25 January 2026 | 5:54PM HKT Equity Research AMEC (688012.SS): Etching tools shipments ramp up for advanced nodes; 4Q Rev +21% YoY, NI midpoint +31% YoY; Buy AMEC pre-announced 4Q Rev of Rmb4.3bn (+21% YoY), which is 10%/ 3% lower than our estimates and Bloomberg consensus. 4Q GM improved to 39.7% (vs. 2Q25/ 3Q25 at 38.5%/ 37.9%). With the continuous spending on R&D for new product development, 4Q25 net income came in at Rmb869m~Rmb969m (+24%~+38% YoY). In 2025, the company's etching equipment sales were Rm ...

Group 1 - The semiconductor equipment sector is showing strong performance, with the semiconductor equipment ETF (561980) increasing by 1.59% and peaking at 2.51% [1] - Major stocks in the sector, such as Northern Huachuang, Zhongwei Company, and Cambricon Technologies, have also seen gains of 1.63%, 3.30%, and 0.46% respectively [1] - The ETF has experienced continuous net inflows for eight consecutive days, accumulating over 560 million [1] Group 2 - A research team from the Chinese Academy of Sciences has made significant advancements in storage technology for AI chips, with their findings published in the prestigious journal "Science" [3] - This new technology is expected to break existing limits on memory density and energy efficiency, providing foundational hardware support for future AI computing [3] - The concept of "space storage" links this technology to high-reliability applications in extreme environments, opening long-term growth opportunities for semiconductor materials and advanced equipment [3] - Short-term trends indicate an upward trajectory in storage prices, which will positively impact orders and performance for equipment companies [3] - Long-term demand for AI chips will continue to drive semiconductor capital expenditures, with domestic equipment and material companies benefiting from technological advancements and supply chain security [3] - Investors are encouraged to focus on leading companies with deep layouts in storage, advanced packaging, and key materials [3] - The semiconductor equipment ETF (561980) emphasizes domestic substitution in critical areas, with nearly 80% of the top ten holdings and close to 90% in equipment and design sectors [3] - Investors can also consider connecting funds (Class A: 020464; Class C: 020465) for investment opportunities [3]

Group 1 - The semiconductor sector is experiencing significant gains, with the STAR Market chip index rising by 0.02% and key stocks like Chipone Technology and ChipSource seeing increases of 12.01% and 11.24% respectively [1] - ChipSource reported a net loss of 449 million yuan for 2025, a reduction of 25.29%, while new orders reached 5.96 billion yuan, a year-on-year increase of 103.41%, with over 73% of these orders related to AI computing power [1] - The demand for NAND Flash is being significantly driven by the accelerated deployment of AI servers, with TrendForce forecasting a 21% growth in NAND demand for 2026 [1] Group 2 - The supply side of NAND is facing constraints due to cautious capital expenditure from overseas manufacturers and resource allocation issues, leading to an intensified supply-demand imbalance [1] - Contract prices for NAND are expected to increase by 55%-60% in Q1 2026, with an overall annual increase projected at 105%-110% [1] - AI is reshaping the computing stack, with "AI memory" transitioning from a cost item to an asset item, enhancing the value and strategic importance of upstream storage infrastructure [2]

Group 1 - The A-share market experienced a collective decline on January 27, with the Shanghai Composite Index down by 0.32%. The sectors showing gains included metals, banking, and oil, while electric equipment and pharmaceuticals saw the largest declines [1] - In the semiconductor sector, the performance was mixed. The chip ETF (159995.SZ) fell by 1.00%, while some component stocks like Ruixin Micro and Zhongwei Company increased by 2.85% and 2.23%, respectively. However, companies like Jing Sheng Machinery and Sanan Optoelectronics performed poorly, with declines of -3.82% and -3.07% [1] Group 2 - According to TrendForce, the global server shipment volume is expected to grow at an annual rate of 12.8% by 2026, with AI server shipments projected to grow over 28%, up from 24.2% in 2025. This growth is driven by significant investments in AI infrastructure by global CSPs [3] - The storage industry, including DRAM and NAND Flash, is expected to see its market value reach $551.6 billion by 2026, a year-on-year increase of 134%, and continue to grow by 53% to $842.7 billion in 2027. Samsung Electronics is reported to increase NAND flash supply prices by over 100% in Q1 2026, highlighting a severe supply-demand imbalance in the semiconductor market [3] - The packaging and testing segment of the storage chip industry is benefiting from a recovery in downstream demand, with leading manufacturers operating at near full capacity and service prices increasing by approximately 30%. This indicates a positive trend in the storage industry, with growth in both volume and price [3]

