Core Insights - The global High Bandwidth Memory (HBM) market is experiencing rapid growth, with shipments expected to increase from 1.5 billion gigabytes (GB) in 2023 to 5.7 billion GB by 2026, and revenues projected to rise from $4.35 billion in 2023 to $50 billion in 2026 [6][7][8]. HBM Industry Definition and Advantages - HBM is a high-performance semiconductor memory based on 3D stacking technology, offering high bandwidth and energy efficiency, primarily used in high-performance computing and networking applications [1][4]. - HBM has four main advantages over traditional DRAM: high bandwidth, high capacity, low power consumption, and small size [2][3]. HBM Industry Development Status - HBM technology is becoming a standard for AI acceleration cards (GPUs, TPUs, etc.), with its value share continuing to increase [4][6]. - The demand for HBM is driven by the needs of AI and high-performance computing, with significant growth expected in the coming years [6][10]. HBM Industry Chain - The HBM industry chain includes upstream materials (electrolytes, precursors, IC substrates) and semiconductor equipment (lithography machines, etching machines), with midstream focusing on HBM production and downstream applications in AI, data centers, and high-performance computing [8][9]. HBM Industry Competitive Landscape - The global HBM market is dominated by foreign manufacturers, with SK Hynix holding a 53% market share, followed by Samsung at 38% and Micron at 9% [14][15]. - Domestic companies in China, such as Changxin Memory, Changdian Technology, and others, are making significant progress in the HBM supply chain, aiming to increase local production capabilities [15][16]. HBM Industry Development Trends - HBM is positioned as a critical hardware component for AI and high-performance computing, with its unique 3D stacked structure providing superior bandwidth compared to traditional memory solutions [16][17]. - The future memory landscape will be heterogeneous, with HBM focusing on training scenarios, while other memory types will cater to specific workloads, creating a diverse memory ecosystem for the AI era [17].

Group 1 - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1461.35 points, down 2.08%, with a trading volume of 52.363 billion yuan and a turnover rate of 1.8% [1] - Among the index constituents, 10 stocks rose, with XJ Electric leading at a 3.12% increase, while 39 stocks fell, with Shenzhen Technology leading the decline at a 10.0% drop [1] Group 2 - The net outflow of main funds from the Shenzhen State-owned Enterprise ESG Index constituents totaled 2.587 billion yuan, while the net inflow from speculative funds was 758 million yuan, and the net inflow from retail investors was 1.828 billion yuan [2] - Detailed fund flow information for the index constituents is available in the accompanying table [2]

Market Overview - On February 2, the trading volume of the Shanghai and Shenzhen stock markets was 2.58 trillion yuan, a decrease of 250.8 billion yuan compared to the previous trading day [1] - The precious metals and non-ferrous metals sectors experienced a significant decline, while the electric grid equipment and liquor sectors saw notable gains [1] Stock Performance - Notable gainers included: - STR (+5.19% to 2.23 yuan) with a trading volume of 3.49% [2] - *ST Huqing (+5.03% to 8.14 yuan) due to performance expectations and termination of equity transfer [2] - Huangtai Liquor (+9.98% to 17.52 yuan) driven by regional brand strength and shareholder increase [2] - Horizontal Film (+10.00% to 28.05 yuan) benefiting from the Spring Festival box office [2] - Wanfu Co. (+9.99% to 28.30 yuan) due to rising dye prices [2] Stock Declines - High-profile stocks facing declines included: - ST Jinglan with 6 consecutive gains [3] - Deep Technology (-10.00% to 29.24 yuan) due to a downturn in the storage chip sector and significant prior gains [14] - Kaipu Cloud (-20.00% to 195.84 yuan) with a projected net loss for 2025 [17] Institutional Trading - The top three net purchases on the daily leaderboard were: - Zhongchao Holdings with a net purchase of 512 million yuan [5] - Baobian Electric with a net purchase of 436 million yuan [5] - Shuangjie Electric with a net purchase of 308 million yuan [5] - The top three net sales were: - Deep Technology with a net sale of 251 million yuan [6] - Kaipu Cloud with a net sale of 192 million yuan [6] - Tianlong Group with a net sale of 187 million yuan [6] Sector Insights - Zhongchao Holdings is involved in commercial aerospace and high-temperature alloys, with strong demand for transformers and data center orders extending to 2027 [9] - Deep Technology's recent performance has been impacted by stricter customer audits from major storage manufacturers [14] - Kaipu Cloud's projected losses indicate a significant decline in profitability, with expectations of a 139% to 158% decrease in net profit [17]

