Summary of Key Points Core Viewpoint - In January 2026, A-share listed companies in China executed 15 private placements, raising a total of approximately 119.4 billion yuan, which represents a year-on-year increase of 48% [2][6]. Group 1: Fundraising Activities - The actual fundraising amount in January 2026 was about 1194.03 billion yuan, showing a year-on-year increase of 48% and a month-on-month increase of 242% [2][6]. - Among the companies, Hongqiao Holdings raised the most, with a total of 635.18 billion yuan from issuing 11.895 billion shares at a price of 5.34 yuan per share [6][9]. - Electric Power Investment raised 402.85 billion yuan by issuing approximately 11.99 billion shares at a price of 3.36 yuan per share [6][9]. Group 2: Planned Fundraising - In January 2026, 48 private placement plans were disclosed by A-share listed companies, with a total planned fundraising amount of approximately 43.92 billion yuan, which is a year-on-year decrease of 51% but a month-on-month increase of 20% [10][12]. - The largest planned fundraising was by *ST Songfa, aiming to raise up to 7 billion yuan for various projects related to shipbuilding [12][13]. - Tongfu Microelectronics planned to raise up to 4.4 billion yuan for enhancing production capacity in semiconductor packaging [12][13]. Group 3: Industry Distribution - The materials and industrial sectors each had 5 private placements, with the materials sector raising a total of approximately 673.85 billion yuan, the highest among all sectors [9][10]. - The industrial sector led in the number of planned placements with 16, followed by the information technology sector with 13, and the consumer discretionary sector with 7 [18].

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 -21% -9% 3% 15% 27% 39% 51% 63% 75% 87% 通富微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 52.06 | | --- | --- | | 总股本/流通股本（亿股）15.18 | / 15.17 | | 总市值/流通市值（亿元）790 | / 790 | | 52 周内最高/最低价 | 56.34 / 22.78 | | 资产负债率(%) | 60.1% | | 市盈率 | 115.69 | | 第一大股东 | 南通华达微电子集团股 | | 份有限公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 通富微电(002156) 拟定增加码先进封装 l 投资要点 中高端产 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 -21% -9% 3% 15% 27% 39% 51% 63% 75% 87% 通富微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 52.06 | | --- | --- | | 总股本/流通股本（亿股）15.18 | / 15.17 | | 总市值/流通市值（亿元）790 | / 790 | | 52 周内最高/最低价 | 56.34 / 22.78 | | 资产负债率(%) | 60.1% | | 市盈率 | 115.69 | | 第一大股东 | 南通华达微电子集团股 | | 份有限公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 通富微电(002156) 拟定增加码先进封装 l 投资要点 中高端产 ...

Group 1 - The Integrated Circuit ETF (159546) opened down 3.02% at 2.084 yuan [1] - Major holdings in the ETF experienced declines, including Cambrian (down 0.79%), SMIC (down 1.28%), and others with significant drops such as Zhaoyi Innovation (down 4.47%) and Tongfu Microelectronics (down 2.88%) [1] - The ETF's performance benchmark is the CSI All-Share Integrated Circuit Index, managed by Guotai Fund Management Company, with a return of 115.09% since its inception on October 11, 2023, and a return of 15.33% over the past month [1]

东方证券发布研报称，海外存储巨头SK海力士与闪迪(SNDK.US)业绩强劲，且下季指引乐观，印证存 储行业供不应求。AI推理需求正成为存储增长核心动力，将持续拉动数据中心对DRAM和NAND的需 求。同时，NOR Flash等利基存储因产能被主流产品挤压，供给大幅收缩，预计紧缺与涨价态势将延 续，国内相关厂商有望受益。 东方证券主要观点如下： 事件 SK海力士、三星、闪迪等海外头部存储厂商近日先后发布最新一季财报。 海外存储巨头业绩强劲 SK海力士25Q4营收32.8万亿韩元，环比增长34%；营业利润19.2万亿韩元，环比增长68%；营业利润率 达58%，均创下季度新高。闪迪2026Q2财季营业收入30.25亿美元，同比增长61%，环比增长31%；毛利 率达51%。闪迪预计2026Q3财季营收为44-48亿美元，按中值计算环比增长52%，毛利率预计达 65%-67%。该行认为，SK海力士、闪迪业绩强劲，下季度指引乐观，充分体现存储供不应求情况有望 持续。 AI需求有望被持续挖掘，带动存储供不应求持续 部分投资者担忧消费电子需求可能承压，影响存储需求。但该行认为，AI算力等相关需求在存储需求 中逐步占据主导地位 ...

2026年2月2日早盘，截至10:11，中证500质量成长指数下跌1.29%。成分股方面涨跌互现，网宿科技领 涨，杰瑞股份、宏发股份跟涨；白银有色领跌，西部矿业、湖南黄金跟跌。500质量成长ETF(560500)下 修调整。（文中所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的 投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化，投资需谨慎） 消息方面，中国1月RatingDog制造业PMI 50.3，前值 50.1。韩国1月制造业PMI 51.2，前值 50.1。日本1 月制造业PMI终值 51.5，初值 51.5。这些数据表明中日韩三国制造业均处于扩张区间，出口导向型及制 造业相关企业有望受益于区域经济活力提升。 2026年以来，A股稳步走强。有业内人士表示，企业盈利增长有望成为2026年A股市场的主导因素。无 论是美国的标普500指数还是中国的沪深300指数，其长期回报的主要贡献来源均是企业盈利的增长，而 非单纯的估值扩张。然而，过去A股市场的盈利增长尚未充分反映经济规模的增长。A股市场将进入关 键的成长阶段。 中国出口结构正在向高附加值升级，这将有助于企业 ...

