澜起科技是中国半导体国产替代以及数据中心升级浪潮的受 益者。凭借具备竞争力的产品布局，澜起有望在未来全球 AI 需求上行时充分受益。 澜起是中国唯一的纯数据中心标的：截至 2025 年三季度，互连芯片贡献了公司 96% 的收入，主要为服务器 DRAM 的内存互连芯片。澜起成立于 2004 年，是一 家中国本土 IC 设计公司，在 DRAM 内存及 PCIe 相关接口技术领域处于领先地 位，聚焦服务器市场。澜起的主要客户包括三星、SK 海力士、美光以及服务器 OEM/ODM 厂商。 核心 DRAM 互连业务受益于云资本开支/存储超级周期。通过其核心的内存互连业 务，澜起可被视为云资本开支标的。摩根士丹利研究部预测，全球云资本开支的 行业增长在 2025–27 年期间有望维持高景气度，复合年增长率约为 30%，主要由 头部云服务提供商（CSP）持续投入所驱动。与此同时，自 2025 年下半年开启的 存储超级周期亦意味着单台通用服务器所搭载的内存接口内容量提升。我们认 为，强劲的云计算与存储周期将推动更快的技术迭代，利好作为技术领先者的澜 起。 新 AI 业务受益于 AI 服务器需求增长。在数据中心中，为提升 AI ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI inference is continuously growing, driven by a significant increase in tokens usage, with a reported increase from 1.62 trillion tokens in March 2025 to 18 trillion tokens in March 2026, representing a growth of approximately 1011% [6][11] - Cloud service providers are raising prices for AI computing products due to rising hardware costs and increased demand for AI services, with price hikes ranging from 5% to 34% for various services [8][33] - The report highlights that the expansion of AI capabilities is expected to lead to a substantial increase in the number of active agents and token consumption, with annual token consumption projected to grow from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a compound annual growth rate of 3418% [9][38] Summary by Sections Recent Trends - The computer industry has shown a relative performance decline of -10.1% over the past month, while the Shanghai Composite Index has remained stable [5] Price Adjustments - Major cloud providers like Alibaba Cloud and Baidu Cloud are increasing prices for AI computing services due to rising hardware procurement costs, with specific increases of up to 34% for Alibaba's AI computing services and 30% for Baidu's [8][27] Token Consumption Growth - The report indicates a significant rise in token consumption, with OpenClaw being a major contributor, achieving a monthly token call volume of 13.4 trillion as of March 2026 [17] - The share of domestic models in token consumption is increasing, with domestic models accounting for approximately 53.4% of the top models' total token calls as of March 2026 [14] Future Outlook - The report anticipates that the demand for AI computing and tokens will continue to rise, benefiting cloud service providers and related upstream and downstream companies [10][44] - The ongoing increase in hardware costs and the demand for AI services suggest that price adjustments in the cloud computing sector may persist [9][33]

Investment Rating - The report initiates coverage on 澜起科技 (Lianqi Technology) H-shares with a "Buy" rating and a target price of 268 HKD; it also reinstates a "Buy" rating for A-shares with a target price of 227 RMB [1] Core Insights - 澜起科技 is recognized as a leader in memory interconnect chips, with a projected market share of 36.8% based on 2024 revenue calculations. The growth is expected to be driven by increasing demand for advanced memory interconnect technology due to cloud computing and AI infrastructure [1] - The company is anticipated to achieve a compound annual growth rate (CAGR) of 35% in revenue from 2025 to 2032, supported by growing demand and rapid product expansion [1] - High expectations for 澜起科技's net profit in 2026 and 2027 are noted, with forecasts exceeding market expectations by 13% and 16% respectively, reflecting optimism regarding new product introductions leading to higher revenue [1]

存储产业链是半导体产业的核心支柱赛道，贯穿上游核心设备与关键材料、中游芯片设计与晶圆制造、 下游先进封测与存储模组应用全环节，更是支撑AI服务器、车载电子、工业控制、物联网、云计算等 下游高景气领域的底层硬件基石，没有完整的存储产业链配套，就无法实现核心算力硬件的自主可控。 近年来，在国产替代全面提速、全球AI算力爆发式增长、车载与工业存储高端化升级三重核心红利驱 动下，国内存储产业链上下游龙头企业订单量全线攀升，多家头部企业在手订单规模突破百亿，订单排 期横跨数年，行业整体高景气度与业绩增长确定性持续凸显，产业链自主化进程全面提速。 下文结合企业官方公开信息，深度拆解国内存储产业链TOP10的核心龙头企业，覆盖设计、制造设备、 封测、模组全环节，全方位梳理各家企业核心实力、产品布局、市场壁垒与长期增长逻辑。 第十名：聚辰股份（Giantec） 企业官方定位 聚辰股份2009年成立于上海张江，2019年登陆科创板，是一家专注于集成电路设计的高新技术企业，定 位全球化的非易失性存储芯片及混合信号芯片供应商，深耕存储芯片、音圈马达驱动芯片等领域多年， 建立了覆盖全球的客户体系与销售网络，核心产品广泛应用于智能手机 ...

瀾起科技股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司將於2026年3月30日（星期一）舉行董事會會議，藉以（其中包括）考慮及 批准本公司及其附屬公司截至2025年12月31日止年度的業績及其刊發，並考慮 派發末期股息的建議（如有）。 承董事會命 瀾起科技股份有限公司 董事長 楊崇和博士 香港，2026年3月18日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不作任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 Montage Technology Co., Ltd. 瀾 起 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6809） 董事會會議召開日期 於本公告日期，本公司董事為： (i) 執行董事楊崇和博士及 Stephen Kuong-Io Tai 先 生； (ii) 非執行董事 Wang Rui 博士及方周婕女士；及 (iii) 獨立非執行董事李若山博 士、高秉強教授、 Yuhua Cheng 博士及單海玲博士。 ...

