证券日报网讯 聚辰股份10月20日在互动平台回答投资者提问时表示，公司与澜起科技合作开发配套 DDR5内存模组的SPD产品，下游客户已覆盖行业主要内存模组厂商，下游市场规模的增大有望为公司 SPD业务的扩张创造更大的空间。 （编辑 任世碧） ...

Core Viewpoint - The PCIe chip market is experiencing rapid evolution and expansion, driven by the increasing demand for high-speed interconnect technologies in AI, big data, and high-performance computing applications. The market is projected to grow significantly, with a compound annual growth rate (CAGR) of 16.38% from 2025 to 2031, reaching $4.998 billion by 2031 [6][11]. Product Definition and Statistical Scope - PCI Express (PCIe) is a crucial computer bus standard that supports high-speed serial communication and offers features like active power management and error reporting. The report categorizes PCIe chips into PCIe switch chips and PCIe signal enhancement chips [2]. Current Development Status of PCIe Chip Industry - **AI and High-Performance Computing Driving Demand**: The emergence of AI training, inference, and cloud computing has led to exponential growth in system bandwidth and I/O capabilities, particularly in data centers and AI servers [3]. - **Accelerated Technological Iteration**: The PCIe standard has rapidly evolved from Gen3 to Gen6, with each generation doubling the speed and increasing design complexity [3]. - **Deepening Industry Chain Collaboration**: The PCIe chip ecosystem is becoming more open and standardized, with established design norms and testing processes enhancing collaboration among chip manufacturers, motherboard makers, and system vendors [3]. Development Trends of PCIe Chip Industry - **Expansion from Motherboard to System Level**: Future trends indicate that PCIe interconnects will evolve from motherboard-level to system-level integration, driven by AI clustering and modular server architectures [4]. - **Advancement Towards Gen6**: The PCIe 6.0 standard, released in 2022, significantly increases data rates and imposes higher requirements on signal processing and error correction capabilities [4]. - **Intense Manufacturer Competition**: The core competitiveness of PCIe chip manufacturers will increasingly depend on their ability to collaborate with CPU/GPU/DPU manufacturers and system integrators, moving towards system-level solutions [4]. Market Overview - The global PCIe chip market is projected to reach $1.427 billion in sales by 2024 and grow to $4.998 billion by 2031, with China expected to account for a significant share of the market [6][7]. - The top five manufacturers (Broadcom, Astera Labs, Microchip, Texas Instruments, ASMedia) hold over 91% of the market share, with Broadcom leading in technology and market presence [7]. Product Technology Pathways - PCIe chips are categorized into switch chips and signal enhancement chips, with the market size for switch chips expected to reach $1.040 billion in 2024 and $2.515 billion by 2031, while signal enhancement chips are projected to grow from $384 million to $2.483 billion in the same period [8]. Application Segments - Servers remain the primary application for PCIe chips, accounting for 65.46% of demand in 2024, with expectations to rise to 75.83% by 2031 [9]. The increasing use of PCIe technology in AI training and real-time computing tasks highlights its critical role in modern data architectures [9]. Standard Evolution - The PCIe standards have matured, with PCIe 3.0 dominating the market at $532 million in 2024, while PCIe 4.0 and 5.0 are also gaining traction. By 2031, PCIe 4.0 and 5.0 are expected to grow to $871 million and $403 million, respectively [10]. Policy Analysis - The Chinese government has introduced several strategic policies, such as "Made in China 2025" and the "14th Five-Year Plan," aimed at enhancing the semiconductor industry, which includes support for PCIe chip development [11][13].

