Market Overview - On January 12, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index up by 0.75%, the Shenzhen Component Index up by 1.31%, and the ChiNext Index up by 1.17% [1] - The market's half-day trading volume exceeded 2.3 trillion yuan, an increase of over 478.1 billion yuan compared to the previous day [1] - More than 3,800 stocks in the market rose, with 139 stocks hitting the daily limit [1] Index Performance - Shanghai Composite Index: 4,151.14, up 30.71 points (0.75%), trading volume of 915.3 billion yuan [2] - Shenzhen Component Index: 14,305.10, up 184.95 points (1.31%), trading volume of 1,391.6 billion yuan [2] - ChiNext Index: 3,366.71, up 38.90 points (1.17%), trading volume of 703 billion yuan [2] - The overall A-share market index (Wande All A) rose by 1.34% with a trading volume of 23,324 billion yuan [2] Sector Performance - AI applications, commercial aerospace, photovoltaic, and retail sectors saw significant gains, while oil and gas, as well as coal sectors, experienced declines [2] Notable Stocks - Tianpu Co., Ltd. (605255) faced a one-day limit down due to an investigation by the China Securities Regulatory Commission [3] - Lithium carbonate futures hit a new high of 156,100 yuan per ton, leading to significant gains in lithium mining stocks [3] - Gold prices surged, with spot gold exceeding $4,600, resulting in a collective rise in A-share gold stocks [3] Commercial Aerospace - The commercial aerospace sector showed renewed activity, with several stocks hitting consecutive limits [4] - China Satellite (600118) reached a historical high, with a market capitalization of 137.9 billion yuan [4] - Recent satellite applications submitted by China included an additional 203,000 satellites, indicating growth in the sector [4] Photovoltaic Sector - The photovoltaic sector was active, particularly in perovskite battery and space photovoltaic technologies, with several companies showing significant price increases [5] - Companies like Dongfang Risen (300118) and Jiejia Weichuang (300724) led the gains in this sector [5] AI Applications - AI applications saw a broad increase, with notable gains in GEO and AI medical sectors, leading to multiple stocks hitting their daily limits [7] - A significant research breakthrough from Tsinghua University in AI-driven drug screening was reported, contributing to the sector's momentum [7] Storage Market - The storage sector is experiencing a price surge, with expectations of a further increase of 40-50% in Q1 2026 [8][9] - The current market is described as entering a "super bull market," surpassing historical highs due to increased demand from AI and server capacity [8]

Core Viewpoint - The price increase in storage has a positive impact on the company, as existing inventory will be revalued with the market price rise, directly enhancing asset returns [1]. Group 1 - The company has indicated that the current inventory, acquired before the price increase, will benefit from the market price rise [1]. - The revaluation of assets due to the price increase is expected to directly improve the company's asset returns [1].

Group 1 - The Hong Kong stock market experienced a volatile rise, with the National Index of Hong Kong Stock Connect Technology increasing by 0.76%, marking three consecutive days of gains [1] - Notable stocks leading the gains include SenseTime, which rose nearly 6%, along with Li Auto, JD Health, Tongcheng Travel, and Xpeng Motors [1] - The Tianhong Hong Kong Stock Technology ETF (159128) recorded a trading volume of nearly 430 million yuan, with a significant net inflow of approximately 650 million yuan over the past 20 days, achieving a net flow rate of 61.77% [1] Group 2 - Zhongtai Securities anticipates a strong spring market, suggesting that the upcoming trends will likely focus on high-prosperity industries amid a marginally improving macroeconomic environment [2] - Guotai Junan highlights the robust and certain growth of China's emerging technology and capital goods in the context of AI and industrialization trends in emerging markets [2] - The report emphasizes the ongoing global breakthroughs in chip technology and rising storage prices, alongside a domestic shortage of computing power infrastructure, which is expected to accelerate domestic production [2]

