Core Viewpoint - Huazhu Microelectronics has seen a stock price increase of 5.12%, reaching 68.33 yuan per share, with a total market capitalization of 90.71 billion yuan as of January 26 [1] Company Overview - Huazhu Microelectronics Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on January 28, 2003, with its listing date on February 27, 2020 [1] - The company specializes in the design, production, and sales of power semiconductors, smart sensors, and smart control products, as well as providing open wafer manufacturing and packaging testing services [1] - The revenue composition of the company is as follows: products and solutions account for 54.34%, manufacturing and services for 42.92%, and others for 2.74% [1] Shareholder Information - Huazhu Microelectronics' top circulating shareholder is a fund under Huaxia Fund, specifically the Huaxia SSE STAR 50 ETF (588000), which reduced its holdings by 10.57 million shares to hold 18.74 million shares, representing 1.41% of circulating shares [2] - The fund has achieved a floating profit of approximately 62.39 million yuan today [2] - The Huaxia SSE STAR 50 ETF was established on September 28, 2020, with a current scale of 76.02 billion yuan, yielding a return of 15.54% this year, ranking 557 out of 5,580 in its category [2] Fund Performance - The fund manager of the Huaxia SSE STAR 50 ETF is Rong Ying, who has a tenure of 10 years and 85 days, with a total asset scale of 143.28 billion yuan [3] - During the manager's tenure, the best fund return was 169.4%, while the worst was -7.58% [3] Fund Holdings - The Huaxia SSE Smart Selection STAR 50 Value Strategy ETF (589550) also holds Huazhu Microelectronics as a significant position, having reduced its holdings by 4,640 shares to 20,300 shares, which constitutes 2.59% of the fund's net value [4] - The fund has a floating profit of approximately 67,400 yuan today [4] - The Huaxia SSE Smart Selection STAR 50 Value Strategy ETF was established on July 16, 2025, with a current scale of 41.38 million yuan, yielding a return of 14.78% this year, ranking 730 out of 5,580 in its category [4] Fund Manager Information - The fund manager of the Huaxia SSE Smart Selection STAR 50 Value Strategy ETF is Yang Siqi, who has a tenure of 1 year and 230 days, with a total asset scale of 25.97 billion yuan [5] - The best fund return during Yang's tenure was 88.59%, while the worst was -3.79% [5]

Group 1 - The core point of the article is that China Resources Microelectronics (华润微) anticipates that its revenue from the European Union region will account for approximately 2% of the company's total revenue in the first half of 2025 [1]

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]

Core Viewpoint - The market experienced fluctuations last week, but the overall trend remains positive with a low probability of systemic risks in 2026, driven by favorable macro policies and industry factors [1][4]. Market Performance - The China National Brand Index rose by 0.60% to 2059.78 points last week, while the Shanghai Composite Index fell by 0.45% and the Shenzhen Component Index increased by 1.14% [2]. - Notable performers included Changdian Technology, which surged by 17.51%, and Huazhong Microelectronics, which rose by 17.36% [2]. Year-to-Date Performance - Year-to-date, Anji Technology has increased by 38.85%, leading the gains, followed by Zhongwei Company at 38.29% and Changdian Technology at over 30% [3]. - Other significant gainers include Huazhong Microelectronics and Keda Xunfei, which rose by 29.02% and 26.67%, respectively [3]. Investment Strategy - Market sentiment has shown considerable volatility, but the impact on liquidity is minimal, primarily affecting short-term emotions [4]. - As annual performance forecasts begin to be disclosed, sectors with strong earnings support are expected to attract more attention from investors [4]. - The investment strategy emphasizes structural selection as key, with expectations of more industries entering a performance realization phase due to domestic policy support [4].

Group 1 - The core index of the National Brand Engineering Index rose by 0.60% last week, closing at 2059.78 points, with strong performances from stocks like Changdian Technology, China Resources Microelectronics, and Glodon [1][2] - The market experienced fluctuations, with the Shanghai Composite Index down by 0.45%, while the Shenzhen Component Index and the ChiNext Index rose by 1.14% and 1.00% respectively [1] - Year-to-date, stocks such as Anji Technology and Zhongwei Company have shown significant gains, with Anji Technology up by 38.85% and Zhongwei Company up by 38.29% [2] Group 2 - Market sentiment has been volatile, with regulatory policies leading to a decrease in speculative trading, but the actual impact on market liquidity is minimal [2] - Starstone Investment indicates that there are still many opportunities in the market, particularly as domestic policies drive supply-demand balance and price recovery, leading to more industries entering the performance realization phase [3] - Looking ahead to 2026, the overall market is expected to trend upwards due to positive macroeconomic policies and industry factors, although increased volatility and operational challenges are anticipated [3]

Core Viewpoint - China Resources Microelectronics announced the approval of three proposals at its first extraordinary general meeting of shareholders in 2026, including the expected daily related party transactions for the year [2] Group 1 - The company held its first extraordinary general meeting of shareholders in 2026 on January 16 [2] - The meeting approved the proposal regarding expected daily related party transactions for 2026 [2] - The meeting also approved three proposals related to the revision of certain systems [2]

Core Viewpoint - Huazhong Microelectronics announced the resignation of Vice President Ma Weiqing due to work adjustments, effective immediately upon delivery to the board, while he will continue to serve as a senior chief expert and remain a core technical personnel of the company [2] Group 1 - The company’s board received a resignation report from Ma Weiqing [2] - Ma Weiqing will transition to the role of senior chief expert within the company [2] - The resignation is effective from the date it was delivered to the board [2]