本周一市场全天震荡调整，指数分化明显，商业航天、半导体等热门板块回调，有色、油气、光伏、化工板块领涨。热门半导体设备ETF （561980）单日下跌3.48%，但资金逆势流入，连续8个交易日获得净申购超5.6亿元，最新规模36.20亿元，年内份额增长21.3%。 行业分布上，中证半导高度聚焦本轮半导体上行周期核心受益的"卖铲子"环节，"设备"含量近60%；半导体设备+材料+集成电路设计三大行业 占比超90%，均为国产替代的攻坚领域，或有望持续受到市场、国家基金以及自主可控相关政策的关注。 东海证券指出，受益于AI基建加快，目前存储涨价仍在持续。根据TrendForce数据，包括DRAM和NANDFlash在内的存储器产业产值逐年创 高，预估2026年将同比增长134%达到5516亿美元，2027年则将继续同比增长53%达到8427亿美元。 此外，同样受益于AI热潮，服务器CPU需求增长，头部大厂英特尔、AMD的服务器CPU的供应开始出现紧缺和涨价，考虑将2026Q1服务器 CPU均价调涨10-15%。 国内相关A股标的受益于此，预估2025全年业绩实现大幅增长。半导体设备ETF（561980）第一权重股中微公 ...

Core Insights - The article highlights the strong performance of the Sci-Tech Innovation Board Chip Index, which has achieved a cumulative increase of over 161% since its base date, with an annualized return of 17.93%, significantly outperforming similar indices such as the Sci-Tech Innovation Entrepreneur Semiconductor and the National Chip Index [3][12][13]. Performance Metrics - The Sci-Tech Chip Index has a higher annualized Sharpe ratio and lower maximum drawdown compared to its peers, indicating a better risk-reward profile [3][12]. - The maximum drawdown for the Sci-Tech Chip Index is less severe at -56.81%, compared to -60.05% for the Sci-Tech Innovation Entrepreneur Semiconductor Index [4][12]. Industry Composition - The index is heavily weighted towards integrated circuits, which account for 72.77% of its composition, significantly higher than other similar indices [6][14]. - The index includes companies involved in semiconductor materials, equipment, design, manufacturing, packaging, and testing, reflecting the overall performance of the representative chip industry on the Sci-Tech Innovation Board [14][15]. Financial Growth - The index's net profit attributable to shareholders surged by 94.22% year-on-year, leading among similar indices [17]. - The R&D investment in the chip industry on the Sci-Tech Innovation Board exceeded 119.7 billion yuan, with an R&D intensity of 11.22%, far surpassing the overall A-share market level of 2.16% [7][17]. Top Holdings - The top ten weighted stocks in the index include: - Zhongke International (10.36%) - Haiguang Information (10.05%) - Cambricon Technologies (9.45%) - Lattice Semiconductor (7.73%) - Zhongwei Company (6.85%) [14][18].

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - The "hard technology" sector is expected to perform well under the influence of AI, with domestic computing chips, AI-PCB, AIDC supporting facilities, and AI edge SoC chip design/testing showing rapid growth in 2024 and maintaining high growth in Q1-Q3 of 2025 [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in semiconductor manufacturing, equipment, and design, which are areas of low domestic production [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB and AI optical modules, suggesting investment in companies like Shenghong Technology, Huitian Technology, and others [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," are seen as having good value due to recent price corrections, with potential for performance and valuation recovery driven by AIoT and automotive electronics [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, with PCB manufacturers achieving significant breakthroughs in AI server applications [22] - The market for AI chips is expected to grow, with the Chinese market projected to reach approximately 342.46 billion yuan by 2024, reflecting a 10.7% year-on-year growth [44] Semiconductor and PCB Industry - The semiconductor industry is experiencing a shift towards more diverse application scenarios, with automotive electronics and IoT driving growth [18] - The PCB equipment market is expected to reach 29.025 billion yuan in 2024, growing by 11.89% year-on-year, and is projected to reach 34.709 billion yuan by 2026 [27] Consumer Electronics - The CIS market is recovering, driven by demand from smartphones, security, and automotive sectors, with a focus on high-end products [46] - AI is providing new growth potential for consumer electronics, with ODM companies gaining competitive advantages [47]

