证券研究报告
电子
关注欧美半导体相关法案影响
华泰研究
电子增持(维持)
2022年9月19日│中国内地专题研究
研究员黄乐平，PhD
华泰观点：欧美法案频出，关注欧美半导体相关法案影响SACNo.S0570521050001leping.huang@htsc
SFCNo.AUZ066+(852)36586000
上周，美国和欧盟发布一系列针对中国企业法案条令，引发市场担忧加剧，上
证指数跌4.2%。9月16日，美国严审外资对美国科技投资（半导体/AI等），研究员陈旭东
及路透社报道拜登计划扩大对华AI芯片/设备出口限制，SW电子下跌5.4%。SACNo.S0570521070004chenxudong@htsc
市场担心美国（《通胀消减法案》）等有关法案影响中国光伏、电动车等企SFCNo.BPH392+(86)2128972228
IRA
业海外销售，我们看到部分上游功率半导体公司跌超电子板块（扬杰：-8.8%、研究员张皓怡
新洁能：-8.1%、时代电气：-5.0%，斯达：-5.0%）。我们认为当前全球格局正SACNo.S0570522020001zhanghaoyi@htsc
在发生变化，半导体国产化、科技碳中和、元宇宙是不确定中的三大重要方向，+(86)2128972228
详见《华泰2030展望：逆全球化下中国科技三大发展路径》。研究员刘溢
SACNo.S0570522070002liuyi020747@htsc
美国8月CPI环比增长高于彭博一致预期，关注本周FOMC议息会议+(86)2128972228
上周，美国发布月数据，环比增长，高于彭博一致预期，市场忧
8CPI0.1%联系人张宇
虑美联储持续加息，10年国债利率升至3.45%，引发美股大幅回调，纳指跌SACNo.S0570121090024zhangyu@htsc
5.5%。建议关注本周FOMC议息会议。上周，市场延续对半导体设备国产化SFCNo.BSF274+(86)1063211166
关注（上周股价：海光+12.2%，拓荆+3.6%，中微+2.7%）；消费电子方面，
联系人胡宇舟
根据Digitimes，苹果iPhone14两款高端机型预售强劲，低端需求平淡；电SACNo.S0570121040041huyuzhou@htsc
动车方面，美国IRA法案影响下市场担忧中美未来在智能电动车领域持续博SFCNo.BOB674+(852)36586000
弈，智能驾驶相关板块持续下跌，我们看好ET5等新品发布后4Q蔚小理销
量反弹。上周，海康、商汤公告逆回购，建议投资者关注后续进展。联系人黄礼悦
SACNo.S0570121070191andrewhuang@htsc
SFCNo.BRH099+(852)36586000
A股：SW电子下跌5.4%，跑输上证指数（-4.2%）
上周全部A股日均成交额合计7,999亿元，环比下跌-1.2%。卓胜微发布公告，点击查阅华泰证券研究团队介绍和观点
诺安基金增持公司股票占总股本的比例升至5.0065%，上周股价涨7.6%。海
康威视公告拟逆回购20-25亿元股票，上周股价涨2.8%。其它涨幅居前企业：
华大九天（+8.3%）、国科微（+6.0%）；跌幅居前企业：德赛西威（-15.2%）、
德赛电池（-15.1%）。北向资金上周合计净流入64亿元，主要增持立讯精密、
紫光国微，减持京东方A、海康威视、闻泰科技。TMT其它板块，SW通信跌
5.5%，SW计算机跌2.2%，SW传媒跌4.0%。本周，零部件板块公司富创精
密将于9月19日开启初步询价。
港股：恒生科技指数下跌5.4%，跑输恒生指数（-3.1%）行业走势图
上周全部港股日均成交额合计757亿港元，环比涨7.6%。蔚来ET5将于9月
底交付，市场看好ET5热销，上周股价上涨15.3%。9月16日，商汤以每股电子沪深300
港元回购万股，单日股价跌，上周跌。恒生科技主要成分(%)
21803.85%12.3%12
股中其它涨幅居前企业：明源云（+2.9%）、中芯国际（+2.3%）；跌幅居前的
1
企业包括：平安好医生（-11.9%）、快手-W（-11.2%）。南向资金上周合计净流
入17亿元，主要增持腾讯、美团、中国移动，减持中芯国际、舜宇、联想。(10)
(20)
海外：纳斯达克中概股下跌5.5%，纳指下跌5.5%，标普500下跌4.8%(31)
上周纳斯达克中概股跌5.5%、纳指跌5.5%、标普500跌4.8%、费城半导Sep-21Jan-22May-22Sep-22
体指数跌5.8%。十年期美债利率上升12bp至3.45%。半导体板块涨幅居
资料来源：Wind，华泰研究
前企业：联电（+1.7%）、三星电子（+1.1%）、SK海力士（+0.9%）；跌幅
居前企业：AMD超威半导体（-10.5%）、拉姆研究（-8.9%）、英伟达（-8.3%）。
互联网板块，Meta跌13.5%、亚马逊跌7.3%、谷歌跌7.3%、SEA跌7.0%。
