Core Viewpoint - The A-share market has experienced a significant surge, with public equity funds seeing a strong start to the year, as nearly half of these products have reached historical net asset value highs, and over 90% have achieved positive returns [1][2]. Group 1: Market Performance - The A-share market has shown a strong upward trend, with over 3,700 stocks rising and more than 100 hitting the daily limit in the last two days [6]. - The trading volume has increased significantly, surpassing 2 trillion yuan, reaching 2.48 trillion yuan [6]. - The performance of the non-ferrous metal sector has been particularly strong, with a year-to-date increase of 21.94%, and 18 constituent stocks within this sector have seen gains exceeding 50% [3]. Group 2: Fund Performance - Among 4,780 comparable active equity funds, 2,347 have achieved historical net asset value highs this year, representing 49.1% of the total [2]. - Over 90% of active equity funds have recorded positive returns since the beginning of the year, with 149 funds showing gains of over 20% [2]. - The top-performing funds, managed by the same fund manager, have achieved returns of 52.64%, 51.95%, and 46.61% respectively [2]. Group 3: Investment Strategies - Investment strategies are shifting from liquidity-driven to profit-driven, with a recommendation for investors to maintain a contrarian mindset as market leadership may rotate quickly [1]. - The focus on resource-related sectors has provided significant advantages in the current market environment, with many top-performing funds heavily invested in non-ferrous metals and technology stocks [3][4]. - Analysts suggest that the market may stabilize and recover post-Spring Festival, with emerging technologies and value stocks expected to perform well [7].

每经AI快讯，2月25日，存储芯片概念盘中震荡下挫，普冉股份跌近10%，恒烁股份、兆易创新、江波 龙、佰维存储、香农芯创等跌幅靠前。 （文章来源：每日经济新闻） ...

存储芯片板块盘初下挫，普冉股份跌超8%，兆易创新、江波龙、佰维存储跌超4%，香农芯创、灿芯股 份纷纷下挫。 ...

Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

基金持仓影响：2月9日股价下跌5.06%至261.55元，导致银华基金、同泰基金等重仓产品出现单日浮 亏，其中银华数字经济股票持有38.56万股，估算浮亏537.87万元。 机构观点 2月10日发布的深度研究报告指出，普冉股份受益于存储芯片超级周期与AI端侧需求，2025年第四季度 净利润环比激增711.1%，但全年净利润同比下滑29.89%。报告强调公司"存储+"战略升维与SHM整合的 长期潜力，同时提示短期估值偏高(PE-TTM约300倍)，需关注2026年业绩兑现能力。 以上内容基于公开资料整理，不构成投资建议。 经济观察网近7天(2026年2月4日至11日)，普冉股份股价经历显著回调，累计下跌约9.18%，主力资金持 续净流出，叠加基金重仓浮亏报道，成为市场关注焦点。存储芯片行业受AI算力需求驱动，但公司短 期面临获利了结压力。 股票近期走势 股价波动：截至2月11日收盘，普冉股份报256.92元，当日下跌1.73%，近5日累计跌幅9.18%。股价在2 月9日收于271.00元，单日下跌1.63%，2月10日进一步下跌3.52%至261.45元。 资金流向：2月9日主力资金净流出1.31亿元，占总成交 ...

