存储行业跟踪报告 TMT 及中小盘/电子 全球存储价格从 25H1 复苏上涨以来，25Q3-Q4 现货/合约价格加速上涨，近期 逐步发现 26Q1 各品类存储价格环比涨幅超预期，我们预计 2026 年全年全球存 储供给整体维持偏紧状态，AI 需求增长持续高于产能扩张速度，其他消费类存 储和利基型存储受到产能挤压和下游恐慌备货等因素，价格涨幅也远超常规水 平，我们认为今年国内存储产业链多环节都将受益于缺货涨价浪潮，核心建议 关注存储原厂+存储模组/芯片公司+存储封测/代工等环节。 ❑ AI 存储引发更多需求增量，多级存储体系优化补充急剧增多的 KV 缓存空间。 推荐（维持） 证券研究报告 | 行业点评报告 2026 年 01 月 21 日 26Q1 价格涨幅超市场预期，关注即将到来的密集财报催化 英伟达在CES 2026主题演讲上发布最新Inference Context Memory Storage Platform （推理上下文存储平台），利用 BlueField-4 DPU 构建在 Pod 级别 运行的专用上下文记忆层，在计算节点层面，KV 分层涵盖 GPU HBM、主机 内存、本地 SSD、ICMS 和 ...

Group 1 - A-shares showed resilience despite a significant drop in overseas markets, with major indices rising, particularly in the gold and semiconductor sectors [1][5] - The semiconductor foundry sector is strong, with companies like SMIC and Hua Hong Semiconductor seeing gains of over 4% [6] - A report from TrendForce indicates a 2.4% reduction in global 8-inch foundry capacity by 2026 due to strategic cuts by TSMC and Samsung, while demand for AI-driven power management chips remains robust, pushing average capacity utilization rates above 90% [6][7] - Chinese foundries are positioned to benefit from the demand for 8-inch chips, with significant growth in storage chip production driven by AI [7][8] Group 2 - The gold sector is also performing well, with gold prices reaching $4,880 per ounce, and the gold ETF E Fund (159934) seeing a net inflow of 15.067 billion yuan over the past year [9][11][12] - The semiconductor market is experiencing a price surge, with reports indicating a potential 40-50% increase in storage chip prices by Q1 2026, driven by a combination of consumer electronics recovery and AI demand [15][19] - TSMC's capital expenditure guidance for 2026 has been significantly raised to between $52 billion and $56 billion, indicating strong demand for high-end chips [18][19] Group 3 - SMIC reported a record monthly production capacity of 1.023 million 8-inch equivalent wafers, with utilization rates reaching 95.8% [26] - The domestic semiconductor equipment market is expected to exceed 50 billion yuan in 2026, with a compound annual growth rate of around 30% [30] - The semiconductor equipment ETF E Fund (159558) is closely tied to the semiconductor materials and equipment sectors, covering key players in the industry [32]

Group 1 - Northbound capital recorded a net buy of HKD 139.3 billion on January 21, with HK Stock Connect (Shanghai) contributing HKD 77.89 billion and HK Stock Connect (Shenzhen) contributing HKD 61.41 billion [1] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba-W (09988), while the most sold stocks were China Mobile (00941), Tencent (00700), and Hua Hong Semiconductor (01347) [1] - Alibaba-W received a net buy of HKD 10.77 billion, with significant growth in its AI model downloads, surpassing 100 million downloads [5] - China Life (02628) saw a net buy of HKD 10.07 billion, driven by positive expectations in the life insurance sector [5] - Kuaishou-W (01024) gained a net buy of HKD 7.33 billion, with its AI product showing a 350% increase in paid user growth [5] Group 2 - Semiconductor stocks showed divergence, with SMIC (00981) receiving a net buy of HKD 3.87 billion, while Hua Hong Semiconductor (01347) faced a net sell of HKD 1.2 billion [6] - TSMC's increased capital expenditure forecast indicates strong long-term demand driven by AI [6] - Shandong Gold (01787) received a net buy of HKD 3.03 billion, with gold prices hitting historical highs amid geopolitical tensions [7] - CNOOC (00883) saw a net buy of HKD 3.64 billion, with ongoing geopolitical tensions affecting oil prices [7] - Xiaomi Group-W (01810) and Meituan-W (03690) received net buys of HKD 5.89 billion and HKD 2.04 billion, respectively, while China Mobile (00941) and Tencent (00700) faced net sells of HKD 9.21 billion and HKD 2.71 billion [7]

