Investment Rating - The semiconductor industry is rated as "Neutral" with expectations of performance in line with the market index within ±10% over the next six months [40]. Core Insights - The semiconductor industry index has seen a decline of 5.51% over the past two weeks, underperforming the CSI 300 index by 1.03 percentage points. However, since the beginning of 2026, the semiconductor index has increased by 2.17%, outperforming the CSI 300 index by 5.46 percentage points [5][12]. - The rise in storage prices is negatively impacting the demand for consumer electronics, with smartphone shipments in China showing significant year-on-year declines in recent months [4][32]. - The introduction of Google's TurboQuant algorithm, which significantly reduces memory usage for large language models, has led to stock price adjustments for major storage companies [32]. Industry Overview Semiconductor Industry Review - The semiconductor industry index has experienced a recent decline, with a two-week drop of 5.51% as of March 26, 2026, while it has increased by 2.17% since the start of the year [12]. - The industry is facing challenges due to rising storage prices, which have led to increased costs for consumer electronics manufacturers, resulting in lower smartphone shipment volumes [4][32]. Industry News and Developments - Several smartphone manufacturers have announced price increases due to rising memory costs, with some models seeing price hikes of up to 1000 yuan [13]. - The Chinese smart glasses market is projected to see a shipment volume of 2.46 million units in 2025, reflecting a year-on-year growth of 87.1% [14]. - Shenzhen is promoting the development of core chip products and advanced packaging technologies for storage chips, focusing on high-end storage products [20]. Company Announcements and Dynamics - Biwei Storage has signed a $1.5 billion procurement contract for storage wafers, which is expected to stabilize supply and mitigate price fluctuations [23]. - North China Innovation has launched a new generation of 12-inch ICP etching equipment, targeting advanced logic and storage sectors [24]. Semiconductor Industry Data Updates - Global smartphone shipments reached 336 million units in Q4 2025, with a year-on-year growth of 2.28% [25]. - In February 2026, domestic electric vehicle sales in China were 765,000 units, down 14.2% year-on-year [27]. - Global semiconductor sales in January 2026 were $82.54 billion, reflecting a year-on-year increase of 46.1% [29]. Investment Recommendations - Companies to watch include Northern Huachuang, which reported a revenue of 27.301 billion yuan for the first three quarters of 2025, a year-on-year increase of 32.97% [34]. - Other notable companies include Zhongwei Company, which expects a net profit of 2.08 to 2.18 billion yuan for 2025, and Biwei Storage, which anticipates a net profit increase of 427.19% to 520.22% [36][38].