Market Overview - The consumer electronics sector experienced a decline of 2.51% on February 2, with Tonglian Precision leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Litong Electronics (603629) with a closing price of 41.14, up 10.00% and a trading volume of 600,600 shares, totaling 2.397 billion yuan [1] - Wanxiang Technology (301180) closed at 18.81, up 7.00% with a trading volume of 153,800 shares, totaling 293 million yuan [1] - Kosen Technology (603626) closed at 20.95, up 3.25% with a trading volume of 381,700 shares, totaling 803 million yuan [1] - Conversely, significant decliners included: - Tonglian Precision (688210) closed at 54.08, down 11.34% with a trading volume of 98,400 shares, totaling 560 million yuan [2] - Deep Technology (000021) closed at 29.24, down 10.00% with a trading volume of 1,411,500 shares, totaling 424.2 million yuan [2] - Xiechuang Data (300857) closed at 210.00, down 7.88% with a trading volume of 144,200 shares, totaling 3.121 billion yuan [2] Capital Flow - The consumer electronics sector saw a net outflow of 3.755 billion yuan from major funds, while retail investors contributed a net inflow of 2.224 billion yuan [2] - Notable capital flows for specific stocks included: - Luxshare Precision (002475) had a net inflow of 5.16 billion yuan from major funds, but a net outflow of 1.40 billion yuan from retail investors [3] - Litong Electronics (603629) experienced a net inflow of 1.17 billion yuan from major funds, with a net outflow of 94.837 million yuan from retail investors [3] - Kosen Technology (603626) had a net inflow of 87.3392 million yuan from major funds, but a net outflow of 88.2512 million yuan from retail investors [3]

Group 1 - The former Party Secretary and Vice President of Shenzhen Great Wall Development Technology Co., Ltd., Chen Zhujiang, is under investigation for serious violations of discipline and law [2] - The investigation is being conducted by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at China Electronics Corporation, as well as the Shenzhen Municipal Supervisory Commission in Guangdong Province [2]

Group 1 - The former Party Secretary and Vice President of Shenzhen Great Wall Development Technology Co., Ltd., Chen Zhujiang, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission, in collaboration with the discipline inspection team stationed at China Electronics Corporation [1][2]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, suggesting a bearish sentiment in the market. Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced the highest capital outflow of 3.861 billion, with a share price decline of 8.94% [1][2] - BlueFocus Media saw a capital outflow of 2.275 billion, with a decrease of 8.4% in its stock price [1][2] - Zijin Mining had an outflow of 1.891 billion, reflecting an 8.79% drop in its share price [1][2] - Industrial Fulian faced an outflow of 1.839 billion, with a 3.5% decline in stock value [1][2] - Zhaoyi Innovation reported a capital outflow of 1.673 billion, with a significant drop of 10% in its share price [1][2] Group 2: Additional Stocks with Notable Outflows - Shannon Microelectronics had an outflow of 1.520 billion, with a steep decline of 12.36% [1][2] - BYD experienced a capital outflow of 1.374 billion, with a 4.22% decrease in its stock price [1][2] - Baiwei Storage saw an outflow of 1.183 billion, with a decline of 10.35% [1][2] - Jiangbolong had an outflow of 1.150 billion, with a 10.77% drop in its share price [1][2] - Northern Rare Earth reported an outflow of 1.027 billion, with a 7.62% decline [1][2] Group 3: Other Stocks with Capital Outflows - China Aluminum faced an outflow of 1.016 billion, with a stock price decrease of 9.98% [1][2] - Tianfu Communication had an outflow of 0.977 billion, with a 4% decline in its share price [1][3] - SMIC reported an outflow of 0.953 billion, with a 4.81% drop [1][3] - iFlytek experienced an outflow of 0.797 billion, with a 4.36% decline [1][3] - Wanhua Chemical had an outflow of 0.741 billion, with an 8.68% decrease [1][3]

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) ...

融通中证诚通央企ESGETF（560810）成立日期2024年11月25日，最新规模8.97亿。今年以来收益 6.16%，同类排名2212/5579；近一年收益23.65%，同类排名3121/4285；成立以来收益16.68%。 2月2日，深科技跌5.29%，截至发稿，报30.77元/股，成交1.82亿元，换手率0.37%，总市值483.61亿 元。 资料显示，深圳长城开发科技股份有限公司位于广东省深圳市福田区彩田路7006号，成立日期1985年7 月4日，上市日期1994年2月2日，公司主营业务涉及硬盘磁头、电子产品先进制造、计量系统、支付终 端产品、数字家庭产品及LED的研发生产。主营业务收入构成为：高端制造50.52%，存储半导体业务 27.13%，计量智能终端21.70%，其他(补充)0.66%。 从基金十大重仓股角度 数据显示，融通基金旗下1只基金重仓深科技。融通中证诚通央企ESGETF（560810）四季度持有股数 118.73万股，占基金净值比例为3.35%，位居第八大重仓股。根据测算，今日浮亏损失约204.22万元。 责任编辑：小浪快报 融通中证诚通央企ESGETF（560810）基金经理为蔡 ...

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]