证券代码：603986 证券简称：兆易创新 公告编号：2025-067 兆易创新科技集团股份有限公司 第五届董事会第七次会议决议公告 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。 兆易创新科技集团股份有限公司（以下简称公司）第五届董事会第七次会议的 会议通知和材料已于 2025 年 12 月 11 日以电子邮件方式发出，会议于 2025 年 12 月 16 日以现场结合通讯方式召开。本次会议由董事长朱一明先生主持，会议应出席董 事 9 名，实际出席董事 9 名；公司部分高级管理人员列席了本次会议。本次会议的 召集和召开程序符合《中华人民共和国公司法》等有关法律、行政法规、部门规章、 规范性文件及《公司章程》的相关规定。 经与会董事认真审议，以记名投票表决方式一致通过以下议案： 一、关于确定 H 股全球发售（包括香港公开发售及国际发售）及在香港联合交 易所有限公司主板上市相关事宜之议案 公司董事会同意公司 H 股全球发售及在香港联合交易所有限公司上市的相关安 排，包括但不限于：（1）批准公司 H 股全球发售的相关安排；（2）批 ...

格隆汇12月16日｜兆易创新(603986.SH)公告称，公司正在进行申请发行境外上市外资股（H股）并在香 港联合交易所有限公司主板上市的相关工作。香港联交所上市委员会于2025年12月15日举行上市聆讯， 审议公司本次发行上市的申请。 ...

兆易创新公告称，公司第五届董事会第七次会议以现场结合通讯方式召开，审议通过多项议案。一是同 意H股全球发售及在港交所主板上市相关安排，包括批准发售安排、相关文件等，授权处理具体事务； 二是根据港交所意见和A股最新股本，同意修订《兆易创新公司章程（草案）》；三是认为2021年激励 计划暂缓授予部分第四个解除限售条件已满足，可对1名激励对象的3.4650万股限制性股票申请解除限 售。 ...

Market Overview - The Shanghai Composite Index fell by 1.11% on December 16, with only three sectors gaining, led by retail trade, beauty care, and social services, which rose by 1.32%, 0.66%, and 0.13% respectively [1] - The sectors that experienced the largest declines were telecommunications and non-ferrous metals, with drops of 2.95% and 2.81% respectively [1] - The electronic sector also saw a decline of 1.50% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 701.17 billion yuan, with five sectors seeing net inflows [1] - The retail trade sector had the highest net inflow of 38.18 billion yuan, coinciding with its 1.32% increase [1] - The food and beverage sector had a negligible decline of 0.02% but still saw a net inflow of 3.02 billion yuan [1] Electronic Sector Performance - The electronic sector had a total of 473 stocks, with 75 stocks rising and 396 stocks falling; one stock hit the daily limit up while three stocks hit the daily limit down [2] - Among the stocks with net inflows, C Angrui-UW led with a net inflow of 9.23 billion yuan, followed by TCL Technology and Zhaosheng Micro with inflows of 3.85 billion yuan and 2.50 billion yuan respectively [2] - The sector experienced a net outflow of 116.07 billion yuan, with 39 stocks seeing outflows exceeding 1 billion yuan; the largest outflows were from Cambrian-U, Zhaoyi Innovation, and Xiangnong Chip Creation, with outflows of 9.12 billion yuan, 6.22 billion yuan, and 4.88 billion yuan respectively [2][3] Top Gainers in Electronic Sector - The top gainers in the electronic sector included C Angrui-UW with a 160.11% increase and a turnover rate of 75.28%, followed by TCL Technology and Zhaosheng Micro with increases of 1.11% and 4.62% respectively [2] - Other notable gainers included Shengyi Technology, BOE Technology Group, and Zhishang Technology, with increases of 4.04%, 0.24%, and 0.36% respectively [2] Top Losers in Electronic Sector - The largest losers in the electronic sector included Cambrian-U with a decrease of 4.35% and a turnover rate of 1.77%, followed by Zhaoyi Innovation and Xiangnong Chip Creation with declines of 3.09% and 3.44% respectively [3] - Other significant declines were seen in companies like East Mountain Precision and Heertai, which fell by 2.41% and 5.58% respectively [3]

