Market Performance - The electronic sector is experiencing a strong market performance with a net inflow of 26.8 billion yuan, leading among 31 primary industries [1][7] - The electronic ETF (515260) has seen a price increase of 3.35%, indicating strong buying interest and potential new investments [1][7] Key Stocks - Notable stocks include Zhaoyi Innovation, which hit the daily limit, and Zhongwei Company, which surged over 12% [9][10] - Other significant gainers include Lanke Technology, Lens Technology, and Tuojing Technology, all rising over 6% [9][10] - Major weighted stocks like SMIC and Luxshare Precision also showed positive performance, increasing over 5% and 3% respectively [9][10] Industry Developments - Changxin Technology has submitted an IPO application to the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan for various technology upgrades, with a total investment of 34.5 billion yuan [2][11] - The National Integrated Circuit Industry Investment Fund has increased its stake in SMIC from 4.79% to 9.25%, indicating strong institutional support [2][11] - The semiconductor industry is expected to benefit from the rise of domestic chip design companies and localization trends, with opportunities anticipated to open up by 2026 [2][11] AI and Market Trends - Major North American cloud service providers are significantly increasing investments in AI infrastructure, with total investments projected to reach a historical high of $600 billion by 2026 [2][11] - The demand for storage chips is expected to surge, with prices for DDR4 16Gb chips projected to rise by 1800% and DDR5 16Gb chips by 500% in 2025 [2][11] - The electronic industry is in an innovation phase, with expectations for rapid growth driven by AI demand and subsequent breakthroughs in terminal innovation and profit release [3][11] Investment Tools - The electronic ETF (515260) and its linked funds are designed to passively track the electronic 50 index, focusing on sectors like semiconductors, consumer electronics, and AI chips [3][12] - This ETF serves as an efficient tool for investors looking to gain exposure to core assets in the electronic sector [3][12]

Group 1 - The core viewpoint of the article highlights a significant surge in the storage chip sector, driven by strong performance in both the US and Korean markets, which has positively impacted A-share storage chip stocks [1] - Morgan Stanley predicts that the memory market will tighten by 2026, with manufacturing constraints and stronger demand leading to sustained price increases. The firm has raised its average price forecasts for DRAM by 62% and NAND by 75% for 2026 [1] - Macronix, a Taiwanese storage manufacturer, announced a 100% price increase for NAND products and a 50% increase for NOR products in the first quarter of 2026 [1] Group 2 - Notable stock performances include Jiangbolong, which rose over 14%, and Shanghai Xinyang and Xiechuang Data, both increasing by over 12%. Other companies like Raytheon Defense and Zhaoyi Innovation reached the daily limit of 10% increase [2] - The total market capitalization of Jiangbolong is 117.4 billion, while Shanghai Xinyang stands at 22.4 billion, and Xiechuang Data at 65.4 billion [2] - The MACD golden cross signal formation indicates a positive trend for these stocks, suggesting a favorable market outlook [2]

Group 1 - The A-share market saw a collective rise in the three major indices on January 5, with the Shanghai Composite Index increasing by 0.64%. The insurance, semiconductor, and healthcare sectors led the gains, while oil and gas, as well as highways, experienced declines [1] - The semiconductor ETF (159995) rose by 3.52%, with notable increases in component stocks such as Zhongwei Company (up 11.48%), Zhaoyi Innovation (up 7.99%), Beijing Junzheng (up 6.31%), Lanke Technology (up 6.01%), and Huahai Qingke (up 5.60%) [1] Group 2 - Driven by strong demand for AI, storage chip prices are expected to surge by 1800% for DDR4 16Gb, 500% for DDR5 16Gb, and 300% for 512Gb NAND flash by 2025 [3] - Guojin Securities forecasts that the global supply of storage chips will remain insufficient in 2026, leading to continued price increases. The expected growth in DRAM bit supply is around 15% to 20%, while demand growth is projected to reach 20% to 25% [3] - The semiconductor ETF (159995) tracks the Guozheng Semiconductor Index, which includes 30 leading companies in the A-share semiconductor industry across materials, equipment, design, manufacturing, packaging, and testing, such as SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

Group 1 - The A-share market saw all three major indices rise on January 5, with the Shanghai Composite Index increasing by 0.86%. The insurance and healthcare sectors led the gains, while oil and gas, as well as highways, experienced declines [1] - The Consumer Electronics ETF (159732) rose by 2.80% as of 10:21 AM, with significant increases in component stocks such as Zhaoyi Innovation (up 10.00%), Baiwei Storage (up 9.20%), Lens Technology (up 7.86%), Xichuang Data (up 7.84%), and Xinwei Communication (up 5.98%) [1] Group 2 - The 2026 International Consumer Electronics Show (CES) is scheduled to take place from January 6 to 9, 2026, in Las Vegas, USA. Keynote speeches will be delivered by NVIDIA CEO Jensen Huang and AMD CEO Lisa Su, focusing on AI applications in robotics, drones, and automotive sectors [3] - Dongwu Securities predicts that 2026 will mark the beginning of a new era for AI terminal innovations, with major companies like Meta, Apple, Google, and OpenAI set to launch new terminal products. The new AI terminal forms will include glasses, AI pins, and camera headphones, driven by model iterations and accelerated application scenario development [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with a focus on electronic manufacturing and optical optoelectronics [3]

