电子行业关注ARM上市和存储投资机会

证券研究报告证券研究报告电子ARM上市和存储投资机会2023年9月17日│中国内地 专题研究华泰观点：关注华为份额提升和AI安全承诺据BCI数据，最新一周（9/4-9/10）华为手机国内销量79万部（周环比：2.0%，市占率环比提升ct至1%。9月5日0，华为将召开秋季全场景新品发布会。产业链方面，上周中芯国际跌1.52%，华为、中芯国际成为除ARMIPO、苹果以外Bloomberg等外媒报道的焦点。9/12，白宫宣布Adobe、Cohere、IBM、英伟达、Palantir、Salesforce、ScaleAIStabilityAI技术开发风险，包括在推出前展开安全测试、构建将安全至上的系统等。华泰观点：关注ARM在美上市和存储筑底信号原厂稼动率与资本开支大幅缩减，存储价格已筑底，CFM报价显示部分品类价格出现上涨，存储周期拐点将近，产业链包括模组与封测(江波龙、佰维存储),配套芯片(澜起、国科微),利基存储设计(兆易、聚辰、普冉等)。A股：SW电子下跌2.3%，跑输上证指数（0.0%）A7,8350.4%。电子板块涨幅居前企业包括：汇顶科技、思瑞浦、奕瑞科技（%；跌幅居前企业包括：慧智微（-%、安路科技（-%海光信息（-%。全部A股北向资金上周合计净流出2亿元，主要增持工业富联、三安光电、兆易创新，减持京东方、立讯精密、华工科技。TMT其它板块，SW0.7%，SW3.9%，SW传媒2.1%。港股：恒生科技指数下跌0.3%，跑输恒生指数（-0.1%）68220.0%。恒生科技主要成分股中涨幅居前的企业包括：阿里健康、理想汽车（%、网易（%；跌幅居前企业包括：微博、哔哩哔哩、万国数据。传媒互联网板块，快手涨3%，百度跌2.0%，美团跌0.6%。南向资金上周合计净流出15亿港元，主要增持美团、小米集团、中国移动，减持金山软件、腾讯控股、比亚迪电子。海外：纳指下跌0.4%，标普500下跌0.2%，日经225上涨2.8%上周纳斯达克中概股上涨0.8%，纳指下跌0.4%，费城半导体指数下跌2.5%。十年美债利率上涨7bp4.33%。全球半导体板块涨幅居前的企业包括：K海力士（%、联发科（%、高通（%企业包括：（-%、拉姆研究（-%。美股互联网：拼多多涨4.3%，SEA2.7%10.4%10.4%，理想5.9%5.5%3.9%2252.8%；日本科技股方面，涨幅居前为、PanasonicHoldings

分析师名录行业走势图电子 沪深300(%)21123(7)(16)Sep-22 Jan-23 May-23 Sep-23（+6.0%）、NEC（+4.5%）、SonyGroup（+4.5%）；跌幅居前为 dtst（-%、Ibe（-8%、ssEctrcs（-%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。

资料来源：，正文目录电子板块行情和个股涨跌幅 3全球股市主要指数 3A股科技板块个股涨跌幅 6全球科技板块个股涨跌幅 12全球市场日历及估值 15全球市场 15A股市场 16港股市场 17美股市场 18债券市场 19电子板块行情和走势 20上周沪深港通持仓变化 24电子行业高频数据追踪 27全球面板行业数据 27全球手机行业数据 29全球MLCC行业数据 31全球汽车&新能源行业数据 33全球半导体行业数据 35全球比特币和以太币数据 38中国宏观数据 39全球宏观数据 41风险提示 42电子板块行情和个股涨跌幅全球股市主要指数图表1：各个股市主要指数年初以来行情走势（以美元计价）(美元1301251201151101051009590852023/01/032023/01/102023/01/032023/01/102023/01/172023/01/242023/01/312023/02/072023/02/142023/02/212023/02/282023/03/072023/03/142023/03/212023/03/282023/04/042023/04/112023/04/182023/04/252023/05/022023/05/092023/05/162023/05/232023/05/302023/06/062023/06/132023/06/202023/06/272023/07/042023/07/112023/07/182023/07/252023/08/012023/08/082023/08/152023/08/222023/08/292023/09/052023/09/12

上证指数 标普500 恒生指数 日经225 台湾加权指数注：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2：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） 454035302520151052013/122014/032013/122014/032014/062014/092014/122015/032015/062015/092015/122016/032016/062016/092016/122017/032017/062017/092017/122018/032018/062018/092018/122019/032019/062019/092019/122020/032020/062020/092020/122021/032021/062021/092021/122022/032022/062022/092022/122023/032023/062023/09

5.04.54.03.53.02.52.01.51.00.50.0资料来源：Bloomberg，图表3：S&P500过去十年年化收益率与十年期美债收益率之差（%）806040200(20)(40)2017/1/4 2018/1/4 2019/1/4 2020/1/4 2021/1/4 2022/1/4 2023/1/4资料来源：，图表4：美股：恐惧与贪婪指数和VIX恐慌指数走势图美国:恐惧贪婪指数 VIX.GI（rhs）90 080 570 106015502040253020 3010 352021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/072023/082021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/052023/062023/072023/082023/09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5：TMT板块占总A股成交金额比例(亿元7,0006,0005,0004,0003,0002,0001,000

TMT板块成交金额 占比

60%50%40%30%20%10%02012/09

2013/09

2014/09

2015/09

2016/09

2017/09

2018/09

2019/09

2020/09

2021/09

2022/09

0%2023/09注：TMT行业主要包括电子、通信、计算机、传媒资料来源：，图表6：过去一周内A股各行业涨跌幅 图表7：A股各行业YTD涨跌幅房地产休商业贸易钢铁-5%-4%

-3%-2%-1%0% 1% 2% 3% 4% 5%

房地产交公用事业计算机传媒通信-30% -20% -10% 0% 10% 20% 30% 40%注：使用申万指数资料来源：，

注：使用申万指数；截至9月15日收盘资料来源：，图表8：恒生/恒生科技指数和交易量(亿元港币)

