证券分析师 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/10/22） 渤海证券研究所晨会纪要（2026.10.22） 金融工程研究 主要指数全部震荡调整，两融余额继续下降——融资融券周报 行业研究 继续关注工程机械、人形机器人板块机会——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/10/22） 行业方面：纺织服饰、综合和房地产行业融资净买入额较多，电子、通信和电力设备行业融资净买入额较少； 上周融资买入额占成交额比例较高的行业为非银金融、钢铁和银行，较低的行业为轻工制造、纺织服饰和商 贸零售。融券方面：上周电子、有色金属和电力设备行业融券净卖出额较多，环保、房地产和农林牧渔行业 融券净卖出额较少。 金融工程研究 主要指数全部震荡调整，两融余额继续下降——融资融券周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（10 月 14 日-10 月 20 日）A 股市场主要指 ...

Global Memory Global Markets Research EQUITY: MEMORY AI market concerns and the memory outlook Supply constraints remain central to our investment thesis We remain constructive on memory and expect supply constraints to persist through at least 2028F Following the news on CXMT's (688825 CH, Buy) progress in 4F² technology, concerns over AI revenue growth and neocloud funding have weighed on sentiment. We continue to view market concerns over CXMT's 4F² transition as excessive ( report ). In our view, the ma ...

29 September 2026 Estimate Change Global Memory Global Memory: Cycle is still elevated, but beware of the long- term threat from China Mark Li +852 2123 2645 mark.li@bernsteinsg.com Mark C. Newman +1 212 845 7822 mark.newman@bernsteinsg.com Edward Hou, CFA +852 2123 2623 edward.hou@bernsteinsg.com Yipin Cai, CFA +852 2123 2669 yipin.cai@bernsteinsg.com Viola Chen +1 917 344 8614 viola.chen@bernsteinsg.com We update our memory & industry models (models for HBM, DRAM, NAND, Samsung, SK hynix, Micron, Sandisk ...

8 29 September 2026 Estimate Change Global Memory Global Memory: Cycle is still elevated, but beware of the long- term threat from China Mark Li +852 2123 2645 mark.li@bernsteinsg.com Mark C. Newman +1 212 845 7822 mark.newman@bernsteinsg.com Edward Hou, CFA +852 2123 2623 edward.hou@bernsteinsg.com Yipin Cai, CFA +852 2123 2669 yipin.cai@bernsteinsg.com Phoebe Sun +1 917 344 8481 phoebe.sun@bernsteinsg.com Viola Chen +1 917 344 8614 viola.chen@bernsteinsg.com We rate CXMT Outperform. Our initiation report ...

abc 14 September 2026 Global Research https://www.valuelist.cn China Semiconductor How to position in China Tech stocks for 2026? Equities China Semiconductors Jimmy Yu Analyst S1460517080002 jimmy.yu@ubs.com +86-21-3866 8880 Yongwei Lai Analyst S1460524110001 yongwei.lai@ubs.com +86-21-3866 8780 This report has been prepared by UBS Securities Co. Limited. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 164. 【价值目录】网整理： ...

ab 30 September 2026 Global Research China Equity Strategy Top Q&As from Asia and US investor meetings A cautious mood from foreign investors We have recently completed a few weeks of marketing seeing investors in Asia and the US. Investor sentiment on Chinese equities has turned noticeably more cautious in recent periods on the back of the weaker than expected GDP growth, the more restrictive property and taxation policies and uncertainties in regards to the AI tech supply chain. Interest in Chinese equiti ...

纪要 关注公众亏:水木纪要 6 October 2026 Global Memorv MEMORY TRACKER (Sep): ~20% price hike QoQ,in 3Q, & perhaps teens% in 4Q Mark Li +852 2123 2645 mark.li@bernsteinsg.com Mark C. Newman +1 212 845 7822 mark.newman@bernsteinsg.com Edward Hou. CFA +852 2123 2623 edward.hou@bernsteinsg.com Yipin Cai. CFA +852 2123 266 vipin.cai@be This monthly tracker (download dataset here) summarizes contract/spot price data released by TrendForce/DRAMeXchange & compares that with our model & investor expectations. DRAM: Sep contract ...

October 12, 2026 03:39 PM GMT Greater China Semiconductors – DRAM | Asia Pacific Nanya 3Q beat; CXMT updates DRAM supply constraints continue. Contract renewals drove Nanya's 3Q beat. CXMT's G5 milestone strengthens its tech roadmap, but yield ramp and customer qualification take time. Nanya 3Q beat; LTAs in spotlight: Nanya reported 3Q revenue of NT$134bn, +62% Q/Q, +612% Y/Y, 8% above consensus. 3Q gross profit was NT$114bn, +114% Q/Q, 12% above consensus, implying a GM of 85.7%. 3Q net profit was NT$88bn ...

Asia Semi and Technology EQUITY: TECHNOLOGY Implications of CXMT's recent progress on 4F2 Quick Note What happened? Implications for China capacity expansion and semiconductor equipment A 4F²/hybrid-bonded flow raises per-wafer intensity in exactly the steps where domestic toolmakers have gained share, including (1) more dielectric and barrier layers plus bonding dielectrics (PECVD/ALD); (2) higher-aspect-ratio etch, (3) atomic-level planarization before bonding (CMP); (4) additional Cu/Ta/Co metallization. ...

October 15, 2026 03:56 PM GMT For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Downloaded by neil.wang@alliancebernstein.com Not for redistribution wi ...