Group 1 - The core focus is on the domestic AI industry chain, particularly the performance of the Huabao AI ETF (589520), which has shown a price increase of 0.29% and has been trading at a premium, indicating strong buying interest [1][7] - NVIDIA's CEO Jensen Huang emphasized the need for massive infrastructure investment in AI, estimating that over $1 trillion will be invested in AI-native startups by 2025, highlighting AI applications as a critical layer in the AI ecosystem [2][9] - The Ministry of Industry and Information Technology of China projected that by 2025, the number of AI companies in China will exceed 6,000, with the core industry scale expected to surpass 1.2 trillion yuan, and intelligent computing power reaching 1590 EFLOPS [3][10] Group 2 - The Huabao AI ETF's index covers four major segments: application software, terminal applications, terminal chips, and cloud chips, reflecting a shift from reliance on foreign technology to self-sufficiency in the AI industry [5][11] - The ETF's top holdings include leading domestic companies in GPUs, ASICs, and AI applications, with nearly 70% of the top ten holdings concentrated in these sectors, indicating a strong offensive strategy [12][13] - The current dynamics in the AI industry are marked by significant developments, including the launch of new policies promoting "AI + manufacturing," which is expected to drive a new wave of AI application growth [3][10]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the IPO plans of Alibaba's subsidiary, PingTouGe, which is focused on ASIC chip development and AI infrastructure investment totaling over $53 billion [1][2]. Key Points and Arguments 1. **PingTouGe's Background**: Established in 2018 from the integration of Zhongtianwei and Alibaba's Damo Academy, focusing on full-stack chip design covering data center chips, IoT chips, and processor IP licensing [1]. 2. **Product Matrix**: The company offers a range of chips including AI inference chips (H800), CPUs (Yitian 710), and storage chips (SSD controller Zhenyue 510), along with IoT chips (Yuzhen) [2]. 3. **Performance Comparison**: The first-generation PPU chip matches NVIDIA's H20 in overall performance, featuring 96GB of HBM2e memory, inter-chip bandwidth of 700GB/s, PCIe 5.0×16 interface, and a power consumption of 400W [2]. 4. **Advantages of One-Stop Customization**: The increasing complexity of AI chip development highlights the need for one-stop customization to address long development cycles, high risks, and significant investment challenges [2]. 5. **Market Trends**: One-stop customization is becoming a trend in ASIC chips, as evidenced by successful collaborations like that of Broadcom, indicating a shift towards this model in the industry [2]. 6. **Outlook for Domestic ASICs**: Major cloud service providers, including Alibaba, are planning self-developed ASICs, suggesting that domestic one-stop chip customization manufacturers will significantly benefit from the anticipated growth in ASIC demand [2]. 7. **Technological Advancements**: Recent discussions with experts from ChipOn and company research indicate breakthroughs in 4nm process technology for cloud ASICs, with multiple projects expected to enter mass production in the second half of 2026 [2]. Other Important Insights - The commitment of over $53 billion by Alibaba for infrastructure and AI development signals a strong market push and potential growth opportunities for partners involved in ASIC chip development [1]. - The emphasis on one-stop customization reflects a broader industry trend towards integrated solutions, which may reshape competitive dynamics in the semiconductor sector [2].

Group 1 - The A-share market experienced a fluctuating trend on January 22, with the semiconductor and computing power industry showing a high opening but low closing, while the Sci-Tech Innovation 50 ETF rose by 0.37% [1] - Notable stock performances included Longxin Zhongke rising by 8.81%, reaching a historical high, and other companies like Chipone Technology, China Railway Signal & Communication, and Lanke Technology also showing significant gains [1] - The Ministry of Industry and Information Technology announced a "AI + Manufacturing" initiative, aiming to accelerate breakthroughs in key technologies such as training chips and heterogeneous computing power, with the AI core industry expected to exceed 1.2 trillion yuan by 2025 [1] Group 2 - The Sci-Tech Innovation 50 ETF tracks the Sci-Tech Innovation 50 Index, with over 70% of its holdings in the electronics sector, aligning well with the development of cutting-edge industries like artificial intelligence and robotics [2] - The ETF also covers various sub-sectors including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [2] - Investors optimistic about the long-term development prospects of China's hard technology are encouraged to continue monitoring this ETF [2]

