Group 1 - CPO concept stocks experienced a rebound in the afternoon, with LianTe Technology (301205) rising over 10% [1] - Guangku Technology (300620) saw an increase of over 7% [1] - Other stocks such as Demingli (001309), Robotco (300757), and Yongding Co. (600105) also followed with gains [1] Group 2 - There is a notable influx of dark pool funds into these stocks [1]

证券代码：001309 证券简称：德明利 公告编号：2025-062 深圳市德明利技术股份有限公司 关于 2023 年向特定对象发行股票部分限售股上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、深圳市德明利技术股份有限公司（以下简称"公司"）本次解除限售的股 份为公司 2023 年向特定对象发行股票（以下简称"本次发行"）的部分股份， 限售起始日期为 2025 年 1 月 23 日，限售期为 6 个月； 2、本次解除限售股份数量为 16,417,307 股，占公司总股本的 7.25%； 3、本次解除限售股份的上市流通日期为 2025 年 7 月 23 日（星期三）； 4、公司控股股东李虎先生认购的本次发行的股份，限售期为 18 个月，本 次未解除限售。 一、本次发行股份情况 经中国证券监督管理委员会出具的《关于同意深圳市德明利技术股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2024〕1608 号）核准，公司本 次向 13 名特定对象发行人民币普通股（A 股）股票 13,029,608 股（其中控股股 东李虎先 ...

一、本次发行股份情况 核查意见 华泰联合证券有限责任公司关于 深圳市德明利技术股份有限公司 2023 年向特定对象发行 股票部分限售股上市流通事项的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为深圳市德明利技术股份有限公司（以下简称"德明利"或"公司"）的持续督 导机构，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 《深圳证券交易所股票上市规则》和《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关规定，对德明利 2023 年向特定对象发 行股票（以下简称"本次发行"）的部分股票上市流通事项进行了认真、审慎的 核查，并发表本核查意见，具体情况如下： 经中国证券监督管理委员会出具的《关于同意深圳市德明利技术股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2024〕1608 号）核准，公司本 次向 13 名特定对象发行人民币普通股（A 股）股票 13,029,608 股（其中控股股 东李虎先生认购 1,302,960 股，其他 12 名特定对象认购 11,726,648 股），上市日 期为 2025 年 1 月 23 日。李 ...

Summary of Storage Module Industry Conference Call Industry Overview - The storage industry is viewed as a significant sector, with ongoing debates regarding the storage module segment's growth potential and cyclical nature [1] - Current growth potential of storage modules is considered greater than its cyclical attributes, despite recent price fluctuations due to production cuts by major companies [1][2] Key Insights - The second half of the year is anticipated to be a golden period for the storage industry, with enterprise-level domestic production rates currently below 10-20% [2] - The industry is expected to experience high growth in revenue and profit over the next three years, driven by increased domestic production and demand [2] Price Cycle and AI Impact - The analysis focuses on two main aspects: the current price cycle and the impact of AI on storage module demand [3] - Historical data from Micron indicates that the storage industry is highly cyclical, with significant price fluctuations observed over the past 15 years [3][4] - Recent production cuts by major players like Micron (10% reduction in NAND production) and others have led to a rebound in NAND and DRAM prices [5][6] Demand Drivers - Increased capital expenditure by major internet companies and a recovery in PC and smartphone markets are driving demand for storage solutions [5][7] - The AI era is expected to significantly boost storage module demand, particularly for enterprise SSDs, as AI servers require more storage capacity [10][11] Domestic Production and Market Dynamics - Current domestic production rates for storage modules are low, with a push for increased localization due to national security concerns [11][12] - The domestic market for enterprise SSDs is estimated to be over $10 billion, with significant growth potential as local manufacturers ramp up production [13] Price Trends - Prices for DDR4 and NAND components have seen significant increases due to production cuts and stable demand, with DDR4 prices rising by 50% recently [8][9][10] - The price of 64-layer NAND chips has rebounded from a low of $1.4 to approximately $2.8, indicating a recovery trend [6] Future Outlook - The storage module industry is expected to enter an upward cycle, with sustained demand driven by AI and cloud computing [21] - Companies like Dominion and Jiangbo Long are positioned to benefit from the growing enterprise SSD market, with anticipated revenue growth in the coming quarters [18][19] Conclusion - The storage module sector is poised for growth, supported by favorable market conditions, technological advancements, and increasing domestic production efforts [22] - Continuous monitoring of the industry is recommended, as the potential for investment opportunities remains strong in both storage modules and related semiconductor technologies [22]

