Group 1 - The semiconductor equipment ETF Huaxia (562590) closed down 0.83% at 1.904 yuan with a trading volume of 64.19 million yuan [1] - Major holdings in the ETF include: Beifang Huachuang down 0.70%, Zhongwei Company down 1.36%, Tuojing Technology down 0.82%, Changchuan Technology down 3.57%, Hu Silicon Industry down 0.62%, Huahai Qingke down 0.84%, Zhongke Feice down 3.71%, Nanda Guangdian up 1.92%, Anji Technology down 0.71%, and Xinyuanwei up 1.13% [1] - The ETF's performance benchmark is the CSI Semiconductor Materials and Equipment Theme Index return, managed by Huaxia Fund Management Co., Ltd., with a return of 92.01% since its establishment on October 9, 2023, and a return of 1.48% over the past month [1]

Summary of the Conference Call on the Storage Industry Industry Overview - The report focuses on the storage industry, specifically DRAM and NAND Flash markets, highlighting significant price increases in January 2026 [1][2]. Key Points and Arguments Price Review for January 1. **DRAM Prices**: - Mainstream DRAM spot prices increased by 16% to 33% month-over-month in January 2026. - Contract prices for DDR5-8Gb and DDR4-8Gb surged by 119% and 63% respectively [1]. 2. **NAND Flash Prices**: - Mainstream NAND Flash spot prices rose by 24% to 34% month-over-month. - Contract prices increased by 37% to 67% [1]. 3. **Module Prices**: - DDR4/5 memory module prices increased by 13% to 50%. - SSD prices rose by 39% to 62%, while mobile storage prices increased by 22% to 43% [1]. Price Outlook 1. **DRAM Forecast**: - It is expected that traditional DRAM contract prices will rise by 90% to 95% in Q1 2026, up from a previous estimate of 50% to 60%. - The supply-demand gap for DRAM continues to widen, with North American CSP manufacturers securing supplies, forcing other customers to accept higher prices. Server DRAM is projected to increase by 88% to 93% in a single quarter [1]. 2. **NAND Flash Forecast**: - Strong demand from AI servers is anticipated to drive overall contract prices up by 55% to 60% in Q1 2026, compared to an earlier forecast of 33% to 38% [2]. 3. **Niche Storage**: - NOR Flash prices are expected to maintain an upward trend in H1 2026, with overall increases exceeding 20% in Q1, and even larger increases for smaller capacity NOR products [2]. Company Insights 1. **SK Hynix**: - The company forecasts a year-over-year growth of over 20% in DRAM demand and 15% to 20% in NAND demand for 2026, driven primarily by AI server and data center needs [3]. 2. **Samsung Electronics**: - Strong demand from AI servers is noted, while smartphone and PC shipments are negatively impacted by storage supply and pricing issues [3]. 3. **SanDisk**: - The company anticipates that data center bit demand will grow by over 60% in 2026 [3]. Investment Recommendations - The report recommends focusing on four key areas: 1. Beneficiaries of storage price increases, with specific recommendations for companies like Zhaoyi Innovation, Puran, and Beijing Junzheng. 2. CPU chain/memory upgrades, recommending AI interconnect chip leader Lanke Technology. 3. Companies benefiting from Changxin's investment in production expansion, including domestic equipment firms like Zhongwei, Huahai Qingke, Kema Technology, and Jingzhida. 4. Logic chip foundries for storage, with recommendations for Huahong Semiconductor and Yandong Micro [3].