Investment Rating - The report maintains a rating of "Outperform" for the electronic industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The report emphasizes that AI inference is driving innovation, with a focus on demand-driven Opex-related sectors, particularly in storage, power, ASIC, and supernodes [2][30]. - The semiconductor packaging industry is experiencing a significant price increase of 30%, driven by supply-demand imbalances and rising costs of raw materials [23][24][27]. - The report highlights the expected growth in the domestic computing power supply chain, particularly in storage and ASIC sectors, as companies like Yangtze Memory Technologies and ChangXin Memory Technologies expand production [2][30]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 0.45%, while the Shenzhen Component Index increased by 1.14%. The Shenwan Electronics Index rose by 3.77%, ranking second among 31 Shenwan industries [1][13]. Weekly Focus - TSMC reported a 35% increase in profits, driven by strong demand for AI chips, with expected capital expenditures of $52 billion to $56 billion in 2026 [23]. - The packaging industry is benefiting from a recovery in demand, with companies like Li Cheng and Hua Dong Technology seeing increased capacity utilization and order visibility [23][24]. Storage Sector - The report anticipates a significant expansion year for NAND and DRAM production, driven by rising demand for SSDs and HBM products [30]. - Key players in the NAND and DRAM semiconductor supply chain include companies like Zhongwei Technology and Tuo Jing Technology [30]. Power Sector - The report identifies growth opportunities in the power sector, focusing on new technologies in both generation and consumption [31]. ASIC and Supernodes - The report expresses optimism regarding the full-stack model of ASIC inference, predicting an increase in market share for ASICs [31]. - It also notes the anticipated evolution of cabinet models, with growth expected in high-speed interconnects, cabinet manufacturing, and liquid cooling technologies [31]. Domestic Supply Chain - The report highlights improvements in domestic advanced process yields and capacity, which are expected to enhance the supply of domestic computing power chips [30][32].

| 688521 | 芯原股 | 4.27 | 4.83 | 27464.57 | 5.56 | | --- | --- | --- | --- | --- | --- | | | 份 | | | | | | 600183 | 生益科 技 | 1.81 | 1.75 | 27134.36 | 9.32 | | 600460 | 士兰微 | 3.34 | 5.54 | 23869.74 | 8.31 | | 300394 | 天孚通 | 2.24 | 3.23 | 23588.89 | 5.00 | | | 信 | | | | | | 688396 | 华润微 | 2.66 | 2.80 | 21085.39 | 8.71 | | 000988 | 华工科 | 3.65 | 5.21 | 18489.90 | 4.45 | | | 技 | | | | | | 600667 | 太极实 业 | 2.49 | 12.14 | 17381.73 | 6.95 | | 603005 | 晶方科 | 4.03 | 11.80 | 17148.45 | 6.96 | | | 技 | | | | | | 000021 | 深 ...

1月21日，AI主线强势回归，截至14:20，科创人工智能ETF汇添富(589560)放量上涨3.00%， 反包前两日跌幅！ | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估買板車 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 688521 | 芯原股份 | 电子 | 4.60% | 11.11% | | 2 | 688008 | 澜起科技 | 电子 | 10.92% | 9.99% | | 3 | 688111 | 金山办公 | 计算机 | -0.39% | 9.43% | | 4 | ୧୫୫25୧ | 寒武纪-U | 电子 | 1.11% | 8.34% | | ਦੇ | 688169 | 石头科技 | 家用电器 | 0.41% | 5.12% | | 6 | 688099 | 脂膏胺役 | 曲子 | 1.65% | 4.99% | | 7 | 688568 | 中科营图 | 计算机 | -1.78% | 4.90% | | 8 | ୧୫8382 | 复旦微电 | 电子 | 1.98% | 4.89% | | 9 | 688608 | 恒 ...