Group 1 - The semiconductor equipment ETF (159516) rose by 5.96% on January 5 [1] - CXKJ plans to raise 29.5 billion yuan, totaling 34.5 billion yuan with self-funds, for technology upgrades in storage wafer manufacturing and DRAM memory projects [3] - DRAM and NAND Flash spot prices have increased by over 300% since September, with fourth-quarter contract prices up 75% year-on-year, indicating a strong demand driven by AI [3] Group 2 - The domestic semiconductor equipment sector is expected to enter a strong expansion cycle in 2026, with industry-wide order growth potentially exceeding 30% [3] - The market is anticipated to experience a spring rally, supported by storage price increase expectations and expansion forecasts, making the semiconductor equipment ETF (159516) a high-value investment opportunity [4]

Group 1 - The A-share market experienced a strong performance with the Shanghai Composite Index rising by 1.38% to close at 4023.42 points, while the Shenzhen Component Index increased by 2.24% to 13828.63 points, indicating a bullish trend supported by policy measures and the "opening red" effect at the beginning of the year [1] - The total trading volume in the two markets reached 2.56 trillion yuan, with over 4100 stocks rising, particularly in the media and pharmaceutical sectors [1] - The Hong Kong stock market showed strong performance during the A-share market's break, with the Hang Seng Technology Index experiencing a rebound of over 4%, suggesting a favorable long-term outlook for the technology sector despite potential short-term volatility [1] Group 2 - The gaming sector showed active performance, with significant capital inflow indicating strong confidence in the sector's "opening red" trend for 2026, shifting from mere valuation recovery to performance-driven growth [2] - The Gaming ETF (516010) is highlighted as a quality tool for investors to capitalize on the gaming industry's recovery, with a focus on medium to long-term investment strategies [2] - The Semiconductor Equipment ETF (159516) rose by 5.96%, driven by surging AI demand and significant price increases in storage-related products, suggesting that storage capacity constraints may become a key investment theme through 2026 [2] Group 3 - The Gold Fund ETF (518800) and Gold Stock ETF (517400) saw increases of 2.09% and 2.41% respectively, supported by rising geopolitical risks and active trading in precious metals [3] - Short-term gold prices may experience high-level fluctuations due to profit-taking risks after recent highs, while the long-term outlook remains supported by factors such as the Federal Reserve's potential interest rate cuts and increasing global uncertainty [3] - Investors are encouraged to monitor investment opportunities in gold ETFs amidst these market dynamics [3]

Group 1: Product Innovations - The company's new product, mSSD, integrates multiple components into a single package, offering significant cost advantages over traditional SSDs [3] - mSSD provides TB-level capacities and meets high-performance standards for PCIe interfaces, making it suitable for diverse storage applications [3] - The innovative design of mSSD includes a tool-free expansion feature, enhancing compatibility and user experience [3] Group 2: Market Opportunities - The market for UFS4.1 products is expanding, especially as major competitors like Micron exit the consumer storage market [3][4] - The company is one of the few capable of developing UFS4.1 products at the chip level, with its offerings recognized by major Tier 1 clients [3] - The demand for NAND Flash is expected to surge due to AI applications and a shift from HDD to SSD among cloud service providers [4] Group 3: Pricing Trends - Predictions indicate that prices for Mobile eMMC/UFS may rise by 25%-30% in Q1 2026, with LPDDR4X/5X expected to increase by 30%-35% [4] - The price of PC DDR5/LPDDR5X is also projected to rise by 30%-35%, while cSSD prices may increase by 25%-30% [4] Group 4: Future Developments - The company plans to design high-performance controller chips for UFS, eMMC, SD cards, and PCIe SSDs, enhancing its product competitiveness [4] - The company will adopt a Fabless model for its chip architecture and firmware development [4]