全部港股成交额 恒生指数（右轴） 恒生科技指数（右轴）3,000 35,0002,500

30,00025,0002,0001,500

20,00015,0001,00010,000500

5,0002020/012020/032020/052020/072020/092020/112021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/092022/112023/012023/032023/052023/072023/090 02020/012020/032020/052020/072020/092020/112021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/092022/112023/012023/032023/052023/072023/09资料来源：，A股科技板块个股涨跌幅下面四个板块成交额和涨跌幅来自华泰统计，具体标的参考图9-图17。半导体：半导体板块股价下降1.8%，日均成交额环比下降36.9%；费指下跌2.5%上周半导体板块（华泰统计）17736.9%。A股半导体板块涨幅居前企业包括：汇顶科技、思瑞浦（%、兆易创新（%；跌幅居前企业包括：慧智微（-%、安路科技（-%、海光信息（-%。全球半导体板块涨幅居前的企业包括：K海力士（%、联发科（%、高科公司（%（%、拉姆研究（-%、应用材料（-%AI：AI板块股价下降3.2%，日均成交额环比下降5.3%AI板块（华泰统计）4465.3%。AAI业包括：高澜股份、中石科技、浪潮信息；跌幅居前企业包W。海外I企业涨幅居前为SED（%、海力士（%、rs（%，跌幅较大为s（-%oe（-%、爱德万（-%消费电子：消费电子板块股价下降2.2%，日均成交额环比下降14.8%12314.8%。A/H股消费涨幅居前企业包括：奕瑞科技)、小米集团W（%、顺络电子（%；跌幅居前企业包括：TN、法拉电子（-%。汽车电子：汽车电子板块股价下跌1.8%，日均成交额环比上涨15.3%8015.3%。A/H股汽车电子涨幅居前企业包括：特斯拉（1%、理想汽车（%、上声电子（%；跌幅居前企业包括：禾赛科技（-%、虹软科技（-%、华测导航（-%。美股汽车板块：特5.9%。图表9市值

收盘价

营收增速净利润增

ROE

P/E

P/B P/S

股价变动

周成交成交额环比代码 公司名半导体标的公司半导体设计

财报货币

（亿元）

（货币）

速2023E（一致预期）

2023E

2023E

2023E

1W 1M

额（亿 变元）603160CH汇顶科技 306688536CH思瑞浦 229603986CH兆易创新 667

66.9190.4100.0

20.4% 109.7% 0.9%0.6% -0.7% 6.5%-15.3% -49.2% 6.9%

423.8 67.186.4 51.464.0 40.8

3.9 3.85.7 5.24.3 3.9

7.5 6.512.8 10.09.7 7.9

8.9%3.5%2.7%

23.6%33.2% 25.23.8%-30.8% 6.15.8% -1.9% 53.9

7.1%1.2%-9.4%688608CH恒玄科技 154

128.5

34.8% 72.9% 3.4%

72.8 46.9

2.5 2.4

7.7 6.2

1.6% 12.4%12.7% 8.2 19.2%603501CH韦尔股份 688123CH聚辰股份 93

93.558.9

8.0% 58.0% 8.2%13.4% 10.8% 17.1%

70.6 36.223.8 16.6

5.7 5.04.1 3.4

5.1 4.28.4 6.1

1.2% 6.1%21.3% 21.61.1% 16.3%-23.4% 11.1

-1.5%-6.1%301269CH华大九天 604688052CH纳芯微 182688008CH澜起科技 589688521CH芯原股份 327300661CH圣邦股份 373603290CH斯达半导 322688048CH长光华芯 119300223CH北京君正 363300782CH卓胜微 674600460CH士兰微 359300672CH国科微 154603893CH瑞芯微 265605111CH新洁能 106688595CH芯海科技 42688508CH芯朋微 76300327CH中颖电子 88688256CH寒武纪-U 558688018CH乐鑫科技 89688206CH概伦电子 116688099CH晶晨股份 284688041CH海光信息 688107CH安路科技 178半导体制造688512CH慧智微 88半导体制造600703CH三安光电 7941347HK 华虹半导体 USD 4300981HK 中芯国际 USD 688396CH华润微 726002185CH华天科技 290688981CH中芯国际 USD 300373CH扬杰科技 194688187CH时代电气 501300623CH捷捷微电 131002156CH通富微电 297半导体设备600584CH长电科技 546半导体设备110.720.627.773.3144.6194.2135.3332.7110.720.627.773.3144.6194.2135.3332.7249.234.7688126CH沪硅产业 566603690CH至纯科技 1070522HK ASMPT HKD 277688012CH中微公司 894688120CH华海清科 309688200CH华峰测控 183688072CH拓荆科技 421002371CH北方华创 300604CH长川科技 213

111.3127.951.865.479.9188.467.375.4126.325.470.763.435.629.658.125.7134.0109.826.768.352.944.515.920.115.920.119.955.09.151.735.841.317.719.630.5

41.4% 39.9% 5.4%25.0% -8.9% 3.3%-14.9% -39.0% 7.7%15.1% 71.6% 4.1%-3.7% -36.3% 13.7%48.9% 26.8% 15.9%41.8% 22.0% 4.1%3.4% 3.0% 6.7%12.3% 1.9% 11.5%19.1% -25.7% 9.4%47.6% 167.5% 9.2%18.9% 14.4% 10.6%13.7% 2.9% 12.0%24.2% 999.3% 2.4%37.6% 60.4% 9.0%9.5% -12.2% 17.0%45.2% 48.2% 24.3% 49.5% 7.5%41.4% 11.9% 2.3%16.1% 10.4% 14.1%35.9% 58.8% 7.2%25.6% -63.0% 1.2%82.4% 22.5% 29.9%1.7%-12.5%13.1%6.5%29.9%1.7%-12.5%13.1%6.5%-11.0%18.1%21.7%35.4%14.6%-8.9%110.8%-25.0%-55.0%-19.2%-8.2%-50.7%3.5%15.9%18.6%18.1%-35.2%4.3%9.2%3.9%9.4%4.4%4.3%14.5%8.1%11.1%4.1%8.0%36.5%9.8%37.6%-18.8%31.0%36.5%9.8%37.6%-18.8%31.0%64.8%-1.9%68.0%38.0%47.5%26.1%7.6%75.8%-37.7%41.2%50.1%-8.4%40.8%53.2%60.4%13.4%2.2%9.6%9.8%9.6%13.6%13.6%12.2%15.8%24.3%

