Core Viewpoint - Jiangbolong (301308) has established long-term direct cooperation with major global storage wafer manufacturers, providing a competitive advantage in the supply chain of storage wafers [1] Group 1: Supply Chain Strategy - The company has a diversified supply chain, which enhances its resilience and stability in sourcing [1] - Long-term supply agreements (LTA) and memorandums of understanding (MOU) have been signed to ensure a continuous and stable supply of storage wafers [1]

Core Insights - The first batch of floating fee rate funds has shown significant performance differentiation, highlighting the varying capabilities of fund managers in terms of positioning, sector allocation, and market judgment [1][9] Performance Overview - As of December 16, 2025, out of 26 funds, 19 achieved positive returns while 7 reported negative returns. The top performer, Huashang Zhiyuan Return A, delivered a remarkable return of 58.90%, followed by Xin'ao Advantage Industry A at 36.86% and E Fund Growth Progress A at 34.98% [2][10] - Other notable performers include Jiashi Growth Win A and Invesco Great Wall Growth, both exceeding 23% returns. Conversely, funds like Guangfa Value Steady A and Yinhua Growth Smart A reported negative returns of -8.32% and -3.35%, respectively [2][10] - The overall distribution of fund returns is characterized by a "middle large, both ends small" pattern, with most funds yielding between -0.1% and 7% [2][10] Fund Size and Performance Relationship - Notably, high-performing funds are not exclusively large. Huashang Zhiyuan Return A, with a size of 2.838 billion yuan, is the largest, while Jiashi Growth Win A, with a size of 406 million yuan, achieved a return of 32.88%, demonstrating the agility of smaller funds in volatile markets [2][10] Investment Strategies - Top-performing funds tend to focus on high-growth sectors. For instance, Huashang Zhiyuan Return A has concentrated holdings in AI computing-related stocks, with significant contributions from stocks like Zhongji Xuchuang and Shijia Photon, which saw increases of 45.39% and 40.17% over the past three months [3][11] - Xin'ao Advantage Industry A has a high concentration in semiconductor storage, with key stocks like Demingli and Jiangbolong rising by 55.43% and 119.02%, respectively. However, this strategy also led to volatility, as some holdings experienced declines of 13% to 21% [5][13] - E Fund Growth Progress A adopts a more balanced approach, diversifying across sectors such as optical communication and consumer electronics, successfully capturing gains from leading stocks [6][15] Underperforming Funds - Underperforming funds often remain focused on traditional industries or deviate from market trends. Guangfa Value Steady A has a significant allocation to liquor stocks, which have generally declined over 10% in the past three months, contrasting sharply with the strong performance of technology sectors [7][16] - Yinhua Growth Smart A is heavily invested in the real estate sector and certain pharmaceutical stocks, with some holdings experiencing declines as steep as 44.58%, indicating a lack of timely adjustments to market shifts [8][17] Conclusion - The short-term performance of the first batch of floating fee rate funds reflects a collision of different investment strategies and market styles in 2025. Funds aligned with the technology growth narrative performed strongly, while those focused on traditional value or balanced strategies lagged behind [9][17]

Core Viewpoint - The company, Jiangbolong (301308.SZ), has established a robust supply chain strategy to mitigate risks associated with reduced supply from original manufacturers, ensuring stable production operations and market demand fulfillment [1] Group 1: Supply Chain Strategy - Jiangbolong has diversified its supply chain and formed long-term direct cooperation with major global storage wafer manufacturers, surpassing conventional procurement relationships [1] - The company has signed Long-Term Supply Agreements (LTA) and Memorandums of Understanding (MOU) to effectively secure a continuous and stable supply of storage wafers [1]

转自：智通财经 【江波龙：据市场预测 2026一季度LPDDR4X/5X涨幅或达30%~35%】智通财经12月16日电，江波龙 (301308.SZ)发布投资者关系活动记录表，结合第三方机构信息来看，受过往周期影响，主要原厂维持 审慎的产能扩张策略，若后续资本开支回升，受制于产能建设周期的滞后性，对2026年位元产出的增量 贡献也将较为有限。根据CFM闪存市场的预测，2026一季度，Mobile eMMC/UFS涨幅将达25%~30%， LPDDR4X/5X涨幅或达30%~35%；PC端DDR5/LPDDR5X涨幅将达30%~35%，cSSD上涨25%~30%。 ...

Group 1: Market Conditions and Pricing - The supply of storage wafers is expected to remain tight, with limited incremental contribution to output in 2026 due to the cautious capacity expansion strategy of major manufacturers [2] - According to CFM's forecast, the price increase for Mobile eMMC/UFS in Q1 2026 is projected to be between 25% and 30%, while LPDDR4X/5X is expected to rise by 30% to 35% [2] - PC DDR5/LPDDR5X prices are anticipated to increase by 30% to 35%, and cSSD prices are expected to rise by 25% to 30% [2] Group 2: Supply Chain and Procurement - The company has established long-term direct cooperation with major global storage wafer manufacturers, ensuring a diversified supply chain and a competitive advantage in wafer supply [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Product Development and Competitive Advantage - The self-developed main control chip plays a critical role in managing data between storage particles and CPUs, significantly impacting overall performance [3] - The company has deployed over 100 million self-developed main control chips by the end of Q3, with UFS4.1 products gaining recognition from major storage manufacturers and Tier 1 clients [3] - The enterprise storage products have been integrated into the supply chains of leading internet companies, covering various sectors including telecommunications and server manufacturers [3] Group 4: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [3]

