Core Viewpoint - The semiconductor sector is experiencing a strong performance driven by geopolitical tensions, which provide a window for domestic semiconductor alternatives, particularly in advanced packaging and memory chip concepts [1] Group 1: Market Performance - The semiconductor sector saw significant gains on the 21st, with notable performances from companies such as Longxin Zhongke, which hit a 20% limit up, and Haiguang Information, which rose over 13% to reach a new high [1] - Jianghua Microelectronics achieved a consecutive three-day limit up, while companies like Lanke Technology and Tongfu Microelectronics increased by over 8% [1] Group 2: Industry Insights - CITIC Securities pointed out that geopolitical friction is creating opportunities for domestic semiconductor alternatives, with companies like Huawei, Cambricon, and Haiguang rapidly improving the performance of next-generation computing chips and cabinets [1] - The demand surge for AI and supply-side contractions are contributing to a price increase in memory chips, leading to a performance explosion for global memory industry chain enterprises [1] Group 3: Investment Opportunities - The construction of memory production lines and the increase in domestic production rates are expected to accelerate, presenting investment opportunities in supporting semiconductor equipment and packaging sectors within the domestic memory chain [1] - As the logic of domestic substitution strengthens and memory capacity expands, a new capital expenditure cycle is anticipated, benefiting domestic equipment, components, and materials significantly [1]

1月21日盘中科创板股龙芯中科涨停，截至09:40，股价报177.72元，成交18.38亿元，换手率2.69%，振 幅16.66%。 科创板个股中，截至发稿上涨的共有428只，涨幅在5%以上的共有21只，涨幅较高的有龙芯中科、芯碁 微装、天智航-U等，分别上涨20.00%、11.56%、10.16%，下跌的有160只，跌幅较大的有凯因科技、步 科股份、颀中科技，分别下跌13.65%、5.19%、4.26%。 资金面上，龙芯中科上一交易日主力资金净流入1.45亿元，近5日净流入2.64亿元。 融资融券数据显示，该股最新（1月20日）两融余额为11.09亿元，其中，融资余额为11.05亿元，较上一 个交易日减少4040.67万元，降幅为3.53%；融券余额为325.09万元，较上一个交易日增加0.71万元，增 幅为0.22%。近10日两融余额合计增加1.72亿元，增幅为18.41%，其间融资余额增长18.45%，融券余额 增长5.66%。（数据宝） （文章来源：证券时报网） ...

Group 1 - The A-share market opened lower on January 21, but all four major indices turned positive, with the Sci-Tech Innovation Index rising over 1% [1] - Domestic chip stocks experienced significant gains, with Longxin Zhongke (688047) hitting the daily limit of 20%, and companies like China Great Wall and Jianghua Microelectronics also reaching their daily limits [1][2] - Haiguang Information saw a rise of over 14% during trading, while Tongfu Microelectronics and Hualing Co. also reported increases [1] Group 2 - Overnight, U.S. storage chip stocks surged, with SanDisk rising over 9% to reach a new historical high [3] - Micron Technology executives indicated that the shortage of storage chips has accelerated significantly over the past quarter, driven by surging demand for high-end semiconductors due to AI infrastructure [3] - A report from Counterpoint Research noted that the storage market has surpassed its historical peak from 2018, with suppliers' bargaining power at an all-time high, and prices expected to rise by 40% to 50% in Q1 2026, followed by an additional 20% increase in Q2 [3]

每经AI快讯，1月21日早盘，算力芯片概念走强，龙芯中科、中国长城涨停，海光信息、澜起科技、国 芯科技、芯原股份、东芯股份跟涨。 （文章来源：每日经济新闻） ...

