团-W沪电股份风华高科德赛电池建滔积层板联想集团舜宇光学科技长盈精密瑞声科技立讯精密涂鸦智能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德赛西威121.4-25.7-47.43.51.9-13.6%0.0%-23.6%n.a.n.a.n.a.公司名称财报货币市值(人民币亿股价变动北向/南向资金流公司名称财报货币市值(人民币亿股价变动北向/南向资金流南向/北向资金持入(亿人民币/亿股市值(亿人民币南向/北向资金持股比例(%)P/EP/S代码(元交易元)货币)2022E元)货币)2022E2023E2022E2023E1W1MYTD半导体港元)300661CH300223CH688107CH688396CH688120CH688082CH688008CH688256CH688072CH688048CH688981CH688200CH688123CH688126CH603893CH603501CH002371CH300373CH300327CH600703CH300604CH0981HK603160CH688041CH688521CH600584CH002185CH688012CH603986CH603290CH600460CH688018CH688099CH300782CH605111CH300623CH1347HK688187CH603690CH0522HK300672CH002156CH688508CH688536CH688608CH688595CHACMRUS688206CH301269CH非非半导体--5.6002415CH300408CH688036CH002841CH601231CH601138CH002938CH002635CH600183CH002916CH300433CH300296CH000050CH000725CH300136CH000100CH002484CH600563CH002236CH002241CH002138CH1810HK002463CH000636CH000049CH1888HK0992HK2382HK300115CH2018HK002475CHTUYAUS6088HKFITHONTENG0285HK比亚迪电子汽车电子138.063.50.0%-2.2%-32.531.34.1300496CH中科创达CNY482105.652.238.08.25.9-2.70.0%-23.5%-41.140.411.2002906CH华阳集团CNY19240.345.3-4.60.0%-26.2%-2015HK理想汽车-WCNY1,70890.6-372.6-4.80.0%-26.2%-122.9120.4n.a.002036CH联创电子CNY14613.744.8-5.50.0%-43.4%-688326CH经纬恒润-WCNY217181.095.267.05.13.9-7.30.0%81.0%n.a.n.a.0.0002405CH四维图新CNY27511.582.5-7.30.0%-27.5%10.511.13.99868HK小鹏汽车-WCNY73046.0-%0.0%-75.3%-32.933.6n.a.9866HK蔚来-SWCNY1,858注：此表中北向/南向资金流入=北向/南向资金流入股数*周交易均价，使用Wind一致预期。资料来源：Wind，华泰研究股价变动YTD南向/北向资金南向/北向资金持股市值(亿人民币/亿元)2.4923.037.83.362.68.2北向/南向资金流入(亿人民币/亿港收盘价(当地货币元)8.163.068.33.87.033.9股价变动YTD南向/北向资金南向/北向资金持股市值(亿人民币/亿元)2.4923.037.83.362.68.2北向/南向资金流入(亿人民币/亿港收盘价(当地货币元)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(人民币亿元)公司名称财报货币代码通信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.4.96.222.817.84.56.91.63.77.09.70.00.10.3-0.30.60.10.10.5-0.8亿联网络威胜信息中国移动中国电信长光华芯新易盛和而泰星网锐捷中国移动中国联通中际旭创中兴通讯紫光股份华工科技光环新网中国电信中国联通梦网科技移远通信拓邦股份万国数据计算机计算机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柏楚电子恒生电子广联达中控技术启明星辰虹软科技用友网络航天信息科大讯飞中科创达东华软件宝信软件金山软件微盟集团千方科技浪潮信息石基信息中国有赞深信服卫士通金山办公中望软件安恒信息四维图新拉卡拉奇安信金蝶国际商汤科技传媒传媒&互联网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万达电影度光线传媒京东集团腾讯哔哩哔哩-SW快手-W0772HK0772HK指数纳斯达克中概股指数传媒(申万)XC纳斯达克中概股指数传媒(申万)XCO801760.SI801750.SI801770.SIHSTECH.HIHSI.HI 通信(申万)恒生科技恒生指数注：此表中北向/南向资金流入=北向/南向资金流入股数*周交易均价，使用Wind一致预期。