HUA HONG SEMICONDUCTOR LIMITED 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列華虹半導體有限公司（「本公司」）於上海證券交易所網站刊發的《上海市通 力律師事務所關於華虹半導體有限公司2026年第一次臨時股東大會的法律意見 書》，僅供參閱。 中國上海，二零二六年二月十日 1 於本公告日期，本公司董事分別為： 執行董事： 白鵬 （董事會主席兼總裁） 非執行董事： 葉峻 孫國棟 陳博 熊承艷 獨立非執行董事： 張祖同 王桂壎太平紳士 封松林 2 承董事會命 華虹半導體有限公司 董事會主席兼執行董事 白鵬先生 上海市通力律师事务所关于华虹半导体有限公司 2026 年第一次临时股东大会的法律意见书 致:华虹半导体有限公司 上海市通力律师事务所(以下简称"本所" ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立的有限公司） （股份代號：01347） (1)主要及關連交易－涉及根據特別授權發行代價股份的 收購標的公司股本； (2)申請清洗豁免； (3)建議非公開發行人民幣股份以募集配套資金； 及 (4)特別交易 (A)股東特別大會的投票結果公告 及 (B)授出清洗豁免及同意特別交易 茲提述（其中包括）(i)華虹半導體有限公司（「本公司」）日期為二零二五年八月三 十一日及二零二五年十二月三十一日的公告；及(ii)本公司日期為二零二六年一月 二十二日的通函（「該通函」），各自內容均有關(a)建議收購事項，(b)清洗豁免， (c)建議非公開發行人民幣股份及(d)特別交易。除另有界定外，本公告所用詞彙應 與該通函所界定者具有相同涵義。 1 1. 股東特別大會 ...

证券代码：688347 证券简称：华虹公司 公告编号：2026-012 华虹半导体有限公司 2026年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 2 月 10 日 （二） 股东会召开的地点：上海市浦东新区哈雷路 288 号 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 1,080 | | --- | --- | | 普通股股东人数 | 1,080 | | 其中：A 股股东人数 | 1,079 | | 境外上市外资股股东人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 450,987,232 | | 普通股股东所持有表决权数量 | 450,987,232 | | 其中：A 股股东所持有表决权数量 | 153,156,142 | | 境外上市外资股股东所持有表决权数量 | 297,8 ...

Investment Rating - The report maintains a "Strong Buy" rating for the domestic computing power industry chain, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The report emphasizes that AI inference is leading innovation, with a focus on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It highlights the expected growth in the domestic storage industry, driven by new products from Yangtze Memory Technologies and Changxin Memory Technologies, alongside a rapid increase in demand for SSDs and HBM [2][29]. - The report anticipates a significant expansion year for storage production, suggesting investors pay close attention to the overall opportunities within the domestic storage industry chain [29]. - The power industry is also highlighted, with a focus on new technologies on both the supply and demand sides, including companies like Sanhua Group and Zhongfu Circuit [30]. - The ASIC segment is expected to see an increase in market share, with a focus on major CSP manufacturers [30]. - The report predicts an evolution in cabinet models, with growth in demand for high-speed interconnects, cabinet OEM, liquid cooling, and PCB [30]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, while the Shenzhen Component Index dropped by 2.11%, and the overall Shenwan Electronics Index decreased by 5.23% [1][13]. - Year-to-date, the Shenwan Electronics Index has declined by 4.73%, ranking 14th out of 31 sectors [1][13]. Weekly Focus - Nvidia's upcoming Arm architecture-based N1X + N1 processor is discussed, indicating a strategic move into the AI PC and laptop market, competing directly with AMD and Intel [26][27]. - The report notes that Nvidia's new processors will utilize TSMC's 3nm process technology, enhancing performance while maintaining low power consumption [26][27]. Related Research - Previous reports have consistently highlighted the positive outlook for the domestic computing power industry chain, including price increases in semiconductor packaging and storage chips [4][6][5].