Group 1 - The semiconductor and chip sector experienced a significant rally, with the STAR Market chip index rising by 3.92% as of 10:14 AM on January 21, 2026, driven by strong performances from companies like Loongson Technology (up 20.00%) and Haiguang Information (up 12.46%) [1] - CITIC Securities believes that the storage chip market is currently in a price uptrend due to the explosive demand from AI and supply-side contractions, leading to a performance surge for global storage industry enterprises [1] - The construction of storage production lines and the increase in domestic production rates are expected to accelerate, creating investment opportunities in domestic semiconductor equipment and packaging/testing sectors [1] Group 2 - TSMC is projected to achieve record-high revenue in Q4 2025, with advanced process technology (7nm and below) accounting for 77% of its revenue, and 3nm process shipments reaching 28% [1] - The company anticipates a significant increase in capital expenditure for 2026, estimated between $52 billion and $56 billion, aimed at enhancing its technological advantages and capacity expansion in the high-end wafer foundry sector [1] - The ongoing demand for AI computing power is expected to strongly drive the semiconductor manufacturing sector [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the STAR Market chip index accounted for 57.76% of the index, including companies like SMIC, Haiguang Information, and Cambrian [2] - The STAR Chip ETF (588200) serves as a convenient tool for investors looking to gain exposure to the STAR Market chip sector [2] Group 4 - Investors without stock accounts can explore investment opportunities in domestic chips through the STAR Chip ETF linked fund (017470) [3]

Core Viewpoint - On January 20, no A-share listed companies disclosed any increase in shareholding, while 14 companies announced share reductions [1][3]. Summary by Category Share Reduction Details - Beijing Medical intends to reduce its stake by no more than 3% [2][4] - Xinquan shares completed the reduction plan by its investors [2][4] - Blue Universe shareholders plan to collectively reduce their holdings by no more than 3.02% [2][4] - Hongdou shares' shareholder Zhou Haijiang plans to reduce his stake by no more than 0.08% [2][4] - Beijiete's actual controller Zhang Jianfei intends to reduce his stake by no more than 3% [2][4] - Tiancheng Technology shareholders plan to reduce their holdings by no more than 1.6803% [2][4] - Hu Silicon Industry's second-largest shareholder, the Big Fund, reduced its stake by 2% from January 7 to January 19 [2][4] - Hesheng Silicon Industry's controlling shareholder plans to reduce its stake by no more than 3% [2][4] - Aolian Electronics' shareholder Liu Junsheng intends to reduce his stake by no more than 3% [2][4] - Bluefeng Biochemical's shareholder Hainan Wenqin plans to reduce his stake by no more than 3% [2][4] - Zhixin Precision's shareholder Zhou Xin plans to reduce his stake by no more than 3% [2][4] - Nanwei Software's shareholder Qizhong Shiyuan intends to reduce his stake by no more than 1% [2][4] - Desheng Technology's controlling shareholder Hao Xiaobin plans to reduce his stake by no more than 1% [2][4] - Zimi shares' Long'an Trust plans to reduce its holdings by 14.3 million shares [2][4]

证券代码：688521 证券简称：芯原股份 公告编号：2026-003 芯原微电子（上海）股份有限公司 股东减持股份结果公告 减持计划的实施结果情况 公司于 2025 年 12 月 2 日披露了《股东减持股份计划公告》（公告编号： 2025-076），兴橙投资方计划于 2025 年 12 月 23 日至 2026 年 3 月 20 日期间，通 过集中竞价和大宗交易方式合计减持不超过 5,258,582 股公司股份，减持比例不 超过 1.00%；国开基金计划于 2025 年 12 月 23 日至 2026 年 3 月 20 日期间，通 过集中竞价和大宗交易方式合计减持不超过 788,569 股公司股份，减持比例不超 过 0.15%。 公司于近日收到兴橙投资方、国开基金出具的《关于减持结果的告知函》， 1 上述减持主体具体减持情况如下： 一、减持主体减持前基本情况 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，嘉兴时兴创业投资合伙企业（有限合伙）、嘉兴海橙 ...

芯原股份公告，嘉兴时兴减持283.6万股，价格区间121.17～187.5元/股；嘉兴海橙减持240.14万股， 121.17～188元/股；共青城文兴减持13300股，140～142.24元/股；国开基金减持78.86万股，121.17～ 137元/股，均于2025年12月23日至2026年1月16日期间完成，减持计划已执行完毕。 ...