美股汽车板块，蔚来涨5.2%、特斯拉涨1.2%、理想跌8.5%、小鹏跌9.2%。
比特币跌8.8%。
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。
免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。1电子
图表1：科技硬件板块半导体公司上周股价变动一览
公司名称财报市值收盘价P/EP/S股价变动北向/南向资金流南向/北向资金持南向/北向资金持
代码货币（人民币亿（元交易入（亿人民币/亿股市值（亿人民币股比例（%）
元）货币）2022E2023E2022E2023E1W1MYTD港元）/亿港元）
半导体
688041CH海光信息CNY1,45562.6144.587.428.218.412.2%24.8%4.2%n.a.n.a.0.0
301269CH华大九天CNY627115.4334.4250.379.058.58.3%17.7%53.9%n.a.n.a.0.0
300782CH卓胜微CNY545102.227.722.110.18.07.6%0.5%-49.8%-21.920.65.2
300672CH国科微CNY14680.2N.A.N.A.N.A.N.A.6.0%11.9%-56.5%-1.31.20.9
688536CH思瑞浦CNY345430.366.138.416.411.45.2%-12.2%-43.9%-2.62.51.4
688072CH拓荆科技-UCNY396312.9222.5133.830.220.53.6%20.9%239.0%n.a.n.a.0.0
688012CH中微公司CNY796129.172.356.517.512.92.7%4.8%2.0%-53.252.16.7
0981HK中芯国际USD1,63716.368.169.017.115.22.3%3.2%-12.6%-232.4229.90.0
603690CH至纯科技CNY13241.234.124.34.43.32.1%8.3%-14.5%-5.55.44.2
688052CH纳芯微CNY330326.377.149.019.813.51.9%-0.6%26.0%n.a.n.a.0.0
002371CH北方华创CNY1,668315.893.266.611.68.61.0%12.0%-8.9%-72.271.64.7
688206CH概伦电子CNY16838.7349.7257.559.041.11.0%-1.2%5.5%n.a.n.a.0.0
688082CH盛美上海CNY475109.5102.371.917.812.20.6%4.1%-14.3%n.a.n.a.0.0
0522HKASMPTHKD21759.78.68.81.21.1-0.5%-2.3%-25.3%-1.61.6n.a.
688981CH中芯国际USD1,63739.825.523.26.55.7-1.0%-1.0%-24.9%-2.82.80.4
688126CH沪硅产业-UCNY54920.1246.9168.615.612.0-1.2%-2.5%-22.2%-5.65.61.7
688200CH华峰测控CNY230374.238.127.918.713.6-1.5%4.3%-26.6%-12.312.38.0
688008CH澜起科技CNY63856.346.331.015.210.3-1.6%1.4%-32.6%-20.119.93.1
002156CH通富微电CNY23918.020.916.51.21.0-2.0%-3.1%-7.4%-3.73.71.5
300604CH长川科技CNY39164.670.447.113.79.7-3.3%10.7%12.7%-5.55.61.9
688120CH华海清科CNY379355.096.860.722.414.2-3.4%8.6%58.4%n.a.n.a.0.0
688256CH寒武纪-UCNY27869.2-29.4-38.227.218.3-3.8%17.2%-27.2%n.a.n.a.0.0
688595CH芯海科技CNY5539.536.823.86.24.6-4.4%-6.5%-55.5%n.a.n.a.0.0
688107CH安路科技-UCNY21954.82563.2487.318.912.8-4.8%-9.2%-23.6%n.a.n.a.0.0
688123CH聚辰股份CNY10082.731.821.310.77.1-4.9%-7.0%22.2%n.a.n.a.0.0
603290CH斯达半导CNY673394.391.064.823.816.2-5.0%-0.6%3.7%-64.066.117.8
688187CH时代电气CNY66757.535.230.24.74.2-5.0%-6.9%-29.4%-9.59.97.8