| A | 股代码：688347 | A | 股简称：华虹公司 | 公告编号：2026-013 | | --- | --- | --- | --- | --- | | 港股代码：01347 | | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于发行股份购买资产并募集配套资金暨关联交易事 项获得上海市国资委批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 华虹半导体有限公司（以下简称"公司"）拟通过发行股份的方式购买上海 华虹（集团）有限公司、上海集成电路产业投资基金股份有限公司、国家集成电 路产业投资基金二期股份有限公司、上海国投先导集成电路私募投资基金合伙企 业（有限合伙）持有的上海华力微电子有限公司 97.4988%股权，并募集配套资金 （以下简称"本次交易"）。 近日，公司收到间接控股股东上海华虹（集团）有限公司转来的上海市国有 资产监督管理委员会（以下简称"上海市国资委"）作出的《市国资委关于华虹 半导体有限公司资产重组有关事项的批复》（沪国资委产权〔2026〕31 号）， 上海市国资委原则同 ...

hena Road Middle 上海市通力律师事务所关于华虹半导体有限公司 2026 年第一次临时股东大会的法律意见书 致:华虹半导体有限公司 上海市通力律师事务所(以下简称"本所")接受华虹半导体有限公司(以下简称 "公司"）的委托,指派本所郭珣律师、茹秋乐律师(以下简称"本所律师")根据《中 华人民共和国证券法》《上市公司股东会规则》等法律、法规和规范性文件(以下统称 "法律法规"）及《华虹半导体有限公司之组织章程细则》（以下简称"公司章程") 的规定就公司 2026 年第一次临时股东大会(以下简称"本次股东大会")相关事宜出 具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以 了核查、验证。在进行核查验证过程中,公司已向本所保证,公司提供予本所之文件中 的所有签署、盖章及印章都是真实的,所有作为正本提交给本所的文件都是真实、准确、 完整和有效的,且文件材料为副本或复印件的,其与原件一致和相符。 在本法律意见书中,本所仅对本次股东大会召集和召开的程序、出席本次股东大会 人员资格和召集人资格及表决程序、表决结果是否符合法律法规和公司章程的规定发表 意见,并不对本次股东大 ...

Group 1 - The current Hong Kong stock market is in a phase of oscillation and correction, with the Hang Seng Technology Index dropping from a peak of around 6000 points in mid-January to 5346.2 points by February 6, marking a weekly decline of 6.51%, the largest in recent weeks [1] - The adjustment within the sector shows significant differentiation, with semiconductor and internet leaders experiencing larger declines, while new energy vehicles and home appliances showed relative resilience, indicating that funds are concentrating on quality core assets rather than exiting the market entirely [1][2] - The report emphasizes that the current market conditions represent a "golden layout window" for investors, characterized by oversold valuations, counter-cyclical capital inflows, and improving fundamentals [1][10] Group 2 - Southbound capital has shown a "buy the dip" behavior, with a net inflow of 560.7 billion HKD in the week of February 6, the highest weekly net inflow in three months, indicating strong confidence from domestic investors in the Hong Kong technology sector [2] - The concentration of capital flows has increased, with technology ETFs becoming key tools for domestic investors, reflecting a shift from traditional high-dividend sectors to technology growth sectors [2][3] - The report notes that the Hang Seng Technology Index's PE (TTM) is at 22.1 times, significantly below its historical average of 32.1 times and the global comparable technology indices, highlighting a valuation discount of over 35% [4] Group 3 - The report identifies four solid support dimensions for the Hang Seng Technology Index: technical, valuation, capital, and fundamental aspects, which collectively create a "margin of safety" for the sector [3] - The technical indicators show that the index is severely oversold, with a strong support level around 5400 points, which has not been effectively breached despite recent declines [3][4] - The fundamental outlook is bolstered by the sector's deep integration with the AI wave, with over 70% of the index's components related to AI, indicating strong growth potential as the industry transitions from R&D to commercialization [6][7] Group 4 - The report attributes the recent decline in the Hang Seng Technology Index to short-term emotional disturbances rather than a reversal of fundamental trends, driven by external tightening expectations, internal profit-taking, and unfounded rumors [7][8] - It emphasizes that the current market downturn is a valuable opportunity for investors to acquire quality assets, as the emotional "panic low" often represents a "golden buying point" [9][10] - The report suggests a strategy of "buying in batches and holding long-term," focusing on core stocks that are rapidly commercializing AI applications and have stable cash flows [9][10]

