本报记者 吴晓璐 受关注 今年以来，中国资产吸引了全球投资者的目光。截至7月2日，年内A股共有883家公司接待外资调研，其中，电子、医药生 物、机械设备行业公司较多，分别有142家、114家和104家。其中，深圳市汇川技术股份有限公司成为今年以来外资关注度最 高的上市公司，年内共迎来67轮调研，合计接待了485家次外资机构。深圳迈瑞生物医疗电子股份有限公司、澜起科技股份有 限公司分别获299家次、173家次外资调研。 中国经济较强的韧性，持续吸引外资关注，这从外资机构对A股上市公司的调研情况中可见一斑。据Wind资讯数据统计， 截至7月2日，今年以来，643家外资机构调研A股公司4835家次，其中，全球头部对冲基金Point72 Asset Management、高盛 （亚洲）证券有限公司调研均超百次。 电子、医药生物、机械设备行业是外资关注度较高的行业。从关注问题来看，今年以来，AI应用、人形机器人布局、创新 药研发、分红和并购计划等成为外资关注的热点话题。 电子、医药生物等领域 多方面因素叠加 中国资产吸引力提升 近日，多家国际投行上调中国经济增长预期。花旗将中国2025年GDP增长预期从4.7%上调至5 ...

Group 1 - The core point of the announcement is the progress of the share repurchase plan by Lanke Technology, which aims to buy back A-shares for employee stock ownership plans or equity incentives [1] - The repurchase plan was first disclosed on June 21, 2025, with an implementation period from June 23, 2025, to September 19, 2025, and an expected repurchase amount between 200 million to 400 million RMB [1] - As of June 30, 2025, the company has repurchased a total of 1.002 million shares, accounting for 0.09% of the total share capital, with a total expenditure of approximately 79.05 million RMB [1] Group 2 - The repurchase price ranged from 77.79 RMB to 81.91 RMB per share, and the maximum repurchase price is set at 118 RMB per share [1] - The company will continue to make repurchase decisions based on market conditions and will fulfill information disclosure obligations in a timely manner [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

重要内容提示： | 回购方案首次披露日 | 2025/6/21 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 6 月 9 | 23 | 日~2025 | 年 | 月 | 19 | 日 | | 预计回购金额 | 2亿元~4亿元 | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 100.20万股 | | | | | | | | 累计已回购股数占总股本比例 | 0.09% | | | | | | | | 累计已回购金额 | 7,904.86万元 | | | | | | | | 实际回购价格区间 | 77.79元/股~81.91元/股 | | | | | | | 证券代码：688008 证券简称：澜起科技 公告编号：2025-034 澜起科技股份有限公司 关于 2025 年回购 A 股 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 4.28% and a transaction volume of 1.171 billion yuan [3] - Over the past week, the ETF's scale increased by 1.071 billion yuan, ranking first among comparable funds [3] - The ETF's share increased by 177 million shares in the past week, also ranking first among comparable funds [3] - In the last five trading days, the ETF saw net inflows on four days, totaling 309 million yuan [3] - The ETF's net value has risen by 63.15% over the past year, ranking first among comparable funds [3] - The ETF has achieved a maximum single-month return of 25.18% since its inception, with an average monthly return of 8.58% [3] Group 2: Semiconductor Market Trends - The global semiconductor market is expected to grow by 22.7% year-on-year by April 2025, reaching a market size of 700.874 billion dollars [4] - The growth is primarily driven by logic chips and memory chips, with AI applications accelerating penetration [4] - The industry is experiencing a wave of mergers and acquisitions across various sectors, including materials, equipment, and packaging [4] - The evolution of global trade dynamics has made semiconductor self-sufficiency a key strategic focus for China's industrial development [4] - The semiconductor industry is entering a new upward cycle, supported by government policies and the AI innovation cycle [4] Group 3: Top Holdings in Chip Index - The top ten weighted stocks in the Sci-Tech Chip Index include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.93% of the index [4] - The individual weightings of the top stocks are as follows: SMIC (10.08%), Haiguang Information (9.35%), and Cambricon (8.61%) [6] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [6]

Core Viewpoint - The company, Lanke Technology, is actively engaging in share repurchase and plans to issue H-shares for further capital raising and market expansion [1][2][3] Group 1: Stock Performance - As of June 27, 2025, Lanke Technology's stock closed at 80.15 yuan, down 1.74% from the previous week [1] - The stock reached a weekly high of 81.5 yuan and a low of 77.45 yuan [1] - The company's total market capitalization is 91.755 billion yuan, ranking 7th in the semiconductor sector and 151st among all A-shares [1] Group 2: Share Repurchase - The company announced its first share repurchase plan for 2025, with a total repurchase amount of 2 billion to 4 billion yuan [2] - As of June 23, 2025, the company has repurchased 450,000 shares, accounting for 0.04% of the total share capital, with a total expenditure of approximately 35.1176 million yuan [1][3] - The repurchase price range was between 77.79 yuan and 78.29 yuan per share [1] Group 3: Upcoming Events - Lanke Technology will hold its first extraordinary general meeting on July 7, 2025, to discuss several proposals, including the issuance of H-shares and amendments to the company's articles of association [2][3] - The company plans to issue H-shares on the Hong Kong Stock Exchange, with a maximum issuance not exceeding 9% of the total share capital post-issuance [2] - The funds raised from the H-share issuance will primarily be used for cutting-edge technology research in interconnected chips and global market expansion [2]