232.8 171.979.8 40.174.3 36.5257.9 161.567.1 46.231.0 23.581.5 47.944.6 32.561.9 44.645.9 31.137.8 28.077.8 49.423.1 18.0136.9 45.852.9 34.431.0 23.3-85.8 -114.861.0 42.2230.2 156.735.5 24.896.3 68.4804.2 154.3-37.3 -192.655.013.024.755.013.024.734.441.968.617.719.830.612.721.127.526.621.628.816.857.2161.757.2161.721.618.554.141.038.081.136.628.845.5123.016.315.047.930.528.752.527.220.8

12.4 11.72.6 2.45.6 4.810.7 10.09.4 7.94.9 4.13.3 3.13.0 2.87.1 6.24.4 3.93.5 3.18.2 7.22.8 2.43.8 3.74.8 4.35.3 4.511.5 12.84.5 4.25.3 5.25.0 4.26.7 6.211.0 10.34.6 4.72.03.02.05.05.4

53.6 8.7 6.618.9 10.6 8.212.2 9.58.0 5.921.7 6.5 5.416.3 3.6 3.02.9 2.411.0 8.55.1 4.05.5 4.17.7 5.85.0 4.152.7 5.6 4.429.4 4.4 3.517.6 13.6 9.213.6 9.33.03.91.01.512.314.32.612.314.411.417.49.511.22.01.811.28.513.610.45.04.4

1.0% 9.0%23.7% 0.4% -2.6%-43.5% 0.2% 6.2%-16.9% -0.2% 4.6%48.4% -0.3% 2.4%-39.7% -0.4% -4.3%-42.4% -0.6% 0.3% -9.2% -0.8% 0.5% 7.1% -1.3% 8.8%10.7% -1.4% -4.1%-22.4% -2.2% 0.7%-16.6% -2.5% -9.2% -7.6% -2.6% -1.8%-35.4% -3.1% 5.0%-26.5% -3.8% -1.7%-10.0% -4.2% -1.3%-26.3% -4.6%-12.3%145.5% -5.1% 0.8%21.8% -6.1% 13.9% -4.9% -7.2%-17.6% -3.1% -7.7% 3.6%31.8% -7.8% -0.4%-30.8% -14.4% 7.8% 0.0% .1.0.-0.-1-1-2...-2.-3.-3.-6.1% 2.9%-26.4% 4% 13.7%19.0% 7% -2.2% 4.9% 0% 0.6% 9.5% 5% 8.7%25.7% 1% -3.5%-31.1% 7% 4.3%-23.3% 1% 3.1%-13.5% 6% 0.5%19.6% 0% -1.3%33.2% 1.0.-1.-3.-4.1.0.-1.-3.-4.-5.-5.-6.-6.-7.6% 0.9%16.9% 5% 6.1%-11.8% 4% -3.9%36.9% 2% 8.3%47.5% 0% 0.3%29.0% 1% -7.3%-27.2% 0% 4.4%53.6% 5% -4.7%10.8% 3% -2.0%-22.1%

