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]

Group 1 - The A-share profit cycle may have reached a turning point, with a significant probability of profit indicators rebounding, indicating a gradual stabilization at the bottom of A-share profits [1] - Key profit indicators across the A-share market are showing signs of recovery, with a narrowing year-on-year decline in EPS and clear signs of ROE stabilization and rebound [1] - The main sectors with net inflows include non-ferrous metals, semiconductors, and automotive chips, indicating strong investor interest in these areas [1] Group 2 - The announcement to adjust export tax rebate policies for photovoltaic products will lower the VAT export rebate rate for battery products from 9% to 6% starting April 1, 2026, and eliminate it entirely from January 1, 2027, which may lead to a short-term surge in exports [3] - The aluminum market is expected to see a decline in demand for photovoltaic aluminum, while demand for electrolytic aluminum is projected to grow, supported by high demand in the power grid and automotive sectors [3] - Citic Securities forecasts that the average aluminum price will reach 23,000 yuan/ton in 2026, indicating a bullish outlook for the aluminum sector [3] Group 3 - The Chinese technology sector is expected to experience a significant profit growth turning point in 2026, potentially surpassing the profitability of the "seven giants" in the US stock market for the first time since 2022 [5] - The coal industry is anticipated to maintain a weak supply-demand balance in 2026, but with supportive policies, coal prices may perform better than in 2025, improving profit and dividend expectations for listed companies [5] - The TMT and consumer sectors are expected to show resilience in growth rates, while public utilities and transportation may face greater earnings pressure [11]

Group 1 - The Southern ChiNext AI ETF (159382) has seen a rise of over 2%, currently up 1.51%, indicating a potential three-day increase with a turnover of 2.69% and a transaction volume of 63.45 million yuan [1] - The ChiNext AI Index, which the ETF tracks, has seen significant gains in constituent stocks, with NetEase Technology up 17.06%, Taicheng Light up 11.97%, and Beijing Junzheng up 6.91% [1] - DeepSeek released a paper on January 27, introducing the DeepSeek-OCR 2 model, which utilizes the innovative DeepEncoder V2 method, achieving a score of 91.09% in the OmniDocBench v1.5 benchmark, a 3.73% improvement over its predecessor [1] Group 2 - Alibaba launched the Qwen3-Max-Thinking model on January 26, which shows significant improvements in various dimensions and competes with top models like GPT-5.2-Thinking and Claude-Opus-4.5 [2] - NVIDIA and CoreWeave announced an expanded partnership to accelerate the construction of AI data centers, with NVIDIA investing $2 billion to help CoreWeave build over 5 gigawatts of AI data centers by 2030 [2] - CITIC Securities predicts continued growth in the pre-computing power sector through 2025, driven by ongoing capital expenditures from major CSPs and structural highlights in AI applications across finance, healthcare, and data sectors [2] Group 3 - The Southern ChiNext AI ETF closely tracks the ChiNext AI Index, which reflects the stock price changes of listed companies related to the AI theme on the ChiNext board [3] - The top ten weighted stocks in the index include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others, indicating a diverse portfolio within the AI sector [3] Group 4 - The Southern ChiNext AI ETF has an off-market connection with classes A (024725) and C (024726) [4]

格隆汇1月27日丨北京君正(300223.SZ)在投资者互动平台表示，公司存储芯片有应用在工业机器人、酒 店机器人等领域。 ...

Group 1 - The company, Beijing Junzheng, stated that its mainstream computing chip products include different computing power capabilities [2]

Group 1 - The top 20 stocks with significant capital inflow as of January 27 include Zhongji Xuchuang (21.98 billion), Xinyi Sheng (14.06 billion), and Industrial Fulian (13.38 billion) [1] - Zhongji Xuchuang experienced a price increase of 5.61%, while Xinyi Sheng rose by 4.28% [2] - The highest capital inflow was observed in communication equipment sector stocks, with Zhongji Xuchuang and Xinyi Sheng leading [2][3] Group 2 - Other notable stocks with significant capital inflow include Tianfu Communication (10.69 billion, 8.86% increase) and Pingtan Development (9.34 billion, 9.99% increase) [1][2] - The banking sector saw a capital inflow of 4.90 billion into China Merchants Bank, with a modest price increase of 1.1% [3] - Emerging sectors such as new materials and software development also attracted capital, with stocks like Guomin Technology and Jiuqi Software showing notable inflows [3]

Group 1 - The core viewpoint of the article is that Beijing Junzheng (300223.SZ) has indicated that its Nor Flash products are applicable in AI servers and optical modules [1] Group 2 - The company is actively engaging with investors through an interactive platform to discuss its product applications [1]

Group 1 - The company currently faces tight eMMC production capacity and will continue to strengthen cooperation and communication with suppliers [2] - The collaboration with Huali Micro primarily involves SRAM products [2]

Group 1 - The company Beijing Junzheng (300223) reported that as of January 20, the number of shareholders reached 105,492 [1]

Core Viewpoint - The report highlights the significant inflow of main capital into various stocks, with specific companies showing remarkable performance in terms of net capital inflow and stock price changes [1][2]. Group 1: Main Capital Inflow - A total of 88 stocks have experienced a net inflow of main capital for five consecutive days or more, indicating strong investor interest [1]. - Hangzhou Bank leads with 16 consecutive days of net inflow, followed by Yunnan Baiyao with 14 days [1]. - Midea Group has the highest total net inflow amounting to 1.582 billion yuan over seven days, while Hangzhou Bank follows closely with 1.489 billion yuan over 16 days [1]. Group 2: Performance Metrics - The stock with the highest net inflow ratio relative to trading volume is Fenglong Co., which has surged by 359.76% over the past 16 days [1]. - Other notable stocks include Guotai Junan Securities with a net inflow of 1.109 billion yuan over 11 days and China Ping An with 1.074 billion yuan over six days, although their stock prices have seen declines of 2.46% and 3.28% respectively [1]. - The report includes a detailed table of stocks with their respective net inflow amounts, inflow ratios, and cumulative price changes, providing a comprehensive overview of market trends [1][2].