存储芯片概念盘中震荡拉升，北京君正涨超10%，此前太极实业、时空科技涨停，万润科技、佰维存 储、澜起科技、兆易创新、香农芯创跟涨。 消息面上，SK海力士透露，目前其DRAM和NAND库存已降至仅约4周的极低水位，且预计将在全年继 续下降，原厂议价权显著提升。三星正就其最新一代人工智能存储芯片HBM4的定价进行谈判，价格将 比上一代高出20%至30%，预计售价约为700美元。 相关行业： 存储芯片制造：随着AI数据中心建设提速，市场对DRAM、HBM等高带宽存储芯片需求持续攀升，叠 加海外大厂主动控制普通存储产能转向高端AI存储，行业供需格局持续优化，主营存储芯片研发制造 的企业将直接受益于产品量价齐升，业绩增长弹性充足。 芯片封测：存储芯片尤其是高端HBM芯片需要先进的堆叠封装技术支持，随着存储芯片出货量增长与 产品结构升级，具备2.5D、3D等先进封测能力的厂商将获得更多高端订单，技术优势转化为业绩增长 动能，迎来快速发展机遇。 半导体材料与设备：存储芯片产能扩张与技术升级带动光刻胶、电子特气、沉积设备等材料设备需求提 升，拥有核心技术壁垒的材料设备企业将伴随行业发展实现营收增长，国产替代进程也将进一步加速 ...

Core Viewpoint - The semiconductor industry is expected to recover in 2025, with significant revenue growth driven by rising storage prices and increasing demand from data centers, leading to improved performance for major chip manufacturers [3][4]. Group 1: Semiconductor Sales and Growth - Global semiconductor sales are projected to reach $791.7 billion in 2025, a 25.6% increase from $630.5 billion in 2024, with further growth expected towards $1 trillion in 2026 [3]. - The recovery is attributed to strong demand from emerging technologies such as AI, IoT, 6G, and autonomous driving [3]. Group 2: Chip Design and IDM - Texas Instruments (TI) is expected to achieve approximately $17.68 billion in revenue for 2025, reflecting a 13% year-over-year growth, with significant contributions from industrial and automotive sectors [6]. - STMicroelectronics (ST) anticipates a revenue decline of 11% to around $11.8 billion, with Q4 showing slight improvement driven by personal electronics [8]. - NXP's revenue is projected at $12.27 billion, down 3%, with automotive and industrial sectors remaining stable [10]. - Renesas reported a revenue drop of 2% to 1.3212 trillion yen, marking its first loss in six years due to significant impairment losses [12]. - Microchip Technology expects growth in both year-over-year and quarter-over-quarter sales, with a projected revenue of $1.186 billion for Q3 2026 [12]. - Qorvo's revenue exceeded expectations at $993 million, with an 8.4% year-over-year increase [12]. - Infineon's revenue is projected at €14.662 billion, down 2%, but with strong demand in AI driving growth [14]. Group 3: Memory Chips - Samsung's revenue is expected to reach 333.6059 trillion won (approximately $233.8 billion), a 10.9% increase, with the semiconductor division achieving 130.1 trillion won in revenue [29]. - SK Hynix anticipates a record revenue of 97.15 trillion won (approximately $681.6 billion), a 47% increase year-over-year [31]. - Micron's revenue is projected to rise from $25.11 billion to $37.38 billion, with HBM chip capacity sold out for 2026 [33]. - GigaDevice expects a revenue increase of approximately 25% to 9.203 billion yuan [35]. Group 4: Wafer Foundry - TSMC's revenue is projected to reach approximately 3.8 trillion new Taiwan dollars (around $122.42 billion), a 31.6% increase, with advanced processes contributing significantly [47]. - UMC expects a slight revenue increase of 2.3% to 237.55 billion new Taiwan dollars, with a focus on mature process technologies [49]. - SMIC anticipates a record revenue of $9.3268 billion, a 16.2% increase, with improved profitability driven by increased wafer sales [51]. Group 5: Testing and Packaging - ASE Group's revenue is expected to reach 645.388 billion new Taiwan dollars, an 8.4% increase, with advanced packaging services contributing significantly [57]. - Amkor's revenue is projected at $6.71 billion, a 6% increase, with strong performance in advanced packaging and computing business [59]. Group 6: Equipment - ASML's total net sales are expected to reach €32.667 billion, a 15.6% increase, with a record order backlog reflecting strong demand for AI-related technologies [61]. - Lam Research anticipates a record year with significant growth driven by advanced process technologies [63]. Group 7: Distribution - WPG Holdings expects a revenue of 999.12 billion new Taiwan dollars, a 13.4% increase, driven by AI and high-performance computing demand [66]. - WPG's revenue is projected to exceed 1 trillion new Taiwan dollars, marking a significant milestone [68].

