电子行业：关注消费复苏相关受益标的-20221120-华泰证券-25正式版.pdf

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1、 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 证券研究报告 电子电子 关注消费复苏相关关注消费复苏相关受益标的受益标的 华泰研究华泰研究 电子电子 增持增持 (维持维持)研究员 黄乐平，黄乐平，PhD SAC No.S0570521050001 SFC No.AUZ066 +(852)3658 6000 研究员 陈旭东陈旭东 SAC No.S0570521070004 SFC No.BPH392 +(86)21 2897 2228 研究员 张皓怡张皓怡 SAC No.S0570522020001 +(86)21 2897 2228 研究员 刘溢刘溢 SAC No.S0570

2、522070002 +(86)21 2897 2228 联系人 张宇张宇 SAC No.S0570121090024 SFC No.BSF274 +(86)10 6321 1166 联系人 胡宇舟胡宇舟 SAC No.S0570121040041 SFC No.BOB674 +(852)3658 6000 联系人 黄礼悦黄礼悦 SAC No.S0570121070191 SFC No.BRH099 +(852)3658 6000 行业行业走势图走势图 资料来源：Wind，华泰研究 重点推荐重点推荐 股票名称股票名称 股票代码股票代码 目标价目标价 (当地币种当地币种)投资评级投资评级 顺络电子

3、 002138 CH 37.00 买入 风华高科 000636 CH 19.10 买入 京东方 A 000725 CH 4.50 买入 生益科技 600183 CH 16.20 买入 资料来源：华泰研究预测 2022 年 11 月 20 日中国内地 专题研究专题研究 华泰观点：关注消费复苏相关受益标的华泰观点：关注消费复苏相关受益标的 在国内疫情防控措施优化及国内消费复苏期待的带动下，上周港股 A 股持续跑赢美股。其中，恒生科技指数、中概股及 A 股电子板块分别上涨7.2/4.3/3.5%，跑赢纳斯达克指数（-1.6%）。11/15,伯克希尔披露 Q3 新建仓台积电，台积电成为其第十大重仓股，

4、A 股投资人期待半导体周期提早见底，增持消费电子类半导体、模拟芯片设计等板块。我们认为，受半导体供应链区域化及中国消费电子需求疲软等影响，中国半导体行业复苏将慢于全球，目前芯片设计板块仍处于去库存阶段。建议关注面板（京东方），被动元器件（顺络、风华）和 PCB（生益科技）等板块。A 股：股：SW 电子上涨电子上涨 3.5%，跑赢上证指数（，跑赢上证指数（+0.3%）上周全部 A 股日均成交额合计 9,955 亿元，环比上升 5.7%。上周半导体板块设计板块受到市场关注，恒玄科技（+21.4%）、乐鑫科技（+20.6%）、卓胜微（+18.9%）等涨幅居前；跌幅居前企业包括：华阳集团（-11.1%

5、）、德赛电池（-6.9%）、拓荆科技（-5.2%）。北向资金上周合计净流入 323 亿元，主要增持歌尔股份、圣邦股份、蓝思科技，减持闻泰科技、兆易创新、韦尔股份。TMT 其它板块，SW 通信涨 1.8%，SW 计算机涨3.9%，SW 传媒涨 5.1%。港股：恒生科技指数上涨港股：恒生科技指数上涨 7.2%，跑赢恒生指数（，跑赢恒生指数（+3.8%）上周全部港股日均成交额合计 1,391 亿港元，环比上升 40.3%。恒生科技主要成分股中涨幅居前企业包括：阿里健康（+36.1%）、哔哩哔哩（+24.1%）、商汤科技（18.2%）；跌幅居前企业包括：比亚迪电子（-6.1%）、携程（-3.8%）、瑞

6、声科技（-3.4%）。传媒互联网板块，快手涨13.4%，阿里巴巴涨 12.9%，腾讯涨 11.4%，百度涨 9.7%，美团涨 0.5%。南向资金上周合计净流入 32 亿元，主要增持腾讯、中国联通、华虹半导体，减持美团、小米、中国移动。海外：纳斯达克中概股上涨海外：纳斯达克中概股上涨 4.3%，纳指下跌，纳指下跌 1.6%，标普，标普 500 下跌下跌 0.7%上周纳斯达克中概股涨 4.3%，纳指跌 1.6%，标普 500 跌 0.7%，费城半导体指数跌 1.1%。十年期美债利率维持 3.82%。伯克希尔披露 Q3 重仓台积电，美股半导体板块涨幅居前为台积电（+10.3%）、英飞凌（+8.4%）

