Group 1 - The two major indices of the STAR Market opened slightly lower on January 27, but rebounded significantly after an initial drop, eventually closing with notable gains [1] - The STAR 50 Index closed at 1555.98 points, up 1.51%, with a total trading volume of approximately 102.1 billion yuan, showing a slight decrease compared to the previous trading day [1] - The STAR Composite Index closed at 1889.46 points, up 1.72%, with a total trading volume of about 324.5 billion yuan, also reflecting a slight decrease from the previous day [1] Group 2 - On January 27, 388 stocks in the STAR Market rose, accounting for approximately 64.77% of the total, with semiconductor stocks showing a strong upward trend [1] - In the performance of individual stocks, Shengke Communication and Dongxin Co., Ltd. reached a limit-up of about 20%, while Hexin Instruments saw a decline of 10.26%, marking the largest drop [2] - The average increase for the remaining 599 stocks, excluding suspended stocks, was 1.35%, with an average turnover rate of 3.93% and a total trading volume of 324.48 billion yuan [1]

Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 2.89 trillion yuan, a decrease of 353.3 billion yuan compared to the previous trading day [4]. - On January 27, all three major A-share indices closed higher, with the Shanghai Composite Index rising by 0.18%, the Shenzhen Component Index by 0.09%, and the ChiNext Index by 0.71% [1]. Sector Performance - The semiconductor sector showed significant strength, with stocks like Dongxin Technology and Shengke Communication hitting the daily limit, both up by 20% [3]. - The AI computing industry chain also performed well, alongside gains in the storage and CPO sectors [2]. - Conversely, the coal, pharmaceutical retail, and commercial sectors experienced notable declines [2]. Individual Stock Movements - Notable gainers included Dongxin Technology (+20.00% to 153.23 yuan) and Shengke Communication (+20.00% to 162.53 yuan) [3]. - In the pharmaceutical sector, stocks such as Shuyuan Pingmin and Dajia Weikang saw declines exceeding 8% [4]. Fund Flow - Main funds saw a net inflow into sectors such as electronics, communications, machinery, defense, and non-ferrous metals, while experiencing net outflows from power equipment, non-bank financials, pharmaceuticals, food and beverage, and public utilities [6]. - Specific stocks with significant net inflows included Zhongji Xuchuang (34.13 billion yuan), Tianfu Communication (20.88 billion yuan), and Dongxin Technology (20.05 billion yuan) [7]. - Conversely, stocks like Ningde Times, Kweichow Moutai, and Cambrian Technologies faced net outflows of 10.11 billion yuan, 9.65 billion yuan, and 8.95 billion yuan, respectively [8]. Analyst Insights - Huaxi Securities suggests that the "slow bull" trend in A-shares is likely to continue [10]. - CITIC Securities expresses a clear outlook on the AI industry trend, maintaining a positive view on the optical communication sector [10]. - Huatai Securities indicates that oil prices may have entered a phase of bottoming and rebound [10].

Core Viewpoint - The storage chip market is experiencing significant price increases driven by supply-demand imbalances, particularly influenced by the rising demand for high-performance storage due to AI technology [1][2][3]. Group 1: Market Performance - The A-share market saw all three major indices open lower, but the storage chip sector surged, with the sector index rising nearly 2% [1]. - Notable individual stock performances include Dongxin Technology reaching a market cap of 67.77 billion yuan and hitting a new high since its listing, while other companies like Xiechuang Data and Jingzhida also saw substantial gains [1]. - Several stocks in the storage sector have reported month-to-date increases exceeding 60%, indicating strong market momentum [1]. Group 2: Price Trends and Predictions - Analysts predict that NAND flash memory prices will increase by over 100% in Q1 2026, significantly surpassing previous market expectations [1]. - The ongoing price increases are attributed to a combination of supply and demand factors, with AI technology driving higher demand for advanced storage solutions [2]. - Supply-side constraints are exacerbated by leading manufacturers like Samsung and SK Hynix adopting conservative production strategies, leading to a reduction in general storage chip availability [2]. Group 3: Company Performance and Forecasts - Companies in the storage industry are expected to see substantial earnings growth, with predictions of a continued price increase for storage products through 2026 [2][3]. -兆易创新预计2025年归属于上市公司股东的净利润为16.1亿元，同比增长约46% [3]. - 德明利预计2025年度实现归属于上市公司股东的净利润6.5亿元至8亿元，同比增长85.42%至128.21% [4].