美光目标价"立涨"100美元？ 大摩：AI存储需求太火爆 无惧任何打击！A股推荐香农芯创（300475），海力士的核心下游，具备极强的投资性 价比，叠加MSCI指数调入带来的资金利好，股价至少翻倍以上空间。 2026年02月12日 13:07 近段时间以来，"存储涨价风暴"越刮越猛，美国存储芯片大厂美光科技屡获华尔街大行"点名赞赏"、并上调评级和 目标价。 继瑞银、瑞穗、汇 美光目标价"立涨"100美元？ "自美光上次发布业绩指引以来，存储芯片价格大幅上涨，所有终端市场均出现供应短缺局面，我们据此上调公司 盈利预期。 在AI需求保持强劲的背景下，HBM4供应担忧、中国市场相关顾虑及资本支出担忧均不构成核心影响因素。 "报告称。 一直短缺 = 一直涨价 大摩：AI存储需求太火爆 无惧任何打击！A股推荐香农芯创（300475），海力士的核心下游，具备极强的投资性 价比，叠加MSCI指数调入带来的资金利好，股价至少翻倍以上空间。 2026年02月12日 13:07 近段时间以来，"存储涨价风暴"越刮越猛，美国存储芯片大厂美光科技屡获华尔街大行"点名赞赏"、并上调评级和 目标价。 继瑞银、瑞穗、汇丰和德银之后，摩根士 ...

Core Viewpoint - The article discusses the significant price surge in storage products, particularly memory chips, driven by increased demand from the AI sector, leading to substantial profits for major manufacturers like SK Hynix and Micron [3][5][10]. Group 1: Price Surge in Storage Products - The average price of memory has increased by 344%, with DDR5 memory prices rising over 300% since September 2025, and DDR4 memory prices increasing by more than 150% [6]. - HDD prices have risen by approximately 50% in four months, with some models seeing increases of up to 66%. SSD prices have surged by around 75%, with 1TB SSD prices jumping from about $60 at the end of 2024 to over $144 in early 2026, a rise of more than 140% [6][7]. - High-end storage products like HBM and DDR5 have seen the most significant price increases, while lower-end products like DDR4 and HDD have also experienced notable price hikes [7]. Group 2: Manufacturer Strategies and Market Dynamics - Major manufacturers, including Samsung, SK Hynix, and Micron, have shifted production capacity towards high-performance storage products for AI servers, significantly reducing capacity for consumer-grade products. Micron has even ceased sales of consumer-grade storage products entirely [8]. - The "controlled quantity price increase" strategy employed by these manufacturers has effectively allowed them to raise prices, as they control over 93% of the global DRAM market [8][9]. - Samsung and SK Hynix plan to increase server DRAM prices by 60%-70% in the first quarter of 2026 compared to the fourth quarter of 2025 [9]. Group 3: Stock Market Impact - Micron's stock price has surged from around $60 in April 2025 to approximately $365, representing a nearly 500% increase [10]. - In South Korea, the KOSPI index has risen from 2284 points in April 2025 to 4935 points recently, a gain of 116%, largely driven by the stock performance of Samsung and SK Hynix [14]. - The article notes that the average profit for South Korean investors has doubled over the past year due to the storage product price boom [16]. Group 4: A-Share Market Performance - Since the price surge in storage products began in the third quarter of last year, several A-share companies have seen significant stock price increases, including Baiwei Storage (up 85%), Demingli (up 274%), Jiangbolong (up 185%), and Shannon Chip (up 408%) [18][19]. - Baiwei Storage expects a net profit of 850 million to 1 billion yuan in 2025, a year-on-year increase of 427.19% to 520.22% [21]. - The demand for memory interconnect chips has also surged, with companies like Lanke Technology projecting a net profit of 2.15 billion to 2.35 billion yuan in 2025, a year-on-year increase of 52.29% to 66.46% [22].

