Summary of Conference Call Records Industry Overview - The NAND flash contract prices have been raised for the second time in 2026, with an increase exceeding 100%, significantly higher than the market's previous expectation of 20% in November last year [1][2] - The DRAM price increase has also been revised, but it has received less attention due to already high expectations [1][2] - The storage price increase cycle is expected to continue until the third quarter of 2026, benefiting related design, equipment, and module companies [1] Key Companies and Investment Opportunities - **Chip Design Companies**: Companies like Junzheng, Zhaoyi Innovation, and Purun are expected to benefit from downstream storage price increases [3] - **CSP Manufacturers**: Chip Source Co., as a leading player in the domestic computing power sector, is anticipated to see significant performance growth due to ASIC chip demand driven by CSPs [5] - **Advanced Packaging Companies**: Longji Technology and Tongfu Microelectronics are highlighted for their 2.5D packaging capabilities, with the latter's business expected to grow in the first quarter of 2026 [6][10] - **Emerging Companies**: Companies like Xiyin Electronics and Baiwei Storage are noted for their advancements in advanced packaging technology [6][12] Market Dynamics - The storage market is experiencing a confluence of three major cycles: technological upgrades, financing cycles for the two storage companies, and AI-driven price cycles [2] - The overall packaging industry is being driven by AI cloud and terminal penetration, storage super cycles, and the expansion of mature processes [8] - The capacity utilization rate in the packaging industry is expected to improve significantly, with projections for 2026 indicating a more robust state [8] Advanced Packaging Developments - Longji Technology is focusing on high-performance computing and storage terminals, with a projected capacity utilization rate of nearly 80% by the third quarter of 2025 [9] - Tongfu Microelectronics has been collaborating with overseas clients since 2019, achieving a competitive level in advanced packaging technology [10] - Yongxi Electronics aims to increase its market share in advanced packaging, focusing on high-end products and maintaining high investment in 2.5D packaging and AI-related technologies [11][14] Impact of AI and Sandbox Technology on CPU Sector - The implementation of sandbox technology for Agent applications is expected to create additional demand for CPU servers, benefiting companies like AMD, Intel, and Haiguang Information [15][16] - The sandboxing approach allows for a controlled environment for executing code, which is crucial for managing risks associated with Agent operations [15] Conclusion - The storage and advanced packaging sectors are poised for growth driven by technological advancements and market dynamics, with several companies identified as key players for investment opportunities. The integration of AI and sandbox technology is also expected to create new demand in the CPU market, presenting further investment potential.

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating a favorable outlook for the sector [5]. Core Insights - Strong demand for computing power driven by AI is creating investment opportunities across various segments of the industry [2][8]. - The report highlights a supply-demand imbalance in hardware related to AI, with significant growth expected in the semiconductor and storage sectors [7]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - **AI Computing Hardware**: - Wafer Manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and Packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others - Server Storage: Lanke Technology (688008, Buy) - CPU: Haiguang Information (688041, Buy), Loongson Technology (688047, Not Rated), and others - Passive Components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) - Server Manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) - Analog and Power Chips: Naxin Micro (688052, Buy), and others - Semiconductor Equipment: Zhongwei Company (688012, Buy), and others [3][8]. AI Applications and Edge Computing - Investment opportunities in edge AI applications are expected to grow, with significant advancements in hardware integration across consumer electronics like PCs, TVs, and smartphones [7][9]. - The report anticipates that major tech companies will launch innovative AI products, enhancing user interaction and creating new growth opportunities for related businesses [7].