Core Insights - The storage industry chain is a critical pillar of the semiconductor industry, supporting various high-growth sectors such as AI servers, automotive electronics, industrial control, IoT, and cloud computing [1] - The domestic storage industry chain is experiencing a surge in orders across leading enterprises, with many companies seeing order volumes exceeding 10 billion, indicating a strong growth trajectory and a rapid pace of domestic substitution [1] Company Summaries Giantec (聚辰股份) - Founded in 2009, Giantec specializes in non-volatile storage chips and mixed-signal chips, with a global customer base [2] - Core products include DDR5 SPD chips and EEPROM chips, with a focus on high reliability for automotive and industrial applications [3] - Holds over 40% global market share in DDR5 SPD chips and ranks first in the domestic EEPROM market, benefiting from the AI server upgrade cycle with orders extending to Q1 2027 [4] Dosilicon (东芯股份) - Established in 2014, Dosilicon focuses on small to medium capacity storage chips, providing comprehensive solutions including NAND, NOR, and DRAM [5] - Main products include SLC NAND and SPI NOR Flash chips, with a complete range of automotive-grade certifications [6] - Holds over 30% market share in domestic SLC NAND, with orders extending to the end of 2026, driven by surging demand in industrial and automotive sectors [8] Ingenic (北京君正) - Founded in 2005, Ingenic is a leader in CPU and storage chips, with a strong focus on high-performance, low-power solutions for smart hardware and automotive electronics [9] - Key products include automotive-grade SRAM and DRAM chips, all meeting stringent automotive standards [10] - Holds approximately 29% global market share in automotive SRAM, with a strong order pipeline extending to the end of 2026 [11] Biwin (佰维存储) - Established in 2010, Biwin integrates R&D, packaging, testing, and sales of storage solutions, focusing on AI and embedded storage [12] - Core products include embedded storage and consumer-grade SSDs, with the ePOP module leading the global market [13] - Positioned as a leader in AI storage, with orders extending to Q1 2026, benefiting from the rapid adoption of AI devices [14] TFME (通富微电) - Founded in 1994, TFME is a leading integrated circuit packaging and testing company, providing a one-stop service from design to testing [15] - Core business includes packaging and testing for storage chips and AI accelerators, with advanced packaging technologies in mass production [17] - As a key partner for AMD, the company has a robust order pipeline extending through 2026, driven by high demand for advanced packaging [18] JCET (长电科技) - Established in 1972, JCET is a global leader in integrated circuit manufacturing and services, focusing on advanced packaging for storage chips [19] - Key products include HBM3 packaging with a high yield rate of 98.5%, serving major storage companies [20] - Orders extend to Q2 2028, benefiting from the surge in AI computing and advanced packaging demand [21] Naura (北方华创) - Founded in 2001, Naura specializes in semiconductor equipment, covering 80% of the front-end process equipment [22] - Core products include etching and deposition equipment, with significant involvement in domestic storage wafer expansion [23] - Orders extend to 2027, driven by the acceleration of domestic equipment substitution [24] Longsys (江波龙) - Established in 1999, Longsys is a leading semiconductor storage brand, focusing on enterprise, industrial, and consumer storage solutions [25] - Core products include enterprise-grade NVMe SSDs and DDR5 RDIMM modules, catering to AI server demands [26] - Orders extend to the end of 2026, supported by strong demand from domestic cloud service providers [27] Montage (澜起科技) - Montage is a leading data processing and interconnect chip design company, focusing on memory interface chips [28] - Core products include memory interface solutions from DDR2 to DDR5, with a strong market position in AI server applications [29] - Orders extend to Q1 2027, benefiting from the AI computing boom [30] GigaDevice (兆易创新) - Founded in 2005, GigaDevice is a top player in storage chip design, with a focus on NOR Flash and niche DRAM [31] - Core products include NOR Flash with approximately 19% global market share, and a strong presence in automotive and industrial storage [33] - Orders extend to the end of 2026, supported by the growing demand for AI servers and IoT devices [34]

Core Viewpoint - The CPO concept stocks in the A-share market have shown strong performance, particularly following the announcement of NVIDIA's Feynman chip, which integrates optical communication to significantly reduce energy consumption in AI data center communications by over 70% [1]. Group 1: Stock Performance - Resconda (603803) saw a price increase of 9.97%, with a total market capitalization of 5.579 billion and a year-to-date increase of 18.39% [2]. - Tianfu Communication (300394) rose by 6.94%, with a market cap of 232.8 billion and a year-to-date increase of 47.48% [2]. - Kechuan Technology (603052) increased by 6.70%, with a market cap of 1.16 billion and a year-to-date increase of 95.21% [2]. - Dekeli (688205) experienced a 6.04% rise, with a market cap of 2.72 billion and a year-to-date increase of 24.92% [2]. - Aerospace Electric (002025) rose by 5.71%, with a market cap of 2.69 billion and a year-to-date increase of 17.81% [2]. - Xinyi Technology (300502) increased by 4.28%, with a market cap of 40.35 billion and a year-to-date decrease of 5.78% [2]. - Other notable stocks include Zhili Fang (301312) up 3.76%, Juguang Technology (688167) up 3.40%, and Luobotek (300757) up 3.30% [2]. Group 2: Market Trends - The overall trend in the CPO concept stocks indicates a positive market sentiment, driven by technological advancements in optical communication [1]. - The introduction of NVIDIA's Feynman chip is expected to have a significant impact on the energy efficiency of AI data centers, which may further boost investor interest in related stocks [1].