-59.3%-21.2%-35.6%-17.7%-35.3%-10.4%18.4%-30.5%-29.0%-38.5%-27.6%-31.6%-28.2%-34.5%-14.0%-2.3%-32.5%65.4%-43.5%-41.2%-33.5%-32.8%-58.9%-5-13.9%-6-55.7%-6-56.7%-37.0%-3-25.2%-2-55.9%-5-36.3%-3-25.2%-2-3-42.6%-3-41.5%-28.7%-2-3-3-3-3-35.0%8.2%58.4%58.4%-2-53.4%-2-5-21.7%-20.6%-3-48.1%-3-4-36.7%-34.8%半导体板块 -1.8% 3.4%14.0% 177 -36.9%半导体板块-1.8%3.4%14.0%177-36.9%注：预测数据来自一致预期资料来源：，通信标的公司通信-光模块/光芯片-1.4%-1.7%-3.0%-3.7%-0.6%-0.9%-2.7%-6.2%10.2%2.5%-2.7%通信标的公司通信-光模块/光芯片-1.4%-1.7%-3.0%-3.7%-0.6%-0.9%-2.7%-6.2%10.2%2.5%-2.7%287.0%35.3%61.4%1.8%-0.8%-1.3%-2.0%-5.0%-1.3%-1.4%-2.0%-2.9%-5.0%-2.0%-3.8%-5.0%300476CH胜宏科技CNY18020.919.9%17.8%12.1%19.315.02.32.01.91.6-1.3%62.9%48.9113.8%002938CH鹏鼎控股CNY47720.65.2%-5.5%15.1%-5.6%-23.0%8.9-19.1%002436CH兴森科技CNY20512.116.8%-24.4%5.6%51.632.03.0-1.5%25.9%13.0-44.7%002463CH沪电股份CNY36018.911.2%10.0%15.9%24.018.03.1-11.8%59.6%36.2-10.3%图表10：A/H股AI相关公司估值及涨跌幅代码代码公司名称市值 收盘价财报货（人民币（元交币营收增速净利润增速ROEP/EP/BP/S股价变动周成交成交额环亿元）货币）2023E（Wind一致预期）2023E2024E2023E2024E2023E2024E1W1MYTD额（元）比变化半导体标的公司半导体设计688008CH澜起科技688521CH芯原股份688047CH龙芯中科688368CH晶丰明源688141CH杰华特688256CH寒武纪-U688041CH海光信息688515CH裕太微-U半导体制造688981CH中芯国际0522.HCHASMPT002156CH通富微电600584CH长电科技PCB/CCL标的公司589 51.8327 65.4365 91.072114.3143 32.1558134.01,228 52.9102127.3-14.9%15.1%79.1%37.7%25.1%45.2%35.9%26.6%-39.0% 7.7%71.6% 4.1%227.4% 4.2%108.1% 0.8%-75.4% 2.4%48.2% -14.0%58.8% 7.2%-6717.1% -5.5%74.3257.9215.3428.8425.5-85.896.3-365.836.5161.5106.143.468.6-114.868.4380.55.66.14.810.018.910.652.717.620.03.75.732.812.814.10.2%-0.2%-0.6%-2.-3.--7.7%-8.0%6.2%-16.9%4.6%48.4%-0.4% 6.4%7.6% 2.3%6.2%-32.4%-12.3%145.5%3.6%0.8%31.8%0.0%17.9 -35.6%9.9 -17.7%13.2 -14.3%2.6 -39.6%2.5 -51.1%46.1 -32.5%41.2 -33.5%8.2 -15.7%2,11027729754651.773.319.630.5-11.0%-18.8%14.6%-8.9%-50.7%-37.7%18.1%-35.2%4.3%9.8%4.1%8.0%68.618.515.028.81.82.01.81.01.5-1.5%-3.4%-3.6%-6.0%8.7%25.7%-3.9%36.9%0.5%19.6%-1.3%33.2%82.5 -55.9%2.7 58.4%34.3 -31.5%38.5 -28.7%4.6%4%8%688048CH长光华芯CNY11967.341.8%22.0%4.1%81.521.714.70.3%-9.2%15.818.4%688498CH源杰科技CNY131154.019.0%21.4%5.6%107.338.828.1-11.0%80.8%20.429.4%300394CH天孚通信CNY28872.940.5%34.4%18.0%8.017.111.4-22.4%189.6%56.817.2%300308CH中际旭创CNY79298.719.8%35.0%12.3%48.06.94.0-18.5%265.7%150.325.7%通信-热管理0.0300499CH高澜股份CNY4514.5-46.8%-73.4%4.9%58.6%46.9%25.7300684CH中石科技CNY5820.725.0%25.6%13.5%23.92.92.315.9%43.5%22.6002837CH英维克CNY15226.838.6%38.6%15.9%39.03.72.8-5.7%5.3%12.0服务器标的公司000977CH浪潮信息CNY52735.811.2%12.1%12.2%22.60.70.6-15.5%66.9%188.775.7%000063CH中兴通讯CNY1,47632.610.7%25.0%15.1%15.41.11.0-8.3%27.7%94.09.2%000938CH紫光股份CNY70424.614.1%23.1%8.3%26.50.80.7-4.8%26.2%33.56.0%992HK联想集团USD9088.2-17.4%-32.4%20.6%9.17.513.73.2%31.9%14.5-45.1%601138CH工业富联CNY3,60218.112.4%19.9%16.8%15.00.60.5-13.2%102.4%87.7-12.9%大模型标的公司20HK商汤-WCNY4571.521.9%39.6%-13.4%-12.5-9.87.4-2.0%-32.9%7.5-55.9%700HK腾讯控股CNY27,799317.211.8%-26.5%17.3%20.04.54.0-3.5%0.7%221.9-12.3%9888HK百度集团-SWCNY3,442134.211.1%162.1%8.4%17.3%20.1%28.9-19.0%002230CH科大讯飞CNY1,11248.023.0%136.5%7.5%83.84.83.7-17.9%46.5%112.9-6.0%9988HK阿里巴巴-SWCNY16,11586.312.0%100.1%11.8%12.91.71.5-3.4%0.0%186.14.2%应用标的公司应用-搜索9888HK百度集团-SWCNY3,442134.211.1%162.1%8.4%17.6%20.1%28.9-19.0%300418CH昆仑万维CNY37931.28.7%3.8%8.6%31.77.46.6-15.1%116.5%78.4-20.8%601360CH三六零CNY72210.115.5%125.0%1.7%130.86.65.7-9.2%54.4%40.410.8%应用-电商零售9618HK京东集团-SWCNY3,633124.64.7%122.0%10.4%-11.4%-42.6%63.93.8%002315CH焦点科技CNY8828.122.6%24.8%15.4%23.44.94.0-14.3%62.6%7.3-49.3%9888HK阿里巴巴-SWCNY16,11586.312.0%100.1%11.8%-3.4%0.0%186.14.2%应用-办公300624CH万兴科技CNY10576.129.8%150.0%10.3%101.669.310.0-18.4%159.2%20.1-28.0%688111CH金山办公CNY1,588344.029.8%33.6%15.1%106.477.916.013.631.523.5-8.4%30.3%40.5-7.1%688095CH福昕软件CNY7278.28.2%-610.0%-0.4%-578.1711.49.9-17.4%74.2%5.4-25.4%603039CH泛微网络CNY14354.922.3%28.1%13.3%50.037.03.9-19.2%9.1%3.932.1%应用-金融法律300033CH同花顺CNY778144.819.0%20.6%24.5%7.618.415.2-10.3%-20.6%49.0%58.33.1%应用-教育002841CH视源股份CNY35150.010.4%6.0%16.2%16.01.51.3-4.2%-11.7%-13.9%4.77.7%注：市值、股价取9月15日收盘价，采用汇率，预测数据来自一致预期资料来源：，Bloomberg，1810HK688036CH0992HK小米集团-W传音控股联想集团1810HK688036CH0992HK小米集团-W传音控股联想集团2,8051,09712.2136.08.2-2.0%23.2%-17.4%283.7%73.4%-32.4%6.2%22.5%20.6%35.3 