Core Viewpoint - Lanke Technology is planning to go public in Hong Kong, aiming to raise approximately $1 billion, despite having over 7 billion yuan in cash and cash equivalents, which raises questions about the necessity of this fundraising [3][6][10][19]. Group 1: Company Overview - Lanke Technology, an A-share listed IC design company, is preparing for an IPO in Hong Kong amid the domestic semiconductor localization trend [3]. - The company announced its plan to issue H-shares and list on the Hong Kong Stock Exchange on June 20 [4]. - As of the end of Q1 2025, Lanke Technology's cash and cash equivalents amounted to approximately 7.036 billion yuan [12]. Group 2: Financial Performance - In 2024, Lanke Technology achieved revenue of approximately 3.639 billion yuan, a year-on-year increase of 59.2%, and a net profit of 1.412 billion yuan, soaring by 213.1% [13]. - The interconnect chip product line generated sales revenue of 3.349 billion yuan, marking a historical high with a year-on-year growth of 53.31% [14]. - In Q1 2025, the company continued its high growth trajectory, reporting revenue of 1.222 billion yuan and a net profit of 525 million yuan, representing year-on-year increases of 65.78% and 135.14%, respectively [17]. Group 3: Strategic Intentions - The decision to pursue fundraising through a Hong Kong IPO is viewed as a strategic move rather than a necessity, aimed at enhancing brand recognition and trust with international clients, particularly in the cloud computing and AI sectors [20][21]. - The company has no controlling shareholder or actual controller, with the founders holding only 2.18 million shares each, which is insufficient for a controlling position [34][35]. Group 4: Management and Compensation - In 2024, the founders of Lanke Technology received a pre-tax salary of 9.99 million yuan each, while other executives received significantly lower compensation [37][38]. - The company invests heavily in its R&D personnel, with 74.65% of its workforce in R&D and an average annual salary nearing 1 million yuan, totaling approximately 533 million yuan in compensation [40][41]. Group 5: Market Context - The trend of A-share listed companies seeking to issue H-shares in Hong Kong is growing, with notable examples like CATL completing a $5.252 billion IPO recently [42][43]. - Lanke Technology's timing for entering the Hong Kong market appears strategic, aligning with broader market movements [44].

Group 1 - The core viewpoint of the news highlights the performance of the digital economy theme index and its constituent stocks, indicating a positive trend in the market with specific stocks showing significant gains [1][2] - The digital economy ETF closely tracks the index, focusing on self-controllable technology and financial technology, with the electronic and computer sectors holding a combined weight of 82% [2][3] - The top ten constituent stocks of the index account for 50.98% of the total weight, with notable companies like 东方财富 (Orient Securities) and 中芯国际 (SMIC) leading the list [3][5] Group 2 - The digital economy ETF has seen a significant increase in scale, growing by 11.86 million yuan over the past week, ranking it in the top half among comparable funds [3] - The ETF's share volume increased by 6 million shares in the last month, also placing it in the top half of comparable funds [3] - The anticipated release of the DeepSeek R2 version is expected to enhance the AI industry's capabilities, benefiting the entire AI value chain [1]

证券代码：688008 证券简称：澜起科技 澜起科技股份有限公司 2025 年第一次临时股东大会会议资料 澜起科技股份有限公司 澜起科技股份有限公司 2025 年第一次临时股东大会会议 资料 澜起科技股份有限公司 议案 3：关于公司发行 H 股股票并在香港联合交易所有限公司上市的议案 ..... 42 议案 4：关于公司发行 H 股股票并在香港联合交易所有限公司上市方案的议案 议案 7：关于公司发行 H 股股票并在香港联合交易所有限公司上市决议有效期的 议案 8：关于提请股东大会授权董事会及其授权人士全权处理与公司发行 H 股股 议案 11：关于修订于 H 股发行上市后适用的《公司章程》及相关议事规则的议 议案 15：关于 2025 年第二次以集中竞价交易方式回购公司 A 股股份方案的议案 澜起科技股份有限公司 2025 年第一次临时股东大会会议资料 澜起科技股份有限公司 2025 年第一次临时股东大会会议资料 澜起科技股份有限公司 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代 ...

澜起科技股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：688008 证券简称：澜起科技 澜起科技股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 7 月 澜起科技股份有限公司 2025 年第一次临时股东大会会议资料 澜起科技股份有限公司 2025 年第一次临时股东大会会议资料目录 | 澜起科技股份有限公司 年第一次临时股东大会会议须知 2025 1 | | | --- | --- | | 2025 年第一次临时股东大会会议议程 3 | 澜起科技股份有限公司 | | 议案 1：关于修订《公司章程》及相关议事规则的议案 6 | | | 议案 2：关于修订公司内部治理制度的议案 20 | | | 议案 H 股股票并在香港联合交易所有限公司上市的议案 42 | 3：关于公司发行 | | 议案 股股票并在香港联合交易所有限公司上市方案的议案 H | 4：关于公司发行 | | 43 | | | 议案 5：关于公司转为境外募集股份有限公司的议案 46 | | | 议案 H 股股票募集资金使用计划的议案 47 | 6：关于公司发行 | | 议案 H 股股票并在香港联合交易所有限公司上市决议 ...