7、、联电（+3.6%），跌幅较大的为拉姆研究（-8.8%）、镁光（-6.3%）、英伟达（-5.6%）。互联网板块：SEA涨 15.2%，谷歌涨 1.1%，Meta跌 0.9%，亚马逊跌 6.6%。美股汽车板块：蔚来跌 9.4%，小鹏跌 8.6%，特斯拉跌8.1%，理想跌 5.7%。上周比特币跌 0.6%。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。(42)(31)(19)(8)4Nov-21Mar-22Jul-22Nov-22(%)电子沪深300 免责声明和

8、披露以及分析师声明是报告的一部分，请务必一起阅读。2 电子电子 图表图表1：科技硬件板块科技硬件板块半导体公司半导体公司上周股价变动一览上周股价变动一览 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 2022E2023E2022E2023E1W1MYTD半导体半导体688608 CH恒玄科技CNY174 144.858.636.29.36.621.4%26.1%-52.4%n.a.n.a.0.0688018 CH乐鑫科技CNY84 104.047.231.25.64.320.6%21.0%-44.4%n.a.n.a.0

9、.0300782 CH卓胜微CNY651 122.044.935.515.312.418.9%32.1%-40.1%-0.321.95.1300661 CH圣邦股份CNY655 183.564.349.720.015.118.2%22.6%-10.7%3.424.64.7300327 CH中颖电子CNY132 38.628.422.76.95.417.7%23.4%-36.9%-1.45.75.1688508 CH芯朋微CNY83 73.765.537.310.47.316.8%39.2%-35.8%n.a.n.a.0.0688123 CH聚辰股份CNY160 132.544.629.216.

10、311.116.8%35.1%95.7%n.a.n.a.0.0603986 CH兆易创新CNY692 103.824.721.16.95.516.5%26.1%-40.6%-1.825.04.2688595 CH芯海科技CNY63 44.456.930.97.65.615.5%23.7%-50.0%n.a.n.a.0.0688107 CH安路科技-UCNY285 71.2804.5358.025.417.314.6%5.0%-0.6%n.a.n.a.0.0688099 CH晶晨股份CNY297 71.926.620.14.63.514.4%25.4%-44.8%-2.26.42.5688536

11、 CH思瑞浦CNY366 306.085.849.718.013.113.0%18.9%-40.6%0.03.01.7300623 CH捷捷微电CNY160 21.740.423.48.45.412.9%17.1%-30.5%0.00.70.5600460 CH士兰微CNY535 37.843.733.15.74.312.5%20.3%-30.1%-0.210.32.2603893 CH瑞芯微CNY350 83.958.539.111.68.311.6%28.3%-38.2%-0.21.81.20522 HKASMPTHKD214 57.68.38.91.11.110.4%33.2%-27.9

12、%0.21.8n.a.300223 CH北京君正CNY377 78.334.326.86.14.99.9%15.2%-41.5%-0.65.11.71347 HK华虹半导体USD315 26.693.185.613.912.79.3%44.5%-38.3%2.545.5n.a.300373 CH扬杰科技CNY305 59.526.721.25.03.97.8%15.8%-11.2%2.59.93.5600584 CH长电科技CNY451 25.313.912.51.31.27.3%5.2%-17.7%1.59.52.3688052 CH纳芯微CNY373 369.3110.372.121.51

13、4.87.2%23.5%42.6%n.a.n.a.0.0603160 CH汇顶科技CNY240 52.475.634.65.44.66.2%8.0%-51.2%0.01.10.5603501 CH韦尔股份CNY1,011 85.425.719.14.23.45.3%16.4%-62.8%-1.780.08.4002156 CH通富微电CNY286 18.929.921.51.41.25.0%0.4%-2.7%-0.34.01.7688256 CH寒武纪-UCNY272 67.8-27.0-42.927.618.94.8%3.1%-28.7%n.a.n.a.0.0688396 CH华润微CNY7

14、10 53.827.324.36.75.64.7%6.1%-16.5%0.16.83.0688521 CH芯原股份-UCNY261 52.5343.9156.49.67.44.7%1.9%-32.1%n.a.n.a.0.0688008 CH澜起科技CNY780 68.858.339.519.112.84.5%21.2%-17.6%-0.623.03.1002185 CH华天科技CNY293 9.123.020.12.11.84.3%3.5%-27.9%0.34.71.7688126 CH沪硅产业-UCNY563 20.6256.4175.815.912.34.3%1.5%-20.2%0.56.

