Group 1 - The core viewpoint of the article highlights the performance of the Kexin Chip ETF Boshi (588990), which opened with a gain of 0.81% at 2.749 yuan [1] - The top holdings of the Kexin Chip ETF include companies such as SMIC, Haiguang Information, and Cambrian, with respective opening gains of 1.39%, 1.94%, and 1.05% [1] - The fund's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Boshi Fund Management Co., Ltd., with a return of 172.45% since its inception on August 8, 2024, and a monthly return of 12.11% [1]

机构持仓方面，截止2025年9月30日，澜起科技十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股1.45亿股，相比上期增加2972.74万股。易方达上证科创板50ETF（588080）位居第五大流 通股东，持股3911.50万股，相比上期减少828.05万股。华夏上证科创板50成份ETF（588000）位居第六 大流通股东，持股3821.67万股，相比上期减少1415.66万股。嘉实上证科创板芯片ETF（588200）位居 第七大流通股东，持股2599.58万股，相比上期减少117.67万股。华夏上证50ETF（510050）位居第八大 流通股东，持股2187.86万股，相比上期减少60.18万股。华泰柏瑞沪深300ETF（510300）位居第九大流 通股东，持股1950.91万股，相比上期减少86.23万股。易方达沪深300ETF（510310）位居第十大流通股 东，持股1408.93万股，为新进股东。华夏国证半导体芯片ETF（159995）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资 ...

Core Insights - The global High Bandwidth Memory (HBM) market is experiencing rapid growth, with shipments expected to increase from 1.5 billion gigabytes (GB) in 2023 to 5.7 billion GB by 2026, and revenues projected to rise from $4.35 billion in 2023 to $50 billion in 2026 [6][7][8]. HBM Industry Definition and Advantages - HBM is a high-performance semiconductor memory based on 3D stacking technology, offering high bandwidth and energy efficiency, primarily used in high-performance computing and networking applications [1][4]. - HBM has four main advantages over traditional DRAM: high bandwidth, high capacity, low power consumption, and small size [2][3]. HBM Industry Development Status - HBM technology is becoming a standard for AI acceleration cards (GPUs, TPUs, etc.), with its value share continuing to increase [4][6]. - The demand for HBM is driven by the needs of AI and high-performance computing, with significant growth expected in the coming years [6][10]. HBM Industry Chain - The HBM industry chain includes upstream materials (electrolytes, precursors, IC substrates) and semiconductor equipment (lithography machines, etching machines), with midstream focusing on HBM production and downstream applications in AI, data centers, and high-performance computing [8][9]. HBM Industry Competitive Landscape - The global HBM market is dominated by foreign manufacturers, with SK Hynix holding a 53% market share, followed by Samsung at 38% and Micron at 9% [14][15]. - Domestic companies in China, such as Changxin Memory, Changdian Technology, and others, are making significant progress in the HBM supply chain, aiming to increase local production capabilities [15][16]. HBM Industry Development Trends - HBM is positioned as a critical hardware component for AI and high-performance computing, with its unique 3D stacked structure providing superior bandwidth compared to traditional memory solutions [16][17]. - The future memory landscape will be heterogeneous, with HBM focusing on training scenarios, while other memory types will cater to specific workloads, creating a diverse memory ecosystem for the AI era [17].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：郭二侠说财 澜起科技的财务表现近年来显著改善，特别是在2024年后迎来强劲增长。2024年公司实现营业收入 36.39亿元，同比增长59.2%；2025年前三季度，公司营收达到40.58亿元，同比增长57.83%。 利润增长更为亮眼。2025年前三季度，公司实现净利润15.76亿元，同比增长61.45%。这一增长态势主 要受益于AI产业趋势带来的行业需求旺盛，公司互连类芯片出货量显著增加。 东鹏饮料这次来港股，给的折扣实在太抠门，只比A股便宜了14%。结果今天暗盘基本收平，但算上打 新的手续费，实际上是"赔本赚吆喝"，白忙活一场。 各位老铁记住了，打新AH两地上市的票，折价才是硬道理！中间的价差不够大，就没有安全垫。只有 当H股比A股打个"骨折价"，咱们冲进去才有利可图。否则这种没油水的买卖，真不如在旁边看看就 好。 一、招股信息 | 公司名称 | 澜起科技 (06809.HK) | | --- | --- | | 所属行业 | 未曾体 | | 招股日期 | 1月30日~2月4日 | | 发行股数 | 总发行6589万股,其中10 ...

