市场表现 -50 0 50 100 150 200 250 300 (%) 协创数据 沪深300 资料来源：Wind，华鑫证券研究 2026 年 02 月 05 日 公司业绩表现亮眼，AI 算力硬件与 AI 算力服务 业务双轮驱动 买入(首次) 事件 分析师：何鹏程 S1050525070002 hepc@cfsc.com.cn 联系人：石俊烨 S1050125060011 shijy@cfsc.com.cn | 基本数据 | 2026-02-04 | | --- | --- | | 当前股价（元） | 205.85 | | 总市值（亿元） | 712 | | 总股本（百万股） | 346 | | 流通股本（百万股） | 345 | | 52 周价格范围（元） | 71.28-231.68 | | 日均成交额（百万元） | 1719.5 | 相关研究 —协创数据（300857.SZ）公司事件点评报告 协创数据发布业绩公告：预计 2025 年实现归母净利润 10.5 亿 元至 12.5 亿元，同比增长 51.78%至 80.69%%；实现扣非净利 润 10.1 亿元至 12.1 亿元，同比增长 50.45%至 ...

格隆汇2月4日丨协创数据(300857.SZ)在互动平台表示，公司存储相关产品主要面向市场对外销售，也 是公司核心业务板块之一。目前公司的存储业务已覆盖从存储芯片封测到存储模组成品的全链条产业， 并聚焦于NANDFlash和DRAM这两大主流产品与技术。 ...

格隆汇2月4日丨协创数据(300857.SZ)在互动平台表示，公司存储相关产品主要面向市场对外销售，也 是公司核心业务板块之一。目前公司的存储业务已覆盖从存储芯片封测到存储模组成品的全链条产业， 并聚焦于NANDFlash和DRAM这两大主流产品与技术。 ...

证券代码：300857 证券简称：协创数据 公告编号：2026-011 协创数据技术股份有限公司 关于公司购买资产的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、交易概述 三、风险提示 截至目前，公司已按照经营计划有序推进相关资产的采购进度。 在本次采购计划全部完成前，公司及其合并报表范围内子公司将在审 议额度内签署购买资产相关协议，具体交易金额以最终签署的协议为 准，敬请投资者注意投资风险。 特此公告。 协创数据技术股份有限公司 董事会 2026 年 2 月 4 日 协创数据技术股份有限公司（以下简称"公司"）分别于 2025 年 12 月 15 日召开了第四届董事会第九次会议、于 2026 年 1 月 5 日召 开了 2026 年第一次临时股东会，审议通过了《关于公司购买资产的 议案》，经与会董事审议并经股东会决议通过，同意公司向多家供应 商采购服务器，采购合同总金额预计不超过人民币 90 亿元。具体情 况详见公司 2025 年 12 月 17 日于巨潮资讯网（www.cninfo.com.cn） 披露的《关于公司购买资产的公告》（公告编号 ...

Group 1 - The perception that HDDs are a seasonal and cyclical industry is outdated, with a current focus on supplying large-capacity HDDs to AI hyperscale cloud service providers, whose purchasing behavior is no longer influenced by seasonality or economic cycles [1] - By 2026, HDD production capacity has been fully booked, with contracts extending to 2027 and 2028, and discussions ongoing about potential extensions to 2028, 2029, and even inquiries for 2030 [1] - HDDs are the lowest-cost storage medium, and the AI boom has led to supply shortages, as AI servers consume significantly more storage than conventional servers, resulting in a surge in demand for nearline HDDs [1] Group 2 - The core advantages of HDDs include low unit storage costs, total cost of ownership (TCO), and physical storage performance, with a current price difference of 4-6 times compared to SSDs, making them a cost-effective choice for cloud computing vendors [2] - Future HDD applications will focus on large-scale data lakes and cold data archiving, with a projected market growth rate of approximately 15% over the next three years [2] - The HDD industry supply chain includes upstream components such as disks, heads, and controllers, with HDD manufacturing in the midstream and applications primarily in AI data lakes and cold data archiving in the downstream [2]

