Core Viewpoint - The semiconductor storage chip industry is becoming a key battleground in global technology competition, driven by domestic substitution and the explosive demand for AI computing power. The global storage chip market is projected to reach 1,189.7 billion RMB in 2024, with DRAM accounting for 697.9 billion RMB and a 58.7% market share [1]. Group 1: Company Overview - Zhejiang Liji Storage Technology Co., Ltd. focuses on memory chip design and AI computing solutions, having evolved into a leading memory chip design company in China after acquiring Zentel Japan in 2020 [2]. - The company's business model revolves around memory chip design, packaging, and testing, with products including memory chips, memory modules, and KGD wafers [2]. - Memory chips constitute the core business of the company, maintaining a revenue share of 70.2% to 88.2% from 2022 to 2024 [3]. Group 2: Financial Performance - The company experienced revenue of 610 million RMB in 2022, 580 million RMB in 2023, and is projected to reach 646.4 million RMB in 2024, indicating a "first decline then rise" trend [5]. - Cumulative losses over three years amount to nearly 500 million RMB, with annual losses of 139 million RMB, 244 million RMB, and 109 million RMB from 2022 to 2024 [7]. - The gross margin improved from -2.1% in 2022 to 9.3% in 2024, driven by a recovery in memory chip prices and an increase in high-margin module business [7]. Group 3: Market Position and Growth Potential - By 2024, the company ranks fourth among domestic players in the niche DRAM market, with a market share of 11.3% in China and 0.8% globally [3][4]. - The global DRAM market is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2029, while the Chinese market is projected to grow at a CAGR of 7.6% [11]. - The company is enhancing its core competitiveness through continuous technological innovation and optimizing its business structure to expand its market share [14]. Group 4: Future Strategies - The company plans to use funds from its potential IPO to enhance R&D capabilities, improve production and testing capacities, and expand global sales and marketing efforts [14]. - Measures will be taken to improve financial conditions, including better inventory management and optimizing accounts receivable and payable [14].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The launch of Broadcom's TH6 switch chip, with a capacity of 102.4 Tbps, is expected to enhance the global computing infrastructure investment logic, supporting the next generation of AI networks [4][14] - The report emphasizes the importance of the AI computing infrastructure investment wave, highlighting the need for upgrades in communication network equipment and the development of the computing network [6][14] - The report identifies seven key investment directions within the AI computing industry chain, including AIDC data center construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [7][16] Summary by Sections Section 1: Investment Insights - Broadcom's TH6 switch chip is the first in the world to achieve 102.4 Tbps, doubling the current Ethernet switch bandwidth, and is designed to support AI clusters with over 1 million XPUs [4][13] - The TH6 chip features advanced technologies such as flexible connection options, AI-optimized routing, and support for various network topologies, making it suitable for large-scale AI network operations [5][13] Section 2: Market Review - The communication index rose by 4.06% during the week of June 2 to June 6, 2025, ranking first among the TMT sector [24] Section 3: Communication Data Tracking - As of April 2025, the total number of 5G base stations in China reached 4.439 million, with a net increase of 188,000 stations compared to the end of 2024 [25] - The number of 5G mobile phone users reached 1.081 billion, a year-on-year increase of 21.6% [25] - 5G mobile phone shipments in April 2025 were 19.889 million units, accounting for 79.4% of total shipments, with a year-on-year decrease of 1.7% [25] Section 4: Operator Performance - The report highlights strong growth in innovative business development among the three major operators, with significant revenue increases in cloud computing services [39][40] - The ARPU values for the three major operators remained stable, with slight variations noted [39][44]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The launch of Broadcom's TH6 switch chip, with a capacity of 102.4 Tbps, is expected to enhance the global computing infrastructure investment logic, particularly in AI computing networks [4][14] - The report emphasizes the importance of the AI computing infrastructure investment wave, highlighting the need for upgrades in communication network equipment [6][14] - The report identifies seven key investment directions within the AI computing industry, including AIDC data center construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [16] Summary by Sections Section 1: Investment Insights - Broadcom's TH6 switch chip is the first in the world to achieve 102.4 Tbps, doubling the current Ethernet switch bandwidth and supporting next-generation AI networks [4][13] - The TH6 chip features advanced routing capabilities and supports large-scale AI clusters, enhancing system efficiency and functionality [5][13] Section 2: Industry Trends - The report notes that as the TH6 chip is shipped, the investment logic for global computing infrastructure is expected to strengthen, with a focus on the development of the overall computing industry chain [14][15] - The report highlights the potential for accelerated investment in computing networks as trade tariffs ease, boosting confidence in overseas computing investments [6][14] Section 3: Key Investment Directions - AIDC Data Center Construction: Recommended stocks include New Idea Network Group, Yingweike, and Baoxin Software [17] - IT Equipment: Recommended stocks include Unisplendour and ZTE Corporation [18] - Network Devices: Recommended stocks include Unisplendour and ZTE Corporation [19] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [21] - AI Applications: Beneficiary stocks include Guohua Tong and Yiyuan Communication [22] - Satellite Internet: Beneficiary stocks include Haige Communication and Chengchang Technology [23] - 6G: Recommended stocks include ZTE Corporation [23] Section 4: Market Review - The communication index rose by 4.06% during the week, ranking first among the TMT sector [24] Section 5: Communication Data Tracking - As of April 2025, the total number of 5G base stations in China reached 4.439 million, with a net increase of 188,000 stations compared to the end of 2024 [25] - The number of 5G mobile phone users reached 1.081 billion, a year-on-year increase of 21.6% [25]