603893CH瑞芯微CNY31375.038.026.97.95.8-5.0%-8.7%-44.8%-1.51.51.0
688396CH华润微CNY65549.625.122.25.95.0-5.2%-5.3%-23.0%-7.27.33.2
300661CH圣邦股份CNY518145.347.935.415.210.8-5.2%-9.3%-29.3%-21.722.74.4
603160CH汇顶科技CNY23451.037.625.84.53.6-5.6%-10.4%-52.5%-1.51.50.6
603501CH韦尔股份CNY99183.720.215.73.72.9-5.9%-10.7%-63.5%-78.980.37.7
300327CH中颖电子CNY12235.623.818.65.94.5-6.0%-10.7%-42.0%-5.15.24.1
600584CH长电科技CNY42023.612.911.31.21.1-6.0%-4.9%-23.4%-9.09.22.1
688608CH恒玄科技CNY135112.725.717.25.53.8-6.7%-20.1%-63.0%n.a.n.a.0.0
1347HK华虹半导体USD24121.079.566.711.09.8-6.9%-9.7%-51.3%-35.837.3n.a.
300223CH北京君正CNY35273.029.423.05.34.2-6.9%-10.5%-45.4%-4.95.11.6
688099CH晶晨股份CNY30674.325.419.34.63.5-6.9%-13.7%-42.9%-7.27.62.3
688018CH乐鑫科技CNY7087.031.721.54.13.1-7.2%-8.0%-53.5%n.a.n.a.0.0
603986CH兆易创新CNY709106.223.419.06.14.8-7.6%-8.4%-39.2%-30.831.94.2
688521CH芯原股份-UCNY23146.4218.7116.68.26.4-7.9%-4.2%-40.0%n.a.n.a.0.0
300623CH捷捷微电CNY14419.524.618.46.04.6-7.9%-6.2%-37.7%-0.60.60.4
002185CH华天科技CNY2828.821.319.12.01.7-8.0%-8.3%-30.5%-4.84.91.6
605111CH新洁能CNY20696.839.130.39.97.5-8.1%-6.2%-23.6%-1.61.71.1
600460CH士兰微CNY52437.036.328.15.34.1-8.7%-6.7%-31.6%-11.812.22.1
300373CH扬杰科技CNY26852.323.918.84.43.4-8.8%-11.1%-21.9%-9.09.43.2
ACMRUS盛美半导体USD6215.2N.A.N.A.N.A.N.A.-9.1%-9.9%-46.5%n.a.n.a.n.a.
688048CH长光华芯CNY160117.783.654.523.015.6-9.8%-1.3%48.6%n.a.n.a.0.0
600703CH三安光电CNY98322.046.332.26.04.7-11.3%-6.8%-41.3%-3.74.00.4
非半导体
688301CH奕瑞科技CNY381525.062.246.023.217.44.5%3.3%6.3%-4.84.72.3
1888HK建滔积层板HKD2117.74.44.80.90.93.8%2.1%-36.8%-1.01.0n.a.
002415CH海康威视CNY2,81129.815.512.93.02.62.8%-0.2%-41.4%-13.313.00.5
6088HKFITHONTENGUSD711.156.350.11.81.72.8%-5.1%-27.5%-2.42.3n.a.
0992HK联想集团USD6506.134.031.31.00.9-0.5%-6.6%-29.5%-16.416.2n.a.
000636CH风华高科CNY18716.221.215.53.52.6-0.6%-4.8%-45.3%-0.40.40.3
002241CH歌尔股份CNY1,09532.120.015.91.10.9-1.1%-1.3%-40.4%-83.683.28.5
688508CH芯朋微CNY7163.029.421.46.64.8-1.3%1.4%-45.2%n.a.n.a.0.0
300408CH三环集团CNY51126.723.618.27.25.6-1.8%-1.5%-39.5%-19.019.23.8
002916CH深南电路CNY41581.022.818.72.62.2-2.4%-4.7%-32.8%-15.815.93.8
0285HK比亚迪电子CNY45823.024.617.10.50.4-2.7%10.0%-19.0%-40.138.9n.a.
