Group 1 - The core index of the Sci-Tech Innovation Chip Design fell on January 26, with the Tianhong ETF (589070) tracking this index experiencing a 1.31% decline during intraday trading, with a transaction volume of 104 million yuan [1] - Among the constituent stocks, Chipone Technology, Dongxin Technology, and New Horizon Microelectronics saw increases of over 5%, while companies like CanSemi, Chengdu Huami, Longxin Zhongke, and others dropped by more than 5% [1] - The Tianhong ETF saw a net inflow of over 26 million yuan yesterday, indicating investor interest despite the index decline [1] Group 2 - According to Zhongyin International, the Chinese semiconductor chip industry, although starting late and only one-tenth the size of the U.S. market, is in a critical growth phase, supported by strong policies, explosive downstream market demand, and continuous technological breakthroughs [2] - The industry is expected to replicate the growth trajectory of other advantageous sectors over the next decade, presenting significant market capitalization growth potential, although careful selection of investment targets is necessary due to the evolving competitive landscape [2] - Institutions like Industrial Securities and Dongwu Securities emphasize that the "AI+" top-level design is crucial for achieving technological self-reliance, with Sci-Tech Innovation chips being fundamental resources for the AI industry, driven by domestic production and AI application surges [2]

Investment Rating - The report maintains a "Buy" rating for companies such as Guanghe Technology and Haiguang Information, while Longxin Zhongke and Huahong Technology remain unrated [8][16]. Core Insights - The semiconductor industry is experiencing a surge in demand for server CPUs due to the expansion of AI data centers by major cloud service providers, leading to a supply shortage and a planned price increase of 10-15% by Intel and AMD [4][13]. - A critical hardware vulnerability, "StackWarp," has been identified in AMD's Zen series CPUs, affecting multiple generations. However, Haiguang's C86 processor is not impacted, highlighting the increasing scrutiny on domestic processors' security capabilities [5][14]. Summary by Sections Market Performance - The semiconductor sector has shown strong relative performance, with the electronic sector up 63.2% over the past 12 months compared to the 22.7% increase in the CSI 300 index [2][3]. Key Companies and Earnings Forecast - Guanghe Technology (001389.SZ) has an EPS forecast of 2.67 for 2026 with a PE ratio of 37.33, rated as "Buy" [16]. - Haiguang Information (688041.SH) is projected to have an EPS of 1.58 for 2026, also rated as "Buy" [16]. - Longxin Zhongke (688047.SH) and Huahong Technology (688347.SH) remain unrated, with their earnings forecasts indicating potential for growth [16]. Industry Dynamics - The semiconductor industry is witnessing a significant increase in prices for DRAM and NAND storage chips, driven by heightened demand from AI applications and shifts in production capacity by major players [50][51]. - The report emphasizes the importance of domestic semiconductor manufacturers, particularly in light of the vulnerabilities identified in foreign products, suggesting a growing market for local alternatives [5][14].

Core Viewpoint - The article discusses the recent trends in the CPU market, particularly focusing on price increases driven by demand from AI applications and supply constraints in semiconductor manufacturing [1][2][3]. Industry Information - The demand for CPUs is significantly influenced by the rise of Agentic AI, which requires external CPUs, leading to an increase in performance requirements for CPUs used in servers [2]. - Supply-side constraints include TSMC's limited capacity prioritizing AI chips, and shortages in general semiconductor equipment and materials, which indirectly affect CPU manufacturers' production capabilities [2]. - Recent price increases in server CPUs are attributed to heightened demand from AI applications, although the specific reasons for sudden shortages in certain models remain unclear [3]. CPU Classification - CPUs can be categorized based on instruction sets, with x86 and ARM being the most recognized. The x86 architecture dominates the desktop and server markets, while ARM leads in mobile devices [5][6]. - The x86 architecture is characterized by its complex instruction set and strong compatibility, making it suitable for servers and workstations, while ARM focuses on low power consumption and is prevalent in mobile devices [6][7]. Market Landscape - In the global market, Intel and AMD dominate the server and desktop CPU sectors, with x86 architecture expected to hold a 70.35% market share by 2025. AMD's market share is projected to rise to 36.1% in the server CPU market, while Intel's share will decrease to 55.2% [8][9]. - The domestic CPU market mirrors this trend, with Intel and AMD holding approximately 80% of the market share, while domestic manufacturers like Huawei and Loongson are making significant progress [9]. Domestic CPU Market - In the domestic market, Huawei's Kunpeng and Haiguang lead the first tier with market shares of 26.15% and 20.24%, respectively. Loongson and Feiteng have also secured notable positions in the government and enterprise sectors [13].

