Core Viewpoint - The stock price of兆易创新 (GigaDevice) increased by 5.59% to 321 HKD, with a trading volume of 29.84 million HKD, amidst a backdrop of fluctuating DRAM prices and tightening overseas liquidity expectations [1] Group 1: Market Impact - Korean memory giants experienced a significant drop in stock prices due to the first decline in DRAM spot prices in several months [1] - Despite the volatility in the spot market, Goldman Sachs reported an upward revision in contract prices for DRAM, indicating a strong bullish outlook [1] Group 2: Price Forecasts - Goldman Sachs analyst Giuni Lee's team has significantly raised the price forecasts for DRAM in major application areas for Q1 2026 [1] - Traditional DRAM pricing is expected to increase by 45%-50% quarter-over-quarter by Q4 2025, followed by a further increase of 90%-95% quarter-over-quarter in Q1 2026, surpassing previous market expectations [1]

Core Viewpoint - The stock price of兆易创新 (GigaDevice) has increased by over 5%, currently trading at 321 HKD, amidst a backdrop of fluctuating DRAM prices and tightening overseas liquidity expectations [1] Group 1: Market Impact - The stock price of major Korean memory manufacturers has significantly dropped due to expectations of tightening overseas liquidity and the first decline in DRAM spot prices in several months [1] - Despite the volatility in the spot market, Goldman Sachs reports that contract prices for DRAM are expected to rise, with a more aggressive upward forecast [1] Group 2: Price Forecasts - Goldman Sachs analyst Giuni Lee's team has significantly raised the price forecasts for DRAM in key application areas for Q1 2026 [1] - Traditional DRAM pricing is projected to increase by 45%-50% quarter-over-quarter by Q4 2025, followed by a further increase of 90%-95% quarter-over-quarter in Q1 2026, exceeding previous market expectations [1]

Core Viewpoint - The article highlights a rebound in major technology and semiconductor stocks, indicating a positive trend in the market, particularly for companies like NetEase, Bilibili, and various semiconductor firms [1][2]. Group 1: Market Indices - The Hang Seng Index (HSI) is currently at 26,995.76, up by 220.19 points or 0.82% [1]. - The Hang Seng Technology Index (HSTECH) stands at 5,563.79, increasing by 37.48 points or 0.68% [1]. - The Hang Seng Biotechnology Index (HSBIO) is at 14,983.75, with a rise of 133.86 points or 0.90% [1]. - The Hang Seng China Enterprises Index (HSCEI) is at 9,133.88, up by 53.69 points or 0.59% [1]. - The Hang Seng Composite Index (HSCI) is at 4,130.06, increasing by 36.19 points or 0.88% [1]. Group 2: Major Technology Stocks - NetEase (网易-S) shares rose to 205.00, with a gain of 7.10 or 3.59% [1]. - Bilibili (哔哩哔哩-W) shares increased to 265.00, up by 5.40 or 2.08% [1]. - Ctrip Group (携程集团-S) shares reached 485.00, with an increase of 7.40 or 1.55% [1]. - Alibaba (阿里巴巴-W) shares are at 165.40, up by 2.10 or 1.29% [1]. - Kuaishou (快手-W) shares rose to 77.90, with a gain of 0.90 or 1.17% [1]. Group 3: Semiconductor Stocks - Semiconductor stocks are experiencing a recovery, with Zhaoyi Innovation (兆易创新) rising over 5% [2]. - Huahong Semiconductor (华虹半导体) and Naxin Micro (纳芯微) both increased by over 3% [2]. - SMIC (中芯国际) shares rose by over 1% [2].

公 司 报 告 兆易创新(603986.SH) 受益于存储行业周期上行，公司业绩实现稳健增长 推荐 ( 维持) 股价:283.39元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.gigadevice.com | | 大股东/持股 | 朱一明/6.86% | | 实际控制人 | 朱一明 | | 总股本(百万股) | 697 | | 流通A股(百万股) | 668 | | 流通B/H股(百万股) | 29 | | 总市值(亿元) | 1,979 | | 流通A股市值(亿元) | 1,893 | | 每股净资产(元) | 26.11 | | 资产负债率(%) | 11.4 | 行情走势图 电子 2026年02月03日 证券分析师 事项： 兆易创新披露2025年度业绩预告以及关于2026年上半年度日常关联交易预计 额度的公告。 平安观点： 证 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,761 | 7,356 ...

Market Overview - The market experienced significant fluctuations with all three major indices dropping over 2%, and the Sci-Tech 50 index falling over 3% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.58 trillion, a decrease of 250.8 billion compared to the previous trading day [1] - Over 4,600 stocks declined, with 123 stocks hitting the daily limit down [1] Sector Performance - The liquor sector showed resilience, with stocks like Huangtai Liquor and Jinhui Liquor performing well [1] - The electric grid equipment sector also performed strongly, with multiple stocks reaching the daily limit up [1] - Conversely, sectors such as non-ferrous metals, oil and gas, chemicals, coal, and semiconductors saw significant declines, particularly the non-ferrous metals sector, which faced severe losses [1] Analyst Insights - Huatai Securities suggested that the current market pullback creates opportunities for entry, emphasizing a mid-term positive outlook for Chinese assets despite short-term liquidity pressures [2] - Zhongtai Securities recommended focusing on sectors with strong demand and certainty, particularly in commodities related to geopolitical tensions and renewable energy [3] - Guotai Securities noted the need to observe potential style shifts in the market, particularly around the Chinese New Year, and highlighted the ongoing debate regarding inflation trends leading into 2026 [4]

