（来源：淘金ETF） 1. 北方华创（002371） 作为国内半导体设备绝对龙头，北方华创的主营业务覆盖刻蚀机、薄膜沉积设备、清洗机等全品类核心 制程设备，是存储芯片制造的上游基石。在存储芯片涨价周期中，国内存储厂扩产与技术升级将直接带 动其设备订单增长。其在3D NAND、HBM等先进制程设备领域的突破，深度适配国产存储的技术迭代 需求，不仅为长江存储、长鑫科技等头部企业提供设备支撑，更在全球存储设备市场中建立起国产替代 的核心竞争力。随着存储芯片行业进入超级周期，原厂扩产与技术升级的需求将持续释放，北方华创凭 借全品类设备布局与技术积累，将充分受益于存储厂资本开支的增长，同时其在海外市场的拓展也将进 一步打开成长空间。 2. 华虹公司（688347） 国内特色工艺制造龙头，华虹公司具备成熟的存储芯片代工能力，聚焦NOR Flash、eMMC、SPI NAND 等存储品类，是国内少数能提供存储芯片代工服务的企业。在存储涨价潮下，其代工订单量价齐升，与 国内存储企业的深度绑定，使其充分承接国产替代的产能转移需求。随着AI与消费电子需求复苏，存 储芯片代工产能紧张格局将持续，华虹公司凭借成熟的工艺与稳定的产能交 ...

1月份，公募机构以高频调研为新一年的投资布局拉开了序幕。 公募排排网数据显示，当月共有156家公募机构参与A股调研，覆盖电子等17个行业的486只个股，合计 调研3992次。其中，22家公募机构调研均超50次，博时基金、华夏基金、鹏华基金等头部机构领跑。从 调研方向看，AI算力、高端医疗、新能源三大主线成为核心聚焦领域，而脑机接口作为高端医疗中的 新兴赛道，凭借技术突破与商业化临近，成为公募机构问询的"新焦点"。 聚焦三大核心主线 1月份，公募机构的调研积极性显著提升，头部公司行动迅速。 从参与机构来看，博时基金以116次调研居首，重点覆盖电力设备、电子、计算机行业；华夏基金紧随 其后，共调研95次，聚焦机械设备、电力及电力设备领域；鹏华基金调研80次，侧重电子、计算机行 业。此外，易方达基金、国泰基金、富国基金、南方基金等头部机构调研次数均超70次，展现出对2026 年市场机会的高度重视。 此外，医药生物、电力设备、基础化工等行业调研次数均超276次，被调研个股均超34只。综合来看， 公募机构调研标的整体围绕AI算力、高端医疗、新能源等三大高增长主线展开。 脑机接口脱颖而出 值得关注的是，在高端医疗赛道中， ...

2026年1月30日，华润微披露接待调研公告，公司于1月15日接待淡水泉私募、申万宏源证券、中邮证 券、中邮资管、国寿资产、新华资产等21家机构调研。 调研情况显示，华润微在多个终端领域呈现积极增长态势：汽车电子增速虽放缓但总量保持增长，功率 半导体单车价值量随智能化渗透提升；储能领域受益于户用及工商储能订单增长，需求旺盛可持续； AI服务器、机器人等新兴应用进入规模化上量阶段。公司对2026年营收及毛利率持积极展望，传统领 域稳健回升、新兴领域快速增长带来结构性机遇，将优化产品结构提升高附加值产品比重，重庆12吋预 计全年满产、深圳12吋快速爬坡提供产能保障，同时扩大核心战略客户供应份额支撑营收。当前产能利 用率高位，依托IDM模式动态优化产品结构（优先高毛利高成长战略产品）和价格（综合成本、供需等 因素稳步调整）。 在第三代半导体领域，华润微碳化硅产线2025年基本实现满产，最新一代MOSG4产品获标杆客户认可 并批量使用，主驱模块已批量上车；氮化镓外延中心正式启用，产能扩产有序推进。2026年将加快新一 代产品研发，重点拓展车规、数据中心等赛道，第三代半导体业务有望实现营收翻倍以上增长。公司持 有重庆1 ...