Investment Rating - The report maintains a "Neutral" investment rating for the electronic sector, indicating a cautious outlook amidst ongoing market fluctuations [4]. Core Insights - The AI infrastructure construction is still in a phase of large-scale investment, with the four major CSP companies expected to collectively reach capital expenditures of $670 billion in 2026, a 60% year-on-year increase [4][10]. - The global semiconductor industry is projected to achieve record sales of $1 trillion in 2026, driven by emerging technologies such as AI and IoT, with a price increase trend spreading from memory chips to power, analog, and MCU chips [4][12]. - The electronic sector is experiencing a recovery in demand, with storage chip prices rising and domestic production efforts exceeding expectations [4]. Summary by Sections Industry Overview - The electronic sector is witnessing a significant increase in capital expenditures from major CSPs, with Google and Amazon both reporting substantial growth in their cloud and advertising businesses [4][10]. - The semiconductor industry is entering a comprehensive price increase cycle, with sales reaching $791.7 billion in 2025, a 25.6% increase year-on-year, and expected to exceed $1 trillion in 2026 [4][12]. Investment Recommendations - The report suggests focusing on structural opportunities in AI computing, AIOT, semiconductor equipment, key components, and storage price increases [4]. - Specific companies to watch include: - AIOT beneficiaries: Lexin Technology, Hengxuan Technology, and others [5]. - AI innovation-driven sectors: Cambrian, Moore Threads, and others [5]. - Semiconductor equipment and materials: North Huachuang, Zhongwei Company, and others [5]. Market Performance - The electronic sector underperformed the market this week, with the Shenwan Electronic Index dropping 5.23%, while the overall market saw a decline of 1.33% [4][19]. - Sub-sectors such as semiconductors and electronic components experienced significant declines, with semiconductor stocks down 7.97% [21].

证券研究报告 26Q1存储价格全面上涨， 看好存储大周期机会 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师：杨钟 S1060525080001（证券投资咨询） 郭冠君 S1060524050003（证券投资咨询） 邮箱： YANGZHONG035@pingan.com.cn GUOGUANJUN625@pingan.com.cn 2026年2月8日 请务必阅读正文后免责条款 核心摘要 存储周期持续上行，26Q1合约价延续涨价。根据TrendForce数据，由于AI与数据中心需求持续增长，导致全球存储产品 供需进一步失衡，存储原厂议价能力继续加强，预计26Q1整体DRAM合约价（包含HBM）将环比上涨80-85%，而整体 NAND Flash合约价则环比上涨55-60%。由于存储价格持续上涨，驱动行业产值逐年增加，预计2026年整体存储产业产 值将达5516亿美元，2027年有望同比+53%至8427亿美元。 一周行情回顾：本周，半导体行业指数出现下跌，周涨幅为-7.97%，跑输沪深300指数6.64个百分点；2025年年初以来， 半导体行业指数上涨58.59%，跑赢沪深300指数40.58个百 ...