15、01.9300672 CH国科微CNY139 76.4N.A.N.A.N.A.N.A.4.2%1.2%-58.6%0.31.21.0688200 CH华峰测控CNY238 261.043.532.421.015.54.0%-1.4%-24.2%-0.614.09.3688048 CH长光华芯CNY152 112.298.159.228.017.42.9%15.7%41.6%n.a.n.a.0.0688981 CH中芯国际USD1,738 41.827.526.96.75.92.7%0.2%-21.1%-0.11.70.2605111 CH新洁能CNY193 90.939.930.29.97.5

16、2.4%11.9%-28.2%-0.23.93.1688120 CH华海清科CNY269 251.863.540.215.910.02.0%-7.4%12.4%n.a.n.a.0.00981 HK中芯国际USD1,738 17.071.678.318.216.81.6%3.7%-8.9%1.7231.90.0688206 CH概伦电子CNY151 34.8302.8222.652.936.91.0%-5.7%-5.0%n.a.n.a.0.0603290 CH斯达半导CNY609 356.576.854.721.714.60.9%-4.3%-6.3%1.859.118.6300604 CH长川科

17、技CNY325 53.758.638.411.68.1-0.5%-10.6%-6.3%0.57.43.1688082 CH盛美上海CNY378 87.368.752.913.89.8-0.8%-0.2%-31.7%n.a.n.a.0.0603690 CH至纯科技CNY138 43.136.726.14.73.5-1.0%9.7%-10.4%-1.54.63.3600703 CH三安光电CNY865 19.350.532.35.94.4-1.5%11.9%-48.3%0.02.10.3688041 CH海光信息CNY1,063 45.8105.464.020.613.6-1.8%2.4%-23.

18、9%n.a.n.a.0.0688012 CH中微公司CNY635 103.157.044.313.910.3-2.0%-7.1%-18.6%1.632.75.0301269 CH华大九天CNY532 98.0280.4205.966.349.0-3.0%-13.9%30.7%n.a.n.a.0.0688187 CH时代电气CNY676 57.133.829.04.53.9-3.2%-9.0%-29.8%-0.113.711.0002371 CH北方华创CNY1,218 230.561.044.48.46.2-3.2%-13.2%-33.5%-1.654.44.6ACMR US盛美半导体USD3

19、9 9.1N.A.N.A.N.A.N.A.-4.3%42.3%-67.9%n.a.n.a.n.a.688072 CH拓荆科技-UCNY290 229.3114.674.019.812.8-5.2%-16.0%148.4%n.a.n.a.0.0非半导体非半导体6088 HKFIT HON TENGUSD105 1.676.466.12.62.49.7%72.8%3.9%0.03.5n.a.002415 CH海康威视CNY3,060 32.418.915.63.42.98.8%14.1%-36.2%-0.114.10.5000636 CH风华高科CNY188 16.331.621.04.33.28

20、.3%19.1%-44.7%-0.11.30.8688036 CH传音控股CNY599 74.519.413.71.21.07.8%20.0%-51.7%0.29.91.8600183 CH生益科技CNY355 15.318.114.11.81.67.8%10.1%-32.7%0.812.33.7002463 CH沪电股份CNY253 13.319.915.13.12.57.2%22.3%-18.8%-0.818.57.8002241 CH歌尔股份CNY632 18.513.610.80.60.56.8%-14.8%-65.7%7.134.76.7002916 CH深南电路CNY406 79.

