Core Insights - The dedicated storage chip market is experiencing growth driven by the rapid development of AI and smart automotive sectors, with a projected market size of $15.7 billion by 2025 and $19.5 billion by 2026 [1][4]. Industry Definition and Classification - Storage chips, also known as semiconductor memory, are essential components in modern digital systems, with dedicated storage chips having specific application needs or competitive advantages in niche markets. The main categories currently in use include NOR Flash, SLC NAND Flash, and niche DRAM [2][4]. Industry Development Status - The overall storage chip industry exhibits cyclical characteristics, with strong growth potential fueled by ongoing demand in AI and cloud infrastructure. The dedicated storage chip market is expected to grow significantly, particularly in the smart automotive and consumer electronics sectors [4][6]. Market Size Projections - By 2025, the global dedicated storage chip market is expected to reach $15.7 billion, with NOR Flash at $3.1 billion (19.75%), SLC NAND Flash at $2.7 billion (17.20%), and niche DRAM at $9.9 billion (63.06%). By 2026, projections indicate a market size of $19.5 billion, with NOR Flash at $3.8 billion (19.49%), SLC NAND Flash at $3.5 billion (17.95%), and niche DRAM at $12.2 billion (62.56%) [6][12]. Industry Chain - The dedicated storage chip industry chain includes upstream materials such as silicon wafers and photolithography materials, midstream design and manufacturing, and downstream applications in enterprise storage, consumer SSDs, and cloud storage services [8][10]. Policy Environment - Recent government policies have provided ongoing support for the integrated circuit industry, increasing domestic demand for local alternatives and creating more market opportunities for domestic integrated circuit companies [10][12]. Competitive Landscape - The global NOR Flash market is characterized by a stable and highly concentrated competitive landscape, with a CR3 of 63.2% in 2024. The SLC NAND Flash market is primarily dominated by overseas and Taiwan manufacturers, while DRAM is led by major companies from South Korea and the USA. Domestic companies are increasingly investing in R&D for dedicated storage chips, expanding their market share [12][14]. Key Companies - Major players in the dedicated storage chip industry include: - **GigaDevice**: A diversified chip design company focusing on Flash, niche DRAM, and other semiconductor products, achieving significant revenue from storage chips [13][14]. - **Beijing Junzheng**: Specializes in computing and storage chips, with a strong presence in automotive and industrial sectors following its acquisition of ISSI [13][14]. Industry Trends - The demand for storage chips is surging due to the explosion of AI computing power, the smart automotive sector, and accelerated data center construction. The dedicated storage chip industry in China is undergoing a structural transformation driven by AI and smart automotive technologies [14][15].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號: 1385) 海外監管公告 本公告乃上海復旦微電子集團股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第 13.10B 條的規定刊發。 茲載列本公司於上海證券交易所網站刊發的《關於 2021 年限制性股票激勵計劃首次授 予部分第四個歸屬期及預留授予部分第三個歸屬期（第一批次）歸屬結果暨股票上市公 告》，僅供參閱。 承董事會命 上 海 復 旦 微 電 子 集 團 股 份 有 限 公 司 董事長 張衛先生 中國，上海，2026 年 1 月 13 日 於本公告日期，本公司之執行董事為張衛先生及沈磊先生； 非執行董事為閆娜女士、 莊啟飛先生、張睿女士及宋加勒 ...

| A 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2026-001 | | --- | --- | --- | | 港股证券代码：01385 | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第四个归属期 及预留授予部分第三个归属期（第一批次）归属结果暨股票上市公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 2,285,950股。 本次股票上市流通总数为2,285,950股。 本次股票上市流通日期为2026 年 1 月 19 日。 上海复旦微电子集团股份有限公司（以下简称"公司"）于 2026 年 1 月 13 日 收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》，公 司完成了 2021 年科创板限制性股票激励计划（以下简称"本次激励计划"）首次 授予部分第四个归属期、预留授予部分第三个归属期（第一批次）的股份登记工 作。现将有关情况公 ...

