Group 1 - The report maintains a positive outlook on the AI chain, emphasizing the impact of the storage cycle and the acceleration of self-control in the industry [1] - In 2026, the focus will be on the AI chain, storage cycles, and the acceleration of self-control, with expectations of continued growth in the electronics sector driven by AI data centers and terminal demand recovery [1][3] - The storage sector is expected to enter a price increase cycle starting in the second half of 2025 due to significant supply-demand imbalances [1][3] Group 2 - The Scaling Law remains effective, transitioning into a 2.0 phase that enhances model capabilities and drives demand for computing power [2][18] - The demand for high-end PCBs is anticipated to increase significantly in 2026, driven by the upgrade of AI server platforms and the growth of cloud service providers' self-developed ASICs [2][73] - The AI-driven demand for storage is expected to grow rapidly, with major storage manufacturers like SanDisk, Micron, and Samsung announcing price increases, indicating a sustained upward trend in storage prices [3][60] Group 3 - The domestic storage chip and module manufacturers are expected to benefit from the upward cycle in storage prices, with a focus on DRAM and NAND markets [3][4] - The trend towards domestic production in the storage sector is expected to continue, with companies like Changxin and Changcun expanding capacity and market share [4][66] - The consumer electronics sector may face pressure from rising storage prices, particularly affecting Android smartphones and PCs, while new product innovations could catalyze market recovery [5][72] Group 4 - The report highlights the importance of advanced processes and domestic production in the semiconductor industry, with a focus on improving production capacity and technology [4][68] - The AI chip market is projected to grow significantly, with a compound annual growth rate (CAGR) of 35.19% expected from 2025 to 2030, driven by strong demand for AI training and inference [60][66] - The custom AI chip market is anticipated to expand rapidly, with a forecasted CAGR of 53% from 2024 to 2028, as domestic internet companies increasingly adopt a dual approach of third-party procurement and self-developed ASICs [72][73]

据天眼查APP显示，聚辰半导体股份有限公司成立于2009年11月13日，注册资本15827.1044万人民币。 （数据宝） 聚辰股份12月2日大宗交易平台出现一笔成交，成交量3.00万股，成交金额387.00万元，大宗交易成交价 为129.00元。该笔交易的买方营业部为民生证券股份有限公司苏州分公司，卖方营业部为广发证券股份 有限公司总部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为3.85亿元。 证券时报·数据宝统计显示，聚辰股份今日收盘价为129.00元，下跌2.64%，日换手率为2.58%，成交额 为5.29亿元，全天主力资金净流出2449.38万元，近5日该股累计下跌2.41%，近5日资金合计净流出 5004.05万元。 两融数据显示，该股最新融资余额为7.51亿元，近5日增加7405.98万元，增幅为10.94%。 12月2日聚辰股份大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | | ...

| 025-12-02 | 聚辰股份 | 688123 | 恳告景烈劈贸有限 129 387 | 公書還塑設份有限 | KO | | --- | --- | --- | --- | --- | --- | | 交易日期 证券简称 | | 证券代码 -------- | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | 卖出营业部 | 是否为专场 | 12月2日，聚辰股份大宗交易成交3万股，成交额387万元，占当日总成交额的0.73%，成交价129元，较 市场收盘价129元持平。 ...

Core Viewpoint - Juchen Co., Ltd. has shown significant stock price fluctuations and growth in revenue and profit, indicating a dynamic market position and potential investment interest [1][2]. Group 1: Stock Performance - On November 24, Juchen's stock rose by 2.09%, reaching 129.66 CNY per share, with a trading volume of 2.58 billion CNY and a turnover rate of 1.27%, resulting in a total market capitalization of 20.52 billion CNY [1]. - Year-to-date, Juchen's stock price has increased by 122.71%, but it has experienced a decline of 10.46% over the last five trading days and 26.55% over the last 20 days, while gaining 55.69% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Juchen achieved a revenue of 933 million CNY, representing a year-on-year growth of 21.29%, and a net profit attributable to shareholders of 320 million CNY, reflecting a year-on-year increase of 51.33% [2]. - Since its A-share listing, Juchen has distributed a total of 299 million CNY in dividends, with 186 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, Juchen had 17,600 shareholders, an increase of 48.55% from the previous period, with an average of 8,981 circulating shares per shareholder, down by 32.62% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest, holding 6.68 million shares, an increase of 734,400 shares from the previous period [3].

