Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Insights - The semiconductor industry is leading growth, with smart devices supporting "new quality productivity" as a clear example of China's economic transition towards high-quality development. The growth in these sectors is driven by technological innovation and improvements in total factor productivity [27][30]. - The report highlights the strong demand for high-performance memory driven by AI servers and new generation PCs, indicating that the storage chip industry is entering a new upcycle [24][29]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 0.44% to 4117.95 points, while the Shenzhen Component Index decreased by 1.62% to 14205.89 points during the week of January 26 to February 1, 2026. The three major indices showed slight fluctuations but remained above the 10-day moving average, indicating strong short-term support [1][7]. Industry Data Tracking - Global smartphone shipments reached 336 million units in Q4 2025, marking a year-on-year growth of 2.28%. However, China's smartphone shipments saw a significant decline of 29.4% year-on-year in December 2025 [18]. - Global semiconductor sales reached $75.3 billion in November 2025, reflecting a year-on-year growth of 29.8% [21][22]. - The storage chip industry is experiencing a strong upward trend in DRAM prices since June 2025, driven by robust demand from AI servers and data centers [24]. Investment Recommendations - The report suggests focusing on technology-intensive sectors like smart consumer devices and semiconductors, which are becoming core drivers of economic growth. It emphasizes the importance of domestic semiconductor companies that have made breakthroughs in design, manufacturing, and equipment [27][30]. - The report recommends paying attention to domestic equipment and materials companies that have entered the mainstream chip manufacturing supply chain, as they are crucial to China's self-sufficiency strategy in the semiconductor industry [30][29]. Industry News - Alibaba's Tsinghua Unigroup launched its high-end AI chip "Zhenwu 810E," which has been deployed in various applications, showcasing advancements in domestic chip technology [30][31]. - Two semiconductor companies announced price increases for their chips due to supply constraints and rising costs, indicating a tightening market [32][33]. - The semiconductor industry chain achieved significant profit growth, with integrated circuit manufacturing profits increasing by 172.6% in 2025 [34].

Group 1: Mergers and Acquisitions - SpaceX has confirmed its merger with xAI, aiming to integrate AI with rocket technology and space-based internet solutions, highlighting the need for sustainable energy sources for AI development [2] Group 2: Technological Advancements - Tesla has achieved mass production of dry electrode technology, a significant breakthrough in lithium battery production that reduces costs and energy consumption while enhancing scalability [3] - The launch of Step 3.5 Flash by Jiyue Xingchen introduces a powerful open-source model with advanced reasoning capabilities, designed for complex tasks and efficient processing [7] Group 3: Market Developments - Long Fiber announced that the global fiber optic cable market remains stable, despite fluctuations in product prices, and emphasized the minor impact of new data center products on overall demand [8] - TrendForce has revised its projections for memory prices in Q1 2026, anticipating significant increases in DRAM and NAND Flash prices due to heightened demand from AI and data centers [12] Group 4: Investments and Financing - ZTE plans to invest 117 million yuan in the Jianxing Zhanlu Fund, focusing on new information technology, renewable energy, AI, and advanced manufacturing [6] - Zhujijidong has completed a $200 million Series B financing round, with participation from various notable investors, aiming to increase R&D and market investments in 2026 [13] - Wofei Changkong has secured nearly 1 billion yuan in financing to support the certification and commercialization of its AE200 eVTOL aircraft [14]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The demand for AI computing power is driving a persistent shortage in storage [2][8] - Major storage companies are experiencing strong performance, with AI demand expected to continue creating incremental opportunities [6] - The supply of niche storage is under pressure from mainstream storage, leading to a sustained tight supply situation [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 Hengsuo [2][8] - Domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage are also highlighted [2] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [2] - Semiconductor equipment firms such as Zhongwei Company, Jingzhida, and Beifang Huachuang are recommended [2] - Domestic packaging and testing companies like Shentek, Huicheng, and Tongfu Microelectronics are included in the investment targets [2] Market Dynamics - TrendForce has revised upward the price growth rates for DRAM and NAND Flash products for the first quarter, with DRAM contract prices expected to rise by 90-95% and NAND Flash by 55-60% [7] - AI computing demand is becoming the dominant factor in storage demand, with significant price increases anticipated for Server DRAM and Enterprise SSDs [7] - The AI inference process is expected to significantly alter data center storage structures, leading to increased demand for active data storage [7] Niche Storage Supply - Niche storage products like NOR Flash and MLC/SLC NAND Flash are expected to remain in tight supply due to reduced production from major suppliers focusing on mainstream products [7] - The global capacity for MLC NAND Flash is projected to decrease by 41.7% in 2026 due to supply constraints [7]