Group 1 - Northern Huachuang is a leading domestic semiconductor equipment manufacturer, covering core process equipment such as etching machines, thin film deposition equipment, and cleaning machines, which are essential for memory chip manufacturing [1] - The company is expected to benefit from the growth in equipment orders driven by the expansion and technological upgrades of domestic memory manufacturers during the memory chip price increase cycle [1] - Northern Huachuang has made breakthroughs in advanced process equipment for 3D NAND and HBM, establishing a core competitive advantage in the global memory equipment market [1] Group 2 - Hua Hong Semiconductor is a leading domestic specialty process manufacturer with mature memory chip foundry capabilities, focusing on NOR Flash, eMMC, and SPI NAND [2] - The company is expected to benefit from the rising demand for memory chip foundry services as domestic memory manufacturers expand production [2] - Hua Hong's layout in automotive-grade memory chip foundry will further enhance its resilience against economic cycles [2] Group 3 - Zhongwei Company is a core supplier of etching equipment, with its 5nm etching machine already integrated into the supply chain of memory manufacturers [3] - The demand for high-end equipment is expected to grow due to the trend of upgrading memory chips to advanced processes like 3D NAND and HBM [3] - Zhongwei's layout in thin film deposition equipment enhances its service capabilities for memory manufacturers [3] Group 4 - Lanke Technology is a global leader in memory interface chips, with its products widely used in servers and PCs, holding a leading share in the DDR5 interface chip market [4] - The demand for DDR5 interface chips is expected to surge due to the explosion in AI server and high-end PC demand during the memory chip price increase cycle [4] - Lanke's breakthroughs in HBM interface chips will further open up growth opportunities [4] Group 5 - GigaDevice is a leading domestic memory chip design company, focusing on NOR Flash while also expanding into NAND Flash and DRAM [5] - The company is expected to benefit from the price increase of NOR Flash products driven by the recovery of consumer electronics and AI terminal demand [5] - GigaDevice's layout in automotive-grade memory chips will further expand its downstream application space [5] Group 6 - Shengyi Technology is a leading domestic copper-clad laminate manufacturer, with its products being core raw materials for memory chip packaging [6][7] - The growth in demand for copper-clad laminates is expected to be driven by the expansion of memory manufacturers and the increase in packaging needs during the memory chip price increase cycle [6][7] - Shengyi's breakthroughs in high-frequency and high-speed copper-clad laminates will adapt to the upgrade demands of memory chips [6][7] Group 7 - Shenzhen South Circuit is a leading domestic PCB manufacturer, with its high-end PCB products being core carriers for storage servers and modules [8] - The demand for high-end PCBs is expected to grow due to the explosion in AI server demand and the expansion of memory manufacturers during the memory chip price increase cycle [8] - Shenzhen South Circuit's layout in storage packaging substrates further enhances its position in the memory industry chain [8] Group 8 - Jiangbolong is a leading domestic storage module manufacturer, focusing on the development and manufacturing of storage modules for various applications [9] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [9] - Jiangbolong's layout in automotive-grade storage modules will further open up downstream application spaces [9] Group 9 - Xi'an Yicai is a core enterprise in semiconductor materials, focusing on silicon-based materials essential for memory chip manufacturing [10] - The demand for silicon-based materials is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [10] - Xi'an Yicai's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [10] Group 10 - Tuojing Technology is a leading domestic thin film deposition equipment manufacturer, with its PECVD and ALD equipment being core process equipment for memory chip manufacturing [11] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of 3D NAND technology during the memory chip price increase cycle [11] - Tuojing's layout in HBM-related equipment will further adapt to the upgrade demands driven by AI [11] Group 11 - Maiwei Co. is a core domestic semiconductor equipment enterprise, with its equipment already integrated into the supply chain of leading domestic memory manufacturers [12] - The growth in equipment orders is expected to be driven by the expansion of memory manufacturers and the increase in advanced packaging demand during the memory chip price increase cycle [12] - Maiwei's breakthroughs in HBM packaging equipment will adapt to the upgrade demands driven by AI [12] Group 12 - Shengmei Shanghai is a leading domestic semiconductor cleaning equipment manufacturer, with its single-wafer cleaning equipment integrated into the supply chain of leading memory manufacturers [13] - The demand for cleaning equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [13] - Shengmei's breakthroughs in 3D NAND cleaning technology will adapt to the technical iteration needs of memory chips [13] Group 13 - Changdian Technology is a leading domestic packaging and testing enterprise, covering the packaging and testing of various memory chip types [14] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [14] - Changdian's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [14] Group 14 - Changchuan Technology is a leading domestic semiconductor testing equipment manufacturer, with its testing equipment covering memory and logic chips [15] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [15] - Changchuan's breakthroughs in DDR5 and HBM testing technologies will adapt to the upgrade demands driven by AI [15] Group 15 - Baiwei Storage is a leading domestic storage chip design and module manufacturer, focusing on various storage modules for different applications [16] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [16] - Baiwei's layout in automotive-grade storage will further open up downstream application spaces [16] Group 16 - China Resources Microelectronics is a leading domestic power semiconductor and storage chip manufacturer, focusing on NOR Flash and eMMC [17] - The company is expected to benefit from the recovery in consumer electronics and industrial control demand during the memory chip price increase cycle [17] - China Resources' layout in automotive-grade storage chips will enhance its resilience against economic cycles [17] Group 17 - Tongfu Microelectronics is a core domestic packaging enterprise, covering the packaging of various memory chip types [18] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [18] - Tongfu's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [18] Group 18 - Yitang Co. is a core domestic semiconductor equipment enterprise, focusing on thin film deposition and rapid thermal processing equipment [19] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [19] - Yitang's breakthroughs in 3D NAND-related equipment will adapt to the technical iteration needs of memory chips [19] Group 19 - Jingsheng Mechanical and Electrical is a leading domestic semiconductor silicon wafer equipment manufacturer, with its equipment integrated into the supply chain of leading memory manufacturers [20] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the increase in silicon wafer demand during the memory chip price increase cycle [20] - Jingsheng's breakthroughs in 300mm large silicon wafer equipment will adapt to the advanced process needs of domestic storage [20] Group 20 - Xichuang Data is a leading domestic storage module and smart terminal manufacturer, focusing on various storage modules for different applications [21] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [21] - Xichuang's layout in automotive-grade storage will further open up downstream application spaces [21] Group 21 - Shannon Chip is a leading domestic storage chip distribution and solution provider, focusing on distribution and technical services for storage chips [22] - The growth in distribution revenue is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [22] - Shannon's layout in storage module solutions will enhance customer stickiness [22] Group 22 - Hushi Silicon Industry is a leading domestic semiconductor silicon wafer manufacturer, covering various specifications essential for memory chip manufacturing [23] - The demand for silicon wafers is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [23] - Hushi's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [23] Group 23 - Unisoc is a leading domestic security chip and storage chip manufacturer, focusing on eMMC and UFS [24] - The company is expected to benefit from the recovery in consumer electronics and the growth in security storage demand during the memory chip price increase cycle [24] - Unisoc's layout in automotive-grade storage chips will enhance its resilience against economic cycles [24] Group 24 - Fudan Microelectronics is a leading domestic FPGA and storage chip manufacturer, covering various storage chip types [25] - The growth in demand for storage products is expected to be driven by the increase in industrial control demand and the acceleration of domestic substitution during the memory chip price increase cycle [25] - Fudan's layout in automotive-grade storage chips will further open up downstream application spaces [25] Group 25 - Zhongke Feicai is a leading domestic semiconductor testing equipment manufacturer, covering testing equipment for memory and logic chips [26] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [26] - Zhongke's breakthroughs in 3D NAND testing technology will adapt to the technical iteration needs of memory chips [26] Group 26 - Huahai Qingke is a leading domestic chemical mechanical polishing (CMP) equipment manufacturer, with its CMP equipment integrated into the supply chain of leading memory manufacturers [27] - The demand for CMP equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [27] - Huahai's breakthroughs in 3D NAND polishing technology will adapt to the technical iteration needs of memory chips [27]

