电子行业关注本周台积电和特斯拉业绩会

证券研究报告证券研究报告电子关注本周台积电和特斯拉业绩会2023年7月16日│中国内地 专题研究华泰观点：关注本周台积电和特斯拉业绩会6月4AQ23I3AI板块：《生成式人工智能服务管理暂行办法》落地，鼓励创新发展A股：SW电子上涨3.4%，跑赢上证指数（1.3%）A。港股：恒生科技指数上涨8.4%，跑赢恒生指数（5.7%）6605.2%成分股中涨幅居前的企业包括：万国数据（+18.5%、哔哩哔哩（%W5%7.6%40亿港元，主要增持美团-W海外：纳指上涨3.3%，标普500上涨2.4%，日经225涨0.01%4.8%。十年美债利率下降23bp至3.83%。全球半导体板块涨幅居前为英飞凌（1%（%（%（-%东京电子（-%。美股互联网：A涨%，Meta涨3%，谷歌涨5.0%3.8%5.5%3.1%，特斯拉涨1.0%225（%（%（%幅居前为松下（-%、日本电气（-%、富士控股（-%风险提示：中美贸易摩擦升级风险，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，并不代表本研究团队对该公司、该股票的推荐或覆盖。

行业走势图电子 沪深300(%)20101(9)(19)Jul-22 Nov-22 Mar-23 Jul-23资料来源：，免费获取每日微信群内分享7+最新重磅报告;获取每日分享当日华尔街日报、金融时报;报告 行研报告均为公开版,权利归原作者所有,起点财经仅分发做内部学习。加⼊入“起点财经”微信群（百万美元）202120222023E 2024E1Q232Q23E3Q23E4Q23E图表1：（百万美元）202120222023E 2024E1Q232Q23E3Q23E4Q23E2022 2023E 2024E（百万美元）20212022 2023E 2024E（百万美元）2021收入57,43074,35269,63584,10016,61615,50217,54120,117销量（万辆）93.6131.4183.4234.342.346.646.349.0yoy19.9%29.5%-6.3%20.8%qoq-19.1%-6.7%13.1%14.7%收入53,82381,462100,151128,91623,32924,26025,21126,900净利润21,58233,38526,26532,5936,7625,5736,1437,594yoy70.7%51.4%22.9%28.7%24.4%43.3%17.5%10.6%yoy16.5%54.7%-21.3%24.1%-3.3%-29.7%-30.2%-21.9%净利润5,51912,55610,42916,2602,5132,3712,5582,877毛利率51.6%59.6%54.9%54.9%56.3%53.2%53.8%54.5%yoy655.5%127.5%-16.9%55.9%-24.3%5.0%-22.3%-22.0%Capex30,00036,30031,51432,7189,8827,9457,2416,859汽车毛利率29.3%28.5%19.7%21.1%21.1%20.3%19.9%20.1%注：数据来源于Factset一致预期资料来源：Factset，

注：数据来源于Factset一致预期资料来源：Factset，图表3：各个股市主要指数年初以来行情走势（以美元计价）韩国综合指数越南VN30英国富时100台湾加权指数(美元) 上证指数 标普500 恒生指数 日经225 印度韩国综合指数越南VN30英国富时100台湾加权指数12011511010510095Jan-23Jan-23Jan-23Jan-23Jan-23Feb-23Feb-23Feb-23Feb-23Mar-23Mar-23Mar-23Mar-23Apr-23Apr-23Apr-23Apr-23May-23May-23May-23May-23May-23Jun-23Jun-23Jun-23Jun-23Jul-23Jul-2390Jan-23Jan-23Jan-23Jan-23Jan-23Feb-23Feb-23Feb-23Feb-23Mar-23Mar-23Mar-23Mar-23Apr-23Apr-23Apr-23Apr-23May-23May-23May-23May-23May-23Jun-23Jun-23Jun-23Jun-23Jul-23Jul-23注：我们进行了标准化处理，以2023年1月1日为100资料来源：，Bloomberg，图表4：S&P500前向PE、NASDAQ100前向PE与十年期美债收益率(X) S&P500前向PE 纳斯达克100前向PE 10年美债收益率（右轴） 45

4.540 4.035 3.530 3.025 2.520 2.015 1.510 1.05 0.52013/072013/102013/072013/102014/012014/042014/072014/102015/012015/042015/072015/102016/012016/042016/072016/102017/012017/042017/072017/102018/012018/042018/072018/102019/012019/042019/072019/102020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/042023/07资料来源：Bloomberg，图表5：恐惧与贪婪指数和VIX恐慌指数走势图CNNFear&GreedIndex CBOEVolatilityIndex（右轴）90 080 570 106015502040253020 3010 352021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/070 402021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/07注：指数往上反映投资者对市场越乐观（越贪婪），往下反映投资者对市场越悲观（越恐慌）资料来源：CNN，CBOE图表6：沽空占市场成交额比例vs恒生指数35,000

恒生指数 沽空比例（右轴）

30%30,000

25%25,00020,00015,00010,0005,000

20%15%10%5%2021/012021/022021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032021/012021/022021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/07注：做空比例=全日卖出金额/（市场成交额-Warrant和CBBC金额）资料来源：，图表7AvsA指数(亿元)18,00016,00010,0002021/012021/022021/032021/012021/022021/032021/042021/052021/062021/07

A股成交量总额 万得全A指数（右轴）

6,5006,0005,5005,0004,5002022/082022/092022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/07资料来源：，图表8：TMT板块占总A股成交金额比例亿元7,0006,0005,0004,0003,0002,0001,000

60%50%40%30%20%10%2012/07

2013/07

2014/07

2015/07

2016/07

2017/07

2018/07

2019/07

2020/07

2021/07

2022/07

2023/07注：TMT行业主要包括电子、通信、计算机、传媒资料来源：，图表9：10年期/2年期/1年期美国国债收益率6543210Jan-17Apr-17Jan-17Apr-17

美国:国债收益率:10年 美国:国债收益率:2年 美国:国债收益率:1年 10年-2年美债利差资料来源：，图表10：科技硬件板块半导体公司上半年股价变动一览市值 收盘价