002841CH视源股份CNY42961.718.314.91.71.4-3.0%-8.7%-23.2%-9.69.53.4
002236CH大华股份CNY42514.010.68.61.11.0-3.1%-5.0%-39.3%-20.821.17.4
300115CH长盈精密CNY15412.8197.022.81.10.8-3.2%-3.2%-35.3%-2.42.51.6
601138CH工业富联CNY1,8119.18.27.50.40.3-3.7%-1.8%-19.4%-45.345.72.4
2382HK舜宇光学科技CNY94597.629.722.63.12.6-4.2%-9.6%-60.0%-162.7164.8n.a.
688036CH传音控股CNY50662.914.010.51.00.8-4.2%-7.8%-59.2%-10.310.23.9
000725CH京东方ACNY1,3233.57.65.80.60.5-4.7%-6.8%-27.8%-56.657.84.4
000050CH深天马ACNY2158.732.117.80.70.6-4.8%-7.5%-32.4%-3.53.61.7
000100CHTCL科技CNY5564.010.86.50.30.3-4.8%-4.6%-33.6%-14.314.62.6
002938CH鹏鼎控股CNY62426.915.513.31.71.5-4.9%-9.3%-35.5%-12.812.92.0
1810HK小米集团-WCNY2,26110.220.614.90.80.7-5.2%-11.4%-45.8%-337.7350.6n.a.
2018HK瑞声科技CNY14713.819.615.00.90.8-5.2%-5.7%-55.3%-10.410.7n.a.
002475CH立讯精密CNY2,42234.224.118.21.21.0-5.7%-8.9%-30.3%-181.3183.17.1
300136CH信维通信CNY14915.418.513.51.61.3-6.6%-9.0%-39.0%-1.31.41.0
600183CH生益科技CNY33714.515.212.21.71.5-7.2%-8.7%-36.1%-10.210.62.9
002484CH江海股份CNY19923.831.724.24.33.4-7.3%-3.8%-12.4%-5.15.32.7
601231CH环旭电子CNY34515.714.311.70.50.4-7.3%-5.8%-0.5%-13.914.03.8
002138CH顺络电子CNY18122.521.516.63.52.8-7.5%-9.8%-40.4%-12.012.47.0
300296CH利亚德CNY1485.816.612.71.41.2-7.6%-7.0%-42.7%-1.21.20.9
300433CH蓝思科技CNY49810.019.213.40.90.8-7.7%-8.0%-56.0%-8.18.31.5
002463CH沪电股份CNY20811.016.112.12.52.1-8.8%-8.4%-33.2%-15.416.07.0
002635CH安洁科技CNY8913.022.216.11.81.5-9.0%-9.0%-22.5%-0.80.81.3
600563CH法拉电子CNY381169.536.927.99.97.5-9.1%-4.6%-26.4%-21.322.65.4
000049CH德赛电池CNY13946.215.413.00.60.5-15.1%-9.3%-19.2%-1.81.91.2
TUYAUS涂鸦智能USD461.0-3.7-4.52.31.8-18.5%-23.5%-83.8%n.a.n.a.n.a.
汽车电子
002405CH四维图新CNY29812.589.352.57.45.7-5.9%-4.4%-21.4%-11.712.14.0
300496CH中科创达CNY477112.051.637.58.15.9-7.2%-8.9%-18.8%-41.943.210.8
002036CH联创电子CNY15915.045.229.41.41.3-9.4%-7.9%-38.1%-11.812.06.9
002906CH华阳集团CNY21344.849.935.93.62.8-9.8%2.2%-18.0%-2.82.91.2
688326CH经纬恒润-WCNY235195.7102.372.05.54.2-11.2%-0.5%95.6%n.a.n.a.0.0
002920CH德赛西威CNY740133.361.443.65.54.1-15.2%-12.9%-5.5%-30.333.23.8
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
免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。2电子
图表2：TMT板块其他主要公司上周股价变动一览
市值收盘价P/EP/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
代码公司名称财报货币（人民币（亿人民币/亿港市值（亿人民币/亿持股比例
亿元）（当地货币元）2022E2023E2022E2023E1W1MYTD元）港元）（%）
通信
0728HK中国电信CNY3,2542.88.98.00.50.51.1%4.5%21.2%1.0127.032.7
0762HK中国联通CNY1,0053.76.96.30.30.30.5%1.7%3.4%1.062.55.5
0941HK中国移动CNY9,87751.58.78.01.21.10.4%2.2%20.4%7.3942.78.6
000063CH中兴通讯CNY1,09024.613.711.70.90.8-0.8%0.2%-25.7%0.232.23.4
CDUS秦淮数据CNY2148.58.66.11.51.1-0.9%0.6%28.8%n.a.n.a.n.a.
