Core Viewpoint - The chemical industry is expected to end its downward cycle in 2026, presenting structural investment opportunities driven by anti-involution policies, accelerated domestic substitution, and gradually recovering downstream demand [4][19]. Group 1: Traditional Chemical Industry Opportunities - The core opportunity in the traditional chemical sector arises from improved supply-demand dynamics due to anti-involution policies, leading to a rational price recovery after years of capacity expansion [5][19]. - The domestic production capacity of organic silicon has peaked, with leading companies reducing output to stabilize prices, resulting in inventory levels dropping to a three-year low and prices showing signs of recovery [5][10]. - PTA production capacity expansion is nearing completion, with a significant reduction in inventory levels, indicating a potential recovery in the polyester chain's profitability [7][19]. Group 2: New Materials and Domestic Substitution - The domestic substitution of new chemical materials is accelerating, driven by government support and technological breakthroughs, becoming a core growth engine for the industry [11][12]. - The market for bio-based materials is expanding, supported by policies promoting green and low-carbon transitions, with domestic companies advancing in technology and production [12]. - The lubricating oil additive sector has seen a decrease in imports to 203,000 tons in 2023, while exports rose to 208,000 tons, indicating a shift towards becoming a net exporter [12]. Group 3: Downstream Demand Recovery - Gradual recovery in downstream demand is providing solid support for the chemical industry, with the real estate market expected to rebound, boosting demand for construction materials and coatings [19]. - The automotive sector is experiencing stable growth, with a 10.99% year-on-year increase in production in October 2025, further driving the demand for chemical materials [19]. - Policies aimed at stabilizing growth, including those targeting real estate and consumer spending, are expected to enhance downstream demand, while stricter energy and carbon emission regulations are leading to increased industry concentration [19][20]. Group 4: Investment Recommendations - Investment in the chemical industry in 2026 should focus on three core areas: capturing cyclical recovery opportunities from anti-involution, investing in high-growth sectors like bio-based materials and electronic chemicals, and identifying leading companies with cost and scale advantages [21][22]. - The industry is at a critical juncture of cyclical reversal and structural upgrade, with both cyclical and growth opportunities present [22].