Market Performance - The A-share market showed signs of recovery in the early session, with all three major indices rising: the Shanghai Composite Index increased by 0.17%, the Shenzhen Component Index rose by 0.54%, and the ChiNext Index climbed by 1.15% [1] - The Kweichow Moutai ETF (588000) surged by 3.46%, with the latest price at 1.614 yuan, and the intraday trading volume reached 2.121 billion yuan, resulting in a turnover rate of 2.67% [1] Semiconductor Sector - The semiconductor sector experienced a significant rally, with notable stocks such as Longxin Technology hitting the limit up, Haiguang Information rising by 14.07%, Lanke Technology increasing by 6.80%, Zhongwei Company up by 3.97%, and SMIC gaining 3.04% [1] - The domestic semiconductor equipment sector is witnessing dual catalysts: the successful launch of the first high-energy hydrogen ion implanter developed by China National Nuclear Corporation, breaking foreign monopolies in key semiconductor manufacturing processes, and TSMC's financial report indicating a projected 35% increase in net profit by Q4 2025 and a gross margin of 62% [1] Industry Outlook - The dual catalysts are expected to accelerate the localization of domestic equipment, combined with AI-driven technological upgrades and capacity expansion, suggesting that the industry may enter a "golden period" of expansion cycles and technological breakthroughs [1] - The Kweichow Moutai ETF (588000) tracks the Sci-Tech 50 Index, which has a 70.35% allocation in the electronics sector, aligning well with the current development trends in artificial intelligence and robotics [1] - The ETF also covers multiple sub-sectors, including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology, and investors optimistic about the long-term development prospects of China's hard technology are encouraged to continue monitoring [1]

（文章来源：每日经济新闻） 每经AI快讯，芯片概念走强，龙芯中科"20cm"涨停，海光信息涨逾13%创新高，通富微电、景嘉微涨逾 5%。 ...

南方财经1月21日电，早盘算力芯片概念走强，龙芯中科、中国长城涨停，海光信息、澜起科技、国芯 科技、芯原股份、东芯股份跟涨。消息面上，国联民生研报称，在进行Agent相关的强化学习的时候， 需要海量的CPU来构建各种工具和environment。因此，CPU往往比GPU更早成为瓶颈，其效能直接影响 GPU利用率、policylag、训练稳定性以及RL的整体收敛速度。 ...

Group 1 - Intel and AMD plan to increase server CPU prices by 10%-15% to address supply-demand imbalance and ensure stable future supply [2][3] - Global server shipments are expected to achieve over 9% year-on-year growth due to data center architecture upgrades and replacement of existing server CPUs [3] - The demand for server CPUs is increasing due to the ongoing evolution of generative AI, which is driving up procurement budgets for AI servers and affecting general server purchases [3][4] Group 2 - Cloud vendors are expected to expand capital expenditures to meet the increasing demand for AI inference capabilities, with global AI server shipments projected to grow over 20% year-on-year by 2026 [4] - Domestic next-generation server CPUs, such as Haiguang's Haiguang 4, Loongson's 3C6000, and China Great Wall's Feiteng S2500, are accelerating deployment in various sectors, improving stability and compatibility [5] - The demand for server CPUs is anticipated to continue growing due to data center architecture upgrades and increasing AI inference computing needs, with domestic CPUs expected to gain market share driven by performance improvements and policy support [6]

Group 1 - On January 19, a total of 14 companies were investigated by institutions, with 8 companies being surveyed by funds [1] - Shu Dao Equipment received the most attention, with 4 funds participating in the survey, while Mingyang Electric and Ruipu Biotech had 3 and 2 funds respectively [1] - Among the surveyed companies, there is 1 company from the main board, 6 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 2 - The total market capitalization of the surveyed A-share companies includes 1 company with a market cap over 50 billion yuan and 5 companies with a market cap below 10 billion yuan, including Tianlu Technology and Shu Dao Equipment [1] - In terms of market performance, 6 of the surveyed stocks increased in the past 5 days, with the highest gains seen in Shiji Information (21.98%), Tianlu Technology (11.08%), and Mingyang Electric (6.95%) [1] - Conversely, 2 stocks experienced declines, with Longxin Technology and Shu Dao Equipment showing the largest drops of 9.72% and 4.68% respectively [1]

Group 1 - The A-share market showed mixed performance on January 20, with the Shanghai Composite Index rising by 0.09%, driven by gains in real estate, building materials, and construction decoration sectors, while the comprehensive and communication sectors experienced declines [1] - The chip technology stocks performed strongly, with the chip ETF (159995.SZ) increasing by 1.16% as of 9:45 AM, and notable individual stock performances included Beijing Junzheng up by 6.08%, Longxin Zhongke up by 5.85%, and Lanke Technology up by 4.03% [1] Group 2 - The demand for AI chips and storage chips remains high, leading overseas storage manufacturers to allocate resources towards advanced packaging (such as HBM), which may tighten the testing capacity for standard storage chips [3] - Rising prices of raw materials such as gold, silver, and copper have significantly increased packaging costs, potentially leading to price hikes across the testing industry [3] - According to Open Source Securities, in a high-demand environment, testing companies may pass on cost pressures through price adjustments and improve profitability, while also optimizing product structures to focus on higher-margin businesses [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]