Market Overview - The Shanghai Composite Index closed at 4136.16 points, up 0.33%, with a trading volume of 1.3369 trillion yuan. The Shenzhen Component Index rose 0.79% to 14439.66 points, with a trading volume of 1.7484 trillion yuan. The ChiNext Index increased by 0.63% to 3349.50 points, with a trading volume of 822.63 billion yuan. The STAR Market 50 Index closed at 1553.71 points, up 0.78%, with a trading volume of 110.8 billion yuan. The total trading volume of both markets was 3.0853 trillion yuan, an increase of 393.5 billion yuan compared to the previous trading day [1]. Sector Performance - The market saw more sectors gaining than losing, with notable increases in power equipment, non-ferrous metals, precious metals, defense and military, steel, media, computer, environmental protection, and textile and apparel sectors. Concepts such as perovskite batteries, commercial aerospace, satellite internet, sapphire, lithium mining, cultivated diamonds, small metals, gold, and interactive short dramas were particularly active. In contrast, sectors like communication, insurance, banking, coal, and home appliances experienced declines [1]. Individual Stock Performance - A total of 3707 stocks rose, while 1336 stocks fell, with 134 stocks remaining flat and 6 stocks suspended. Excluding newly listed stocks, there were 120 stocks hitting the daily limit up and 2 stocks hitting the limit down [2]. - Among the stocks that hit the daily limit up, 23 stocks had consecutive limit-up days of 2 or more, with Fenglong Co., Ltd. leading with 18 consecutive limit-ups [3]. Capital Flow - The net capital outflow from the two markets was 4.167 billion yuan, with the ChiNext seeing a net inflow of 1.515 billion yuan. The CSI 300 index experienced a net outflow of 1.005 billion yuan, while the STAR Market saw a net outflow of 3.171 billion yuan. Out of 31 sectors, 13 sectors had net capital inflows, with the power equipment sector leading with a net inflow of 8.977 billion yuan [4][6]. - The top sectors with net inflows included non-ferrous metals (4.552 billion yuan), media (2.173 billion yuan), and defense and military (2.157 billion yuan). Conversely, the communication sector had the highest net outflow of 7.992 billion yuan, followed by electronics (6.350 billion yuan) and machinery (5.077 billion yuan) [4][6]. Notable Stocks - 191 stocks had net capital inflows exceeding 1 billion yuan, with Jin Feng Technology receiving the highest net inflow of 1.861 billion yuan. Other notable stocks included Lens Technology (1.594 billion yuan), Qian Zhao Optoelectronics (1.267 billion yuan), and Xian Dao Intelligent (1.217 billion yuan) [7][8]. - Conversely, 116 stocks experienced net capital outflows exceeding 1 billion yuan, with Xin Yi Sheng leading with a net outflow of 3.471 billion yuan, followed by Zhong Ji Xu Chuang (3.103 billion yuan) and Li Ou Shares (2.604 billion yuan) [10][11]. Institutional Activity - Institutional investors had a net selling of approximately 1.02 billion yuan, with 22 stocks seeing net purchases and 14 stocks net sales. Jin Feng Technology was the most purchased stock by institutions, with a net purchase amount of approximately 266 million yuan [13][14].

长江商报消息 ●长江商报记者 潘瑞冬 存储产业"超级周期"大趋势，德明利（001309.SZ）2025年业绩大幅增长。 1月21日晚间，德明利发布2025年业绩预告，公司预计2025年全年实现营业收入103亿元至113亿元，同 比增长115.82%至136.77%；预计归母净利润6.5亿元至8亿元，同比增长85.42%至128.21%。 2025年前三季度，德明利还处于亏损状态。第四季度，公司的归母净利润预计为6.77亿元至8.27亿元， 同比暴增超10倍，一举扭转亏损。 德明利表示，公司业绩大幅增长深度契合了存储产业新一轮由AI驱动的"超级周期"大趋势。 二级市场上，2025年德明利股价涨幅达274%；2026年以来公司股价继续上涨，截至1月22日收报287.29 元/股，较2025年初累计涨超363%。 存储行业高景气传导至二级市场，德明利股价在2025年走出了波澜壮阔的上涨行情，全年涨幅达 274%。2026年开年以来，公司股价延续强势，截至1月22日收盘报287.29元/股，较2025年初累计涨超 363%。 定增32亿推进研发及扩产 据悉，德明利已经搭建起产品定制化全栈解决方案交付体系，在客户拓展及 ...

记者丨吴佳楠编辑丨孙超逸 近期，存储芯片龙头之一德明利（001309.SZ）发布2025年度业绩预告。 公告称，预计2025年，公司实现营业收入103亿元至113亿元，同比增长115.82%至136.77%；归属于上市公司股东的净利润为6.50亿元至8.00亿元，比上年 同期增长85.42%至128.21%。2025年第四季度归属于上市公司股东的净利润预计为6.77亿元至8.27亿元，同比增长1051.59%至1262.41%。 不只是德明利，佰维存储（688525.SH）、澜起科技（688008.SH）等存储概念股也在此前接连业绩"预喜"。二级市场看，Wind数据显示，存储器指数1年 内已涨近119%，开年至今仍持续上涨超过24%。 多家业绩超预期 根据德明利公告，营收方面，预计2025年实现营业收入103亿元至113亿元，同比增长115.82%至136.77%。2025年第四季度营业收入36.41亿元至46.41亿 元，同比增长209.72%至294.79%。 利润方面，预计2025年度实现归属于上市公司股东的净利润6.5亿元至8亿元，同比增加85.42%至128.21%。2025年第四季度归属于上市公司 ...