Investment Rating - The report rates the electronic/consumer electronics industry as "Outperform" [1] Core Insights - The iPhone's entry into the foldable screen market is expected to reshape its high-end market positioning, with a projected release in 2026 [10][6] - The report highlights the competitive pressure faced by iPhone in China from domestic brands like Huawei and Xiaomi, particularly in the foldable screen segment [2][6] - The foldable screen market is anticipated to grow significantly, with global shipments expected to rise from 15.3 million units in 2023 to 31.4 million units by 2027, reflecting a compound annual growth rate (CAGR) of 43.7% [19][20] Summary by Sections 1. iPhone Market Dynamics - iPhone's market share in China has declined from 19.9% in Q1 2023 to 15.0% in Q2 2025, facing competition from local brands [2][6] - The high-end market is identified as a critical area for iPhone to regain market share, with Pro models gaining popularity [6][10] 2. Foldable Screen Development - Foldable screens are seen as a key innovation in the smartphone sector, balancing large screen experiences with portability [11][10] - The report outlines the cost increments associated with foldable screens, particularly in display modules, mechanical components, and memory, with increases of approximately 194%, 177%, and 38.6% respectively [2][27] 3. Market Projections for Foldable iPhone - The report estimates that if Apple launches a foldable iPhone in 2026, potential sales could reach 14 million units under optimistic scenarios [42][38] - The analysis indicates that higher-priced brands tend to have a greater proportion of foldable screen sales, suggesting iPhone's potential to exceed a 6.44% sales share in this segment [42][38] 4. Key Components in Foldable Phones - The main components driving foldable phone innovation include flexible display modules, hinges, and memory [31][35] - The report identifies key suppliers for these components, including major players in the flexible OLED panel market and memory sectors [31][35] 5. Market Trends for UTG and Hinges - The global market for ultra-thin glass (UTG) is projected to grow significantly, with shipments expected to reach 24.6 million units in 2024, reflecting a 36.9% year-on-year increase [48][51] - The hinge market for foldable screens is also expected to expand, with a projected market size of $3.2 billion in 2024, growing to $15.4 billion by 2032 [57][60]

近10日内数字经济（399262）指数成份股做了调整，新纳入了1只股票，剔除了1只股票。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，数字经济（399262）指数成份股当日主力资金净流出合计55.88亿元，游资资金净流入 合计14.66亿元，散户资金净流入合计41.22亿元。成份股资金流向详情见下表： 证券之星消息，12月15日，数字经济（399262）指数报收于2769.57点，跌1.67%，成交1168.7亿元，换 手率1.9%。当日该指数成份股中，上涨的有7家，深南电路以4.94%的涨幅领涨，下跌的有43家，江波 龙以8.12%的跌幅领跌。 数字经济（399262）指数十大成份股详情如下： ...

Group 1 - The AI mobile concept sector declined by 2.55%, ranking among the top declines in concept sectors, with companies like Jiangbolong, Furong Technology, and Baiwei Storage experiencing significant drops [1][2] - Among the AI mobile concept stocks, six companies saw price increases, with Tianyin Holdings, Jinghua New Materials, and Changxin Technology rising by 2.04%, 0.91%, and 0.51% respectively [1][2] - The AI mobile concept sector experienced a net outflow of 4.274 billion yuan, with 31 stocks seeing net outflows, and eight stocks having outflows exceeding 100 million yuan [2][3] Group 2 - The top net outflow stock was Changying Precision, with a net outflow of 1.421 billion yuan, followed by ZTE, Shenghong Technology, and Lingyi Technology with net outflows of 600.2 million yuan, 598.4 million yuan, and 373.9 million yuan respectively [2][3] - The stocks with the highest net inflows included Transsion Holdings, Plitec, and Changxin Technology, with net inflows of 26.23 million yuan, 22.70 million yuan, and 17.77 million yuan respectively [2][3] - The AI mobile concept sector's outflow list included stocks like Changying Precision (-4.96%), ZTE (-2.41%), and Shenghong Technology (-4.76%), indicating significant selling pressure [2][3]

Market Overview - Major Asia-Pacific stock indices closed mostly lower, with the Nikkei 225 and KOSPI indices both dropping over 1%, while A-shares and the Hang Seng Index also declined [1][2] - The A-share market experienced fluctuations, with the Shanghai Composite Index falling by 21.42 points (0.55%) to 3867.92, and the Shenzhen Component Index down by 146.24 points (1.10%) to 25635.80 [2] Sector Performance - The consumer sector saw a notable increase, particularly in retail and food & beverage stocks, with the liquor concept stocks performing well. For instance, Kweichow Moutai rose slightly after a strong opening [3] - The insurance sector surged over 4%, with China Ping An leading the gains, increasing nearly 5% to 67.08 yuan per share, marking a four-year high. Analysts expect significant growth in new business value (NBV) and new single premium due to upcoming maturity of fixed deposits [3] - The commercial aerospace sector strengthened, with multiple stocks, including Hualing Cable and Zhongchao Holdings, achieving three consecutive trading days of gains [3][4] Commodity Market - Precious metals experienced strong gains, with gold rising over 1% to reach $4343 per ounce, and silver increasing by over 2% [6][7] - Platinum prices surged over 100% year-to-date, with analysts predicting further increases in 2024, potentially reaching between $2170 and $2300 by 2026 [6][8]

Core Viewpoint - The semiconductor sector experienced a significant downturn, with several companies facing notable declines in stock prices, particularly in computing and storage chip segments [1] Group 1: Company Performance - Chip companies such as Chipone Technology saw their stock prices drop by over 10% [1] - Other companies including Huahong Semiconductor, Jiangbo Technology, Aojie Technology, Chengdu Huami, and Lexin Technology also reported declines exceeding 5% [1]