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]

Market Outlook - The overall upturn in the semiconductor industry is expected to continue into 2026, driven by AI and storage chip price increases[26] - The A-share technology sector entered a recovery phase in January 2024 and transitioned to a prosperous phase in August 2024[11] - AI is anticipated to lead the next major cycle in the electronics industry, with structural investment opportunities emerging[11] Performance Metrics - Notable stock price increases for key semiconductor companies from January 1, 2025, to December 31, 2025, include Micron (240.1%), Lam Research (139.2%), and Intel (84.0%)[12] - A-share companies such as Industrial Fulian and Huahong Semiconductor saw stock price increases of 194% and 132%, respectively, in 2025[13] Demand Dynamics - AI infrastructure has not yet significantly boosted downstream demand, despite strong performance in AI-related sectors[39] - The semiconductor industry is experiencing a recovery, with storage and foundry sectors showing notable growth[22] Investment Recommendations - The report maintains a "Buy" rating, emphasizing the importance of AI and storage as key growth drivers for the semiconductor industry[1] - Investment strategies should focus on companies involved in AI chip production and semiconductor equipment, as these sectors are expected to benefit from increased demand[43] Economic Indicators - The semiconductor market is projected to grow significantly, with total sales expected to reach $774 billion by 2025, reflecting a year-over-year growth rate of 23.2%[28] - The global semiconductor sales growth cycle is showing positive trends, particularly in Europe and the Asia-Pacific region, driven by AI and storage chip demand[22]

近日，澜起科技（688008.SH）正式启动H股公开招股，招股期自1月30日起，预计于2月4日结束，H股预计于2月9日在香港联交所主板挂牌并开始上市交 易。 作为科创板首批25家上市公司之一，澜起科技是全球领先的内存接口芯片企业。根据弗若斯特沙利文的资料，按收入计算，该公司在2024年位居全球最大的 内存互连芯片供应商，市场份额达36.8%。 从2025年6月宣告将在港股IPO，到2026年2月H股即将上市，澜起科技踩准了存储"超级周期"。 在刚刚过去的2025年，澜起科技预计实现归属于母公司所有者的净利润21.50亿元-23.50亿元，较上年同期增长52.29%-66.46%。其表示，受益于AI产业趋 势，行业需求旺盛，该公司互连类芯片出货量显著增加，推动2025年度经营业绩较上年同期实现大幅增长。 标准优势确立 2004年5月，杨崇和、StephenTai在上海联合创立了澜起科技。这一年，恰逢DDR2世代开启。 作为该市场的新进入者，澜起科技完成了DDR2高级内存缓冲芯片（AMB）的认证，在竞争激烈的内存接口芯片市场站住了脚跟。 但在DDR3时代，服务器内存市场发生了技术路线更迭：此前由英特尔力推的FBD ...

证券之星消息，2月2日半导体板块较上一交易日下跌5.46%，聚辰股份领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。半导体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688486 | 龙迅股份 | 77.83 | 1.61% | 3.34万 | | 2.63亿 | | 688601 | 力心微 | 51.73 | 1.49% | 10.67万 | | 5.49亿 | | 688167 | 炬光科技 | 255.13 | 1.25% | 7.43万 | | 19.08亿 | | 300831 | 派瑞股份 | 13.48 | 1.05% | 17.09万 | | 2.34亿 | | 600360 | *ST华微 | 8.72 | 0.23% | 20.67万 | | 1.82亿 | | 688790 | 昂瑞微 | 148.79 | -0.88% | 6055.12 | | 9086.60万 | | ...