Core Viewpoint - The storage chip industry is experiencing a significant growth phase driven by AI demand, with leading companies like Demingli (001309.SZ) forecasting substantial revenue and profit increases for 2025, indicating a robust market outlook for storage products [1][6][12]. Group 1: Company Performance Forecasts - Demingli expects 2025 revenue between 10.3 billion to 11.3 billion yuan, a year-on-year increase of 115.82% to 136.77%, with net profit projected at 650 million to 800 million yuan, reflecting an increase of 85.42% to 128.21% [1][6]. - The fourth quarter of 2025 is anticipated to see net profit between 677 million to 827 million yuan, marking a staggering growth of 1051.59% to 1262.41% year-on-year [1][6]. - Other companies like Baiwei Storage (688525.SH) and Lanke Technology (688008.SH) have also reported optimistic forecasts, with Baiwei expecting revenue of 10 billion to 12 billion yuan, a growth of 49.36% to 79.23% [6][7]. Group 2: Market Trends and Drivers - The global storage market is entering a "super cycle" driven by AI, with supply-demand imbalances leading to rising prices for storage products, benefiting manufacturers [4][12]. - Major storage manufacturers are adjusting production strategies, with companies like Samsung and SK Hynix reducing output of traditional memory chips while increasing capacity for high-performance products [12][13]. - The demand for high-performance storage solutions is surging due to the proliferation of AI applications, which require advanced storage capabilities for data centers and AI servers [12][13]. Group 3: Stock Market Performance - The storage sector has seen significant stock price increases, with companies like Xiangnong Chip (300475.SZ) rising over 407% and Demingli increasing by over 273% since the beginning of the year [8][9]. - The storage index has risen nearly 119% over the past year, with continued upward momentum in 2023 [1][9]. Group 4: Expansion Plans of Domestic Manufacturers - Domestic storage manufacturers are ramping up production capacity through new investments and expansions, with Demingli and Baiwei Storage announcing significant fundraising plans to enhance their production capabilities [11][14]. - The industry is expected to see continued price increases for storage products into 2026, driven by ongoing supply constraints and rising demand [12][14].

公开资料显示，德明利成立于2008年，2022年在深市主板挂牌上市，核心业务涵盖闪存主控芯片设计、 存储模组产品方案开发及生产销售，提供全链路存储解决方案。公司产品线覆盖固态硬盘、嵌入式存 储、内存条及移动存储四大系列，广泛应用于车载电子、数据中心、新能源汽车等多元场景。 回溯过往数据，德明利的业绩经历了与行业周期深度绑定的波动历程。2022年公司实现营业收入11.91 亿元，归母净利润6749.99万元，处于稳健经营区间。2023年行业进入调整期，公司营收回升至17.76亿 元，但归母净利润仅2499.85万元，同比下滑63%。2024年行业触底回升，公司业绩强势反弹，全年营 业收入达47.73亿元，同比激增168.74%，归母净利润3.51亿元，同比大幅增长1302.30%。 市场分析认为，目前存储行业正迎来AI驱动的新一轮增长周期，国产替代与产业链协同发展为国内企 业带来机遇。行业内模组厂商凭借主控自研能力、快速市场响应力及供应链优势，有望持续受益于行业 上行趋势。 实际上，德明利的业绩爆发并非个例，同期存储板块多家企业均呈现业绩增长态势。作为板块龙头之一 的佰维存储此前也发布了业绩盈喜预告，预计202 ...

Group 1 - A-share market is experiencing a concentrated release of performance forecasts, with 640 companies disclosing their 2025 performance predictions, of which 248 companies are expected to have positive results, accounting for 38.75% [1] - Among the companies, 130 are expected to have a net profit growth exceeding 100%, with 29 companies exceeding 300% and 11 companies exceeding 500% [1] - The top three companies in terms of profit growth are Huisheng Biological, Southern Precision, and Shanghai Yizhong, with expected net profit growth rates of 1444.54%, 1417.00%, and 903.54% respectively [1] Group 2 - The hard technology sector is highlighted as a major growth area, driven by the increasing demand for AI infrastructure and computing power, leading to significant profit increases for companies in storage and PCB sectors [2] - In the storage sector, Baiwei Storage expects a net profit of 850 million to 1 billion yuan in 2025, representing a year-on-year growth of 427.19% to 520.22%, with a quarterly net profit growth of up to 1449.67% [2] - Demingli, another storage company, anticipates revenues of 10.3 billion to 11.3 billion yuan in 2025, with a net profit growth of up to 128.21% [2] Group 3 - PCB leader Shenghong Technology forecasts a net profit of 4.16 billion to 4.56 billion yuan in 2025, with a year-on-year growth of 260.35% to 295%, driven by high-end product mass production in the AI computing field [3] - Other technology companies like Changxin Bochuang and Zhongke Lanyun also predict significant profit growth, with some companies expecting to double their earnings [3] - The growth in the hard technology sector is seen as a direct reflection of the industrialization of AI technology, with increased demand for high-end storage and PCB hardware [3]

