Group 1: Policy and Industry Dynamics - The Shanghai Stock Exchange released guidelines to expand the fifth listing standard for commercial rocket companies on the Sci-Tech Innovation Board, aiming to support the innovation and development of the commercial aerospace sector [1][17] - The guidelines consist of 14 articles detailing requirements related to business scope, "hard technology" attributes, and standards for commercial rocket enterprises, providing targeted support for high-quality companies without significant revenue [1][17] - Several rocket companies have recently submitted IPO counseling records, indicating a growing interest in capital market participation [1][17] Group 2: Market Overview and Trends - The commercial rocket industry is at a critical stage of large-scale commercialization, necessitating further support from the capital market [2][18] - The Sci-Tech Innovation Board focuses on hard technology, including sectors like electronic chips, emerging software, and new information technology services, reflecting the rise of advanced manufacturing in China [2][18] - Recent trends show a rebound in the Sci-Tech Innovation Board, particularly in sectors such as chips, information technology, and new materials [3][19] Group 3: Sector Performance - The top five industries on the Sci-Tech Innovation Board are electronics, biomedicine, power equipment, computers, and machinery, collectively accounting for 88.2% of the board's market capitalization [4][20] - The semiconductor sector has seen significant interest, with a notable rebound in chip stocks driven by demand for AI computing infrastructure [21] - The high-end equipment manufacturing sector is experiencing growth, with a 15.4% year-on-year increase in engineering machinery import and export trade, reflecting a recovery in overseas demand [22] Group 4: Investment Opportunities - The AI computing demand is expected to surge, with continued capital investment from cloud vendors driving high demand for advanced chips [21] - The domestic engineering machinery update cycle is starting, supported by favorable policies in real estate and infrastructure [22] - The pharmaceutical sector remains active, with multiple innovative drugs and medical devices receiving approvals, indicating a robust pipeline for growth [23]

Core Manufacturing Segment: The Foundation of Domestic Substitution - The manufacturing segment is the heavy asset core of the storage industry, responsible for key processes such as chip lithography and etching, and is a critical breakthrough area for domestic substitution [3] - Domestic companies have achieved large-scale production in the two main storage fields of 3D NAND and DRAM, forming a "fourth pole" in the global market [3] Key Companies in Core Manufacturing - **Yangtze Memory Technologies Co., Ltd. (YMTC)**: The only domestic IDM company focused on integrated design and manufacturing of 3D NAND flash, with a global NAND market share expected to reach 13% by 2025 [4] - **Changxin Memory Technologies (CXMT)**: The largest and most advanced DRAM manufacturer in China, with a focus on 19nm process technology and significant revenue growth in Q3 [5] - **Fujian Jinhua Integrated Circuit Co., Ltd.**: Focuses on niche DRAM markets, providing cost advantages in mid-to-low-end applications [6] - **Newport Semiconductor**: A leading manufacturer of specialty process storage chips, focusing on NOR Flash and special storage for critical fields [7] - **SMIC**: A leading global integrated circuit foundry, providing core support for storage chip foundry services [8] - **Huahong Semiconductor**: A core enterprise for specialty process storage chip foundry, with leading yield control levels [10] Chip Design Segment: The Core Engine of Technological Innovation - The design segment is the technological core of the industry chain, responsible for storage chip architecture design, circuit layout, and functional definition [12] - Domestic companies have achieved technological breakthroughs in NOR Flash, niche DRAM markets, and storage control chips, with some products reaching international mainstream levels [12] Key Companies in Chip Design - **Lanke Technology**: A leading global memory interface chip design company, with a total market value expected to reach 138.58 billion yuan by 2025 [13] - **GigaDevice Semiconductor**: A leader in NOR Flash and niche DRAM design, with a total market value of 151.58 billion yuan by 2025 [14] - **Unisoc**: A top-tier provider of storage technology products and services, with significant economic benefits from its fourth-generation SeDRAM technology [15] - **Dongxin Technology**: A rare Fabless company providing NAND, NOR, and DRAM design solutions [16] - **Daqin Technology**: A leader in automotive-grade storage and SRAM/DRAM design, benefiting from the explosion of smart automotive storage demand [17] Module Integration Segment: The Key Bridge Connecting Chips and Terminals - The module segment integrates chips with main control and interface components to form products like SSDs, UFS, and eMMC, which are core to meeting terminal demands [26] - Benefiting from the growth of AI smartphones, AI PCs, and AI servers, this segment is crucial for the storage industry [26] Key Companies in Module Integration - **Jiangbolong**: A leading third-party storage module company with significant revenue growth and a total market value of 111.87 billion yuan [27] - **Baiwei Storage**: Focused on embedded storage and PCIe SSD modules, with leading market share in embedded storage products [28] - **Demingli**: An integrated company providing domestic storage main control chips and module solutions [29] - **Langke Technology**: A well-known consumer storage module company with a stable market share [30] - **Jintai Technology**: A company developing both consumer and industrial-grade storage modules [31] Supporting Services and Specialty Fields: Important Support for the Industry Ecosystem - Supporting service companies provide full-chain support for the storage industry, including storage system solutions, testing equipment, and security storage [42] - Specialty field companies focus on niche scenarios, forming differentiated competitive advantages [42] Key Companies in Supporting Services - **Tongyou Technology**: A leading provider of enterprise-level storage system solutions, focusing on data center and cloud computing [43] - **Hangyu Micro**: A provider of storage and computing solutions for aerospace, with products suitable for space scenarios [44] - **Hualan Micro**: A provider of security storage and storage interface chip solutions, making significant progress in domestic security storage interface chip substitution [45] - **Hongshan Technology**: A provider of enterprise-level storage systems and data management solutions [46] - **Zeshi Technology**: A provider of storage chip and module testing equipment, supporting domestic storage enterprises [47] 2025 Storage Industry Development Summary - By 2025, China's storage industry has built a complete ecosystem covering "manufacturing-design-module-support services," with core companies achieving breakthroughs in technology and market share [58] - Leading companies like Yangtze Memory and Changxin Memory are pushing domestic storage to occupy an important position in the global market [58] - The "super cycle" of the storage industry will continue to evolve, with domestic companies accelerating breakthroughs in high-end fields such as HBM, 3D stacking, and secure storage [59]

