Core Insights - The report highlights the contradiction faced during the "14th Five-Year Plan" period, where carbon reduction pressures are increasing while the growth rate of new energy installations is slowing down. The introduction of a national capacity price policy is expected to open up space for new energy installations and support high-yield investment options for power companies during the "14th Five-Year Plan" investment intensity [5][6][9]. Group 1: Energy Storage Industry - The national capacity price policy, issued on January 30, 2026, aims to establish a mechanism that balances power supply stability, green energy transformation, and efficient resource allocation. This policy is expected to support the development of adjustable power sources and enhance the installation of new energy [7][9]. - The report estimates that the demand for energy storage will show a high growth trend, with new energy storage installations expected to reach 66.43 GW and 189.48 GWh in 2025, representing year-on-year increases of 52% and 73% respectively [8][9]. - The capacity price policy is seen as the final piece needed for energy storage development, potentially increasing project returns from approximately 6.5% to over 8% under current subsidy conditions. This is expected to stimulate investment interest from state-owned enterprises in new energy storage projects [8][9]. Group 2: Investment Recommendations - The report suggests prioritizing investments in leading companies involved in energy storage integration and upstream battery cells, recommending firms such as Sungrow Power Supply, Trina Solar, LONGi Green Energy, JinkoSolar, CATL, and Eve Energy. It also advises monitoring companies like Haisum, Sungrow Electric, Canadian Solar, and Penghui Energy [9].

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The demand for AI computing power is driving a persistent shortage in storage [2][8] - Major storage companies are experiencing strong performance, with AI demand expected to continue creating incremental opportunities [6] - The supply of niche storage is under pressure from mainstream storage, leading to a sustained tight supply situation [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengsuo [2][8] - Domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage are also highlighted [2] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [2] - Semiconductor equipment firms such as Zhongwei Company, Jingzhida, and Beifang Huachuang are recommended [2] - Domestic packaging and testing companies like Shentek, Huicheng, and Tongfu Microelectronics are included in the investment targets [2] Market Dynamics - TrendForce has revised upward the price growth rates for DRAM and NAND Flash products for the first quarter, with DRAM contract prices expected to rise by 90-95% and NAND Flash by 55-60% [7] - AI computing demand is becoming the dominant factor in storage demand, with significant price increases anticipated for Server DRAM and Enterprise SSDs [7] - The AI inference process is expected to significantly alter data center storage structures, leading to increased demand for active data storage [7] Niche Storage Supply - Niche storage products like NOR Flash and MLC/SLC NAND Flash are expected to remain in tight supply due to reduced production from major suppliers focusing on mainstream products [7] - The global capacity for MLC NAND Flash is projected to decrease by 41.7% in 2026 due to supply constraints [7]

Core Insights - The global High Bandwidth Memory (HBM) market is experiencing rapid growth, with shipments expected to increase from 1.5 billion gigabytes (GB) in 2023 to 5.7 billion GB by 2026, and revenues projected to rise from $4.35 billion in 2023 to $50 billion in 2026 [6][7][8]. HBM Industry Definition and Advantages - HBM is a high-performance semiconductor memory based on 3D stacking technology, offering high bandwidth and energy efficiency, primarily used in high-performance computing and networking applications [1][4]. - HBM has four main advantages over traditional DRAM: high bandwidth, high capacity, low power consumption, and small size [2][3]. HBM Industry Development Status - HBM technology is becoming a standard for AI acceleration cards (GPUs, TPUs, etc.), with its value share continuing to increase [4][6]. - The demand for HBM is driven by the needs of AI and high-performance computing, with significant growth expected in the coming years [6][10]. HBM Industry Chain - The HBM industry chain includes upstream materials (electrolytes, precursors, IC substrates) and semiconductor equipment (lithography machines, etching machines), with midstream focusing on HBM production and downstream applications in AI, data centers, and high-performance computing [8][9]. HBM Industry Competitive Landscape - The global HBM market is dominated by foreign manufacturers, with SK Hynix holding a 53% market share, followed by Samsung at 38% and Micron at 9% [14][15]. - Domestic companies in China, such as Changxin Memory, Changdian Technology, and others, are making significant progress in the HBM supply chain, aiming to increase local production capabilities [15][16]. HBM Industry Development Trends - HBM is positioned as a critical hardware component for AI and high-performance computing, with its unique 3D stacked structure providing superior bandwidth compared to traditional memory solutions [16][17]. - The future memory landscape will be heterogeneous, with HBM focusing on training scenarios, while other memory types will cater to specific workloads, creating a diverse memory ecosystem for the AI era [17].