P/E

P/S

股价变动

北向/南向资金流南向/北向资金持股南向/北向资金持股代码 公司名称财报（人民币亿（元交易

入（亿人民币/亿市值（亿人民币/亿

比例（%）半导体

货币 元）

货币）

2023E

2023E 2024E

1W 1M YTD

港元）

港元）688041CH海光信息 CNY 688200CH华峰测控 CNY 222600584CH长电科技 CNY 620603986CH兆易创新 CNY 783688508CH芯朋微 CNY 79688099CH晶晨股份 CNY 392300223CH北京君正 CNY 4691347HK华虹半导体USD 335300661CH圣邦股份 CNY 4080522HKASMPT HKD 310688608CH恒玄科技 CNY 164300327CH中颖电子 CNY 102300782CH卓胜微 CNY 608688018CH乐鑫科技 CNY 111688256CH寒武纪-U CNY 858002185CH华天科技 CNY 313002371CH北方华创 CNY 605111CH新洁能 CNY 133688536CH思瑞浦 CNY 283603893CH瑞芯微 CNY 317688123CH聚辰股份 CNY 106603290CH斯达半导 CNY 399603160CH汇顶科技 CNY 223688595CH芯海科技 CNY 50688107CH安路科技 CNY 2250981HK中芯国际 USD 300672CH国科微 CNY 186300373CH扬杰科技 CNY 236300623CH捷捷微电 CNY 138600460CH士兰微 CNY 442603501CH韦尔股份 CNY 688396CH华润微 CNY 712002156CH通富微电 CNY 341688981CH中芯国际 USD 600703CH三安光电 CNY 854688187CH时代电气 CNY 534ACMRUS盛美半导体USD 57688052CH纳芯微 CNY 234688521CH芯原股份 CNY 348301269CH华大九天 CNY 620688008CH澜起科技 CNY 705688048CH长光华芯 CNY 160688012CH中微公司 CNY 893603690CH至纯科技 CNY 123688206CH概伦电子 CNY 117300604CH长川科技 CNY 269688120CH华海清科 CNY 359688072CH拓荆科技 CNY 419688126CH沪硅产业 CNY 555688082CH盛美上海 CNY 448非半导体601138CH工业富联 CNY 002463CH沪电股份 CNY 480000100CHTCL科技 CNY 8411810HK小米集团-WCNY 2382HK舜宇光学科技CNY 787601231CH环旭电子 CNY 351002916CH深南电路 CNY 410002236CH大华股份 CNY 731002415CH海康威视 CNY 300408CH三环集团 CNY 605600183CH生益科技 CNY 3666088HKFITHONTENUSD 96300296CH利亚德 CNY 169000636CH风华高科 CNY 184600563CH法拉电子 CNY 313002635CH安洁科技 CNY 950285HK比亚迪电子CNY 5212018HK瑞声科技 CNY 206002475CH立讯精密 CNY 000050CH深天马A CNY 237002484CH江海股份 CNY 167TUYAUS涂鸦智能 USD 73300433CH蓝思科技 CNY 613300136CH信维通信 CNY 1930992HK联想集团 USD 941000725CH京东方A CNY 1888HK建滔积层板HKD 219000049CH德赛电池 CNY 105002938CH鹏鼎控股 CNY 576002138CH顺络电子 CNY 204688301CH奕瑞科技 CNY 282002241CH歌尔股份 CNY 628002841CH视源股份 CNY 443300115CH长盈精密 CNY 137688036CH传音控股 CNY 汽车电子9866HK蔚来-SW CNY 2015HK理想汽车-WCNY

78.4164.034.7117.370.094.197.428.187.282.4136.430.0114.0137.5206.09.8298.944.5235.375.967.2233.548.834.856.120.285.543.718.831.2106.553.922.649.517.143.313.3164.169.8114.262.090.6144.431.826.944.2226.0331.620.3103.427.325.24.511.578.715.979.922.034.731.615.918.834.29.619.91.812.37.735.124.825.3276.918.463.211.4133.582.5144.0

140.5 97.0 24.6 17.738.5 28.8 18.5 13.923.6 17.1 1.9 1.663.1 43.1 11.1 9.146.4 31.9 7.9 5.944.4 30.9 5.9 4.752.3 39.1 8.0 6.712.9 12.1 1.8 1.754.3 40.2 11.8 9.116.3 13.8 1.9 1.874.6 47.4 8.7 6.832.5 25.1 5.6 4.748.3 35.2 14.4 11.471.5 49.9 6.8 5.3-105.6 -153.7 79.9 54.438.4 26.8 2.3 2.047.9 35.2 7.9 6.124.3 18.9 5.6 4.465.5 43.2 12.8 9.875.7 52.7 12.4 9.720.9 15.4 8.0 5.935.6 26.5 9.7 7.1269.2 48.8 5.7 4.861.9 36.4 5.7 4.3268.8 130.0 15.1 10.428.9 21.8 3.2 2.745.9 33.0 3.5 2.719.0 15.7 3.5 2.929.1 21.7 5.3 4.134.3 27.0 4.2 3.454.7 35.5 5.4 4.525.4 21.7 5.9 5.146.2 30.8 1.4 1.268.3 47.5 8.7 7.359.1 38.4 5.0 4.121.5 19.0 2.9 2.5N.A. N.A. N.A. 75.5 42.6 10.2 7.7231.3 149.1 10.3 8.1246.7 186.7 56.0 41.459.8 35.5 18.0 11.484.2 51.9 25.8 17.162.4 49.1 14.3 11.124.4 18.5 2.9 2.3224.2 152.3 29.5 21.234.5 25.8 6.9 5.448.4 36.1 13.3 9.977.6 52.1 14.6 10.5145.2 112.7 12.7 10.157.7 45.7 11.6 9.122.7 20.1 0.9 0.829.4 23.1 4.9 4.018.3 11.4 0.4 0.426.0 21.5 0.9 0.824.1 19.1 2.1 1.811.2 9.2 0.5 0.422.2 18.3 2.6 2.221.6 17.0 2.1 1.819.4 16.3 3.4 2.930.6 23.0 9.2 7.218.2 13.9 1.8 1.57.4 6.4 0.3 0.319.9 15.6 1.7 1.431.2 21.0 3.9 3.224.8 19.4 6.3 4.921.3 16.9 1.8 1.518.2 13.2 0.4 0.318.8 14.4 0.9 0.820.0 16.0 0.9 0.8209.7 168.0 0.7 0.719.5 15.5 3.0 2.4-12.1 -16.4 4.9 4.020.8 14.6 1.1 1.022.9 18.0 1.8 1.68.0 7.2 0.2 0.218.0 11.1 0.8 0.710.3 8.6 1.2 1.014.1 10.7 0.4 0.411.1 9.6 1.4 1.230.0 21.3 3.9 3.133.9 26.1 13.5 10.326.4 19.4 0.6 0.518.0 15.0 1.8 1.528.3 15.0 0.8 0.728.7 23.2 1.9 1.6-7.7 -14.2 1.8 1.2109.4 38.1 2.6 1.7

