Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF Huatai Fu (516920), which opened with a slight increase of 0.27% at 1.132 yuan [1] - The major holdings of the Chip ETF include companies such as Cambricon, which rose by 0.10%, SMIC by 0.47%, and Haiguang Information by 1.96% [1] - The ETF's performance benchmark is the CSI Chip Industry Index return, managed by Huatai Fu Fund Management Co., Ltd., with a return of 12.94% since its inception on July 27, 2021, and a recent one-month return of -0.72% [1]

Group 1 - The core point of the article highlights the performance of the Chip ETF (159995), which opened with a gain of 0.68% at 1.913 yuan on February 12 [1] - The major holdings of the Chip ETF include companies such as SMIC, Haiguang Information, and Cambrian, with respective opening gains of 0.47%, 1.96%, and 0.10% [1] - The performance benchmark for the Chip ETF is the National Securities Semiconductor Chip Index return, managed by Huaxia Fund Management Co., with a return of 89.97% since its inception on January 20, 2020, and a near-term return of -0.05% over the past month [1]

Investment Rating - The industry investment rating is "Overweight" [6] Core Views - The report highlights that the server CPU market is experiencing supply shortages due to increased demand driven by AI advancements and cloud computing needs. The delivery cycle for some CPU models may extend up to 6 months [1] - The rapid development of Agentic AI is expected to significantly increase the demand for CPUs, as these systems require more computational power for tasks such as database retrieval and external tool calls [3] - The report emphasizes the importance of CPU in AI systems, predicting that the number of tasks executed by agents will grow from 44 billion in 2025 to 415 trillion by 2030, representing a compound annual growth rate of 524% [3] Summary by Sections Demand 1: Replacement Cycle and AI Demand - The general server market is currently in a 3-5 year replacement cycle, with significant growth in server procurement driven by the rise of remote work and online services during 2020-2021. The global shipment of general servers is expected to grow by 13% in 2024 and 8% in 2025, supporting a robust CPU market [2] Demand 2: Agentic AI Driving CPU Growth - Agentic AI, which integrates large language models and decision orchestration, is expected to create a new wave of demand for CPUs. The report cites a study indicating that CPU performance may become a bottleneck in Agentic AI systems, with tool processing delays accounting for up to 90.6% of total latency [3] Supply: Insufficient Advanced Process Capacity - Intel is facing supply shortages due to inadequate capacity planning for advanced processes, with shortages expected to persist until 2026. The company is prioritizing server CPU supply, but adjustments will not be completed until the end of Q1 2026 [4] Key Recommendations - The report recommends stocks such as Haiguang Information (688041 CH) with a target price of 291.00 and Lanke Technology (688008 CH) with a target price of 178.80, both rated as "Buy" [8][19]

Group 1 - The semiconductor ETF (159813) opened with a gain of 0.57%, priced at 1.225 yuan [1] - Key holdings in the semiconductor ETF include: - SMIC up 0.47% - Haiguang Information up 1.96% - Cambrian up 0.10% - North Huachuang up 0.53% - Zhaoyi Innovation up 2.08% - Zhongwei Company up 0.62% - Lanke Technology up 1.05% - OmniVision up 0.03% - Tuojing Technology up 0.89% - Changdian Technology up 0.67% [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return, managed by Penghua Fund Management Co., Ltd. [1] Group 2 - Since its establishment on April 17, 2020, the semiconductor ETF has achieved a return of 82.59% [1] - The ETF has experienced a slight decline of 0.02% over the past month [1]

今年，基石投资者结构中不仅有国内百亿级私募和险资巨头，还有大量全球顶级资产管理机构的名 字。部分企业如东鹏饮料、澜起科技、壁仞科技等，其基石投资者阵容中不乏国际长线基金的身影。例 如，东鹏饮料在2月3日上市时，在其15家基石投资者中，就包含卡塔尔投资局（QIA）、贝莱德 （BlackRock）、淡马锡（Temasek）、摩根大通、瑞银等来自美国、中东、欧洲、亚洲各地的长线资金 身影。 瑞银集团中国区总裁及瑞银证券董事长胡知鸷表示，国际投资者在去年就已经完成了从观望到继续 参与的转折。"我们看到的不仅是兴趣的回归，更是行为上的变化。外资正从此前相对被动的状态，转 向主动且偏向长期标的选择的交易状态。因此，在港股IPO等项目中，国际长线资金作为基石投资者的 参与度明显提高。" 在胡知鸷看来，这背后的逻辑并不复杂。一方面，中国企业在技术创新上取得了显著进展，全球竞 争力提升；另一方面，从全球配置的角度看，中国资产的估值和成长潜力为国际投资者提供了分散风险 的重要选择。 市场定价能力提升 2月11日，随着上市锣声的再次敲响，A股新能源智能装备企业——先导智能成功在香港联合交易 所主板挂牌上市，成为澜起科技、爱芯元智、 ...