截至9月30日，聚辰股份股东户数1.76万，较上期增加48.55%；人均流通股8981股，较上期减少 32.62%。2025年1月-9月，聚辰股份实现营业收入9.33亿元，同比增长21.29%；归母净利润3.20亿元，同 比增长51.33%。 分红方面，聚辰股份A股上市后累计派现2.99亿元。近三年，累计派现1.86亿元。 2月2日，聚辰股份跌13.93%，成交额22.07亿元。两融数据显示，当日聚辰股份获融资买入额3.24亿 元，融资偿还2.52亿元，融资净买入7130.56万元。截至2月2日，聚辰股份融资融券余额合计13.22亿 元。 融资方面，聚辰股份当日融资买入3.24亿元。当前融资余额13.17亿元，占流通市值的5.19%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，聚辰股份2月2日融券偿还3400.00股，融券卖出2400.00股，按当日收盘价计算，卖出金额 38.47万元；融券余量2.96万股，融券余额474.04万元，超过近一年90%分位水平，处于高位。 资料显示，聚辰半导体股份有限公司位于上海市浦东新区张东路1761号10幢,香港湾仔皇后大道东183号 合和中心46楼，成立日期 ...

证券之星消息，2月2日半导体板块较上一交易日下跌5.46%，聚辰股份领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。半导体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688486 | 龙迅股份 | 77.83 | 1.61% | 3.34万 | | 2.63亿 | | 688601 | 力心微 | 51.73 | 1.49% | 10.67万 | | 5.49亿 | | 688167 | 炬光科技 | 255.13 | 1.25% | 7.43万 | | 19.08亿 | | 300831 | 派瑞股份 | 13.48 | 1.05% | 17.09万 | | 2.34亿 | | 600360 | *ST华微 | 8.72 | 0.23% | 20.67万 | | 1.82亿 | | 688790 | 昂瑞微 | 148.79 | -0.88% | 6055.12 | | 9086.60万 | | ...

风险提示 MRDIMM为新型内存模组架构，适用于高性能计算和人工智能等数据密集型应用，相较于标准 DDR5RDIMM，第一子代MRDIMM可达到8800MT/s的数据传输速率，峰值带宽提高近40%，缓解了现 代处理器核心数量提升带来的每核心内存带宽下降问题，且正在定义的第三子代MRDIMM支持的速率 有望实现14000MT/s。 MRDIMM核心增量为MRCD和MDB芯片，MRDIMM仍有较大渗透空间 在DDR5世代，MRDIMM内存条采用"1+10"架构，即配置1颗寄存时钟驱动器MRCD以及10颗数据缓冲 器MDB，为核心增量环节。MRDIMM已适配英特尔第六代CPU，同时，内存厂商美光、SK海力士、威 刚均已推出MRDIMM的新颖产品，仍有较大渗透空间。 2030年MRCD和MDB需求量有望高增 财通证券表示，假设2030年MRDIMM在悲观、中性、乐观假设下的渗透率分别为30%/50%/65%，同时 考虑到MRDIMM内存条配置1个MRCD以及10个MDB；在悲观、中性、乐观假设下，MRCD的需求量 有望分别为2.74/4.56/5.93亿个，MDB的需求量有望分别为27.36/45.60/59.28亿 ...

