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 ...

Group 1 - The core viewpoint of the article highlights the performance of the Zhongzheng 1000 ETF (512100), which opened with a gain of 1.27% at 3.262 yuan on February 9 [1] - The top-performing stocks within the Zhongzheng 1000 ETF include Xiangnong Xinchuan, which rose by 2.01%, Dongxin Co., which increased by 1.29%, and Yuanjie Technology, which saw a rise of 3.89% [1] - The fund's performance benchmark is the Zhongzheng 1000 Index, managed by Southern Fund Management Co., Ltd., with a return of 21.23% since its inception on September 29, 2016, and a return of 2.36% over the past month [1]

Core Viewpoint - The A-share market experienced a significant style switch in the first week of February, with the technology sector undergoing a deep adjustment while defensive sectors like liquor and real estate showed resilience [1][4]. Group 1: Technology Sector Performance - The technology sector faced a comprehensive pullback, with the electronic industry market capitalization dropping by approximately 890 billion yuan, and leading stocks like Zhongji Xuchuang and Xinyi Sheng seeing weekly declines exceeding 13% [1][2]. - The electronic industry recorded a trading volume of 313.9 billion yuan, marking a new high for the year, while the industry index fell by 5.22% and the communication sector by 6.94% [2][3]. - The ChiNext 50 index, representing the technology sector, experienced its largest weekly decline since November 2025, with a drop of 5.76% [2]. Group 2: Market Dynamics and Investor Behavior - The market's risk appetite for technology stocks has notably decreased, with many stocks retreating 20% to 30% from their recent highs, indicating a significant sell-off [3][4]. - The upcoming Spring Festival led to increased risk aversion among investors, prompting them to shift from high-volatility sectors to those with stronger earnings certainty [1][4]. - High valuations in the technology sector, with the electronic industry's price-to-earnings ratio at 69.76, have created substantial internal adjustment pressure [4][5]. Group 3: Factors Influencing the Adjustment - Multiple factors contributed to the technology sector's deep pullback, including seasonal trading patterns, high valuations prompting profit-taking, and increased market volatility due to external macroeconomic conditions [4][5]. - The anticipation of rising interest rates in the U.S. has negatively impacted technology stock valuations, as indicated by market reactions to Federal Reserve signals [5][6]. - The shift of funds from technology stocks to defensive sectors like liquor and real estate suggests a phase of market style transition, with investors seeking stability amid uncertainty [6].

证券代码：300475 证券简称：香农芯创 公告编号：2026-012 香农芯创科技股份有限公司 关于为全资子公司提供担保及接受关联方提供担保 暨关联交易的进展公告 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合计人民币 1.9 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 89.49 亿元（美元合同汇率按 照2026年2月6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6.9590 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 304.65%。 其中，公司累计为全资子公司联合创泰科技有限公司（以下简称"联合创泰"） 提供担保合同金额为人民币 77.25 亿元，为全资子公司深圳市新联芯存储科技有 限公司（以下简称"新联芯"）提供担保合同金额为人民币 9.99 亿元。 2、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。 1、近日，公司收到公司、黄泽伟先生及彭红女士 ...

中邮 证券研报指出， 香农芯创海普存储开启年度规模盈利。公司预计2025年归母净利润为4.8-6.2亿 元，同比增长81.77%-134.78%，随着生成式 人工智能（AGI）的蓬勃发展，互联网 数据中心（IDC）建 设对企业级存储的需求持续增加。2025年，公司销售的企业级存储产品数量增长，主要产品价格呈现上 升的态势，预计全年收入增长超过40%。公司坚持以产品化为主导，围绕国内一线自主 算力生态，提 供国产化、定制化产品，公司自主品牌"海普存储"已推出包括企业级SSD以及企业级DRAM两大产品线 的多款产品并进入量产阶段。2025年度，"海普存储"预计实现销售收入17亿元，其中第四季度预计实现 销售收入13亿元。2025年"海普存储"首次实现年度规模盈利。公司在高端存储领域历经多年耕耘，已形 成"分销+产品"一体两翼的发展格局，持续受益于存储涨价。维持"买入"评级。 ...

中邮证券研报指出，香农芯创海普存储开启年度规模盈利。公司预计2025年归母净利润为4.8-6.2亿元， 同比增长81.77%-134.78%，随着生成式人工智能（AGI）的蓬勃发展，互联网数据中心（IDC）建设对 企业级存储的需求持续增加。2025年，公司销售的企业级存储产品数量增长，主要产品价格呈现上升的 态势，预计全年收入增长超过40%。公司坚持以产品化为主导，围绕国内一线自主算力生态，提供国产 化、定制化产品，公司自主品牌"海普存储"已推出包括企业级SSD以及企业级DRAM两大产品线的多款 产品并进入量产阶段。2025年度，"海普存储"预计实现销售收入17亿元，其中第四季度预计实现销售收 入13亿元。2025年"海普存储"首次实现年度规模盈利。公司在高端存储领域历经多年耕耘，已形成"分 销+产品"一体两翼的发展格局，持续受益于存储涨价。维持"买入"评级。 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 153.53 | | --- | --- | | 总股本/流通股本（亿股）4.65 | / 4.45 | | 总市值/流通市值（亿元）714 | / 684 | | 52 周内最高/最低价 | 195.82 / 26.42 | | 资产负债率(%) | 60.4% | | 市盈率 | 264.71 | | | 深圳市领信基石股权投 | | | 资基金管理合伙企业 | | 第一大股东 | (有限合伙)-深圳市领泰 | | | 基石投资合伙企业(有 | | 限合伙) | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 香农芯创(300475) 海普存储开启年度规模盈利 l 投资要点 海普存储企业级 SSD/DRAM 放量。公司预计 2025 年归母净利 润为 4.8-6.2 亿元，同比增长 81.77%-134.78%，扣非归母净利润 为 4.6-6.0 亿元，同比增长 51.01%-96.97%。随着生成式人工智 ...

证券之星消息，2月4日其他电子板块较上一交易日下跌1.76%，香农芯创领跌。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。其他电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300736 | 百邦科技 | 18.26 | 2.76% | 7.26万 | | 1.31亿 | | 002729 | 好利科技 | 19.12 | 2.25% | 12.07万 | | 2.32亿 | | 301031 | 中熔电气 | 144.99 | 1.47% | ● 3.55万 | | 5.13亿 | | 300650 | 太龙股份 | 19.23 | 1.16% | 12.47万 | | 2.39亿 | | 300131 | 英唐智控 | 16.47 | 1.10% | 114.32万 | | 18.86亿 | | 002885 | 京泉华 | 27.52 | 0.81% | 21.49万 | | 6.05亿 | | ...