Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Group 1 - The China Securities 500 Growth ETF (562340) opened down 0.51% at 1.359 yuan [1] - Major holdings in the ETF experienced declines, including Giant Network down 0.54%, Western Mining down 5.87%, and Tianshan Aluminum down 3.19% [1] - The ETF's performance benchmark is the return rate of the China Securities 500 Quality Growth Index multiplied by 100% [1] Group 2 - The fund is managed by Yinhua Fund Management Co., Ltd., with Zhang Yichi as the fund manager [1] - Since its establishment on April 25, 2024, the ETF has returned 37.36%, with a one-month return of 5.14% [1]

Core Viewpoint - The company, Tongfu Microelectronics, announced a breakthrough in technology research and development in the field of Chip-on-Photonic (CPO) packaging, with related products passing preliminary reliability tests by 2025 [1] Group 1 - The company is focusing on technological advancements in the CPO sector [1] - Initial reliability testing of the new products has been successfully completed [1] - Future developments will be guided by customer and market demand [1]

Core Viewpoint - Tongfu Microelectronics (002156) is actively monitoring policies and industry trends related to self-control, domestic substitution, and the localization of equipment and materials to seize opportunities and create value for shareholders [1] Group 1 - The company is focused on the importance of domestic substitution and localization in its operations [1] - The company plans to disclose details about its top five suppliers in the upcoming 2025 Annual Report [1]

Core Viewpoint - The semiconductor packaging and testing company Tongfu Microelectronics is experiencing significant growth driven by strong demand for AI and storage chips, leading to increased stock prices and plans for further capacity expansion through fundraising efforts [1][25]. Group 1: Company Performance - Tongfu Microelectronics' stock price has increased nearly 20% since January 14, 2026, and over 100% since the low in April 2025, largely due to robust performance and demand from key client AMD [1]. - The company forecasts a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a growth of 62.34% to 99.24% year-on-year [1]. - For the first three quarters of 2025, Tongfu Microelectronics reported revenue of 20.116 billion yuan, a year-on-year increase of 17.77%, and a net profit of 860 million yuan, up 55.74% [4]. Group 2: Client Relationships - Tongfu Microelectronics has a deep partnership with AMD, which has significantly contributed to its revenue growth, with income from AMD rising from 4.08 billion yuan in 2019 to 12.03 billion yuan in 2024 [3]. - AMD's data center business, which includes GPU sales, has been a major driver of revenue growth, with AMD reporting a 36% increase in revenue to 9.246 billion USD in the latest quarter [3]. Group 3: Capacity Expansion and Financing - The company plans to raise 4.4 billion yuan through a private placement to expand its semiconductor packaging capacity [1]. - Since its listing, Tongfu Microelectronics has raised a total of 28.911 billion yuan, with significant portions coming from bank loans, totaling 18.154 billion yuan [10]. - The company's fixed assets have grown rapidly, reaching 20.28 billion yuan by September 30, 2025, compared to 7.439 billion yuan at the end of 2019 [10]. Group 4: Market Trends and Pricing - The semiconductor packaging industry is experiencing a price increase of nearly 30% due to high demand for AI and storage chips, with expectations for further price hikes [4]. - The company is positioned to benefit from the ongoing AI boom and the increasing demand for advanced packaging technologies [6][25]. Group 5: Shareholder Dynamics - Despite strong performance, the company has maintained a low dividend payout ratio, with cumulative dividends since 2007 totaling only 454 million yuan, reflecting a dividend rate of approximately 9.68% [12]. - The controlling shareholder has recently reduced their stake, cashing out over 840 million yuan, which raises questions about future shareholder returns [18][24].