Core Manufacturing Segment: The Foundation of Domestic Substitution - The manufacturing segment is the heavy asset core of the storage industry, responsible for key processes such as chip lithography and etching, and is a critical breakthrough area for domestic substitution [3] - Domestic companies have achieved large-scale production in the two main storage fields of 3D NAND and DRAM, forming a "fourth pole" in the global market [3] Key Companies in Core Manufacturing - **Yangtze Memory Technologies Co., Ltd. (YMTC)**: The only domestic IDM company focused on integrated design and manufacturing of 3D NAND flash, with a global NAND market share expected to reach 13% by 2025 [4] - **Changxin Memory Technologies (CXMT)**: The largest and most advanced DRAM manufacturer in China, with a focus on 19nm process technology and significant revenue growth in Q3 [5] - **Fujian Jinhua Integrated Circuit Co., Ltd.**: Focuses on niche DRAM markets, providing cost advantages in mid-to-low-end applications [6] - **Newport Semiconductor**: A leading manufacturer of specialty process storage chips, focusing on NOR Flash and special storage for critical fields [7] - **SMIC**: A leading global integrated circuit foundry, providing core support for storage chip foundry services [8] - **Huahong Semiconductor**: A core enterprise for specialty process storage chip foundry, with leading yield control levels [10] Chip Design Segment: The Core Engine of Technological Innovation - The design segment is the technological core of the industry chain, responsible for storage chip architecture design, circuit layout, and functional definition [12] - Domestic companies have achieved technological breakthroughs in NOR Flash, niche DRAM markets, and storage control chips, with some products reaching international mainstream levels [12] Key Companies in Chip Design - **Lanke Technology**: A leading global memory interface chip design company, with a total market value expected to reach 138.58 billion yuan by 2025 [13] - **GigaDevice Semiconductor**: A leader in NOR Flash and niche DRAM design, with a total market value of 151.58 billion yuan by 2025 [14] - **Unisoc**: A top-tier provider of storage technology products and services, with significant economic benefits from its fourth-generation SeDRAM technology [15] - **Dongxin Technology**: A rare Fabless company providing NAND, NOR, and DRAM design solutions [16] - **Daqin Technology**: A leader in automotive-grade storage and SRAM/DRAM design, benefiting from the explosion of smart automotive storage demand [17] Module Integration Segment: The Key Bridge Connecting Chips and Terminals - The module segment integrates chips with main control and interface components to form products like SSDs, UFS, and eMMC, which are core to meeting terminal demands [26] - Benefiting from the growth of AI smartphones, AI PCs, and AI servers, this segment is crucial for the storage industry [26] Key Companies in Module Integration - **Jiangbolong**: A leading third-party storage module company with significant revenue growth and a total market value of 111.87 billion yuan [27] - **Baiwei Storage**: Focused on embedded storage and PCIe SSD modules, with leading market share in embedded storage products [28] - **Demingli**: An integrated company providing domestic storage main control chips and module solutions [29] - **Langke Technology**: A well-known consumer storage module company with a stable market share [30] - **Jintai Technology**: A company developing both consumer and industrial-grade storage modules [31] Supporting Services and Specialty Fields: Important Support for the Industry Ecosystem - Supporting service companies provide full-chain support for the storage industry, including storage system solutions, testing equipment, and security storage [42] - Specialty field companies focus on niche scenarios, forming differentiated competitive advantages [42] Key Companies in Supporting Services - **Tongyou Technology**: A leading provider of enterprise-level storage system solutions, focusing on data center and cloud computing [43] - **Hangyu Micro**: A provider of storage and computing solutions for aerospace, with products suitable for space scenarios [44] - **Hualan Micro**: A provider of security storage and storage interface chip solutions, making significant progress in domestic security storage interface chip substitution [45] - **Hongshan Technology**: A provider of enterprise-level storage systems and data management solutions [46] - **Zeshi Technology**: A provider of storage chip and module testing equipment, supporting domestic storage enterprises [47] 2025 Storage Industry Development Summary - By 2025, China's storage industry has built a complete ecosystem covering "manufacturing-design-module-support services," with core companies achieving breakthroughs in technology and market share [58] - Leading companies like Yangtze Memory and Changxin Memory are pushing domestic storage to occupy an important position in the global market [58] - The "super cycle" of the storage industry will continue to evolve, with domestic companies accelerating breakthroughs in high-end fields such as HBM, 3D stacking, and secure storage [59]

科技股依旧活跃！ 今日，A股半导体芯片股再度异动，寒武纪、东微半导、芯原股份、伟测科技、源杰科技、迈为股份等 纷纷拉升。其中，迈为股份一度触及20%涨停。 有分析人士指出，国家创业投资引导基金正式启动的消息，对半导体芯片股构成"利好"。该基金预计将 撬动万亿规模资金，对集成电路、人工智能等领域的早期项目和企业加大投资力度。 此外，韩国两大芯片巨头股价持续大涨，也对A股芯片股带来提振。今日盘中，在韩国股票市场上，SK 海力士一度大涨超6%。三星电子一度涨超2%，再创历史新高。上周五，三星电子、SK海力士分别上涨 5.31%、1.87%。 半导体芯片股拉升 爱建证券认为，第三代半导体材料、算力芯片、射频通信芯片与高宽带存储是半导体产业未来的核心发 展方向。国产半导体产业链在国家政策和国际局势的双重推动下正在从下游的制造封测向上游的核心设 备、材料和软件持续突破。看好国产半导体产业链长期发展，特别是"卡脖子"环节的核心技术突破。建 议关注国产半导体产业链在第三代半导体材料、算力芯片、射频通信芯片与高宽带存储等领域的投资机 会。 华创证券指出，目前AI投入产出已实现闭环，有望进一步致使海外大厂加码AI相关投资。近年来 ...