C套内存模组向 MRDIMM MRCD RHS MDB 麻 . Peter The new State of the research and a line of the state of the 行业专题报告 / 2026.02.01 ■ 证券研究报告 因 投资评级:看好(维持) 最近 12 月市场表现 359 分析师 唐佳 SAC 证书编号: S0160525110002 tangjia@ctsec.com 联系人 周勃宇 zhouby@ctsec.com 相关报告 1.《招股说明书梳理系列(一):盛合晶微》 2026-01-29 2.《先进封装涨价与扩产共振，强周期与成 长共舞》 2026-01-29 3. 《AI Agent 沙箱化有望带来 CPU 新增 量空间》 2026-01-25 看好 MRCD 芯片与 MDB 芯片环节 核心观点 服务器级 CPU 配套内存模组向 MRDIMM 发展:服务器中 CPU 与内 * 存模组是两大核心部件,内存模组主要作为 CPU 与硬盘的数据中转站,用于 临时存储数据。目前服务器中三种主流的内存模组技术分别为 UDIMM、 RDIMM、LRDIMM，其中 UDIMM ...

Strategy Overview - The core strategy indicates that Trump's nomination of Kevin Warsh as the next Federal Reserve Chairman suggests a hawkish policy stance, advocating for balance sheet reduction and cautious interest rate cuts, which may reverse market expectations for continued liquidity easing and strengthen the dollar, leading to a global tightening of dollar liquidity expectations and asset price reassessment [4][2] - In the short term, after a strong spring rally, the market may enter a rhythm adjustment period due to proactive policy guidance and increased overseas disturbances, presenting rotation opportunities for previously stagnant sectors [4][2] Real Estate Sector: Poly Real Estate Group - The company experienced a 48.1% year-on-year revenue growth in the first half of 2025, driven by increased project completions, with a settlement area of 814,000 square meters, up 20.8% year-on-year, and a settlement amount of 17.37 billion yuan, up 52.5% year-on-year [8] - Despite revenue growth, the net profit attributable to shareholders decreased by 44.3%, primarily due to a negative investment income of 950 million yuan and an increase in minority shareholder losses [8] - The company’s gross margin improved to 17.5%, up 3.2 percentage points year-on-year, while the net profit margin decreased to 1.3%, down 0.7 percentage points year-on-year [8][9] - The company’s debt structure improved, with interest-bearing debt down 8.6% year-on-year to 68.2 billion yuan, and the average financing cost decreased by 48 basis points to 2.90% [9] - The company’s sales ranking improved to 15th in the industry, with a sales amount of 29.5 billion yuan in the first seven months of 2025, despite a 13.5% year-on-year decline [10] Transportation Sector: CITIC Offshore Helicopter - CITIC Offshore Helicopter is a leading player in China's general aviation sector, operating the largest civil helicopter fleet in Asia with 84 advanced model helicopters [13] - The company has a strong revenue stream from offshore oil services, with nearly 70% of its revenue derived from this segment, and maintains a market share of over 60% in the offshore helicopter service market [14] - The general aviation market in China is expected to grow steadily, supported by policy guidance, with the number of general airports reaching 475 and the number of general aviation enterprises reaching 760 by 2024 [14] Transportation Sector: Air China - Air China is the only flag carrier in China, with passenger transport services accounting for nearly 91% of total revenue in 2024 [16] - The company reported a revenue of 166.7 billion yuan in 2024, up 18.14% year-on-year, with a sales gross margin of 5.11% [16] - The domestic passenger transport volume reached 730 million in 2024, a 17.86% increase year-on-year, marking a historical high [17] Chemical Sector: Zhejiang Longsheng - The company reported a 6.47% year-on-year decline in revenue to 6.505 billion yuan in the first half of 2025, with a gross margin of 29.80%, up 1.87 percentage points year-on-year [19][20] - The dye business saw a slight revenue decline of 3.17% to 3.632 billion yuan, but the gross margin improved by 4.40 percentage points to 34.17% [19] - The company is focusing on cost reduction and efficiency improvements to maintain stable development amid industry challenges [19] Chemical Sector: Yake Technology - The company achieved a revenue growth of 15.37% in the electronic materials segment, with a total revenue of 2.573 billion yuan in the first half of 2025 [24] - The company is actively developing new technologies and products in the LNG and electronic materials sectors, with a focus on semiconductor chemical materials [23] New Energy Sector: Foster - Foster is a leading player in the photovoltaic encapsulation materials market, maintaining a market share of around 50% [27] - The company is exploring new solutions for space environment applications, leveraging its existing technology in photovoltaic materials [28] Medical Sector: Mindray Medical - The company faced revenue pressure in the first half of 2025, with a 23.77% year-on-year decline in Q2 revenue to 8.506 billion yuan [29] - International business revenue increased by 5.39%, accounting for about 50% of total revenue, indicating a growing presence in the global market [30] - The company is focusing on building a digital healthcare ecosystem through the integration of devices, IT, and AI technologies [31] Food and Beverage Sector: Kweichow Moutai - The company is navigating a challenging environment in the liquor industry, focusing on quality and long-term value rather than short-term performance metrics [33] - In Q3 2025, the company reported a revenue of 39.06 billion yuan, a slight increase of 0.6% year-on-year, with a gross margin of 91.3% [34] Social Services Sector: Lingnan Holdings - The company achieved a revenue of 2.09 billion yuan in the first half of 2025, up 8.52% year-on-year, with a net profit of 50 million yuan, up 24.39% [36] - The company is expanding its travel agency and hotel management services, with a focus on enhancing its operational capabilities [38] Electronics Sector: Zhaoyi Innovation - The company expects a revenue of approximately 9.203 billion yuan in 2025, a 25% year-on-year increase, driven by demand from AI computing and the storage industry [39]

