Group 1 - The A-share market opened positively on October 9, with the Shanghai Composite Index rising by 0.4%, driven by gains in precious metals, base metals, and computer hardware sectors, while shipping and soft drinks sectors faced declines [1] - Chip technology stocks continued to perform strongly, with the Chip ETF (159995) increasing by 2.17%. Notable individual stock performances included Tongfu Microelectronics rising by 10.01%, Lattice Semiconductor by 4.65%, Beijing Junzheng by 4.48%, Zhaoyi Innovation by 4.08%, and Haiguang Information by 3.72% [1] Group 2 - On October 6, OpenAI and AMD announced a multi-billion dollar chip deal to jointly develop AI data centers based on AMD processors. This signifies a significant collaboration in the AI chip market [3] - Huaxin Securities indicated that a new era for domestic AI chips has begun, highlighting the complete integration of the domestic AI industry chain from advanced processes to model acceleration by major companies like ByteDance, Alibaba, and Tencent [3] - The Chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, such as SMIC, Cambricon, Jiangsu Changjiang Electronics Technology, and Northern Huachuang [3]

Summary of JCET (600584.SS) Conference Call Company Overview - **Company**: JCET (Jiangsu Changjiang Electronics Technology Co., Ltd.) - **Industry**: OSAT (Outsourced Semiconductor Assembly and Test) - **Recent Acquisition**: Acquired 80% of SanDisk Semiconductor Shanghai (SSDS) for US$27.4 million, completed in September 2025 [1] Key Points and Arguments Revenue Growth and Market Position - JCET is expected to benefit from the NAND flash memory market, particularly driven by data center demand [1][3] - Projected revenue growth of 13% year-over-year for Q3 2025, supported by: 1. Leadership in the China OSAT market 2. Recovery in utilization rates and margin improvements 3. Technology migration towards automotive chips and advanced packaging [2][3] Financial Projections - Revised revenue estimates for 2025E at Rmb42.15 billion, 2026E at Rmb48.79 billion, and 2027E at Rmb53.83 billion, reflecting a 1% increase from previous estimates [4][3] - Net income projections for 2026E and 2027E increased by 1% to Rmb3.03 billion and Rmb3.62 billion respectively [3][4] Margins and Profitability - Gross margin expected to remain stable at 13.5% for 2025E, with slight improvements to 14.1% in 2026E and 14.4% in 2027E [4] - Operating margin projected to improve from 4.9% in 2025E to 7.2% in 2027E [4] Valuation and Price Target - Target price raised to Rmb44.9 from Rmb39.3, based on a target P/E multiple of 26.5x for 2026E EPS [2][14] - Current trading at 26.0x 2026E P/E, indicating modest upside potential [2] Risks and Considerations - Key risks include fluctuations in semiconductor capital expenditure in China, technology development timelines, and shipment ramp-up of advanced packaging [15] Additional Insights - JCET's acquisition of SSDS enhances its capabilities in NAND flash OSAT services, positioning it favorably in a growing market [1] - The company is consolidating its financial reporting with SSDS since September 2024, which is expected to contribute positively to revenue streams [1] This summary encapsulates the essential insights from the conference call regarding JCET's strategic positioning, financial outlook, and market dynamics.

