Core Insights - Institutional interest in listed companies remains high, particularly in the machinery and computer sectors, with electronic and machinery equipment industries leading in the number of institutional surveys conducted in the past five days [2][8] - Jingzhida received the highest number of institutional surveys this week, with 170 institutions participating, following a significant contract signing worth 1.311 billion yuan for semiconductor testing equipment [2][6] - Over 600 companies have been surveyed by institutions this year, with Dajin Heavy Industry being the most frequently surveyed company at 209 times [2][3] Company-Specific Insights - Jingzhida's recent contract for semiconductor testing equipment is seen as a major market validation of the company's long-term investments and technological positioning [6] - The company has established a strong competitive edge within the domestic supply chain, especially amid tight delivery schedules from international suppliers [6] - The survey results indicate a robust interest in Jingzhida, reflecting confidence in its market position and future growth potential [2][5] Industry Trends - The machinery and electronic sectors are experiencing heightened attention from institutional investors, with a notable increase in survey participation over the past month [8] - The overall trend shows that machinery, electronics, and biopharmaceuticals are among the most surveyed industries, indicating a shift in investor focus [8] - The electric motorcycle segment is gaining traction, with companies like Ninebot reporting strong sales growth and a strategic focus on this market segment [15]

算力芯片测试机：公司将加快高端算力芯片测试样机的推出。结合战略客户新品节奏，存算一体背景 下，公司预期今年将取得进一步进展。 以智能眼镜为代表的端侧AI布局：智能眼镜作为AI时代的重要入口，前景乐观。公司将调动全部产品 线打造端侧AI的一站式解决方案，包括存储测试、SoC测试、光学检测等。 格隆汇1月30日丨精智达(688627.SH)近日在电话会议中表示，ASIC芯片：公司已经在稳步推动下一代高 速测试产品的研发工作，确保公司在下一代存储技术测试领域的持续领先。 ...

半导体测试检测设备是AI产业发展的重要设备基座。当前，前沿技术迭代与终端创新正持续拉动市场 加速扩容。公司正跟上行业扩产浪潮，通过优化产能配置、深化产业生态协同，以响应市场增长需求。 凭借自主可控的核心技术、全面的产品线及在重点客户的成功突破，公司对2026年及中长期的发展前景 充满信心。 格隆汇1月30日丨精智达(688627.SH)近日在电话会议中表示，当前半导体订单景气度高企，公司核心产 能已达满产状态，正依托现有产能全力保障战略客户的产品交付。前沿技术迭代与终端产品创新催生的 多元化新需求，持续推动半导体测试检测设备市场加速扩容。国际厂商在前期实现产能三倍增长的基础 上持续加码，积极响应行业扩产趋势；公司亦紧跟行业发展浪潮，全力匹配下游客户需求，持续推动测 试环节自主可控。 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [5] Core Insights - The ongoing shortage of niche storage is expected to continue, with AI demand opening up incremental growth opportunities [2][8] - AI demand is anticipated to drive the need for niche storage, particularly in applications such as automotive, industrial, and security [7] - Domestic manufacturers are positioned competitively in the niche storage market and are likely to benefit from the supply constraints caused by international suppliers exiting this segment [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengshuo [3][8] - Other relevant companies include domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage, as well as semiconductor equipment firms such as Zhongwei, Jingzhida, and Beifang Huachuang [3][8] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [3][8] Market Dynamics - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a substantial contraction in supply [7] - For instance, the global MLC NAND Flash capacity is projected to decrease by 41.7% in 2026 due to supply shrinkage, which is expected to drive prices significantly higher [7] - Domestic firms are gaining market share in niche storage, with Zhaoyi Innovation holding approximately 18.5% of the NOR Flash market in 2024, ranking second globally [7]