Group 1 - The A-share market showed resilience with a rebound, particularly in the hard technology sector, as evidenced by the performance of the Huabao Sci-Tech Chip ETF (589190), which saw an intraday increase of over 3% [1] - Dongxin Co., during an investor relations event, indicated that the industry upcycle has led to overseas storage manufacturers shifting capacity to high-profit product lines, resulting in a relative supply shortage for niche storage products, which are currently experiencing price increases [1] - Samsung Electronics plans to raise the supply price of NAND flash memory by over 100% in the first quarter of this year, significantly exceeding market expectations, and is preparing for new negotiations regarding NAND prices for the second quarter, with a general market expectation of continued price increases [1] Group 2 - The Huabao Sci-Tech Chip ETF (589190) was launched on January 27, passively tracking the Shanghai Stock Exchange Sci-Tech Chip Index, with nearly 80% coverage in key areas such as chip design, semiconductor materials, and equipment, aligning with themes of domestic substitution and technological self-reliance [2] - As of the end of 2025, the annualized return of the Shanghai Stock Exchange Sci-Tech Chip Index since its base date is 17.93%, significantly outperforming similar indices such as the Sci-Tech Innovation Semiconductor Index and the National Chip Index [2]

责任编辑：栎树 1月27日，A股市场存储芯片股集体走强，其中，东芯股份20CM涨停，普冉股份涨超15%，恒烁股份涨 超14%，帝科股份涨超12%，康强电子、华天科技10CM涨停，协创数据、精智达涨超9%，航宇微涨超 8%，中微半导、华虹公司、概伦电子涨超7%，北京君正涨超6%，聚辰股份、国科微、沪硅产业、京仪 装备涨超5%。 消息面上，当地时间周一，美光科技宣布，位于新加坡现有NAND闪存制造园区内的先进晶圆制造厂正 式破土动工，计划未来十年投资约240亿美元，预计2028年下半年投产。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688110 | 东芯股份 | 1 | 20.00 | 678亿 | 16.66 | | 688766 | 普朗股份 | 1 | 15.65 | 380亿 | 102.03 | | 688416 | 恒烁股份 | | 14.72 | 77.94 乙 | 70.32 | | 300842 | 帝科股份 | 1 | 12.57 | 175亿 | 102.83 | | 002 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688110 | 东芯般份 | 1 | 20.00 | 678亿 | 16.66 | | 688766 | 普典股份 | 1 | 15.65 | 380亿 | 102.03 | | 688416 | 恒烁股份 | | 14.72 | 77.94 乙 | 70.32 | | 300842 | 帝科股份 | 1 | 12.57 | 175亿 | 102.83 | | 002119 | 康弾用子 | 1 | 10.00 | 92.88.26 | 50.27 | | 002185 | 华天科技 | 豪 | 9.98 | 478亿 | 33.64 | | 300857 | 协创数据 | 1 | 9.47 | 804亿 | 37.78 | | 688627 | 精智达 | 4 | 9.04 | 286亿 | 36.00 | | 300053 | 航宇微 | 1 | 8.40 | 167亿 | 26.13 | | 688380 | 中微未合 | - | 7.47 | ...

韩国市场同步走强，SK海力士盘中创历史新高，三星电子逼近历史峰值，两大巨头总市值合计突破 8000亿元人民币。市场异动背后，多重利好因素共振。 东海证券指出，AI浪潮下存储芯片量价齐升逻辑明确，2025年相关A股标的业绩预增普遍超40%。随着 AI推理场景扩展和端侧设备智能化，存储芯片需求将持续释放，行业高景气周期或延续至2027年。 微软正式发布新一代AI推理芯片Maia 200，其搭载的HBM3E内存总容量达216GB，性能较前代提升 36%。SK海力士作为该芯片独家供应商，股价应声大涨7%，市值突破570万亿韩元（约2.75万亿元）。 股票频道更多独家策划、专家专栏，免费查阅>> 无独有偶，三星电子宣布将NAND闪存价格上调100%，创历史最大单季涨幅，美光科技则宣布斥资240 亿美元扩建新加坡NAND工厂，产能预计2028年投产。 责任编辑：栎树 今日A股存储芯片板块上演V型反弹，存储芯片指数早盘跌幅一度达1.8%，随后强势拉升翻红，截至发 稿涨幅扩大至2.65%。东芯股份强势封住20%涨停，封单金额超10亿元。普冉股份、炬光科技等10余股 涨幅超9%。 行业高景气度持续强化。TrendForce数据 ...