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

Core Viewpoint - The semiconductor industry is transitioning into the "post-Moore era," where traditional scaling methods are becoming less effective due to physical limits and rising costs. Advanced packaging technologies are emerging as a key focus area, driven by the demand for AI chips requiring high performance and low latency [1]. Industry Overview - The global advanced packaging market is projected to exceed $79.4 billion by 2030, with a compound annual growth rate (CAGR) of 9.5% from 2024 to 2030, primarily fueled by AI and high-performance computing demands [1]. - Major players in the advanced packaging sector include TSMC, Intel, and Samsung, each adopting unique competitive strategies to dominate the high-end packaging market [1]. TSMC's Advanced Packaging Strategy - TSMC leads the advanced packaging market with its "3D Fabric" platform, which includes CoWoS, InFO, and SoIC technologies, covering various application scenarios [2]. - The CoWoS technology has evolved to its fifth generation, supporting high-density integration and significantly enhancing memory bandwidth for high-performance computing applications [5]. - InFO technology focuses on cost-sensitive applications, enabling low-cost, thin packaging solutions, while SoIC technology allows for true 3D chip stacking [6][10]. Intel's Advanced Packaging Approach - Intel is developing its advanced packaging capabilities through EMIB and Foveros technologies, targeting high-performance computing and AI markets [7]. - EMIB technology connects bare chips using silicon bridges, while Foveros enables vertical stacking of chips, enhancing flexibility and performance [10]. Samsung's Advanced Packaging Innovations - Samsung is advancing its packaging technologies with I-Cube and X-Cube systems, addressing both 2.5D and 3D IC packaging needs [11]. - The I-Cube technology integrates logic chips and HBM on the same interposer, while the X-Cube technology enhances system integration through vertical electrical connections [12][13]. - Samsung is also focusing on SoP (System on Panel) technology, which aims to challenge TSMC's dominance in high-end AI chip packaging by offering larger integration spaces and lower costs [14][16]. Domestic Players in Advanced Packaging - Chinese companies are making strides in the advanced packaging sector, with a projected market size of 69.8 billion yuan in 2024, driven by firms like Changjiang Electronics Technology, Tongfu Microelectronics, and Huatian Technology [17]. - Changjiang Electronics is recognized as a leader in advanced packaging, leveraging its XDFOI Chiplet platform to support high-density interconnections [18]. - Tongfu Microelectronics has established a strong position through collaborations with AMD, focusing on AI and HPC advanced packaging [20]. - Huatian Technology is expanding its capabilities in advanced packaging through significant R&D investments and partnerships [22]. Future Outlook - The global advanced packaging market is expected to reach $56.9 billion by 2025, surpassing traditional packaging for the first time, with domestic firms poised to capture more market share [32]. - The ongoing development of AI computing chips and the trend towards self-sufficiency in high-end advanced packaging present significant opportunities for domestic players to narrow the gap with international leaders [32].

Core Viewpoint - The storage chip sector has shown a significant increase, with a rise of 2.80%, ranking sixth among concept sectors, indicating strong market interest and investment potential in this area [1][2]. Group 1: Sector Performance - As of September 30, the storage chip concept saw 91 stocks increase, with Jiangbolong hitting a 20% limit up, and notable gains from companies like Huahong, Canxin, and Hengshuo, which rose by 15.72%, 15.41%, and 11.88% respectively [1]. - The sector's performance is contrasted by declines in stocks such as Jingyi Equipment, Jiangfeng Electronics, and Dongxin, which fell by 6.21%, 4.86%, and 3.29% respectively [1]. Group 2: Capital Flow - The storage chip sector attracted a net inflow of 4.263 billion yuan, with 69 stocks receiving net inflows, and 16 stocks exceeding 100 million yuan in net inflow [2]. - The leading stock in terms of net inflow was Zhaoyi Innovation, with a net inflow of 1.478 billion yuan, followed by Changdian Technology, Shentech, and Jiangbolong, which saw net inflows of 757.1 million yuan, 686.2 million yuan, and 450 million yuan respectively [2]. Group 3: Stock Performance Metrics - Key stocks in the storage chip sector included Zhaoyi Innovation with an 8.20% increase and a turnover rate of 8.97%, and Changdian Technology with a 7.83% increase and a turnover rate of 12.04% [3]. - Shentech led in net inflow ratio at 34.75%, followed by Demingli at 21.40% and Chengbang at 17.30% [3].

9月30日，长电科技涨5.11%，截至发稿，报42.98元/股，成交45.38亿元，换手率6.02%，总市值769.09 亿元。 资料显示，江苏长电科技股份有限公司位于江苏省江阴市滨江中路275号，成立日期1998年11月6日，上 市日期2003年6月3日，公司主营业务涉及集成电路的系统集成、设计仿真、技术开发、产品认证、晶圆 中测、晶圆级中道封装测试、系统级封装测试、芯片成品测试并可向世界各地的半导体客户提供直运服 务。主营业务收入构成为：芯片封测99.59%，其他0.35%，租赁收入0.05%。 天弘中证芯片产业ETF（159310）基金经理为林心龙、洪明华。 截至发稿，林心龙累计任职时间4年308天，现任基金资产总规模275.03亿元，任职期间最佳基金回报 116.15%， 任职期间最差基金回报-49.55%。 洪明华累计任职时间74天，现任基金资产总规模288.31亿元，任职期间最佳基金回报48%， 任职期间最 差基金回报0%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人 ...