21、223.419.12.62.26.1%5.5%-34.3%1.113.13.4TUYA US涂鸦智能USD48 1.1-4.1-5.33.02.76.0%17.5%-83.2%n.a.n.a.n.a.002138 CH顺络电子CNY211 26.230.822.34.53.65.9%22.4%-30.5%0.113.97.7688301 CH奕瑞科技CNY347 477.253.441.021.416.04.9%-7.5%-3.4%-0.35.52.9002236 CH大华股份CNY380 12.510.18.31.00.94.8%8.2%-45.7%-0.321.69.2300433 CH蓝

22、思科技CNY527 10.630.017.71.21.04.6%6.4%-53.4%3.08.61.7002475 CH立讯精密CNY2,316 32.623.517.61.10.93.8%14.5%-33.5%-0.3164.47.42382 HK舜宇光学科技CNY923 92.732.923.83.02.63.1%36.2%-62.0%-0.8138.0n.a.000100 CHTCL科技CNY609 4.3127.414.20.40.33.1%11.0%-27.2%0.618.13.21888 HK建滔积层板HKD218 7.7N.A.N.A.N.A.N.A.2.9%22.6%-36.6

23、%-0.11.0n.a.300136 CH信维通信CNY166 17.221.415.61.81.52.8%2.2%-32.1%0.12.82.0000050 CH深天马ACNY229 9.334.319.00.70.62.1%5.4%-27.9%0.23.61.6002841 CH视源股份CNY453 65.120.216.51.91.62.0%0.0%-19.0%0.410.33.6000725 CH京东方ACNY1,381 3.624.714.00.80.72.0%8.4%-24.3%1.364.04.9002938 CH鹏鼎控股CNY706 30.415.013.31.81.61.4%

24、2.3%-27.1%1.221.23.2002635 CH安洁科技CNY93 13.627.320.02.11.71.3%5.0%-19.0%0.00.81.4601138 CH工业富联CNY1,778 9.08.17.30.40.31.2%9.1%-20.9%0.841.92.4300408 CH三环集团CNY587 30.631.823.89.67.51.0%7.9%-30.5%1.223.54.2300296 CH利亚德CNY155 6.120.414.71.61.30.7%8.2%-40.1%0.11.21.01810 HK小米集团-WCNY2,328 10.328.417.20.80

25、.70.0%16.9%-45.5%-4.8357.7n.a.601231 CH环旭电子CNY394 17.913.111.20.60.5-1.3%2.5%13.4%-0.515.64.00992 HK联想集团USD719 6.539.536.81.11.1-1.7%4.0%-24.1%-0.222.1n.a.300115 CH长盈精密CNY147 12.2222.321.61.00.8-2.0%3.7%-38.4%-0.44.02.7002484 CH江海股份CNY184 22.028.221.84.03.2-2.7%-13.0%-18.9%-0.34.92.72018 HK瑞声科技CNY18

26、9 17.325.518.41.00.9-3.4%20.3%-43.8%-0.515.6n.a.600563 CH法拉电子CNY367 163.035.727.19.57.2-3.4%-8.0%-29.2%0.421.45.60285 HK比亚迪电子CNY472 23.126.417.60.50.4-6.1%1.1%-18.8%-0.641.0n.a.000049 CH德赛电池CNY147 49.016.113.80.70.6-6.9%-1.4%-14.2%-0.11.20.8汽车电子汽车电子9868 HK小鹏汽车-WCNY591 30.9-7.4-12.91.50.81.3%21.5%-83

27、.4%-0.633.2n.a.002405 CH四维图新CNY292 12.2103.958.67.45.6-0.2%3.2%-23.1%0.312.54.4002036 CH联创电子CNY147 13.747.527.91.31.2-0.4%2.1%-43.5%-0.73.72.6688326 CH经纬恒润-WCNY189 157.682.257.54.43.4-1.2%9.1%57.6%n.a.n.a.0.0300496 CH中科创达CNY554 121.059.643.49.46.8-1.5%22.6%-12.3%0.035.88.72015 HK理想汽车-WCNY1,333 70.4-

28、208.1108.63.01.4-1.8%31.5%-42.6%-1.5124.5n.a.9866 HK蔚来-SWCNY1,263 82.2-13.5-22.42.61.4-3.0%9.8%-48.3%n.a.n.a.n.a.002920 CH德赛西威CNY617 111.253.536.74.43.3-4.8%7.3%-21.1%1.525.13.9002906 CH华阳集团CNY168 35.340.328.52.82.2-11.1%-0.6%-35.4%0.21.70.9南向南向/北向资金持股北向资金持股比例（比例（%）代码代码公司名称公司名称财报财报货币货币市值市值（人民币亿（人民币亿