Summary of the Conference Call for Jingzhida (精智达) Company Overview - **Company**: Jingzhida (精智达) - **Industry**: Semiconductor Testing Equipment Key Points and Arguments Product Development and Market Position - Jingzhida has achieved full category coverage in DM or Memory testing machines, with new products accounting for over 20% of total sales, indicating strong market penetration [2][5] - The company has received repeat orders for high-speed FPGA testing machines, validating its capabilities in high-speed testing [2][5] - Aging testing machines and low-speed FPC testing machines have reached historical highs in production, reinforcing the company's position as a core supplier in a mature supply chain [2][5] Major Orders and Financial Outlook - Recently signed a significant order exceeding 1.3 billion RMB, which not only marks a financial milestone but also validates the company's technological roadmap and market position [3][17] - The company plans to complete the delivery of this major order within 2026, aligning with customer production line schedules [4][17] - Expected overall gross margin for 2026 is projected to be between 45% and 50%, with new orders potentially exceeding a 50% margin [9][10] Future Product Launches and R&D - The company is advancing the development of next-generation high-speed products, with the first batch of 18G high-speed FT engineering samples delivered to customers by the end of 2025 [6][8] - Plans to accelerate the launch of testing equipment for computing power chips and AI chips in 2026, while exploring comprehensive testing solutions with key domestic clients [6][20] Industry Trends and Challenges - The semiconductor industry is experiencing high demand, with clear expansion plans and significant capacity gaps expected in the coming years [12][14] - The company is actively expanding production capacity to meet strategic customer delivery requirements and to ensure domestic testing capabilities [7][20] - There is a notable increase in demand for high-speed testing, precision temperature control testing, and complex structure testing, necessitating a rapid response to customer needs [15][20] Pricing and Market Dynamics - The price of high-speed or ultra-high-speed HBM testing equipment has significantly increased, with prices being 2-3 times higher than ordinary DRAM products due to increased technical complexity [16][18] - The market for testing machines is not only growing in quantity but also in the value per unit, driven by advancements in technology and increased testing requirements [16][19] Strategic Vision - The company aims to leverage its core technologies and market position to achieve breakthroughs and scale in 2026, with high-end, new, and high-speed products expected to enter mass production [8][20] - Jingzhida is committed to enhancing its core position in the testing machine sector and supporting clients in the storage field (Memory, DRAM, NAND) and computing power chips [17][20]

Company and Industry Summary Company: HBMCP (High Bandwidth Memory Test Machine) Key Points - HBMCP has successfully secured orders, achieving breakthroughs in various product categories including CP (test machines), FT (final testing), aging tests, and probe cards [1] - Revenue from related businesses reached 1.3 billion, with FT high-speed products and HBMCP accounting for 20% of this revenue; when including FT low-speed products, the combined share of FT and CP products exceeds 40% [1] - New orders for 2026 are projected to at least double compared to 2025, with 2025 new orders estimated at approximately 1.6 billion, setting a minimum target of 3.2 billion for 2026 [1] - The overall gross margin is expected to maintain between 45% and 50%, with the gross margin for orders in the second half of the year exceeding 50%, primarily due to an increased share of FT and CP products [1] - Significant progress is anticipated for GPU test machines in 2026 [1] Industry Insights - The company plans to allocate part of its production capacity to meet the demands of clients beyond Changxin Storage, including Yangtze Memory, customers in Fujian, and H clients, thereby expanding its customer base [2] - The market forecast for new orders in 2026 is maintained at 3.5 billion, corresponding to a net profit of 875 million, with a price-to-earnings (PE) ratio of 40, leading to a market capitalization estimate of 35 billion [2] - The GPU test machine is set to launch a demo model in June this year, with a strategic partnership established with Cambricon; the domestic GPU test machine market is approximately 8 billion, with a target market share of 30% for the company, translating to a net profit of 600 million, and a market capitalization estimate of 24 billion based on a 40 PE ratio [2]

Group 1 - The report emphasizes that advanced packaging is crucial for enhancing chip performance and reliability, especially in the context of the AI wave driving demand for higher integration and performance in semiconductors [8][21][25] - The semiconductor packaging and testing industry in China is expected to grow significantly, with the market size projected to reach 438.98 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2029 [28][29] - Advanced packaging is anticipated to account for 50% of the semiconductor packaging market by 2029, with a CAGR of 10.6%, outpacing traditional packaging growth [28][29] Group 2 - The report highlights the rise of independent third-party testing services in the semiconductor industry, driven by the increasing number of IC design companies and the growing demand for testing services [42][43] - The competitive landscape for wafer testing is relatively concentrated due to high technical and investment barriers, with fewer participants compared to finished chip testing [42][43] - The report notes that independent third-party testing firms often collaborate with integrated packaging and testing companies, outsourcing wafer testing while also competing in finished chip testing [42][43]

