Core Viewpoint - The company plans to utilize idle raised funds for cash management, specifically through high-security, liquid bank financial products and structured deposits, without affecting the progress of investment projects or normal operations [2][3]. Investment Overview - The investment purpose is to maximize shareholder value by improving the efficiency of idle raised funds while ensuring that the progress of investment projects and normal operations are not impacted [3]. - The total investment amount for cash management is RMB 150 million [3]. - The source of funds is from the temporarily idle raised funds from the non-public offering of shares in 2020 [4]. Fund Usage and Management - The company raised a total of RMB 4.324 billion from a non-public offering, with a net amount of RMB 4.284 billion after deducting underwriting fees [5]. - The raised funds were initially planned for "DRAM chip R&D and industrialization projects" and to supplement working capital, with adjustments made to include new projects [6]. Investment Methodology - The cash management will involve purchasing low-risk, short-term financial products with a maximum investment period of 12 months [2][10]. - The company has established a dedicated account for managing raised funds, ensuring compliance with regulations and protecting investor interests [6]. Recent Cash Management Situation - The cash management activities are within the authorized investment limits and timeframes, with a total of RMB 150 million allocated for cash management in the last 12 months [10]. Approval Process - The board of directors and the supervisory board approved the cash management proposal on April 24, 2025, ensuring that it does not affect the company's operational needs [2][10]. Impact on the Company - The cash management is expected to enhance the efficiency of fund utilization without significantly impacting the company's main business, financial status, or cash flow [10]. - As of September 30, 2025, the company's cash and cash equivalents amounted to RMB 10.014 billion, with the cash management amount representing 1.50% of this total [10]. Opinions from Intermediaries - The underwriting institution, China International Capital Corporation, has issued a consent opinion regarding the cash management of idle raised funds [11].

Core Viewpoint - The company announced the approval of a proposal to use idle raised funds for cash management, with a maximum amount of up to 500 million yuan, ensuring that it does not affect the progress of investment projects and normal operations [1] Group 1: Company Actions - The company will hold its fifth board meeting and the fifth supervisory board meeting on April 24, 2025, to discuss the cash management proposal [1] - The company plans to invest in safe, liquid bank wealth management products and structured deposits, with a maximum investment period of twelve months [1] Group 2: Financial Management Strategy - The company aims to utilize idle raised funds for cash management while maintaining the integrity of its investment projects and operational activities [1] - The selected financial products will have high safety and liquidity, with a focus on capital preservation [1]

Core Viewpoint - The company, Zhaoyi Innovation (03986), has announced plans to utilize idle raised funds for cash management, ensuring that it does not affect the progress of investment projects or normal operations [1] Group 1: Financial Management - The company will use a maximum of 500 million yuan of idle raised funds for cash management [1] - The funds will be invested in safe, liquid financial products and structured deposits with capital protection agreements [1] - The investment period for the financial products or structured deposits will not exceed twelve months [1]

证券代码：603986 证券简称：兆易创新 公告编号：2026-014 兆易创新科技集团股份有限公司 关于使用 A 股闲置募集资金进行现金管理的公告 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： 已履行的审议程序：兆易创新科技集团股份有限公司（以下简称"公 司"）于 2025 年 4 月 24 日召开了第五届董事会第二次会议及第五届监事会 第二次会议，审议通过了《关于使用闲置募集资金进行现金管理的议案》， 在确保不影响募集资金投资项目建设进度和公司正常生产经营的情况下，公 司（含作为募投项目实施主体的全资子公司、全资孙公司，下同）拟使用最 高额度不超过 5 亿元的闲置募集资金进行现金管理，选择适当的时机，阶段 性购买安全性高、流动性好、有保本约定的银行理财产品和结构性存款，购 买的理财产品或结构性存款期限不得超过十二个月。上述现金管理自董事会 审议通过之日起一年内有效，并授权公司管理层在有效期和额度范围内行使 决策权。公司监事会发表了明确同意意见，保荐机构对本事项出具了无异议 的核查意见。 特别风险提示：公司 ...

