Core Viewpoint - Chip stocks continue to rise, with notable increases in companies such as Zhaoyi Innovation, Huahong Semiconductor, ASMPT, and SMIC, following the easing of export restrictions on Nvidia's H200 chips to China by the U.S. government [1] Group 1: Stock Performance - Zhaoyi Innovation (03986) increased by 11.67%, reaching 260.2 HKD [1] - Huahong Semiconductor (01347) rose by 4.37%, reaching 103.8 HKD [1] - ASMPT (00522) saw a rise of 3.62%, reaching 98.7 HKD [1] - SMIC (00981) increased by 2.13%, reaching 79 HKD [1] Group 2: Regulatory Changes - On January 13, the U.S. relaxed regulations on the export of Nvidia's H200 chips to China, allowing sales to proceed under the oversight of the U.S. Department of Commerce [1] - The U.S. government will charge fees on related transactions, as stated by former President Trump [1] Group 3: Industry Impact - First Shanghai's report indicates that the impact of the H200's release on the domestic computing power industry is limited [1] - The primary reason is that the H200's main application is in training, while domestic computing power focuses on small to medium models and inference applications, leading to low overlap in application scenarios [1] - By 2026, domestic computing power is expected to undergo a generational upgrade, with new products targeting performance levels comparable to the H100, while the H200's cost-effectiveness in inference scenarios is deemed low [1] - Domestic computing power is evolving towards super-node development, which will further enhance its cost-performance ratio [1]

Core Viewpoint - The semiconductor sector in the Hong Kong stock market experienced a significant afternoon rally, with notable gains in several key companies [1] Group 1: Company Performance - Zhaoyi Innovation (03986.HK) saw its stock price increase by over 9% [1] - Huahong Semiconductor (01347.HK) experienced a rise of more than 3% [1] - Other companies such as SMIC (00981.HK) and InnoCare Pharma (02577.HK) also followed the upward trend [1]

Group 1 - The storage chip sector continues to strengthen in the afternoon, with significant gains observed in various companies [1] - Baiwei Storage reached a limit-up increase of 20%, while Jiangbolong surged over 15%, hitting a historical high [1] - Other companies such as Demingli, Zhaoyi Innovation, Shenkong Co., Hengshuo Co., Beijing Junzheng, Xiangnong Xinchuan, Purang Co., Kaipu Cloud, and Shikong Technology also experienced upward movement [1]

Group 1 - The semiconductor ETF Southern (159325) has risen by 2.15%, marking a three-day consecutive increase, with a turnover of 12.24% and a transaction volume of 34.83 million yuan, indicating active market trading [1] - Key stocks in the index, such as Changdian Technology, peaked with a 10.00% increase, while Fengfan Technology and Zhenlei Technology rose by 9.59% and 8.05% respectively, with Changdian Technology hitting the daily limit [1] - A joint international research team has made significant progress in new semiconductor materials, achieving controllable construction of "mosaic" heterojunctions in two-dimensional ionic soft lattice materials, paving the way for future high-performance light-emitting and integrated devices [1] Group 2 - According to UBS statistics, the global semiconductor market is projected to reach $1 trillion by 2026, with a year-on-year growth exceeding 40%, and $1.18 trillion by 2027, maintaining a growth rate of 13% [1] - Even excluding memory chips, the industry is expected to sustain double-digit growth, driven by saturated investments in AI infrastructure, with the storage market anticipated to see nearly 90% growth by 2026 due to the rigid demand for high-end DRAM from HBM and AI servers [1] - Huaxin Securities reports that TSMC's revenue for Q4 2025 is expected to grow by approximately 20% year-on-year, reaching 1.05 trillion New Taiwan dollars, exceeding market expectations, reflecting strong demand for AI chips and advanced processes [2] - TSMC's performance indicates that capital expenditures in the global AI sector will remain high in 2026, benefiting upstream equipment, materials, and the entire domestic semiconductor industry chain [2] - The Southern semiconductor ETF closely tracks the CSI Semiconductor Industry Select Index, which includes 50 large-cap, profitable, and high R&D investment companies, reflecting the overall performance of representative and investable stocks in the semiconductor industry [2]