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Insights - The semiconductor industry is experiencing robust growth driven by AIoT, industrial control, and automotive electronics, with significant revenue increases reported by key players such as Rockchip (H1 revenue up 64% YoY, net profit up 185%-195% YoY), Espressif (net profit up 65%-78% YoY), and Tailing Micro (net profit up 267% YoY) [2][13][18] - The storage sector is witnessing a recovery with Demingli reporting H1 revenue of 3.8-4.2 billion yuan, reflecting a YoY increase of 75%-93%, and a narrowing of losses in Q2, indicating a potential turning point for profitability [2][20][28] - Price forecasts for Q3 indicate a significant increase in DRAM prices, with expectations of a 15%-20% rise, and NAND Flash prices expected to increase by 5%-10%, driven by strong demand from AI investments and enterprise-level storage needs [3][14][29][30] Summary by Sections 1. Performance Forecasts - The design sector is seeing comprehensive growth, with companies like Rockchip and Espressif benefiting from AI demand and domestic substitution [2][18] - The equipment and materials sector is also on a steady upward trend, with domestic equipment manufacturers like Changchuan Technology and Yitang Co. benefiting from domestic substitution and successful customer expansion [2][19] 2. Storage Price Outlook - Q3 price forecasts for DRAM show a comprehensive increase, with Consumer DDR4 expected to rise by 40%-45% and Server DDR4 by 28%-33% [3][30] - NAND Flash prices are also expected to rise, with enterprise SSDs projected to increase by 5%-10% and 3D NAND wafers by 8%-13% [3][14][30] 3. Recommended Stocks - Key stock recommendations in the storage sector include Jiangbolong, which is expected to benefit from price increases and domestic substitution, with a projected revenue growth of 200% YoY by Q1 2025 [4][15] - Other recommended companies span various segments, including design (e.g., Rockchip, Espressif), equipment (e.g., Changchuan Technology), and materials (e.g., Dinglong Technology) [6][16]

Core Viewpoint - The semiconductor industry in China is experiencing significant growth, with many companies reporting substantial increases in their H1 2025 performance and a surge in IPO applications across various stock markets [2][3][6]. Group 1: Company Performance - Several semiconductor companies have reported impressive H1 2025 earnings forecasts, including: - Rockchip expects revenue of approximately 204.5 million yuan, a year-on-year increase of about 64%, and a net profit of 52 million to 54 million yuan, representing a growth of 185% to 195% [3]. - Chipone anticipates H1 revenue of around 63 million yuan, up about 38%, with a net profit of approximately 9 million yuan, reflecting a 104% increase [3]. - Allwinner Technology forecasts a net profit of 156 million to 171 million yuan, a growth of 31.02% to 43.62% [4]. - Dinglong Co. expects revenue of about 1.727 billion yuan, a 14% increase, with a net profit of 290 million to 320 million yuan, marking a growth of 33.12% to 46.9% [4]. - Jingfang Technology anticipates a net profit of 150 million to 175 million yuan, a year-on-year increase of 36.28% to 58.99% [4]. - Haoshanghao expects a net profit of 28 million to 35 million yuan, a growth of 42.49% to 78.11% [4]. - Hanjin Technology forecasts a net profit of 13 million to 18 million yuan, a decline of 45.42% to 60.58% [4]. - Demingli expects revenue of 3.8 billion to 4.2 billion yuan, a growth of 74.63% to 93.01%, but anticipates a net loss of 80 million to 120 million yuan [5]. Group 2: IPO Activity - The capital market is witnessing a surge in IPO applications from semiconductor companies, with 21 firms submitting applications to A-shares in H1 2025, aiming to raise a total of 46.5 billion yuan [6][9]. - The Sci-Tech Innovation Board is the most favored listing platform, accounting for over 50% of the applications, reflecting its alignment with the semiconductor industry's focus on "hard technology" [6]. - Notable companies among the applicants include: - Moer Thread, seeking to raise 8 billion yuan, focusing on GPU and related products [8]. - Shanghai Super Silicon, aiming for 4.965 billion yuan, specializing in semiconductor wafers [8]. - Zhaoxin Integrated Circuit, targeting 4.169 billion yuan, focusing on high-end general-purpose processors [8]. - The ChiNext Board attracted four companies, planning to raise approximately 5.84 billion yuan, while the Beijing Stock Exchange received five applications from smaller semiconductor firms [9].