29、元）元）收盘价（元收盘价（元交易货币）交易货币）P/EP/S股价变动股价变动北向/南向资金流北向/南向资金流入（亿人民币/亿入（亿人民币/亿港元）港元）南向南向/北向资金持股北向资金持股市值市值（亿人民币（亿人民币/亿亿港元）港元）qRqNqNrPwOtOwPoPsOrPxO7NcM8OtRoOoMnPkPoPnMjMsQmN8OpOsOvPpPwOxNpOmO 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 电子电子 图表图表2：TMT 板块其他主要公司上周股价变动一览板块其他主要公司上周股价变动一览 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 W

30、ind 一致预期。资料来源：Wind，华泰研究 收盘价收盘价（当地货币（当地货币 元）元）2022E2023E2022E2023E1W1MYTD通信通信9698 HK万国数据-SWCNY201 14.5-15.3-15.92.42.016.5%53.1%-67.9%n.a.n.a.n.a.603236 CH移远通信CNY219 116.135.723.71.41.013.6%12.9%-25.6%-2.26.63.0000938 CH紫光股份CNY554 19.422.418.30.70.69.9%12.9%-14.8%0.39.91.8600050 CH中国联通CNY1,202 3.815.

31、513.70.30.38.9%14.8%-0.7%1.438.33.30762 HK中国联通CNY1,067 3.87.16.50.30.38.2%15.0%6.8%2.875.46.4002123 CH梦网科技CNY101 12.655.233.92.31.97.8%12.1%-26.6%-0.41.31.5002396 CH星网锐捷CNY130 22.218.614.40.80.67.7%5.0%-5.2%0.83.32.6000063 CH中兴通讯CNY1,113 25.114.112.00.90.85.4%13.3%-24.0%-1.025.62.6300502 CH新易盛CNY139

32、 27.514.913.54.03.24.3%6.2%-29.6%0.12.11.80728 HK中国电信CNY3,410 2.99.28.20.50.53.9%5.8%26.0%-0.4138.234.2300383 CH光环新网CNY164 9.120.017.22.11.93.9%5.2%-38.5%0.14.12.5688100 CH威胜信息CNY123 24.629.021.65.44.13.2%4.8%-27.7%n.a.n.a.0.0688048 CH长光华芯CNY152 112.298.159.228.017.42.9%15.7%41.6%n.a.n.a.0.0300628 C

33、H亿联网络CNY624 69.228.122.012.69.72.4%0.5%-14.1%0.0n.a.4.2300308 CH中际旭创CNY240 29.920.316.62.52.02.2%2.2%-29.1%0.614.36.4CD US秦淮数据CNY167 6.56.54.61.10.91.4%21.5%-2.1%n.a.n.a.n.a.0941 HK中国移动CNY9,843 49.88.37.71.11.11.1%5.3%16.3%-3.9924.78.7000988 CH华工科技CNY178 17.718.314.11.31.0-0.3%5.4%-36.3%0.16.83.8600

34、941 CH中国移动CNY9,843 66.311.210.31.51.4-0.6%-1.4%21.7%0.28.52.7002402 CH和而泰CNY144 15.824.017.42.11.7-0.8%6.9%-42.0%0.13.62.8601728 CH中国电信CNY3,410 3.912.511.20.70.7-1.5%-0.3%-2.3%0.3n.a.1.2002139 CH拓邦股份CNY142 11.223.916.81.51.2-1.7%-0.4%-39.7%0.14.53.8计算机计算机8083 HK中国有赞HKD33 0.2-10.9-22.32.42.188.7%185.

35、7%-63.0%n.a.n.a.n.a.0020 HK商汤科技HKD612 2.0-17.9-25.212.59.018.2%68.9%-63.5%1.923.24.5688023 CH安恒信息CNY172 218.6334.7107.07.35.49.8%5.9%-12.8%n.a.n.a.0.02013 HK微盟集团HKD110 4.8-12.8-32.95.44.47.7%72.7%-39.8%1.527.822.9300253 CH卫宁健康CNY217 10.148.637.46.85.56.6%4.5%-39.5%0.15.12.7002410 CH广联达CNY639 53.665.

