Group 1 - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.37%, driven by gains in sectors such as computers, media, and non-ferrous metals, while banks and conglomerates experienced declines [1] - The chip technology sector showed strong performance, with the Chip ETF (159995.SZ) rising by 1.23%, and notable increases in component stocks such as Haiguang Information (+5.76%), Longxin Zhongke (+5.08%), and Lanke Technology (+3.47%) [1] Group 2 - NVIDIA's founder and CEO Jensen Huang announced the launch of the Rubin platform at CES 2026, which consists of six new chips designed for building extraordinary AI supercomputers, including VeraCPU, RubinGPU, and NVLink6 switch [3] - According to Cinda Securities, the launch of the Rubin platform marks a new era in AI computing power, with a complete transformation of global computing facilities towards the "AI factory" paradigm [3] - The Rubin platform's collaborative design is expected to significantly enhance performance, with potential increases in value across multiple segments such as computing power, storage, and infrastructure investment [3] - The Chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambricon, and Changdian Technology [3]

Summary of Key Points from the Conference Call Industry Overview - The report presents the **Top 10 Asia Pac Ideas for Q1 2026**, focusing on stock recommendations for companies in the Asia Pacific region that are expected to have significant market and business-related catalysts in the upcoming quarter [1][2][10]. Company Recommendations - The **10 Buy-rated stocks** identified for Q1 2026 are: - **ASX Ltd**: Target Price (TP) of AUD 64.10, representing a 27% upside [3][5]. - **Chroma ATE**: TP of TWD 1,180, with a 38% upside [3][5]. - **Damai Entertainment**: TP of HKD 1.10, indicating a 22% upside [3][5]. - **H World Group**: TP of USD 62.00, with a 28% upside [3][5]. - **LG Electronics India**: TP of INR 1,840, representing a 23% upside [3][5]. - **Mitsubishi Heavy Industries**: TP of JPY 4,900, indicating a 15% upside [3][5]. - **Montage**: TP of CNY 155.00, with a 16% upside [3][5]. - **Ping An Insurance**: TP of HKD 74.00, representing a 3% upside [3][5]. - **Singtel**: TP of SGD 5.50, indicating a 21% upside [3][5]. - **Tencent Holdings**: TP of HKD 780.00, with a 23% upside [3][5]. Investment Rationale - The selection process involved consultations with BofA Fundamental Equity Research analysts and sector heads to ensure a diversified list of stocks with strong potential for outperforming or underperforming peers [2][11]. - The report emphasizes that the stocks are chosen based on their **Buy** or **Underperform** ratings, ensuring that only high-conviction ideas are included [2][14]. Performance and Updates - The list will be published at the beginning of each quarter and will remain unchanged unless there are significant developments affecting the stocks [4][15]. - Stocks may be re-evaluated for subsequent quarters based on ongoing catalysts and market conditions [16]. Additional Insights - **ASX Ltd**: The company has seen a share price decline of over 28% since mid-June, trading more than one standard deviation below historic levels, indicating potential for recovery [34]. - **Chroma ATE**: The company is positioned well in the semiconductor capital equipment industry, with expected growth driven by demand for AI server infrastructure and system-level testing [41][56]. - **Damai Entertainment**: As a subsidiary of Alibaba, it operates in various entertainment sectors, including live performance ticketing and content production, indicating a diversified revenue stream [64]. Risks and Considerations - Potential risks include regulatory interventions, market conditions affecting revenue growth, and competition within the semiconductor equipment sector [37][60]. - The report highlights the importance of monitoring macroeconomic factors and sector-specific developments that could impact the performance of the recommended stocks [7][60]. This summary encapsulates the key points from the conference call, focusing on the companies and industry dynamics relevant to the investment recommendations for Q1 2026.