在人工智能驱动下，芯片相关需求持续攀升，全球半导体设备产业市场规模迎来稳步增长期。2025年1-9月，全球半导体设备销售规模已超987亿美元，预 计全年将达1255亿美元，2026年有望进一步增长至1381亿美元。与此同时，国内存储企业开启大幅扩产模式，催生巨量设备订单，为国产半导体设备的发 展按下加速键，推动国产设备在全球市场中占据愈发重要的地位。 国产设备从跟跑迈向并跑 国内半导体设备市场已实现从"跟跑"到"领跑"的跨越式发展，成为全球半导体设备市场的核心增长极。根据SEMI统计数据，2020年中国境内半导体设备 市场以187亿美元的销售额首次登顶全球第一大市场；2024年市场规模进一步攀升至496亿美元，同比增长35%，全球市场份额占比超40%；2025年1-9月， 市场规模约362亿美元，依旧稳坐全球头把交椅。华泰证券研究所预测，尽管受海外设备出口管制影响，国内Fab厂商前期提前备货导致2025年需求有所消 退，但中国境内半导体设备市场规模仍将保持全球首位，预计全年可达494亿美元。 国产设备企业的全球竞争力也同步提升，据外媒报道，2025年全球芯片设备厂商前20强中有3家中国企业，较2022年美国出 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Group 1 - The core index, the CSI Semiconductor Materials and Equipment Theme Index (931743), increased by 0.53% as of February 6, 2026, with notable gains from component stocks such as Jiangfeng Electronics (up 12.43%) and Yuyuan New Materials (up 5.63%) [1] - The Semiconductor Equipment ETF Huaxia (562590) rose by 0.21%, with a latest price of 1.9 yuan, and has seen a cumulative increase of 10.26% over the past month, ranking 2nd among comparable funds [1] - The latest scale of the Semiconductor Equipment ETF Huaxia reached 2.711 billion yuan [1] Group 2 - The CSI Semiconductor Materials and Equipment Theme Index includes 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these sectors [2] - The top ten weighted stocks in the index account for 63.99% of the total, including companies like Zhongwei Company and Beifang Huachuang [2] - The Semiconductor Equipment ETF Huaxia closely tracks the CSI Semiconductor Materials and Equipment Theme Index, with additional connection options available for investors [2]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) has shown a positive performance, with a 0.38% increase as of February 6, 2026, and notable gains in constituent stocks such as Oulain New Materials (up 15.35%) and Naike Equipment (up 5.69%) [1] Group 1: Index Performance - The Sci-Tech Innovation Board Semiconductor ETF (588170) has increased by 0.40%, with the latest price at 1.75 yuan [1] - Over the past month, the Sci-Tech Innovation Board Semiconductor ETF has accumulated a 10.43% increase [1] Group 2: Liquidity and Trading Volume - The ETF experienced a turnover rate of 7.81% during the trading session, with a total transaction volume of 620 million yuan [1] - The average daily trading volume over the past month reached 1.109 billion yuan, ranking first among comparable funds [1] Group 3: Fund Size and Share Growth - The ETF's size has grown by 4.051 billion yuan over the past month, marking significant growth and placing it in the top third among comparable funds [1] - In the last two weeks, the ETF's shares increased by 12.8 million, also ranking in the top third among comparable funds [1] Group 4: Capital Inflow - The latest net capital outflow for the ETF was 30.9824 million yuan, but over the past ten trading days, there were net inflows on six days, totaling 581 million yuan, with an average daily net inflow of 5.80748 million yuan [1] Group 5: Tracking Accuracy - As of February 5, 2026, the ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.007% year-to-date [1] Group 6: Index Composition - The top ten weighted stocks in the Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index account for 73.89% of the index, including companies like Huahai Qingke and Zhongwei Company [2]

2026 年 2 月 6 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业 超配（维持） 半导体行业双周报（2026/01/23-2026/02/05） 行 业 存储芯片公司 25Q4 业绩表现亮眼 半导体行业指数近两周涨跌幅：截至2026年1月22日，申万半导体行业指数 近两周（2026/1/23-2026/2/5）累计下跌7.68%，跑输沪深300指数6.55个 百分点；2026年以来申万半导体行业指数累计上涨9.77%，跑赢沪深300指 数8.90个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态：（1）铠侠：在AI ...

Group 1 - The semiconductor equipment ETF Huaxia (562590) rose by 0.37% to 1.899 yuan with a trading volume of 83.83 million yuan as of the midday close on February 6 [1] - Major holdings in the semiconductor equipment ETF include: - North Huachuang up 1.31% - Zhongwei Company down 0.26% - Tuojing Technology up 1.13% - Changchuan Technology down 0.42% - Hu Silicon Industry up 1.11% - Huahai Qingke up 0.52% - Zhongke Feicai up 1.50% - Nanda Guangdian up 0.72% - Anji Technology up 1.04% - Chip Source Micro up 0.01% [1] - The performance benchmark for the semiconductor equipment ETF is the CSI Semiconductor Materials and Equipment Theme Index return, managed by Huaxia Fund Management Co., Ltd. The fund manager is Dan Kuan Zhi, with a return of 88.71% since its establishment on October 9, 2023, and a return of 10.29% over the past month [1]