来源：上市之家 上市之家获悉，1月27日，沈阳芯源微电子设备股份有限公司（证券代码：688037，简称"芯源微"）披 露2025年年度业绩预告，公司营收规模实现稳健增长，但受成本费用增加、资产减值计提及政府补助减 少等多重因素影响，净利润同比出现大幅下滑，扣非后净利润呈现亏损状态。 业绩预告显示，2025年全年芯源微预计实现营业收入17.6亿元至20亿元，较2024年同期的17.536亿元相 比，增加639.4万元至2.46亿元，同比增幅为0.36%至14.05%，营收端保持了稳步扩张的态势。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：上市之家 上市之家获悉，1月27日，沈阳芯源微电子设备股份有限公司（证券代码：688037，简称"芯源微"）披 露2025年年度业绩预告，公司营收规模实现稳健增长，但受成本费用增加、资产减值计提及政府补助减 然而，净利润承压明显，预计全年归属于母公司所有者的净利润为5200万元至7600万元，较上年同期的 2.028亿元大幅减少1.27亿元至1.51亿元，同比降幅达6 ...

Group 1 - The core viewpoint of the news highlights a strong performance of the semiconductor materials and equipment sector, with the CSI Semiconductor Materials and Equipment Theme Index rising by 2.43% as of January 27, 2026 [1] - Notable individual stocks within the index include Chipone Technology, which increased by 10.90%, and other companies like Shengen Co. and Jinhai Tong, which saw gains of 10.53% and 10.00% respectively [1] - The E Fund Semiconductor Equipment ETF (159558) also experienced a rise of 2.06%, with a latest price of 2.23 yuan, and a cumulative increase of 2.20% over the past two weeks [1] Group 2 - In terms of liquidity, the E Fund Semiconductor Equipment ETF recorded a turnover rate of 6.35% and a trading volume of 294 million yuan, with an average daily trading volume of 320 million yuan over the past week, ranking it among the top two in comparable funds [1] - The ETF's scale grew significantly, with an increase of 1.825 billion yuan over the past two weeks, placing it second among comparable funds [1] - The latest share count for the E Fund Semiconductor Equipment ETF reached 2.091 billion shares, marking a one-year high and ranking it second among comparable funds [1] Group 3 - Over the past 20 days, the E Fund Semiconductor Equipment ETF has seen continuous net inflows, with a peak single-day net inflow of 621 million yuan, totaling 2.758 billion yuan in net inflows and an average daily net inflow of 138 million yuan [1] - The CSI Semiconductor Materials and Equipment Theme Index tracks 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these securities [1] - As of December 31, 2025, the top ten weighted stocks in the index accounted for 65.08% of the total, including companies like North Huachuang and Zhongwei Company [2]

Group 1 - The semiconductor sector experienced a strong rebound on January 27, 2026, with the China Securities Semiconductor Materials and Equipment Theme Index rising by 2.39% [1] - Notable individual stock performances included ChipSource Microelectronics increasing by 14.04%, and Jin Hai Tong and Kang Qiang Electronics hitting the daily limit up [1] - The semiconductor equipment ETF Wan Jia (159327) saw an increase of 2.03% and reached a new high in scale at 1.187 billion yuan with 536 million shares outstanding [1] Group 2 - The electronic industry achieved a 19.5% double-digit profit growth in 2025, indicating a robust demand for semiconductor manufacturing equipment, particularly high-end process and advanced packaging equipment [2] - Huatai Securities highlighted that the A-share market is shifting towards performance recovery, with semiconductor equipment identified as a key investment focus [2] - As of December 31, 2025, the top ten weighted stocks in the China Securities Semiconductor Materials and Equipment Theme Index accounted for 65.08% of the index, including companies like North Huachuang and Zhongwei Company [2]