Core Insights - The global semiconductor industry underwent significant changes in 2025, transitioning from chaos to order and from divergence to consensus, driven by macroeconomic policies and the rise of artificial intelligence [1] - The A-share semiconductor sector experienced a recovery trajectory throughout the year, culminating in a strong performance in the second half [1] - The Kexin Chip ETF (588200) emerged as the largest product in the semiconductor theme, achieving a return of 154.35% since its listing, with an annualized yield of 34.88% [1] Industry Overview - The semiconductor industry is at a critical juncture, with AI transitioning from training to inference and domestic substitution moving into deeper waters [1][28] - The Kexin Chip Index has shown a cumulative increase of 69.94% since April 8, 2025, outperforming other semiconductor indices [4] - The market sentiment shifted positively towards semiconductor stocks, with 54% of tracked A-share semiconductor companies achieving record quarterly revenues in 2025 [6][12] Market Performance - The Kexin Chip ETF (588200) has seen significant inflows, with a net inflow of 3.18 billion yuan in 2025 and an average daily trading volume of 2.6 billion yuan [2][24] - The index's constituent stocks demonstrated impressive growth, with a 39% year-on-year revenue increase and a 94% rise in net profit in the first three quarters of 2025 [22] - The semiconductor market is expected to experience double-digit growth for three consecutive years, driven by AI infrastructure and traditional chip demand recovery [14] Investment Opportunities - The Kexin Chip ETF (588200) provides a convenient way to invest in core assets of the semiconductor industry, covering the entire supply chain from design to manufacturing [18][21] - The ETF's liquidity and strong market recognition make it an attractive option for both institutional and individual investors [24][25] - The underlying assets of the ETF include leading companies in the semiconductor sector, such as SMIC and Cambrian, which are positioned to benefit from ongoing industry trends [19][30] Future Outlook - The semiconductor industry is poised for growth, with domestic companies benefiting from increased production capacity and innovation in AI applications [28][30] - The Kexin Chip Index is expected to maintain its status as one of the most growth-oriented indices in the A-share market, capitalizing on trends in AI computing and domestic substitution [30][31]

Core Viewpoint - The Chip Leader ETF (516640) opened with a slight decline of 0.08%, indicating a mixed performance in the semiconductor sector [1] Group 1: ETF Performance - The Chip Leader ETF (516640) opened at 1.188 yuan [1] - Since its establishment on August 19, 2021, the fund has achieved a return of 19.13% [1] - The fund's return over the past month is reported at 13.34% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC: down 0.13% [1] - Cambricon: down 1.65% [1] - Haiguang Information: unchanged [1] - Northern Huachuang: down 0.37% [1] - Lattice Semiconductor: unchanged [1] - Zhaoyi Innovation: up 1.59% [1] - Zhongwei Company: down 1.20% [1] - OmniVision: up 0.19% [1] - Chipone: up 0.23% [1] - Changdian Technology: down 0.41% [1]

Group 1 - The core stock price of Lanke Technology fell by 2.02% on January 13, with a trading price of 129.57 yuan per share and a total market capitalization of 148.54 billion yuan [1] - The company has seen a year-to-date stock price increase of 9.99%, with a 5-day decline of 2.96% and a 20-day increase of 7.62% [1] - Lanke Technology's main business involves providing chip-based solutions for cloud computing and artificial intelligence, with interconnect chips accounting for 93.44% of revenue [1] Group 2 - As of September 30, Lanke Technology reported a total revenue of 4.058 billion yuan for the first nine months of 2025, representing a year-on-year growth of 57.83% [2] - The net profit attributable to shareholders for the same period was 1.632 billion yuan, reflecting a year-on-year increase of 66.89% [2] - The company has distributed a total of 2.367 billion yuan in dividends since its A-share listing, with 1.35 billion yuan distributed over the past three years [3] Group 3 - The number of shareholders for Lanke Technology increased by 36.10% to 92,900 as of September 30, while the average circulating shares per person decreased by 26.50% to 12,326 shares [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 145 million shares, an increase of 29.73 million shares from the previous period [3] - Several ETFs, including E Fund's and Huaxia's, have seen reductions in their holdings, while E Fund's CSI 300 ETF entered the top ten circulating shareholders for the first time [3]

