Group 1 - The semiconductor sector experienced a strong rebound on January 27, 2026, with the China Securities Semiconductor Materials and Equipment Theme Index rising by 2.39% [1] - Notable individual stock performances included ChipSource Microelectronics increasing by 14.04%, and Jin Hai Tong and Kang Qiang Electronics hitting the daily limit up [1] - The semiconductor equipment ETF Wan Jia (159327) saw an increase of 2.03% and reached a new high in scale at 1.187 billion yuan with 536 million shares outstanding [1] Group 2 - The electronic industry achieved a 19.5% double-digit profit growth in 2025, indicating a robust demand for semiconductor manufacturing equipment, particularly high-end process and advanced packaging equipment [2] - Huatai Securities highlighted that the A-share market is shifting towards performance recovery, with semiconductor equipment identified as a key investment focus [2] - As of December 31, 2025, the top ten weighted stocks in the China Securities Semiconductor Materials and Equipment Theme Index accounted for 65.08% of the index, including companies like North Huachuang and Zhongwei Company [2]

Group 1 - The A-share market experienced a collective decline on January 27, with the Shanghai Composite Index down by 0.32%. The sectors showing gains included metals, banking, and oil, while electric equipment and pharmaceuticals saw the largest declines [1] - In the semiconductor sector, the performance was mixed. The chip ETF (159995.SZ) fell by 1.00%, while some component stocks like Ruixin Micro and Zhongwei Company increased by 2.85% and 2.23%, respectively. However, companies like Jing Sheng Machinery and Sanan Optoelectronics performed poorly, with declines of -3.82% and -3.07% [1] Group 2 - According to TrendForce, the global server shipment volume is expected to grow at an annual rate of 12.8% by 2026, with AI server shipments projected to grow over 28%, up from 24.2% in 2025. This growth is driven by significant investments in AI infrastructure by global CSPs [3] - The storage industry, including DRAM and NAND Flash, is expected to see its market value reach $551.6 billion by 2026, a year-on-year increase of 134%, and continue to grow by 53% to $842.7 billion in 2027. Samsung Electronics is reported to increase NAND flash supply prices by over 100% in Q1 2026, highlighting a severe supply-demand imbalance in the semiconductor market [3] - The packaging and testing segment of the storage chip industry is benefiting from a recovery in downstream demand, with leading manufacturers operating at near full capacity and service prices increasing by approximately 30%. This indicates a positive trend in the storage industry, with growth in both volume and price [3]

Core Viewpoint - Huahai Qingsi experienced a decline of 2.56% on January 26, with a trading volume of 1.08 billion yuan, indicating a potential concern regarding its stock performance and investor sentiment [1]. Financing Summary - On January 26, Huahai Qingsi had a financing buy amount of 49.01 million yuan and a financing repayment of 132 million yuan, resulting in a net financing outflow of 82.71 million yuan [1]. - The total financing and securities balance for Huahai Qingsi reached 941 million yuan as of January 26, with a current financing balance of 913 million yuan, accounting for 1.34% of its circulating market value, which is below the 40th percentile level over the past year, indicating a low financing position [1]. - In terms of securities lending, on January 26, Huahai Qingsi repaid 7,300 shares and sold 3,400 shares, with a selling amount of 657,200 yuan based on the closing price [1]. - The securities lending balance stood at 27.93 million yuan, exceeding the 90th percentile level over the past year, indicating a high level of short interest [1]. Business Performance Summary - As of September 30, Huahai Qingsi reported a total of 28,900 shareholders, an increase of 112.76% compared to the previous period, while the average circulating shares per person decreased by 29.83% to 12,245 shares [2]. - For the period from January to September 2025, Huahai Qingsi achieved an operating income of 3.194 billion yuan, representing a year-on-year growth of 30.28%, and a net profit attributable to shareholders of 791 million yuan, reflecting a year-on-year increase of 9.81% [2]. - Since its A-share listing, Huahai Qingsi has distributed a total of 271 million yuan in dividends [2]. Institutional Holdings Summary - As of September 30, 2025, among the top ten circulating shareholders of Huahai Qingsi, E Fund's SSE STAR 50 ETF ranked as the fourth largest shareholder with 9.0417 million shares, an increase of 2.1788 million shares from the previous period [2]. - Huaxia's SSE STAR 50 ETF ranked fifth with 8.6312 million shares, a decrease of 285,700 shares compared to the previous period [2]. - The Jiashi SSE STAR Chip ETF ranked eighth with 5.6060 million shares, an increase of 1.6723 million shares from the previous period, while Hong Kong Central Clearing Limited entered as a new shareholder with 5.2776 million shares [2].

证券日报网讯1月26日，华海清科在互动平台回答投资者提问时表示，公司部分产品在客户端产线用于 晶圆制造时，会涉及少量臭氧的使用。 ...