30.425.5 20.8554.0 416.52.04.611.8.5% .0% 11.7%73.5%31.9%49.8-8.1%13.9-24.5%14.5.1%0285HK2018HK002241CH002273CH601231CH002475CH300433CH300115CH601138CH6088HK比亚迪电子瑞声科技歌尔股份水晶光电环旭电子立讯精密蓝思科技长盈精密工业富联FITHONTENGUSD2,0333,60260.70.613.00.60.512.12.3%49.3%-7.2%-20.4%0.2%-8.3%-1.2%-9.6%-2.0%-8.2%-13.6%-9.8%-2.8%15.6%-3.1%-4.5%-17.3%102.4%-1.9%-49.8%10.72.928.713.05.387.410.74.92.23.01.32.02.53.2手机产业链5-4-22.7%-0品牌消费电子标的公司YTD1M1W化元）周成交成交额额（亿环比变股价变动2023E 2024EP/S2023E 2024EP/B2023E2024EP/E2023E（Wind一致预期）ROE营收增速净利润增速收盘价（元交易货币）市值财报货（币 亿元）公司名称代码-0.1%-1.5%-0.1%-1.5%-2.0%-2.1%-2.4%-2.9%-3.2%-4.0%-5.0%-6.4%-17.7%2.0%7.1%-7-1640.0%.3%.1%.6%.0%.9%.3%-21-3-301-122-0.5%-1.0%-1.-0.5%-1.0%-1.2%-3.0%41825-1注：预测数据来自一致预期资料来源：，-3.5%-5.0%-3.2%-3.5%-5.0%-3.2%-5.7%-6.6%-7.5%-1.5%-4.6%-7.6%市值收盘价代码公司名称财报货（人民（元交易营收增速净利润增速ROEP/EP/BP/S市值收盘价代码公司名称财报货（人民（元交易营收增速净利润增速ROEP/EP/BP/S股价变动币币亿元）货币）2023E（Wind/Factset一致预期）2023E2024E2023E2024E2023E2024E1W1M周成交成交额额（亿环比变YTD 元）自动驾驶—摄像头2382HK 舜宇光学科技603501CH韦尔股份002456CH欧菲光002036CH联创电子自动驾驶—激光雷达6321,10519510362.993.56.09.60.2%8.0%0.0%2.7%-18.2%58.0%0.0%21.8%8.4%8.2%0.0%2.8%32.570.690.922.75.00.81.1.%.1%.9%-6.0%-31.8%6.1%21.3%11.9%27.4%-3.6%-22.2%20.710.0%21.6-1.5%21.520.5%19.738.1%-2-229%-0.1%-4.4%-4.4%整车标的TSLAUS特斯拉USD62,519274.424.6%-19.4%19.3%86.155.020.310.4%21.6%122.8%1,437.719.3%2015HK理想汽车CNY3,123160.7154.5%412.2%12.1%50.4%1.5%109.2%38.7-28.6%9866HK蔚来汽车CNY1,29484.028.8%-20.0%0.0%-7.5-12.81.32.5%-8.7%7.0%9.7306.8%2011HK比亚迪CNY6,920247.450.0%59.0%19.7%25.318.75.00.1%7.4%29.1%96.258.4%9868HK小鹏汽车CNY1,37272.821.3%-0.2%0.0%-12.8-3.62.1-0.4%16.4%89.8%34.07.9%自动驾驶标的公司自动驾驶—域控制器688326CH经纬恒润-wCNY167139.223.2%6.9%4.4%66.6%-6.8%7.630.8%002920CH德赛西威CNY746134.436.1%30.1%20.2%48.53.72.8-9.0%28.3%29.966.2%600699CH均胜电子CNY24517.49.3%140.1%7.3%25.90.50.4-2.7%24.6%25.928.8%688048CH长光华芯CNY11967.341.8%22.0%4.1%81.521.714.7-0.6%0.3%-9.2%15.818.4%603297CH永新光学CNY9585.426.3%13.9%16.6%29.824.06.8-1.2%-0.8%4.1%2.827.5%688167CH炬光科技CNY8694.921.6%2.7%4.9%65.745.73.03.012.89.2-1.9%13.5%2.0%18.321.6%300552CH万集科技CNY4119.349.8%370.8%2.8%52.33.12.4-3.9%3.3%7.5%7.9127.2%HSAIUS禾赛科技CNY9210.237.4%-18.2%-10.5%N.A.5.13.3-13.1%-11.7%-51.7%0.1-75.2%自动驾驶—连接器688800CH瑞可达CNY6239.134.0%14.3%13.2%21.42.82.0-11.0%-48.3%2.5-35.4%300679CH电连技术CNY14434.112.8%-15.8%8.4%38.74.33.4-1.6%-7.3%5.4-21.6%自动驾驶—定位/高精度地图002405CH四维图新CNY24210.226.1%64.6%-1.4%-203.2280.04.5-7.5%-7.7%13.026.0%300177CH中海达CNY537.1N.A.N.A.N.A.N.A.N.A.N.A.N.A.N.A.N.A.4.3%15.2%6.4-28.7%002151CH北斗星通CNY17231.730.9%50.2%4.9%79.0%12.7%16.4-21.7%300627CH华测导航CNY16129.731.4%30.4%16.3%34.35.54.2-2.5%7.9%6.923.6%自动驾驶—软件600718CH东软集团CNY12210.114.5%189.6%3.3%39.81.11.00.3%1.2%8.154.5%300496CH中科创达CNY35076.218.9%16.7%9.4%38.95.44.2-7.6%-23.7%33.568.9%688088CH虹软科技CNY14535.627.4%155.7%5.4%97.821.316.90.1%58.6%10.523.0%-0.4%-1.-0.4%-1.-2.7%1%-5.7%-77.注：市值、股价取9月15日收盘价，采用汇率；预测数据来自一致预期及Factset一致预期资料来源：，Bloomberg，Factset，股价变动代码比变化额（亿元）YTD1M1W周成交成交额环P/S2023E 2024EP/B2023E 2024EP/E2023E2024E营收增速净利润股价变动代码比变化额（亿元）YTD1M1W周成交成交额环P/S2023E 2024EP/B2023E 2024EP/E2023E2024E营收增速净利润增 速2023E（Wind一致预期）收盘价（元交易货币）财报货 市值币 （人民币亿元）公司名称通信标的公司通信标的公司0762HK中国联通 CNY 0728HK中国电信 CNY 300628CH亿联网络 000988CH华工科技 600941CH中国移动 CNY 601728CH中国电信 CNY 0941HK中国移动 CNY 002123CH梦网科技 CDUS 秦淮数据 600050CH中国联通 CNY 002396CH星网锐捷 688048CH长光华芯 000063CH中兴通讯 CNY 000938CH紫光股份 603236CH移远通信 002139CH拓邦股份 300383CH光环新网 300502CH新易盛 688100CH威胜信息 002402CH和而泰 9698HK万国数据-SW300308CH中际旭创 计算机标的公司000977CH浪潮信息 688561CH奇安信 300773CH拉卡拉 600845CH宝信软件 300253CH卫宁健康 600271CH航天信息 0020HK商汤科技 600588CH用友网络 002230CH科大讯飞 CNY 688777CH中控技术 688023CH安恒信息 8083HK中国有赞 21688111CH金山办公 CNY 002373CH千方科技 002405CH四维图新 002268CH卫士通 2013HK微盟集团 963888HK金山软件 002439CH启明星辰 002065CH东华软件 300496CH中科创达 002410CH广联达 300454CH深信服 0268HK金蝶国际 600570CH恒生电子 688083CH中望软件 688188CH柏楚电子 688088CH虹软科技 002153CH石基信息 300033CH同花顺 传媒&互联网标的公司9999HK网易-S CNY 002739CH万达电影 300251CH光线传媒 1024HK快手-W CNY 3690HK美团 CNY 300413CH芒果超媒 0700HK腾讯 CNY 002027CH分众传媒 CNY 9888HK百度 CNY 0772HK阅文集团 002624CH完美世界 9618HK京东集团 CNY 002555CH三七互娱 9988HK阿里巴巴 CNY 9626HK哔哩哔哩-SW指数HXC.GI 纳斯达克中概股指HSI.HI 恒生指数HSTECH.HI恒生科技801770.SI通信(申万)801760.SI传媒(申万)801750.SI计算机(申万)注：预测数据来自一致预期资料来源：，