36、348.79.27.66.6%8.4%-15.7%2.888.216.6002268 CH卫士通CNY324 38.380.754.38.86.96.6%5.4%-31.5%-1.47.72.4600588 CH用友网络CNY893 26.0141.091.08.57.06.4%6.5%-27.1%-1.661.36.9688777 CH中控技术CNY478 96.360.145.27.65.76.4%-0.6%27.5%0.412.14.0600570 CH恒生电子CNY830 43.762.145.612.29.86.3%4.8%-8.4%-0.5104.912.6000977 CH浪潮信

37、息CNY344 23.514.011.40.50.44.8%2.0%-34.1%0.17.42.1002439 CH启明星辰CNY253 26.625.920.34.83.84.2%4.4%-6.8%0.227.714.4688111 CH金山办公CNY1,250 271.0102.473.831.123.53.3%-6.8%2.6%2.648.43.9002373 CH千方科技CNY152 9.623.517.11.51.23.1%7.3%-35.9%0.3n.a.1.3688561 CH奇安信CNY468 68.61601.2139.26.04.53.1%9.3%-21.9%n.a.n.a

38、.0.0688088 CH虹软科技CNY108 26.778.752.319.115.23.1%6.3%-39.1%0.20.71.0688188 CH柏楚电子CNY356 244.161.345.736.326.23.0%18.5%-10.8%0.111.73.33888 HK金山软件HKD320 25.9-10.953.54.63.83.0%9.1%-24.0%-0.349.514.0600271 CH航天信息CNY208 11.222.520.10.90.92.9%-0.1%-14.7%0.0n.a.0.2600845 CH宝信软件CNY733 42.137.029.15.84.62.7

39、%-0.6%-8.4%-0.7n.a.6.0300773 CH拉卡拉CNY122 15.215.612.62.01.72.5%4.0%-47.6%0.1n.a.1.4002065 CH东华软件CNY198 6.2N.A.N.A.N.A.N.A.1.6%0.2%-20.1%0.64.92.7688083 CH中望软件CNY177 204.0108.272.123.517.61.2%-9.4%-18.1%-0.12.02.0002230 CH科大讯飞CNY810 34.943.531.53.42.61.1%-0.5%-33.5%0.839.65.40268 HK金蝶国际HKD457 14.5-13

40、6.2-223.69.87.90.8%12.8%-39.7%-1.986.017.1002153 CH石基信息CNY330 15.7527.8183.39.58.10.4%24.4%-23.3%0.0n.a.3.3002405 CH四维图新CNY292 12.2103.958.67.45.6-0.2%3.2%-23.1%0.3n.a.4.6300033 CH同花顺CNY508 94.527.522.113.511.2-1.2%11.1%-33.3%-0.213.95.4300496 CH中科创达CNY554 121.059.643.49.46.8-1.5%22.6%-12.3%0.035.28

41、.7300454 CH深信服CNY497 119.6159.381.66.14.8-2.0%-5.1%-37.3%1.122.16.8传媒传媒&互联网互联网9626 HK哔哩哔哩-SWHKD433 119.2-5.8-8.32.11.624.1%75.6%-66.8%n.a.n.a.n.a.002555 CH三七互娱CNY410 18.513.511.62.42.117.5%27.6%-28.9%0.5n.a.10.4002624 CH完美世界CNY273 14.116.013.93.22.714.7%23.7%-24.5%0.915.96.21024 HK快手-WHKD2,121 54.3-

42、15.3-41.72.52.013.4%68.1%-24.6%-6.1228.411.99618 HK京东集团HKD6,184 218.062.335.50.60.513.2%50.2%-18.6%-0.115.20.39988 HK阿里巴巴HKD15,380 80.018.315.21.91.712.9%30.1%-32.8%n.a.n.a.n.a.0700 HK腾讯HKD25,044 287.825.419.94.94.311.4%40.0%-34.8%42.22558.59.30772 HK阅文集团HKD250 27.125.618.33.22.911.1%28.1%-44.7%1.13

43、3.112.09888 HK百度HKD2,354 93.827.017.72.01.89.7%24.8%-35.2%n.a.n.a.n.a.9999 HK网易-SHKD3,200 107.318.816.93.63.27.6%25.4%-31.1%n.a.n.a.n.a.002739 CH万达电影CNY275 12.6-61.124.42.51.97.5%24.8%-18.5%0.52.61.0300251 CH光线传媒CNY242 8.356.625.417.410.57.1%22.7%-34.1%0.06.72.9300413 CH芒果超媒CNY500 26.823.419.73.43.0