Group 1 - Jiangyin High-tech Zone has achieved significant milestones in the semiconductor industry, with Shouxin Semiconductor delivering its self-developed Dubhe series 12-inch PECVD equipment to advanced logic process customers and the first domestically produced Merak series 12-inch low-temperature oxide PECVD equipment to major silicon wafer clients, marking a new stage in the scale application of multiple devices [1] - The microelectronics industrial park in Jiangyin covers an area of 5,000 acres and hosts leading companies such as Changdian Technology and Shenghe Jingwei, with the recent signing of a key semiconductor equipment manufacturing project by South Korea's Wonik IPS, further boosting the park's development [1] - The integrated circuit industry in Jiangyin High-tech Zone is projected to generate revenues of 40 billion yuan by 2025 and 70 billion yuan by 2030, with the expectation of adding 2-3 listed companies, making solid progress towards the goal of a 100 billion yuan microelectronics industrial park [1] Group 2 - Jiangyin High-tech Zone has attracted 73 upstream and downstream enterprises, including Xingan Technology and Delong Laser, to collaborate in the third-generation semiconductor industry, and has undertaken 9 national and provincial major projects, receiving 7 national and provincial technology achievement awards [2] - The zone has established a complete industrial chain from special steel smelting to high-end wire materials and has been recognized with several national honors, including being named a national new industrialization industry demonstration base [2] - Since the 14th Five-Year Plan, Jiangyin High-tech Zone has adopted a transformation path of "industrial clusters + characteristic parks," accelerating the renewal of traditional industries and the growth of emerging industries, achieving a comprehensive ranking of 43rd in the national high-tech zone evaluation [2] Group 3 - The Qishan Lake Science and Innovation Valley, covering 13.2 square kilometers, is set to be fully operational by the second half of 2026, focusing on future industries such as rocket chains and satellite chains, with plans to attract 5 leading enterprises and 10 gazelle companies by 2030 [3] - The innovation ecosystem in artificial intelligence will be developed around core technologies such as embodied robotics and vertical large models, aiming for an annual output value exceeding 10 billion yuan [3] - Jiangyin High-tech Zone has launched a 100 million yuan innovation development fund and 10 specific measures to support the entire innovation chain, with the establishment of several international innovation centers in collaboration with Southeast University [3] Group 4 - Since the 14th Five-Year Plan, Jiangyin High-tech Zone has implemented a series of support policies, including 30 measures for technological innovation and the Panlong Talent Plan 4.0, to foster enterprise growth and expand industry sectors [4] - The zone has established an industrial development fund and built a matrix of various funds, including angel investment, venture capital, and mergers and acquisitions, along with 15 national-level research and development institutions and platforms [4] - By 2025, the science and technology innovation "flying land" initiative has attracted 213 technology projects and 239 high-end talents, with a focus on high-quality development and the cultivation of new productive forces [4]

（来源：新华日报） □ 本报记者 俞圣彤 新年伊始，江阴高新区内传来喜讯：首芯半导体向国内先进逻辑工艺客户交付了自主研发的Dubhe系列 12寸PECVD设备，并向大硅片头部客户交付首台国产Merak系列12寸低温氧化物PECVD设备。此次同 步发货，标志着该公司多款设备迈入规模化应用新阶段，也标志着在薄膜沉积设备领域的技术与交付能 力进一步获得产业认可。 走进首芯半导体所在的微电子产业园，一座占地5000亩的"芯"高地跃然眼前：这里汇聚了全球第三的封 测龙头企业长电科技，3D堆叠封装技术全球领先的盛合晶微。近日，韩国圆益IPS半导体核心设备制造 项目成功签约落地，为园区发展再添"芯"动力。 一簇簇"芯"火，掀起江阴高新区集成电路产业发展燎原之势，2025年，园区集成电路企业营收达400亿 元，预计2030年将达700亿元，新增2—3家上市企业，在完成千亿级微电子产业园区的目标上迈出坚实 一步。 "第三代半导体产业节点上的任何一家企业，都能在这里找到供应链伙伴以及未来合作客户，这就是全 产业链布局的意义。"江阴市未来产业投资发展集团有限公司董事长、总经理费凯介绍，园区依托一批 链主企业，招引昕感科技、德龙激光 ...

