Core Viewpoint - The article discusses the focus of fund managers on semiconductor equipment and technology sectors, highlighting the performance of key fund managers and their investment strategies in these areas [4][20]. Fund Manager Performance - Fund managers Xie Zhiyu and Qiao Qian have significant management scales of 38.6 billion and 24 billion respectively, with annualized returns of 18% and 13.52% since their tenure began [4]. - Xie Zhiyu's fund, Xingquan Helun Mixed A, achieved a return of 35.7% in 2025, outperforming the CSI 300 index by 18 percentage points [4][5]. - Qiao Qian's fund, Xingquan Business Model Mixed A, recorded a return of 38.05% in 2025, with a net value growth exceeding 10% in early 2026 [5][6]. Investment Focus - Both fund managers are concentrating on technology sectors, particularly overseas computing power and semiconductor equipment [8][9]. - Xie Zhiyu maintains a high equity position, with 92.5% of the fund's net value in stocks by the end of the fourth quarter [11]. - Qiao Qian's fund also operates with a high equity position of 94.4% at the end of the fourth quarter [16]. Portfolio Adjustments - Xie Zhiyu's fund saw significant changes in its top holdings, with the introduction of storage testing and module leader Baiwei Storage, which is expected to see a net profit growth of 427%-520% in 2025 [12]. - New entries in the top ten holdings for Xie Zhiyu include semiconductor equipment stocks Tuo Jing Technology and Huahai Qingke, while North China Innovation, Lens Technology, and Focus Media exited the list [13]. - Qiao Qian's fund also adjusted its top holdings significantly, with six new entries, including Baiwei Storage and Huahai Qingke, while North China Innovation and Lens Technology were removed [17]. Overall Market Outlook - The two fund managers agree on the positive outlook for technology sectors, particularly semiconductor equipment, storage, and overseas computing power [20].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688110 | 东心股份 | 140.33 | -8.42% | 50.63万 | 73.37 Z | | 688691 | 灿芯股份 | 136.16 | -5.80% | 8.12万 | 11.14亿 | | 688702 | 盛科通信 | 153.65 | -5.46% | 6.85万 | 10.647 | | 688478 | 昌升股份 | 38.88 | -4.59% | 4.71万 | 1.87亿 | | 688047 | 龙心中科 | 173.98 | -4.26% | 12.72万 | 22.37亿 | | 688809 | 强—股份 | 347.00 | -4.15% | 5.00万 | 17.33亿 | | 688419 | 耐科装备 | 40.50 | -4.03% | 4.85万 | 1.98亿 | | 688521 | 芯原股份 | 221.00 | -4.00% | 21.91万 | 48.39 Z | | 68872 ...

佰维存储所属申万行业为：电子-半导体-数字芯片设计。所属概念板块包括：封测概念、HBM概念、先 进封装(Chiplet)、存储器、存储概念等。 今年以来佰维存储已经1次登上龙虎榜，最近一次登上龙虎榜为1月16日，当日龙虎榜净买入-5.74亿 元；买入总计14.40亿元 ，占总成交额比14.51%；卖出总计20.14亿元 ，占总成交额比20.30%。 资料显示，深圳佰维存储科技股份有限公司位于广东省深圳市南山区桃源街道平山社区留仙大道1213号 众冠红花岭工业南区2区4、8栋1层-3层及4栋4层,香港九龙湾宏照道11号宝隆中心B座2楼208室及209 室，成立日期2010年9月6日，上市日期2022年12月30日，公司主营业务涉及半导体存储器的研发、生产 和销售,主要产品及服务包括智能终端存储芯片、消费级存储模组、工业级存储模组及先进封测服务。 主营业务收入构成为：存储产品48.77%，存储产品:嵌入式存储29.93%，存储产品:PC存储18.12%，其 他1.37%，先进封测服务1.09%，存储产品:工车规存储0.71%。 1月28日，佰维存储盘中上涨2.05%，截至09:50，报190.12元/股，成交15 ...