证券研究报告·公司深度研究·其他电源设备Ⅱ 中恒电气（002364） 掘金 HVDC 百亿蓝海，御风 AI 基建全球化 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,555 | 1,962 | 2,800 | 3,628 | 4,581 | | 同比（%） | (3.33) | 26.13 | 42.71 | 29.58 | 26.25 | | 归母净利润（百万元） | 39.36 | 109.63 | 180.73 | 240.46 | 306.05 | | 同比（%） | 170.51 | 178.52 | 64.85 | 33.05 | 27.28 | | EPS-最新摊薄（元/股） | 0.07 | 0.19 | 0.32 | 0.43 | 0.54 | | P/E（现价&最新摊薄） | 229.94 | 82.56 | 50.08 | 37.64 | 29.57 ...

证券研究报告·公司深度研究·其他电源设备Ⅱ 中恒电气（002364） 掘金 HVDC 百亿蓝海，御风 AI 基建全球化 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,555 | 1,962 | 2,800 | 3,628 | 4,581 | | 同比（%） | (3.33) | 26.13 | 42.71 | 29.58 | 26.25 | | 归母净利润（百万元） | 39.36 | 109.63 | 180.73 | 240.46 | 306.05 | | 同比（%） | 170.51 | 178.52 | 64.85 | 33.05 | 27.28 | | EPS-最新摊薄（元/股） | 0.07 | 0.19 | 0.32 | 0.43 | 0.54 | | P/E（现价&最新摊薄） | 229.94 | 82.56 | 50.08 | 37.64 | 29.57 ...

还有一个板块值得关注，就是虫害防治。苏利股份、长青股份涨停，这和当前农业生产旺季有关。全国农技中心预测，今年病虫害发生面积会增加6.2%， 农药需求自然就上来了。这让我想起2019年的猪肉周期，当时牧原股份就是在行业低谷期被资金盯上的。不过农药板块周期性强，得把握好节奏，别在高峰 期追高。 最后说说市场情绪。虽然今天涨停股有65只，但主力资金净流出265亿，北向资金却在偷偷加仓科技和医药。这说明啥？机构在调仓换股，从题材股转向业 绩确定性高的方向。作为中长线投资者，咱们得学聪明点，别被短期波动影响，重点关注那些能影响长期趋势的变量，比如政策、行业景气度。 好了，以上就是今天的涨停股解读。关注帮主郑重，获取更多中长线投资策略。记住，投资就像钓鱼，耐心比技巧更重要，咱们下次再见！ 先来说说贵金属板块，这可是今天最耀眼的明星。湖南白银、白银有色、盛达资源这些票直接封板，原因很简单——国际银价创了13年新高！帮主我掐指一 算，这背后有三大推手：一是地缘政治紧张，资金都跑去避险了；二是新能源产业对白银的需求激增，光伏电池、电动车都离不开它；三是美元走弱，白银 作为"穷人的黄金"自然水涨船高。不过咱们中长线投资者得注意， ...