Core Viewpoint - The storage industry is experiencing a "super cycle" driven by explosive AI demand and supply-side contraction, leading to significant price increases and a surge in capital activities among major companies [1][2]. Group 1: Industry Trends - The storage industry has historically shown strong cyclical characteristics, with the current cycle, defined as a "super cycle," expected to last until at least the end of 2026, potentially extending into 2027 [2]. - AI's structural demand explosion is the core engine driving this super cycle, with AI servers requiring 8 times more DRAM and 3 times more NAND Flash compared to traditional servers [2]. - Major storage manufacturers, including Samsung, SK Hynix, and Micron, are adopting cautious expansion strategies, further exacerbating supply shortages [3]. Group 2: Price Trends - The average selling prices (ASP) of DRAM and NAND Flash are on the rise, with suppliers seeing increased profits, although capital expenditures for 2026 may not significantly boost output growth [3]. - The spot market reflects rising prices, with Kingston raising DRAM prices and NAND Flash showing bullish sentiment due to expected contract price increases [5]. Group 3: Capitalization Trends - The ongoing industry boom has ignited a wave of IPO activities among storage companies, with multiple firms accelerating their listing processes across various segments [7]. - Shenzhen Dapu Microelectronics has successfully passed the IPO review for the ChiNext board, marking a significant milestone in the current IPO wave [8]. - Dapu Micro focuses on enterprise-level SSDs and has developed a comprehensive technology stack, positioning itself uniquely in the market [10][13]. Group 4: Global Capitalization Efforts - Companies like Nanya Technology and Montage Technology are pursuing IPOs in Hong Kong to leverage global financing advantages [15]. - Nanya Technology is targeting the niche DRAM market and plans to achieve mass production of advanced DRAM products by Q3 2027 [19]. - Montage Technology aims to provide interconnect solutions for cloud computing and AI infrastructure, with plans for an overseas listing [22]. Group 5: A-Share Market Preparations - Several storage firms are preparing for A-share listings, focusing on governance and business structure to strengthen their capital foundation [23]. - Shenzhen Shichuangyi has initiated IPO counseling, marking a critical phase in its listing preparation [24][26]. - The company has developed a full-chain capability in storage products, covering various applications in consumer electronics and IoT [26]. Group 6: Future Outlook - The capital market is expected to see significant contributions from companies like Changxin Memory and Dapu Micro if they successfully list, addressing gaps in the market from storage media to enterprise-level solutions [30]. - The current capital wave in the storage industry is a result of cyclical benefits and accelerated domestic substitution, with a strong focus on long-term profitability [30].

Core Viewpoint - The article discusses the performance of the Science and Technology Innovation Information Technology ETF Morgan (588770), highlighting its opening price and the performance of its major holdings [1]. Group 1: ETF Performance - The Science and Technology Innovation Information Technology ETF Morgan (588770) opened at 1.382 yuan, with a gain of 0.44% [1]. - Since its establishment on March 14, 2025, the fund has achieved a return of 37.55%, with a monthly return of 4.71% [1]. Group 2: Major Holdings Performance - Among the major holdings, Haiguang Information opened down by 0.33%, while SMIC (Semiconductor Manufacturing International Corporation) increased by 0.74% [1]. - Other notable performances include Cambrian (up 0.47%), Chipone (up 1.64%), and Stone Technology (up 0.03%), while Kingsoft Office and Huahong Group saw declines of 0.25% and 0.48%, respectively [1].