5.84.037.631.5102.06.167.319.167.332.624.646.310.69.740.326.114.310.898.735.853.812.31.516.948.046.8153.00.1344.012.028.426.56.410.732.1128.0240.535.611.7144.8161.013.59.465.2124.327.7317.27.3134.229.913.0124.620.886.3109.36819.24077.92399.5637.84301.2

7.5% 27.3% 6.2%11.0% 17.1% 7.4%8.9% 6.7% 25.1%14.7% 25.5% 12.2%9.7% 9.0% 10.6%10.7% 12.6% 6.9%9.8% 9.8% 10.4%36.3% 132.3% 6.4%31.3% 0.0% 11.4%8.6% 15.8% 5.4%15.7% 13.2% 9.8%41.8% 22.0% 4.1%10.7% 25.0% 15.1%14.1% 23.1% 8.3%11.3% -35.8% 9.9%15.4% 25.7% 11.5%13.7% 167.5% 4.7%6.7% -5.6% 15.2%26.7% 29.3% 17.0%26.9% 39.7% 12.9%8.4% -14.3% -7.1%19.8% 35.0% 12.3%11.2% 12.1% 12.2%30.8% 404.7% 2.8%24.5% 165.1% 22.9%22.4% 23.0% 23.1%23.7% 281.5% 7.5%3.0% -7.1% 7.7%21.9% 39.6% 17.2% 102.5% 4.0%23.0% 136.5% 7.5%37.6% 34.8% 15.0%33.9% 110.4% 0.8%0.3% 80.2% -4.0%29.8% 33.6% 15.1%35.6% 244.3% 5.7%26.1% 64.6% -1.4%23.8% 31.4% 7.1%35.2% 72.8% 16.3% 112.0% 3.8%32.0% 58.4% 11.8%18.4% 71.2% 5.8%18.9% 16.7% 9.4%23.1% 22.2% 16.6%20.9% 121.0% 5.3%20.7% 35.5% -3.9%21.9% 65.7% 21.6%36.3% 1650.0% 3.9%44.3% 46.0% 14.4%27.4% 155.7% 5.4%17.1% 108.3% 0.8%19.0% 20.6% 24.5%9.7% 22.9% 20.7%49.5% 159.0% 13.8%139.0% 198.0% 7.9%20.7% 112.7% 7.2%27.1% 293.2% 10.2%14.8% 28.1% 11.2%11.8% -26.5% 17.3%37.2% 76.1% 25.5%11.1% 162.1% 8.4%4.0% 90.8% 6.4%15.4% -1.8% 13.4%4.7% 122.0% 10.4%13.7% 12.8% 23.1%12.0% 100.1% 11.8%6.6% 40.8% 0.0%

7.8 7.310.5 9.120.5 16.727.9 21.415.9 14.618.1 16.39.7 8.953.7 32.032.1 26.219.5 16.917.4 13.081.5 47.915.4 13.326.5 21.630.6 16.618.4 13.829.4 23.233.5 20.825.2 19.621.8 15.9-10.6 -9.948.0 25.822.6 17.6128.0 64.115.5 12.440.6 32.437.1 25.822.8 20.4-13.7 -19.1130.6 65.983.8 57.134.2 26.2459.3 71.1-35.7 -71.3106.4 77.927.3 20.8-203.2 280.050.6 39.1-19.5 -121.149.6 28.525.2 19.430.0 21.538.9 29.634.0 25.794.2 55.8-138.3-508.033.7 27.1140.8 78.750.3 36.497.8 66.5496.7 156.638.2 31.219.3 17.725.9 20.239.5 26.0152.0 30.255.8 27.322.1 18.620.4 17.021.3 17.517.6 16.724.5 20.818.6 14.516.0 12.213.8 12.013.1 11.6-9.5 -23.0

0.5 0.50.8 0.75.1 4.23.4 3.01.7 1.61.3 1.21.0 1.03.4 3.1N.A. N.A.1.0 1.01.7 1.53.3 3.12.3 2.02.1 1.93.0 2.62.1 1.81.5 1.45.1 4.24.2 3.62.8 2.40.7 0.75.8 4.82.7 2.43.6 3.43.3 2.69.5 7.82.8 2.51.5 1.41.9 2.14.8 4.66.3 5.74.4 3.94.1 3.92.3 2.316.0 13.61.5 1.42.2 2.23.6 3.35.3 5.51.7 1.53.0 2.61.7 1.63.6 3.25.5 4.75.0 4.65.0 5.17.2 5.95.5 5.17.2 6.25.4 5.24.2 4.29.3 7.63.8 3.33.6 3.13.1 2.75.9 4.74.9 4.02.5 2.23.2 2.72.3 2.01.5 1.41.5 1.42.6 2.31.5 1.33.2 2.61.6 1.43.3 3.5

0.4 0.40.6 0.69.1 7.42.3 1.82.1 1.91.1 1.01.3 1.22.2 1.87.4 6.20.4 0.40.6 0.521.7 14.71.1 1.00.8 0.70.8 0.61.3 1.12.1 1.98.1 5.15.1 4.01.8 1.41.5 1.36.9 4.00.7 0.64.5 3.62.2 1.86.8 5.54.0 3.21.1 1.110.7 8.15.3 4.44.8 3.74.0 3.04.6 3.51.4 1.231.5 23.52.0 1.65.7 4.54.8 3.93.9 3.24.1 3.44.3 3.31.5 1.25.4 4.25.0 4.04.5 3.65.9 4.87.7 6.319.0 14.427.1 20.021.3 16.910.5 8.918.4 15.24.6 4.12.0 1.715.3 11.42.3 2.02.6 2.13.3 2.94.5 4.18.1 7.02.5 2.33.6 3.32.8 2.50.3 0.32.5 2.21.7 1.61.8 1.5