1月27日，华润微涨0.21%，截至发稿，报68.19元/股，成交17.45亿元，换手率1.93%，总市值905.24亿 元。华润微股价已经连续3天上涨，区间累计涨幅6.5%。 资料显示，华润微电子有限公司位于江苏省无锡市梁溪路14号,上海市静安区市北智汇园汶水路299弄12 号，成立日期2003年1月28日，上市日期2020年2月27日，公司主营业务涉及功率半导体、智能传感器及 智能控制产品的设计、生产及销售,以及提供开放式晶圆制造、封装测试等制造服务。主营业务收入构 成为：产品与方案54.34%，制造与服务42.92%，其他(补充)2.74%。 从华润微十大流通股东角度 数据显示，华夏基金旗下1只基金位居华润微十大流通股东。华夏上证科创板50成份ETF（588000）三 季度减持1057.23万股，持有股数1873.55万股，占流通股的比例为1.41%。根据测算，今日浮盈赚取约 262.3万元。连续3天上涨期间浮盈赚取7793.99万元。 华夏上证科创板50成份ETF（588000）成立日期2020年9月28日，最新规模760.22亿。今年以来收益 14%，同类排名538/5548；近一年收益56.83% ...

1月26日，华润微涨5.12%，截至发稿，报68.33元/股，成交16.32亿元，换手率1.83%，总市值907.10亿 元。 资料显示，华润微电子有限公司位于江苏省无锡市梁溪路14号,上海市静安区市北智汇园汶水路299弄12 号，成立日期2003年1月28日，上市日期2020年2月27日，公司主营业务涉及功率半导体、智能传感器及 智能控制产品的设计、生产及销售,以及提供开放式晶圆制造、封装测试等制造服务。主营业务收入构 成为：产品与方案54.34%，制造与服务42.92%，其他(补充)2.74%。 从华润微十大流通股东角度 数据显示，华夏基金旗下1只基金位居华润微十大流通股东。华夏上证科创板50成份ETF（588000）三 季度减持1057.23万股，持有股数1873.55万股，占流通股的比例为1.41%。根据测算，今日浮盈赚取约 6238.94万元。 华夏上证智选科创板价值50策略ETF（589550）基金经理为杨斯琪。 截至发稿，杨斯琪累计任职时间1年230天，现任基金资产总规模259.74亿元，任职期间最佳基金回报 88.59%， 任职期间最差基金回报-3.79%。 声明：市场有风险，投资需谨慎。 本 ...

证券日报网讯1月23日，华润微在互动平台回答投资者提问时表示，2025年上半年，公司欧盟地区业务 收入在公司整体营业收入中的占比大致为2%。 ...

Core Insights - The total margin financing balance on the STAR Market increased by 266 million yuan, while the margin short selling balance rose by 46.75 million yuan, indicating a positive trend in investor sentiment [1][2]. Financing Balance Summary - As of January 21, the total margin financing balance reached 294.898 billion yuan, with a financing balance of 293.822 billion yuan and a short selling balance of 1.075 billion yuan [1]. - The stock with the highest financing balance is Cambrian (寒武纪) at 15.084 billion yuan, followed by SMIC (中芯国际) at 13.366 billion yuan and Haiguang Information (海光信息) at 8.126 billion yuan [1]. - A total of 262 stocks saw an increase in financing balance, while 332 stocks experienced a decrease. Notable increases were seen in Hengyu Environmental (恒誉环保) at 16.13%, Yongxi Electronics (甬矽电子) at 11.78%, and China Resources Micro (华润微) at 11.39% [1]. Short Selling Balance Summary - The stock with the highest short selling balance is Haiguang Information at 49 million yuan, followed by Baiwei Storage (佰维存储) at 37 million yuan and Cambrian at 34 million yuan [2]. - A total of 246 stocks experienced an increase in short selling balance, while 161 stocks saw a decrease. Significant increases were noted in Zongheng Co. (纵横股份) at 775.40%, Galaxy Microelectronics (银河微电) at 585.15%, and Kemei Diagnostics (科美诊断) at 542.64% [2].

Group 1 - The A-share market saw a strong performance in storage chip concept stocks, with notable gains from companies such as Yingfangwei and Yiyaton, both reaching the daily limit up, and Guanghe Technology rising by 7% [1] - Major US storage companies, including Micron Technology, Western Digital, Seagate Technology, and SanDisk, reached historical highs in the overnight market [1] - Major storage manufacturers, including Winbond and Nanya Technology, have signed long-term supply agreements (LTA) that typically lock in volume without locking in prices, extending the duration from one year to at least two years, with some clients discussing frameworks for cooperation extending close to 2030 [1] Group 2 - Yingfangwei (000670) increased by 10.05% with a total market value of 8.692 billion and a year-to-date increase of 39.43% [2] - Yiyaton (002183) rose by 10.02% with a total market value of 14.5 billion and a year-to-date increase of 17.65% [2] - Guanghe Technology (001389) saw a rise of 7.09% with a total market value of 43.5 billion and a year-to-date increase of 25.30% [2] - Other notable companies include Lankai Technology (688008) with a 6.86% increase and a market value of 196 billion, and Zhongjing Electronics (002579) with a 6.13% increase and a market value of 7.952 billion [2] - The overall trend indicates a positive outlook for the storage chip sector, with expectations of price increases for storage products in the first and second quarters of 2026 as stated by Baiwei Storage [1]