16.9%13.5%12.8%11.5%10.6%10.5%9.6%8.1%6.8%6.6%6.6%6.3%6.2%5.7%5.4%5.4%5.0%4.9%4.8%4.6%4.2%3.3%3.2%3.2%2.5%2.3%2.1%1.8%1.7%1.6%1.3%0.7%0.5%0.2%0.1%0.1%-0.5%-1.2%-2.0%-2.1%-2.7%-2.9%-3.3%-3.3%-3.6%-3.6%-4.1%-4.4%-5.2%-5.3%808024466991566137%0.1%5.2%17.6.%6.%5.%5.%5.%4.%3.%3.%3.%3.%3.%3.%3.%3.%2.%2.6%2.4%2.3%2.3%1.7%1.5%1.4%1.2%1.1%0.4%0.4%-0.1%-0.8%-0.8%-1.0%-1.1%-5.9%-.5.0%.9%5

14.8% 95.5%7.2% -11.7%11.3% 51.4%10.4% 15.1%20.7% 8.4%11.6% 33.5%10.2% 38.3%9.6% 2.9%6.2% -34.1%6.8% 52.8%12.7% 19.6%8.6% -14.1%18.0% -0.1%5.9% 52.5%9.6%277.6%6.3% 18.3%-5.8% 32.9%2.2% -19.4%7.9% -14.5%4.2% 10.3%25.1% -12.7%8.5% -28.6%5.5% -2.8%8.9% -13.4%1.3% -12.6%-1.2% 20.5%3.0% 0.9%7.6% -16.0%4.0% -8.6%3.1% -4.5%8.7% 38.2%2.9% 2.8%-0.2% 37.4%-2.1% 20.2%-0.4% 0.0%3.5% -20.6%1.9% 72.9%3.6% -27.5%-3.0% 58.3%-7.0% 27.0%8.0% -1.0%-4.1% 22.2%-7.7% 47.3%-8.6% 1.2%-4.1% -4.4%-6.8% -0.6%-10.4% 50.2%-22.2% 53.0%-2.7% 15.4%-6.3% 29.4%4.5-4.5-0.1-0.81.2-3.6-1.1-1.2-0.40.00.10.00.90.01.20.3-0.60.00.0n.a.0.20.2-1.3-1.00.0-0.11.3-0.60.0-1.10.2-0.61.920.4%113.2%13.7% 32.5%7.1% 4.9%0.7% -14.7%6.3% 1.0%6.0% 12.2%11.3% 96.7%4.7% 1.9%7.5% 2.8%9.7% 11.4%3.6% -29.8%2.3% 18.7%3.7% 8.0%1.4% -11.8%2.0% 15.7%7.0% 1.8%2.1% 6.3%5.3% 8.1%5.0% 11.3%-6.8% -10.6%-6.3% -7.3%4.8% 19.0%-0.9% 20.8%4.2% 32.8%6.8% 31.3%4.3% -7.9%-0.5% -17.8%2.1% -7.0%5.6% -2.8%-2.0% -14.7%3.5% 9.8%-5.4% 8.9%-4.4% 10.3%-9.2% 70.3%n.a.-0.3n.a.-0.36.00.2n.a.2.5-0.8-6.3% 87.5%

n.a. n.a. 0.0-0.4 8.6 4.45.3 18.3 3.32.4 29.0 4.1-0.2 0.6 1.30.6 6.0 1.70.6 6.4 1.70.9 45.3 13.30.4 16.7 4.6-0.1 3.6 1.10.4 0.6 0.6-0.5 5.1 5.30.7 27.1 6.0-0.1 1.0 1.00.1 8.4 1.80.4 5.7 1.9-3.9 61.4 4.10.1 1.2 1.30.3 4.0 2.7-0.1 2.5 0.8-0.2 0.5 0.5-2.3 27.0 7.00.1 1.5 0.70.0 0.3 1.00.0 0.5 0.5-0.4 323.7 20.70.2 1.2 0.7-0.5 4.5 1.90.0 0.9 0.8-0.1 8.4 1.92.6 125.0 10.10.3 9.2 1.31.0 9.6 2.80.0 2.0 0.20.0 8.0 1.00.3 15.0 16.5n.a. n.a. n.a.0.3 2.1 1.70.9 4.8 3.3-0.1 4.0 4.3-1.0 43.2 6.00.2 0.8 1.03.9 45.6 4.9-0.3 1.3 1.00.0 0.5 1.10.8 5.0 2.4n.a. n.a. 0.02.1 4.6 1.90.5 5.0 0.90.3 0.8 1.0123.6 2.628.9 6.638.9 5.2334.8 15.269.5 8.512.4 3.812.2 3.217.5 4.318.5 0.623.0 4.118.8 5.33.8 3.81.8 1.32.3 1.433.1 10.91.5 2.828.6 5.211.5 5.2183.8 7.84.9 2.210.1 6.6n.a. n.a.19.7 3.35.2 3.232.0 3.2142.5 8.81.1 0.51.4 1.422.2 3.913.5 7.36.1 3.826.0 4.712.3 4.12.6 1.927.6 2.4n.a. n.a.221.5 9.39868HK小鹏汽车-WCNY 0710HK京东方精电HKD 89

56.512.3

-10.3 -15.4 2.4 1.5 3%14.6 11.3 0.8 0.6 3%

13.0% 47.3%11.1% -15.5%

115.2 15.30.8 0.8688326CH经纬恒润-WCNY 200002920CH德赛西威 CNY 888002405CH四维图新 CNY 278300496CH中科创达 CNY 458002036CH联创电子 CNY 118002906CH华阳集团 CNY 166

166.6160.011.7100.111.034.8

64.0 45.0 3.8 2.855.3 40.4 4.4 3.4345.1 115.8 6.2 4.844.3 33.2 6.4 4.929.3 17.8 1.0 0.932.0 23.3 2.3 1.8