资料来源：Wind，华泰研究代码代码公司板块分类成分占比交易货币市值股价(亿元港币)(港币元)股价涨跌幅30DYTD恒生科技指数成份3690HK讯科技8.21%3.12.8%43.8%6690HK智家非必须性消费4.40%,08024.052.8%11.2%9961HK携程集团-S非必须性消费0.76%210.80..2%24.8%6618HK京东健康4.28%45.10-0.17.5%69.9%9988HK讯科技8.21%21,037.95-0.17.3%66.5%0241HK620020.9%84.3%9888HK讯科技4.64%4,01819.4%54.7%0981HK讯科技4.95%2,25727.6%9618HK京东集团讯科技8.89%90219.5%40.6%0700HK腾讯讯科技7.66%32,565266.40-3.-3.18.6%51.0%9999HK讯科技6.11%4,957-3.-3.16.4%18.1%3888HK金山软件讯科技36420.90-4.-4.12.9%57.8%2015HK想非必须性消费2.64%2,4060.60-4.-4.21.4%22.6%9626HK哔哩哔哩-SW讯科技595-5.-5.37.1%85.1%K团-W讯科技8.19%2,8566-5.-5.22.5%73.0%K华虹半导体讯科技0.95%298-6.-6.22.6%59.2%K-W讯科技6.96%2,7890.95-6.-6.25.9%83.0%0992HK联想集团讯科技3.29%8446-7.-7.16.0%19.1%2382HK舜宇光学科技业5.39%.15-7.-7.30.4%55.0%2018HK瑞声科技业0.74%-7.-7.16.0%71.5%9868HK非必须性消费0.87%46.00-10-10.37.6%72.1%0285HK子讯科技5%544-11-11.3%52.8%6060HK众安在线金融业5%330-11-11.24.0%51.4%0268HK金蝶国际讯科技2.61%455-12-12.32.9%67.5%K平安好医生0.76%211-12-12.%30.8%84.3%9866HK蔚来非必须性消费0.64%2,617-13-13.%23.6%23.6%9698HK国数据讯科技0.49%334-14-14.44%36.9%81.0%0772HK非必须性消费29122.25-16.30.5%63.4%0909HK讯科技0.45%4.65-16.28.6%90.2%0020HK汤科技讯科技0.17%683-17.35.2%61.3%恒生科技指数成份注：市值、股价取9月30日收盘价，采用Wind汇率资料来源：Wind，华泰研究NOWUSACNUSSNOWUSMSFTUSCRMUSADBEUSSHOPUS半导体000660KSIFXNTRKLACUSASMLNA005930KSAMATUSNVDAUSNXPIUSLRCXUSNOWUSACNUSSNOWUSMSFTUSCRMUSADBEUSSHOPUS半导体000660KSIFXNTRKLACUSASMLNA005930KSAMATUSNVDAUSNXPIUSLRCXUSTXNUS2454TTAVGOUSINTCUS2303TTAMDUSQCOMUS2330TT8035JP互联网SEUS3690HKAMZNUSGOOGUS0700HKMETAUS1024HK硬件CSCOUS6861JP1810HKAAPLUS汽车LCIDUSRIVNUSTSLAUS1211HKLIUSNIOUSXPEVUS指数HXCOIXIC.GISPX.GISOX.GISERVICENOWACCENTURE-ASNOWFLAKEMICROSOFTSALESFORCEADOBESHOPIFYMICRONTECHNOLOGYSKHYNIXINFINEONTECHNOLOGIESKLAASMLHOLDINGSAMSUNGELECAPPLIEDMATERIALNVIDIANXPSEMICONDUCTORSLAMRESEARCHTEXASINSTRUMENTSBROADCOMINTELADVANCEDMICRODEVICESQUALCOMMTSMCTOKYOELECTRONSEAMEITUAN-WAMAZONALPHABET-CTENCENTMETAPLATFORMSKUAISHOU-WCISCOSYSTEMSKEYENCEXIAOMI-WAPPLELUCIDGROUPRIVIANAUTOMOTIVETESLABYDCOMPANYLIAUTOXPENG纳斯达克中概股纳斯达克指数标普500MSCI全球信息科技费城半导体指数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微软塞富时奥多比Shopify镁光SK海力士英飞凌科天阿斯麦三星电子应用材料英伟达恩智浦拉姆研究德州仪器联发科博通英特尔联电AMD超威半导体高通公司台积电东京电子SEA美团亚马逊谷歌腾讯快手思科KEYENCE米苹果Lucid特斯拉比亚迪理想蔚来鹏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代码公司交易货币市值(百万美元)股价30-SepW股价涨跌幅30DYTD软件..................................................注：市值、股价取9月30日收盘价，采用Wind汇率资料来源：Wind，华泰研究证券代码证券简称变动方向股东名称公告日期方案进度(拟)变动数量上限(拟)减持股数(万股)占总股本比(%)300773CH拉卡拉减持天津台宝南山管理咨询中心(有限合伙)等2022-09-29进行中1,040.661.33资料来源：Wind，华泰研究证券代码证券简称公告日期方案进度激励方式激励股数(万股)期权初始行权价格主要公司层面行权条件300253CH卫宁健康2022-09-30董事会预案期权16,547.385.71第一个行权期：1、以2021年净利润为基数，2022年净利润增长率不低于24%；2、以2021年营业收入为基数，2022年营业收入增长率不低于12%。第二个行权期：1、以2021年净利润为基数，2023年净利润增长率不低于66%；2、以2021年营业收入为基数，2023年营业收入增长率不低于36%。第三个行权期：1、以2021年净利润为基数，2024年净利润增长率不低于118%；2、以2021年营业收入为基数，2024年营业收入增长率不低于64%。第四个行权期：1、以2021年净利润为基数，2025年净利润增长率不低于180%；2、以2021年营业收入为基数，2025年营业收入增长率不低于95%。300502CH新易盛2022-09-29董事会预案第一类限制性股票157.8511.62第一个解除限售期：以2019-2021年营业收入平均值为基数，2023年营业收入增长率不低于70%。第二个解除限售期：以2019-2021年营业收入平均值为基数，2024年营业收入增长率不低于120%。资料来源：Wind，华泰研究证券代码公司状态上上市/过会日期市值(亿元当地货币)上市板发发行价格(元当地货币)新股发行数量(拟)募资总额(万股)(亿元当地货币)9863.HK零跑汽车已上市2022-09-29283.39港交所48.00130.819162.792602.HK万物云已上市2022-09-29518.21港交所49.35116.714057.602350.HK数科集团已上市2022-09-263.75港交所0.85156.25001.33301313CHC凡拓已上市2022-09-3029.67创业板25.252,558.346.46301176CHC逸豪已上市2022-09-2831.73创业板23.884,226.6710.09301285CHC鸿日达已上市2022-09-2831.41创业板14.605,167.007.54688252CHC天德已上市2022-09-2768.94科创板21.684,055.568.79301366CH一博科技已上市2022-09-2642.17创业板65.352,083.3313.61688387CH信科移动-U已上市2022-09-26175.38科创板6.0578,631.2547.57资料来源：Wind，华泰研究8%6%4%2%0%-2%-4%-6%-8%股市债券货币大宗商品注：纳斯达克中概股采用纳斯达克中国金龙指数(Wind代码HXC.O)；货币采取美元计价资料来源：Wind，华泰研究160%130%100%70%8%6%4%2%0%-2%-4%-6%-8%股市债券货币大宗商品注：纳斯达克中概股采用纳斯达克中国金龙指数(Wind代码HXC.O)；货币采取美元计价资料来源：Wind，华泰研究160%130%100%70%40% 