Summary of CR Micro (688396.SS) Conference Call Company Overview - **Company**: CR Micro (688396.SS) - **Industry**: Semiconductor, specifically Power Semiconductors Key Points Industry Dynamics - Management sees an improving supply/demand relationship in power semiconductors, with high levels of utilization reported [1] - Positive outlook for the China semiconductor supply chain, driven by demand recovery in industrial and new energy sectors, as well as new demand from AI and computing [1] Company Performance and Strategy - CR Micro is ramping up 12-inch wafer capacities in Shenzhen and plans to increase capacities in Chongqing and 6-inch SiC in the future [2] - Current utilization rates: 6-inch and 8-inch capacities are fully utilized; 12-inch line in Chongqing is fully loaded with wafer-in, while output is still ramping up [2] - Pricing adjustments: CR Micro has increased pricing on IGBT in October 2025 and is negotiating further price increases with customers [2] - Products for AI server applications yield higher margins compared to general products, with plans to introduce DrMOS products for AI servers this year [2] Financial Outlook - Target price set at Rmb37.46 based on a P/E ratio of 34.0x for 2026E, which is within CR Micro's historical trading range [3] - Current market cap is Rmb84.8 billion ($12.2 billion) with projected revenues increasing from Rmb10,118.5 million in 2024 to Rmb13,634.4 million by 2027 [9] Risks and Considerations - Key risks include better-than-expected average selling price (ASP) trends for MOSFET, IGBT, and SiC; faster-than-expected new design wins and market share gains; and fewer entrants in the IGBT/SiC space, which could reduce competition [4] Valuation Metrics - Current price is Rmb64.09, indicating a downside potential of 41.5% to the target price [9] - Earnings per share (EPS) projections show growth from Rmb0.58 in 2024 to Rmb1.29 in 2027 [9] - P/E ratios are projected to decrease from 72.3x in 2024 to 49.5x in 2026 [9] Additional Insights - Management's positive view aligns with broader industry trends, suggesting potential for growth despite current valuation concerns [1][2] - The competitive landscape in power semiconductors remains a critical factor for CR Micro's future performance [1][4]