Group 1 - The chip ETF (159995) opened down 1.49% at 1.980 yuan on February 2 [1] - Major holdings in the chip ETF include companies like SMIC, Haiguang Information, and Cambrian, with declines ranging from 0.47% to 4.47% [1] - The performance benchmark for the chip ETF is the National Securities Semiconductor Chip Index, managed by Huaxia Fund Management Co., with a return of 100.82% since its inception on January 20, 2020, and a recent one-month return of 14.61% [1]

Macro Dynamics - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", aiming to cultivate an innovation triangle in the Beijing-Tianjin-Hebei region, enhancing collaboration and resource flow [2] Housing Market - Shanghai has initiated a program to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and graduates to meet their rental needs [3] - The first batch of housing to be acquired will focus on matching housing types, layout, and transportation convenience to support talent in the city [3] Energy Sector - The China Electricity Council reported that by 2025, the country will add 550 million kilowatts of new power generation capacity, with wind and solar power accounting for 440 million kilowatts, representing 80.2% of the total [4] Financial Institutions - Citigroup warned that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP hitting 0.7%, the highest in 55 years, indicating potential risks for gold prices [7] - Deutsche Bank remains bullish on gold, maintaining a target price of $6,000 per ounce despite recent price drops, citing ongoing positive factors for gold investment [8] Market Data - On February 2, A-shares experienced a significant decline, with all three major indices dropping over 2%, and more than 4,600 stocks falling, including 123 hitting the daily limit down [12] - The Hong Kong Hang Seng Index fell by 2.23%, with the technology index down 3.36%, and significant declines in precious metals and semiconductor stocks [13] Company Dynamics - Midea Group announced a share buyback of 26.94 million shares, representing 0.35% of its total share capital, at a total cost of 1.998 billion yuan [17] - Chip-on-Board Technology reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit decrease of 4.91% [18] - GoerTek has repurchased 40.54 million shares, amounting to 1.14% of its total shares, for a total expenditure of 1.108 billion yuan [19] - Microsoft saw a market value drop of $381 billion following disappointing earnings and forecasts, indicating a shift in investor sentiment towards tech stocks [20] - Amazon is expected to report strong fourth-quarter earnings, with analysts predicting over 28% upside potential in the next 12 months [21]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | | 持有權益的股份數目 | 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 份數目 | | | (請參閱上述 *註解) 有投票權股 (日/月 | | | | | | | | | | 份百分比 | | | | | | | | ( % ) | | | CS20260130E00556 | BlackRock, Inc. | 1001(L) | | 150,429(L | HKD 321.0000 | 1.496.983(L) | 5.18(L)27/01/ | | 股份代號: | 03986 | | --- | --- | | 上市法國名稱: | 兆易創新科技集團股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 02/01/2026 - 02/02/2026 | 格隆汇2月2日丨根据联交所最新权益披露资料显示，2026年1月27日，兆易创新(03986.HK)获BlackRock, ...

一场全球范围内已打响的存储资源战，正在为中国企业撕开一条万亿通道。 全球人工智能（AI）产业的高速发展吸引了大量顶级资源聚集。近期，因存储产能纷纷涌向AI服务器所需高带宽记忆体（HBM）的供应，多 行业因资源倾斜而出现巨大缺口。 图片来源：视觉中国 手机、电脑、汽车等产品所需的存储产品，因产能不足而价格飙升。这场存储危机让相关公司面临断供和成本压力的同时，也为正在赶超先进 技术的中国存储芯片企业提供了结构性机遇。 今年1月，三星电子联席首席执行官卢泰文表示，全球内存芯片短缺程度前所未有，没有任何行业能独善其身。 电子产品首当其冲，巨头也无法幸免。1月27日，据韩国媒体报道，三星电子在与苹果的谈判中提出，一季度LPDDR（移动设备专用低功耗内 存）芯片价格上涨超80%，而SK海力士的涨幅约为100%。且该谈判仅针对上半年，考虑到内存危机程度，下半年价格可能会进一步上涨。作 为销量以亿计的全球智能手机制造商，苹果的强势议价权不再，不得已接受了大幅涨价。 这场短缺同样发生在NAND（用于长期存储数据的芯片）上，中国企业同样正在补上这一缺口。据Counterpoint数据，长江存储在全球NAND 出货量中所占份额在2 ...

Group 1: Geopolitical Developments - Serbian President Vucic predicts that Iran will face military strikes within 48 hours, linking the timing to Epstein-related documents [1] - Iranian officials deny plans for military exercises in the Strait of Hormuz, stating that reports of such drills are inaccurate [1] Group 2: U.S.-Iran Relations - U.S. President Trump expresses hope for an agreement with Iran, while Iranian Foreign Minister Zarif maintains confidence in reaching a nuclear deal [3][10] - Zarif indicates that Iran is working with regional partners to build trust with the U.S. for negotiations, which have shown some effectiveness [5][11] - Zarif emphasizes the importance of substance over form in negotiations, reiterating Iran's desire for the U.S. to lift long-standing sanctions and respect its rights to uranium enrichment [11] Group 3: Commodity Market Trends - The commodity market experiences a significant downturn, with gold, silver, crude oil, and industrial metals leading the decline due to hawkish expectations from the Fed and a strengthening dollar [12] - A large sell-off in the A-share market sees major indices drop over 2%, with significant losses in resource sectors and semiconductor stocks [12] - Silver and other precious metals face substantial selling pressure, with notable sell orders exceeding 66 billion for Silver [9] Group 4: Company Developments - Tesla announces the upcoming launch of its third-generation humanoid robot, designed to learn new skills by observing human behavior, with an expected annual production of one million units [13]