Market Overview - The net inflow of large orders in the two markets reached 7.387 billion yuan, with 34 stocks seeing net inflows exceeding 200 million yuan, led by Zhongji Xuchuang with a net inflow of 2.562 billion yuan [1] - The Shanghai Composite Index closed up 0.63%, with a total of 1,904 stocks experiencing net inflows and 2,686 stocks seeing net outflows [1] Industry Performance - Among the 15 industries with net inflows, the communication sector had the highest net inflow of 5.072 billion yuan, with an index increase of 3.21%. The electronics sector followed with a net inflow of 3.019 billion yuan and a rise of 1.38% [1] - The industries with net outflows included 16 sectors, with non-ferrous metals experiencing the largest outflow of 2.624 billion yuan, followed by computers with 1.509 billion yuan [1] Individual Stock Performance - A total of 34 stocks had net inflows exceeding 200 million yuan, with Zhongji Xuchuang leading at 2.562 billion yuan, followed by Silan Microelectronics with 1.205 billion yuan [2] - Stocks with significant net inflows saw an average increase of 7.51%, outperforming the Shanghai Composite Index. Notably, 32 of these stocks rose, with some hitting the daily limit [2] - The top sectors for stocks with large net inflows were electronics, communication, and machinery, with 12, 4, and 4 stocks respectively [2] Top Net Inflow Stocks - The top stocks by net inflow included: - Zhongji Xuchuang: 2.562 billion yuan, closing price 403.00 yuan, increase of 7.87% [2] - Silan Microelectronics: 1.205 billion yuan, closing price 32.53 yuan, increase of 8.65% [2] - New Yisheng: 975 million yuan, closing price 329.24 yuan, increase of 4.09% [2] Top Net Outflow Stocks - The stocks with the largest net outflows included: - Lanke Technology: -797 million yuan, closing price 135.15 yuan, decrease of 2.07% [4] - Baiyin Nonferrous Metals: -419 million yuan, closing price 5.88 yuan, decrease of 9.95% [4] - Huaten Technology: -380 million yuan, closing price 12.65 yuan, decrease of 2.39% [4]

Core Viewpoint - The Sci-Tech Chip ETF Index (588920) opened with a gain of 1.62%, reaching 1.506 yuan, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Sci-Tech Chip ETF Index (588920) has a benchmark performance based on the Shanghai Stock Exchange Sci-Tech Board Chip Index [1] - Since its establishment on July 16, 2025, the fund has achieved a return of 47.80% [1] - The fund's return over the past month is reported at 1.92% [1] Group 2: Major Holdings - Key stocks within the Sci-Tech Chip ETF Index include: - SMIC (中芯国际) with a gain of 1.74% [1] - Haiguang Information (海光信息) up by 2.96% [1] - Cambricon (寒武纪) increasing by 2.04% [1] - Lattice Technology (澜起科技) rising by 2.88% [1] - Zhongwei Company (中微公司) up by 2.33% [1] - Hu Silicon Industry (沪硅产业) gaining 1.83% [1] - Chipone (芯原股份) increasing by 3.41% [1] - Hengxuan Technology (恒玄科技) up by 1.98% [1] - Huahai Qingke (华海清科) rising by 1.96% [1] - Sitway (思特威) with the highest gain of 5.45% [1]

Group 1 - The semiconductor leader ETF (159665) opened with a gain of 1.25%, priced at 1.775 yuan [1] - Key holdings in the ETF include: - SMIC up 1.74% - Haiguang Information up 2.96% - Cambrian up 2.04% - North Huachuang up 1.64% - OmniVision up 1.41% - Lattice Semiconductor up 2.88% - Zhongwei Company up 2.33% - Zhaoyi Innovation up 3.24% - Changdian Technology up 1.90% - Unisoc up 1.71% [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index return, managed by ICBC Credit Suisse Asset Management Company, with a return of 75.25% since its establishment on December 22, 2022, and a return of 0.36% over the past month [1]

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 6.63% and a transaction volume of 2.604 billion yuan [3] - The latest scale of the Sci-Tech Chip ETF reached 38.493 billion yuan, ranking first among comparable funds [3] - In the past two weeks, the ETF's shares increased by 966 million, marking significant growth and leading among comparable funds [3] - Over the past seven trading days, the ETF recorded net inflows on five days, totaling 2.511 billion yuan [3] - As of October 17, the ETF's net value has risen by 130.66% over the past three years, ranking 16th out of 1890 index equity funds, placing it in the top 0.85% [3] - The highest monthly return since inception was 35.07%, with the longest consecutive monthly increase being four months and a maximum increase of 74.17% [3] - The average return during rising months is 9.90% [3] Group 2: Semiconductor Industry Insights - Nvidia's CEO stated that due to U.S. export controls, Nvidia's market share in China has dropped from 95% to 0%, indicating a complete exit from the Chinese market [4] - The global semiconductor industry is projected to grow from $631 billion in 2024 to over $1 trillion by 2030, with a CAGR of approximately 8% [4] - AI and High-Performance Computing (HPC) are expected to be the core drivers of this growth, with their share rising from 35% in 2025 to 48% in 2030 [4] - SEMI forecasts a 10% year-on-year increase in global wafer fabrication equipment (WFE) capital expenditure in 2026, reflecting strong growth in advanced process logic and memory capital expenditures driven by AI [4] - The semiconductor equipment industry may see a turning point in 2026, with advanced packaging equipment expected to reach a scale of $6.3 billion [4] Group 3: Top Weight Stocks - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Chip Index include: - Haiguang Information (10.22% weight, +1.77%) - Langqi Technology (10.15% weight, +1.80%) - SMIC (9.59% weight, +4.07%) - Cambricon (8.01% weight, -0.54%) - Zhongwei Company (6.80% weight, +1.59%) - Chipone (2.89% weight, +3.15%) - Hu Silicon Industry (2.63% weight, +0.65%) - Hengxuan Technology (2.50% weight, +1.21%) - Sitaiwei (2.46% weight, +6.16%) - Shenghai Qingke (2.39% weight, +1.20%) [6]