Group 1 - The company, Lanke Technology, announced that it will hold its second extraordinary general meeting of shareholders on December 26, 2025, at the Shanghai Hongqiao Welcoming Hotel [2] - The agenda includes proposals for providing financial assistance to its controlling subsidiary, appointing the financial and internal control audit institution for the year 2025, and discussing the company and its summary [2]

证券代码：688008 证券简称：澜起科技 公告编号：2025-077 澜起科技股份有限公司 关于向第三届董事会核心高管激励计划（修订稿） 激励对象授予限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 因激励工具变更的限制性股票授予日：2025 年 12 月 26 日； 限制性股票授予数量：1,140 万股限制性股票，约占目前公司股本总额 114,642.6521 万股的 0.9944%； 股权激励方式：第二类限制性股票。 （一）本次授予已履行的决策程序和信息披露情况 1.公司于 2024 年 9 月 2 日召开第三届董事会第三次会议和第三届监事会第 三次会议，审议通过了《关于公司<第三届董事会核心高管激励计划（草案）> 及其摘要的议案》等相关议案。公司监事会对核心高管激励计划（草案）的相关 1 事项进行核实并出具了相关核查意见。相关议案已经公司第三届董事会薪酬与考 核委员会第一次会议审议通过。 《澜起科技股份有限公司第三届董事会核心高管激励计划（修订稿）》（以下 简称"《核心高管激励计划（ ...

澜起科技股份有限公司 第三届董事会核心高管激励计划（修订稿） 授予激励对象名单 澜起科技股份有限公司 董 事 会 澜起科技股份有限公司（以下简称"公司"）《第三届董事会核心高管激励计 划（修订稿）》因激励工具变更而新增授予的限制性股票在各激励对象间的分配 情况如下表所示： | 序号 | 姓名 | | 职务 | 获授的限制性 股票数量 | 占新增授予限制 性股票总数的比 | 占当前公司股 本总额的比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | | （万股） | 例 | | | | | 一、董事、高级管理人员、核心技术人员 | | | | | | 1 | 杨崇和 | | 董事长、首席执行官、 核心技术人员 | 570 | 50% | 0.4972% | | 2 | Stephen Kuong-Io | Tai | 职工董事、总经理 | 570 | 50% | 0.4972% | | | | 合计 | | 1,140 | 100.00% | 0.9944% | 2025 年 12 月 26 日 ...

上海兰迪律师事务所 关于澜起科技股份有限公司 第三届董事会核心高管激励计划(修订稿) 授予限制性股票的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（20082） 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 上海兰迪律师事务所 关于澜起科技股份有限公司 第三届董事会核心高管激励计划(修订稿) 授予限制性股票的 法律意见书 致:澜起科技股份有限公司 上海兰迪律师事务所接受澜起科技股份有限公司(以下简称"澜起科技"或 "公司",证券代码为688008）的委托,为公司实施第三届董事会核心高管激励 计划(以下简称"本激励计划")所涉及的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")《中华人 民共和国证券法》(以下简称"《证券法》"《上市公司股权激励管理办法》(以下 简称"《管理办法》")《上海 ...

澜起科技股份有限公司 章程（草案） （H 股发行并上市后生效） 二〇二五年十二月 | | | | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 3 | | 第一节 | 股份发行 3 | | 第二节 | 股份增减和回购 5 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东会 8 | | 第一节 | 股东的一般规定 8 | | 第二节 | 控股股东和实际控制人 11 | | 第三节 | 股东会的一般规定 12 | | 第四节 | 股东会的召集 15 | | 第五节 | 股东会的提案与通知 17 | | 第六节 | 股东会的召开 18 | | 第七节 | 股东会的表决和决议 22 | | 第五章 | 董事和董事会 26 | | 第一节 | 董事的一般规定 26 | | 第二节 | 董事会 31 | | 第三节 | 独立董事 36 | | 第四节 | 董事会专门委员会 38 | | 第六章 | 高级管理人员 40 | | 第七章 | 财务会计制度、利润分配和审计 43 | | 第一节 | 财务会计制度 43 | | 第二节 | 内部 ...

证券代码：688008 证券简称：澜起科技 公告编号：2025-076 澜起科技股份有限公司 关于修订于 H 股发行上市后适用的 《公司章程》的公告 | 修订前内容 | 修订后内容 | | --- | --- | | 第二十七条 | 第二十七条 | | 公司的股份应当依法转让。 | 公司的股份应当依法转让。 | | | 所有 股的转让皆应采用一般或普通格式 H | | | 或任何其他为董事会接受的格式的书面转 | | | 让文据（包括香港联交所不时规定的标准转 | | | 让格式或过户表格）。如公司股份的转让人 | | | 或受让人为香港法律不时生效的有关条例 | | | 所定义的认可结算所（以下简称"认可结算 | | | 所"）或其代理人，书面转让文件可用手签 | | | 或机器印刷形式签署。所有转让文据必须置 | | | 于公司之法定地址或董事会不时可能指定 | | | 的其他地方。 | | 第六十七条 | 第六十七条 | | 个人股东亲自出席会议的，应出示本人身份 | 个人股东亲自出席会议的，应出示本人身份 | | 证或者其他能够表明其身份的有效证件或者 | 证或者其他能够表明其身份的有效证件或 | | ...