Investment Rating - The report assigns a rating of 7.1 out of 10 for the IPO of the company, suggesting a recommendation for subscription [12]. Core Insights - The company is a leading fabless integrated circuit design firm focused on providing innovative and reliable interconnect solutions for cloud computing and AI infrastructure, with a significant market share in memory interconnect chips [1]. - The financial performance shows a robust recovery and rapid growth, with projected revenues increasing significantly from 22.86 billion RMB in 2023 to 40.58 billion RMB in the first three quarters of 2025, reflecting a year-on-year growth of 57.8% [2]. - The semiconductor market is expected to grow substantially, with the memory interconnect chip market projected to expand from 1.2 billion USD in 2024 to 5 billion USD by 2030, indicating a compound annual growth rate (CAGR) of 27.4% [3]. - The company leads the memory interconnect chip market with a 36.8% share and ranks second in the PCIe Retimer market, showcasing its strong position and technological advancements [1][4]. Financial Performance - Revenue figures for 2022 to the first three quarters of 2025 are as follows: 36.72 billion RMB, 22.86 billion RMB, 36.39 billion RMB, and 40.58 billion RMB, with a gross margin increasing from 46.4% in 2022 to 61.5% in 2025 [2]. - The adjusted net profit margin reached 52.0% in the first three quarters of 2025, indicating strong profitability [2]. Industry Outlook - The interconnect chip market is projected to grow at a CAGR of over 20%, driven by advancements in memory interface technology and the increasing adoption of PCIe and CXL protocols [3][5]. - The demand for high-speed, reliable interconnect chips is expected to rise significantly due to the explosive growth of the AI industry and related infrastructure [5]. Competitive Advantages - The company is a pioneer in industry standards, having led the development of several international standards related to DDR5 technology, and has a comprehensive product range from DDR2 to DDR5 [4]. - The company’s strong profitability is attributed to product structure optimization and enhanced technological competitiveness, with a gross margin of 61.5% in the first three quarters of 2025 [4]. Market Expansion Potential - The company’s product portfolio is well-positioned to capture the expanding market opportunities in high-speed interconnect chips, with significant growth expected in both memory interconnect and PCIe/CXL interconnect segments [5].

澜起科技股份有限公司（以下简称"公司"）正在进行申请发行境外上市股份（H股）并在香港联合交易 所有限公司（以下简称"香港联交所"）主板挂牌上市（以下简称"本次发行上市"）的相关工作。 2025年7月11日，公司向香港联交所递交了本次发行上市的申请，并于同日在香港联交所网站刊登了申 请资料。详见公司于2025年7月12日在上海证券交易所网站（http://www.sse.com.cn）披露的《关于向香 港联交所递交境外上市股份（H股）发行并上市申请并刊发申请资料的公告》（公告编号：2025- 042）。 证券代码：688008 证券简称：澜起科技 公告编号：2026-007 澜起科技股份有限公司 2025年12月9日，公司收到中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于澜起科技 股份有限公司境外发行上市备案通知书》（国合函〔2025〕2195号），中国证监会对公司本次发行上市 备案信息予以确认。详见公司于2025年12月11日在上海证券交易所网站（http://www.sse.com.cn）披露 的《关于发行境外上市股份（H股）获中国证监会备案的公告》（公告编号：2025-067）。 关于刊发H ...

Core Viewpoint - The storage industry is experiencing a significant increase in profitability, driven by the growth of AI and computing power, leading to a high prosperity cycle and rising product prices [1][7]. Group 1: Company Performance Forecasts - Baiwei Storage is expected to achieve a net profit of 8.5 billion to 10 billion yuan in 2025, representing a year-on-year growth of 427.19% to 520.22% [2][3]. - Jiangbolong forecasts a net profit of 12.5 billion to 15.5 billion yuan, with a year-on-year increase of 150.66% to 210.82% [4][3]. - Demingli anticipates a revenue of 103 billion to 113 billion yuan, with a year-on-year growth of 115.82% to 136.77%, and a net profit of 6.5 billion to 8 billion yuan, reflecting an increase of 85.42% to 128.21% [6][3]. Group 2: Industry Trends and Drivers - The growth in the storage sector is primarily attributed to the booming AI and computing power industries, which have led to a high demand and rising prices for storage products [7][8]. - The global storage industry is expected to maintain high prosperity through 2026, with price increases anticipated to continue throughout the year, particularly driven by AI demand [7][8]. - The current cycle of price increases is influenced by structural supply-demand mismatches, with AI server demand significantly outpacing other segments [8][7]. Group 3: Market Dynamics and Future Outlook - The storage market is projected to expand due to increasing data and AI proliferation, with a notable rise in demand for storage technology across various sectors [8][7]. - The price of storage products has already seen substantial increases in 2025, with further rises expected in 2026, driven by both AI servers and general server demands [8][7]. - Companies are actively expanding production capacities in response to the favorable market conditions, with domestic manufacturers like Baiwei Storage and Jiangbolong leading the charge [7][8].