8.4%8.4%-4-3-4-3-2-2.8%.4%.7%-5.9%-5-6.2%-6-6.3%-6.3-7.1%-7.1-7.6%-7.6-9.1%-9.1-10.3%-10.31%5%1%5%.1.--2.-.-3.3.2.---5.-5.-6.-6.0.8-0.10.8-0.1-0.3-0.7-2.1-3.9%%%%%

6.4%28.1% 5.8%38.3% 8.2%-11.0% -5.6%92.7%8.1%57.3% 9.0%52.1% 6.4%39.5% 4.4%39.1% -0.4% 4.6% -0.2%16.4% -4.4% 0.2% 0.3% -9.2% -8.3%27.7% -4.8%26.2% 0.6%-35.0% -5.5% 2.7% -2.8%19.0% -18.1%137.6% 3.0%14.1% -5.4% -1.3% -0.6%-47.2% -18.5%265.7%-15.5%66.9%8.6%-18.2% -5.9% 7.4% -7.8%23.7% -1.9%-30.4% -4.8%19.9% -2.0%-32.9% -7.9%-29.9% -17.9%46.5%-8.4%-24.7% -5.0%-22.7% -9.4%-36.2% -8.4%30.3% -2.5%34.9% -7.5% -7.7% -5.9%-20.8% -6.5%-44.0% -4.7% 9.3% -7.2% 2.2% -4.5%14.4% -7.6%-23.7% -18.3%-43.3% -13.8%-13.9% -15.6%-35.8% -16.0%-20.4% -3.8% -7.7% -0.5%11.5% 0.1%58.6% -12.1% 1.5% -20.6%49.0% -0.3%42.5% -0.4% -3.5% 8.9% 9.2% 3.3% -8.3% -6.1%-28.8%-9.7% -7.5% -3.5% 0.7%-0.1%15.6% 2.8%20.1% -5.2% -1.5% -6.5% 3.9% -11.4%-42.6% -19.1%16.3% -3.4% 0.0%-11.3%-41.5% 0.1% 1.7%-0.8% -8.1%-1.2% -1.2%-2.0%30.5%-6.8%18.2%-6.0%11.0%

.0%126.775%41.8%126.775145.4%145.4%3.7%36.6%47.1%1.4%-13.1%-4.9%10.3%18.4%9.2%6.0%0.4%-11.5%13.7%61.2%6-32.9%1.6%-0.8%25.7%75.7%754.5%2.2%-33.8%8.1%10.5%-55.9%11.8%-6.0%6.0%-5.0%-15.2%-7.1%46.7%26.0%-3.9%-33.9%-1.0%-1.5%8.8%68.9%68-22.4%29.1%18.9%3.9%87.7%877.0%23.0%86.2%863.1%61.4%6-28.5%-13.1%-21.0%-19.6%-0.3%-12.3%-2.5%-19.0%27.2%-16.7%3.8%-31.7%4.2%44.3%全球科技板块个股涨跌幅图表14：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（百万美元 15-Sep 2023E 2024E股价涨跌幅1W 30D YTD软件SHOPShopify USD 80,001 62.38 PS 11.7 9.8MSFT微软 USD 2,453,457 330.22 P/FCF 28.7 23.8SNOWSNOWFLAKE USD 53,547 162.41 PS 26.2 19.5SERVICENOW ServiceNow USD 118,234 579.58 P/FCF 43.7 35.4ACNACCENTURE-A 埃森哲 USD 207,722 312.53 PE 27.5 25.5CRMSALESFORCE 塞富时 USD 208,816 214.61 P/FCF 32.3 23.8ADBEADOBE 奥多比 USD 241,068 528.89 P/FCF 31.4 27.4-1.0%-6.2% 79.7%-1.2% 0.8% 38.6%-2.1% 3.5% 13.1%-3.4% -1.6% 49.3%-4.0% -3.5% 19.0%-4.5%-3.1% 61.9%-5.4% 57.2%-5.6%半导体半导体000660KSSKSK海力士 KRW 67,862 122,400.00 PB 1.6 1.52454联发科 38,814 763.00 PE 18.1 14.5QCOMQUALCOMM 高通公司 USD 126,264 113.14 PE 13.7 12.42303联电 17,094 47.60 PE 10.4 10.12330TSMC 台积电 462,857 558.00 PB 4.2 3.5WOLFWOLFSPEED WOLFSPEED USD 5,470 43.67 PS 6.1 5.78035JP ELECTRON 东京电子 JPY 70,578 21,895.00 PE 23.5 33.0005930KSSAMSUNGELEC 三星电子 KRW 327,341 72,000.00 PB 1.4 1.3英飞凌 EUR 44,327 32.33 PE 12.5 12.5英特尔 USD 158,641 37.88 PE 72.1 22.2MU镁光 USD 76,540 69.88 PB 1.8 1.9AVGOBROADCOM 博通 USD 351,519 851.68 PE 20.7 18.9TXNTEXAS德州仪器 USD 147,653 162.62 PE 22.3 20.9NXPINXP恩智浦 USD 50,885 197.38 PE 14.6 13.6NVDA英伟达 USD 1,084,330 439.00 PE 139.7 42.9ASMLASML阿斯麦 EUR 235,436 561.80 PE 29.1 25.8AMDADVANCEDDEVICES AMD超威半导体USD 163,974 101.49 PE 38.7 25.7AMATAPPLIED应用材料 USD 115,651 138.25 PE 18.3 18.4LRCXLAMRESEARCH 拉姆研究 USD 82,569 623.11 PE 19.8 23.8互联网KLACKLA 科天 USD 62,101 454.22 PE 19.3 21.2互联网

7.7%7.7%7.6%7.6%6.6%6.6%.%0%7%4%0.3%-0.3%-0.4%-0.7%-1.2%-2.3%-3.7%-4.2%-4.3%-6.3%-6.6%-8.7%