601728CH中国电信CNY3,2543.811.810.50.70.6-1.3%3.2%-6.5%0.0n.a.0.1
002396CH星网锐捷CNY11519.814.411.10.60.5-2.3%-0.8%-15.6%0.02.32.0
000938CH紫光股份CNY47816.718.314.80.60.5-2.5%-3.5%-26.5%-0.38.51.8
600941CH中国移动CNY9,87763.510.79.91.51.3-2.9%2.2%16.7%0.02.60.9
600050CH中国联通CNY1,0783.515.013.20.30.3-3.3%-2.0%-10.4%-0.138.33.6
688100CH威胜信息CNY9919.922.116.64.13.1-3.6%-8.1%-41.6%n.a.n.a.0.0
300383CH光环新网CNY1598.917.515.32.01.8-3.7%-4.8%-40.2%0.03.52.2
9698HK万国数据-SWCNY29121.7-23.1-24.73.53.0-4.0%-20.6%-52.2%n.a.n.a.n.a.
300628CH亿联网络CNY61468.028.322.112.69.7-4.6%-4.9%-15.6%0.0n.a.3.8
603236CH移远通信CNY248131.439.425.91.51.1-6.8%-11.0%-15.9%0.113.15.3
002123CH梦网科技CNY8810.938.324.81.91.6-7.7%-13.6%-36.4%0.11.52.0
000988CH华工科技CNY19719.619.515.01.51.1-8.0%-7.4%-29.4%-0.24.32.2
300502CH新易盛CNY11222.013.711.43.12.5-8.5%-10.4%-43.6%-0.31.11.1
002402CH和而泰CNY14215.521.115.51.91.5-8.9%-9.3%-43.1%-0.44.13.3
002139CH拓邦股份CNY14711.623.516.21.51.2-9.5%-7.1%-37.6%0.49.78.1
688048CH长光华芯CNY160117.783.654.523.015.6-9.8%-1.3%48.6%n.a.n.a.0.0
300308CH中际旭创CNY21126.318.214.82.21.8-10.2%-10.2%-37.6%0.314.57.3
计算机
688111CH金山办公CNY1,019221.080.159.024.818.718.3%22.7%-16.3%-0.139.88.3
002439CH启明星辰CNY20321.419.515.53.83.013.0%13.5%-25.1%0.222.414.5
300454CH深信服CNY495119.2123.069.95.84.512.1%23.4%-37.6%-0.623.67.3
0200HK商汤科技HKD735.5N.A.N.A.N.A.N.A.11.5%5.2%-42.7%0.11.31.6
688561CH奇安信CNY36954.0609.1110.14.63.48.3%8.6%-38.5%n.a.n.a.0.0
688023CH安恒信息CNY122155.8132.862.05.03.77.3%15.7%-37.9%n.a.n.a.0.0
688083CH中望软件CNY171197.081.959.521.315.83.7%11.3%-20.9%0.13.23.7
688777CH中控技术CNY40280.951.438.96.54.93.3%1.5%7.0%0.79.24.2
600588CH用友网络CNY67119.589.164.26.35.2-0.1%-2.8%-45.3%-0.547.47.1
002410CH广联达CNY57648.458.743.98.36.8-0.6%-1.4%-23.9%-0.369.614.5
2013HK微盟集团HKD783.5-10.6-27.23.63.0-1.1%-5.7%-56.3%0.113.014.8
600845CH宝信软件CNY70640.734.827.35.44.3-1.7%7.0%-11.4%0.4n.a.7.6
600271CH航天信息CNY19210.318.016.50.80.8-2.0%-1.4%-21.6%0.0n.a.0.2
688088CH虹软科技CNY10526.066.047.217.913.8-2.4%-3.5%-40.6%0.01.01.5
000977CH浪潮信息CNY32422.213.210.80.40.4-2.5%-4.6%-37.8%0.27.62.3
300773CH拉卡拉CNY12916.112.210.31.91.6-2.5%-0.8%-44.6%0.1n.a.0.9
3888HK金山软件HKD27923.296.941.54.13.4-2.5%-3.5%-32.1%0.035.4n.a.