Group 1 - The core viewpoint of the articles highlights a significant price surge in the global memory chip market, particularly in DRAM and NAND Flash, with prices increasing over 300% since September 2023, driven by the rise of AI applications [1][2] - The consumption electronics sector is expected to implement a combination of structural price increases and cost-sharing strategies with the supply chain, particularly as the demand for consumer electronics like smartphones and computers is projected to rise through 2026 [1] - The consumption electronics ETF closely tracks the performance of the China Securities Consumption Electronics Theme Index, which includes 50 listed companies involved in component production and brand design [2][3] Group 2 - The top ten weighted stocks in the China Securities Consumption Electronics Theme Index account for 56.39% of the index, indicating a concentration of investment in key players such as Luxshare Precision and Cambricon Technologies [3] - AI is enhancing the demand for consumer batteries, as the integration of AI in devices like smartphones and wearables is leading to increased power consumption and a higher demand for lithium batteries [2]

Group 1 - The automotive chip sector experienced a decline of 2.04%, ranking among the top declines in concept sectors, with companies like Chipone Technology, Dazhong Technology, and Chengdu Huami leading the losses [1] - Among the automotive chip stocks, 18 companies saw their prices increase, with notable gains from Gaoxin Development (up 5.35%), Geer Software (up 4.00%), and Jingfeng Mingyuan (up 2.22%) [1] - The automotive chip sector faced a net outflow of 5.896 billion yuan in main funds, with 108 stocks experiencing net outflows, and 18 stocks seeing outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stock was ZTE Corporation, with a net outflow of 602 million yuan, followed by Heertai, Zhaoyi Innovation, and Dongxin Technology with outflows of 560 million yuan, 494 million yuan, and 402 million yuan respectively [2] - The stocks with the highest net inflows included Aojie Technology, Gaoxin Development, and Hangyu Micro, with net inflows of 146 million yuan, 76 million yuan, and 74 million yuan respectively [2] - The automotive chip concept sector had several companies with significant declines, including Chipone Technology (down 11.70%), Dongxin Technology (down 6.01%), and Chengdu Huami (down 7.07%) [3][4]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a decline of 1.08%, indicating a negative market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Tianhong chip ETF (159310) opened at 2.018 yuan, reflecting a decrease of 1.08% [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 104.32%, with a monthly return of 0.75% [1] Group 2: Major Holdings Performance - Major holdings within the Tianhong chip ETF include: - SMIC (中芯国际) down 1.41% - Cambrian (寒武纪) down 2.08% - Haiguang Information (海光信息) down 1.05% - Northern Huachuang (北方华创) up 1.25% - Lanke Technology (澜起科技) down 2.02% - Zhaoyi Innovation (兆易创新) down 2.32% - Zhongwei Company (中微公司) up 0.16% - OmniVision (豪威集团) down 0.85% - Chipone (芯原股份) down 5.06% - Changdian Technology (长电科技) down 0.92% [1]

Investment Rating - The report maintains a positive outlook on the semiconductor equipment industry, particularly benefiting from the AI-driven demand surge in storage solutions [1][27]. Core Insights - The AI technology evolution is significantly increasing storage demand, leading to a supply-demand gap that is pushing prices higher. DRAM prices are expected to rise by approximately 58% year-on-year in 2026, with industry revenue projected to grow by about 85%, surpassing $300 billion for the first time [1]. - The NAND Flash market is also anticipated to see a 21% year-on-year increase in supply volume by 2026, with revenue reaching $110.5 billion, reflecting a 58% increase [1]. - Domestic semiconductor equipment manufacturers are expected to experience a new wave of rapid growth due to the advancements in storage technology and the expansion projects of local firms [1][27]. - Companies like Broadcom and Google are showing strong performance and optimistic forecasts regarding AI-related revenues, indicating robust growth in the semiconductor sector [1][27]. Summary by Sections Semiconductor Equipment - The semiconductor equipment market is projected to grow significantly, with key equipment such as etching and thin film deposition expected to see growth rates of 1.7x and 1.8x, respectively [1]. - The report highlights the importance of domestic manufacturers in the semiconductor equipment supply chain, especially in light of international supply chain constraints [1][24]. AI-PCB and Core Computing Hardware - The demand for AI-PCB is strong, with many companies reporting full production and sales, indicating a sustained high growth trajectory into the next year [4][27]. - The report emphasizes the potential of AI-driven products, particularly in the consumer electronics sector, with Apple expected to benefit significantly from AI integration in its devices [5][27]. Storage Market - The storage market is entering a clear upward trend, driven by increased demand from cloud service providers and consumer electronics, with significant price increases expected for DRAM and NAND Flash products [21][23]. - The report suggests that the storage sector will see a resurgence in capital expenditures as companies prepare for increased demand [23][27]. Passive Components and Display Panels - The passive components market is expected to benefit from the rising demand for AI applications, with significant growth in MLCC and other components [19][21]. - The display panel market is stabilizing, with effective production control measures in place, ensuring steady pricing and supply [20][21]. IC Design and Semiconductor Materials - The IC design sector is projected to see continued growth, particularly in the memory segment, as demand from cloud service providers increases [21][23]. - The semiconductor materials market is also expected to improve as production capacity increases and domestic suppliers gain market share [26][27].