Core Viewpoint - TianShuZhiXin has passed the Hong Kong Stock Exchange hearing and disclosed its prospectus, marking a significant step in its development and reflecting the robust growth of domestic GPU chip capabilities in the global market [1][17]. Company Overview - TianShuZhiXin, headquartered in Shanghai, is a leading provider of general-purpose GPU chips and AI computing solutions in China. Its main products include general-purpose GPU chips, accelerator cards, and customized AI computing solutions [4]. - The company is the first in China to achieve mass production of inference and training general-purpose GPU chips and the first to utilize 7nm advanced technology for chip production in the domestic GPU sector [4]. Product Focus - The company focuses on AI computing needs, which have evolved into two main areas: training and inference. Training requires intensive computing power, while inference emphasizes efficient model deployment and execution [6]. - TianShuZhiXin offers two main product lines: TianGai for training and ZhiKai for inference, addressing the complementary computing needs of these areas [6][8]. Product Development - The TianGai series is designed specifically for AI model training, with the first generation launched in September 2021. The second generation is set for mass production in Q4 2023, and the third generation is expected in Q3 2024 [8]. - The ZhiKai series, launched in February 2023, is the first general-purpose GPU product designed for inference, optimized for various deployment scenarios [8]. Financial Performance - TianShuZhiXin has seen rapid growth in customer base, shipment volume, and revenue, with the number of customers increasing from 22 in 2022 to 181 by 2024. The company has completed over 900 deployments across various industries [13]. - Revenue has grown from 189 million RMB in 2022 to 540 million RMB in 2024, with a compound annual growth rate of 68.8%. However, the company has not yet achieved profitability, recording significant net losses during this period [14][15]. Research and Development - The company places a strong emphasis on R&D, with expenditures significantly exceeding revenue. R&D spending from 2022 to 2024 was 457 million RMB, 616 million RMB, and 773 million RMB, respectively [15]. - The R&D team consists of 484 members, with over one-third having more than ten years of industry experience, and the company holds numerous patents and trademarks [15]. Market Outlook - The general-purpose GPU market in China is experiencing rapid growth, with a projected compound annual growth rate of 33.0% from 2025 to 2029. Domestic GPU companies are expected to increase their market share significantly [16]. - TianShuZhiXin's listing is anticipated to further activate the domestic GPU industry ecosystem and support China's competitive position in global AI computing [17].

Core Viewpoint - The semiconductor sector in A-shares is experiencing significant activity, driven by the launch of the National Venture Capital Guidance Fund, which is expected to mobilize trillions in funding for early-stage projects in integrated circuits and artificial intelligence [1][3]. Group 1: Market Activity - A-shares semiconductor stocks have shown notable movements, with companies like Maiwei Co., Ltd. hitting a 20% limit up [1][3]. - The semiconductor index rose over 1.5% on December 29, with individual stocks such as Maiwei Co., Ltd. and Dongwei Semiconductor seeing substantial gains [3]. - Korean chip giants SK Hynix and Samsung Electronics have also seen their stock prices rise, contributing to positive sentiment in the A-share semiconductor market [4]. Group 2: National Policy Impact - The National Venture Capital Guidance Fund was officially launched on December 26, aiming to attract a wide range of investments from local governments, central enterprises, financial institutions, and private capital, targeting a total fund size of one trillion yuan [3]. - The fund will focus on early-stage projects in strategic emerging industries, including integrated circuits and artificial intelligence, to enhance innovation and productivity [3]. Group 3: Industry Growth Projections - According to Statista Market Insights, the global semiconductor market is projected to reach $659.1 billion in 2024, representing a 20% year-on-year increase, with integrated circuits accounting for 73.9% of the market [6]. - The fastest growth is expected in AI chips, with a projected increase of 49.3% [6]. - Investment opportunities are anticipated in third-generation semiconductor materials, computing chips, and RF communication chips, driven by domestic policy and international dynamics [7].

