Core Viewpoint - The company, Shenzhen Demingli Technology Co., Ltd., anticipates significant growth in revenue and profit for 2025, driven by a new "super cycle" in the storage industry fueled by AI technology [1][2]. Group 1: Financial Projections - The company expects 2025 revenue to reach between 10.3 billion to 11.3 billion yuan, representing a year-on-year increase of 115.82% to 136.77% [1]. - The projected net profit attributable to shareholders is estimated to be between 650 million to 800 million yuan, reflecting a substantial year-on-year growth of 85.42% to 128.21% [1]. - For Q4 2025, revenue is expected to be between 3.641 billion to 4.641 billion yuan, with a year-on-year growth of 209.72% to 294.79% and a quarter-on-quarter growth of 42.78% to 81.99% [1]. Group 2: Industry Trends - The storage industry is experiencing a new cycle driven by AI, leading to explosive growth in data storage demand as major tech companies increase capital investment in AI [2]. - The storage chip market is seeing an improvement in supply-demand dynamics, with prices entering an upward trend from Q3 2025, referred to as a "super cycle" [2]. - The fourth quarter of 2025 is projected to see a year-on-year increase of over 150% in the storage spot market, with annual growth rates reaching 386% and 207% [2]. Group 3: Company Developments - The company has established a comprehensive product customization delivery system, achieving breakthroughs in customer expansion and product integration [2]. - The company has successfully entered the supply chains of several well-known enterprises, with significant growth in embedded storage and enterprise-level storage businesses [2].

Group 1 - The integrated circuit ETF has seen a turnover of 6.11% during trading, with a transaction volume of 7.787 million yuan, and has attracted a total of 29.8883 million yuan over the past 16 trading days [2] - As of October 23, the integrated circuit ETF has achieved a net value increase of 54.14% over the past year, ranking 173 out of 3078 index equity funds, placing it in the top 5.62% [2] - The highest monthly return since the inception of the integrated circuit ETF was 31.86%, with the longest consecutive monthly increase being 4 months and the longest increase percentage being 58.99%, averaging a monthly return of 9.89% during rising months [2] Group 2 - The top ten weighted stocks in the CSI All-Share Integrated Circuit Total Return Index as of September 30, 2025, include SMIC, Cambricon, Haiguang Information, Lanke Technology, Zhaoyi Innovation, OmniVision, Chipone, Changdian Technology, Unisoc, and Tongfu Microelectronics, collectively accounting for 55.71% of the index [2] - The stock performance of key companies includes SMIC with a 2.34% increase and a weight of 9.96%, Haiguang Information with a 2.33% increase and a weight of 7.45%, and Cambricon with a 1.78% increase and a weight of 7.13% [4] - The AI-driven "super cycle" is characterized by structural features that drive rapid growth in data center storage demand, alongside increased penetration of smart terminals, fostering innovation in storage technology and market expansion [4] Group 3 - The domestic advanced production lines are expected to have continuous expansion needs in the context of the AI wave and domestic substitution, with semiconductor equipment being a cornerstone for wafer foundry expansion and an important aspect of achieving self-controllable industrial chains [5] - Domestic semiconductor equipment manufacturers are poised for development opportunities as their R&D and technology improve, allowing them to gradually penetrate the high-end equipment sector [5] - Investors without stock accounts can still access investment opportunities in the sector through the integrated circuit ETF linked fund (022350) [5]

Core Insights - The integrated circuit ETF (159546) has increased by over 2.7% as of October 21, indicating positive market sentiment towards the sector [1] - Tianfeng Securities highlights that the AI-driven "super cycle" is characterized by structural features, leading to rapid growth in demand for large-capacity data center storage [1] - The rise in penetration rates of smart terminals is driving innovation in storage technology and market expansion, creating a window for domestic storage manufacturers to replace foreign competitors [1] Industry Overview - The integrated circuit ETF tracks the integrated circuit index (932087), which selects listed companies involved in integrated circuit design, manufacturing, packaging, testing, and related materials and equipment [1] - The index reflects the overall performance of publicly traded companies in the integrated circuit industry, showcasing high technological content and growth potential [1] - The constituent stocks represent the development level and technological strength of China's integrated circuit industry, with a focus on the semiconductor supply chain [1]