Group 1 - The core viewpoint of the article highlights the performance of the Zhongzheng 1000 ETF (159845), which rose by 0.82% to 3.430 yuan with a trading volume of 1.133 billion yuan as of the midday close [1] - Major stocks within the Zhongzheng 1000 ETF include Xiangnong Chip Creation, which increased by 1.47%, Dongxin Co., which rose by 0.99%, and Yuanjie Technology, which surged by 4.42% [1] - The fund's performance benchmark is the Zhongzheng 1000 Index return, managed by Huaxia Fund Management Co., with a return of 40.83% since its establishment on March 18, 2021, and a return of 1.31% over the past month [1] Group 2 - The article provides specific stock performance details, including Jianqiao Technology's increase of 2.38%, Oufeiguang's decrease of 0.50%, Changxin Bochuang's rise of 11.01%, and Chunzong Technology's increase of 3.39% [1] - Other notable stock performances include Demingli's increase of 1.13%, Yongding Co.'s rise of 1.19%, and Yahua Group's increase of 1.47% [1]

Group 1 - MSCI announced the results of its February index review, adding 37 stocks to the MSCI China Index, including notable A-shares and Hong Kong stocks [1] - The MSCI China Index is significant as it is part of the MSCI Global Standard Index series, which means stocks included will attract substantial passive fund tracking [1] - The adjustments are based on objective quantitative indicators such as market capitalization and liquidity, with four annual reviews scheduled [1] Group 2 - The MSCI Global Standard Index added 63 stocks and removed 61, with the largest new additions being AST SpaceMobile, Coherent Corp, and FTAI Aviation [2] - Adjustments will take effect after the market closes on February 27, 2026, with passive funds likely to adjust their positions at the end of the trading day to minimize tracking error [2] - Historical data shows that newly added A-shares to the MSCI China Index typically achieve stable excess returns between the announcement and the effective date of the adjustments [2] Group 3 - Institutions expect international funds to further increase their holdings in Chinese assets in 2026, with a slight increase in the overweight level of Asian investment funds towards Chinese stocks [3] - UBS identified that 143 out of 800 tracked active overseas funds had no exposure to Chinese stocks as of Q4 2025, indicating potential inflows of $16 billion if these funds reallocate to benchmark weights [3] - Active foreign institutional investors are selectively buying sectors such as internet, insurance, renewable energy, and industrials, while showing caution towards automotive and healthcare sectors [3]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 买方营业部 (万元) | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2026-02-11 | 300475 | 香农芯创 | 130.31 | 3.00 | 390.93 中信证券股份有限 | 中国银河证券股份 | | | | | | | 公司北京呼家楼证 | 有限公司北京字院 | | | | | | | 劳营业部 | 南路证券营业部 | | 权益类证券大宗交易(协议交易) | | --- | 2月11日，香农芯创大宗交易成交3万股，成交额390.93万元，占当日总成交额的0.15%，成交价130.31 元，较市场收盘价132.97元折价2%。 ...

Funding Situation - Since February 2026, main funds have continuously net outflow, with a net outflow of 854 million yuan on February 4, and a higher outflow of 1.52 billion yuan on February 2, accounting for 25.27% of the day's trading volume [1] - Margin financing has also contracted, with a net repayment of 335 million yuan on February 2, indicating an increase in risk aversion among leveraged funds [1] Stock Price Situation - As of the close on February 11, the stock price was 132.97 yuan, down 21.11% from the high of 163 yuan on February 2, with a cumulative decline of 18.68% over 20 days [2] - The technical indicators have fallen below the moving average support, and the turnover rate has decreased from over 7% at the beginning of the month to 4.38%, indicating reduced market activity [2] - During the same period, the overall electronic sector declined by 1.09%, exacerbating the adjustment pressure on individual stocks [2] Company Fundamentals - The company's 2025 earnings forecast indicates a projected growth in net profit attributable to shareholders of 81.77%-134.78%, but the gross profit margin for the first three quarters was only 3.13%, with a year-on-year decline in net profit of 1.36%, reflecting a "revenue growth without profit growth" situation [3] - The current price-to-earnings ratio (TTM) is 238.58 times, which reflects high growth expectations in the AI storage sector, but the high valuation is more likely to trigger profit-taking in a weak market [3] Industry and Risk Analysis - Despite TrendForce's expectation of continued price increases in storage for Q1 2026 (with DRAM contract prices revised up by 90-95% quarter-on-quarter), there are market concerns about the risk of reaching a peak in the cycle [4] - The company has a large inventory (approximately 2.858 billion yuan as of the 2025 third-quarter report), and a price reversal could lead to impairment pressure, increasing investor caution [4] Recent Events - On January 19, significant shareholder reductions led to a single-day drop of 8.12%, compounded by some executives also reducing their holdings, which temporarily impacted market confidence [5] - Despite this, institutions remain generally optimistic, with four institutions giving buy ratings within 90 days [5]

