证券代码：002371 证券简称：北方华创 公告编号：2026-005 北方华创科技集团股份有限公司 1．2026 年 1 月 7 日，公司召开了 2025 年员工持股计划第一次持有人会议， 具体内容详见公司于 1 月 9 日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《2025 年员工持股计划第一次持有人会议决议公告》（公告编号：2026-002）。 2．2026 年 1 月 14 日，公司 2025 年员工持股计划已在中国证券登记结算有 限责任公司开立证券交易账户，账户名称：北方华创科技集团股份有限公司— 2025 年员工持股计划；证券账户号码：0899521323。具体内容详见公司于 1 月 15 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于 2025 年员工持股 计划开户完成的公告》（公告编号：2026-004）。 3．截至 2026 年 1 月 30 日，公司 2025 年员工持股计划尚未购买公司股票。 公司将根据 2025 年员工持股计划实施进展情况，严格按照相关规定及时履 行信息披露义务。 特此公告。 北方华创科技集团股份有限公司 关 ...

Core Viewpoint - The semiconductor equipment sector experienced a significant adjustment, with the semiconductor equipment ETF (561980) declining by 3.59% as of the market close on January 29. This decline was primarily driven by short-term profit-taking and market sentiment disturbances, despite the underlying investment logic remaining intact [1][3]. Group 1: Market Performance - The leading stocks in the sector faced pressure, with notable declines: Northern Huachuang down 5.06%, Zhongwei Company down 4.58%, SMIC down 4.40%, and Cambrian-U and Haiguang Information down 2.26% and 1.88%, respectively [1]. - Since the beginning of the year, the sector had accumulated considerable gains due to AI computing demand and domestic substitution logic, prompting some investors to realize profits [3]. Group 2: Industry Fundamentals - The core investment logic of the sector remains unchanged, supported by the global AI arms race driving investments in advanced processes and packaging, as well as the entry of memory chips into a "super price increase cycle," which collectively provide medium to long-term demand certainty [3]. - Domestic semiconductor equipment is transitioning from "usable" to "well usable," with accelerated improvement in domestic substitution rates supported by policies and the industry chain [3]. Group 3: Future Outlook - The current adjustment may offer investors a valuable opportunity for secondary positioning in quality targets [3]. - Looking ahead, as industry orders and financial reports gradually validate, the sector's market performance is expected to shift from being sentiment-driven to being more firmly driven by performance [3].

Group 1 - The core point of the news is that Northern Huachuang's stock price dropped by 5.01% to 476.86 CNY per share, with a trading volume of 4.76 billion CNY and a turnover rate of 1.36%, resulting in a total market capitalization of 345.47 billion CNY [1] - Northern Huachuang Technology Group Co., Ltd. is located in Beijing and was established on September 28, 2001, with its listing date on March 16, 2010. The company's main business involves the research, production, sales, and technical services of semiconductor basic products [1] - The revenue composition of Northern Huachuang's main business includes 94.53% from electronic process equipment, 5.37% from electronic components, and 0.10% from other supplementary sources [1] Group 2 - From the perspective of the top ten holdings of funds, Hengyue Fund has one fund heavily invested in Northern Huachuang. The Hengyue Smart Technology Mixed A Fund (019257) held 5,200 shares in the fourth quarter, accounting for 5.36% of the fund's net value, ranking as the seventh largest holding [2] - The Hengyue Smart Technology Mixed A Fund (019257) was established on November 17, 2023, with a latest scale of 11.8482 million CNY. Year-to-date return is 8.18%, ranking 3,506 out of 8,866 in its category; the one-year return is 21.47%, ranking 5,306 out of 8,126; and the return since inception is 38.69% [2] - The fund manager of Hengyue Smart Technology Mixed A Fund is Wu Haining, who has been in the position for 2 years and 299 days, with a total asset scale of 1.17 billion CNY. The best fund return during his tenure is 99.96%, while the worst is -42.19% [2]

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]