Core Viewpoint - The demand for high-speed data transmission in data centers is experiencing exponential growth due to the AI model revolution, positioning interconnect chips as a critical sector in the technology industry [1]. Group 1: Company Overview - Lanqi Technology, a leading global memory interconnect chip company, is set to raise funds through its listing on the Hong Kong Stock Exchange to enhance R&D and commercialization efforts [1]. - The company has a strong market presence, holding a significant share in the global interconnect chip market, particularly in memory interconnect and PCIe/CXL segments [2][7]. Group 2: Competitive Advantages - Lanqi Technology has established a dual barrier of "R&D innovation + standard-setting" as its core competitive advantage, with a total of 208 patents and significant R&D investments amounting to 2.54 billion RMB from 2022 to 2024 [2][5]. - The company is one of the few suppliers offering a full range of memory interface chips from DDR2 to DDR5, with its DDR4 architecture adopted as an international standard by JEDEC [3]. Group 3: Market Position - In the memory interconnect chip market, Lanqi Technology is projected to hold a 36.8% market share in 2024, ranking first globally alongside Renesas and Rambus [7]. - The company is rapidly gaining traction in the PCIe Retimer segment, expected to achieve a 10.9% market share in 2024, ranking second globally [7]. Group 4: Financial Performance - The company's revenue is expected to grow significantly, with a forecasted increase from 3.67 billion RMB in 2022 to 4.06 billion RMB in 2025, reflecting a 57.8% year-on-year growth in the first three quarters of 2025 [9][10]. - The gross profit margin has been steadily increasing, reaching 61.5% in the first three quarters of 2025, with interconnect chips achieving a gross margin of 64.8% [10]. Group 5: Industry Growth Potential - The global high-speed interconnect chip market is anticipated to grow from $15.4 billion in 2024 to $49 billion by 2030, with a CAGR of 21.2%, driven by the increasing demand for AI servers and data center upgrades [12]. - Lanqi Technology's strategic focus on Ethernet and optical interconnects is expected to open new market opportunities, covering a wide range of interconnect needs from memory to system-level solutions [12]. Group 6: Future Strategies - The company plans to allocate the net proceeds from its Hong Kong listing towards R&D in advanced interconnect technologies, commercial expansion, and strategic investments [14]. - With a strong financial foundation, including cash reserves of 8.77 billion RMB and a low debt ratio of 10.9%, the company is well-positioned to capitalize on growth opportunities in the AI infrastructure sector [14].

Core Viewpoint - The demand for high-speed data transmission in data centers is experiencing exponential growth due to the AI model revolution, positioning interconnect chips as a critical sector in the technology industry [1]. Group 1: Company Overview - Lanqi Technology, a leading global memory interconnect chip company, is set to raise funds through its listing on the Hong Kong Stock Exchange to enhance R&D and commercialization efforts [1]. - The company has a strong market presence, holding a significant share in the global interconnect chip market, particularly in memory interconnect and PCIe/CXL segments [2][7]. Group 2: Technological Leadership and Standards - Lanqi Technology has established a dual barrier of "R&D innovation + standard-setting" as its core competitive advantage, with a total of 208 patents and significant R&D investments [2][5]. - The company is one of the few suppliers offering a full range of memory interface chips from DDR2 to DDR5, with its DDR4 architecture adopted as an international standard [3]. Group 3: Market Position and Financial Performance - In the memory interconnect chip market, Lanqi Technology is projected to hold a 36.8% market share in 2024, leading the market alongside Renesas and Rambus [7]. - The company's revenue is expected to grow significantly, with a forecasted increase from 36.72 billion RMB in 2022 to 40.58 billion RMB in the first three quarters of 2025, reflecting a 57.8% year-on-year growth [9][10]. Group 4: Future Growth and Investment Strategy - The global high-speed interconnect chip market is anticipated to grow from $15.4 billion to $49 billion between 2024 and 2030, with Lanqi Technology aiming to capitalize on this growth through strategic investments in R&D and market expansion [12][13]. - The company plans to focus its fundraising on advancing core technologies, expanding its global customer network, and strengthening ecosystem collaboration [13].