Transaction Overview - Jiangsu Changjiang Electronics Technology Co., Ltd. (the "Company") approved the acquisition of 80% equity in Shengdi Semiconductor (Shanghai) Co., Ltd. by its wholly-owned subsidiary, Changjiang Electronics Management Co., Ltd. The transaction price is approximately $62.4 million, subject to customary adjustments based on cash, liabilities, and net working capital at closing [2] - The acquisition has received necessary approvals from the State Administration for Market Regulation and the Shanghai Minhang District Planning and Natural Resources Bureau [3] Completion of the Transaction - On September 28, 2024, the transaction was completed, and Shengdi Semiconductor became an indirect subsidiary of the Company. The first payment of $26.219 million (including tax) was made on September 30, 2024 [3] - The second payment of $20.9735 million (including tax) was made on January 6, 2025 [4] Supplementary Agreement and Adjustments - On September 27, 2025, a supplementary agreement was signed due to an increase in working capital needs for Shengdi Semiconductor. The purchase price was adjusted downwards by $1.00356 million, and the third payment of $2.74044 million (including tax) was made on September 29, 2025 [5]

本次交易已获得了国家市场监督管理总局下发的《经营者集中反垄断审查不 予禁止决定书》和上海市闵行区规划和自然资源局的审批同意。具体内容详见公 司于 2024 年 8 月 12 日披露的《江苏长电科技股份有限公司关于收购晟碟半导体 （上海）有限公司 80%股权的进展公告》（临 2024-052）。 2024 年 9 月 24 日，标的公司完成了包括经营范围、股东和法定代表人在内 的工商变更登记。具体内容详见公司于 2024 年 9 月 25 日披露的《江苏长电科技 股份有限公司关于收购晟碟半导体（上海）有限公司 80%股权的进展公告》（临 2024-064）。 2024 年 9 月 28 日，交易双方就本次交易完成交割，标的公司已经成为公司 的间接控股子公司。2024 年 9 月 30 日，收购方向出售方支付了交割调整后的第 一笔收购款 26,219 万美元（含税）。具体内容详见公司于 2024 年 10 月 1 日披 露的《江苏长电科技股份有限公司关于收购晟碟半导体（上海）有限公司 80% 股权交割完成的公告》（临 2024-065）。 2025 年 1 月 6 日，收购方向出售方支付了第二笔收购款 20,97 ...

Core Viewpoint - Jiangsu Changdian Technology Co., Ltd. announced the acquisition of 80% equity in Shengdi Semiconductor (Shanghai) Co., Ltd. for approximately $62.4 million, with the transaction approved by relevant authorities and completed by September 2024 [1] Group 1: Acquisition Details - The acquisition proposal was approved by the company in March 2024, with a total transaction price of about $62.4 million [1] - The first payment of $26.219 million was made on September 30, 2024, followed by a second payment of $20.9735 million on January 6, 2025 [1] - A supplementary agreement was signed on September 27, 2025, allowing for a reduction in the acquisition price due to adjustments in raw material procurement [1] Group 2: Payment Adjustments - On September 29, 2025, the acquisition price was reduced by $1.00356 million, leading to a third payment of $2.74044 million [1]

Market Performance - The market saw an increase last week, with the China Securities Xinhua National Brand Index rising by 1.10% to 2019.88 points [1] - The Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index by 1.06%, the ChiNext Index by 1.96%, and the CSI 300 Index by 1.07% [1] Strong Performing Stocks - Notable strong performers included Hu Silicon Industry, which increased by 19.75%, and Anji Technology, which rose by 19.05% [1] - Other significant gainers included Xinlitai (up 15.81%), Yangguang Power, and Zhongwei Company (both over 14%) [1] Year-to-Date Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 183.63%, leading the gains [2] - Yangguang Power and Kewo Si have also shown substantial increases of 132.40% and 82.81%, respectively [2] Market Outlook - Starstone Investment suggests that the market's trading sentiment has declined due to risk aversion ahead of the long holiday, but this may indicate that funds are waiting for clearer policy and fundamental information [2] - The overall market remains strong, with no systemic risks identified, and various sectors are expected to present opportunities [2] Sector Rotation - Source Le Sheng Asset notes a clear rotation pattern this year, with sectors such as new consumption, innovative pharmaceuticals, technology, and high-dividend stocks experiencing alternating rises [3] - The investment strategy has been adjusted to reduce the proportion of technology stocks while increasing exposure to the manufacturing sector, focusing on technology, non-ferrous metals, manufacturing, and innovative pharmaceuticals [3]