10%-20%-50%-80%股市债券货币大宗商品其它注：纳斯达克中概股采用纳斯达克中国金龙指数(Wind代码HXC.O)；货币采取美元计价资料来源：Wind，华泰研究比特币费城半导体指数恒生科技电子(申万)传媒(申万)计算机(申万)纳斯达克指数创业板MSCI全球/资本市场指数纳斯达克中概股FAAMNGMSCI新兴市场深证成指MSCI发达市场指数恒生指数日元标普500德国DAX指数沪深300道琼斯工业指数铜巴黎CAC40欧洲STOXX600通信(申万)英镑上证指数人民币日经225印度卢比黄金英国富时100印度Nifty中国国债俄罗斯MOEX巴西IBOVESPA小麦澳元大豆卢布原油VIX天然气美国国债日经225费城半导体指数电子(申万)卢布恒生指数恒生科技FAAMNG通信(申万)MSCI新兴市场英镑计算机(申万)道琼斯工业指数标普500MSCI全球/资本市场指数纳斯达克指数传媒(申万)MSCI发达市场指数纳斯达克中概股上证指数深证成指澳元英国富时100天然气巴西IBOVESPA德国DAX指数印度Nifty沪深300大豆日元创业板欧洲STOXX600印度卢比巴黎CAC40原油比特币俄罗斯MOEX人民币黄金铜小麦美国国债中国国债VIX国防军工有色金属钢铁汽车建筑装饰子机械设备非银金融公用事业化工电气设备通信计算机综合传媒房地产纺织服装交通运输建筑材料轻工制造家用电器农林牧渔银行休闲服务商业贸易采掘食品饮料医药生物-6%-4%-2%0%2%4%6%-10%-6%-4%-2%0%2%4%6%注：使用申万指数资料来源：Wind，华泰研究原材料业公用事业工业综合企业能源业电讯业金融业地产建筑业非必需性消费资讯科技业必需性消费医疗保健业-8%-6%-4%-2%0%2%-8%-6%-4%-2%0%2%注：使用港交所行业分类资料来源：Wind，华泰研究子传媒计算机建筑材料医药生物非银金融钢铁国防军工轻工制造机械设备电气设备家用电器纺织服装汽车休闲服务化工有色金属通信公用事业食品饮料商业贸易建筑装饰银行农林牧渔房地产交通运输综合采掘-35%-45%-35%-45%-5%5%注：使用申万指数资料来源：Wind，华泰研究医疗保健业公用事业工业资讯科技业金融业非必需性消费综合企业原材料业地产建筑业必需性消费电讯业能源业0%10%20%-50%-40%-30%-20%-100%10%20%注：使用港交所行业分类资料来源：Wind，华泰研究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半导体CS消费电子CS其他电子零组件ⅡCS光学光电CS元器件120%110%100%90%80%70%60%50%SW电子上证综合指数成份 深证成指SWSW电子上证综合指数成份2021/082021/092021/102021/102021/112021/122021/122022/012022/022022/032022/032022/042022/052022/052022/062022/072022/072022/082022/092022/09资料来源：Wind，华泰研究CS半导体 CS光学光电CS其他电子零组件ⅡCS元器件CS消费电子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资料来源：Wind，华泰研究成交金额(亿元人民币)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资料来源：Wind，华泰研究SW电子SW申万A股成份上证综合指数成份深证成指 -6%-4.2%-2.5%0% -4% -2%资料来源：Wind，华泰研究--6.4%-5.9%-5.8%-5.2%-2.0%-8%-6%-4%0%-2%-8%-6%-4%0%资料来源：Wind，华泰研究成交金额(亿元港币)33,00031,00029,00027,00025,000233,00031,00029,00027,00025,0002,5002,0001,50023,0001,00021,000500150017,000015,0000资料来源：Wind，华泰研究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手机产业链总市值30,00025,00020,00015,00010,0005,0000预测市盈率(未来12个月)(中值)35302520151050中位数=18资料来源：Wind，华泰研究8%6%4%2%0%-2%-4%-6%-8%恒生指数标普500上证综指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资料来源：Wind，华泰研究120%100%80%60%40%20%0% 恒生科技指数恒生指数2021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/09资料来源：Wind，华泰研究(亿元人民币)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预测市盈率(未来12个月)(中值)资料来源：Wind，华泰研究15%10%5%0%-5%费城半导体纳斯达克恒生科技电子(申万)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资料来源：Wind，华泰研究40恒生科技指数恒生综合指数4035302520502020/072020/092020/112021