Group 1 - The storage concept stocks experienced a volatile upward trend during the trading session, with Baiwei Storage rising over 11% [1] - Taiji Industry, Jiangbolong, and Zhaoyi Innovation all saw increases of over 6% [1]

Core Viewpoint - The integrated circuit ETF (159546) opened with a gain of 1.00%, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The integrated circuit ETF (159546) opened at 2.028 yuan [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 101.35% [1] - The fund's one-month return stands at 14.93% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) up by 2.46% [1] - Cambricon (寒武纪) up by 0.35% [1] - Haiguang Information (海光信息) up by 1.08% [1] - Lattice Technology (澜起科技) up by 2.14% [1] - GigaDevice (兆易创新) up by 1.99% [1] - OmniVision (豪威集团) up by 0.82% [1] - Chipone (芯原股份) down by 0.25% [1] - JCET (长电科技) up by 2.30% [1] - Unisoc (紫光国微) up by 6.11% [1] - Tongfu Microelectronics (通富微电) up by 2.00% [1] Group 3: Management Information - The ETF is managed by Guotai Fund Management Co., Ltd. [1] - The fund manager is Ma Yiwen [1] - The performance benchmark for the ETF is the CSI All-Share Integrated Circuit Index [1]

Group 1 - The core viewpoint of the article indicates that the memory market has entered a "super bull market" phase, surpassing the historical highs of 2018, with expectations of a further increase of 40%-50% by Q1 2026 [1][5] - Company stock of兆易创新 (GigaDevice) rose over 5% during trading, with a current price of 242 HKD and a trading volume of 193 million HKD [1][5] - The company anticipates that the niche DRAM market will remain in a relatively tight supply environment for the next two years, with prices expected to rise further and maintain a good level in 2026 [1][5] Group 2 - The demand for storage is significantly increasing due to positive changes in the demand side and the push for AI infrastructure by overseas tech giants, which is expected to enhance computing power requirements [1][5] - The company aims to capture at least one-third of the domestic niche DRAM market, valued at 3-4 billion USD, over the next five years [1][5]

Group 1 - The stock of Zhaoyi Innovation (03986.HK) experienced a significant intraday increase, rising over 5% at one point and closing with a gain of 4.55% at 243 HKD [1] - The trading volume reached 98.6 million HKD, indicating strong market interest and activity in the stock [1]

Group 1 - The core viewpoint of the article indicates that the memory market has entered a "super bull market" phase, surpassing historical highs from 2018, with expectations of a further increase of 40%-50% by Q1 2026 [1] - According to Counterpoint Research, the demand for storage is significantly increasing due to positive changes in demand and the push from overseas tech giants for AI infrastructure, leading to a notable rise in computing power requirements [1] - The company anticipates that the niche DRAM market will remain in a relatively tight supply environment for the next two years, with prices expected to rise further and maintain a good level in 2026 [1] Group 2 - The company aims to capture at least one-third of the domestic niche DRAM market, which is valued at approximately 30-40 billion USD, over the next five years [1] - The stock of the company has seen an increase of over 5%, trading at 243 HKD with a transaction volume of 98.6 million HKD at the time of reporting [1]

在此背景下，兆易创新预期未来2年左右利基型DRAM市场仍将处于供应相对紧张的环境，价格有望进 一步上行，并在2026年维持相对较好的水平。公司表示，展望未来5年，对于国内30亿-40亿美金的利基 DRAM市场，其目标是取得至少三分之一的份额。 兆易创新（603986）(03986)涨超5%，截至发稿，涨4.55%，报243港元，成交额9860.01万港元。 消息面上，据Counterpoint Research最新报告指出，内存市场已进入"超级牛市"阶段，当前行情甚至超 越了2018年的历史高点。预计2026年Q1还将再涨40%–50%。兆易创新在2025年第四季度举行的机构调 研中表示，由于2025年需求端进一步出现积极变化，海外科技巨头推动AI基建，算力增长对存储的需 求量进一步显著提升，且科技巨头所宣布的产能需求相较于主要存储厂商实际计划增加的量还要大。 ...