Cambricon(SH:688256) Xin Lang Cai Jing·2025-10-27 15:27Group 1: Market Trends - Overseas storage companies, KIOXIA and SanDisk, saw stock prices increase by over 30% [1] - A-shares in sectors such as optical modules, storage, and PCBs experienced a broad rally [2] - Major earnings reports are expected from four major CSPs: Google, Microsoft, META, and Amazon, as well as from Seagate, Western Digital, and Apple [2] Group 2: US-China Trade Relations - Constructive discussions took place during US-China trade talks in Kuala Lumpur, with preliminary consensus reached on several issues [3] - The framework for US-China trade negotiations has been deemed successful, with the imposition of 100% tariffs on China currently shelved [4] Group 3: AI and Technology Developments - Domestic GPU manufacturer, Muxi Co., has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan [5] - Samsung Electronics and SK Hynix are set to increase DRAM and NAND flash supply prices by up to 30% in Q4 [6] - Changxin Memory plans to launch an IPO in Shanghai in Q1 2026, with an estimated valuation of $42 billion [7] Group 4: Investment Recommendations - Shengyi Technology is projected to achieve a net profit of 543-623 million yuan in Q3 2025, significantly exceeding expectations [8] - Cambricon is issuing A-shares at a price of 1,195.02 yuan per share, raising a total of 3.985 billion yuan [8] Group 5: Storage Supercycle - Changxin Memory has officially launched its LPDDR5X series products [8] - Key players in North American computing include: - Leaders: Zhongji Xuchuang, Xinyi Sheng, Industrial Fulian, and Shenghong Technology [8] - Optical: Cambridge Technology, Huilv Ecology, Guangku Technology, and Yidong Electronics [8] - PCB: Huidian Co., Shenzhen South Circuit, Shengyi Technology, and Feili Hua [8] - Liquid cooling: Invec, Sixuan New Materials, Yidong Electronics, Kexin New Source, and Shenglan Co. [8] - Domestic computing companies include: - Cambricon, Haiguang Information, ZTE, Chipone, and Canxin [8] - Storage companies include: - Chips: Zhaoyi Innovation, Beijing Junzheng, and Purun [8] - Modules: Shannon Chip, Demingli, Baiwei Storage, and Jiangbolong [8] - Testing: Huicheng Co., Changdian Technology, and Shenzhen Technology [8] - Semiconductor leaders include: - FAB dual leaders: Huahong Semiconductor A/H and SMIC A/H [9] - Equipment: Zhongwei Company, Northern Huachuang, and Tuojing Technology [9]