A股昨天收盘卡在3384点，刚好顶在前期高点连线、近期上涨趋势线和3400点整数关口三重压力位上。 一、3400点攻坚战：技术面与资金面的双重博弈 从技术形态看，上证指数日线级别已经形成"老鸭头"雏形，昨天的收盘价刚好触碰到鸭嘴位置的压力线。这个位置有多关键？2024年四季度以来，3400点附 近堆积了超过2.5万亿的成交金额，大量套牢盘等着解套。 但好消息是，央行昨天开展了1万亿元的逆回购操作，创下单日投放新高，市场流动性充裕。北向资金也逆势加仓67.73亿元，其中中际旭创等科技龙头被大 举买入，这说明聪明资金对突破3400点是有期待的。 昨夜美股又跌了，但我觉得不用慌。外围市场就像坐过山车，短期颠簸不影响上证大方向——昨晚道琼斯虽然跌了0.25%，但纳指金龙指数却涨了0.54%， 中概股整体稳得住。而且德国DAX指数还创了新高，说明全球资金对权益资产的配置热情仍在。 超短线操作上，有个重要信号必须记住：如果今天突然拉出一根实体阳线，涨幅明显超过近三天最大阳线，尤其是成交量放大到1.5万亿以上， 这时候反而要警惕"加速赶顶"风险。这种情况就像跑步时突然冲刺，容易导致体力透支，历史上2024年12月和2025 ...

【导读】算力股集体拉升，海南自贸区概念午前冲高 中国基金报记者 晨曦 6月6日上午，A股市场窄幅震荡。截至午间收盘，上证指数跌0.06%，深证成指跌0.18%，创业板指跌0.48%，北证50指数跌0.11%。 | 内地股票 它 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3382.11 | 10185.34 | 1433.08 | | -1.98 -0.06% -18.16 -0.18% -1.55 -0.11% | | | | 科创50 | 创业板指 | 万得全A | | 992.32 | 2038.87 | 5155.34 | | -4.09 -0.41% -9.75 -0.48% -3.20 -0.06% | | | | 沪深300 | 中证500 | 中证A500 | | 3873.06 5757.85 | | 4544.39 | | -4.50 -0.12% -12.12 -0.21% -5.15 -0.11% | | | | 中证1000 | 深证100 | 中证红利 | | 6156.56 | ...

Group 1 - The A-share market saw a rapid rise in sectors such as optical modules, memory, and optical communication, with the 5G Communication ETF (515050) increasing by 0.65% and achieving a trading volume exceeding 95 million yuan [1] - In the past five trading days, the 5G Communication ETF (515050) experienced a net inflow of 149 million yuan, indicating strong investor interest [1] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index and focuses on key sectors including 5G, AI computing power, and the Nvidia supply chain, covering leading companies in various sub-industries [1] Group 2 - The recent revenue report from Wistron, a partner of Nvidia, showed May revenue reaching 208.406 billion NTD, a month-on-month increase of 55.87% and a year-on-year increase of 162.1%, highlighting strong demand for AI servers [1] - Cumulative revenue for the first five months reached 688.595 billion NTD, reflecting a year-on-year increase of 76.39%, further emphasizing the growth in AI-related sectors [1] - Changjiang Securities noted that confidence in overseas computing power chains continues to strengthen, driven by significant growth in AI inference demand and rapid expansion of intelligent computing scale, which supports rising data communication demand [1] Group 3 - The Huaxia Entrepreneurial Board Artificial Intelligence ETF (159381) has been performing well, tracking the Entrepreneurial Board Artificial Intelligence Index, with top holdings including leading companies in optical modules and data center industries [2] - The annual management fee for the Huaxia Entrepreneurial Board Artificial Intelligence ETF (159381) is 0.15%, and the custody fee is 0.05%, making it one of the lowest in its category [2]

AI 算力需求：预期差在哪里？20250605 摘要 市场对 AI 算力需求存在分歧，国内预期保守，海外推理需求回升，但受 供给限制。2025 年 3 月海外投片量显著增长，TOKEN 量增加，预示推 理需求上升，但国内市场反应不明显。 AI 算力需求逻辑分化，海外 AI 应用创新高主要围绕收入加速展开，英伟 达、博通等公司股价创新高，而 Intel、高通等公司表现较弱，反映市场 对 AI 算力需求预期逐步修复。 全球大模型厂商分层明显，微软和 Meta 专注于模型应用，OpenAI 和 XAI 专注于推理算力需求，Anthropic 和谷歌致力于推动下一代模型迭 代路径。各公司策略差异影响算力需求。 大规模算力投入对训练大型模型至关重要，但成本高昂且效果不确定。 OpenAI 计划建设 40 万张卡集群，马斯克计划建成 100 万张卡集群， 但即使投入巨资也可能无法成功训练出有效模型。 美股四大云厂商选择跟随策略，因大规模算力投入成本巨大且风险较高， 等待 OpenAI 等公司探索出路径后再进行迭代，以降低风险和成本。 Q&A 国内与海外市场对 AI 算力需求的预期有何不同？ 国内与海外市场对 AI 算力需 ...