Group 1 - The A-share market experienced a collective decline on January 27, with the Shanghai Composite Index down by 0.32%. The sectors showing gains included metals, banking, and oil, while electric equipment and pharmaceuticals saw the largest declines [1] - In the semiconductor sector, the performance was mixed. The chip ETF (159995.SZ) fell by 1.00%, while some component stocks like Ruixin Micro and Zhongwei Company increased by 2.85% and 2.23%, respectively. However, companies like Jing Sheng Machinery and Sanan Optoelectronics performed poorly, with declines of -3.82% and -3.07% [1] Group 2 - According to TrendForce, the global server shipment volume is expected to grow at an annual rate of 12.8% by 2026, with AI server shipments projected to grow over 28%, up from 24.2% in 2025. This growth is driven by significant investments in AI infrastructure by global CSPs [3] - The storage industry, including DRAM and NAND Flash, is expected to see its market value reach $551.6 billion by 2026, a year-on-year increase of 134%, and continue to grow by 53% to $842.7 billion in 2027. Samsung Electronics is reported to increase NAND flash supply prices by over 100% in Q1 2026, highlighting a severe supply-demand imbalance in the semiconductor market [3] - The packaging and testing segment of the storage chip industry is benefiting from a recovery in downstream demand, with leading manufacturers operating at near full capacity and service prices increasing by approximately 30%. This indicates a positive trend in the storage industry, with growth in both volume and price [3]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - The "hard technology" sector is expected to perform well under the influence of AI, with domestic computing chips, AI-PCB, AIDC supporting facilities, and AI edge SoC chip design/testing showing rapid growth in 2024 and maintaining high growth in Q1-Q3 of 2025 [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in semiconductor manufacturing, equipment, and design, which are areas of low domestic production [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB and AI optical modules, suggesting investment in companies like Shenghong Technology, Huitian Technology, and others [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," are seen as having good value due to recent price corrections, with potential for performance and valuation recovery driven by AIoT and automotive electronics [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, with PCB manufacturers achieving significant breakthroughs in AI server applications [22] - The market for AI chips is expected to grow, with the Chinese market projected to reach approximately 342.46 billion yuan by 2024, reflecting a 10.7% year-on-year growth [44] Semiconductor and PCB Industry - The semiconductor industry is experiencing a shift towards more diverse application scenarios, with automotive electronics and IoT driving growth [18] - The PCB equipment market is expected to reach 29.025 billion yuan in 2024, growing by 11.89% year-on-year, and is projected to reach 34.709 billion yuan by 2026 [27] Consumer Electronics - The CIS market is recovering, driven by demand from smartphones, security, and automotive sectors, with a focus on high-end products [46] - AI is providing new growth potential for consumer electronics, with ODM companies gaining competitive advantages [47]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - The "hard technology" sector is expected to perform well under the influence of AI, with domestic computing chips, AI-PCB, AIDC supporting facilities, and AI edge SoC chip design/testing showing rapid growth in 2024 and maintaining high growth in Q1-Q3 of 2025. This sector is projected to benefit from continued growth in domestic computing capital investment and increasing penetration of edge applications, becoming one of the fastest-growing areas in the electronics and technology industries [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in the semiconductor manufacturing and equipment sectors, where the domestic production ratio is currently low. Companies such as Cambricon, SMIC, North Huachuang, Haiguang Information, and Zhongwei Company are recommended for attention [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB (semiconductors) and AI optical modules. Companies like Shenghong Technology, Huitian Technology, and others are highlighted for their potential [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," have become more cost-effective due to macroeconomic impacts on stock prices. Leading companies in the fruit chain and ODM sectors are expected to leverage demand in AIoT, humanoid robots, and automotive electronics to achieve performance and valuation improvements in the second half of the year [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, leading to significant breakthroughs for PCB manufacturers in the AI server field. The overall market for AI chips is expected to grow, with China being a major consumer market [18][22] - The AI-driven demand for computing power is pushing the development of various applications, including automotive electronics and IoT, which are expected to drive growth in the chip industry [18] Semiconductor and Equipment - The semiconductor manufacturing sector is projected to see substantial growth, with companies like SMIC and North Huachuang showing promising revenue and profit growth rates [17] - The PCB equipment market is expected to grow significantly, with a projected market size of 290.25 billion yuan in 2024, increasing to 347.09 billion yuan by 2026 [27] Consumer Electronics - The CIS market is experiencing a recovery, driven by demand from smartphones, security, and automotive applications. Domestic manufacturers are increasing their market presence with high-end products [46] - The SoC market is expected to grow, with AI technology becoming a crucial component for various applications, including smart home devices and automotive electronics [44]