0.4% 15.4% 11.6%0.1% 2.7% 52.8%-0.7% 0.9% 6.0%-1.0% 3.9% 0.1%-3.8% 13.8% -10.7%-4.1% 1.7% 5.6%

n.a. 0.027.6 3.111.7 4.325.8 7.01.9 1.60.8 0.5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，使用一致预期。资料来源：，图表11：TMT板块其他主要公司上半年股价变动一览市值 收盘价

P/E

P/S

股价变动

北向/南向资金流入南向/北向资金持股南向/北向资金代码 公司名通信

财报货币（人民币亿元）

（当地货币元）

2023E2024E

2023E2024E

1W 1M YTD

（亿人民币/亿港元）

市值（亿人民币/亿港元）

持股比例（%）9698HK 万国数据-SW 002123CH 梦网科技 CDUS 秦淮数据 600050CH 中国联通 CNY 1,628603236CH 移远通信 0762HK 中国联通 CNY 1,554300308CH 中际旭创 CNY 1,248002396CH 星网锐捷 000988CH 华工科技 300628CH 亿联网络 0728HK 中国电信 CNY 5,087601728CH 中国电信 CNY 5,087300383CH 光环新网 000063CH 中兴通讯 CNY 1,985600941CH 中国移动 CNY 12,8930941HK 中国移动 CNY 12,893002402CH 和而泰 002139CH 拓邦股份 000938CH 紫光股份 688100CH 威胜信息 688048CH 长光华芯 300502CH 新易盛 计算机0268HK 金蝶国际 3888HK 金山软件 8083HK 中国有赞 25002439CH 启明星辰 600845CH 宝信软件 CNY 1,0572013HK 微盟集团 98300454CH 深信服 688561CH 奇安信 688188CH 柏楚电子 300773CH 拉卡拉 0020HK 商汤科技 300033CH 同花顺 002230CH 科大讯飞 CNY 1,625002065CH 东华软件 002268CH 卫士通 002153CH 石基信息 002410CH 广联达 600271CH 航天信息 688023CH 安恒信息 002373CH 千方科技 688083CH 中望软件 002405CH 四维图新 688088CH 虹软科技 300496CH 中科创达 688111CH 金山办公 CNY 2,027300253CH 卫宁健康 600588CH 用友网络 000977CH 浪潮信息 688777CH 中控技术 600570CH 恒生电子 传媒&互联网9626HK 哔哩哔哩-SW 1024HK 快手-W CNY 2,3579999HK 网易-S CNY 4,9069618HK 京东集团 CNY 4,3643690HK 美团 CNY 7,5429988HK 阿里巴巴 CNY 17,953002739CH 万达电影 002027CH 分众传媒 CNY 1,0590700HK 腾讯 CNY 30,7859888HK 百度 CNY 3,772300251CH 光线传媒 0772HK 阅文集团 300413CH 芒果超媒 002624CH 完美世界 002555CH 三七互娱 指数

11.815.18.0155.423.142.810.644.095.464.517.112.329.928.690.665.411.652.43.9113.850.9192.520.01.9169.570.26.927.213.430.013.3176.813.5156.111.740.9100.1439.27.319.243.954.037.7133.559.6166.9150.5132.593.014.67.3352.6147.98.533.734.815.329.6

-11.4 -10.446.6 29.827.8 23.118.9 16.319.5 14.27.2 6.681.4 56.818.4 14.935.5 27.816.7 13.39.7 8.517.3 15.630.1 24.621.2 18.114.9 13.68.6 7.823.5 17.518.9 13.831.8 26.027.2 21.084.2 51.951.2 36.9-134.556.7 29.3-40.0 -80.029.3 22.146.8 37.1-17.3 -55.499.7 58.8117.9 57.440.9 30.117.7 13.8-16.0 -20.041.8 34.2101.3 71.532.3 23.157.1 44.1541.4 179.038.8 29.522.7 20.4187.9 70.333.7 25.1155.3 90.4345.1 115.8119.6 81.344.3 33.2128.3 94.637.0 25.6106.6 61.925.3 20.239.5 29.939.2 31.5-11.3 -28.7-106.3 54.320.5 18.620.5 15.760.4 29.515.5 13.629.1 22.422.0 17.919.7 16.719.4 15.732.8 23.824.0 19.827.7 23.319.1 15.819.5 17.0

1.5 1.42.1 1.76.6 5.60.4 0.40.8 0.60.4 0.410.9 7.90.7 0.62.8 2.37.3 5.80.6 0.51.0 0.92.3 2.01.5 1.42.0 1.81.1 1.02.1 1.61.4 1.11.0 0.95.4 4.225.8 12.4 9.25.9 4.04.4 3.61.6 1.44.9 3.87.8 6.33.9 3.25.2 4.14.2 3.322.7 2.3 1.910.5 7.520.7 6.6 5.11.6 1.35.4 4.411.7 9.86.0 4.81.2 1.15.2 4.02.2 1.823.6 6.2 4.825.2 6.4 4.939.1 4.1 3.25.7 4.70.8 0.74.6 3.49.0 7.41.9 1.62.0 1.74.4 4.00.4 0.32.6 2.11.8 1.72.3 1.98.2 7.14.7 4.22.6 2.412.6 3.5 3.24.1 3.63.3 2.93.4 3.0

18.5%18.0%10.5%9.2%9.1%7.1%5.7%5.4%5.4%3.8%3.1%3.1%2.4%2.4%2.3%2.1%1.0%0.9%-2.4%-2.6%-2.9%-3.1%10.9%9.8%9.4%9.0%6.6%6.1%5.1%3.9%3.8%3.2%2.7%2.6%2.3%1.5%1.3%1.1%1.0%0.1%0.0%-0.4%-0.5%-0.7%-1.0%-1.0%-1.6%-3.6%-3.7%-4.7%-5.3%15.9%-9.3%15.9%13.5%13.5%13.1%13.1%11.7%11.7%11.3%11.3%10.3%9.1%9.1%8.3%8.3%8.0%8.0%5.9%5.94.8%4.84.8%4.8