Group 1: Market Trends and Demand - The continuous rise in storage prices is driven by sustained demand for high-performance TLC eSSD and QLC eSSD from cloud service providers, influenced by AI technology applications and HDD supply shortages [3] - Major manufacturers are maintaining a cautious capacity expansion strategy, which may limit the incremental contribution to output growth in 2026 due to the lag in capacity construction cycles [3] Group 2: Inventory Management - The company's inventory strategy is based on demand forecasting, market trends, storage wafer prices, and customer orders, allowing for timely procurement [3] - Long-term supply agreements (LTA) and memorandums of understanding (MOU) with storage wafer manufacturers ensure stable supply [3] Group 3: Product Innovations - The new mSSD product features a wafer-level system-in-package (SiP) design, integrating multiple components into a single package, which reduces costs and simplifies manufacturing processes [3] - mSSD offers TB-level capacities and is designed for compactness and high performance, meeting PCIe interface standards [3] - The innovative mSSD includes a tool-free expansion card for enhanced compatibility with diverse storage applications [3] Group 4: Future Profitability and R&D Directions - The company is expected to enhance its profitability through breakthroughs in high-end storage, overseas business, and self-developed controllers [3][4] - Future R&D will focus on chip architecture design and firmware development for UFS, eMMC, SD cards, and PCIe SSDs, adopting a fabless model to improve product competitiveness [4] Group 5: Disclosure Compliance - The investor relations activity did not involve any undisclosed significant information [4]

Core Viewpoint -兆易创新 is expected to benefit from rising storage prices and is advancing its edge AI layout, with a positive outlook for the DRAM market over the next two years [1] Pricing - The niche DRAM market is anticipated to remain in a relatively tight supply environment for about two years, with prices expected to maintain a favorable level next year [1] Product Development - 兆易创新 is actively promoting new DRAM product layouts, with LPDDR4 expected to launch in the first half of 2026 and achieve mass production in the second half of 2026 [1] - The company is also planning the development of small-capacity LPDDR5 products and expects to release samples of DDR4 products based on new production lines in the second half of 2026 [1] Capacity and Supply Chain - 兆易创新 is negotiating with core suppliers to secure support in terms of capacity and pricing, positioning itself to fully benefit from the storage price increase cycle [1] AI Market Position - The company is advancing its layout in the edge AI sector, with customized storage solutions progressing smoothly, and NOR Flash is benefiting from the demand in edge AI [1] Valuation - Based on a comparable company average PE valuation of 65 times for 2026, a target price of 257.40 yuan is set, maintaining a "buy" rating [1]

人民财讯12月26日电，中信建投研报称，多家消费电子厂商近期陆续启动产品涨价或配置调整。根据中 国闪存市场报道，多家线上销售渠道信息显示，小米多款在售平板电脑价格出现上调，涨幅在100—200 元不等。PC市场亦开始跟进。整体来看，各大厂商陆续上调价格或下调产品配置，表明存储器价格大 幅上涨所带来的成本压力已实质性向终端传导，消费电子销量阶段性承压难以避免，行业资源与定价能 力或进一步向具备规模与供应链优势的头部品牌集中。 转自：证券时报 ...

Group 1: Market Demand and Supply Dynamics - The demand for high-performance TLC eSSD and QLC eSSD is driven by the continuous application of AI technology in cloud services, coupled with a shortage of HDD supply, leading to a surge in NAND Flash demand [3] - Major manufacturers are maintaining a cautious capacity expansion strategy, which may limit the incremental contribution to output in 2026 due to the lag in capacity construction [3] Group 2: Supply Chain and Inventory Management - The company has established long-term direct cooperation with major global storage wafer manufacturers, ensuring a competitive advantage in the supply chain [3] - Long-term supply agreements (LTA) and memorandums of understanding (MOU) are in place to ensure a stable supply of storage wafers [3] Group 3: Profitability and Business Model - The production cycle from wafer procurement to memory sales means that rising wafer prices will positively impact the company's gross margin [3] - The company has made significant breakthroughs in high-end storage, overseas business, and self-developed main control chips, which will drive profitability growth [3] Group 4: TCM Model and Future Prospects - The TCM model, which integrates the entire supply chain from chip development to packaging, is gaining recognition from major Tier 1 customers [3] - The TCM model's customer acceptance is expected to increase during periods of rising storage prices, with ongoing acceleration in its implementation [4]