（股份代號：6809） 董事會會議召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不作任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 Montage Technology Co., Ltd. 瀾 起 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 瀾起科技股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司將於2026年3月30日（星期一）舉行董事會會議，藉以（其中包括）考慮及 批准本公司及其附屬公司截至2025年12月31日止年度的業績及其刊發，並考慮 派發末期股息的建議（如有）。 承董事會命 瀾起科技股份有限公司 董事長 楊崇和博士 於本公告日期，本公司董事為： (i) 執行董事楊崇和博士及 Stephen Kuong-Io Tai 先 生； (ii) 非執行董事 Wang Rui 博士及方周婕女士；及 (iii) 獨立非執行董事李若山博 士、高秉強教授、 Yuhua Cheng 博士及單海玲博士。 香港，2026年3月18日 ...

March 17, 2026 09:23 PM GMT Montage is a beneficiary of semi localization in China and datacenter upgrade initiatives. With its competitive product offerings, Montage is well positioned to capture upside from any future global AI demand surge. Montage is China's only pure datacenter player: 96% of its revenue was generated from interconnect chips as of 3Q25, mainly memory interconnect chips for server DRAM. Founded in 2004, Montage is a China-based IC design house with leading positions in DRAM memory and P ...

18 March 2026 | 1:56AM HKT Equity Research Montage (688008.SS) Interconnect IC for the age of AI; Initiate on H-share at Buy, reinstate A-share at Buy | 688008.SS | 12m Price Target: Rmb227.00 | Price: Rmb146.59 | Upside: 54.9% | | --- | --- | --- | --- | | 6809.HK | 12m Price Target: HK$268.00 | Price: HK$179.30 | Upside: 49.5% | We reinstate coverage of Montage-A at Buy with a 12m TP of Rmb227 and initiate on Montage-H at Buy with a 12m TP of HK$268. As a global leader of memory interconnect chips with 36 ...

Market Overview - On March 18, the Hong Kong Hang Seng Index opened up by 0.21% at 25,923.03, while the Hang Seng Tech Index increased by 0.1% to 5,112.97 [1][2]. Sector Performance - The biotechnology sector showed a slight increase, with the Hang Seng Biotechnology Index rising by 0.16% to 14,472.25 [2]. - The Hang Seng China Enterprises Index also saw a minor gain of 0.08%, reaching 8,833.95 [2]. Stock Movements - Mixed performance was observed among tech stocks, with Bilibili and Hua Hong Semiconductor both rising over 2% [2]. - Tencent Music experienced a significant drop of 15%, closing at 48.620, while XPeng Motors fell by 3.45% to 75.500 [3]. - Other notable declines included Tencent Holdings down by 0.64% to 546.500, Baidu Group down by 0.25% to 118.900, and Alibaba down by 0.15% to 134.400 [3]. Semiconductor Sector - The semiconductor sector rebounded, with notable gains from companies such as Lanqi Technology and Zhaoyi Innovation, which rose over 3% [2]. - Specific stock performances included Lanqi Technology up by 3.74% to 186.000 and Zhaoyi Innovation up by 3.12% to 416.000 [4].

Investment Rating - The report maintains a "Positive" outlook on the industry [5] Core Viewpoints - The CXL solution optimizes AI storage architecture, and leading manufacturers are expected to accelerate its application [3][10] - The demand for memory capacity in AI inference is increasing, and the current server memory expansion is limited by the number of slots and the capacity of individual memory modules [10][19] - CXL memory pooling solutions can significantly enhance storage system efficiency and reshape the hardware composition in AI computing facilities [8][10] Summary by Sections 1. CXL Solutions Optimize Storage Efficiency and Adapt to AI Inference Needs - CXL solutions help expand memory capacity and optimize storage architecture, addressing limitations in existing AI computing facilities [19] - CXL memory pooling can achieve unified addressing and scheduling of memory resources across CPUs, GPUs, and other accelerators, supporting larger-scale and higher-concurrency model training and inference tasks [21][24] - Innovations in CXL solutions are ongoing, further adapting to AI inference requirements [32][38] 2. CXL-Related Hardware and Software Are Gradually Improving, with Leading Manufacturers Accelerating Application - CXL specifications are continuously upgraded, with transmission rates increasing from 32 GT/s to 128 GT/s by 2025 [49] - Major manufacturers like NVIDIA and Alibaba are actively advancing CXL solutions, with NVIDIA acquiring Enfabrica to enhance its CXL technology ecosystem [58][65] 3. CXL Solution Penetration Rate Is Expected to Increase, Opening Growth Space for the Industry Chain - The penetration rate of CXL technology in server DRAM is projected to grow from nearly zero in 2024 to about 15% by 2030 [70] - By 2026, it is expected that 68% of servers will support CXL functionality, indicating a significant shift towards CXL-capable servers [72] 4. CXL Applications Are Expected to Accelerate, with Related Companies Deeply Benefiting - Companies such as 澜起科技 (Lanke Technology), 聚辰股份 (Jucheng Co.), and 江波龙 (Jiangbolong) are positioned to benefit from the acceleration of CXL applications [13][75] - 澜起科技 reported a revenue of 5.46 billion yuan in 2025, a 50% year-on-year increase, and a net profit of 2.24 billion yuan, up 58% [76][80] - 聚辰股份 achieved a revenue of 1.22 billion yuan and a net profit of 360 million yuan in 2025, marking historical highs [85] - 江波龙 launched its CXL 2.0 memory expansion module, contributing to its revenue growth of 72% in 2024 [91][93]