10.3% -42.4%3.30.03.30.0-0.2-6.97.6-4.30.09.1-1.0-0.3--n.a.0.111.7% 0.4%7.6% 15.2%4.5% -15.3%7.5% 17.6%5.4% 475.9%2.8% 21.2%12.7% 162.0%0.0% -17.0%5.1% 31.1%5.0% 42.9%-1.4% 29.9%-3.4% 72.4%2.2% 43.8%0.6% 28.9%0.4% 17.7%-5.9% 19.1%-6.2% 53.2%-4.2% 25.1%-4.1% 22.2%-3.8% 286.0%-0.72.3--2.2-0.1-0.80.5-1.00.00.0-0.0-0.6--0.3-0.1-0.10.5-2.60.3n.a.-% 28.9%7.9% -23.0%2.0% 17.2%3.1% 42.3%1.3% -42.2%0.5% 1.1%-1.9% -22.7%2.1% -10.8%14.9% 18.7%-7.2% -13.5%-3.3% 74.4%3.4% 114.1%-1.4% 23.0%-2.2% -10.7%-4.3% 16.2%-7.7% -29.5%-2.8% 29.4%1.2% -10.7%-1.2% 51.1%7.7% 12.5%0.9% 6.0%-4.3% 82.2%3.9% 0.1%-6.8% 66.3%-32.6% -29.0%-6.3% -20.3%-9.5% 104.4%-13.9% -13.0%-14.9% -6.5%1.3-0.11.3-0.1-0.6-0.5-0.7n.a.3.04.2-0.4n.a.8.8-0.1n.a.-0.20.411.3% -16.1%9.4% 47.0%13.7% -30.7%8.3% -24.2%14.5% 7.8%16.7% 4.5%12.3% 16.8%6.3% 11.9%11.4% 32.4%4.4% -1.9%2.3% 11.2%2.0% 16.3%-9.2% 22.7%-15.1% 65.9%

n.a.

n.a. n.a.2.9 2.8n.a. n.a.66.6 4.23.4 2.1159.7 9.441.8 3.65.4 4.012.3 2.9n.a. 3.5243.7 44.6n.a. 1.63.2 1.756.0 3.219.9 2.81400.5 10.25.9 4.35.5 4.338.3 4.5n.a. 0.70.9 1.311.6 2.980.6 19.989.2 19.5n.a. n.a.50.2 22.8n.a. 5.226.3 24.521.5 6.94.4 1.99.5 3.4n.a. 1.960.6 12.219.4 4.253.8 3.65.8 2.97.2 3.1n.a. 2.475.6 19.1n.a. 2.8n.a. 0.9n.a. 1.52.5 2.4n.a. 4.03.1 1.923.4 6.472.6 3.62.6 1.947.5 7.226.1 4.128.1 9.7115.1 16.145.9 8.3313.2 14.7n.a. n.a.6.9 0.2946.4 12.7n.a. n.a.3.8 1.2195.6 18.53276.8 9.7n.a. n.a.7.1 3.049.7 14.523.1 6.527.9 10.0n.a. 11.5HSTECH.HI恒生科技4,228.78.4%8.1%2.4%HXC.GI纳斯达克中概股指数7,101.86.6%8.3%5.9%HSI.HI恒生指数19,413.85.7%2.6%-1.9%801760.SI传媒(申万)751.02.8%-2.5%39.1%801770.SI通信(申万)2,758.12.1%-0.4%50.0%801750.SI计算机(申万)4,867.20.8%-1.5%25.7%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，使用一致预期。资料来源：，图表12：恒生科技指数成份股票涨跌幅YTDYTD30D1W沽空比例股价涨跌幅（亿元港币）（港币元）股价市值交易货币成分占比板块分类公司%.5%.1%1.7%1.3%1.2%1.1%1.1%1.0%0.9%10.3%9.9%%.5%.1%1.7%1.3%1.2%1.1%1.1%1.0%0.9%10.3%9.9%9.8%8.1%8.0%7.6%7.1%6.3%6.1%5.5%5.0%4.8%4.5%3.5%3.0%2.8%2.7%2.3%1.4%1111111131315.918.5%恒生科技指数成份恒生科技指数成份9626哔哩哔哩-W 资讯科技 2.57% 709 133.501024快手-W 资讯科技 7.59% 3,304 59.609999网易-S 资讯科技 5.14% 6,879 166.909618京东集团-SW 资讯科技 6.90% 6,119 150.503690美团-W 资讯科技 7.87% 10,576 132.509961携程集团-S 非必需性消费 1.69% 2,550 291.800241阿里健康 医疗保健业 1.80% 898 5.196618京东健康 医疗保健业 3.65% 2,234 54.959898微博-SW 资讯科技 0.04% 338 112.400268金蝶国际 资讯科技 2.49% 517 11.649988阿里巴巴-SW 资讯科技 7.65% 25,173 92.959866蔚来-SW 非必需性消费 0.19% 1,771 82.453888金山软件 资讯科技 1.62% 585 33.501347华虹半导体 资讯科技 1.25% 469 28.050700腾讯控股 资讯科技 7.91% 43,166 352.609888百度集团-SW 资讯科技 4.43% 5,289 147.906060众安在线 金融业 1.11% 440 23.401810小米集团-W 资讯科技 7.53% 3,676 11.482382舜宇光学科技 工业 3.53% 1,104 78.701833平安好医生 医疗保健业 0.57% 276 19.322015理想汽车-W 非必需性消费 6.12% 3,838 144.000772阅文集团 非必需性消费 0.91% 439 33.706690海尔智家 非必需性消费 3.44% 2,929 24.359868小鹏汽车-W 非必需性消费 2.22% 1,470 56.500285比亚迪电子 资讯科技 0.94% 730 25.352018瑞声科技 工业 0.67% 288 18.820020商汤-W 资讯科技 2.52% 822 1.920981中芯国际 资讯科技 4.34% 2,895 20.150992联想集团 资讯科技 3.00% 1,320 8.51