Summary of the Conference Call on the Storage Industry Industry Overview - The report focuses on the storage industry, specifically DRAM and NAND Flash markets, highlighting significant price increases in January 2026 [1][2]. Key Points and Arguments Price Review for January 1. **DRAM Prices**: - Mainstream DRAM spot prices increased by 16% to 33% month-over-month in January 2026. - Contract prices for DDR5-8Gb and DDR4-8Gb surged by 119% and 63% respectively [1]. 2. **NAND Flash Prices**: - Mainstream NAND Flash spot prices rose by 24% to 34% month-over-month. - Contract prices increased by 37% to 67% [1]. 3. **Module Prices**: - DDR4/5 memory module prices increased by 13% to 50%. - SSD prices rose by 39% to 62%, while mobile storage prices increased by 22% to 43% [1]. Price Outlook 1. **DRAM Forecast**: - It is expected that traditional DRAM contract prices will rise by 90% to 95% in Q1 2026, up from a previous estimate of 50% to 60%. - The supply-demand gap for DRAM continues to widen, with North American CSP manufacturers securing supplies, forcing other customers to accept higher prices. Server DRAM is projected to increase by 88% to 93% in a single quarter [1]. 2. **NAND Flash Forecast**: - Strong demand from AI servers is anticipated to drive overall contract prices up by 55% to 60% in Q1 2026, compared to an earlier forecast of 33% to 38% [2]. 3. **Niche Storage**: - NOR Flash prices are expected to maintain an upward trend in H1 2026, with overall increases exceeding 20% in Q1, and even larger increases for smaller capacity NOR products [2]. Company Insights 1. **SK Hynix**: - The company forecasts a year-over-year growth of over 20% in DRAM demand and 15% to 20% in NAND demand for 2026, driven primarily by AI server and data center needs [3]. 2. **Samsung Electronics**: - Strong demand from AI servers is noted, while smartphone and PC shipments are negatively impacted by storage supply and pricing issues [3]. 3. **SanDisk**: - The company anticipates that data center bit demand will grow by over 60% in 2026 [3]. Investment Recommendations - The report recommends focusing on four key areas: 1. Beneficiaries of storage price increases, with specific recommendations for companies like Zhaoyi Innovation, Puran, and Beijing Junzheng. 2. CPU chain/memory upgrades, recommending AI interconnect chip leader Lanke Technology. 3. Companies benefiting from Changxin's investment in production expansion, including domestic equipment firms like Zhongwei, Huahai Qingke, Kema Technology, and Jingzhida. 4. Logic chip foundries for storage, with recommendations for Huahong Semiconductor and Yandong Micro [3].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The electronic industry index experienced a decline of 3.73% in the week of February 2-6, 2026, with semiconductors down by 3.02% [4] - Google's capital expenditure guidance for 2026 is projected to be between $175 billion and $185 billion, exceeding previous market expectations of $130 billion [5] - The demand for smartphones is expected to remain weak until at least the second half of 2027, with MediaTek forecasting a significant revenue decline in Q1 2026 [5] Summary by Sections Industry Trends - The semiconductor supply-demand tightness continues, with Infineon issuing price increase notices due to ongoing supply constraints and rising costs [6] - Samsung is considering a price increase of approximately 10% for its 4nm and 8nm processes [6] Investment Recommendations - The report suggests focusing on the supply chain of Changxin's related equipment and materials, as well as the chain reaction of semiconductor price increases [7] - Recommended stocks include North China Innovation, Zhongwei Company, and Tuojing Technology, while beneficiaries include Jingce Electronics, Zhaoyi Innovation, and others [7]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Group 1 - The core point of the news is that Purun Semiconductor's stock price dropped by 5.06% to 261.55 CNY per share, with a trading volume of 532 million CNY and a turnover rate of 1.32%, resulting in a total market capitalization of 38.72 billion CNY [1] - Purun Semiconductor (Shanghai) Co., Ltd. was established on January 4, 2016, and went public on August 23, 2021. The company specializes in the research, design, and sales of integrated circuit products, with 100% of its main business revenue coming from chip sales [1] Group 2 - From the perspective of major fund holdings, Yinhua Fund has one fund heavily invested in Purun Semiconductor. The Yinhua Digital Economy Stock Initiation A (015641) held 385,600 shares in the fourth quarter, accounting for 5.19% of the fund's net value, making it the eighth-largest holding. The estimated floating loss today is approximately 5.38 million CNY [2] - The Yinhua Digital Economy Stock Initiation A (015641) was established on May 20, 2022, with a latest scale of 395 million CNY. Year-to-date returns are 26.69%, ranking 1 out of 5,579 in its category; the one-year return is 48.45%, ranking 903 out of 4,289; and since inception, the return is 117.81% [2] - The fund manager of Yinhua Digital Economy Stock Initiation A is Wang Xiaochuan, who has been in the position for 3 years and 267 days, with a total asset scale of 1.14 billion CNY. The best fund return during his tenure is 115.73%, while the worst is 24.05% [2]

普冉半导体（上海）股份有限公司 关于发行股份、可转换公司债券及支付现金购买资产并募集 配套资金事项的进展公告 本公司董事会及全体董事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。 证券代码：688766 证券简称：普冉股份 公告编号：2026-008 普冉半导体（上海）股份有限公司（以下简称"公司"）拟以发行股份、可 转换公司债券及支付现金的方式购买珠海诺延长天股权投资基金合伙企业（有限 合伙）、安金徽高新元禾璞华私募股权投资基合伙企业（有限合伙）、珠海市横琴 强科七号投资合伙企业（有限合伙）持有的珠海诺亚长天存储技术有限公司（以 下简称"标的公司"）49%股权（以下简称"本次交易"）。本次交易完成后， 标的公司将成为上市公司的全资子公司。本次交易预计不构成关联交易，不构成 重大资产重组，不构成重组上市。 二、本次交易的进展情况 根据上海证券交易所相关规定，经公司申请，本公司股票（股票简称：普冉 股份，证券代码：688766）于 2025 年 11 月 25 日（星期二）开市起停牌，预计 不超过 10 个交易日，具体内容详见公司披露的《关于筹划 ...