Investment Rating - The industry rating is maintained as "Outperform" [6] Core Viewpoints - The semiconductor industry is expected to continue its optimistic growth trajectory, driven by AI and domestic substitution efforts [4][15] - The storage sector is highlighted as a key area of focus, with expectations of price increases for DDR4 contracts by 30-40% in Q3 [3][16] - The demand for storage capacity is rapidly increasing due to AI servers, PCs, and mobile devices, leading to a rise in high-value product penetration [3][14] Summary by Sections 1. Market Overview - In May, global chip delivery times remained stable, with a slight increase in spot market delivery times and rising storage prices [2][13] - Major chip suppliers showed stable delivery times, with some experiencing slight increases in both delivery times and prices [2][13] 2. Storage Sector - The storage sector is expected to see continued price increases, with significant demand for DDR4 and DDR5, leading to a saturated production capacity [3][18] - The anticipated price increases for DRAM and NAND Flash in Q3 and Q4 are driven by supply-side reforms and strong demand from AI applications [3][14][17] 3. Industry Growth Projections - The global semiconductor market is projected to grow, with a forecasted sales figure of approximately $626.87 billion in 2024, reflecting a 19% year-on-year increase [30][31] - The Chinese semiconductor market is expected to exceed $170 billion in sales in 2024, with a significant contribution from the Yangtze River Delta region [30][31] 4. Key Companies to Watch - Recommended companies in the semiconductor storage sector include Jiangbolong, Shannon Semiconductor, and Zhaoyi Innovation, among others [5] - In the IDM foundry and packaging sector, companies like Huahong Semiconductor and SMIC are highlighted for their growth potential [5] 5. Equipment and Materials - The equipment and materials sector is seeing stable growth, with leading manufacturers showing strong performance in Q1 2025 [4][15] - The ongoing domestic substitution efforts are reshaping the supply chain landscape, enhancing the competitiveness of local firms [4][15]

Macroeconomic Group - The Federal Open Market Committee (FOMC) decided to maintain the federal funds rate at 4.25% - 4.50%, marking a pause in the rate cut cycle that began in September of the previous year, aligning with market expectations [3] - The FOMC's statement was revised to indicate that uncertainty has diminished but remains high, and it reiterated that net export fluctuations affect data while the economy continues to expand steadily [3] - The dot plot indicates that the median FOMC members expect two rate cuts in 2025, totaling 50 basis points, with the median rate forecast for 2025 at 3.9% [4][5] Industry Comprehensive Group - The price of DDR4 memory products has surged nearly 100% since January 2025, with current prices exceeding the June 2024 peak, while DDR5 prices have also increased significantly [9] - The rapid price increase in the storage market has led to substantial growth in the performance of domestic storage module manufacturers and distributors, particularly benefiting companies with high inventory levels such as Jiangbolong and Demingli [9] Advanced Manufacturing Group - Powin, a major battery storage system integrator in the U.S., filed for Chapter 11 bankruptcy, affecting several Chinese companies, including CATL and Qingdao CIMC Puwei [11] - The bankruptcy was attributed to soaring tariff costs and a weak business model lacking vertical integration, leading to significant debt risks for Chinese firms [11] - The U.S. energy storage market is expected to experience a short-term freeze, with Fluence reducing its annual revenue guidance by 27% [11] Consumption Group - The combined GMV of beauty products on Tmall and Douyin reached 29.96 billion yuan in May 2025, showing a slight year-on-year increase of 1.3%, with a notable divergence in performance between high-end and mass-market brands [14] - High-end domestic brands like Mao Ge Ping and Ke Li Jin saw significant sales growth, while mass-market brands like Proya and Winona faced declines [15] - The beauty consumption trend is shifting towards high-end, efficacy-driven products, with Douyin emerging as a new growth engine for high-end brands [15]

证券代码：300475 证券简称：香农芯创 公告编号：2025-052 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 8.43 亿元计算，公司 累计担保（含反担保）合同金额为人民币 79.93 亿元（美元合同汇率按照 2025 年 6 月 16 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 7.1789 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 272.11%。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 70.28 亿元，为全资子公司联合创泰（深圳）电子有限公司（以下简称"创 泰电子"）提供担保合同金额为人民币 0.9 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 7.35 亿元。 2、公司及子公司无对合并 ...

Group 1 - The company plans to sign a project cooperation agreement with the Nanjing Jiangbei New Area Intelligent Manufacturing Industry Development Management Office to lease a factory of 5,800 square meters [1] - The investment for the project is set at 130 million yuan, aimed at establishing an annual production capacity of 40,000 tons of specialty materials [1] - The project will include the construction of a new production line for specialty materials and a three-dimensional warehouse, primarily focusing on flame-retardant products to optimize product structure and enhance market competitiveness [1] Group 2 - The investment will be implemented in phases, and the project has already been approved by the board of directors and the supervisory board, not requiring approval from the shareholders' meeting [1] - The project does not constitute a related party transaction or a major asset restructuring [1]

