SK海力士、三星加速HBF商业化进程，存储材料设备板块或受益于国内存储大厂融资扩产

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board semiconductor materials and equipment theme index (950125) decreased by 0.80% as of January 19, 2026, with mixed performance among constituent stocks [1] - The semiconductor equipment ETF Huaxia (562590) fell by 0.77%, with a latest price of 2.05 yuan and a trading volume of 2.06 billion yuan [1] - The semiconductor materials and equipment sector is seen as a key area for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives, driven by the AI revolution and technological advancements [3] Group 2 - SK Hynix is collaborating with SanDisk to establish the HBF standard, with plans to launch HBF1 samples as early as this year, utilizing 16-layer NAND flash memory stacking [2] - The HBF technology is expected to be applied in products from Nvidia, AMD, and Google by late 2027 or early 2028, with predictions that the HBF market will surpass the HBM market by around 2038 [2] - Huafu Securities anticipates that the performance release in the storage sector will occur in three stages, benefiting from price increases in module manufacturers and subsequent orders for equipment manufacturers [2]