Group 1: AI Computing Hardware - Microsoft and Meta reported that the AI computing power supply will remain tight until 2026, with Q4 capital expenditures exceeding market expectations: Microsoft at $37.5 billion and Meta at $22.137 billion [5] - Meta is preparing to pay up to $6 billion to Corning for fiber optic cables, driven by AI computing demand, which is expected to boost the global fiber optic market for 2 to 3 years [10] - Shanghai plans to advance the construction of intelligent computing infrastructure, with increasing AI computing demand leading to a rise in single-chip power consumption and cabinet density, making liquid cooling technology a mainstream solution [14] Group 2: Semiconductor Industry - Micron Technology announced an additional investment of $24 billion in Singapore over the next decade for a new NAND flash wafer fab, following a $100 billion project in New York to address unprecedented supply tightness [16] - Cokwan Technology, which specializes in functional devices, has launched a production line for 400G/800G high-speed optical modules, showing significant technological advantages and broad application prospects [16] - Lanqi Technology, a major supplier of DDR5 memory interface chips, is expected to benefit from increased CPU demand driven by AI inference, with Intel and AMD planning to raise server CPU prices [17][18] Group 3: Chemical Industry - The price of epoxy propylene in China saw a significant increase of nearly 10% in January, indicating a recovery in industry conditions, with some companies reporting full orders and production schedules extending into February [24] - Hongbaoli is building an epoxy propylene-ether, amine, and derivative industrial chain, with its polyurethane base's annual production capacity increasing to 190,000 tons, attracting significant capital attention [25]

Core Viewpoint - The semiconductor sector is experiencing a surge, with significant interest in the chip ETF Huatai (516920), which saw a near 2% increase during trading, closing up 0.59% with a trading volume exceeding 500 million yuan. This reflects a positive trend in fund inflows over the past five days [1]. Group 1: Market Performance - The Huatai chip ETF (516920) recorded a closing price of 1.197, with a daily increase of 0.59% [1]. - The ETF's trading volume reached 42.31 million shares, with a turnover rate of 6.34% [1]. - Notable stocks within the ETF include Lanke Technology, which surged over 12%, and other companies like Zhaoyi Innovation and Huada Technology, which increased by over 2% [1]. Group 2: Company Financials - Samsung Electronics reported a record revenue of 93.8 trillion won for Q4 2025, marking a 23.8% year-on-year increase, while operating profit soared by 209.2% [3]. - SK Hynix also set a record with a total revenue of 97.15 trillion won for 2025, alongside an operating profit of 47.21 trillion won and a net profit of 42.95 trillion won [3]. - Beijing Junzheng announced price adjustments for its storage and computing chips, projecting a net profit of 370 to 403 million yuan for 2025, reflecting a year-on-year growth of 1.05% to 10.05% [3]. Group 3: Industry Trends - The global storage chip industry is entering a performance boom, driven by a "super cycle" in semiconductor demand, particularly from AI servers and smartphone upgrades [4]. - The demand for high-end storage chips like HBM and DDR5 is expected to rise significantly, with the global server market projected to reach 16 million units in 2024, a 1.91% increase [4]. - The current price increase in chips is attributed to a shift towards higher-margin products, with a focus on storage chips due to robust demand from both AI and smartphone sectors [5]. Group 4: ETF Characteristics - The Huatai chip ETF (516920) tracks the CSI Chip Industry Index, with 72% of its holdings in integrated circuits and 23% in semiconductor materials and equipment [5]. - The ETF has the lowest management fee rate of 0.15% and a custody fee of 0.05% among chip-themed ETFs [5]. - The top ten constituent stocks account for 56.29% of the ETF's total weight, indicating a concentrated investment strategy [5].

Group 1 - The semiconductor sector experienced a rise of 0.91% on January 30, with Juguang Technology leading the gains [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] - Juguang Technology's stock price increased by 16.77% to 251.98, with a trading volume of 76,300 shares and a transaction value of 1.79 billion [1] Group 2 - The semiconductor sector saw a net outflow of 3.441 billion from institutional funds, while retail investors contributed a net inflow of 3.083 billion [2] - Notable declines included Ashi Chuang, which fell by 11.08% to 36.84, and Hangyu Micro, which decreased by 8.60% to 22.95 [2] - The trading volume for Ashi Chuang was 235,800 shares, with a transaction value of 884 million [2] Group 3 - Key stocks with significant net inflows from retail investors included Beijing Junzheng with a net inflow of 212 million, and Saimicroelectronics with 208 million [3] - Conversely, major stocks like Lanke Technology and Chuangxin Technology experienced substantial net outflows from institutional funds [3] - The overall market sentiment reflected a mixed response, with some stocks gaining while others faced declines in both institutional and retail investments [3]