[Table_Page] 行业专题研究|电子 2026 年 1 月 26 日 证券研究报告 [Table_Title] AI 的 Memory 时刻 5 | | | | AI NAND | 供需紧张，涨价仍有弹性 | | | --- | --- | --- | --- | --- | --- | | 分析师： [Tabl | 王亮 | 分析师： | 耿正 | 分析师： | 焦鼎 | | e_Author] | SAC 执证号：S0260519060001 | | SAC 执证号：S0260520090002 | | SAC 执证号：S0260522120003 | | | SFC CE.no: BFS478 | | | | | | | 021-38003658 | | 021-38003660 | | 021-38003658 | | | gfwangliang@gf.com.cn | | gengzheng@gf.com.cn | | jiaoding@gf.com.cn | | 分析师： | 张大伟 | | | | | | | SAC 执证号：S0260523050001 | | | | | | | 02 ...

Summary of Conference Call on Greater China Semiconductors Industry Overview - The semiconductor industry in Greater China is experiencing a structural shift towards local equipment driven by strategic localization and domestic AI demand. Memory expansion may moderate temporarily in the first half of 2026, but breakthroughs in critical tools and repatriation of AI demand are expected to support this shift [1][4]. Key Insights Market Growth Projections - The 2026 wafer fabrication equipment (WFE) market growth forecast for China has been raised to 4% year-over-year (Y/Y), reaching approximately US$41 billion, driven by robust capital expenditures (capex) for domestic memory and advanced-node capacity [2][9]. - The global semiconductor market is projected to grow by 16% Y/Y, primarily due to demand from DRAM and TSMC [2]. Memory Sector Developments - ChangXin Memory Technologies (CXMT) plans to invest approximately Rmb34.5 billion (US$4.9 billion) over three years, aiming for a capacity addition of around 50,000 wafers per month (wpm) [2]. - CXMT is focusing on higher localization for its Gen4B (1z node) to mitigate risks from restricted access to US equipment, with phased procurement expected to accelerate once pilot-line yields stabilize [2][20]. Advanced Node Equipment - Domestic AI chip designers are repatriating supply chains to mainland China, leading to robust demand for high-performance AI computing over the next two years. Advanced-node equipment localization remains below 10%, but local vendors like Naura and AMEC are making significant progress in critical bottleneck tools [3][10]. Mature Node Market Dynamics - Concerns exist regarding the sustainability of mature-node foundry capex in China, with some government-backed projects facing utilization pressure amid soft demand. However, domestic players are well-positioned to consolidate market share due to rapid technical progress and aggressive pricing [4]. Stock Implications - Recommendations include maintaining an "Overweight" (OW) rating on Naura, AMEC, and ACMR, with revised price targets reflecting expected growth in the semiconductor equipment sector [4][15][16]. - **Naura**: Price target raised to Rmb550 from Rmb480, with expected EPS growth of 6% and 7% for 2026 and 2027, respectively [15][69]. - **AMEC**: Price target increased to Rmb400 from Rmb320, with anticipated EPS growth of 12% and 18% for 2026 and 2027 [16]. - **ACMR**: Price target raised to US$58 from US$40, with projected revenue growth driven by China's memory capacity ramp [16]. Additional Insights - The localization rate for advanced-node manufacturing in China is expected to remain low, with domestic WFE players expanding their portfolios to cover more wafer processes [11][34]. - The supply chain for leading-edge equipment is adapting, with Japanese and domestic alternatives covering most tool categories, reducing reliance on US-origin equipment [10][34]. - The IPO filings of CXMT and YMTC are anticipated to strengthen their capital positions, supporting long-term capacity expansion [19][20]. Conclusion The Greater China semiconductor industry is poised for growth driven by localization efforts and increasing domestic demand for AI and memory technologies. Key players are expected to benefit from these trends, with stock recommendations reflecting positive outlooks based on anticipated market dynamics and company performance.