Group 1 - The article highlights that Chinese assets are attracting significant attention from overseas investors, particularly in the context of increased global market volatility and geopolitical risks, due to their unique "cost-performance" advantage [1][12]. - Recent data shows that South Korean investors have net bought A-share securities, including major companies like Sany Heavy Industry, China Power Construction, and Ganfeng Lithium, with net purchases exceeding $1 million for each [1][3]. - The "HALO" assets, which are traditional industrial leaders, are favored by South Korean investors as they are seen as having low replacement risk and are essential for infrastructure in energy transition and high-end manufacturing [4][5]. Group 2 - South Korean investors have shown strong interest in China's "HALO" assets and emerging sectors like semiconductors, with significant net purchases recorded for companies such as Sany Heavy Industry (over $630,000), China Power Construction (over $440,000), and XJ Electric (over $1.3 million) [3][4]. - The semiconductor sector has also attracted attention, with net purchases for leading companies like JCET Group and Accelink Technologies exceeding $150,000 [6]. - The investment environment for South Korean investors has improved, with a stable RMB exchange rate enhancing the attractiveness of Chinese assets [7]. Group 3 - The article discusses the increasing use of ETFs by overseas investors to access quality A-share assets, with notable net purchases in semiconductor ETFs [9][10]. - The two leading ETFs focused on robotics, Tiger China Humanoid Robot ETF and Kodex China Humanoid Robot ETF, are gaining traction among South Korean investors, providing a diversified investment approach [9]. - ETFs lower the barriers for foreign investors by simplifying the investment process and reducing transaction costs, making it easier to invest in Chinese high-tech sectors [10]. Group 4 - The article emphasizes that despite some recovery in A-shares and Hong Kong stocks, the valuation of major indices remains low, while sectors like technology and manufacturing are expected to see strong profit growth by 2026 [12]. - The comprehensive advantages of China's AI and robotics sectors, supported by clear industrial policies, make them attractive for long-term investment [12]. - The article concludes that the Chinese capital market is becoming a preferred choice for global investors seeking quality assets, especially in the context of a weak dollar and low correlation with international geopolitical risks [12].

Investment Rating - The report suggests a positive outlook for the electronic industry, particularly focusing on investment opportunities in domestic semiconductor materials and AI computing infrastructure [4]. Core Insights - The "14th Five-Year Plan" emphasizes the need for innovation in the electronic information and machinery sectors, highlighting the importance of developing high-end and scarce products, and accelerating breakthroughs in key components and materials [4]. - There is a significant focus on the domestic production of semiconductor materials, with recommendations to invest in areas such as photolithography materials, electronic gases, high-purity wet electronic chemicals, and large-size silicon wafers due to their low domestic production rates [4]. - The report identifies investment opportunities in advanced processes, storage chips, and third-generation semiconductor fields, emphasizing the need to enhance manufacturing capabilities and develop high-performance processors and high-density storage [4]. - The importance of domestic AI computing chips is highlighted, with a call for the development of high-performance AI chips and foundational software stacks, as well as innovations in model architecture and algorithm optimization [4]. - The report underscores that the demand for computing power is supported by policies aimed at enhancing digital infrastructure and promoting the digital economy, including the establishment of national computing power facilities [4]. Summary by Sections - **Semiconductor Materials**: Focus on domestic production and investment opportunities in low domestic supply areas such as photolithography materials and electronic gases [4]. - **Advanced Processes and Storage Chips**: Emphasis on improving manufacturing capabilities and developing high-performance components in the semiconductor industry [4]. - **AI Computing Chips**: Highlighting the critical role of domestic AI chips in supporting infrastructure and innovation in AI technologies [4]. - **Policy Support for Computing Demand**: Policies are in place to enhance digital infrastructure and support the growth of the digital economy, ensuring a stable demand for computing power [4].

江苏长电科技股份有限公司 关于 2022 年员工持股计划存续期即将届满 证券代码：600584 证券简称：长电科技 公告编号：临 2026-005 的提示性公告 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、准确性和完整性承担法律责任。 江苏长电科技股份有限公司（以下简称"公司"）2022 年员工持股计划（以下 简称"员工持股计划"）的存续期将于 2026 年 9 月 15 日届满。根据中国证监会 《关于上市公司实施员工持股计划试点的指导意见》《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》等规定，公司应当在员工持股计划届满前 6 个月 公告到期计划持有的股票数量以及占公司股本总额的比例。现将相关情况公告如下： 一、2022 年员工持股计划的基本情况 公司分别于 2022 年 4 月 13 日、2022 年 4 月 29 日召开第七届董事会第十四次临 时会议和 2022 年第二次临时股东大会，审议通过了《关于公司 2022 年员工持股计 划（草案）及其摘要的议案》等相关议案，具体内容详见公司于 2022 年 4 月 14 日、 2022 年 ...