Core Viewpoint - The storage chip concept stocks have shown a strong rebound in the A-share market, driven by significant price increases in major Korean storage chip companies and new product launches from Microsoft [1][2][3]. Group 1: Market Performance - The storage chip index in the A-share market initially fell by nearly 1.8% but later rebounded to a gain of over 1.8%, with notable stocks like Dongxin Co. hitting a 20% limit up and others like Purun Co. and Juguang Technology rising over 12% [1][2]. - In the Korean stock market, SK Hynix's stock surged nearly 8%, reaching a historical high, while Samsung Electronics also saw a rise of over 3% [1][2]. Group 2: Product Developments - Microsoft officially launched the Maia 200 chip, designed for high-performance AI inference, which will first be deployed in a data center in Iowa, with plans for a second site in Arizona [3]. - The Maia 200 chip integrates over 100 billion transistors and offers significant performance improvements over its predecessor, with computing power exceeding 10 petaflops at 4-bit precision [3]. Group 3: Supply and Demand Dynamics - Samsung Electronics has raised NAND flash supply prices by over 100% in Q1, highlighting a severe supply-demand imbalance in the storage chip market [5]. - Micron Technology announced a $24 billion investment in Singapore over the next decade to expand capacity in response to the AI-driven demand for storage chips [5]. Group 4: Industry Growth Projections - According to TrendForce, global server shipment growth is projected at 12.8% annually, with AI server shipments expected to grow over 28% [6]. - The storage industry, including DRAM and NAND Flash, is forecasted to reach a market value of $551.6 billion by 2026, reflecting a 134% increase [6].

Core Viewpoint - The A-share market is experiencing fluctuations, but the sci-tech chip sector is showing resilience and strength, with significant capital inflow driven by "AI catalysis and independent innovation" [1][6]. Group 1: Market Performance - As of 11:01 on January 27, the sci-tech chip ETF Huatai (588750) rose by 2%, with over 220 million yuan net inflow for three consecutive days [1]. - Major component stocks of the sci-tech chip ETF saw significant gains, with Dongxin Co. hitting the daily limit, and other stocks like Chip Source Micro and Yuanjie Technology rising over 14% and 11% respectively [3][4]. Group 2: Industry Trends - The chip sector is receiving strong financial support, with the Shanghai three major leading industries mother fund announcing the selection of 17 sub-funds, including 4 for integrated circuits, totaling 22.89 billion yuan [6]. - The demand for storage chips is driven by AI, with a structural reconfiguration leading to price increases in high-end storage products like HBM and DDR5, expected to continue through 2026 [7]. - The demand for computing chips is surging as AI transitions from training to large-scale inference, resulting in a supply-demand imbalance across all categories of computing chips [8]. Group 3: Domestic Innovation and Market Opportunities - Domestic innovation and localization are accelerating in the chip industry, supported by top-level design and policy funding, creating a rapid growth window for domestic computing leaders [10]. - The domestic equipment procurement rate is projected to rise from approximately 18% in 2022 to around 30% by 2025, with potential growth to 60%-70% in the future [11]. - The sci-tech chip sector is positioned to benefit from both AI demand and domestic substitution, with the Huatai ETF focusing on core segments of the chip industry, showcasing higher growth potential and elasticity [12][14]. Group 4: Investment Insights - The Huatai sci-tech chip ETF is expected to show a net profit growth rate of 94% in the first three quarters of 2025, significantly outperforming peers [14]. - The ETF has demonstrated a maximum increase of 173% since September, indicating strong upward elasticity compared to other industry indices [15].

Group 1 - The top 20 stocks with significant capital inflow as of January 27 include Zhongji Xuchuang (21.98 billion), Xinyi Sheng (14.06 billion), and Industrial Fulian (13.38 billion) [1] - Zhongji Xuchuang experienced a price increase of 5.61%, while Xinyi Sheng rose by 4.28% [2] - The highest capital inflow was observed in communication equipment sector stocks, with Zhongji Xuchuang and Xinyi Sheng leading [2][3] Group 2 - Other notable stocks with significant capital inflow include Tianfu Communication (10.69 billion, 8.86% increase) and Pingtan Development (9.34 billion, 9.99% increase) [1][2] - The banking sector saw a capital inflow of 4.90 billion into China Merchants Bank, with a modest price increase of 1.1% [3] - Emerging sectors such as new materials and software development also attracted capital, with stocks like Guomin Technology and Jiuqi Software showing notable inflows [3]