Core Viewpoint - The semiconductor equipment leader, Zhongwei Company, has achieved a significant turnaround in its operating performance, with multiple key performance indicators expected to break records in 2025, including revenue exceeding 12.385 billion yuan and net profit surpassing 2 billion yuan for the first time [1][4]. Group 1: Revenue and Profit Growth - In 2025, Zhongwei Company anticipates revenue of approximately 12.385 billion yuan, marking a year-on-year increase of about 36.62% [1][3]. - The company's net profit attributable to shareholders is projected to be between 2.08 billion and 2.18 billion yuan, representing a year-on-year increase of approximately 28.74% to 34.93% [3][4]. - The revenue growth is primarily driven by strong sales of core products, particularly etching equipment, which is expected to generate around 9.832 billion yuan, accounting for 79.39% of total revenue [3][4]. Group 2: Factors Driving Growth - The surge in demand for advanced products and the successful mass production of these products are key factors contributing to the revenue growth [2][4]. - Zhongwei Company has also benefited from selling part of its holdings in listed companies, leading to an increase in investment income, with estimated non-recurring gains from equity investments of 611 million yuan in 2025 [4]. - The company has significantly increased its R&D investment, which is expected to exceed 3.736 billion yuan in 2025, accounting for approximately 30% of its revenue [5][6]. Group 3: R&D Investment and Innovation - Zhongwei Company's R&D investment has seen rapid growth, with expenditures increasing from 1.262 billion yuan in 2023 to 2.452 billion yuan in 2024, reflecting a year-on-year growth of 82.09% [5][6]. - The company has developed over ten new types of conductor and dielectric film equipment in the past two years, with several products already entering the market and receiving repeat orders [5][6]. - Zhongwei maintains a leading position in the international GaN-based MOCVD equipment market and is actively developing specialized MOCVD equipment for applications in micro-LED and other display fields [7].

□ Choice数据显示，截至1月26日，中韩半导体ETF、半导体设备ETF广发、半导体设备ETF万家、半导 体设备ETF华夏、半导体设备ETF易方达等今年以来均涨逾20% □ 截至1月23日，国泰半导体设备ETF今年以来获得79亿元资金净流入，科创半导体ETF获得35.12亿元 资金净流入，半导体设备ETF易方达、半导体设备ETF广发均获得20亿元以上资金净流入 ◎记者 王彭 年初以来，AI需求激增带动全球存储涨价，叠加国内政策持续发力，A股半导体板块与美股同步迎来显 著上涨，海内外资金借道ETF积极布局。不过，随着板块积累较大涨幅，波动也随之加剧。 站在当下时点，机构认为，尽管半导体板块短期估值已处高位、存在调整压力，但从中长期维度来看， 由人工智能（AI）引领的全球科技浪潮正推动产业进入新一轮增长周期。在国产化进程加速、行业供 需格局逐步优化的大背景下，具备核心技术与生态壁垒的企业有望持续受益，板块长期成长逻辑依然清 晰。 中美半导体股联袂走强 今年以来，A股半导体板块整体走强，多只相关ETF涨幅显著。Choice数据显示，截至1月26日，中韩半 导体ETF、半导体设备ETF广发、半导体设备ETF万家、 ...

Summary of Conference Call Records Industry Overview - **Industry Focus**: Cloud services and related technology resources in China - **Key Trends**: Expansion of demand and price increases across the cloud technology resource industry chain, driven by major promotions during the Spring Festival and rising costs in upstream materials [2][4] Core Insights - **Cloud Services Demand**: Significant growth in demand for reasoning resources, with expectations of price increases in CPU, IDC, and computing rental segments [1][3] - **CPU Market Dynamics**: Continuous price increases in CPUs due to rising upstream material costs, with high-end CPU demand accelerating, particularly for AGX development. Domestic CPU market share is increasing due to accelerated domestic substitution, with Haiguang Information highlighted as a key player [5][6] - **Domestic Computing Market**: AI development is driving the localization of computing power, with first-tier manufacturers like Huawei and Cambricon securing substantial orders. Second-tier manufacturers also have opportunities, with Haiguang Information and Cambricon noted as leading companies [6] - **Storage Industry Changes**: Increased storage consumption due to AI model training, with server memory costs rising. Storage prices are expected to rise significantly from the second half of 2025, remaining tight until 2027. Longxin and Changcun are highlighted as investment opportunities post-IPO [7][8] - **Norflash Market Growth**: Increased capacity for Norflash products in AI and general servers, benefiting companies like Zhaoyi Innovation and Puran [9] Additional Insights - **ITC Sector Opportunities**: The ITC sector is expected to see a historical high in bidding volumes in 2026, with major companies like Alibaba and Tencent initiating large-scale tenders. Recommended companies include Runze and Aofei, which have strong fundamentals and growth potential [11][12] - **Liquid Cooling Market**: The domestic liquid cooling market is anticipated to grow significantly in 2026, driven by the introduction of domestic super-node products. Yingweike is recommended for its technological and brand advantages [13] - **Semiconductor Equipment Opportunities**: The semiconductor equipment sector is benefiting from rising storage prices and domestic substitution needs, with companies like North Huachuang and Zhongwei recommended for their strong order prospects [14] - **Mechanical Equipment Demand**: Increased demand for mechanical equipment related to ITC construction, with recommendations for companies like KOTAI Power and Yuchai Power [15] - **Power Supply Developments**: The domestic power supply market is evolving with a focus on UPS and HVDC systems, with companies like Huawei and Keda Data holding significant market shares [16][17] - **Data Center Components**: Growth opportunities for data center components, particularly low-voltage circuit breakers, are expected as market demand rises, especially with the shift to 800V DC platforms [18]