Group 1 - The China Securities 500 Growth ETF (562340) opened down 1.00% at 1.388 yuan [1] - Major stocks in the ETF include Giant Network up 1.55%, Western Mining down 10.00%, Tianshan Aluminum down 7.27%, and Xiamen Tungsten down 4.99% [1] - The ETF's performance benchmark is the return of the CSI 500 Quality Growth Index multiplied by 100% [1] Group 2 - The fund is managed by Yinhua Fund Management Co., Ltd., with Zhang Yichi as the fund manager [1] - Since its establishment on April 25, 2024, the fund has returned 40.67%, with a return of 9.44% over the past month [1]

Core Viewpoint - Jiangbolong (301308), a leading domestic storage company, is expected to achieve significant growth in its 2025 performance, with a projected net profit increase of over 210% year-on-year and a non-recurring profit increase exceeding 700% [1][3]. Financial Performance - For the fiscal year 2025, Jiangbolong anticipates revenue between 22.5 billion to 23 billion yuan, a steady increase from 17.464 billion yuan in 2024 [3]. - The projected net profit attributable to shareholders is expected to reach between 1.25 billion to 1.55 billion yuan, reflecting a year-on-year growth of 150.66% to 210.82% [3]. - The net profit after deducting non-recurring items is forecasted to be between 11.3 billion to 13.5 billion yuan, with a staggering year-on-year increase of 578.51% to 710.60% [3]. - The fourth quarter's non-recurring net profit is estimated to be around 650 million to 870 million yuan, indicating strong growth momentum in the second half of the year [3]. Market Dynamics - In 2025, storage prices are expected to stabilize after hitting a low in the first quarter, with demand from AI server requirements and a shift in production capacity towards enterprise-level products exacerbating supply-demand conflicts [3][7]. - The global storage industry is currently experiencing a rare super cycle characterized by simultaneous increases in volume and price, driven by high demand from AI servers and data centers [7][10]. - The price of DDR4 has surged nearly 30% in less than a month, with a cumulative increase of over 200% in six months, and predictions indicate that NAND Flash prices will rise by 33% to 38% in early 2026 [8][10]. Technological Advancements - Jiangbolong has successfully completed the first tape-out of the UFS 4.1 main control chip, positioning itself among the few companies globally with self-research capabilities for this generation of chips [4]. - The company has established deep collaborations with several wafer manufacturers and leading smart terminal manufacturers, with flagship storage products set for mass shipment [4]. Strategic Initiatives - Jiangbolong plans to raise 3.7 billion yuan to focus on the development of storage product application technologies, NAND Flash main control chip design, and storage chip packaging testing [5]. - The company is exploring a PTM model to enhance industry collaboration through technology customization and localized services, aiming to become a core supplier in the smart wearable storage market [5][11]. Industry Outlook - The high prosperity of the storage industry is expected to continue, with the super cycle potentially extending until 2027 or beyond, driven by ongoing AI infrastructure development [10][11]. - Domestic storage companies are likely to capture market share in traditional and mid-to-high-end segments as international manufacturers shift focus to high-end products [11].

私募开年密集调研 机构2026年进攻方向，或可从其1月调研路径窥得端倪。据私募排排网统计，1月有近660家私募参与A 股调研活动，合计调研频次超1700次。分行业来看，计算机、机械设备、医药生物和电子等板块备受关 注。在一些业内人士看来，尽管2025年科技板块整体涨幅显著，但从产业趋势和企业盈利情况来看，现 在远未行至"泡沫阶段"，尤其是半导体和AI应用值得重点挖掘。 私募排排网最新统计数据显示，2026年1月共有659家私募参与A股公司调研活动，覆盖了28个申万一级 行业中的332只标的，合计调研频次达1719次。 1月16日，丹羿投资创始人朱亮则调研了通富微电。据公开资料，通富微电是集成电路封装测试服务提 供商，开源证券研究报告分析称，算力产业已开启"军备竞赛"，国产算力跨越式发展的背景下，本土AI 算力芯片蓬勃发展，相关产业链迎来发展窗口，通富微电有望深度受益。 AI基建与应用受关注 私募机构认为，在AI产业高速发展的过程中，机会将持续涌现，科技仍将是2026年不可忽视的投资主 线之一。 畅力资产董事长宝晓辉分析称，作为AI产业的基建，半导体设备领域值得关注。具体来看，当前AI行 业的发展逻辑已发生转变 ...

Group 1 - In January 2026, nearly 660 private equity firms participated in A-share company research activities, with a total of over 1700 research instances [1][2] - The computer, machinery, pharmaceutical biology, and electronics sectors were the most focused on by private equity firms, with notable fund managers like Feng Liu from Gao Yi Asset and Zhu Liang from Dan Yi Investment attending technology stock research [1][2] - Despite significant gains in the technology sector in 2025, industry trends and corporate profitability indicate that the sector has not yet reached a "bubble stage," particularly in semiconductors and AI applications [1] Group 2 - A total of 659 private equity firms covered 332 A-share companies across 28 primary industries in January 2026, with 48 companies receiving more than 10 research visits [2] - The computer industry had 30 companies receiving research with a total of 296 instances, while the machinery equipment sector had 44 companies with 228 instances [3][4] - The pharmaceutical biology and electronics sectors also saw significant research activity, each exceeding 190 instances, with the electronics sector having the highest number of companies at 48 [4] Group 3 - Notable private equity fund managers showed interest in technology, with Feng Liu attending a research event for Hikvision, focusing on AI application advancements and robotics [5] - Zhu Liang from Dan Yi Investment researched Tongfu Microelectronics, which is positioned to benefit from the rapid development of domestic AI computing chips [6] - The AI industry is viewed as a key investment theme for 2026, with a shift towards practical applications and a growing demand for general-purpose GPUs and basic semiconductor equipment [7][8]