10.3% -42.4% 19.2%14.4% -28.5% 18.4%11.3% -16.1% 20.2%9.4% 47.0% 36.1%13.7% -30.7% 15.8%8.3% -24.2% 18.1%7.0% 6.7% 27.1%10.2% -22.0% 9.8%11.1% -23.0% 18.1%9.6% -18.8% 10.3%11.1% -30.5% 11.0%14.5% 7.8% 22.0%8.7% 5.0% 22.6%8.6% 28.9% 14.1%9.6% 2.9% 15.1%6.3% 11.9% 17.7%11.4% 32.4% 31.0%9.9% 8.8% 12.4%7.1% 4.9% 9.5%0.7% -14.7% 17.1%2.0% -9.3% 31.1%6.3% 87.5% 23.3%2.3% 11.2% 14.6%-1.2% -8.5% 46.0%13.0% 47.3% 33.6%7.0% 1.8% 10.4%2.1% 6.3% 29.6%-7.2% -13.5% 9.7%-1.2% 20.5% 3.9%4.2% 32.8% 13.7%注：市值、股价取7月14日收盘价，采用汇率资料来源：，图表13：全球主要科技股票涨跌幅代码公司交易货币 市值股价估值方式估值股价涨跌幅（百万美元）14-Jul2023E2024E1W代码公司交易货币 市值股价估值方式估值股价涨跌幅（百万美元）14-Jul2023E2024E1W30DYTD软件软件SHOPUS SHOPIFY Shopify USD 87,545 68.45 PS 13.0 11.1CRMUS SALESFORCE 塞富时 USD 223,367 229.33 P/FCF 33.9 27.3ADBEUS ADOBE 奥多比 USD 234,660 514.83 P/FCF 29.3 25.9SNOWUSSNOWFLAKE Snowflake USD 58,919 180.79 PS 28.7 21.3NOWUS SERVICENOW ServiceNow USD 118,398 580.38 P/FCF 42.1 34.9ACNUS ACCENTURE-A 埃森哲 USD 209,876 315.77 PE 27.3 25.5半导体MSFTUS MICROSOFT 微软 USD 2,567,028 345.24 P/FCF 29.3 24.2半导体

11.0%%6.1%11.0%9.46.0%9.45.0%3.6%7.1%2.4%7.1%

6.0% 97.2%8.6% 73.0%5.3% 53.0%2.7% 26.0%3.3% 49.5%2.7% 20.2%1.4% 44.6%IFXNTR INFINEONTECHNOLOGIES 英飞凌 EUR 52,850 38.54 PE 14.9 14.67.0%NVDAUS NVIDIA 英伟达 USD 1,123,084 454.69 PE 139.4 58.87.0%ASMLNA ASMLHOLDING 阿斯麦 EUR 297,528 684.90 PE 36.5 30.4QCOMUSQUALCOMM 高通公司 USD 136,532 122.56 PE 14.7 12.7US MICRONTECHNOLOGY 镁光 USD 70,187 64.08 PB 1.6 1.7000660KSSKHYNIX SK海力士 KRW 67,791 118,000.00 PB 1.5 1.5005930KSSAMSUNGELEC 三星电子 KRW 345,788 73,400.00 PB 1.4 1.3AVGOUS BROADCOM 博通 USD 366,704 888.58 PE 21.1 19.62330TT TSMC 台积电 TWD 545,264 591.00 PB 4.5 3.7KLACUS KLA 科天 USD 65,141 474.79 PE 19.1 22.8NXPIUS NXPSEMICONDUCTORS 恩智浦 USD 55,206 212.54 PE 15.9 14.8TXNUS TEXASINSTRUMENTS 德州仪器 USD 164,149 180.85 PE 24.1 22.3INTCUS INTEL 英特尔 USD 138,269 33.15 PE 98.7 19.8LRCXUS LAMRESEARCH 拉姆研究 USD 85,784 638.56 PE 19.3 24.7AMDUS ADVANCEDMICRODEVICES AMD超威半导体 USD 186,705 115.94 PE 40.6 27.5AMATUS APPLIEDMATERIAL 应用材料 USD 119,866 142.74 PE 19.3 20.22454TT MTK 联发科 TWD 35,854 692.00 PE 15.7 12.6WOLFUS WOLFSPEED WOLFSPEED USD 8,025 64.47 PS 8.8 7.68035JP TOKYOELECTRON 东京电子 JPY 69,163 20,190.00 PE 21.7 30.6互联网2303TT 联电 TWD 18,313 48.25 PE 10.5 9.8互联网

6.9%7%6.9%5.5.7%%5.5.0%54.9%44.6%44.2%4.2%4.1%4.1%3.3%2.4%2.3%1.5%1.3%-0.1%13.7%-0.2%13.7%

2.1% 35.3%7.5% 211.2%3.3% 35.9%3.0% 12.9%1.7% 28.7%2.4% 57.3%1.7% 32.7%2.4% 60.9%2.6% 33.2%-2.1% 26.8%3.8% 36.0%0.5% 11.1%-0.9% 27.5%-0.7% 52.9%1.8% 79.0%-1.2% 47.3%0.6% 22.6%16.0% -6.6%-1.8% 58.8%-0.5% 27.1%SEUS SEA SEA USD 35,297 62.50 PS 2.7 2.313.6%PDDUS PDD 拼多多 USD 105,609 79.49 PS 4.0 3.313.6%1024HK KUAISHOU-W 快手 HKD 33,043 59.60 PS 2.1 1.89618HK JD-SW 京东 HKD 61,189 150.50 PE 13.7 11.63690HK MEITUAN-W 美团 HKD 105,755 132.50 PE 40.6 24.79988HK BABA-SW 阿里巴巴 HKD 251,729 92.95 PE 12.7 13.50700HK TENCENT 腾讯 HKD 431,659 352.60 PE 21.3 17.9METAUS METAPLATFORMS Meta USD 791,551 308.87 PE 23.4 19.0GOOGUSALPHABET-CL-A 谷歌 USD 1,594,102 125.42 PE 21.7 18.4AMZNUS AMAZON 亚马逊 USD 1,381,864 134.68 EV/EBIDA 16.3 13.8硬件NFLXUS NETFLIX 奈飞 USD 196,445 441.91 PS 5.8 5.1硬件

13.5%%13.5%10.11.311.7%3%10.11.311.78.0%6.3%5.0%3.8%0.9%

7.7% 20.1%15.0% -2.5%11.3% -16.1%13.7% -30.7%8.3% -24.2%14.5% 7.8%6.3% 11.9%7.6% 156.7%4.8% 42.2%3.3% 60.3%0.3% 49.9%1810HK XIAOMI-W 小米 HKD 36,761 11.48 PE 24.5 20.96861JP KEYENCE KEYENCE JPY 117,824 66,700.00 PE 44.5 42.2AAPLUS APPLE 苹果 USD 2,999,306 190.69 PE 31.9 29.0汽车CSCOUS CISCOSYSTEMS 思科 USD 205,301 50.38 PE 13.2 12.4汽车