Industry Overview - The storage chip sector is experiencing significant activity, with companies like Cloud Han Chip City and others seeing stock price increases of over 10% [1] - Major North American cloud service providers (CSPs) such as Google, Meta, Microsoft, and Amazon AWS are expanding their investments in AI infrastructure, with total investments expected to reach a historical high of $600 billion by 2026 [1] Price Forecast - Strong demand for AI is projected to drive substantial increases in storage chip prices by 2025, with DDR4 16Gb prices expected to rise by 1800%, DDR5 16Gb by 500%, and 512Gb NAND flash by 300% [1] - Guojin Securities forecasts that global storage chips will remain in short supply throughout 2026, leading to continued price increases [2] Supply and Demand Dynamics - For 2026, DRAM bit supply is expected to grow by approximately 15% to 20%, while demand growth is anticipated to reach 20% to 25% [2] - NAND bit supply is projected to increase by 13% to 18%, with demand growth expected to be between 18% and 23% [2] - The consumption of DRAM and NAND flash in the server sector is predicted to surge by 40% to 50% year-on-year, with even faster growth in AI server applications [2] Price Increase Predictions - In Q1 2026, storage contract prices are expected to continue rising, with increases projected at 30% to 40% [2] - Prices for DDR5 RDIMM memory are anticipated to rise by over 40%, while NAND flash prices are expected to see double-digit percentage increases [2] - Enterprise-grade SSD prices are also forecasted to increase by 20% to 30% [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the digital economy theme index, which rose by 2.48% as of January 5, 2026, with significant gains from constituent stocks such as Zhongwei Company (up 11.62%) and Zhaoyi Innovation (up 7.24%) [1] - The digital economy ETF (560800) also saw an increase of 2.44%, reflecting the overall positive sentiment in the digital economy sector [1] - Baidu Group announced the spin-off of its AI chip subsidiary, Kunlun Chip, for an independent listing in Hong Kong, which is expected to enhance its market presence [1] - The "Chinese AI Six Little Dragons," including Zhiyuan AI and MiniMax, have initiated their Hong Kong IPOs, marking a significant step for domestic AI companies in accessing capital markets [1] - The semiconductor market is projected to reach a record high of $760.7 billion in 2026, driven by AI advancements, with a 9% growth expected from 2025 [2] - Domestic wafer fabs are experiencing a recovery in capacity utilization, supported by AI-driven demand for high-end storage solutions [2] - The demand for HBM and advanced storage is driving technological advancements in 3D NAND stacking and DRAM, leading to increased usage and value of etching and thin-film deposition equipment [2] Group 2 - As of December 31, 2025, the top ten weighted stocks in the digital economy theme index accounted for 52.63% of the index, with notable companies including Dongfang Fortune and Cambricon [3] - The digital economy ETF closely tracks the digital economy theme index, selecting companies with high digital infrastructure and application levels [2]

Core Viewpoint - The semiconductor ETF from Southern (159325) opened with a gain of 1.00%, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Southern Semiconductor ETF (159325) opened at 1.509 yuan, reflecting a 1.00% increase [1] - Since its establishment on October 31, 2024, the fund has achieved a return of 49.44% [1] - The fund's performance over the past month has been a return of 5.54% [1] Group 2: Major Holdings - Key stocks in the Southern Semiconductor ETF include: - SMIC (中芯国际) with a gain of 3.26% [1] - Cambrian (寒武纪) up by 1.43% [1] - Haiguang Information (海光信息) increased by 1.38% [1] - Northern Huachuang (北方华创) rose by 1.94% [1] - Lanke Technology (澜起科技) up by 1.44% [1] - Zhaoyi Innovation (兆易创新) increased by 3.30% [1] - Zhongwei Company (中微公司) up by 1.94% [1] - OmniVision (豪威集团) rose by 0.37% [1] - Changdian Technology (长电科技) increased by 1.14% [1] Group 3: Management Information - The fund is managed by Southern Fund Management Co., Ltd. [1] - The fund managers are Zhao Zhuoxiong and He Dianhong [1] - The benchmark for the ETF's performance is the CSI Semiconductor Industry Select Index [1]