近期，存储芯片龙头之一德明利（001309.SZ）发布2025年度业绩预告。 公告称，预计2025年，公司实现营业收入103亿元至113亿元，同比增长115.82%至136.77%；归属于上 市公司股东的净利润为6.50亿元至8.00亿元，比上年同期增长85.42%至128.21%。 不只是德明利，佰维存储（688525.SH）、澜起科技（688008.SH）等存储概念股也在此前接连业绩"预 喜"。二级市场看，Wind数据显示，存储器指数年内已涨近119%，开年至今仍持续上涨近24%。 随着存储芯片原厂下调产量，驱动全球存储市场"超级周期"的到来，业内认为，本轮由AI驱动的存储超 级大周期的持续性很强，供需缺口持续带动存储产品价格上涨，有望给模组厂商带来可观的获利情况。 在行业供需格局重构带来的景气周期中，国产存储厂商正迎来宝贵的发展窗口。自2025年起，多家厂商 已陆续定增扩产，通过新建产线、购置设备等方式积极扩产，全力抢占新一轮市场版图。 多家业绩超预期 根据德明利公告，营收方面，预计2025年实现营业收入103亿元至113亿元，同比增长115.82%至 136.77%。2025年第四季度营业收入36.4 ...

【导读】一批绩优基金四季报披露 随着基金四季报陆续披露，一些绩优基金的打法浮出水面。 去年四季度，不少绩优基金聚焦AI、有色、红利、新消费等投资方向。 多位基金经理表示，国内的算力、模型、应用在2026年有望迎来加速发展。 廖星昊：AI产业仍是目前景气度最高的行业 1月22日，红土创新新兴产业发布2025年四季报。截至去年四季度末，该基金股票仓位为87.85%，较去年三季度略有下降。 最新持仓显示，前三大重仓股为源杰科技、中际旭创、新易盛，持仓市值分别为7102.14万元、7063.80万元、6769.99万元。 与去年三季度相比，源杰科技、中际旭创、新易盛、天孚通信、沪电股份获加仓，其中，源杰科技获加仓幅度达78.33%。 东山精密、永鼎股份、长芯博创、胜宏科技、麦格米特新晋十大重仓股。 | 排名 | 证券代码 | 证券名称 | 持仓数量 | 持仓变动 | 持仓市值 | 持仓占比 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 688498.SH | 源杰科技 | 11.06万股 | 4.86万股 | 7102.14万元 | 8.82% | | 2 | ...

Group 1: Company Performance - Demingli (001309.SZ) expects a net profit attributable to shareholders of 650 million to 800 million yuan for 2025, representing a year-on-year growth of 85.42% to 128.21%. The net profit after deducting non-recurring gains and losses is projected to be 630 million to 780 million yuan, with a year-on-year increase of 108.13% to 157.68%. The fourth quarter net profit is estimated at 750 million yuan, showing over 11 times growth year-on-year. The rapid increase in storage prices since the fourth quarter is expected to continue driving high growth in the first half of the year [2] - Jin'an Guoji (002636) forecasts a net profit attributable to shareholders of 280 million to 360 million yuan for 2025, indicating a year-on-year increase of 655.53% to 871.40%. The net profit after excluding non-recurring items is expected to be 250 million to 320 million yuan, with a projected year-on-year growth of 4.5 times. The fourth quarter net profit is anticipated to be 135 million yuan, reflecting over 3.8 times growth year-on-year and nearly 1 time growth quarter-on-quarter. The price increase of ordinary copper-clad laminates is expected to cover the rise in upstream raw material costs, supporting continued growth in performance [3] Group 2: Industry Insights - In the advanced manufacturing sector, the domestic power battery installation volume is expected to redistribute in 2025. CATL leads with 333.57 GWh, capturing 43.42% market share, while BYD follows with 165.77 GWh and 21.58% market share. Both companies together hold 65% of the market, but their market shares have decreased by 1.67% and 3.17%, respectively. This shift reflects structural changes in the industry during rapid expansion, with second-tier manufacturers catching up in key performance indicators [6] - He Sheng New Materials anticipates a net profit of 152 million to 171 million yuan for 2025, representing a year-on-year increase of 55% to 75%. The growth is driven by the home appliance appearance composite materials business, with no plans for expansion but rather a focus on supply chain management and cost reduction. The company is also making strides in AI chip development, with significant commercial progress expected in 2026 [8]

经济观察网2026年1月21日，德明利（001309）发布2025年度业绩预告，预计2025年净利润6.5亿元至8 亿元，同比增长85.42%至128.21%；扣除非经常性损益后的净利润6.3亿元至7.8亿元，同比增长108.13% 至157.68%。 ...