Core Viewpoint - The article discusses the focus of fund managers on semiconductor equipment and technology sectors, highlighting the performance of key fund managers and their investment strategies in these areas [4][20]. Fund Manager Performance - Fund managers Xie Zhiyu and Qiao Qian have significant management scales of 38.6 billion and 24 billion respectively, with annualized returns of 18% and 13.52% since their tenure began [4]. - Xie Zhiyu's fund, Xingquan Helun Mixed A, achieved a return of 35.7% in 2025, outperforming the CSI 300 index by 18 percentage points [4][5]. - Qiao Qian's fund, Xingquan Business Model Mixed A, recorded a return of 38.05% in 2025, with a net value growth exceeding 10% in early 2026 [5][6]. Investment Focus - Both fund managers are concentrating on technology sectors, particularly overseas computing power and semiconductor equipment [8][9]. - Xie Zhiyu maintains a high equity position, with 92.5% of the fund's net value in stocks by the end of the fourth quarter [11]. - Qiao Qian's fund also operates with a high equity position of 94.4% at the end of the fourth quarter [16]. Portfolio Adjustments - Xie Zhiyu's fund saw significant changes in its top holdings, with the introduction of storage testing and module leader Baiwei Storage, which is expected to see a net profit growth of 427%-520% in 2025 [12]. - New entries in the top ten holdings for Xie Zhiyu include semiconductor equipment stocks Tuo Jing Technology and Huahai Qingke, while North China Innovation, Lens Technology, and Focus Media exited the list [13]. - Qiao Qian's fund also adjusted its top holdings significantly, with six new entries, including Baiwei Storage and Huahai Qingke, while North China Innovation and Lens Technology were removed [17]. Overall Market Outlook - The two fund managers agree on the positive outlook for technology sectors, particularly semiconductor equipment, storage, and overseas computing power [20].

Core Viewpoint - The semiconductor equipment sector is experiencing a strong rally due to a price increase across the supply chain, with significant gains in related stocks and ETFs, indicating robust demand and investment opportunities in the semiconductor industry [1][2]. Group 1: Market Performance - The semiconductor equipment ETF (561980) saw a 1.61% increase, with key stocks like Zhongwei Company and SMIC rising over 2%, and Tuojing Technology increasing over 5% [1]. - In the last 10 trading days, the semiconductor equipment ETF has attracted over 460 million yuan in net inflows, bringing its total size to over 3.6 billion yuan [1]. - The index tracking the semiconductor equipment sector has recorded a maximum increase of over 112% since 2025, outperforming similar indices in the technology sector [2]. Group 2: Price Increases and Cost Pressures - Multiple chip design companies have issued price increase notices, confirming that the positive sentiment in the semiconductor industry is spreading throughout the supply chain [1]. - Zhongwei Semiconductor announced a price increase of 15%-50% for products like MCU and Nor Flash due to rising packaging costs and extended delivery cycles [1]. - Guokewai announced a price increase of 40%-80% for KGD products, highlighting the dual pressures of rising storage chip prices and increased advanced packaging costs [1]. Group 3: Industry Dynamics - The current chip price increase cycle was initiated by a surge in AI demand, leading to tight supply and rising prices for storage chips like DRAM and NAND [2]. - The price adjustments from chip design companies confirm a key industry logic: the prosperity of the storage chip sector is translating into demand for upstream equipment and materials [2]. - To meet strong demand and manage costs, chip manufacturers and packaging firms must expand capital expenditures and upgrade or add production capacity, which will ultimately lead to increased orders for semiconductor equipment across the entire supply chain [2]. Group 4: ETF Composition - The semiconductor equipment ETF (561980) tracks the CSI Semiconductor Index, heavily weighted towards leading companies like Zhongwei Company and Northern Huachuang, with the top ten holdings accounting for approximately 75% of the index [2]. - The ETF's focus on leading companies and comprehensive coverage of equipment, materials, and design sectors provides it with higher elasticity compared to similar indices [2].

Key Points Summary Industry Overview - The report focuses on the semiconductor storage industry, particularly NAND production and related technologies. Core Insights and Arguments - Micron Technology is investing $24 billion in new NAND capacity in Singapore, indicating strong growth prospects in the NAND market [1] - NVIDIA's ICMS platform is showing excellent performance in SSD applications, highlighting advancements in storage technology [2] - TrendForce has revised upward its NAND price increase expectations for Q1 2026, suggesting a bullish outlook for NAND pricing [3] Recommendations - Continued recommendations for investment in storage devices, including companies such as: - Zhongwei Company - Jingyi Equipment - Northern Huachuang - Zhongke Feimeng - Jingce Electronics - Tuojing Technology - Huahai Qingke - Fuchuang Precision - Chip Source Micro [4] - Recommendations also extend to storage foundries and chips, including: - China Resources Micro - Jinghe Integration - Yandong Micro - Zhaoyi Innovation - Lanke Technology - Beijing Junzheng - Jucheng Shares - Purun Shares [5] - Storage materials and modules are also highlighted as areas of investment, specifically mentioning: - Xingfu Electronics [6] Additional Important Content - The report emphasizes the ongoing demand for storage solutions and the potential for growth in the semiconductor sector, driven by advancements in technology and increased production capacity [7]

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]