Group 1 - The company, Huahai Qingke (688120.SH), indicated on its investor interaction platform that some of its products involve the use of a small amount of ozone during the wafer manufacturing process [1]

Core Viewpoint - The AI Fund, Dongfang Artificial Intelligence Theme Mixed A, reported a profit of 1.6323 million yuan for Q4 2025, with a net asset value growth rate of 1.22% during the period, and a total fund size of 600 million yuan as of the end of Q4 [3][15]. Fund Performance - As of January 22, the fund's unit net value was 2.026 yuan, with a one-year return of 101.09%, ranking 18 out of 222 comparable funds [4]. - The fund's performance over the last three months showed a growth rate of 37.55%, ranking 1 out of 229 comparable funds, and over the last six months, it achieved a growth rate of 84.15%, ranking 7 out of 229 [4]. Investment Strategy - The fund focuses on the semiconductor industry, particularly in areas such as semiconductor equipment, materials, and components, which are expected to benefit from national policy support and have significant market advantages [3]. - The fund manager emphasized the dual trends of explosive growth in the AI industry and the accelerated localization of the domestic semiconductor industry as key investment directions [3]. Risk and Return Metrics - The fund's Sharpe ratio over the last three years was 0.8653, ranking 53 out of 163 comparable funds [8]. - The maximum drawdown over the last three years was 47.36%, with the largest single-quarter drawdown occurring in Q1 2022 at 32.48% [10]. Portfolio Composition - The fund maintains a high concentration in its holdings, with the top ten stocks consistently representing over 60% of the portfolio for the past two years [19]. - As of Q4 2025, the top ten holdings included companies such as Zhongwei Company, Jingce Electronics, and Chip Source Micro [19]. Stock Positioning - The average stock position over the last three years was 87.65%, slightly above the comparable average of 86.9% [13].

Core Viewpoint - The report highlights the strategic adjustments made by Xingquan Fund in its mixed securities investment fund, focusing on increasing positions in semiconductor-related stocks and emphasizing the potential of domestic storage manufacturers ahead of their anticipated IPOs in 2026 [1][3]. Group 1: Fund Performance - Xingquan He Run Mixed A achieved a profit of approximately 1.858 billion yuan, with a net loss of about 974 million yuan during the reporting period, resulting in a net asset value of approximately 21.688 billion yuan and a net asset value per share of 2.0802 yuan [2]. - Xingquan He Run Mixed C reported a profit of around 7.4413 million yuan, with a net loss of about 172.69 thousand yuan, leading to a net asset value of approximately 135 million yuan and a net asset value per share of 2.0717 yuan [2]. - The net asset value growth rate for Xingquan He Run Mixed A was -3.81%, while the benchmark return for the same period was -0.13% [2]. Group 2: Market Insights - The fourth quarter saw increased market volatility, with indices entering a fluctuating trend, yet opportunities remained abundant, particularly around AI-related sectors [2][3]. - The overseas computing power sector, exemplified by optical modules, continued to reach new highs due to increased orders from major clients and advancements in new technologies [2]. - Domestic supply chain leaders in optical modules and PCB are gaining greater influence on the international stage, while breakthroughs are being made in liquid cooling and power supply sectors [2][3]. Group 3: Investment Strategy - The fund maintained a high position during the reporting period and plans to continue tracking changes in core competitiveness over a longer cycle, aiming to uncover investment opportunities arising from technological transformations and sectoral reversals [3]. - The domestic semiconductor industry is experiencing heightened activity, particularly with the anticipated IPOs of domestic storage manufacturers in 2026, making domestic semiconductor equipment and consumables a focal point for investment [3].

（原标题：华海清科在昆山成立半导体公司，注册资本4亿元） 企查查APP显示，近日，晶科启源（昆山）半导体有限公司成立，法定代表人为潘继岗，注册资本为4亿元，经营范围包含：半导体分立器件制 造；半导体器件专用设备制造；半导体器件专用设备销售；电子专用设备制造等。企查查股权穿透显示，该公司由华海清科（688120）全资持 股。 ...

天眼查工商信息显示，近日，晶科启源(昆山)半导体有限公司成立，法定代表人为潘继岗，注册资本4 亿人民币，经营范围含半导体分立器件制造、半导体器件专用设备制造、半导体器件专用设备销售、电 子专用设备制造、集成电路制造、集成电路销售、通用设备修理、机械设备维护等。股东信息显示，该 公司由华海清科(688120)全资持股。 ...

南方财经1月22日电，天眼查工商信息显示，近日，晶科启源（昆山）半导体有限公司成立，法定代表人为潘继岗，注册资本4亿人民币，经营范围含半导体 分立器件制造、半导体器件专用设备制造、半导体器件专用设备销售、电子专用设备制造、集成电路制造、集成电路销售、通用设备修理、机械设备维护 等。股东信息显示，该公司由华海清科（688120）全资持股。 法律诉讼 经营风险 基本信息 2 股东信息 1 ⑦ ● 序号 股东名称 华海清科股份有限公司 1 科创板(正常上市) 查老板 查关系 查风险 查公司 | | 都在用的商业查询工具 晶科启源（昆山）半导体有限公司 国家中小企业发展子基金旗下机构 | × | | --- | --- | --- | | 基本信息 2 | 法律诉讼 经营风险 | 经营信息 | | 工商信息 ● | | | | 工商信息 历史工商信息0 | | | | 企业名称 | 昌科启渡（昆山） 米号体卓限公司 | | | 法定代表人 | 登记状态 ② 潘继岗 | 在业 | | | 成立日期 | 2026-01-2 | | 统一社会信用代码 ⑦ | 注册资本 2 91320583MAK6N02H63 | 4000 ...