2月3日，普冉股份涨7.19%，截至发稿，报285.32元/股，成交1.20亿元，换手率0.28%，总市值422.41亿 元。 资料显示，普冉半导体(上海)股份有限公司位于上海市浦东新区张江镇银冬路20弄8号楼，成立日期 2016年1月4日，上市日期2021年8月23日，公司主营业务涉及集成电路产品的研发设计和销售。主营业 务收入构成为：芯片收入100.00%。 从普冉股份十大流通股东角度 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年90天，现任基金资产总规模1370.2亿元，任职期间最佳基金回报 279.97%， 任职期间最差基金回报-15.93%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，南方基金旗下1只基金位居普冉股份十大流通股东。南方中证1000ETF（512100）三季度减 持2.64万股，持有股数80.98万股，占流通股的比例为0.55%。根 ...

（文章来源：每日经济新闻） 每经AI快讯，2月3日，半导体板块盘初走强，朗科科技、普冉股份双双涨超7%，芯导科技、恒烁股 份、强一股份、北京君正、长川科技等个股跟涨。 ...

Group 1 - The overall capacity of NOR Flash is linked, with high-value large-capacity products consuming significant capacity, leading to early price increases that are gradually affecting medium and small-capacity products. The company's NOR Flash prices are experiencing a moderate overall increase, with some storage chip products seeing reasonable price adjustments based on market supply and production costs [1] - The storage chip market is experiencing strong demand driven by the rapid development of emerging scenarios such as smart vehicles and AI models. 2D NAND is becoming the preferred storage solution across multiple fields due to its mature technology, lower costs, and good reliability [3] - The company has completed the acquisition of 51% of Noah Changtian, achieving indirect control over SHM, and plans to further acquire the remaining 49% through share issuance. This will enrich the company's product matrix and enhance its competitiveness in the storage chip field [3] Group 2 - In the MCU sector, the company's core products are widely used in various applications, including smart hardware, home appliances, and automotive electronics. The company is continuously working to onboard more clients, leveraging its growing brand recognition [3] - As the humanoid robot industry accelerates, MCUs will play a crucial role as "distributed neural nodes" in real-time joint motion coordination and complex action algorithm execution, supporting the realization of precise and smooth movements [4]

证券日报网2月2日讯 ，普冉股份在接受调研者提问时表示，公司坚持以消费电子应用领域为基石，持 续研发迭代，为客户提供更多高性能和高性价比的产品，提高对应的市场占有率；对于新兴应用领域， 公司积极调研市场需求，持续研发及推出适配产品，以满足更多的市场需求，提高新兴（300098）应用 市场的产品覆盖率。 ...

证券日报网2月2日讯，普冉股份在接受调研者提问时表示，目前中小容量NOR Flash产品已经出现价格 修复趋势。NOR Flash整体产能联动，大容量产品单颗价值高，对产能的消耗量大，叠加供应紧缺和需 求刺激的双重影响，大容量产品本轮较早出现涨价，并逐渐传导到中小容量产品。公司NOR Flash目前 维持价格整体温和上涨的节奏。 ...

证券日报网2月2日讯，普冉股份在接受调研者提问时表示，公司已经与核心晶圆代工厂建立互助、互 利、互信的合作关系，积累了丰富的供应链管理经验，可以有效保证供应链运转效率和产品质量，为公 司业务发展提供高效的产能保障。 ...

兆易创新封跌停，此前开普云、万润科技、中电港、太极实业、深科技跌停，中微半导、普冉股份、香 农芯创、江波龙等均跌超10%。 (本文来自第一财经) 兆易创新封跌停，此前开普云、万润科技、中电港、太极实业、深科技跌停，中微半导、普冉股份、香 农芯创、江波龙等均跌超10%。 (本文来自第一财经) ...