Market Overview - The consumer electronics sector experienced a decline of 2.51% on February 2, with Tonglian Precision leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Litong Electronics (603629) with a closing price of 41.14, up 10.00% and a trading volume of 600,600 shares, totaling 2.397 billion yuan [1] - Wanxiang Technology (301180) closed at 18.81, up 7.00% with a trading volume of 153,800 shares, totaling 293 million yuan [1] - Kosen Technology (603626) closed at 20.95, up 3.25% with a trading volume of 381,700 shares, totaling 803 million yuan [1] - Conversely, significant decliners included: - Tonglian Precision (688210) closed at 54.08, down 11.34% with a trading volume of 98,400 shares, totaling 560 million yuan [2] - Deep Technology (000021) closed at 29.24, down 10.00% with a trading volume of 1,411,500 shares, totaling 424.2 million yuan [2] - Xiechuang Data (300857) closed at 210.00, down 7.88% with a trading volume of 144,200 shares, totaling 3.121 billion yuan [2] Capital Flow - The consumer electronics sector saw a net outflow of 3.755 billion yuan from major funds, while retail investors contributed a net inflow of 2.224 billion yuan [2] - Notable capital flows for specific stocks included: - Luxshare Precision (002475) had a net inflow of 5.16 billion yuan from major funds, but a net outflow of 1.40 billion yuan from retail investors [3] - Litong Electronics (603629) experienced a net inflow of 1.17 billion yuan from major funds, with a net outflow of 94.837 million yuan from retail investors [3] - Kosen Technology (603626) had a net inflow of 87.3392 million yuan from major funds, but a net outflow of 88.2512 million yuan from retail investors [3]