Core Viewpoint - The Zhongzheng 1000 Enhanced ETF (561590) opened at a decline of 0.48%, priced at 1.250 yuan, indicating a challenging market environment for this fund [1] Group 1: Fund Performance - The Zhongzheng 1000 Enhanced ETF has a performance benchmark based on the Zhongzheng 1000 Index return rate [1] - Since its establishment on November 23, 2022, the fund has achieved a return of 25.46% [1] - Over the past month, the fund has experienced a return of -5.95% [1] Group 2: Top Holdings - Key stocks in the fund include: - Jucheng Co., which opened with a gain of 1.57% - Jingwei Hengrun, which increased by 0.61% - Dajin Heavy Industry, which rose by 5.67% - Anji Technology, up by 0.97% - Zhongrong Electric, gaining 0.83% - Hongsoft Technology, increasing by 0.70% - Juxin Technology, up by 0.33% - Huafeng Measurement and Control, which fell by 0.18% - Jinlei Co., which rose by 0.56% - Shannon Chip Creation, which increased by 1.91% [1]

Core Points - The announcement from Jucheng Co., Ltd. regarding the change in its continuous supervision representative for its initial public offering [2] Group 1 - Jucheng Co., Ltd. announced that CICC is the sponsor for its initial public offering [2] - Due to a job change, Mr. Xing Ke will no longer serve as the continuous supervision representative [2] - Mr. Zeng Qinglin has been appointed to replace Mr. Xing Ke to ensure the orderly conduct of continuous supervision [2]

聚辰半导体股份有限公司 关于更换持续督导保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688123 证券简称：聚辰股份 公告编号：2025-067 2025 年 11 月 22 日 附件：曾庆霖先生简历 曾庆霖先生，现任中金公司投资银行部高级经理，已取得保荐代表人资格， 曾负责并参与了通达动力 2021 年非公开发行股份项目。曾庆霖先生在保荐业务 执业过程中严格遵守《证券发行上市保荐业务管理办法》等相关规定，执业记录 良好。 公司董事会对幸科先生担任公司保荐代表人期间所做的工作表示衷心感谢！ 特此公告。 聚辰半导体股份有限公司董事会 聚辰半导体股份有限公司（以下简称"公司"）于近日收到保荐机构中国国 际金融股份有限公司（以下简称"中金公司"）出具的《关于更换聚辰半导体股 份有限公司持续督导保荐代表人的说明》。中金公司作为公司首次公开发行的保 荐机构，原指定谢晶欣先生和幸科先生为公司持续督导保荐代表人。现幸科先生 由于工作变动，不再继续担任公司持续督导的保荐代表人，为保证持续督导工作 的有序进行 ...

Group 1 - The core point of the article highlights the performance of the Zhongzheng 1000 Enhanced ETF (561590), which opened at 1.327 yuan and experienced a slight decline of 0.23% [1] - The major holdings of the ETF include stocks such as Jucheng Co., which fell by 0.90%, and Jingwei Hengrun, which dropped by 1.05%, while Daikin Heavy Industries saw an increase of 0.87% [1] - The ETF's performance benchmark is the Zhongzheng 1000 Index return, managed by Huatai-PB Fund Management Co., with a return of 33.02% since its establishment on November 23, 2022, and a 2.02% return over the past month [1]

Core Viewpoint - The company, Juchen Co., has developed DDR5 SPD products in collaboration with Lanke Technology, targeting major memory module manufacturers in the industry [1] Group 1 - Investors inquired whether Juchen Co.'s DDR5 SPD products are supplied to storage chip manufacturers like Changxin Memory or downstream storage module manufacturers like Jiangbolong [1] - The company confirmed that its DDR5 SPD products are designed for compatibility with memory modules and have already established a customer base that includes major industry players [1]

Core Viewpoint - The company, Juchen Co., Ltd. (688123.SH), is collaborating with Lankai Technology to develop compatible DDR5 memory module SPD products, with downstream customers covering major memory module manufacturers in the industry [1] Company Summary - Juchen Co., Ltd. is actively engaging in partnerships to enhance its product offerings in the DDR5 memory module market [1] - The collaboration with Lankai Technology indicates a strategic move to strengthen its position in the competitive memory module sector [1] Industry Summary - The DDR5 memory module market is witnessing significant developments, with major manufacturers being targeted as customers for the new SPD products [1] - The partnership reflects the industry's trend towards collaboration to meet the growing demand for advanced memory solutions [1]