证券代码：300475 证券简称：香农芯创 公告编号：2025-051 香农芯创科技股份有限公司 关于公司 2024 年限制性股票激励计划 首次授予第一个归属期归属结果暨股份上市的公告 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: 总额的 1.36%； 股股票； 香农芯创科技股份有限公司(以下简称"公司")于 2025 年 4 月 24 日召开了 第五届董事会第十一次（临时）会议及第五届监事会第十次（临时）会议，审议 通过了《关于公司 2024 年限制性股票激励计划首次授予第一个归属期归属条件 成就的议案》。近日,公司办理了 2024 年限制性股票激励计划（以下简称"本激 励计划"或"《激励计划》"）首次授予第一个归属期股份登记工作。现将有关事 项公告如下： 一、本激励计划实施情况概要 (一)本激励计划主要内容 于 <香农芯创科技股份有限公司 ensp="ensp" 年限制性股票激励计划="年限制性股票激励计划" 草案="草 案"> 及其摘要 的议案》等议案。本激励计划主要内容如下： 股，约占本激励计划草案公布日公司股本总额 45,756.576 ...

证券代码：300475 证券简称：香农芯创 公告编号：2025-051 香农芯创科技股份有限公司 关于公司 2024 年限制性股票激励计划 首次授予第一个归属期归属结果暨股份上市的公告 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、本次符合归属条件的激励对象人数共计 25 人； 2、首次授予第二类限制性股票归属数量为 6,208,000 股，占目前公司股本 总额的 1.36%； 3、首次授予第二类限制性股票授予价格：16.076 元/股（调整后）； 4、第二类限制性股票归属股票来源:公司向激励对象定向发行公司 A 股普通 股股票； 5、本次归属的限制性股票上市流通日期为 2025 年 6 月 12 日（星期四） 香农芯创科技股份有限公司(以下简称"公司")于 2025 年 4 月 24 日召开了 第五届董事会第十一次（临时）会议及第五届监事会第十次（临时）会议，审议 通过了《关于公司 2024 年限制性股票激励计划首次授予第一个归属期归属条件 成就的议案》。近日,公司办理了 2024 年限制性股票激励计划（以下简称"本激 励计划"或"《激励计 ...

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 13,990 万元计算，公 司累计担保（含反担保）合同金额为人民币 75.25 亿元（美元合同汇率按照 2025 年 6 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 7.1845 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 256.19%。 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 65.8 亿元，为全资子公司联合创泰（深圳）电子有限公司 （以下简称"创泰电子"）提供担保合同金额为人民币 0.8 亿元，为全资子公司 宁国聚隆减速器有限公司（以下简称"聚隆减速器）提供担保合同金额为人民币 1.399 亿元。 证券代码：300475 证券简称：香农芯创 公告编号：2025-050 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 2、公司及子公司无对合并报表范围 ...

Core Viewpoint - The storage chip sector is experiencing significant stock price movements, with several companies seeing sharp increases due to a new wave of price hikes in the market [1] Group 1: Market Movements - Goodix Technology's stock surged to the daily limit, indicating strong investor interest [1] - Other companies such as Zhaoyi Innovation and Xinyu Ren also saw their stocks rise over 5% [1] - Additional companies including Tongyou Technology, Yingfang Micro, Wanrun Technology, and Shannon Chip Innovation followed suit with price increases [1] Group 2: Market Trends - The storage chip market is currently undergoing a new round of price increases, with multiple leading firms announcing higher prices for certain products [1]

证券代码：300475 证券简称：香农芯创 公告编号：2025-049 香农芯创科技股份有限公司 关于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。 一、接受关联方提供担保暨关联交易审议情况概述 （二）本次接受关联方提供担保事项的进展情况 近日，公司收到无锡欣旸、无锡欣珩、无锡欣联及无锡欣融向彭红女士出具 的《承诺担保函终止通知书》（以下简称"《终止通知书》"），同意提前终止 彭红女士依据《承诺担保函一》承担相应债务的连带责任担保义务。 2025 年 4 月 3 日，公司召开第五届董事会第十次会议、第五届监事会第九 次会议，审议通过《关于接受关联方提供增信措施暨关联交易的议案》，同意接 受黄泽伟先生、彭红女士及其关联方为公司合并报表范围内主体提供不超过人民 币 230 亿元(或等值外币)的增信措施，增信措施包括但不限于担保、反担保等措 施。公司及子公司无需向黄泽伟先生、彭红女士及其关联方支付本次增信费用， 也无需提供反担保。保荐机构发表了核查意见。详见公司于 2025 年 4 月 8 日在 《证券时报》、《证券日报》《中 ...

Group 1 - The controlling shareholders of the company have decided to terminate the agreement for the transfer of shares to Liu Qingke, which was initially set to transfer 22,878,374 shares, representing 5.00% of the company's total share capital, at a price of 27.32 yuan per share, totaling approximately 625 million yuan [2][4] - The termination agreement was reached amicably, and all parties agreed to return the payment made for the share transfer, with no disputes or outstanding debts between them [4][6] - The termination of the share transfer will not result in any change in the company's control, governance structure, or normal operations, and it does not harm the interests of the company or its shareholders [6][8] Group 2 - The termination agreement is effective upon signing by all parties involved [5] - The termination of the share transfer does not violate any relevant laws or regulations, including the Company Law and Securities Law [8]