Group 1 - A total of 14 companies submitted listing applications to the Hong Kong Stock Exchange from January 5 to January 11, with 2 companies passing the hearing and 10 companies launching IPOs, resulting in 6 new stocks listed [1] - The companies that submitted applications cover various popular sectors including infant food, influencer marketing, artificial intelligence, biopharmaceuticals, semiconductors, and fast food chains [1] Group 2 - "Grandpa's Farm International Holdings Limited" focuses on infant food and ranks second in China's infant food market and first in the organic segment, with revenues of 780 million RMB and profits of 87.42 million RMB for the first nine months of 2025 [2] - "Zhong An Xin Ke" is an AI solutions provider ranked fourth in the enterprise-level AI solutions market, achieving revenues of 290 million RMB and net profits of 31.65 million RMB for the first three quarters of 2025 [2] Group 3 - "Tian Xia Xiu" is the first publicly listed influencer marketing company in A-shares, reporting revenues of 4.066 billion RMB and 2.734 billion RMB for 2024 and the first three quarters of 2025, respectively, with net profits declining by 46.45% and 46.2% [3] - "Zhejiang Bo Rui Biopharmaceutical Co., Ltd." focuses on immunotherapy and ranks first in revenue from autoimmune disease biopharmaceuticals in China, with revenues of 1.379 billion RMB and net profits of 122 million RMB for the first three quarters of 2025 [4] Group 4 - "Chip Mai Semiconductor Technology" focuses on power management ICs and power devices, reporting revenues of 1.458 billion RMB and a net loss of 234 million RMB for the first three quarters of 2025 [5] - "Hunan Xizi Health Group" specializes in sports nutrition and functional foods, with revenues of 1.447 billion RMB, 1.692 billion RMB, and 1.609 billion RMB from 2023 to the first three quarters of 2025 [6] Group 5 - "Lao Xiang Ji" is the largest Chinese fast food brand, with 1,658 stores across 61 cities in China, and holds a 0.9% market share in the Chinese fast food industry as of 2024 [7] - "Ji Wu Si Wei" operates 112 restaurants in 40 cities and ranks first in the restaurant bar sector in China, with revenues of 872 million RMB and net profits of 61 million RMB for the first three quarters of 2025 [8] Group 6 - "Lanqi Technology" is a fabless integrated circuit design company and the largest supplier of memory interconnect chips globally, with revenues of 4.058 billion RMB and net profits of 1.632 billion RMB for the first nine months of 2025 [10] - "Hunan Ming Ming Hen Mang" is set to become the first stock in the snack retail sector, achieving a retail sales volume of 66.1 billion RMB, a 74.5% increase year-on-year, with 19,517 stores nationwide [10] Group 7 - A total of 10 companies initiated IPOs, with 6 new stocks listed, showing strong market demand, particularly for AI and technology companies, with some stocks experiencing over-subscription rates exceeding 1,000 times [11][12] - New stocks in the AI and healthcare sectors performed exceptionally well, with significant first-day gains, indicating strong investor interest and market vitality [12]

上周融资净买入金额前十股 来源：Wind 从行业情况来看，上周申万一级31个行业中有29个行业融资余额增加，电子、有色金属、国防军工行业融资净买入金额 居前，分别为158.12亿元、95.62亿元、91.73亿元。仅有食品饮料、公用事业行业出现融资净卖出，净卖出金额分别为 6.49亿元、0.14亿元。 从个股情况来看，上周融资客对285只股票加仓金额超1亿元，加仓居前的10只股票分别为信维通信、中国平安、金风科 技、中信证券、蓝色光标、招商银行、香农芯创、航天动力、澜起科技、烽火通信，分别净买入18.76亿元、18.67亿元、 16.24亿元、14.53亿元、12.87亿元、12.44亿元、10.10亿元、8.76亿元、8.51亿元、7.61亿元。从市场表现上看，上周融资 客加仓居前十的股票涨多跌少，涨幅最大的金风科技涨逾56%。 | 证券代码 | 证券简称 | | 期间涨幅 融资融券余额 | 融资余额(万元) | 融资净买入额 | | --- | --- | --- | --- | --- | --- | | | | (%) | (万元) | | (万元) | | 300136. SZ | 信维通信 | 2 ...

Group 1 - The company, Lattice Semiconductor Corporation, submitted its Hong Kong IPO application on July 11, 2025, which will expire on January 12, 2026, with CICC, Morgan Stanley, and UBS as joint sponsors [2] - The company is a global leader in fabless integrated circuit design, focusing on innovative, reliable, and high-performance interconnect solutions for cloud computing and AI infrastructure [3] - The company provides interconnect chips, including memory interconnect chips and PCIe/CXL interconnect chips, with applications across a wide range of end-user fields, including data centers, servers, and computers [3] Group 2 - According to Frost & Sullivan, the company is projected to be the largest supplier of memory interconnect chips globally in 2024, with a market share of 36.8% based on revenue [3]