Core Insights - The future of computing power will be determined by optical transmission efficiency, highlighting the critical role of optical interconnect technology and the growing market enthusiasm for indium phosphide (InP) materials [1][2] - The global AI infrastructure spending is expected to exceed $1 trillion by 2026, driving the rapid iteration of data center optical modules to 800G/1.6T and beyond [1] - The demand for InP materials is surging due to their unique properties, with a significant supply-demand gap projected to persist until 2026 [1][9] Group 1: InP Material Advantages - InP exhibits over ten times the electron mobility of silicon, making it suitable for high-frequency and high-speed applications, particularly in optical communication at critical wavelengths [3][4] - InP's high thermal resistance and radiation tolerance are essential for AI servers and data centers operating in high-temperature environments [3] - InP is positioned as the core material for high-end long-distance communication, outperforming silicon and gallium arsenide in efficiency and adaptability [4] Group 2: Market Demand Drivers - The explosive growth of AI data centers is the primary driver for the increasing demand for InP, with 800G optical modules becoming standard [6] - The introduction of Co-Packaged Optics (CPO) technology is expected to significantly increase the demand density for InP substrates, with a projected market growth of 166 times by 2030 [7] - In addition to data centers, InP is penetrating advanced fields such as LiDAR, 5G/6G mobile communications, low Earth orbit satellite communications, and quantum computing [8] Group 3: Global Market Dynamics - The global InP industry is characterized by a high degree of oligopoly, with major players like Sumitomo Electric and AXT dominating over 95% of the market [9] - A significant supply-demand gap is anticipated, with a projected need for 2 million InP devices by 2025 against a production capacity of only 600,000 [9] - Major manufacturers are ramping up production capacity to address this gap, with AXT planning to double its capacity by 2026 [9][10] Group 4: Domestic Industry Developments - Chinese companies are accelerating efforts to break the foreign monopoly in the InP market, with several firms achieving significant milestones in production capacity and technology [10][11] - The domestic market is witnessing a collaborative push towards a full-chain upgrade in the InP industry, enhancing quality and efficiency [12] - Government policies are supporting the development of InP materials, including tax reductions and funding for research in high-purity indium production [12] Group 5: Future Outlook and Challenges - The InP industry is on the brink of a significant scale-up, driven by the urgent need for high-performance materials in AI and optical communication [18] - Despite the promising outlook, challenges such as low crystal growth yield and high costs remain, necessitating technological advancements and cost reductions [14][15] - Geopolitical factors and export controls are creating uncertainties in the global supply chain, impacting the InP industry's growth trajectory [16]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different industries, suggesting a potential shift in investor sentiment and market dynamics [1][2][3] Group 1: Major Stocks with Capital Outflows - Sanhua Intelligent Control experienced a capital outflow of 1.402 billion, with a decline of 2.73% in stock price [2] - Tongfu Microelectronics saw a capital outflow of 1.309 billion, with a decrease of 1.55% [2] - Contemporary Amperex Technology reported a capital outflow of 1.143 billion, with a drop of 2.8% [2] - Zhaoyi Innovation also faced a capital outflow of 1.143 billion, with a decline of 1.93% [2] - Changdian Technology had a significant outflow of 861 million, with a sharp decrease of 6.25% [2] Group 2: Other Notable Stocks - Hunan Silver experienced a capital outflow of 836 million, but its stock price increased by 6.67% [2] - Huada Technology saw an outflow of 825 million, with a decline of 3.1% [2] - Yango Technology faced a capital outflow of 723 million, with a significant drop of 6.37% [2] - Sungrow Power Supply had an outflow of 720 million, with a decrease of 1.16% [2] - TBEA reported a capital outflow of 653 million, with a decline of 2.5% [2] Group 3: Additional Stocks with Capital Outflows - Baiwei Storage experienced a capital outflow of 588 million, with a slight decrease of 0.79% [2] - Nanda Optoelectronics saw an outflow of 577 million, with a decline of 4.25% [3] - Lens Technology faced a capital outflow of 565 million, with a decrease of 2.09% [3] - Zijin Mining reported an outflow of 556 million, with a decline of 2.31% [3] - EVE Energy experienced a capital outflow of 555 million, with a drop of 2.99% [3]