日前，上海高性能非易失性存储（NVM）芯片设计龙头聚辰股份正式向港交所递交上市申请，启动"A+H"双重上市布局。作为国产存储芯片领域的标杆 企业，聚辰股份凭借全品类产品矩阵与领先的市场地位，已在多个细分赛道实现国产替代突破，成为全球产业链中不可或缺的重要力量。 在汽车电子领域，聚辰股份突破海外技术垄断，成为国产车规级芯片的核心推动者，截至2025年底，是国内唯一可提供全系列车规级EEPROM芯片的供 应商，同时位列全球第三大汽车电子EEPROM供应商、中国第一大汽车电子EEPROM供应商。其车规级产品通过AEC-Q100 Grade 1认证，适 配-40℃~125℃严苛车载环境，可应用于ADAS、BMS等车载场景，随着智能汽车单车芯片用量提升，相关业务成为公司核心增长引擎。此外，在开环摄 像头马达驱动芯片市场，2024年前三大企业合计占据46.9%份额，聚辰股份以17.8%的份额位列行业第一，凭借聚焦时间短、体积小、误差率低的技术优 势，巩固了市场领先地位。 成立于2009年11月的聚辰股份，深耕芯片设计领域十余年，聚焦AI时代高速迭代的存储与混合信号芯片需求，构建了多元化产品矩阵，涵盖SPD芯片、 EEPR ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [5] Core Insights - The ongoing shortage of niche storage is expected to continue, with AI demand opening up incremental growth opportunities [2][8] - AI demand is anticipated to drive the need for niche storage, particularly in applications such as automotive, industrial, and security [7] - Domestic manufacturers are positioned competitively in the niche storage market and are likely to benefit from the supply constraints caused by international suppliers exiting this segment [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengshuo [3][8] - Other relevant companies include domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage, as well as semiconductor equipment firms such as Zhongwei, Jingzhida, and Beifang Huachuang [3][8] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [3][8] Market Dynamics - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a substantial contraction in supply [7] - For instance, the global MLC NAND Flash capacity is projected to decrease by 41.7% in 2026 due to supply shrinkage, which is expected to drive prices significantly higher [7] - Domestic firms are gaining market share in niche storage, with Zhaoyi Innovation holding approximately 18.5% of the NOR Flash market in 2024, ranking second globally [7]