Core Viewpoint - Sovereign wealth funds and long-only investors have shown sufficient interest to purchase all shares offered in the Hong Kong listing of Lanke Technology, indicating strong demand for the stock which has been oversubscribed multiple times [1] Group 1 - Sovereign wealth funds and long-only investors typically invest in stocks expected to rise and do not engage in short selling [1] - The shares of Lanke Technology have received multiple times subscription, reflecting robust investor confidence [1]

Group 1 - The South Fund's Sci-Tech Chip ETF (588890) saw an intraday increase of over 2%, with a trading volume of 1.56 billion yuan and a turnover rate of 7.28% [1] - The index it tracks, the Shanghai Sci-Tech Board Chip Index, includes stocks such as Huafeng Measurement Control, which rose by 12.48%, and Lanke Technology, which increased by 11.54% [1] - Samsung Electronics reported a record annual revenue of 333.6059 trillion won for 2025, a year-on-year increase of 10.9%, with operating profit and net profit rising by 33.2% and 31.2% respectively [1] Group 2 - SK Hynix announced a 2025 revenue of 97.1467 trillion won, a year-on-year increase of 47%, with operating profit doubling to 47.2063 trillion won, marking a significant shift in the global memory industry landscape [1] - Dongfang Securities noted that the price adjustment for MCU and NOR Flash products by Zhongwei Semiconductor ranges from 15% to 50%, indicating a tight supply in the niche storage market driven by AI demand [2] - The Sci-Tech Chip ETF closely tracks the Shanghai Sci-Tech Board Chip Index, which reflects the overall performance of semiconductor-related companies listed on the Sci-Tech Board [2]

Core Viewpoint - Chinese chip design company, Lianqi Technology, is seeking to raise up to approximately $902 million (about 7 billion HKD) through a Hong Kong IPO, highlighting the trend of Chinese tech companies leveraging capital markets for expansion amid the AI boom [1]. Group 1: IPO Details - Lianqi Technology plans to issue around 65.9 million shares at a maximum price of 106.89 HKD per share, which represents a discount of at least 41% compared to its latest closing price of 162.18 RMB on the Shanghai A-share market [1]. - The company expects its shares to begin trading on the Hong Kong Stock Exchange on February 9 [1]. - The IPO has received strong support from cornerstone investors, including Alibaba and JPMorgan, with commitments totaling $450 million [1]. Group 2: Financial Performance - Lianqi Technology anticipates a net profit of 2.15 billion to 2.35 billion RMB for the fiscal year 2025, representing a year-on-year growth of 52.29% to 66.46% [4]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between 1.92 billion and 2.12 billion RMB, with a potential increase of nearly 70% [4]. - The significant growth is attributed to the booming demand driven by the AI industry, particularly for interconnect chips, as global AI infrastructure development accelerates [4]. Group 3: Market Context - Lianqi Technology's IPO contributes to the heightened activity in the Hong Kong IPO market, which recorded a fundraising total of $5 billion in January, marking the highest amount for that month in history [7]. - Another chip manufacturer, Aixin Yuan Zhi Semiconductor, is also seeking to raise 2.96 billion HKD through a Hong Kong IPO, further indicating the strong financing demand among AI-related Chinese companies [7].

Core Viewpoint - The semiconductor industry chain experienced a rapid increase due to positive news regarding domestic chips, with significant gains in stocks such as 澜起科技, which rose over 11% [1]. Group 1: Market Performance - The AI ETF (515070) saw a recovery in the afternoon after an early decline of over 2%, ultimately rising more than 1.2% with a trading volume exceeding 2 billion yuan [1]. - Stocks in the semiconductor sector, including 新易盛 and 北京君正, also experienced notable increases, reflecting a broader market rally [1]. Group 2: AI Developments - Baidu's Wenxin APP launched the industry's first "multi-agent" group chat beta, allowing multiple specialized agents to collaborate, enhancing AI's role as a "smart collaborator" in decision-making processes [1]. - This advancement signifies a shift in AI interaction from "human-machine dialogue" to "human-machine group chat," indicating a more integrated approach to AI in collaborative environments [1]. Group 3: Market Outlook - Dongwu Securities noted that favorable factors driving market strength remain unchanged, suggesting a stable transition into the second phase of the spring market rally [1]. - The China Securities Regulatory Commission emphasized maintaining stability and supporting a gradual market recovery, which is expected to provide a solid foundation for a sustained bull market [1]. - As the annual performance forecasts begin to be disclosed in late January, market focus is anticipated to shift towards earnings reports [1]. Group 4: AI ETF Composition - The AI ETF (515070) tracks the CS AI theme index (930713), selecting stocks that provide technology, foundational resources, and applications within the AI industry, often referred to as the "brain" creators of robotics and the "infrastructure" of the Internet of Things [2]. - The top ten weighted stocks in the ETF include leading domestic technology firms such as 中际旭创, 新易盛, and 科大讯飞, among others [2].