Core Viewpoint - The storage industry is experiencing a "super cycle" driven by explosive AI demand and supply-side contraction, leading to significant price increases and a surge in capital activities among major companies [1][2]. Group 1: Industry Trends - The storage industry has historically shown strong cyclical characteristics, with the current cycle, defined as a "super cycle," expected to last until at least the end of 2026, potentially extending into 2027 [2]. - AI's structural demand explosion is the core engine driving this super cycle, with AI servers requiring 8 times more DRAM and 3 times more NAND Flash compared to traditional servers [2]. - Major storage manufacturers, including Samsung, SK Hynix, and Micron, are adopting cautious expansion strategies, further exacerbating supply shortages [3]. Group 2: Price Trends - The average selling prices (ASP) of DRAM and NAND Flash are on the rise, with suppliers seeing increased profits, although capital expenditures for 2026 may not significantly boost output growth [3]. - The spot market reflects rising prices, with Kingston raising DRAM prices and NAND Flash showing bullish sentiment due to expected contract price increases [5]. Group 3: Capitalization Trends - The ongoing industry boom has ignited a wave of IPO activities among storage companies, with multiple firms accelerating their listing processes across various segments [7]. - Shenzhen Dapu Microelectronics has successfully passed the IPO review for the ChiNext board, marking a significant milestone in the current IPO wave [8]. - Dapu Micro focuses on enterprise-level SSDs and has developed a comprehensive technology stack, positioning itself uniquely in the market [10][13]. Group 4: Global Capitalization Efforts - Companies like Nanya Technology and Montage Technology are pursuing IPOs in Hong Kong to leverage global financing advantages [15]. - Nanya Technology is targeting the niche DRAM market and plans to achieve mass production of advanced DRAM products by Q3 2027 [19]. - Montage Technology aims to provide interconnect solutions for cloud computing and AI infrastructure, with plans for an overseas listing [22]. Group 5: A-Share Market Preparations - Several storage firms are preparing for A-share listings, focusing on governance and business structure to strengthen their capital foundation [23]. - Shenzhen Shichuangyi has initiated IPO counseling, marking a critical phase in its listing preparation [24][26]. - The company has developed a full-chain capability in storage products, covering various applications in consumer electronics and IoT [26]. Group 6: Future Outlook - The capital market is expected to see significant contributions from companies like Changxin Memory and Dapu Micro if they successfully list, addressing gaps in the market from storage media to enterprise-level solutions [30]. - The current capital wave in the storage industry is a result of cyclical benefits and accelerated domestic substitution, with a strong focus on long-term profitability [30].

同研究 /公司深 2025 年 12 月 29 日 下载动联科 (688582) 强芯强国之特种模块/芯片系列报告之八: MEMS 惯性 传感器领军者，国产替代叠加场景拓展驱动高增长 型入(首次评级) | 市场数据: 2025 年 12 月 26 日 | | | --- | --- | | 收盘价（元） 68.25 | | | 一年内最高/最低（元） 88.95/45.57 | | | 市净率 | 11.3 | | 股息率%（分红/股价） | 0.56 | | 流通 A 股市值 (百万元) 17,077 | | | 上证指数/深证成指 3,963.68/13,603.89 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 6.05 | | 资产负债率% | 3.13 | | 总股本/流通 A 股 (百万) | 402/250 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比走势： 沪深300指数 证券分析师 韩强 A0230518060003 hanqiang@swsres ...

12月25日，丹东东方测控技术股份有限公司（简称"东方测控"）正式向上交所递交招股书，拟在科 创板上市，保荐机构为国泰海通证券。 招股书显示，东方测控成立于1995年，是一家为全球有色金属矿山、黑色金属矿山、煤矿、水泥、 冶金、风电、石化等领域及其上下游企业提供智能在线检测分析设备、智能控制系统和智能装备及相关 智能化服务的高新技术企业。凭借多年深耕，公司已与国家能源集团、国家电投、中国建材集团等百余 家央国企及大型民企建立稳固合作，产品远销30余个国家。 曾参与多项国家级项目和标准制定 公开资料显示，东方测控是国家企业技术中心、国家高新技术企业、国家级专精特新"小巨人"企 业"，先后承担了国家863计划、科技部国家重大科学仪器设备开发、工信部智能制造系统解决方案等16 项国家级项目，曾参与制订8项国家、行业、团体标准。技术团队中享受国务院政府特殊津贴专家3人， 正高级工程师19人，高级工程师78人。 财务数据方面，2022年至2025年上半年，公司分别实现营业收入6.03亿元、5.21亿元、5.67亿元和 2.11亿元，净利润9,257.69万元、7,477.99万元、7,308.51万元和430.47万元 ...