证券研究报告 | 2026年01月27日 电子行业周报 优于大市 缺货涨价从结构性到全面性，AI 算力+存力持续高景气 缺货涨价从结构性到全面性，AI 算力+存力持续高景气。过去一周上证上涨 0.84%，电子上涨 1.39%，子行业中光学光电子上涨 3.21%，消费电子下跌 0.69%。同期恒生科技、费城半导体、台湾资讯科技下跌 0.42%、上涨 0.38%、 上涨 1.88%。由于全球 AI 算力+存力持续高景气，对于产业链供应资源的抢 占日益突出，电子产业内缺货涨价的环节从 GPU、高端 PCB、存储芯片向被 动元件、CPU、模拟、功率等蔓延，"通胀"从结构性到全面性，对相关企 业的经营业绩增加了弹性预期。同时，基于今年 AI 手机、AI 眼镜、折叠屏 等端侧创新预期所有望引致的估值扩张，我们维持对于 2026 年是"从星星 之火到全面燎原的本土硬科技收获之年"的乐观判断，继续推荐自主可控（代 工+设备）、海外存力+算力链。推荐：蓝特光学、翱捷科技、德明利、江波 龙、佰维存储、长信科技、生益科技、蓝思科技、中芯国际、澜起科技。 阿里平头哥拟独立上市，国产算力芯片快速发展。1 月 22 日，根据《彭博社》 ...

产品涨价驱动 存储芯片公司业绩亮眼 行业高景气2026年仍将持续，全球厂商扩产忙 随着上市公司2025年度业绩预告进入高峰期，存储芯片产业链公司的盈利能力增长成为市场的一道风景 线。探究发现，存储芯片公司业绩增长的主要原因是，受AI及算力产业发展拉动，产业进入高景气周 期、产品持续涨价。 上海证券报记者采访获悉，从全球来看，2026年，存储芯片产业高景气仍将持续，涨价有望持续全年。 尤其是，在AI需求拉动下，HBM(高带宽内存)赛道高景气度有望延续至2028年。 抢抓景气周期机遇，存储相关上市公司也进入扩产周期。除了三星、美光等头部公司，佰维存储、江波 龙、德明利、兆易创新等A股公司也在积极扩产，普冉股份等则加快并购步伐以加码主业。 涨价是盈利提升主因 存储芯片产业链公司业绩高增长，主因是行业进入高景气周期、产品涨价。 佰维存储表示，从2025年第二季度开始，随着存储价格企稳回升，公司重点项目逐步交付，公司销售收 入和毛利率逐步回升，经营业绩逐步改善。德明利表示，从2025年第三季度起，受益于AI需求驱动， 存储行业景气度逐步回暖，存储价格进入上行通道，公司产品销售毛利率大幅提升，经营业绩显著改 善。 从行业 ...

Core Viewpoint - The profitability growth of storage chip companies is driven by the booming AI and computing industries, leading to a high prosperity cycle and continuous price increases in products [1] Group 1: Industry Performance - As of January 27, 2025, 34 storage concept companies in A-shares have released performance forecasts, with 19 companies achieving profitability, and 17 companies showing year-on-year profit growth, representing a 50% success rate [2] - Notably, 8 companies have projected profit growth exceeding 100%, with Baiwei Storage leading the growth [2] - Baiwei Storage expects revenue of 10 billion to 12 billion yuan, a year-on-year increase of 49.36% to 79.23%, and net profit of 850 million to 1 billion yuan, a year-on-year increase of 427.19% to 520.22% [2] Group 2: Price Increases - The primary reason for the high growth in the storage chip industry is the entry into a high prosperity cycle and product price increases [4] - Baiwei Storage indicated that from Q2 2025, as storage prices stabilize and rise, the company's sales revenue and gross margin will gradually improve [4] - The global storage industry began to rebound from Q2 2025, with major manufacturers like SanDisk initiating price increases, followed by others like Samsung and Micron [4] Group 3: Future Trends - The core factors behind the current price increases in storage chips are the explosive demand from AI and supply contractions, leading to structural supply-demand mismatches [5] - Industry experts predict that the core cycle of rising storage prices will last until the end of 2026, with high prosperity expected to continue at least until 2027 [5] Group 4: Expansion Strategies - Companies are actively expanding production to seize opportunities during the high prosperity cycle [6] - International manufacturers are focusing on expanding HBM and high-end NAND production capacities, with plans to gradually release these capacities from 2026 to 2028 [6] - Domestic manufacturers like Yangtze Memory and Changxin Technology are also accelerating their production expansion and technological upgrades [6] Group 5: Specific Company Actions - De Ming Li plans to raise no more than 3.2 billion yuan for SSD and DRAM expansion projects and to support its smart storage management and R&D headquarters [7] - Pu Ran Co. is enhancing its core competitiveness in the storage chip field through the acquisition of Noah Chang Tian, which allows it to take over SK Hynix's 2D NAND-related business [7]