Group 1 - South Korean retail investors have significantly increased their net purchases of Chinese assets, particularly in sectors such as power equipment, engineering machinery, and chemicals, which are classified as HALO assets by Goldman Sachs [1] - The top net bought A-shares by South Korean investors include companies like SANY Heavy Industry, China Power Construction, and Guangxun Technology, while the leading Hong Kong stocks include China Energy Construction and Baidu [1] - The current trend indicates that as risk appetite rises among investors, there is a shift towards HALO assets, suggesting that AI technology stocks are perceived to be overvalued [1] Group 2 - The performance of US tech stocks has been mediocre this year, while the South Korean stock market has shown strong growth but recently experienced volatility [1] - Global capital is increasingly seeking certainty in investments, especially following geopolitical events in the Middle East, indicating that HALO assets are unlikely to be replaced by AI and some sectors are entering a price increase cycle [1]

Group 1 - Korean investors have shown significant interest in A-shares, with top net purchases including SANY Heavy Industry, Power Construction Corporation of China, and Accelink Technologies, among others [1][3] - In the Hong Kong market, notable net purchases include China Energy Construction, MiniMax, and Harbin Electric, indicating a strong preference for energy and technology sectors [1] - The trend reflects a shift towards HALO assets, which are characterized by stability and growth potential, particularly in the context of rising global uncertainties [1] Group 2 - Over the past month, three ETFs have made it to the top 20 net purchases by Korean investors, with the Silverhua CSI Innovation Drug Industry ETF leading at a net purchase of $148.05 million [2] - The strong performance of the Korean stock market has encouraged local investors to allocate funds into Chinese assets, particularly in the innovative drug and artificial intelligence sectors [2][3]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating a favorable outlook for the sector [5]. Core Insights - SRAM is expanding its applications in AI inference, with stacking solutions aiding in capacity expansion. This presents significant investment opportunities in related companies [3][8]. - The report highlights the potential of SRAM architecture in AI inference, emphasizing its high access speed and low latency, which are critical for data requiring quick access [7]. - The industry is witnessing a trend towards 3D stacking solutions for SRAM, which can enhance density and overcome traditional capacity limitations [7]. Summary by Sections Investment Recommendations and Targets - Key companies to watch include: - Zhaoyi Innovation (兆易创新) and Beijing Junzheng (北京君正) for customized storage solutions [3][8]. - Hengshuo Co., Ltd. (恒烁股份) for SRAM-based digital computing solutions [3][8]. - Changdian Technology (长电科技) and Tongfu Microelectronics (通富微电) for advanced packaging [3][8]. - Companies like Deep South Circuit (深南电路) and Huitian Technology (沪电股份) are expected to benefit from NVIDIA's new chip solutions [3][8]. - Upstream PCB companies such as Shengyi Technology (生益科技) and Nanya Technology (南亚新材) are also highlighted [3][8]. Industry Developments - NVIDIA is set to unveil new AI inference chip solutions at the GTC 2026 conference, which could drive further SRAM applications [7]. - The report notes that SRAM's architecture is gaining recognition for its potential in AI inference, particularly for small parameter models and intermediate results [7]. - The 3D stacking technology, such as AMD's 3D V-Cache, is noted for its ability to significantly increase SRAM cache capacity [7][15].

证券代码：600584 证券简称：长电科技 公告编号：临 2026-004 江苏长电科技股份有限公司 参与设立投资基金暨对外投资的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资标的名称：交融芯智（上海）私募投资基金合伙企业（有限合伙） 3、统一社会信用代码：91310115MAK78ULL0T 投资金额：基金规模人民币 13.46 亿元，公司全资子公司云鲛龙作为有 限合伙人拟认缴出资人民币 4.038 亿元 特别风险提示：该投资基金已完成工商注册登记，尚需完成中国证券投 资基金业协会备案手续后，方可从事相关投资活动，在备案实施过程中尚存在不 确定性。 股权投资基金具有投资周期长、流动性低的特点，公司本次投资可能面临投 资回收期较长的风险。基金在运营过程中受所投企业的管理和运营、经济周期和 政策的变化以及市场竞争格局的变化等多重因素影响，可能出现无法达到预期投 资收益或本金损失等风险。 一、对外投资概述 2025 年 12 月 30 日，公司第九届董事会第一次会议审议通过了《关于拟参 股设立专项股 ...