Group 1 - The core viewpoint of the article highlights the performance of the 科创芯片 ETF (GFA) on February 10, with an opening increase of 0.85% to 0.953 yuan [1] - The major holdings of the 科创芯片 ETF include companies such as 海光信息, 中芯国际, and others, with varying performance on the same day [1] - The performance benchmark for the 科创芯片 ETF is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by 广发基金管理有限公司, with a return of -5.38% since its establishment on January 21, 2026 [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the semiconductor foundry industry, particularly focusing on the current trends and pricing strategies in the market due to various factors such as rising raw material costs and shifts in production capacity from major players like TSMC [1][2]. Key Points - The foundry industry is experiencing a comprehensive price increase, with World Advanced announcing a second wave of price hikes starting in April, with adjustments ranging from 10% to 15% [1][2]. - Other companies such as Hua Hong and SMIC have also been reported to increase their prices [3]. - For an industry currently operating with single-digit profit margins, a 10% price increase could potentially double net profits [4]. - The advanced logic foundry capacity in China is significantly lower than that of global leaders, with TSMC, Intel, and Samsung having over 1.2 million wafers of capacity at 16nm and below, while China's advanced process capacity is currently less than 50,000 wafers [4]. - The "14th Five-Year Plan" aims to reverse the current capacity situation in advanced processes, indicating a strategic focus on enhancing domestic capabilities [4]. - The trends in DRAM and 3D NAND suggest a shift towards outsourcing logic wafers (CBA process), with future capacity planning exceeding 1.2 million wafers, highlighting a substantial demand for 20/28nm nodes [4]. - Key players in the foundry sector include SMIC, Hua Hong Semiconductor, Jinghe Integration, Yandong Micro, China Resources Micro, and ChipLink Integration [4]. - Equipment suppliers mentioned include Jingce Electronics, Northern Huachuang, Zhongwei Company, and Tuojing Technology, indicating a robust ecosystem supporting the semiconductor industry [4]. - The conference call expresses optimism regarding the revaluation of the Chinese semiconductor foundry industry and invites further discussions on the details [4].

Summary of the Conference Call on the Storage Industry Industry Overview - The report focuses on the storage industry, specifically DRAM and NAND Flash markets, highlighting significant price increases in January 2026 [1][2]. Key Points and Arguments Price Review for January 1. **DRAM Prices**: - Mainstream DRAM spot prices increased by 16% to 33% month-over-month in January 2026. - Contract prices for DDR5-8Gb and DDR4-8Gb surged by 119% and 63% respectively [1]. 2. **NAND Flash Prices**: - Mainstream NAND Flash spot prices rose by 24% to 34% month-over-month. - Contract prices increased by 37% to 67% [1]. 3. **Module Prices**: - DDR4/5 memory module prices increased by 13% to 50%. - SSD prices rose by 39% to 62%, while mobile storage prices increased by 22% to 43% [1]. Price Outlook 1. **DRAM Forecast**: - It is expected that traditional DRAM contract prices will rise by 90% to 95% in Q1 2026, up from a previous estimate of 50% to 60%. - The supply-demand gap for DRAM continues to widen, with North American CSP manufacturers securing supplies, forcing other customers to accept higher prices. Server DRAM is projected to increase by 88% to 93% in a single quarter [1]. 2. **NAND Flash Forecast**: - Strong demand from AI servers is anticipated to drive overall contract prices up by 55% to 60% in Q1 2026, compared to an earlier forecast of 33% to 38% [2]. 3. **Niche Storage**: - NOR Flash prices are expected to maintain an upward trend in H1 2026, with overall increases exceeding 20% in Q1, and even larger increases for smaller capacity NOR products [2]. Company Insights 1. **SK Hynix**: - The company forecasts a year-over-year growth of over 20% in DRAM demand and 15% to 20% in NAND demand for 2026, driven primarily by AI server and data center needs [3]. 2. **Samsung Electronics**: - Strong demand from AI servers is noted, while smartphone and PC shipments are negatively impacted by storage supply and pricing issues [3]. 3. **SanDisk**: - The company anticipates that data center bit demand will grow by over 60% in 2026 [3]. Investment Recommendations - The report recommends focusing on four key areas: 1. Beneficiaries of storage price increases, with specific recommendations for companies like Zhaoyi Innovation, Puran, and Beijing Junzheng. 2. CPU chain/memory upgrades, recommending AI interconnect chip leader Lanke Technology. 3. Companies benefiting from Changxin's investment in production expansion, including domestic equipment firms like Zhongwei, Huahai Qingke, Kema Technology, and Jingzhida. 4. Logic chip foundries for storage, with recommendations for Huahong Semiconductor and Yandong Micro [3].