| 证券代码：688347 | 证券简称：华虹公司 | 公告编号：2026-009 | | --- | --- | --- | | 港股代码：01347 | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于召开2026年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2026年第一次临时股东大会 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号 — 规范运作》 等有关规定执行。 召开日期时间：2026 年 2 月 10 日 14:30 召开地点：上海市浦东新区哈雷路 288 号 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2026年2月10日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系 ...

华虹半导体有限公司 2026 年第一次临时股东大会 会议材料 2026 年 2 月 10 日 1 华虹半导体有限公司 2026 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证会议的 顺利进行，根据《华虹半导体有限公司之组织章程细则》等相关规定，特制定 2026 年 第一次临时股东大会须知。 一、为保证本次会议的严肃性和正常秩序，切实维护与会股东（或股东代理人）的 合法权益，除出席会议的股东（或股东代理人）、公司董事、高级管理人员、见证律师 及董事会邀请的人员外，公司有权依法拒绝其他无关人员进入会场。 二、会议登记方法 （一）登记资料 公司股东如出席现场会议，需提供以下登记资料： 1. 自然人股东：本人出席的，应提供本人身份证、股票账户卡（如有）；委托代理 人出席的，应提供委托人和代理人有效身份证、委托人出具的书面授权委托书及委托人 股票账户卡（如有）； 2. 机构股东：法定代表人/负责人/执行事务合伙人（或其代表）出席的，应提交本 人身份证、能证明其具有法定代表人/负责人/执行事务合伙人（或其代表）资格的有效 证明、营业执照复印件（加盖公章）及股票账户卡（如有 ...

Investment Rating - The report maintains a rating of "Outperform" for the electronic industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report emphasizes that AI inference is driving innovation, with a focus on demand-driven Opex-related sectors, particularly in storage, power, ASIC, and supernodes [2][30]. - The semiconductor packaging industry is experiencing a significant price increase of 30%, driven by supply-demand imbalances and rising costs of raw materials [23][24][27]. - The report highlights the expected growth in the domestic computing power supply chain, particularly in storage and ASIC sectors, as companies like Yangtze Memory Technologies and ChangXin Memory Technologies expand production [2][30]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 0.45%, while the Shenzhen Component Index increased by 1.14%. The Shenwan Electronics Index rose by 3.77%, ranking second among 31 Shenwan industries [1][13]. Weekly Focus - TSMC reported a 35% increase in profits, driven by strong demand for AI chips, with expected capital expenditures of $52 billion to $56 billion in 2026 [23]. - The packaging industry is benefiting from a recovery in demand, with companies like Li Cheng and Hua Dong Technology seeing increased capacity utilization and order visibility [23][24]. Storage Sector - The report anticipates a significant expansion year for NAND and DRAM production, driven by rising demand for SSDs and HBM products [30]. - Key players in the NAND and DRAM semiconductor supply chain include companies like Zhongwei Technology and Tuo Jing Technology [30]. Power Sector - The report identifies growth opportunities in the power sector, focusing on new technologies in both generation and consumption [31]. ASIC and Supernodes - The report expresses optimism regarding the full-stack model of ASIC inference, predicting an increase in market share for ASICs [31]. - It also notes the anticipated evolution of cabinet models, with growth expected in high-speed interconnects, cabinet manufacturing, and liquid cooling technologies [31]. Domestic Supply Chain - The report highlights improvements in domestic advanced process yields and capacity, which are expected to enhance the supply of domestic computing power chips [30][32].