Group 1 - The core point of the article highlights the performance of the Zhongzheng 500 Growth ETF (562340), which experienced a decline of 1.80% to 1.367 yuan with a trading volume of 1.51 million yuan as of the midday close [1] - Major holdings in the Zhongzheng 500 Growth ETF showed significant declines, including Giant Network down 0.75%, Western Mining down 5.24%, and Jerry Holdings down 8.91% [1] - The fund's performance benchmark is the Zhongzheng 500 Quality Growth Index return multiplied by 100%, managed by Yinhua Fund Management Co., Ltd., with a return of 39.55% since its establishment on April 25, 2024, and an 8.79% return over the past month [1]

Core Viewpoint - The company is positioned as one of the few domestic packaging and testing enterprises with capabilities in HBM packaging and CPO silicon photonic packaging, highlighting its competitive edge in the AI computing packaging sector [1] Group 1: Technology and Innovation - The company has achieved significant breakthroughs in the field of optical-electrical co-packaging (CPO) by 2025, with related products passing initial reliability tests [1] - The self-developed thermal management technology addresses high-end computing power challenges, enhancing the company's technological advantage [1] Group 2: Market Position and Client Considerations - The technological advantages in CPO are becoming a core consideration for leading computing power clients in their collaboration decisions [1] - Future developments will be assessed based on customer and market demands, indicating a responsive approach to market needs [1]

2016年1月，受AI需求驱动，下游存储芯片、AI芯片等产品需求大增，导致下游封测厂商产能紧张。因此，国际封测厂商巨头正在酝酿涨价。 在涨价预期带动下，半导体封测企业股价轮番大涨，国内芯片封测巨头通富微电也不例外，自2026年1月14日以来，公司股价累计涨幅近20%。 事实上，自2025年4月低点以来，通富微电股价涨超100%。公司股价持续上涨，与其火爆的业绩有很大关系。 在AI需求驱动下，2025年通富微电业绩大增。伴随下游持续旺盛，通富微电还计划定增募资44亿元，扩大半导体封测产能。 图 / AMD官网 该财季，AMD实现营业收入92.46亿美元，同比增长36%，实现毛利润47.8亿美元，同比增长40%。 AMD业绩增长主要是旗下数据中心业务收入快速上升，同期，公司数据中心业务营收43.41亿美元，同比增长22%。 AMD数据中心业务主要以GPU为主，2025年AMD旗下Instinct MI350系列GPU放量以及服务器市场份额的增长，推动了公司数据中心业务收入快速上升。 作为AMD芯片的核心封测厂商，通富微电与AMD合作最早可追溯至2016年。彼时通富微电耗资3.71亿美元收购AMD位于中国苏州、马来 ...

从基金十大重仓股角度 数据显示，广发基金旗下1只基金重仓通富微电。广发中证500指数增强A（009608）四季度持有股数 6.67万股，占基金净值比例为1.34%，位居第五大重仓股。根据测算，今日浮亏损失约17.01万元。 2月4日，通富微电跌5.01%，截至发稿，报48.34元/股，成交29.32亿元，换手率3.93%，总市值733.61亿 元。 资料显示，通富微电子股份有限公司位于江苏省南通市崇川开发区崇川路288号，成立日期1994年2月4 日，上市日期2007年8月16日，公司主营业务涉及集成电路的封装和测试。主营业务收入构成为：集成 电路封装测试96.98%，模具及材料销售等3.02%。 广发中证500指数增强A（009608）成立日期2020年10月15日，最新规模1.42亿。今年以来收益 10.52%，同类排名739/5562；近一年收益49.39%，同类排名1296/4285；成立以来收益48.45%。 截至发稿，赵杰累计任职时间7年223天，现任基金资产总规模10.59亿元，任职期间最佳基金回报 77.9%， 任职期间最差基金回报-27.07%。 声明：市场有风险，投资需谨慎。 本文基于第三 ...

Group 1 - The advanced packaging index declined by 2% on February 4, with most constituent stocks experiencing a drop [1] - Taiji Industry fell by 4.53%, Shenzhen Technology decreased by 4.05%, Tongfu Microelectronics dropped by 3.36%, Fuman Micro fell by 2.82%, and Huatian Technology declined by 2.72% [1]