随着上市公司2025年度业绩预告进入高峰期，存储芯片产业链公司的盈利能力增长成为市场的一道风景 线。探究发现，存储芯片公司业绩增长的主要原因是，受AI及算力产业发展拉动，产业进入高景气周 期、产品持续涨价。 涨价是盈利提升主因 存储芯片产业链公司业绩高增长，主因是行业进入高景气周期、产品涨价。 上海证券报记者采访获悉，从全球来看，2026年，存储芯片产业高景气仍将持续，涨价有望持续全年。 尤其是，在AI需求拉动下，HBM（高带宽内存）赛道高景气度有望延续至2028年。 抢抓景气周期机遇，存储相关上市公司也进入扩产周期。除了三星、美光等头部公司，佰维存储、江波 龙、德明利、兆易创新等A股公司也在积极扩产，普冉股份等则加快并购步伐以加码主业。 随着"两长"（长江存储、长鑫科技）的资本开支提升和扩产步伐加快，中国存储产业快速发展，整个产 业链迎来空前的投资机遇。 五成公司实现盈利增长 Choice数据显示，截至1月27日，A股已有34家存储概念公司发布了2025年业绩预告，19家公司实现盈 利（以盈利上限为准，下同），17家公司实现盈利同比增长，占比均达到半数。 尤其是以归母净利润增幅上限为准，业绩增幅超过1倍的公 ...

| 公司名称 | 预计日母净利润下限 (1676) | 预计日母净利润上限 ( (G 7G ) | 预增幅度下限 ( % ) | 预增幅度上限 (%) | | --- | --- | --- | --- | --- | | 佰维存储 | 8.50 | 10.00 | 427.19 | 520.22 | | 极伦电子 | 0.36 | 0.36 | 137.51 | 137.51 | | 朗科科技 | 0.21 | 0.31 | 121.16 | 131.23 | | 好上好 | 0.65 | 0.83 | 115.64 | 175.35 | | 中徽半导 | 2.84 | 2.84 | 107.55 | 107.55 | | 德明利 | 6.50 | 8.00 | 85.42 | 128.21 | | 骨农芯创 | 4.80 | 6.20 | 81.77 | 134.78 | | 成建丰盛 | 2.13 | 2.55 | 74.35 | 108.73 | 部分存储芯片公司2025年预计业绩 郭晨凯 制图 ◎记者 李兴彩 随着上市公司2025年度业绩预告进入高峰期，存储芯片产业链公司的盈利能力增长成为市场的一道 ...

证券日报网讯1月27日，佰维存储在互动平台回答投资者提问时表示，公司股价波动系二级市场行为， 受多种因素共同影响。根据公司《2025年年度业绩预盈公告》，公司预计2025年实现营业收入100亿 元-120亿元，同比增长49.36%-79.23%；预计实现归母净利润8.5亿元-10亿元，同比增长 427.19%-520.22%。从当前来看，存储产品价格在2026年第一季度、第二季度有望持续上涨。存储涨价 属于行业利好，从历史经验来看，都会受益。 ...

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages and price increases to a more widespread inflation across the electronics industry, driven by sustained high demand for AI computing and storage capabilities [1]. - It emphasizes the optimistic outlook for 2026 as a year of significant growth in domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing and the overseas supply chain for storage and computing [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39% over the past week, with optical electronics up by 3.21% and consumer electronics down by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the supply chain, leading to price increases across various components [1]. Semiconductor Developments - Alibaba's AI chip subsidiary, Pingtouge, is preparing for an independent IPO, indicating a strong trend towards domestic alternatives in computing chips [2]. - The report expresses confidence in the growth of domestic GPU and ASIC companies, such as Cambricon and Aojie Technology [2]. Storage Market Dynamics - NAND Flash prices have risen by 18% and DRAM prices by 33% in the past month, leading to increased cost proportions for PC manufacturers [3]. - Companies like Demingli and Jiangbolong are expected to see significant profit growth due to the ongoing storage cycle [3]. PCB Industry Insights - The report notes that rising raw material prices and increasing demand are positively impacting the performance of PCB upstream manufacturers [4]. - Companies such as Shenghong Technology and Jinan Guojiji are highlighted for their strong performance and market expectations [4]. Key Investment Recommendations - The report recommends several companies across different segments, including: - Optical Electronics: Lantech Optical, Aojie Technology, and others [1]. - Storage: Demingli, Jiangbolong, and others [3]. - PCB: Shengyi Technology and others [4]. - A focus on semiconductor companies like SMIC and Aojie Technology is also advised [9].