Core Viewpoint - The recent transfer of shares of Lattice Semiconductor (06809) from China International Capital Hong Kong Securities to Morgan Stanley Hong Kong Securities indicates significant investor activity, with a transfer value of HKD 997 million, representing 8.50% of the company's shares [1] Company Overview - Lattice Semiconductor is a leading global fabless integrated circuit design company focused on providing innovative, reliable, and energy-efficient interconnect solutions for cloud computing and AI infrastructure [1] - The company offers interconnect chips, including memory interconnect chips and PCIe/CXL interconnect chips, which are utilized across a wide range of end applications, including data centers, servers, and computers [1]

基石投资者机制发挥了股价托底作用，今年上市的22只新股均获基石投资者认购，参与机构涵盖淡马 锡、GIC等主权基金，贝莱德、瑞银等资管巨头，以及高瓴资本等私募机构。LiveReport大数据显示， 2026年1月港股IPO基石投资者单月投资金额达185.21亿港元，同比大幅增长13.3倍。基石投资者提前锁 定大额认购需求，通过信誉背书增强市场信心，减少短线投机资金占比，推动股价转向价值驱动的轨 道。此外，绿鞋机制作为补充稳定手段，主承销商可在上市后30天内通过超额配售或二级市场买入动作 调节股价，平抑波动。 香港证监会此前发出通函，严抓IPO质量，针对上市文件质量欠佳、保荐人履职失当等问题提出规范要 求，推动市场从流量导向转向质量导向，将长期提升港股上市公司整体资质，吸引更多长期资金入驻。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 今年以来，港股新股市场呈现首日零破发现象。Wind数据显示，已有22只新股完成上市，上市首日全 部守住发行价。对比之下，2025年12月上市的25只新股中，有10只首日未能守住发行价。 2月11日登陆港股的 ...

澜起科技股份有限公司 ■ 经扣除本公司就悉数行使超额配售权应付的包销佣金、费用及估计开支后，公司将收取的额外所得款项 净额约为10.43亿港元，公司拟按本次发行的招股说明书"未来计划及所得款项用途－所得款项用途"一 节所载的用途按比例使用该等额外所得款项净额。 特此公告。 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。 经香港联合交易所有限公司（以下简称"香港联交所"）批准，澜起科技股份有限公司（以下简称"公 司"） 发行的65,890,000股H股股票（行使超额配售权之前）已于2026年2月9日在香港联交所主板挂牌并 上市交易（以下简称"本次发行"）。公司H股股票中文简称为"澜起科技"，英文简称为"MONTAGE TECH"，股份代号为"6809"。详见公司于2026年2月10日在上海证券交易所网站 （http://www.sse.com.cn）披露的《关于H股挂牌并上市交易的公告》（公告编号：2026-010）。 根据本次发行方案，公司同意由整体协调人（代表国际包销商）于2026年2月10日悉数行使超额配售 权，按发售 ...

Core Viewpoint - The semiconductor industry chain places chip design at the top, recognized for its high R&D investment, high gross margins, and light asset operation, making it the segment with the highest added value in the industry. The E Fund Sci-Tech Chip Design ETF (589030) serves as a standardized observation tool to effectively monitor fluctuations in this segment [1]. Group 1: Index Characteristics - The E Fund Sci-Tech Chip Design ETF (589030) closely tracks the Shanghai Stock Exchange Sci-Tech Board Chip Design Theme Index, which has a high "purity" as it exclusively selects listed companies in the semiconductor design sector from the Sci-Tech Board, excluding heavy asset wafer manufacturing and backend testing [2]. - Digital chip design and analog chip design are the top two weighted industries in the index, together accounting for over 90%, allowing the index to accurately reflect the overall prosperity of the chip design segment without being affected by manufacturing capital expenditure fluctuations [2]. Group 2: Component Stock Overview - The ETF's holdings include several core enterprises in the domestic semiconductor field, with the top ten component stocks being: - Lanqi Technology - Haiguang Information - Chipone Technology - Cambricon - Baiwei Storage - Ruichuang Micro-Nano - Dongxin Technology - Loongson Technology - Zhenlei Technology - Fudan Microelectronics [3]. - The business distribution focuses on three main areas: - Computing and calculation chips, such as Haiguang Information and Cambricon, which are crucial for domestic computing infrastructure [4]. - Memory interface and storage logic, including Lanqi Technology (memory interface chips) and Baiwei Storage (storage devices) [5]. - Analog chips, such as Ruichuang Micro-Nano (infrared detectors) and Zhenlei Technology (RF chips), applicable in various industrial and consumer electronics scenarios [6]. Group 3: Market Insights - Recent reports from major brokerages highlight structural recovery opportunities in the semiconductor industry, with the chip design segment identified as a direction where performance elasticity is expected to be realized first [7]. - In the storage sector, Guosheng Securities notes that under the backdrop of original manufacturers reducing production and supply-demand tightness, module manufacturers with stable, high-quality particle supply are likely to benefit significantly from the AI era's supply-demand tightness, price increases, and domestic production upgrades [8]. - CITIC Securities emphasizes that "self-control and AI computing power" will be the absolute main line throughout 2026, indicating that the domestic computing power industry chain is transitioning from "point breakthroughs to systematic reconstruction" [9]. Group 4: Industry Tool Attributes - For observers focused on semiconductor industry logic, tracking the performance of the E Fund Sci-Tech Chip Design ETF (589030) provides a direct reflection of market recognition of valuation fluctuations in the chip design segment. This index tool, focusing on the upstream high-value-added segment, offers a precise "slice" for analyzing the trends of hard technology on the Sci-Tech Board [11]. - As of February 11, 2026, the index achieved a 69.47% increase over the statistical period, significantly reflecting the high elasticity characteristics of the chip design segment during industry upcycles [12].

Group 1 - The semiconductor leading ETF, 工银 (159665), opened down 1.00% at 1.980 yuan [1] - Major holdings in the ETF include 中芯国际 down 1.89%, 海光信息 down 1.54%, and several others with varying declines, while 拓荆科技 saw a slight increase of 0.02% [1] - The ETF's performance benchmark is the 国证半导体芯片指数, managed by 工银瑞信基金管理有限公司, with a return of 100.14% since its inception on December 22, 2022, and a 1.67% return over the past month [1]