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/09资料来源：Wind，华泰研究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费城半导费城半导体标普500美股科技巨头1000%800%600%400%200%0%注：科技巨头包括谷歌，亚马逊，苹果，微软资料来源：Wind，华泰研究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：科技巨头包括谷歌，亚马逊，苹果，微软资料来源：Bloomberg，华泰研究S&P500前向PE纳斯达克100前向PE10年美债收益率(右轴)(%)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资料来源：Bloomberg，华泰研究90807060504030200CNNFear&GreedIndexCBOEVolatilityIndex资料来源：CNN，CBOE，Wind，华泰研究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(十亿美元)成交量收盘价(美元/个)80,000收盘价(右轴(十亿美元)成交量收盘价(美元/个)80,00070,00060,00050,00040,00030,00020,00010,0000资料来源：YahooFinance，华泰研究收盘收盘价(美元/个)6,000成交量收盘价(右轴)9成交量收盘价(右轴)805,000704,0004,000503,000402,00032,000201,000000资料来源：YahooFinance,华泰研究80,00070,00060,00050,000480,00070,00060,00050,00040,00030,00020,00010,0000比特币在网算力比特币价格(右轴)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资料来源：YahooFinance,B，华泰研究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北北向资金净流入(右轴)5,0004004,0002003,00002,000(200)(400)(600)北向资金流入北向资金流出(亿元人民币)(亿元人民币)1,0006000资料来源：Wind，华泰研究(亿港元)(亿港元)3,0002021/012021/022021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/06(亿港元)(亿港元)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)资料来源：Wind，华泰研究代码公司名称交易货币收盘价30/Sep1W股价变动1MYTD北向资金流入(亿元人民币)北向资金持股比例(%)持股市值(亿元人民币)002475CH立讯精密CNY29.47.4154.1603501CH韦尔股份CNY80.17.570.7002241CH歌尔股份CNY26.50.08.466.8002371CH北方华创CNY278.44.765.1603290CH斯达半导CNY324.0.253.0000725CH京东方ACNY3.30.93.946.2002049CH紫光国微CNY144.00.13.340.8601138CH工业富联CNY8.52.440.2002008CH大族激光CNY26.10.0.637.4603986CH兆易创新CNY93.80.14.326.5600745CH闻泰科技CNY47.75.123.0300207CH欣旺达CNY23.35.921.7600563CH法拉电子CNY160.70.05.821.0300661CH圣邦股份CNY140.94.320.6002236CH大华股份CNY.9300408CH三环集团CNY26.0000733CH振华科技CNY116.02.03.1.6300782CH卓胜微CNY88.44.9.4688008CH澜起科技CNY002384CH东山精密CNY注：此表中北向/南向资金流入=北向/南向资金流入股数*周交易均价资料来源：Wind，华泰研究代码公司名称交易货币收盘价9/30W股价变动MYTD南向资金流入(亿港元)南向/北向资金持股比例(%)持股市值(亿港元)0700HK腾讯控股266.422.10.01988.80941HK中国移动49.9.90.0923.03690HK美团-W918.41810HK小米集团-W9.02.4.3297.90981HK中芯国际.00.0221.71211HK比亚迪股份194.40.30.0130.70728HK中国电信2.84.233.8128.92382HK舜宇光学科技75.2.8113.49868HK中国联通3.53.20.062.6026