- The report primarily focuses on the commercial aerospace industry, highlighting its strategic importance and the development of its ecosystem, including satellite manufacturing, rocket launches, and downstream applications[9][15][28] - The "Guozheng Commercial Satellite Communication Industry Index" (980018.CNI) is introduced as a quantitative model reflecting the performance of A-share companies in the satellite communication industry, covering the entire value chain from satellite manufacturing to communication services[10][61][80] - The index's construction methodology emphasizes its focus on the aerospace and electronics sectors, with a concentrated weight distribution in core industry segments such as aerospace equipment, communication devices, and semiconductors[10][61][66] - The "Satellite ETF (159206)" is a passive index fund designed to closely track the performance of the Guozheng Satellite Communication Index, employing a full replication strategy to minimize tracking error and deviation[11][83] - The ETF's performance metrics include an annualized tracking error target of less than 2% and a daily tracking deviation of less than 0.2%, with a fund size of 117.69 billion yuan as of January 9, 2026[11][83] - The Guozheng Satellite Communication Index has demonstrated superior returns compared to broader market indices, with a year-to-date return of 18.96% and a one-year return of 122.94% as of January 9, 2026[80][81] - The index's constituent stocks include leading companies in aerospace equipment, electronic manufacturing, and semiconductor design, reflecting a balanced mix of large-cap leaders and growth-oriented mid-cap firms[67][68][70]

Group 1 - The core viewpoint of the article highlights that Fudan Microelectronics is actively promoting diversified supply chain construction to ensure supply chain security [2] - Starting from September 2025, the company plans to increase the development of domestic supply lines [2] - Due to the wide range of products and processes, the company will continue to invest resources in diversified supply construction in 2026 to ensure normal business development [2]

Core Viewpoint - Fudan Microelectronics emphasizes customer-oriented principles and enhances communication with clients to identify market needs [2] Group 1: Management and Strategy - The company management leads by example to implement customer-oriented principles and deepen client communication [2] - Internal regulations are established to identify gaps and improve the technical grading system, enhancing market awareness among employees [2] Group 2: Operational Efficiency - The launch of a digital management platform and capability building in the era of intelligent agents has significantly improved management efficiency [2] Group 3: Investor Relations - The company places high importance on investor relations management and strives to strengthen communication with investors [2]

Core Viewpoint - Fudan Microelectronics is currently able to meet customer demand with stable overall delivery and plans to enhance the supply capacity of new products by 2026 [2] Group 1: Product Capacity and Supply - The company's main products have sufficient production capacity to meet customer needs [2] - Overall delivery remains stable, indicating a reliable supply chain [2] Group 2: Future Plans - By 2026, the company will focus on increasing the supply capacity of next-generation products such as FPGA, PSoC, and FPAI [2] - The company aims to strengthen its diversified supply system to enhance supply chain resilience in response to the current international economic and trade situation [2]

Core Viewpoint - Fudan Microelectronics is focusing on long-term development in the FPGA field, establishing a comprehensive product system and technology platform [2] Group 1: FPGA Business Development - The company is advancing its FPGA products with cutting-edge processes while also actively developing heterogeneous integration products such as RFSoC and FPAI [2] - The expansion of application scenarios is beneficial for the medium to long-term growth of the company's FPGA business [2]

Core Viewpoint - Fudan Microelectronics maintains a consistent R&D investment of approximately 30% annually, aiming to enhance its technological competitiveness and operational quality through optimized R&D structure and efficiency [2] Group 1 - The company plans to advance the platform-based construction of its R&D efforts [2] - There is a focus on improving the efficiency of R&D resource utilization [2] - The company aims to accelerate the productization of R&D outcomes [2]

Core Viewpoint - Fudan Microelectronics aims to enhance the supply capacity of next-generation products such as FPGA, PSoC, and FPAI by 2026, while also strengthening its diversified supply chain to ensure product stability and continuity amid current international trade conditions [2] Group 1: Product Development and Supply Chain - The company is focusing on increasing the supply capacity of new products, including FPGA, PSoC, and FPAI, by 2026 [2] - Fudan Microelectronics is actively building a diversified supply system to enhance supply chain resilience and ensure stable product delivery [2] - Current production capacity meets customer demand, with stable overall delivery and progress in domestic supply line construction [2] Group 2: Financial Performance and R&D Investment - The gross margin for FPGA and high-reliability storage products is within a healthy industry range [2] - R&D investment remains consistently around 30% of revenue [2] - The company plans to optimize its investment structure through platform-based R&D construction and improved resource utilization efficiency [2] Group 3: Corporate Governance and Management - Following the leadership transition, Fudan Microelectronics is enhancing corporate governance and customer orientation [2] - The company is establishing a technical grading system and incentive mechanisms to improve management efficiency [2] - Efforts are being made to advance the construction of a digital management platform [2]