Core Viewpoint - The collaboration between Anke Technology and Loongson Technology is non-exclusive and focuses on leveraging each other's strengths to advance in the industrial control sector [1] Group 1: Collaboration Details - Anke Technology and Loongson Technology are working together, with Loongson providing domestic CPUs/platforms and ecological support, while Anke focuses on system architecture, engineering design, industry adaptation, reliability verification, and project delivery for industrial control products [1] - The partnership emphasizes technical adaptation and product implementation, aiming to promote domestic autonomous controllability and the replacement of foreign technology in industry applications [1]

Investment Rating - The report maintains a "Buy" rating for companies such as Guanghe Technology and Haiguang Information, while Longxin Zhongke and Huahong Technology remain unrated [8][16]. Core Insights - The semiconductor industry is experiencing a surge in demand for server CPUs due to the expansion of AI data centers by major cloud service providers, leading to a supply shortage and a planned price increase of 10-15% by Intel and AMD [4][13]. - A critical hardware vulnerability, "StackWarp," has been identified in AMD's Zen architecture, affecting multiple generations of products. However, Haiguang's C86 processor is not impacted, highlighting the security advancements in domestic processors [5][14]. Summary by Sections Market Performance - The semiconductor sector has shown strong performance, with the electronic sector up 63.2% over the past 12 months, significantly outperforming the CSI 300 index [2][3]. Key Company Announcements - Companies to watch include Guanghe Technology, Haiguang Information, Longxin Zhongke, and Huahong Technology, with specific earnings per share (EPS) and price-to-earnings (PE) ratios provided for the rated companies [15][16]. Industry Dynamics - The semiconductor industry is witnessing a shift in demand dynamics, with traditional DRAM and NAND prices rising due to increased AI storage needs and production shifts by major players [50][51].

Investment Rating - The report maintains a "Buy" rating for Jiangsu Changjiang Electronics Technology Co., Ltd. (长电科技), Haiguang Information Technology Co., Ltd. (海光信息), and Guanghe Technology Co., Ltd. (广合科技) [7][14] Core Insights - Jiangsu Changjiang Electronics Technology Co., Ltd. has made significant progress in the CPO product technology field, successfully delivering samples of its XDFOI process silicon photonic engine, which optimizes energy efficiency and bandwidth performance [12][13] - Intel showcased its EMIB glass substrate technology at the NEPCON Japan electronics exhibition, demonstrating the capability of glass substrates to support complex multi-chip configurations, offering advantages over traditional organic substrates [13] - The report highlights the increasing demand for PCBs driven by emerging technologies such as 5G, AI, and automotive electronics, with China becoming the largest PCB production base globally [28][29] Summary by Sections Company Performance and Forecast - Jiangsu Changjiang Electronics Technology Co., Ltd. is projected to have an EPS of 1.23 in 2026 with a PE ratio of 39.73 [7][14] - Haiguang Information Technology Co., Ltd. is expected to achieve an EPS of 1.58 in 2026 with a PE ratio of 174.68 [7][14] - Guanghe Technology Co., Ltd. is forecasted to have an EPS of 2.67 in 2026 with a PE ratio of 37.33 [7][14] Industry Dynamics - The electronic industry saw a 1.39% increase in the week of January 19-23, ranking 22nd among the primary industries [15][24] - The AI computing-related sub-sector experienced a significant increase, with the integrated circuit packaging and testing sector rising by 7.25% [18][20] - The PCB industry is expected to recover from a downturn, with revenue growth projected to stabilize in 2025 after a challenging period in 2023 [29][30] Market Trends - The report notes a trend of increasing orders in the data processing sector, with AI-related orders constituting over 73% of new contracts for companies like Chip Origin Technology [42][43] - The automotive industry faces challenges due to rising memory prices, which could significantly impact manufacturing costs and supply availability [46][47]

