6 January 2026 | 9:59PM HKT Equity Research Anji Micro (688019.SS) Upgrading to Buy; CMP Slurry and Wet chemical riding on advanced node expansion 688019.SS 12m Price Target: Rmb290.00 Price: Rmb234.22 Upside: 23.8% We are turning positive on Anji Micro as it is one of the key beneficiaries of advanced node expansion in China market, driven by (1) CMP slurry: rising contribution from advanced solution, with Gen-AI expecting to drive growing client demand and higher dollar content on more layers and complex ...