002153CH石基信息CNY29213.9326.9131.68.16.9-2.7%6.8%-32.1%0.1n.a.4.7
688188CH柏楚电子CNY290198.844.232.726.519.3-3.0%-3.5%-27.3%0.09.03.2
002065CH东华软件CNY1845.7N.A.N.A.N.A.N.A.-3.2%-1.5%-25.9%0.03.72.2
600570CH恒生电子CNY64634.045.634.69.47.6-3.7%1.0%-28.7%3.588.513.7
0268HK金蝶国际HKD39512.9-120.4-197.68.77.0-3.9%-15.9%-46.3%-0.563.414.2
300253CH卫宁健康CNY1416.629.022.64.23.4-4.2%-7.1%-60.6%-0.25.74.7
002230CH科大讯飞CNY82435.541.230.03.42.6-4.6%-5.4%-32.3%-0.139.75.3
8083HK中国有赞HKD190.1-2.5114.61.10.8-4.9%-7.9%-78.5%n.a.n.a.n.a.
300033CH同花顺CNY43681.222.017.711.29.3-5.2%-4.6%-42.7%0.512.95.8
002268CH卫士通CNY26731.560.439.17.15.5-5.7%-6.2%-43.6%0.19.53.6
002405CH四维图新CNY29812.589.352.57.45.7-5.9%-4.4%-21.4%-0.1n.a.4.0
002373CH千方科技CNY1398.818.113.51.31.0-6.4%-9.2%-41.0%0.1n.a.0.9
300496CH中科创达CNY477112.051.637.58.15.9-7.2%-8.9%-18.8%1.041.111.0
传媒&互联网
002624CH完美世界CNY26513.714.412.62.82.4-2.6%-7.6%-26.7%0.512.65.1
002555CH三七互娱CNY41618.812.510.92.21.9-2.7%-7.9%-29.3%-0.1n.a.10.4
300413CH芒果超媒CNY49026.220.717.63.02.6-3.3%-5.9%-54.1%0.213.55.0
9988HK阿里巴巴HKD16,23786.819.416.32.01.8-3.3%-8.0%-27.0%n.a.n.a.n.a.
002739CH万达电影CNY24311.1-178.820.82.11.6-3.9%-1.9%-28.0%0.41.70.7
002027CH分众传媒CNY7775.419.212.66.65.0-4.4%-11.2%-32.8%-1.6103.813.4
3690HK美团HKD9,392171.9-103.6188.44.83.6-4.4%-9.4%-23.7%7.4950.910.0
0700HK腾讯HKD24,901293.224.619.24.94.3-4.5%-10.4%-33.6%7.62146.07.6
9999HK网易-SHKD3,833132.223.620.54.44.0-4.5%-6.8%-15.1%n.a.n.a.n.a.
0772HK阅文集团HKD25227.925.618.83.32.9-4.9%-12.8%-43.1%0.030.110.5
300251CH光线传媒CNY2498.532.124.112.29.9-5.7%-8.1%-32.2%0.57.43.1
9618HK京东集团HKD6,150223.095.943.60.60.5-8.4%-9.6%-16.7%-0.116.70.3
9626HK哔哩哔哩-SWHKD478138.7-6.7-9.82.41.8-8.8%-27.0%-61.3%n.a.n.a.n.a.
9888HK百度HKD2,990122.536.823.72.62.3-10.8%-13.4%-15.3%n.a.n.a.n.a.