Investment Rating - The report provides a "Buy" rating for the industry, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [31]. Core Insights - The demand for CPU is increasing due to AI agents, driven by three main factors: increased application call volume, orchestration becoming a bottleneck, and elevated overhead from sandbox isolation [2][11]. - The CPU ratio is expected to rise, with projections indicating that by Q2 2026, the CPU ratio per MW of GPU will increase from below 10% to 15% [2][17]. - There is significant growth potential in memory modules and interface chips, with a shift from traditional RDIMM to MRDIMM expected to enhance performance and capacity [2][19]. - The value of AI memory is transitioning from a cost item to an asset item, highlighting the increasing importance of related upstream infrastructure [2][25]. Summary by Sections AI Agent's Impact on CPU Demand - AI agents are driving a substantial increase in CPU demand due to higher application call volumes, orchestration challenges, and increased overhead from sandboxing [2][11]. Increasing CPU Ratio - Current estimates suggest that the CPU ratio per MW of GPU will rise to 15% by Q2 2026, with significant implications for the overall demand for CPUs in AI clusters [2][17]. Expanding Memory and Interface Chip Market - The transition to MRDIMM solutions is expected to significantly enhance bandwidth and capacity, creating opportunities in the memory and interface chip markets [2][19]. Investment Recommendations - The report emphasizes the importance of AI memory as a foundational capability for AI applications, recommending a focus on key beneficiaries within the industry chain [2][25].

Market Overview - The semiconductor sector experienced a slight increase of 0.02% on January 23, with Zhenlei Technology leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up by 0.33%, while the Shenzhen Component Index closed at 14439.66, up by 0.79% [1] Top Gainers in Semiconductor Sector - Tanguo Technology (688270) saw a closing price of 215.93, with a significant increase of 20.00% and a trading volume of 306,400 shares, resulting in a transaction value of 6.166 billion [1] - Hangyu Micro (300053) closed at 22.96, up by 13.10%, with a trading volume of 1,644,800 shares and a transaction value of 3.686 billion [1] - Biyi Micro (688045) closed at 53.16, increasing by 12.72%, with a trading volume of 85,500 shares and a transaction value of 451 million [1] Top Losers in Semiconductor Sector - Jingchen Co. (688123) closed at 164.00, down by 7.87%, with a trading volume of 123,800 shares and a transaction value of 2.062 billion [2] - Mingwei Electronics (688699) closed at 55.07, decreasing by 6.53%, with a trading volume of 112,200 shares and a transaction value of 624 million [2] - Liandong Technology (301369) closed at 128.15, down by 5.79%, with a trading volume of 18,900 shares and a transaction value of 24.7 million [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 9.034 billion from institutional investors, while retail investors saw a net inflow of 7.113 billion [2] - Speculative funds recorded a net inflow of 1.921 billion [2] Individual Stock Capital Flow - Tanguo Technology (688270) had a net inflow of 5.91 billion from institutional investors, while it faced a net outflow of 4.03 billion from speculative funds [3] - Ziguang Guowei (002049) saw a net inflow of 3.13 billion from institutional investors, with a net outflow of 1.79 billion from speculative funds [3] - Wenta Technology (600745) recorded a net inflow of 2.71 billion from institutional investors, while speculative funds experienced a net outflow of 1.52 billion [3]