Market Overview - A-shares continued to decline in early trading, with the ChiNext Index and Shenzhen Component Index dropping over 1% at one point before a collective rebound occurred around 10:02 AM, leading to the ChiNext Index and Shanghai Composite Index turning positive [2] - Notable stocks driving the market include New Yi Sheng, Zhongji Xuchuang, and Tianfu Communication, with Tianfu Communication rising over 11% and entering the top five in trading volume [2] North American Computing Chain - The North American computing chain saw a strong performance, with Yuanjie Technology rising over 10% and reaching a historical high of 815.54 yuan, making it the third highest-priced stock in A-shares with a market capitalization of 70.094 billion yuan [2] - Other stocks in this sector, such as Robotech and Shijia Photon, also experienced significant gains [5] Semiconductor Industry - The semiconductor industry was a key driver of the index's rise, with storage chips and semiconductor equipment sectors leading the gains. Notable stocks included Dongxin Co., which hit the daily limit, and Puran Co., which surged 16% [6][8] - Several companies in the storage chip sector reported substantial profit growth forecasts for 2025, with expected increases ranging from 81.77% to 167.31% year-on-year [8] - The semiconductor equipment market is expected to continue growing, driven by AI computing demand and advancements in packaging technology [9] Institutional Investment Trends - Zhongji Xuchuang has gained significant attention, becoming the largest holding for public funds by the end of Q4 2025, with a market value of 78.421 billion yuan. It has been the most increased stock for public funds for three consecutive quarters [5] - The acceleration of the technology cycle, particularly in AI and data centers, is expected to benefit leading suppliers in the sector [5]

Market Overview - The major stock indices showed weak performance last week (January 19-23, 2026), while micro-cap stocks, the CSI 500, and the CSI 1000 indices outperformed, indicating a market style favoring individual stocks over indices [1] - The STAR 100 index increased by 3.23%, outperforming the STAR 50 index, highlighting the differences in their positioning and characteristics, with STAR 100 representing a collection of high-growth potential stocks [1][2] Sector Highlights - Several sectors in the A-share market have emerged as hotspots, including metals (driven by record high gold prices), aerospace equipment, semiconductors, space photovoltaics, and AI computing power industry chains [5] - Key drivers for these sectors include: - Commercial aerospace: Continuous policy support and events like the launch of offshore launch platforms [6] - Precious metals: International gold prices surpassing $5,000 per ounce and silver prices exceeding $100 per ounce [6] - Photovoltaics/new energy: Supportive policies from multiple provinces and improved industry performance expectations [6] Financing and Investment Trends - The regulatory body announced an increase in the margin financing ratio from 80% to 100%, effective January 19, 2026, with no significant decrease in financing balances observed, indicating that existing financing contracts may not be immediately affected [5] Space Computing - Space computing represents a significant evolution in commercial aerospace, utilizing satellites for on-orbit data processing and high-speed laser communication for data transmission [8][10] - The advantages of space data centers include higher solar energy efficiency compared to ground-based systems, with solar capacity factors exceeding 95% in space versus much lower rates on Earth [10] - The extreme cold of space provides an ideal cooling solution for high-performance computing, drastically reducing operational costs associated with cooling systems on Earth [11] Company Developments - JunDa Co., Ltd. plans to issue up to 18,682,000 new H-shares at a price of HKD 22 per share, aiming to raise approximately HKD 400 million for business development and financial structure optimization [18] - ShunHao Co., Ltd. increased its stake in Tread Lightly by investing RMB 74.98 million, raising its ownership to 28.68%, as part of its strategy to capitalize on the future growth of space computing [20] Competitive Landscape - JingZhiDa has signed a significant contract worth RMB 1.311 billion, marking a pivotal moment in its strategic transformation into a platform company focused on both display panels and semiconductor testing [29] - The company has developed a comprehensive suite of semiconductor testing equipment, including systems for chip quality inspection, durability testing, and final product inspection, positioning itself as a leader in the domestic market [31][34]