1024HK快手-WHKD2,17457.3-16.0-49.12.62.1-11.2%-16.7%-20.5%-2.7202.410.0
指数
801750.SI计算机(申万)3,638.4-2.2%-1.7%-30.0%
HSI.HI恒生指数18,761.7-3.1%-6.0%-19.8%
801760.SI传媒(申万)507.9-4.0%-7.5%-30.4%
HSTECH.HI恒生科技3,858.5-5.4%-9.7%-32.0%
HXC.O纳斯达克中概股指数6,806.3-5.5%-9.5%-23.5%
801770.SI通信(申万)1,904.2-5.5%-2.7%-12.6%
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
免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。3
cX9ZaUwWoOsR8OaO7NpNoOnPpNfQoOvMeRpNsMaQpOqPuOrNpMNZqQtQ电子
图表3：恒生科技指数成份股票涨跌幅
代码公司板块分类成分占比交易货币市值股价股价涨跌幅
（亿元港币）（港币元）1W30DYTD
9866HK蔚来非必须性消费0.64%HKD3,579166.0015.3%4.5%4.5%
0909HK明源云资讯科技0.45%HKD1506.042.9%-7.2%-87.2%
0981HK中芯国际资讯科技4.95%HKD2,36216.302.3%3.2%-26.2%
9961HK携程集团-S非必须性消费0.76%HKD1,666203.801.2%-1.2%-27.3%
0992HK联想集团资讯科技3.29%HKD9386.07-0.5%-6.6%-10.0%
6690HK海尔智家非必须性消费4.40%HKD3,30025.40-2.1%-1.6%-6.3%
3888HK金山软件资讯科技1.50%HKD40323.15-2.5%-3.5%-53.3%
0285HK比亚迪电子资讯科技1.15%HKD66023.00-2.7%10.0%-42.7%
9988HK阿里巴巴资讯科技8.21%HKD23,42886.80-3.3%-8.0%-62.7%
0268HK金蝶国际资讯科技2.61%HKD57012.88-3.9%-15.9%-59.2%
9698HK万国数据资讯科技0.49%HKD42021.65-4.0%-20.6%-76.0%
2382HK舜宇光学科技工业5.39%HKD1,36397.55-4.2%-9.6%-41.6%
2015HK理想非必须性消费2.64%HKD2,63299.10-4.3%-14.0%-15.3%
3690HK美团资讯科技8.21%HKD13,551171.90-4.4%-9.4%-41.6%
0700HK腾讯资讯科技7.66%HKD35,929293.20-4.5%-10.4%-46.0%
9999HK网易-S资讯科技6.11%HKD5,531132.20-4.5%-6.8%-8.7%
0772HK阅文集团非必须性消费1.03%HKD36427.90-4.9%-12.8%-54.1%
1810HK小米集团-W资讯科技8.19%HKD3,26310.24-5.2%-11.4%-69.2%
2018HK瑞声科技工业0.74%HKD21213.78-5.2%-5.7%-68.0%
9868HK小鹏非必须性消费0.87%HKD1,25659.55-5.3%-19.2%-63.9%
6618HK京东健康医疗保健业4.28%HKD1,99849.35-6.4%-9.7%-67.1%
1347HK华虹半导体资讯科技0.95%HKD34820.95-6.9%-9.7%-52.4%
9618HK京东集团资讯科技8.89%HKD8,874223.00-8.4%-9.6%-33.3%
0241HK阿里健康医疗保健业1.51%HKD6944.03-8.6%-11.4%-82.4%
9626HK哔哩哔哩-SW资讯科技1.37%HKD690138.70-8.8%-27.0%-82.7%
6060HK众安在线金融业1.15%HKD39521.10-10.2%-8.9%-41.7%
9888HK百度资讯科技4.64%HKD4,314122.50-10.8%-13.4%-51.4%
1024HK快手-W资讯科技6.96%HKD3,13757.30-11.2%-16.7%-80.9%
1833HK平安好医生医疗保健业0.76%HKD27319.16-11.9%-10.5%-79.6%
0020HK商汤科技资讯科技0.17%HKD8542.00-12.3%-19.0%-51.6%
恒生科技指数成份
恒生科技指数成份
注：市值、股价取9月16日收盘价，采用Wind汇率
资料来源：Wind，华泰研究
免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。4电子
图表4：全球主要科技股票涨跌幅
代码公司交易货币市值股价股价涨跌幅
（百万美元）16-Sep1W30DYTD
软件
SNOWUSSNOWFLAKESnowflakeUSD59,094184.67-1.9%2.1%-34.4%
ACNUSACCENTURE-A埃森哲USD181,248272.68-6.2%-5.5%6.6%
CRMUSSALESFORCE塞富时USD151,510151.51-6.8%-3.0%-31.9%