Meeting Information - The company will hold its second extraordinary general meeting of shareholders on July 28, 2025, at 15:00 [1] - The meeting will combine on-site voting and online voting, with specific time slots for online voting provided [1][2] - Shareholders can only choose one voting method, either on-site or online, and duplicate votes will be disregarded [2] Eligibility and Attendance - All ordinary shareholders registered by the close of trading on the record date are eligible to attend and vote at the meeting [2] - Shareholders can appoint proxies to attend the meeting, and proxies do not need to be shareholders of the company [2] - Certain individuals, including directors, supervisors, and senior management, are required to attend the meeting [2] Agenda Items - The meeting will discuss proposals regarding the repurchase and cancellation of certain restricted stock from the 2023 and 2024 incentive plans [3][10] - The voting results for these proposals will be counted separately for small and medium investors [3] Registration and Voting Procedures - Registration for the meeting requires specific documentation depending on whether the attendee is an individual or a corporate entity [4] - The meeting will last half a day, and attendees are responsible for their own travel and accommodation expenses [4] - Detailed procedures for online voting are provided, including the need for identity verification [6] Additional Documents - Several attachments are included, such as the online voting procedure, proxy authorization form, and shareholder registration form [6][7][13]

Core Viewpoint - The legal opinion letter from Guangdong Xinda Law Firm confirms that Shenzhen Demingli Technology Co., Ltd. has obtained the necessary approvals and authorizations for the adjustment of the reserved grant price and quantity in its 2024 restricted stock incentive plan, in compliance with relevant laws and regulations [1][10][11]. Group 1: Approval and Authorization of Adjustments - On July 23, 2024, the company's board approved the proposals related to the 2024 restricted stock incentive plan [6]. - The independent director publicly solicited proxy votes from shareholders for the relevant proposals during the second extraordinary general meeting of shareholders [6]. - The company announced the names and positions of the incentive plan participants on its internal network from July 24 to August 2, 2024, with no objections raised during the public notice period [7]. Group 2: Specifics of the Adjustment - Following the annual equity distribution announcement on July 2, 2025, the company will adjust the number of reserved restricted stocks from 294,000 shares to 411,600 shares and the grant price from 45.03 yuan/share to 31.95 yuan/share [10][12][13]. - The adjustment method for the number of shares is based on the ratio of capital reserve stock increases and cash dividends, calculated as Q = Q0 × (1 + n) [11]. - The adjustment method for the grant price is calculated as P = P0 ÷ (1 + n), ensuring that the adjusted price remains above 1 yuan [12][13]. Group 3: Conclusion and Compliance - The legal opinion concludes that the adjustments have met the necessary approvals and comply with the relevant regulations and the company's articles of association [10][13]. - The company is required to continue fulfilling its information disclosure obligations regarding this incentive plan [13].

Core Viewpoint - The company has adjusted the number and price of restricted stock grants under the 2024 incentive plan due to the implementation of the 2024 equity distribution, ensuring compliance with relevant regulations and maintaining the integrity of the incentive program [1][7][8]. Summary by Sections 1. Decision Process and Disclosure - The company held meetings to approve the adjustments to the 2024 restricted stock incentive plan, including the granting of stock options and the management assessment methods [1][2]. - Legal opinions were obtained from Guangdong Xinda Law Firm regarding the adjustments made [2][5]. 2. Adjustments to Stock Grants - The number of restricted stocks granted was adjusted from 294,000 shares to 411,600 shares, and the grant price was reduced from 45.03 yuan per share to 31.95 yuan per share [5][6]. - The adjustments were based on the company's equity distribution and followed the prescribed methods for calculating changes in stock quantity and price [6]. 3. Impact of Adjustments - The adjustments to the stock grants will not materially affect the company's financial status or operational results, and the incentive plan will continue to be implemented as planned [7][8]. 4. Supervisory Board Opinion - The supervisory board agreed with the adjustments, stating that the decision-making process adhered to legal and regulatory requirements, benefiting both employees and the company [8]. 5. Legal Conclusion - The legal opinion confirmed that the adjustments have received the necessary approvals and comply with relevant laws and regulations [8].