Group 1: Stock Suspension and Resumption - Fenglong Co., Ltd. has suspended trading for stock price fluctuation investigation [1] - Jiamei Packaging has also suspended trading for stock price fluctuation investigation [1] - Hunan Gold expects a net profit of 1.27 billion to 1.61 billion yuan in 2025, representing a year-on-year increase of 50% to 90%, driven by rising sales prices of gold, antimony, and tungsten products. The company plans to acquire 100% equity of Golden Tianyue and Zhongnan Smelting, and will resume trading [1] - Longyun Co., Ltd. is planning to acquire 58% equity of Yuheng Film and has suspended trading [1] Group 2: Share Buybacks - Jinkai New Energy plans to repurchase company shares worth 500 million to 600 million yuan [2] - Zhongchong Co., Ltd. intends to repurchase company shares worth 100 million to 200 million yuan [2] Group 3: Mergers and Acquisitions - Yongjie New Materials plans to acquire 100% equity of Aokening Qinhuangdao and 95% equity of Aokening Kunshan, focusing on the production and sales of aluminum plates and strips [3] - Jingsheng Co., Ltd. intends to purchase 100% equity of Weizhun Intelligent for 857 million yuan [4] - Weixing New Materials plans to acquire 88.2557% equity of Songtian Cheng for 111 million yuan, specializing in the R&D, manufacturing, and sales of polyethylene valves for municipal pipelines [4] Group 4: External Investments and Daily Operations - China Tianying plans to achieve a production capacity of 200,000 tons of EU-standard methanol by 2026 [5] - Delijia intends to invest 5 billion yuan in a research and manufacturing project for wind turbine gearboxes over 10 megawatts [6] - Trina Solar will allocate the remaining 1.7 billion yuan of raised funds for a new project focused on distributed smart photovoltaic power station construction [7] - Jingzhida has signed a sales contract for semiconductor testing equipment worth 1.311 billion yuan [8] - Lens Technology has achieved bulk supply in the commercial aerospace sector and has developed ultra-thin photovoltaic glass modules for extreme space environments [9] - BAIC Blue Valley's subsidiary plans to invest 1.991 billion yuan in the construction of a high-end platform model industrialization and digital upgrade project for the Xiangjie Super Factory [9] Group 5: Performance Changes - XianDao Intelligent expects a net profit of 1.5 billion to 1.8 billion yuan in 2025, a year-on-year increase of 424.29% to 529.15%, driven by increased operating rates and order volumes from leading domestic battery companies [10] - Zhongwei Company anticipates a net profit of 2.08 billion to 2.18 billion yuan in 2025, a year-on-year increase of approximately 28.74% to 34.93% [11] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan in 2025, representing a year-on-year increase of 81.77% to 134.78% [11] - China Merchants Bank anticipates a net profit of 150.181 billion yuan in 2025, a year-on-year increase of 1.21% [12] - Juchip Technology expects a net profit of 204 million yuan, a year-on-year increase of 91.40% [12] - Lianchuang Optoelectronics expects a net profit of 435 million to 532 million yuan in 2025, a year-on-year increase of 80.36% to 120.57% [12] - Zhaojin Gold expects a net profit of 122 million to 182 million yuan in 2025, turning from loss to profit [12] - Zhongwei Semiconductor anticipates a net profit of approximately 284 million yuan in 2025, a year-on-year increase of about 107.55% [12] - Guocheng Mining expects a net profit of 1 billion to 1.12 billion yuan in 2025, compared to a profit of 453 million yuan in the previous year [12] - Shengkong Co., Ltd. expects a net profit of 90 million to 110 million yuan in 2025, a year-on-year increase of 118.71% to 167.31% [13] - Daoshi Technology anticipates a net profit of 480 million to 580 million yuan in 2025, a year-on-year increase of 206.01% to 269.76% [13]