MSFTUSMICROSOFT微软USD1,825,244244.74-7.5%-6.4%11.7%
SHOPUSSHOPIFYShopifyUSD40,02331.73-8.8%0.3%-72.0%
NOWUSSERVICENOWServiceNowUSD86,012425.80-9.4%-2.0%-22.6%
ADBEUSADOBE奥多比USD140,166299.50-24.1%-19.8%-40.1%
半导体
2303TTUMC联电TWD15,00739.951.7%-2.8%-15.3%
005930KSSAMSUNGELEC三星电子KRW241,80556,200.001.1%-5.9%-30.6%
000660KSSKHYNIXSK海力士KRW47,85291,200.000.9%-4.2%-23.0%
2330TTTSMC台积电TWD403,942472.00-0.6%-6.5%-10.9%
TXNUSTEXASINSTRUMENTS德州仪器USD150,999165.26-3.2%0.0%5.1%
2454TTMTK联发科TWD31,020600.00-3.7%-10.0%-19.7%
AVGOUSBROADCOM博通USD203,513502.50-3.8%0.7%20.0%
NXPIUSNXPSEMICONDUCTORS恩智浦USD42,000159.94-4.4%-2.3%3.3%
8035JPTOKYOELECTRON东京电子JPY45,06540,910.00-4.7%-7.4%6.5%
IFXNTRINFINEONTECHNOLOGIES英飞凌EUR31,43424.03-5.1%-1.3%-23.8%
QCOMUSQUALCOMM高通公司USD140,319124.95-5.4%-5.5%-15.2%
KLACUSKLA科天USD47,579335.53-6.5%-2.5%32.3%
ASMLNAASMLHOLDING阿斯麦EUR188,116465.00-6.6%-4.1%17.0%
INTCUSINTEL英特尔USD120,05929.24-7.1%-8.4%-38.2%
AMATUSAPPLIEDMATERIAL应用材料USD76,45688.87-7.9%-5.5%4.4%
MUUSMICRONTECHNOLOGY镁光USD58,30152.85-8.0%-6.5%-29.3%
NVDAUSNVIDIA英伟达USD328,630131.98-8.3%-12.5%1.3%
LRCXUSLAMRESEARCH拉姆研究USD56,058409.22-8.9%-6.2%-11.6%
AMDUSADVANCEDMICRODEVICESAMD超威半导体USD123,51276.51-10.5%-9.9%-16.6%
互联网
3690HKMEITUAN-W美团HKD135,512171.90-4.4%-9.4%-41.6%
0700HKTENCENT腾讯HKD359,289293.20-4.5%-10.4%-46.0%
SEUSSEASEAUSD32,91259.01-7.0%-4.8%-70.4%
GOOGUSALPHABET-C谷歌USD1,346,038103.63-7.3%-5.1%18.3%
AMZNUSAMAZON亚马逊USD1,258,469123.53-7.3%-2.6%-24.1%
1024HKKUAISHOU-W快手HKD31,36857.30-11.2%-16.7%-80.9%
METAUSMETAPLATFORMSMetaUSD393,161146.29-13.5%-10.2%-46.4%
硬件
AAPLUSAPPLE苹果USD2,421,862150.70-4.2%-4.1%14.7%
1810HKXIAOMI-W小米HKD32,62810.24-5.2%-11.4%-69.2%
CSCOUSCISCOSYSTEMS思科USD177,91343.30-5.4%-3.2%1.8%
6861JPKEYENCEKEYENCEJPY85,39350,110.00-6.9%-5.0%-13.1%
汽车
LCIDUSLUCIDGROUPLucidUSD27,06616.187.3%5.5%61.6%
NIOUSNIO蔚来USD35,79020.155.2%1.2%-58.7%
RIVNUSRIVIANAUTOMOTIVERivianUSD35,97039.264.6%20.0%-61.0%
TSLAUSTESLA特斯拉USD950,538303.351.2%10.1%29.0%
1211HKBYDCOMPANY比亚迪HKD99,689215.20-2.9%-11.1%6.0%
LIUSLIAUTO理想USD26,31924.09-8.5%-16.3%-16.4%
XPEVUSXPENG小鹏USD12,56414.56-9.2%-21.4%-66.0%
指数
SPX.GI标普5003,873.3-4.8%-2.1%-18.7%
IXIC.GI纳斯达克指数11,448.4-5.5%-3.1%-26.8%
HXC.O纳斯达克中概股6,806.3-5.5%-9.5%-23.5%
106752.MIMSCI全球信息科技403.1-5.7%-5.1%-29.8%
SOX.GI费城半导体指数2,563.1-5.8%-4.3%-35.0%
注：市值、股价取9月16日收盘价，采用Wind汇率
资料来源：Wind，华泰研究
免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。5