Core Viewpoint - The AI sector remains active, with significant movements in related ETFs, particularly the AI-focused ETF from Huatai-PineBridge, which has seen a notable increase in trading volume and price [1][6]. Group 1: Market Performance - The AI-focused ETF from Huatai-PineBridge (589560) surged by 2.05%, marking its sixth consecutive increase, with trading volume surpassing the previous day's total [1]. - The Sci-Tech Chip 50 ETF (588750) rose by 1%, recovering from the previous day's decline [1]. - Key stocks in the sector, such as Yuanjie Technology and Chip Origin, saw increases exceeding 7%, while others like Cambricon and SMIC also posted gains [4][5]. Group 2: Industry Trends - Semiconductor companies, including SMIC and World Advanced, have issued price increase notices to downstream clients, particularly for the 8-inch BCD process, with price hikes around 10% [6]. - The National Venture Capital Guidance Fund was launched on December 26, emphasizing a long-term investment strategy in hard technology, aiming to leverage significant fiscal resources to attract social capital [6]. - The recent National Financial Work Conference highlighted the importance of supporting technological innovation and the integration of industry innovation, aiming to cultivate new growth drivers by 2026 [6]. Group 3: Semiconductor Cycle - The semiconductor industry is entering a new upward cycle, driven by sustained demand for AI computing power, with high demand for GPUs, HBM, and advanced packaging [7]. - The current cycle differs from previous ones, as AI has introduced a high-growth demand that raises the ceiling for industry needs and extends the duration of the cycle [7]. - The semiconductor sector is expected to transition from "repairing expectations" to "verifying prosperity," with a focus on AI core beneficiaries [7]. Group 4: AI Chip Market - The global AI computing chip market is projected to exceed $370 billion by 2026 and $460 billion by 2027, driven by significant capital expenditures from major tech companies [11]. - The shortage of chips continues, particularly in memory and optical chips, with supply-demand imbalances expected to persist into 2026 and beyond [16]. - Domestic AI chip manufacturers are making significant progress, with a notable increase in self-sufficiency expected by 2028 [17]. Group 5: Investment Opportunities - The Sci-Tech Chip 50 ETF (588750) is highlighted for its strong growth potential, with a projected net profit growth rate of 97% for the full year of 2025, significantly outpacing peers [25]. - The ETF's index focuses on high-tech upstream and midstream segments of the chip industry, indicating a higher "chip content" and growth elasticity compared to other indices [22][25]. - Investors are encouraged to consider the Sci-Tech Chip 50 ETF for exposure to the core segments of the semiconductor industry, benefiting from the ongoing AI-driven market dynamics [26][27].

港股晨报 2025 年 12 月 29 日 大市成交金额 925 亿元，主板总卖空金额约 129 亿元，占可卖空股票总成交 金额约 15.83%。南向资金流（北水）方面，12 月 24 日净流出约 12 亿元。港 股通 10 大成交活跃股中，北水净买入最多的是中芯国际 981.HK、农业银行 1288.HK、华虹半导体 1347.HK；净卖出最多的是中国移动 941.HK、腾讯控 股 700.HK、阿里巴巴 9988.HK。 板块方面，半导体股成为当日亮点，领涨大市。受惠于全球 AI 算力需求的持 续释放以及国产替代逻辑的深化，资金对芯片制造与设计环节展现出浓厚兴趣， 半导体龙头股均录得不错涨幅。相比之下，大型科网股走势分化，板块整体缺 乏统一方向。周期与能源板块内部亦出现明显分歧。电力股受益于冬季用电高 峰预期及政策支持，走势强劲；而煤炭股则普遍承压下行。原材料领域，锂电 池产业链延续弱势，但有色金属板块受大宗商品价格反弹及供应端约束提振， 铝业与铜金矿企多数上扬。总体而言，年末港股受假期流动性影响，交投相对 清淡，主要呈现科技成长与周期资源交替活跃的特征。虽然短期面临全球宏观 波动的不确定性，但港股当前估 ...