6.3%6.3%1.1%0.0%-1.2%

7.1% 4.9%-1.7% 29.9%-1.7% 47.2%-1.9% 8.2%NIOUS NIO 蔚来 USD 17,714 10.54 PS 2.0 1.31211HK BYDCOMPANY 比亚迪 HKD 104,090 262.60 PS 1.2 LIUS LIAUTO 理想 USD 38,383 37.00 PS 2.7 1.8TSLAUS TESLA 特斯拉 USD 891,835 281.38 PS 8.9 RIVNUS RIVIANAUTOMOTIVE Rivian USD 23,314 24.82 PS 5.7 XPEVUS XPENG 小鹏 USD 14,697 14.02 PS 2.7 1.7指数LCIDUS LUCIDGROUP Lucid USD 15,227 6.70 PS 15.7 6.3指数HXC.GI 纳斯达克中概股 7,101.8SOX.GI 费城半导体指数 3,750.4106752.MIMSCI全球信息科技 545.7IXIC.GI 纳斯达克指数 14,113.7SPX.GI 标普500 4,505.4

5.5%5.5%3.1%3.13.1%3.12.5%0.5%2.5-10.1%-16.6%4.8%3.6%3.3%2.4%

8.8% 8.1%5.0% 37.0%5.4% 81.4%7.5% 128.4%49.0% 34.7%4.5% 41.0%-2.8% -1.9%8.3% 5.9%2.1% 48.1%2.0% 39.0%2.4% 34.8%1.2% 17.3%注：市值、股价取7月14日收盘价，采用汇率资料来源：，Bloomberg，图表14：日本科技股估值及涨跌幅Wind代码彭博代码股票代码公司名称市值收盘价PE估值股价变动工业电子工业电子（十亿日元）（日元/股）2023E2024E1W1MYTD6503.T6503JPEquity6503JPMitsubishiElectric(三菱电机)56722034.516.614.81.8%0.4%54.9%6702.T6702JPEquity6702JPFujitsu(富士通)36461851515.713.51.4%-0.4%5.8%6723.T6723JPEquity6723JPRenesasElectronics(瑞萨)23182697.512.311.00.3%-0.1%127.9%6501.T6501JPEquity6501JPHitachi(日立)6277884015.414.60.2%-0.6%32.1%6963.T6963JPEquity6963JPRohm(罗姆半导体)9821365519.016.9-0.1%1.0%44.6%6504.T6504JPEquity6504JPFujiElectric(富士电机)751596013.312.1-0.4%-5.2%18.5%6502.T6502JPEquity6502JPToshiba(东芝)1994450730.314.7-0.5%-0.2%-0.5%6701.T6701JPEquity6701JPNEC(日本电气)1265680815.313.2-1.9%-2.3%48.5%SPESPE精密和医疗设备 精密和医疗设备消费电子消费电子-6753.T 6753SPESPE精密和医疗设备 精密和医疗设备消费电子消费电子-7951.T 7951JPEquity 7951JP Yamaha(雅马哈) 922 5266 20.0 17.86758.T 6758JPEquity 6758JP SonyGroup(索尼集团) 12655 12870 17.6 15.76752.T 6752JPEquity 6752JP PanasonicHoldings(松下) 2725 1654.5 12.0 10.7

1.5% -0.2% -15.1%-0.1% -4.4% 7.7%-1.0% -0.7% 28.3%3.8% -5.6% 49.0%7751.T 7751JPEquity 7751JP Canon(佳能) 3809 3674 13.3 12.9指数指数N225.GINKYIndexN225.GINikkei225StockIndex(日经225指数)32391.3 19.90.0%-2.4%指数指数N225.GINKYIndexN225.GINikkei225StockIndex(日经225指数)32391.3 19.90.0%-2.4%24.1%