[Table_Reportdate] 2026年01月26日 1 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.台积电CapEX超预期，2025 年智能手机出货实现韧性增长 ——电子行业周报2026/1/12- 2025/1/18 1. 台积电CapEX超预期，2025年智 能手机出货实现韧性增长——电子 行业周报（20260112-20260118） 2. 英伟达Rubin平台正式发布，台 积电2025全年营收创新高——电子 行业周报（20260105-20260111） 3. 英伟达获Groq推理技术授权，中 芯国际对部分产能实施涨价——电 子行业周报（20251222- 20251228） [Table_NewTitle] 2026年全球AI服务器出货同比有望增超 28%，AI相关芯片涨价持续 ——电子行业周报2 ...

| 交易日期 | 证券简称 | 证券代码 | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-26 | 龙芯中科 | 688047 | 176.02 | 6160.7 | રૂટ | 机构专用 | Harres | る | | 2026-01-26 | 龙芯中科 | 688047 | 163.58 | 6544.84 | 40.01 | 机构专用 | 空副主要高清省 | Ka | | 2026-01-26 | 龙芯中科 | 688047 | 163.58 | 2944.44 | 18 | 机构专用 | 最大学面高级语 | 習 | | 2026-01-26 | 龙芯中科 | 688047 | 163.58 | 1701.23 | 10.4 | 机构专用 | 2 = 2 | KI | | 2026-01-26 | 龙芯中科 | 688047 | 163.58 | 817.9 | 5 | 机构专用 | 11 2 2 | Ka | ...

[Table_Reportdate] 2026年01月26日 1 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.台积电CapEX超预期，2025 年智能手机出货实现韧性增长 ——电子行业周报2026/1/12- 2025/1/18 1. 台积电CapEX超预期，2025年智 能手机出货实现韧性增长——电子 行业周报（20260112-20260118） 2. 英伟达Rubin平台正式发布，台 积电2025全年营收创新高——电子 行业周报（20260105-20260111） 3. 英伟达获Groq推理技术授权，中 芯国际对部分产能实施涨价——电 子行业周报（20251222- 20251228） [Table_NewTitle] 2026年全球AI服务器出货同比有望增超 28%，AI相关芯片涨价持续 ➢ 电子板块观点： ...

Group 1 - The company Longxin Technology (龙芯中科) expects to achieve an operating revenue of approximately 635 million yuan in 2025, representing a year-on-year growth of about 26% [1] - The projected net profit attributable to the parent company for 2025 is expected to be around -449 million yuan, which indicates a reduction in losses by approximately 176 million yuan compared to the previous year, a year-on-year decrease in losses of about 28% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be around -503 million yuan, which is a reduction in losses of approximately 162 million yuan compared to the previous year, reflecting a year-on-year decrease in losses of about 24% [1] Group 2 - Longxin Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 24, 2022, with an issuance of 41 million shares at a price of 60.06 yuan per share [2] - The total amount raised from the initial public offering (IPO) was approximately 2.462 billion yuan, with a net amount of about 2.419 billion yuan, which is 1.091 billion yuan less than originally planned [2] - The company intended to raise approximately 3.512 billion yuan for advanced process chip research and industrialization projects, high-performance general-purpose graphics processing unit chip and system research projects, and to supplement working capital [2]