Market Performance - The film and television, media, and short drama game sectors saw significant gains, while cultivated diamonds, gold concepts, liquor, and photovoltaic equipment sectors declined [1] - The media sector experienced a surge with over 10 stocks hitting the daily limit up, including Duoke Culture, Zhongwen Online, and Rongxin Culture [1] Stock Performance - Notable gainers included: - Duoke Culture: +20.03% at 13.90 - Zhongwen Online: +20.01% at 42.34 - Rongxin Culture: +20.00% at 50.69 - Liujin Technology: +16.82% at 16.25 - Zhongxin Publishing: +10.93% at 34.70 [2] - Conversely, the photovoltaic equipment sector saw declines, with Guosheng Technology down over 9% and Shuangliang Energy down over 7% [3][4] Market Activity - The total trading volume in the Shanghai and Shenzhen markets was 2.11 trillion, a decrease of 143.9 billion from the previous trading day, with over 3,100 stocks declining [5] - As of the market close, the Shanghai Composite Index rose by 0.13%, the Shenzhen Component Index increased by 0.02%, while the ChiNext Index fell by 0.37% [6] Capital Flow - Main capital inflows were observed in the media, computer, and pharmaceutical sectors, while there were outflows from power equipment, non-bank financials, and retail sectors [7] - Specific stocks with significant net inflows included: - Light Media: 2.957 billion - Zhongwen Online: 2.079 billion - Sanhua Intelligent Control: 1.444 billion [7] Institutional Insights - CITIC Securities maintains an optimistic outlook on precious and non-ferrous metal prices through 2026 [8] - China Galaxy Securities views the current moment as a new starting point for the storage chip sector [8] - Huatai Securities is optimistic about the continued global market share growth of domestic engineering machinery manufacturers [8]

Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF Huatai Fu (516920), which opened with a gain of 0.62% at 1.145 yuan on February 10 [1] - The major holdings of the Chip ETF include companies such as Cambricon, which rose by 1.67%, and SMIC, which increased by 0.23%. Other notable movements include Haiguang Information up by 1.90% and Northern Huachuang up by 0.82%, while Zhaoyi Innovation fell by 2.00% and Lanke Technology decreased by 0.55% [1] - The performance benchmark for the Chip ETF is the CSI Chip Industry Index return rate, managed by Huatai Fu Fund Management Co., Ltd. Since its establishment on July 27, 2021, the fund has achieved a return of 13.89%, with a recent one-month return of 0.11% [1]

Market Overview - The Shanghai Composite Index rose by 1.41% to close at 4123.09 points, with a daily high of 4123.16 points [1] - The Shenzhen Component Index increased by 2.17% to close at 14208.44 points, reaching a high of 14211.7 points [1] - The ChiNext Index saw a rise of 2.98%, closing at 3332.77 points, with a peak of 3340.33 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 26,556.13 billion yuan, with a financing balance of 26,387.82 billion yuan and a securities lending balance of 168.31 billion yuan, reflecting an increase of 6.15 billion yuan from the previous trading day [2] - The Shanghai market's margin trading balance was 13,475.12 billion yuan, up by 4.76 billion yuan, while the Shenzhen market's balance was 13,081.01 billion yuan, increasing by 1.39 billion yuan [2] - A total of 3,480 stocks had financing funds for purchase, with the top three being Xinyi Technology (25.36 billion yuan), Zhongji Xuchuang (24.32 billion yuan), and Shenghong Technology (17.14 billion yuan) [2][3] Fund Issuance - Eight new funds were issued yesterday, including: - Shangyin Stable and Wise Three-Month Holding (FOF) C - Xinyuan CSI Hong Kong Stock Connect Technology Index C - Xinyuan CSI Hong Kong Stock Connect Technology Index A - Shangyin Stable and Wise Three-Month Holding (FOF) A - CITIC Construction Investment Shuangyi Three-Month Holding Period Bond A - Zhaoshang Yutian Mixed Initiation C - CITIC Construction Investment Shuangyi Three-Month Holding Period Bond C - Zhaoshang Yutian Mixed Initiation A [4][5] Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list were led by: - Zhongwen Online with a net purchase of 715.97 million yuan - TCL Zhonghuan with 517.15 million yuan - Zhongchao Holdings with 406.27 million yuan - Hunan Silver with 354.37 million yuan - Jiecheng Shares with 230.40 million yuan [6][7]