-1.4% -3.1% 28.7%-1.8% -4.6% 24.1%6857.T 6857JPEquity 6857JP Advantest(爱德万测试) 1624 21720 44.6 31.86146.T 6146JPEquity 6146JP Disco(迪思科) 1363 23325 34.6 28.87741.T 7741JPEquity 7741JP Hoya(豪雅) 4535 16440 32.9 28.96920.T 6920JPEquity 6920JP LASERTEC(雷瑟科) 2050 20930 55.9 28.98035.T 8035JPEquity 8035JP TokyoElectron(东京电子) 6112 20190 30.6 0.80.0-0%13.4% 156.1%% 3.2% 85.4%% -3.7% 29.4%% -3.0% -3.4%.1% -1.8% 58.8%电子零部件 电子零部件6594.T 6594JPEquity 6594JP Nidec(日本电产) 4078 7635 27.8 22.76981.T 6981JPEquity 6981JP MurataManufacturing(村田) 4452 8126 26.2 19.06971.T 6971JPEquity 6971JP Kyocera(京瓷) 2474 7604 19.9 17.66762.T 6762JPEquity 6762JP TDK 1685 5388 13.7 11.7-0% -2.7% 12.2%% -1.3% 24.5%% -2.4% 16.1%.4% -3.2% 25.7%注：市值、股价取7月14日收盘价，采用汇率资料来源：，Bloomberg，300308300308CH中际旭创300394CH天孚通信688498CH源杰科技688048CH长光华芯CNY1,248403208160155.4102.0244.990.619.0%34.5%33.0%60.5%25.2%25.5%46.1%59.1%11.4%17.0%6.5%5.3%81.479.7141.784.256.861.7104.710.925.018.640.917.114.3%5.4%2.9%0.6%13.0%16.1%.0%87.6%22.2%002837CH英维克300684CH中石科技300499CH高澜股份CNYCNYCNY18460544.53.02.84.0% % .8%%601138CH工业富联000063CH中兴通讯992HK 联想集团000938CH紫光股份000977CH浪潮信息CNYCNYUSDCNYCNY5,4161,985941855641.02.4%1.4%-2.4%-4.7%16.7% 72.4%2.4% 32.8%12.3% 53.2%15.4% 4.4%700HK 腾讯控股9988HK 阿里巴巴-SW9888HK 百度集团-SW002230CH科大讯飞20HK 商汤-WCNY30,78517,9533,7721,625586352.693.0147.970.21.912.8%11.5%11.1%31.4%38.6%-21.6%75.8%143.2%186.0%42.6%17.7%10.6%7.8%9.0%-13.4%20.916.420.6101.3-16.917.714.416.671.5-1.69.06.6%%2.3%2.7%-0.7%4.4%1.4%-3.5%-15.8%11.9%7.8%32.4%-13.5%9888HK 百度集团-SW601360CH三六零300418CH昆仑万维CNY3,772865467147.9%15.5%11.7%143.2%125.1%15.2%7.8%1.7%9.7%20.6156.635.216.674.47.9-0.8%-0.7%1.4% 32.4%-18.2% 5.0%大模型标的公司--3.22.72.53.326.020.222.721.28.031.825.316.5%14.8%24.1%8.3%13.2%18.8%22.7%-18.7%24.7%22.6%12.5%12.6%-14.4%14.8%16.3%27.344.08.529.943.9服务器标的公司34.817.829.016.1%14.2%7.4%39.1%33.2%-59.7%39.3%26.4%-32.5%32.621.317.4.00通信-热管理--7.6%应用-搜索应用标的公司114.1%7.610.3%8.015.2%10196.9%20.4%76.6%47-19.16.1%%-%-1-305475.9%5.3%5.7%通信-光模块/光芯片图表15：A/H股AI相关公司估值及涨跌幅688041688041CH海光信息688256CH寒武纪-U688008CH澜起科技688047CH龙芯中科688521CH芯原股份688141CH杰华特688515CH裕太微-U688368CH晶丰明源CNY1,8228587054373481751269678.4206.062.0109.169.839.1157.1151.844.8%47.4%6.5%121.7%26.5%34.9%55.4%41.4%61.4%35.3%-9.2%259.1%104.1%46.0%5541.8%130.4%7.4%-18.7%11.0%4.8%4.9%7.6%4.5%3.9%140.5-105.659.8235.4231.387.2565.4152.897.0-153.735.5116.5149.150.8157.747.610.019.26.510.76.09.122.05.59.95.424.679.918.026.710.38.920.16.317.754.411.4%-3.5%-2.0%-0.1%-5.9%4.0%3.5%-2.4%8%8%3%-5.3%-5.2%6.7%95.5%-1.0%27.7%58.3%-17.7%0.0%35.9%688981CH中芯国际600584CH长电科技002156CH通富微电0522.HCHASMPTHKD2,0656203413%9.7% 20.2%6.6%9.3%1.4%4%002938CH鹏鼎控股002463CH沪电股份002436CH兴森科技300476CH胜宏科技CNYCNYCNYCNY57648024722324.825.214.625.912.6%16.8%26.0%19.7%3.2%20.1%5.1%19.9%16.6%17.1%8.4%12.2%11.129.444.623.69.61.85.02.82.00.4%0.1%-7.0%1.5%%PCB/CCL标的公司2.62.047.517.230.813.868.323.8%9.9%5.1%12.5%-52.7%-19.4%47.3%-20.4%-9.4%-1.2%14.9%-8.2%49.534.722.682.4半导体制造通信标的公司102.01.510.0%5%%-5.3-1.3%113.2%14.6%10.1%52.8%37.-0.5%51.4%8.4%12.8%--19.-19.0.-2.7%277.6%16.9%半导体设计半导体标的公司YTD1M1W股价变动2024E2023EP/S2024E2023EP/BP/E2023E 2024E营收增速净利润增速 ROE2023E（Wind一致预期）收盘价（元交易货币）市值财报货币（人民币亿元）公司名称代码7.8%-30.7%114.2%-1.6% -2.6.3%-1.6% -2.6.3%6.-1.5%-20.6.4%3.66.3%58.1%263.4%178.7%2.6%-5.6%74.4%-1.0%-4.7%8.9%注：市值、股价取7月14日收盘价，采用汇率资料来源：，Bloomberg，55.525.9217.429.311.4%12.7%0.0%8.7%55.525.9217.429.311.4%12.7%0.0%8.7%代码 公司名称市值财报货币（亿元）收盘价（元交易货币）营收增速净利润增 ROE速2023E（Wind/Factset一致预期）P/E2023E 2024EP/B2023E 2024EP/S2023E 2024E股价变动1W 1M YTD自动驾驶标的公司自动驾驶—域控制器002920CH德赛西威 CNY 888600699CH均胜电子 CNY 281688326CH经纬恒润-w CNY 200160.019.9166.636.0% 35.8% 20.7%9.1% 132.0% 7.3%32.5% 33.2% 5.8%55.3 40.430.7 21.964.0 45.011.2 9.02.2 2.03.5 3.34.4 3.40.5 0.53.8 2.80.1% 11.8%52.8%6.4%13.7%42.8%0.4%6.9%11.6%自动驾驶—摄像头8.6.1%622.2%13%2026自动驾驶—连接器自动驾驶—摄像头8.6.1%622.2%13%2026自动驾驶—连接器3.8N.A.4.1N.A.51.927.224.341.422.684.2N.A.32.058.654.15.3%N.A.16.2%6.3%3.2%59.1%-58.2%15.5%35.3%407.0%60.5%42.4%34.3%40.6%57.5%90.612.693.4111.622.6自动驾驶—激光雷达106.578.75.911.0.0%.0%.9-40.2%19.7%-12.9%-129.4%26.3%101.7%334.7%15.5%8.1%17.3%12.7%2382HK 舜宇光学科技CNY 787002456CH欧菲光 CNY 194002036CH联创电子 CNY 118688048CH长光华芯 CNY 160HSAIUS 禾赛科技 CNY 113603297CH永新光学 CNY 103688167CH炬光科技 CNY 101智能座舱硬件标的公司座舱视觉—显示系统-0.7%-0.9%-3.3%1.智能座舱硬件标的公司座舱视觉—显示系统-0.7%-0.9%-3.3%1.8%-1.6%6.0%13.2%22.1%9.9%%16.5%10.922.5%

5.4 N.A.N.A.N.A.N.A.2.935.520.6N.A.17.81.1 N.A.1.1N.A.1.0 0.925.8 N.A. 9.3 6.813.0 9.13.5 2.5

.6%1.3%3.8%0.8%38.2%1.3%3.8%0.8%38.2%-14.7%26.1%-10.7%4%4%-2.9%3.0%1.4%-2.9%3.0%1.4%0.9%12.3%11.7%0.2%8.0%15.1%8.0%15.1%1.9%-4.5%-0.5%-26.8%300679CH电连技术CNY15937.524.4%10.6%10.6%32.44.33.4688800CH瑞可达CNY8855.452.7%37.1%16.0%25.33.52.5自动驾驶—定位/高精度地图002405CH四维图新CNY27811.734.6%123.9%0.2%345.16.24.8 002151CH北斗星通CNY17634.330.9%50.2%4.9%80.63.52.8300627CH华测导航CNY17332.130.5%30.3%