44、5.1%22.0%-53.1%-0.313.95.1002027 CH分众传媒CNY865 6.025.416.08.16.25.1%33.7%-25.2%5.6110.212.73690 HK美团HKD9,016 160.4-100.8173.84.53.40.5%28.5%-28.8%-40.0941.110.7指数指数HSTECH.HI恒生科技3,742.77.2%31.2%-34.0%801760.SI传媒(申万)541.25.1%17.4%-25.9%HXC.O纳斯达克中概股指数5,928.64.3%27.6%-33.3%801750.SI计算机(申万)4,140.83.9%5.2%

45、-20.3%HSI.HI恒生指数17,992.53.8%22.5%-23.1%801770.SI通信(申万)1,946.21.8%2.7%-10.6%北向北向/南向资金流入南向资金流入（亿人民币（亿人民币/亿港亿港元）元）南向南向/北向资金持股北向资金持股市值（亿人民币市值（亿人民币/亿亿港元）港元）南向南向/北向资金北向资金持股比例持股比例（%）财报货币财报货币市值市值（人民币（人民币亿元）亿元）P/EP/S股价变动股价变动代码代码公司名称公司名称 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 电子电子 图表图表3：恒生科技指数成份股票涨跌幅恒生科技指数成份股票涨跌幅 注：

46、市值、股价取 11 月 18 日收盘价，采用 Wind 汇率 资料来源：Wind，华泰研究 代码代码公司公司板块分类板块分类成分占比成分占比交易货币交易货币市值市值股价股价（亿元港币）（亿元港币）（港币（港币 元）元）1W30DYTD恒生科技指数成份恒生科技指数成份0241 HK阿里健康医疗保健业1.51%HKD1,0165.8836.1%77.1%-74.3%9626 HK哔哩哔哩-SW资讯科技1.37%HKD609119.2024.1%75.6%-85.1%0020 HK商汤科技资讯科技0.17%HKD8602.0118.2%68.9%-51.3%1833 HK平安好医生医疗保健业0.76

47、%HKD28019.6018.2%35.4%-79.1%6618 HK京东健康医疗保健业4.28%HKD2,71567.0017.6%55.6%-55.3%9698 HK万国数据资讯科技0.49%HKD28314.5416.5%53.1%-83.9%1024 HK快手-W资讯科技6.96%HKD2,98454.3013.4%68.1%-81.9%9618 HK京东集团资讯科技8.89%HKD8,699218.0013.2%50.2%-34.7%9988 HK阿里巴巴资讯科技8.21%HKD21,63479.9512.9%30.1%-65.6%0909 HK明源云资讯科技0.45%HKD1506

48、.0011.5%66.2%-87.3%0700 HK腾讯资讯科技7.66%HKD35,228287.8011.4%40.0%-47.0%0772 HK阅文集团非必须性消费1.03%HKD35227.1011.1%28.1%-55.5%9888 HK百度资讯科技4.64%HKD3,31193.759.7%24.8%-62.8%1347 HK华虹半导体资讯科技0.95%HKD44326.559.3%44.5%-39.7%9999 HK网易-S资讯科技6.11%HKD4,502107.307.6%25.4%-25.9%6060 HK众安在线金融业1.15%HKD34918.564.2%26.9%-4

49、8.7%2382 HK舜宇光学科技工业5.39%HKD1,29992.703.1%36.2%-44.5%3888 HK金山软件资讯科技1.50%HKD45125.903.0%9.1%-47.8%6690 HK海尔智家非必须性消费4.40%HKD3,02724.452.1%24.5%-9.8%0981 HK中芯国际资讯科技4.95%HKD2,44417.001.6%3.7%-23.1%9868 HK小鹏非必须性消费0.87%HKD83130.851.3%21.5%-81.3%0268 HK金蝶国际资讯科技2.61%HKD64314.480.8%12.8%-54.2%3690 HK美团资讯科技8.

50、21%HKD12,683160.400.5%28.5%-45.6%1810 HK小米集团-W资讯科技8.19%HKD3,27510.300.0%16.9%-69.0%0992 HK联想集团资讯科技3.29%HKD1,0126.53-1.7%4.0%-3.2%2015 HK理想非必须性消费2.64%HKD1,87570.40-1.8%31.5%-39.8%9866 HK蔚来非必须性消费0.64%HKD1,77682.15-3.0%9.8%-48.3%2018 HK瑞声科技工业0.74%HKD26617.30-3.4%20.3%-59.8%9961 HK携程集团-S非必须性消费0.76%HKD1,