Group 1 - The core viewpoint of the article highlights the mixed performance of Hong Kong tech stocks, with semiconductor hardware experiencing collective gains while other major tech companies faced declines [1] - Hong Kong's semiconductor stocks, such as Hua Hong Semiconductor, ASMPT, and SMIC, saw increases of over 5% and 3% respectively, while companies like NetEase, Xiaomi, and Meituan experienced declines [1] - The Hong Kong Technology 50 ETF (159750) has seen significant capital inflows, with over 23 million CNY net inflow during the trading session and over 30 million CNY in the last three trading days [1] Group 2 - According to CITIC Securities, the AI application sector is expected to be a major focus in 2026, with ongoing catalysts for AI applications and a trend towards accelerated implementation [2] - AI is gradually penetrating daily life through various sectors, including automotive, robotics, smart home devices, and wearables, indicating substantial growth potential in AI applications in China [2] - The Hong Kong stock market has been in a state of adjustment since October last year, but current market sentiment and valuation levels suggest a high potential for investment [3] Group 3 - The Hong Kong stock market sentiment index was reported at 33.7 as of January 9, showing a recovery compared to the previous week, driven by net inflows from southbound funds and improved buying intensity [3] - Historical data indicates that entering the "panic zone" for Hong Kong stocks has historically led to a 100% success rate in the following month, suggesting a favorable investment opportunity [3] - The valuation of the Hong Kong Technology 50 ETF (159750) is currently at 25.53 times, which is considered attractive compared to historical levels [3][4] Group 4 - The PE-TTM ratio for the Hong Kong Technology 50 ETF is at the 18th percentile of its historical range, indicating a relatively low valuation compared to the Nasdaq and ChiNext indices, both at 42 times [4] - The Hong Kong Technology 50 ETF tracks the Hong Kong Technology Index, which includes major Chinese tech companies, and has outperformed the Hang Seng Technology Index since its inception [4] - From December 31, 2014, to January 20, 2026, the cumulative increase of the Hong Kong Technology Index is 102.71%, compared to 89.45% for the Hang Seng Technology Index [4]

Market Performance - The Hong Kong stock market showed resilience, with the Hang Seng Index and the Hang Seng Tech Index recovering from previous declines, closing up by 0.37% and 1.11% respectively [1][2] - The overall market remained stable despite a significant drop in US stocks overnight [1] Sector Performance - Major technology stocks saw gains, with notable increases in shares of Hua Hong Semiconductor (up over 5%) and SenseTime (up over 4%) [4][5] - Semiconductor stocks were active, driven by positive sentiment in the AI-driven storage cycle, with companies like Zhaoyi Innovation reaching new highs [2][7] - Gold stocks surged, led by Chifeng Jilong Gold (up over 9%) and Lingbao Gold (up over 8%), as spot gold prices broke through $4,880 [6][8] Individual Stock Movements - The stock of Skyworth Group soared over 37% after announcing a distribution of shares in Skyworth Photovoltaic and plans for a mainboard listing [16] - Southbound funds recorded a net inflow of HKD 13.93 billion, indicating strong investor interest [19] Future Outlook - Analysts predict that the Hang Seng Index could challenge the 30,000 to 31,000 point range by 2026, as current valuations remain below historical averages [21]

Group 1 - The Hang Seng Tech Index experienced a significant increase, with a peak rise of 1.7% [1] - Notable individual stocks included Kuaishou and Hua Hong Semiconductor, both rising over 5% [1] - Baidu Group and Tongcheng Travel saw increases of over 4%, while SMIC and Alibaba Health rose over 3% [1] Group 2 - Alibaba, BYD Electronics, Bilibili, Sunny Optical, and BYD Company all recorded gains exceeding 2% [1]

Core Viewpoint - The Hong Kong stock market is experiencing a surge in robotics concept stocks, with significant gains observed in several companies [1] Group 1: Company Performance - MicroPort Robotics (02252.HK) has seen a nearly 15% increase in its stock price [1] - Woan Robotics (06600.HK) has risen over 12% [1] - Yujian (02432.HK) has gained more than 8% [1] - Gawe Electronics (01415.HK) and Hua Hong Semiconductor (01347.HK) have both increased by over 5% [1]