0.5% 64.4%8.2% 35.2%-1.2% 5.0%4.6% 25.4%2.2% 26.5%-8.7% -36.7%1.5% 72.2%7.6% 30.2%-2.4% 13.5%7.8% 46.2%-0.1% 40.4%-7.7% 54.2%-3.2% 0.6%-3.6% 26.9%-11.0% 200.5%-7.6% 12.1%-4.0% 56.7%-9.5% 43.0%-11.0% 49.7%-9.5% 21.6%PDDUS PDD 拼多多 USD 132,141 99.46 PS 4.5 3.5SESEA SEA USD 22,184 39.28 PS 1.8 1.6AMZNAMAZON 亚马逊 USD 1,448,509 140.39 EV/EBIDA 15.3 13.31024快手 HKD 36,256 65.15 PS 2.3 2.0METAMETAPLATFORMS Meta USD 772,746 300.31 PE 22.6 17.7ALPHABET-CL-A 谷歌 USD 1,737,698 137.40 PE 23.1 20.13690美团 HKD 99,131 124.30 PE 34.8 23.10700TENCENT 腾讯 HKD 387,242 317.20 PE 19.2 16.39618HK JD-SW 京东 HKD 50,613 124.60 PE 11.6 8.69988HK BABA-SW 阿里巴巴 HKD 224,491 86.25 PE 12.0 9.7硬件NFLXUS 奈飞 USD 175,903 396.94 PS 5.3 4.6硬件

4.673%2.%673%31.%31.%0.8%0.7%-0.6%-1.4%0%0%4%

0.5% 22.0%4.4% -24.5%1.7% 67.1%1.5% -8.3%1.5% 149.6%0.9% 55.7%-3.3% -28.8%-2.4% 0.7%-3.3% -42.6%-4.4% 0.0%-8.5% 34.6%1810小米 HKD 39,068 12.22 PE 22.0 20.66861JP KEYENCE KEYENCE JPY 97,741 58,800.00 PE 39.2 38.9CSCOCISCO思科 USD 227,234 56.04 PE 14.8 13.9汽车AAPLAPPLE 苹果 USD 2,736,147 175.01 PE 29.0 26.7汽车

2.7%2.7%-0.3%-1.1%10.4%-1.8%10.4%

-1.1% 11.7%-2.8% 14.5%-2.3% 20.4%-6.8% 35.3%TSLATESLA 特斯拉 USD 870,912 274.39 PS 8.8 6.9LIUS LI理想 USD 43,511 40.65 PS 2.7 1.7XPEVUS XPENG 小鹏 USD 19,114 18.30 PS 3.7 2.1RIVNUS Rivian USD 22,926 24.18 PS 5.3 3.3蔚来 USD 18,030 10.43 PS 2.0 1.3LCIDUS Lucid USD 13,513 5.92 PS 17.1 7.2指数1211COMPANY 比亚迪 HKD 96,404 247.40 PS 1.1 0.9指数

5.9%5.5%4.7%3.9%1.4%0.1%

6.3% 122.8%-2.4% 99.3%2.9% 84.1%6.4% 31.2%1.6% 7.0%-5.7% -13.3%0.7% 29.1%HXC.GI 纳斯达克中概股 6,819.2SPX.GI 标普500 4,450.3纳斯达克指数 13,708.3106752.MI全球信息科技 543.4SOX.GI 费城半导体指数 3,476.4注：市值、股价取9月15日收盘价，采用汇率，预测数据来自Bloomberg一致预期资料来源：，Bloomberg，

0.8%-0.2%8%-0.4%-0.4%-2.5%-2.

-3.3% 1.7%-1.3% 15.9%-2.3% 31.0%3.7% 38.5%-5.3% 37.3%图表15：恒生科技指数成份股票涨跌幅公司 板块分类 成分占比 交易货币 市值 股价

股价涨跌幅

沽空比例恒生科技指数成份

（亿元港币）（港币元）

1W 30D YTD0241阿里健康 医疗保健业 1.80% HKD 809 4.682015理想汽车-W 非必需性消费 6.12% HKD 4,351 160.709999网易-S 资讯科技 5.14% HKD 6,630 161.006060众安在线 金融业 1.11% HKD 457 24.351810小米集团-W 资讯科技 7.53% HKD 3,907 12.229866蔚来-SW 非必需性消费 0.19% HKD 1,803 84.002382舜宇光学科技 工业 3.53% HKD 881 62.851024快手-W 资讯科技 7.59% HKD 3,626 65.151347华虹半导体 资讯科技 1.25% HKD 600 20.050981中芯国际 资讯科技 4.34% HKD 2,939 19.906618京东健康 医疗保健业 3.65% HKD 1,686 41.500285比亚迪电子 资讯科技 0.94% HKD 1,071 37.201833平安好医生 医疗保健业 0.57% HKD 266 18.629868小鹏汽车-W 非必需性消费 2.22% HKD 1,911 72.803690美团-W 资讯科技 7.87% HKD 9,913 124.300020商汤-W 资讯科技 2.52% HKD 637 1.490700腾讯控股 资讯科技 7.91% HKD 38,724 317.202018瑞声科技 工业 0.67% HKD 216 14.106690海尔智家 非必需性消费 3.44% HKD 2,978 24.150992联想集团 资讯科技 3.00% HKD 1,264 8.169888百度集团-SW 资讯科技 4.43% HKD 4,794 134.200772阅文集团 非必需性消费 0.91% HKD 390 29.859961携程集团-S 非必需性消费 1.69% HKD 2,483 284.409618京东集团-SW 资讯科技 6.90% HKD 5,061 124.603888金山软件 资讯科技 1.62% HKD 495 28.409988阿里巴巴-SW 资讯科技 7.65% HKD 22,449 86.250268金蝶国际 资讯科技 2.49% HKD 477 10.749698万国数据-SW 资讯科技 0.34% HKD 211 10.829626哔哩哔哩-W 资讯科技 2.57% HKD 580 109.309898微博-SW 资讯科技 0.04% HKD 285 94.80

3.9%2.7%2.5%1111.3%1.1%0.4%0.4%-0.1%-0.2%-0.4%-0.6%-1.3%-1.4%-1.5%-1.8%-2.0%-2.0%-2.1%-2.2%-3.0%-3.9%-5.0%-5.5%-5.9%-6.2%-7.1%

1.1% -29.6% 28.6%-0.6% 109.2% 17.0%-1.2% 42.5% 22.7%4.5% 13.3% 14.8%-1.1% 11.7% 27.3%0.3%