Group 1 - SMIC (688981) is the largest and most advanced wafer foundry in mainland China, mastering 14nm FinFET technology and maintaining the highest capacity in 28nm mature process domestically, providing foundry services for storage chips [1][40] - The company has received multiple rounds of funding from the National Integrated Circuit Industry Investment Fund, playing a key role in breaking overseas dependence in the domestic storage chip manufacturing sector [1][41] - SMIC also participates in setting multiple industry standards in the domestic semiconductor manufacturing field, consolidating its core voice in the industry chain [1][41] Group 2 - North Huachuang (002371) is a leading semiconductor equipment company in Beijing, providing a full range of equipment for storage chip manufacturing, including etching machines and cleaning machines [2][40] - The company has successfully entered the supply chains of domestic storage manufacturers like Yangtze Memory Technologies and Changxin Memory Technologies, breaking the monopoly of foreign manufacturers [2][41] - With the accelerated expansion of domestic storage chip capacity, North Huachuang's equipment orders continue to grow, and it is establishing new production bases in Tianjin and Yixing [2][41] Group 3 - Hua Hong Semiconductor (688347) focuses on specialty process wafer foundry and is a key player in the domestic storage chip sector, specializing in mature processes like 90nm and 55nm [3][40] - The company provides stable foundry services for domestic storage chip design companies and is expanding its specialty process production lines with support from the National Integrated Circuit Industry Investment Fund [3][41] - Hua Hong has also achieved IATF16949 certification for automotive-grade storage chip processes, enhancing its capabilities in the automotive sector [3][41] Group 4 - Zhongwei (688012) is a global leader in semiconductor etching equipment, with its 5nm etching equipment already in commercial application [4][40] - The company has entered the supply chains of major domestic storage manufacturers and has also penetrated the supply chains of international giants like TSMC and Micron [4][41] - Zhongwei's R&D team comprises over 70% of its workforce, and it holds more than a thousand patents, continuously increasing its market share in the etching equipment sector [4][41] Group 5 - Zhaoyi Innovation (603986) is a leading domestic NOR Flash company, ranking among the top three globally, and is one of the few domestic companies involved in DRAM chip design [5][40] - The company has achieved mass production of 19nm DRAM chips, filling a technology gap in the domestic market, and has established deep cooperation with Changxin Memory Technologies [5][41] - Zhaoyi Innovation has received support from the National Integrated Circuit Industry Investment Fund, focusing its R&D investments on high-end storage chips [5][41] Group 6 - Shengyi Technology (600183) is a leading domestic copper-clad laminate manufacturer, playing a crucial role in the localization of basic materials for the storage chip industry [6][40] - The company has entered the supply chains of major domestic storage packaging companies and provides raw materials to international giants like Samsung and SK Hynix [6][41] - Shengyi is expanding its production capacity in Shaanxi and Jiangsu, with its performance steadily growing alongside the increasing demand for domestic storage chips [6][41] Group 7 - Lanke Technology (688008) is a global leader in memory interface chips, with a market share exceeding 40% for DDR4/DDR5 memory interface chips [7][40] - The company has developed solutions for DDR5 memory interfaces in collaboration with Changxin Memory Technologies, promoting the commercialization of domestic storage modules [7][41] - Lanke's R&D investments focus on cutting-edge fields, extending its product layout into storage control chips [7][41] Group 8 - Shennan Circuits (002916) is a leading domestic printed circuit board manufacturer, focusing on high-end PCB and packaging substrate manufacturing [8][40] - The company has developed storage packaging substrates that meet high reliability and density requirements, entering the supply chains of major domestic storage manufacturers [8][41] - Shennan is also expanding its high-end packaging substrate production lines in Wuxi to further meet the needs of the storage industry [8][41] Group 9 - Jiangbolong (301308) is a leading domestic storage module company, focusing on promoting the application of domestic storage chips in various fields [9][40] - The company has established deep cooperation with domestic storage chip manufacturers and has launched products equipped with domestic storage chips [9][41] - Jiangbolong has acquired the global storage brand Lexar to leverage its overseas channels, increasing its international market presence [9][41] Group 10 - Xian Yicai-U (688783) is a key player in the domestic silicon wafer sector, focusing on the production of 12-inch polished wafers and epitaxial wafers [10][40] - The company has achieved mass production of 12-inch wafers, breaking the monopoly of foreign manufacturers [10][41] - Xian Yicai has received multiple rounds of investment from the National Integrated Circuit Industry Investment Fund, continuously releasing production capacity [10][41] Group 11 - Tuo Jing Technology (688072) is a leading domestic thin film deposition equipment manufacturer, with a market share exceeding 60% for PECVD equipment in domestic storage chip manufacturing [11][40] - The company has entered the supply chains of major domestic storage manufacturers and has also supplied equipment to overseas storage companies [11][41] - Tuo Jing's R&D investment exceeds 30%, continuously launching new equipment suitable for advanced 3D NAND processes [11][41] Group 12 - Shengmei Shanghai (688082) is a leading domestic semiconductor cleaning equipment manufacturer, developing advanced cleaning technologies for storage chip manufacturing [12][40] - The company has entered the supply chains of major domestic storage manufacturers and has also penetrated the supply chains of international giants [12][41] - Shengmei is building a new production base in Shanghai to further meet the equipment needs of storage chip manufacturers [12][41] Group 13 - Huarun Micro (688396) is a leading domestic power semiconductor company, providing packaging and testing services for storage chips [13][40] - The company has expanded its production lines for power semiconductors and storage packaging in Chongqing, enhancing its capabilities in the storage sector [13][41] - Huarun Micro's industrial-grade storage chips have achieved AEC-Q100 certification, enabling them to enter the automotive electronics market [13][41] Group 14 - Changchuan Technology (300604) is a leading domestic semiconductor testing equipment manufacturer, focusing on testing equipment for storage chips [14][40] - The company has entered the supply chains of major domestic storage manufacturers and has received investment from the National Integrated Circuit Industry Investment Fund [14][41] - Changchuan has acquired Singapore's STI company to enhance its competitiveness in the storage testing field [14][41] Group 15 - Changdian Technology (600584) is a global leader in semiconductor packaging and testing, providing high-end packaging services for domestic storage chip design companies [15][40] - The company has established R&D centers in Singapore and South Korea, taking on packaging orders from international giants [15][41] - Changdian has received support from the National Integrated Circuit Industry Investment Fund, continuously expanding its advanced packaging capacity [15][41]