证券日报网讯 1月30日，协创数据发布公告称，控股股东协创智慧科技有限公司解除质押1800000股。 （文章来源：证券日报） ...

Core Viewpoint - The CPO optical module sector and AI-related stocks have shown strong performance, with significant gains in several key companies, indicating a bullish trend in the market driven by robust fundamentals and increasing demand for AI infrastructure [1][4][7]. Group 1: Company Performance - Zhishang Technology reached a 20% limit up, while Taicheng Light and Tianfu Communication saw increases of nearly 13% and 11% respectively, with Tianfu Communication hitting a historical high [1][7]. - Other notable performers included Lian De Technology, Xin Yi Sheng, Guang Ku Technology, Zhong Ji Xu Chuang, and Chang Xin Bo Chuang, all of which rose over 5% [1][4]. Group 2: Market Trends - The A-share market has seen 21 CPO optical module concept stocks disclose 2025 earnings forecasts, with 17 expecting year-on-year net profit growth, indicating strong fundamentals [4][10]. - The AI industry is experiencing a surge in applications and model upgrades, which is expected to stimulate demand for AI computing infrastructure [4][10]. - The global Ethernet optical module market is projected to grow at a rate of 35% year-on-year by 2026, driven by strong demand from AI infrastructure, particularly in data centers [4][10]. Group 3: ETF Insights - The ChiNext AI ETF (159363) has gained 2.76%, reaching a new closing high, with a trading volume of 916 million yuan, marking a ten-week winning streak [2][8]. - The ETF is strategically positioned with approximately 60% of its portfolio in computing (leading optical module and IDC companies) and 40% in AI applications, reflecting a balanced approach to capitalize on both sectors [5][10].

协创数据公告，控股股东协创智慧本次解除质押1,800,000股，占其持股2.56%，占公司总股本0.52%， 质押起始日2025年3月24日，解除日2026年1月29日，质权人为招商证券股份有限公司。截至公告披露 日，协创智慧持股70,277,829股，持股比例20.30%，其中已质押29,550,000股，占其持股42.05%，占公 司总股本8.54%。 ...