（文章来源：第一财经） 据港交所文件，聚辰半导体股份有限公司向港交所提交上市申请书，独家保荐人为中金公司。 ...

[Table_Page] 行业专题研究|电子 2026 年 1 月 26 日 证券研究报告 [Table_Title] AI 的 Memory 时刻 5 | | | | AI NAND | 供需紧张，涨价仍有弹性 | | | --- | --- | --- | --- | --- | --- | | 分析师： [Tabl | 王亮 | 分析师： | 耿正 | 分析师： | 焦鼎 | | e_Author] | SAC 执证号：S0260519060001 | | SAC 执证号：S0260520090002 | | SAC 执证号：S0260522120003 | | | SFC CE.no: BFS478 | | | | | | | 021-38003658 | | 021-38003660 | | 021-38003658 | | | gfwangliang@gf.com.cn | | gengzheng@gf.com.cn | | jiaoding@gf.com.cn | | 分析师： | 张大伟 | | | | | | | SAC 执证号：S0260523050001 | | | | | | | 02 ...

格隆汇1月26日丨聚辰股份(688123.SH)在投资者互动平台表示，公司暂无HBM、HBF相关产品。 ...

格隆汇1月26日丨聚辰股份(688123.SH)在投资者互动平台表示，公司没有散热相关产品。 ...

格隆汇1月26日丨聚辰股份(688123.SH)在投资者互动平台表示，公司暂无HBM、HBF相关产品。 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Giantec Semiconductor Corporation 聚辰半導體股份有限公司 (the "Company") (A joint stock company incorporated in the People's R ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不作出任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 Giantec Semiconductor Corporation 聚辰半導體股份有限公司 （「本公司」） （於中華人民共和國註冊成立之股份有限公司） 申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其中所載資料並不完備，並可能作出重大變更。 閣下閱覽本文件，即 代表 閣下知悉、接納並向本公司、其獨家保薦人、獨家整體協調人、顧問或包銷團成員表示 同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例與香港公司註冊處處長登記 前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀 請，有意投資者務請僅依據與香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股 章程的文本將於發售期內向公眾人士刊發。 (a) 本文件僅用作提供有關本 ...

Investment Rating - The report provides a "Buy" rating for the industry, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [31]. Core Insights - The demand for CPU is increasing due to AI agents, driven by three main factors: increased application call volume, orchestration becoming a bottleneck, and elevated overhead from sandbox isolation [2][11]. - The CPU ratio is expected to rise, with projections indicating that by Q2 2026, the CPU ratio per MW of GPU will increase from below 10% to 15% [2][17]. - There is significant growth potential in memory modules and interface chips, with a shift from traditional RDIMM to MRDIMM expected to enhance performance and capacity [2][19]. - The value of AI memory is transitioning from a cost item to an asset item, highlighting the increasing importance of related upstream infrastructure [2][25]. Summary by Sections AI Agent's Impact on CPU Demand - AI agents are driving a substantial increase in CPU demand due to higher application call volumes, orchestration challenges, and increased overhead from sandboxing [2][11]. Increasing CPU Ratio - Current estimates suggest that the CPU ratio per MW of GPU will rise to 15% by Q2 2026, with significant implications for the overall demand for CPUs in AI clusters [2][17]. Expanding Memory and Interface Chip Market - The transition to MRDIMM solutions is expected to significantly enhance bandwidth and capacity, creating opportunities in the memory and interface chip markets [2][19]. Investment Recommendations - The report emphasizes the importance of AI memory as a foundational capability for AI applications, recommending a focus on key beneficiaries within the industry chain [2][25].

截至2026年1月23日收盘，聚辰股份（688123）报收于164.0元，较上周的153.81元上涨6.63%。本周， 聚辰股份1月22日盘中最高价报191.68元，股价触及近一年最高点。1月19日盘中最低价报151.22元。聚 辰股份当前最新总市值259.56亿元，在半导体板块市值排名75/170，在两市A股市值排名843/5182。 本周关注点 聚辰半导体股份有限公司制定了信息披露事务管理制度（草案），适用于公司首次公开发行H股并上市 后。制度依据《公司法》《证券法》《上市规则》《香港上市规则》等法律法规制定，明确了信息披露 的范围、原则、责任主体及管理流程。公司董事会负责信息披露事务管理，董事长为第一责任人，董事 会秘书负责组织协调。信息披露内容包括定期报告、临时报告、招股说明书等，要求信息真实、准确、 完整，不得有虚假记载或重大遗漏。公司同时在境内外上市，境内外披露信息需同步，以中文文本为 准。制度还规定了财务内部控制、定期报告编制、重大事件临时披露、信息保密及责任追究机制。 聚辰半导体股份有限公司制定募集资金管理制度，规范募集资金的存储、使用、投向变更及监督管理。 募集资金应专款专用，用于主营业务和 ...

Group 1 - The Sci-Tech Innovation 50 Index opened lower on January 23, followed by a narrow adjustment, and eventually closed with a slight increase of 0.78% at 1553.71 points, with a total trading volume of approximately 110.8 billion yuan [1] - The overall Sci-Tech Innovation Index rose by 1.85% to 1899.78 points, with a total trading volume of about 334.9 billion yuan [1] - On January 23, 600 stocks in the Sci-Tech Innovation Board saw an average increase of 2.28% and an average turnover rate of 3.87%, with a total trading volume of 334.9 billion yuan and an average fluctuation of 4.77% [1] Group 2 - In terms of individual stock performance, stocks such as Ruihua Technology, Laplace, Zhenlei Technology, and Jinko Solar reached their daily limit, showing significant gains [1] - Conversely, Jucheng Co. experienced a decline of 7.87%, marking the largest drop among the stocks [1] - In trading volume, Lanke Technology led with a total of 12.04 billion yuan, while ST Pava had the lowest trading volume at 1.258 million yuan [2] Group 3 - Regarding turnover rates, Aerospace Huanyu had the highest turnover rate at 22.28%, while Bairen Medical recorded the lowest at 0.18% [3]