Group 1 - The total margin financing balance in A-shares reached 26,644.00 billion yuan, an increase of 740 million yuan from the previous trading day, accounting for 2.56% of the A-share circulating market value [1] - The margin trading volume on that day was 2,166.77 billion yuan, which is an increase of 255.11 billion yuan from the previous trading day, representing 9.53% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries in Shenwan, 12 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 2.304 billion yuan [2] - Other industries with significant net financing inflows include power equipment, computers, media, and basic chemicals [2] Group 3 - A total of 34 individual stocks had net financing inflows exceeding 100 million yuan, with Zhaoyi Innovation leading at a net inflow of 423 million yuan [2] - Other notable stocks with high net financing inflows include Cambrian, Sunshine Power, Xunwei Communication, Zhongwen Online, Dike Co., Huhua Electric, Changfei Fiber, Kingsoft Office, and TCL Zhonghuan [2][3]

Summary of the Conference Call on the Storage Industry Industry Overview - The report focuses on the storage industry, specifically DRAM and NAND Flash markets, highlighting significant price increases in January 2026 [1][2]. Key Points and Arguments Price Review for January 1. **DRAM Prices**: - Mainstream DRAM spot prices increased by 16% to 33% month-over-month in January 2026. - Contract prices for DDR5-8Gb and DDR4-8Gb surged by 119% and 63% respectively [1]. 2. **NAND Flash Prices**: - Mainstream NAND Flash spot prices rose by 24% to 34% month-over-month. - Contract prices increased by 37% to 67% [1]. 3. **Module Prices**: - DDR4/5 memory module prices increased by 13% to 50%. - SSD prices rose by 39% to 62%, while mobile storage prices increased by 22% to 43% [1]. Price Outlook 1. **DRAM Forecast**: - It is expected that traditional DRAM contract prices will rise by 90% to 95% in Q1 2026, up from a previous estimate of 50% to 60%. - The supply-demand gap for DRAM continues to widen, with North American CSP manufacturers securing supplies, forcing other customers to accept higher prices. Server DRAM is projected to increase by 88% to 93% in a single quarter [1]. 2. **NAND Flash Forecast**: - Strong demand from AI servers is anticipated to drive overall contract prices up by 55% to 60% in Q1 2026, compared to an earlier forecast of 33% to 38% [2]. 3. **Niche Storage**: - NOR Flash prices are expected to maintain an upward trend in H1 2026, with overall increases exceeding 20% in Q1, and even larger increases for smaller capacity NOR products [2]. Company Insights 1. **SK Hynix**: - The company forecasts a year-over-year growth of over 20% in DRAM demand and 15% to 20% in NAND demand for 2026, driven primarily by AI server and data center needs [3]. 2. **Samsung Electronics**: - Strong demand from AI servers is noted, while smartphone and PC shipments are negatively impacted by storage supply and pricing issues [3]. 3. **SanDisk**: - The company anticipates that data center bit demand will grow by over 60% in 2026 [3]. Investment Recommendations - The report recommends focusing on four key areas: 1. Beneficiaries of storage price increases, with specific recommendations for companies like Zhaoyi Innovation, Puran, and Beijing Junzheng. 2. CPU chain/memory upgrades, recommending AI interconnect chip leader Lanke Technology. 3. Companies benefiting from Changxin's investment in production expansion, including domestic equipment firms like Zhongwei, Huahai Qingke, Kema Technology, and Jingzhida. 4. Logic chip foundries for storage, with recommendations for Huahong Semiconductor and Yandong Micro [3].

Group 1 - The Integrated Circuit ETF (159546) opened with a gain of 0.45%, priced at 2.023 yuan [1] - Key stocks in the ETF include: Cambrian rising by 1.67%, SMIC increasing by 0.23%, Haiguang Information up by 1.90%, while Zhaoyi Innovation fell by 2.00% and Lanke Technology decreased by 0.55% [1] - The ETF's performance benchmark is the CSI All Share Integrated Circuit Index return, managed by Guotai Fund Management Company, with a return of 101.55% since its establishment on October 11, 2023, and a 0.75% return over the past month [1]