行业点评报告 · 电子行业 十五五政策领航，加速推进算力基建国产化 —— "十五五"规划纲要解读 2026 年 03 月 14 日 核心观点 电子行业 | | | ：gaofeng_yj@chinastock.com.cn 分析师登记编码：S0130522040001 刘来珍 ：021-20252647 ：liulaizhen_yj@chinastock.com.cn 分析师登记编码：S0130523040001 相对沪深 300 表现图 2026 年 03 月 13 日 -40% -20% 0% 20% 40% 60% 2025/3/14 2025/4/14 2025/5/14 2025/6/14 2025/7/14 2025/8/14 2025/9/14 2025/10/14 2025/11/14 2025/12/14 2026/1/14 2026/2/14 SW电子 沪深300 资料来源：中国银河证券研究院 分析师 高峰 ：010-80927671 相关研究 1.【银河电子】半导体行情周点评-板块内部分化， 电子化学品表现优异 2.【银河电子】消费电子行情周点评-深化拓展"人 工智能+" 3.【银河电子 ...

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 ...

近日，交融芯智（上海）私募投资基金合伙企业（有限合伙）正式登记成立，出资额13.46亿元。 经营范围包含：以私募基金从事股权投资、投资管理、资产管理等活动等。企查查股权穿透显示， 该合伙企业由工银金融资产投资有限公司、交银金融资产投资有限公司、长电科技旗下上海云鲛龙 企业管理有限公司等共同持股。 来源：企查查 | 每日｜荐读 | | --- | | 榜单： 「2026产业投资100强」评选开启 | | 荐读： 告别"DPI焦虑"，一家GP的"多赢"解题思路 | | 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ | | 热文： 投资人"忙疯了" | ...

Core Viewpoint - The CPO concept stocks in the A-share market experienced a collective decline, with significant drops in several key stocks on February 27, indicating a bearish trend in this sector [1]. Group 1: Stock Performance - Xinyisheng (新易盛) fell by 7.02%, with a total market capitalization of 35.67 billion and a year-to-date decline of 16.72% [2]. - Zhongji Xuchuang (中际旭创) decreased by 6.40%, having a market cap of 59.51 billion and a year-to-date drop of 12.20% [2]. - Taichengguang (太辰光) saw a decline of 6.34%, with a market value of 30.6 billion and a year-to-date increase of 16.48% [2]. - Changxin Bochuang (长芯博创) dropped by 6.16%, with a market cap of 43 billion and a year-to-date increase of 3.74% [2]. - Zhili Fang (智立方) decreased by 5.54%, with a market capitalization of 10.1 billion and a year-to-date increase of 67.18% [2]. - Dekeli (德科立) fell by 5.41%, with a market cap of 25.5 billion and a year-to-date increase of 16.96% [2]. - Shijia Guangzi (仕佳光子) declined by 4.88%, with a market value of 37.8 billion and a year-to-date drop of 5.77% [2]. - Cambridge Technology (剑桥科技) decreased by 4.86%, with a market cap of 36.3 billion and a year-to-date drop of 23.31% [2]. - Guangku Technology (光库科技) fell by 4.38%, with a market value of 40.6 billion and a year-to-date increase of 10.83% [2]. - Jingwang Electronics (景旺电子) saw a decline of 4.28%, with a market cap of 65.3 billion and a year-to-date drop of 9.34% [2]. - Robot Technology (罗博特) decreased by 4.19%, with a market value of 63.7 billion and a year-to-date increase of 62.91% [2]. - Liante Technology (联特科技) fell by 3.64%, with a market cap of 23.8 billion and a year-to-date increase of 8.70% [2]. - Huilv Ecology (汇绿生态) decreased by 3.03%, with a market value of 23.4 billion and a year-to-date increase of 36.03% [2]. - Juguang Technology (炬光科技) fell by 3.01%, with a market cap of 33.2 billion and a year-to-date increase of 111.22% [2]. - Tiantong Co. (天通股份) decreased by 2.96%, with a market value of 21 billion and a year-to-date increase of 29.78% [2]. - Tianfu Communication (天孚通信) fell by 2.53%, with a market cap of 274.3 billion and a year-to-date increase of 73.80% [2]. - Changjia Technology (长甲科技) decreased by 2.32%, with a market value of 85.2 billion and a year-to-date increase of 29.39% [2].

Group 1 - The chip ETF Guangfa (159801) opened down 1.22% at 0.968 yuan on February 27 [1] - Major holdings in the chip ETF Guangfa include companies such as SMIC, Haiguang Information, and Cambrian, all of which experienced declines in their stock prices [1] - The performance benchmark for the chip ETF Guangfa is the return rate of the National Securities Semiconductor Chip Index, managed by Guangfa Fund Management Co., Ltd. [1] Group 2 - Since its establishment on January 20, 2020, the chip ETF Guangfa has achieved a return of 95.92%, while its return over the past month has been -1.15% [1]

Summary of Key Points from the Conference Call Industry and Company Involved - The discussion revolves around the supply chain for NVIDIA's LPU (Large Processing Unit) and its associated components, highlighting various suppliers and manufacturers involved in the production process [1]. Core Insights and Arguments - **Foundry**: TSMC is identified as the primary foundry for the LPU, utilizing N3 and N5 process technologies [1]. - **SRAM Suppliers**: The SRAM suppliers include Powerchip, Winbond, Etron, and Aip, all of which are Taiwanese companies. The LPU leverages on-chip SRAM to bypass the bottlenecks associated with HBM (High Bandwidth Memory) and CoWoS (Chip-on-Wafer-on-Substrate), thus reducing reliance on the three major HBM suppliers: Samsung, SK Hynix, and Micron [1]. - **PCB Suppliers**: The PCB (Printed Circuit Board) suppliers mentioned are Shenghong Technology and Unimicron [1]. - **Resin Supplier**: Dongcai Technology is noted as the resin supplier for the LPU [1]. - **Q Fabric**: The Q fabric supplier is identified as Fihua [1]. - **CCL (Copper Clad Laminate) Suppliers**: The main suppliers for CCL are Taiguang (primary supplier) and Shengyi Technology [1]. - **Testing and Packaging**: ASE (Advanced Semiconductor Engineering) is the main supplier for testing and packaging, along with Tongfu Microelectronics and Changdian Technology. The LPU does not require complex CoWoS advanced packaging and primarily uses traditional packaging methods [1]. - **System Integration**: The system integration for servers and cabinets is handled by companies such as Foxconn Industrial Internet, Quanta, and Wistron [1]. Other Important but Potentially Overlooked Content - The strategic choice to utilize on-chip SRAM is significant as it allows NVIDIA to mitigate risks associated with supply chain dependencies on HBM suppliers, which could be crucial in maintaining production efficiency and cost-effectiveness [1]. - The mention of traditional packaging methods indicates a potential shift in manufacturing strategies that could impact the overall cost structure and production timelines for NVIDIA's LPU [1].