Investment Rating - The report maintains a "Buy" recommendation, emphasizing an AI-driven upward economic cycle and the search for structural investment opportunities in the electronics industry [1]. Core Insights - The overall upward cycle in 2026 is expected to continue, with AI infrastructure yet to show significant demand-driving effects [4]. - The A-share technology companies are currently in an upward economic cycle, having entered a recovery phase in January 2024 and a prosperous phase in August 2024 [6][11]. - The semiconductor sector is expected to outperform the consumer electronics sector, driven by AI [11]. Industry Performance - The semiconductor and storage sectors are experiencing a cyclical recovery, with AI's focus shifting from infrastructure to connectivity and operational capacity [12]. - The report highlights significant stock price increases for various companies, such as Micron (up 240.1%), Lam Research (up 139.2%), and Intel (up 84.0%) from January 1, 2025, to December 31, 2025 [12]. - A-share technology companies like Industrial Fulian and Huahong Semiconductor have also shown substantial growth, with increases of 194% and 132%, respectively [13]. Market Dynamics - The global semiconductor market has emerged from the previous downturn, with a positive growth cycle expected to persist into 2026 [19][22]. - The report notes that the main growth drivers are AI and rising prices of storage chips, with the industry entering a comprehensive upward trend from August 2024 [26]. - The demand for AI-related products and services is anticipated to increase, particularly in the context of data interconnectivity and GPU localization [43][80]. Downstream Demand - The report indicates that while AI infrastructure remains strong, it has not yet led to a clear increase in downstream demand [39]. - The overall inventory levels in the industry are low, and the demand outlook is still weak, suggesting a cautious approach to investment [39]. AI and Semiconductor Trends - The report identifies two major directions for AI: high-speed PCB and upstream domestic AI GPUs [41]. - The demand for domestic AI GPUs is expected to grow significantly in 2026, although there remains a substantial capacity gap [80]. - The report emphasizes the importance of GPU acceleration and the anticipated explosive growth in GDDR7 demand [64].

Core Viewpoint - MRDIMM is a new memory module architecture designed for high-performance computing and data-intensive applications, achieving a data transfer rate of 8800 MT/s, which is nearly a 40% increase in peak bandwidth compared to standard DDR5 RDIMM [1][2] Group 1: MRDIMM Technology Overview - MRDIMM is suitable for high-performance computing and artificial intelligence applications, addressing the bandwidth decline per core due to the increasing number of processor cores [2] - The first generation of MRDIMM supports a data transfer rate of 8800 MT/s, with the third generation expected to reach 14000 MT/s [2] - The architecture of MRDIMM includes 1 MRCD (Memory Register Clock Driver) and 10 MDB (Memory Data Buffer) chips, indicating significant growth potential in the market [3] Group 2: Market Demand Projections - By 2030, the demand for MRCD and MDB is projected to increase significantly, with estimates under pessimistic, neutral, and optimistic scenarios suggesting demand for MRCD could reach 274 million, 456 million, and 593 million units respectively, while MDB demand could reach 2.736 billion, 4.560 billion, and 5.928 billion units [4] - The penetration rates for MRDIMM are estimated to be 30%, 50%, and 65% under pessimistic, neutral, and optimistic scenarios respectively [4] Group 3: Industry Implications - The adoption of MRDIMM technology is expected to drive demand for MRCD and MDB chips, particularly as it becomes compatible with Intel's sixth-generation CPUs [1][3] - Key companies in the market include 澜起科技 (Lanke Technology) and 聚辰股份 (Juchen Technology), which are involved in the production of MRCD/MDB chips and DDR5 memory modules respectively [1]