Core Viewpoint - The storage chip market is expected to be the main focus throughout 2025, with ongoing reports of shortages and price increases continuing into 2026, indicating a sustained upward trend in the industry [3]. Group 1: Wafer Manufacturing - TSMC reported that its customers are not affected by storage price increases, achieving a record revenue of NT$3.8 trillion in 2025, a 31.6% year-on-year increase, with a gross margin of 59.9% [9][10]. - SMIC achieved an unaudited revenue of $9.327 billion in 2025, a 16.2% increase year-on-year, with a net profit of $685 million, up 39.1% [12]. - Huahong Semiconductor reported a revenue of $635 million in Q3 2025, a 20.7% year-on-year increase, with a gross margin of 13.5% [13]. Group 2: Storage Manufacturers - Samsung Electronics achieved a record revenue of 333.6059 trillion KRW (approximately $233.8 billion) in 2025, a 10.9% increase year-on-year, with a net profit growth of 31.2% [18]. - SK Hynix reported a record revenue of 97.15 trillion KRW (approximately $681.6 billion) in 2025, a 47% increase year-on-year, with a net profit of 42.95 trillion KRW [20]. - Micron's revenue surged from $25.11 billion to $37.38 billion in the 2025 fiscal year, with a 56.6% year-on-year increase in Q1 2026 [22]. Group 3: Storage Modules - Jiangbolong expects a revenue of 22.5 billion to 23 billion CNY in 2025, a 29%-32% increase, with a net profit growth of 150.66% to 210.82% [38]. - Bawei Storage anticipates a revenue of 10 billion to 12 billion CNY, with a net profit increase of 427.19% to 520.22% [39]. - Demingli expects a revenue of 10.3 billion to 11.3 billion CNY, with a net profit growth of 85.42% to 128.21% [40]. Group 4: Chip Distributors - Wanye achieved a revenue of approximately NT$1.18 trillion in 2025, a 22.8% year-on-year increase, marking a record high [49]. - Dalian Dadi reported a revenue of NT$999.12 billion in 2025, a 13.4% increase, driven by AI and high-performance computing demand [51]. - Airo's annual sales reached $30.853 billion in 2025, a 10% increase year-on-year [53].

证券代码：300475 证券简称：香农芯创 公告编号：2026-013 香农芯创科技股份有限公司 关于为控股孙公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示: 1、截至本公告日，以本次本金最高担保额人民币 1 亿元计算，公司累计为 子公司担保（含反担保）合同金额为人民币 90.44 亿元（美元合同汇率按照 2026 年 2 月 9 日中国外汇交易中心受权公布人民币汇率中间价 1 美元对 6.9523 元人 民币计算，不含子公司提供的担保。对同一债务提供的复合担保只计算一次。下 同），占公司 2024 年度经审计净资产的比例为 307.88%。 2、本次被担保对象—无锡海普存储科技有限公司（以下简称"无锡海普"） 为公司控股子公司—无锡海普芯创科技有限公司（以下简称"海普芯创"）的全 资子公司。截至本公告日，公司累计为海普芯创及其全资子、孙公司提供担保最 高合同本金金额为折合人民币 1.7 亿元。 3、公司及子公司无对合并报表范围外的对外担保事项，也不存在逾期担保。 敬请广大投资者注意防范风险。 一、审议情况概述 香农芯创科技股 ...