Core Insights - The China Securities Digital Economy Theme Index (931582) has seen a strong increase of 2.48% as of October 20, 2025, with notable gains in constituent stocks such as Silan Microelectronics (600460) up 9.99%, China Resources Microelectronics (688396) up 7.34%, and Zhaoyi Innovation (603986) up 6.32% [1] - The Digital Economy ETF (560800) also rose by 2.62%, with a trading volume of 9.77 million yuan and a turnover rate of 1.42% [1] - The index reflects the overall performance of listed companies involved in digital economy infrastructure and high digitalization applications [2] Market Performance - As of September 30, 2025, the top ten weighted stocks in the China Securities Digital Economy Theme Index accounted for 54.31% of the index, including Dongfang Wealth (300059), SMIC (688981), and Cambricon (688256) [2] - The performance of individual stocks within the index shows a range of increases, with Dongfang Wealth at 1.33% and SMIC at 2.19% [4] Industry Trends - The demand for HBM products is increasing due to the growing computational power needs of AI large models, leading to a shift from 8-layer to 12-layer stacking, which complicates testing processes [1] - Domestic computing chip manufacturers are experiencing a surge in innovation, with many launching self-developed AI chips, indicating a significant acceleration in the domestic supply chain [1]

Company Overview - Lanke Technology's stock price increased by 2.01% on October 20, reaching 140.77 CNY per share, with a trading volume of 1.333 billion CNY and a turnover rate of 0.83%, resulting in a total market capitalization of 161.203 billion CNY [1] - The company has seen a stock price increase of 108.51% year-to-date, with a recent decline of 4.92% over the last five trading days, but a rise of 19.09% over the last 20 days and 64.34% over the last 60 days [1] - Lanke Technology, established on May 27, 2004, and listed on July 22, 2019, specializes in providing chip-based solutions for cloud computing and artificial intelligence [1] Financial Performance - For the first half of 2025, Lanke Technology reported a revenue of 2.633 billion CNY, representing a year-on-year growth of 58.17%, and a net profit attributable to shareholders of 1.159 billion CNY, which is a 95.41% increase year-on-year [2] - The company has distributed a total of 2.367 billion CNY in dividends since its A-share listing, with 1.35 billion CNY distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, Lanke Technology had 68,300 shareholders, a decrease of 14.90% from the previous period, with an average of 16,771 circulating shares per shareholder, an increase of 17.51% [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 115 million shares, an increase of 27.5736 million shares from the previous period [3] - Other significant shareholders include various ETFs, with notable changes in holdings among them, such as a decrease in shares held by Huaxia SSE STAR 50 ETF and increases in holdings by E Fund SSE STAR 50 ETF and others [3]

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

Group 1 - The core index of the Xinhua National Brand Project reported 1956.62 points, with several constituent stocks rising against the market trend [1] - Shanghai Jahwa increased by 9.42%, leading the gains among constituent stocks, followed by Changbaishan at 7.19% and Darentang at 5.34% [1] - The overall market saw declines, with the Shanghai Composite Index down 1.47% and the Shenzhen Component Index down 4.99% [1] Group 2 - Since the second half of the year, Zhongji Xuchuang has risen by 156.40%, ranking first in gains, followed by Sunshine Power at 114.27% [2] - The market is expected to maintain upward momentum, with liquidity driving potential growth and fundamental support gradually increasing [2] - Domestic interest rates remain low, and overseas liquidity is expected to remain loose, indicating continued capital allocation towards Chinese equity assets [2] Group 3 - Recent market adjustments are attributed to a decline in global market risk appetite and a shift in investment style towards defensive sectors [3] - The current market environment is characterized by high levels, increased uncertainty, and a slowdown in previous catalysts, leading to cautious trading [3] - Investors are encouraged to seek opportunities in sectors with higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [3]