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Viewpoints - The storage sector is crucial for AI inference, driving rapid growth in storage demand, particularly for HBM, DRAM, and SSD, characterized by decreasing costs and increasing capacities [5][13]. - AI-driven storage demand is expected to surge, with projections indicating a need for hundreds of exabytes (EB) of storage capacity in the near future [5][24]. - The report emphasizes the broad space within the industry chain, highlighting opportunities in eSSD, MRDIMM, SPD, and VPD chips, as well as CXL storage pooling [5][79]. Summary by Sections 1. Storage as Tokens for AI Inference - AI servers utilize various storage types, including HBM, DRAM, and SSD, with a focus on high bandwidth and large capacity to support efficient data processing [13][17]. - The demand for SSD and HDD is projected to grow significantly, with estimates suggesting a requirement of 49 EB for ten Google-level inference applications by 2026 [24]. 2. AI-Driven Storage Demand Growth - eSSD is identified as a core demand area for AI and storage servers, with increasing needs for high bandwidth and large capacity due to long-context inference and RAG databases [25][26]. - The market for AI server eSSD is expected to expand, with theoretical maximum capacities of 59 EB, 89 EB, and 120 EB for 2024, 2025, and 2026 respectively [27][34]. 3. MRDIMM Applications - MRDIMM is anticipated to enhance performance in large model inference, providing significant bandwidth improvements and capacity expansions [38][39]. 4. SPD and VPD Chip Opportunities - The transition to DDR5 memory modules presents growth opportunities for SPD and VPD chips, driven by increased specifications and demand [45][46]. 5. CXL Storage Pooling - CXL technology facilitates storage pooling, enhancing computational efficiency and enabling better resource allocation for AI applications [53][54]. - The report notes significant TCO advantages in KV Cache performance when utilizing CXL in high-concurrency, long-context workloads [56][59]. 6. Investment Recommendations - The report suggests focusing on storage industry chain-related entities, as AI-driven storage prices are expected to rise, leading to improved profit margins for manufacturers [79].

Core Insights - The article highlights the recent approval of Hong Kong stock listing for three leading semiconductor companies: 澜起科技 (Lianqi Technology), 兆易创新 (Zhaoyi Innovation), and 豪威集成电路 (OmniVision Technologies), indicating the attractiveness of the Hong Kong market for core technology assets [1]. Group 1: Lianqi Technology - Lianqi Technology is the global leader in memory interface chips, planning to issue 130,204,100 shares, the largest among the three companies [3]. - The company has maintained its position as the top provider of DDR5 interface chips for six consecutive years, with a projected overall market share of 36.8% in 2024, and a DDR5 segment share of 40%-45%, leading international competitors by 6-12 months [3]. - Lianqi's "1+9" distributed buffer memory architecture has been adopted as an international standard by JEDEC, with the second-generation product set to launch in 2025, achieving a transmission speed of 12800MT/s and a performance increase of 45% [3]. - The funds raised from the Hong Kong listing will focus on enhancing AI computing chips and data center technology development, further solidifying its global market advantage [3]. Group 2: Zhaoyi Innovation - Zhaoyi Innovation has successfully penetrated the mainstream automotive supply chain with its automotive-grade products, and its DDR4 8Gb products are now in mass production [6]. - The company anticipates revenue contributions from LPDDR4 in the second half of 2025, with the funds from the Hong Kong listing primarily allocated to high-end automotive electronic chip R&D and expansion into the AI IoT market [6]. Group 3: OmniVision Technologies - OmniVision Technologies, a top semiconductor design company, plans to issue up to 73,670,200 shares [8]. - Founded in 1994 and listed on the Shanghai Stock Exchange in 2017, OmniVision is one of the few companies with both semiconductor R&D and distribution capabilities, owning well-known brands such as OmniVision, Will Semiconductor, and Superpix [8]. - The company's products, particularly in image sensors, are widely used in consumer electronics and automotive electronics, allowing it to maintain a significant position in the global market [8]. - The upcoming Hong Kong listing aims to attract international long-term capital, optimize the shareholder structure, and provide financial support for global business expansion [8].