Core Viewpoint - Changdian Technology's stock price reached a historical high on January 21, with a monthly increase of over 43%, driven by its leading position in the industry and a series of favorable developments that reignited market enthusiasm [1][2]. Group 1: Stock Performance and Market Sentiment - On January 21, Changdian Technology's stock rose by 6.3% to close at 52.61 yuan, pushing its market capitalization above 94 billion yuan, marking a historical high [2]. - Since the semiconductor industry's recovery signal was confirmed in the second half of 2025, the company's stock has surged over 64% from a low of approximately 32 yuan [2]. - The recent rally was supported by positive news in the AI sector, including TSMC's Q4 2025 earnings exceeding expectations and Micron's announcement of ongoing memory chip shortages [2]. Group 2: Financial Performance and Industry Position - In the first three quarters of 2025, Changdian Technology reported revenue of 28.59 billion yuan, ranking first in the packaging and testing industry, nearly 40% ahead of the second-place competitor, Tongfu Microelectronics [3]. - The company's revenue growth rate was 14.78% year-on-year, reflecting strong fundamentals that bolster investor confidence [3]. Group 3: Strategic Acquisitions and Corporate Development - The company's success is partly attributed to its strategic acquisition of the fourth-largest packaging and testing company, STATS ChipPAC, in 2015 for $780 million, which significantly increased its market share from 3.9% to 10% [4]. - In March 2024, China Resources Group acquired a controlling stake in Changdian Technology, enhancing its resource advantages and providing a solid backing for the company [3][4]. - The acquisition of 80% of the shares in Western Digital's semiconductor division for $624 million further solidified Changdian Technology's market position and integrated it into major supply chains, including those of Apple and Samsung [4]. Group 4: Competitive Landscape and Future Prospects - The market is speculating on potential competition between Changdian Technology and China Resources Microelectronics, which also operates in the semiconductor sector [5][6]. - China Resources Group has committed to restructuring its semiconductor resources over the next five years, which may involve integrating China Resources Microelectronics' packaging and testing operations into Changdian Technology [6]. - The positive market reaction to the acquisition has led to a significant increase in Changdian Technology's stock price, reaching a peak of 38.55 yuan shortly after the announcement [6].

据称，随着人工智能和高性能计算工作负荷的快速增长，系统对高带宽、低延迟和能效优化的光互连技 术需求持续提升。CPO通过先进封装技术实现光电器件与芯片的微系统集成，为下一代高性能计算系统 提供了更紧凑、更高效的实现路径。 北京商报讯(记者陶凤王天逸)1月21日，长电科技（600584）宣布在光电合封(Co-packagedOptics，CPO) 产品技术领域取得重要进展。基于XDFOI多维异质异构先进封装工艺平台的硅光引擎产品已完成客户 样品交付，并在客户端顺利通过测试。 ...

另外，富士总研指出，近年来，因AI普及带动数据中心处理的资讯量爆炸性增加，提振光收发器 市场急速扩大，特别是400G、800G产品需求扬升，预估2025年全球光收发器市场规模将扩大至 3.7兆日圆，之后将逐年呈现增长，2030年市场规模预估将扩增至10.7兆日圆、将较2024年飙增 2.6倍(飙增约260%)。 富士总研指出，目前800G光收发器产品主要获得北美大型云端服务商、英伟达采用，今后、随着 网路高速化，期待将扩大被采用。受2024年、2025年需求急增影响，预估2027年左右800G产品 需求将暂时放缓，不过因大型IT业者正式大规模采用、加上更换需求，预估2028年以后将持续维 持20%以上的年成长率。 据了解，XDFOI 是长电科技独有的一种面向 Chiplet（芯粒/ 小芯片）架构的极高密度多扇出型 封装异构集成解决方案，涵盖 2D、2.5D、3D 集成技术。 此次成功出样的硅光引擎通过在封装体内实现光电器件与逻辑芯片的高密度集成，在封装层面有 效优化了能效与带宽表现，为降低系统互连损耗和提升整体可扩展性提供了支持。 CPO需求，狂飙160倍 随着数据中心、AI投资增加，带动光通讯相关机器/元件 ...

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].