Core Viewpoint - Changxin Technology Group Co., Ltd. has been accepted for IPO on the Sci-Tech Innovation Board, marking it as the first company to apply under the new pre-review mechanism introduced in July 2023, aimed at protecting sensitive business information during the listing process [2]. Company Overview - Changxin Technology is the largest and most advanced DRAM research, design, and manufacturing enterprise in China, focusing on the development, design, production, and sales of DRAM products since its establishment in 2016 [2]. - The company has adopted a "jump generation R&D" strategy, achieving mass production from the first to the fourth generation of process technology platforms, and has successfully upgraded its product offerings from DDR4 and LPDDR4X to DDR5 and LPDDR5/5X, reaching internationally advanced levels [2]. Financial Summary - For the IPO, Changxin Technology plans to raise 295 billion yuan, allocated to three projects: upgrading the manufacturing line for memory wafers, upgrading DRAM technology, and R&D for advanced DRAM technology [3]. - The company's total assets as of December 31, 2022, were approximately 147.69 billion yuan, with a total revenue of 8.29 billion yuan and a net loss of 8.32 billion yuan [4]. - In the first nine months of 2023, the company reported revenue of 32.08 billion yuan, a year-on-year increase of 97.79%, while the net loss narrowed to 5.28 billion yuan from 5.38 billion yuan in the same period last year [4]. Shareholding Structure - Changxin Technology has a dispersed shareholding structure with no controlling shareholder or actual controller, and the largest shareholders include Qinghui Jidian, Changxin Integration, and the Great Fund Phase II, holding 21.67%, 11.71%, and 8.73% of shares respectively [6]. - The chairman of Changxin Technology, Zhu Yiming, holds a 2.68% stake in the company and is also the chairman of A-share listed company Zhaoyi Innovation [7]. Leadership Background - Zhu Yiming, born in 1972, has extensive experience in the semiconductor industry, having founded Zhaoyi Innovation in 2005 and held various leadership roles in Changxin Technology since 2018 [8].

电子 | 证券研究报告 — 行业点评 2026 年 1 月 5 日 我们认为伴随 AI驱动 DRAM 需求提振及国产 DRAM 厂商进展融资进程 提速，国内 DRAM 全产业链有望实现加速成长，建议关注如下：【设备】： 中微公司、拓荆科技、北方华创、迈为股份、精智达、中科飞测、盛美 上海；【材料】：深南电路、华海诚科、联瑞新材、雅克科技、兴福电 子；【CBA DRAM CMOS】：晶合集成；【封测】汇成股份、深科技； 【利基 DRAM 设计】兆易创新、北京君正。 强于大市 存储行业点评 长鑫科技披露招股书，兆易创新登陆 H 股在即， 国产 DRAM 供应链再提速 2025 年 12 月 30 日晚，长鑫科技首次披露招股说明书，同时，兆易创新公 告港股 IPO 最新进度。我们认为伴随 AI 驱动 DRAM 需求提振及国产 DRAM 厂商融资进程提速，产业链有望实现加速成长，给予行业 强于大市 的评级。 支撑评级的要点 投资建议 评级面临的主要风险 IPO 进度不及预期、产能扩张爬坡不及预期、AI 等领域需求不及预期、 新技术突破不及预期、存储市场周期波动。 相关研究报告 《电子行业 2026 年年度策略》202 ...

Market Overview - The electronic industry index decreased by 0.19% during the week of December 29, 2025, to January 2, 2026, with semiconductors down 0.20% and consumer electronics down 0.14%, while optical and optoelectronic sectors increased by 1.60% [1][2] - Hong Kong stocks rebounded strongly on January 2, 2026, with SMIC rising by 5.70% and Hua Hong Semiconductor increasing by 13.79% [1][2] - The US stock market showed slight recovery on January 2, 2026, with the Nasdaq down 1.52% for the week and the Hang Seng Tech index up 4.31%. The US storage sector saw significant gains, with SK Hynix up 13.02%, Micron up 10.80%, and SanDisk up 10.07% [1][2] Industry Updates - The upcoming CES 2026 will take place from January 6 to January 9, 2026, and for the first time, the national subsidy will include smart glasses, providing a 15% subsidy based on the product sales price [3] - Domestic GPU companies are preparing for a listing wave in Hong Kong, with Kunlun Core announcing its listing application on January 1, 2026. On January 2, 2026, Biren Technology listed in Hong Kong with a maximum increase of over 118% on its first day [4] - Samsung will not expand production of DDR4, leading to a significant increase in DDR4 spot prices, which are expected to continue rising in 2026. Changxin Technology's IPO has been accepted, aiming to raise 29.5 billion, with projected revenues of 55 to 58 billion for 2025 [4] Corporate Actions - Hua Hong Semiconductor announced plans to acquire 97.4988% of Huali Micro on December 31, 2025. TSMC is expected to raise advanced process prices for the next four years due to tight capacity below 3nm, with new pricing effective from January 1, 2026 [5] Investment Recommendations - The holiday period has seen favorable conditions for price increases and computing power, with recommended beneficiaries including SMIC, Hua Hong Semiconductor, Beijing Junzheng, Northern Huachuang, Zhongwei Company, Demingli, Shannon Chip Creation, and Zhaoyi Innovation [6]