格隆汇1月20日丨卓胜微(300782.SZ)在互动平台表示，公司L-PAMiD是业界首次实现全国产供应链的产 品系列，具备完整的自主可控能力。现阶段，公司积极推动全国产发射端模组L-PAMiD的市场化进 程，目前不同方案的L-PAMiD 产品已在多个品牌客户实现规模量产与交付。例如，在荣耀 Power2 机型 中，已成功量产交付，并在多元化应用场景中表现出显著的性能提升。公司将持续深化研发设计与芯卓 工艺能力的整合，与客户共同定义下一代技术的规格与实现路径，进一步推动技术能力跃迁，巩固市场 竞争力。 ...

Market Overview - U.S. equities showed resilient but volatile performance in Q4, with major indexes near all-time highs while market conditions shifted significantly beneath the surface [2] - The S&P 500 Index returned 2.7% during the quarter, while the Russell Midcap Growth Index declined 3.7%, indicating increased selectivity among investors [3] Performance Analysis - The ClearBridge Growth Strategy outperformed its benchmark for the third consecutive quarter, benefiting from early-quarter momentum in AI-related sectors and strong downside protection as risk appetite moderated [4] - The Strategy delivered a strong year, outperforming its benchmark by nearly 600 basis points (gross of fees), highlighting the importance of stock selection in a market where much of the upside is already priced in [6] Sector Contributions - Positive contributions came from the consumer discretionary and materials sectors, while the consumer staples and information technology sectors detracted from performance [20] - Notable contributors included Vertex Pharmaceuticals, Broadcom, Freeport-McMoRan, and TE Connectivity, while detractors included e.l.f. Beauty and Doximity [22] Portfolio Positioning - The Strategy reallocated capital towards opportunities with more attractive risk-reward profiles, including new positions in Vistra, Alnylam Pharmaceuticals, and Hilton [14] - The portfolio is more diversified across sectors and subsectors, improving resilience while maintaining the ability to capture long-term upside [7] Outlook - The outlook remains consistent with earlier assessments, emphasizing the importance of disciplined stock selection and a balanced approach to portfolio construction amid increased volatility [17] - AI continues to represent a long-term opportunity, with a focus on maintaining exposure within the AI complex while balancing offensive and defensive characteristics in the portfolio [18]

Market Overview - The storage sector saw a significant increase in early trading, with Baiwei Storage rising over 8%, and other companies like Tongfu Microelectronics, Purun Co., and Langke Technology also experiencing substantial gains [1][2]. Company Performance - Baiwei Storage (688525.SS) reported a price of 190.50, with an increase of 8.68% and a turnover rate of 7.26% [2]. - Tongfu Microelectronics (002156.SZ) had a price of 51.57, up by 7.01%, with a turnover rate of 9.80% [2]. - Langke Technology (300042.SZ) saw its stock rise by 5.30%, reaching a price of 31.21 [2]. - SK Hynix and Samsung Electronics, which together account for over 60% of NAND capacity, are reducing their flash memory production to maximize profits, potentially exacerbating supply shortages [3]. Industry Trends - Micron Technology indicated that the shortage of storage chips is expected to persist due to increased demand from AI infrastructure, with supply constraints likely to continue until 2026 [3][4]. - The global storage industry is shifting towards a "high profit, stable price, weak cycle" operational model, with DDR4 and DDR5 spot prices rising approximately 10% in the first half of January [3][4]. - The price of 16GB memory modules has surged from over 300 yuan a year ago to over 1100 yuan, reflecting a 2-3 times increase in other specifications [3]. Future Outlook - The storage industry's high demand is anticipated to drive growth in semiconductor equipment and materials companies, with domestic companies like Changxin Technology progressing in their IPOs, which may further expand capital expenditures [4]. - The introduction of new technologies, such as NVIDIA's memory storage platform, is expected to maintain the tight supply conditions in the storage sector, indicating a strong sustainability of the industry's super cycle [4][5].

19 January 2026 | 11:25PM HKT Equity Research VeriSilicon (688521.SS): Chairman visit: AI projects to empower cloud and edge devices; Strong orders to support growth ahead; Buy We hosted the VeriSilicon Chairman on Jan 15 at the GS Tech AI Outlook Corp Day in Hong Kong. Management is positive on the company's strong orders on hand by the end of 4Q25E (new orders from Oct 1st to Dec 25th reached historical high at Rmb2.5bn, or +130% YoY), with AI computing projects as the main contributor. With the delivery ...

19 January 2026 | 11:54PM HKT Equity Research China Semis: YJ Semi (688498.SS) Mgmt. visit: CW lasers in expansion; rising Silicon Photonics penetration rate in 800G / 1.6T We hosted YJ Semi (688498.SS, Not Covered) management on Jan 15 at the GS Tech AI Outlook Corp Day in Hong Kong. Management's positive tone on their optical module business echoes our positive view on: (1) AI infrastructure ramp up across US Cloud and China Cloud. Our global AI server volume implies demand for 11m/ 16m/ 21m AI chips in 2 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the structural changes in the global AI industry as of early 2026, particularly highlighting the divergence in AI application markets between China and the United States [1][1]. Macro Trends and Market Divergence - The AI application market in China and the U.S. is experiencing a stark contrast, described as "ice and fire" [1][1]. - U.S. software stocks have significantly declined since January 2026, primarily due to concerns raised by Anthropic's release of an Agent product capable of fully automated workflows, which has disrupted market perceptions of software development costs and value [1][1]. AI Application Ecosystem - The Chinese AI application ecosystem is more inclined towards "closed-loop integration," with leading companies leveraging their own traffic and ecosystems to rapidly implement Agent functionalities [2][2]. - Since August 2025, upstream computing power (chips, devices, storage) has shown strong performance, while downstream application sectors (internet, software companies) have exhibited weakness [2][2]. Technology Evolution and Model Landscape - Basic models are entering a linear growth phase, with the first tier consisting of Anthropic, OpenAI, and Gemini, while the second tier includes Grok, Zhiyu, and Kimi [3][3]. - Domestic models like Tongyi Qianwen are lagging, while Deepseek V4 is expected to challenge the first tier [3][3]. - There has been no breakthrough leap in capabilities, but overall abilities are steadily improving [4][4]. - Multimodal capabilities are becoming critical, with models like Google’s NanoBanana enhancing Agent performance in various applications [4][4]. - Vertical models are shifting towards a "post-training + reinforcement learning" approach, internalizing expert reasoning rather than relying on external retrieval systems [4][4]. Comparison of Domestic and International AI Applications - In China, companies like ByteDance, Tencent, and Alibaba are integrating AI into their ecosystems effectively, with Alibaba's Tongyi Qianwen being recognized as the first true consumer-facing Agent [5][5]. - In contrast, international players like Anthropic focus on programming workflows, while OpenAI and Google are still primarily chatbot-oriented, lacking in task planning capabilities [5][5]. Investment Logic and Recommendations - Upstream sectors such as storage (DRAM/HBM/SSD), semiconductor equipment, and power equipment are expected to benefit from the shift in AI inference demand and TSMC's planned capital expenditure increase of 30%-40% in 2026 [6][6]. - Platform companies that integrate ecosystems, models, and traffic are highlighted, with Alibaba and Tencent being key players in China [6][6]. - Recommendations for terminal scene companies include Meitu, Roblox, and Reddit, while ToB tool companies like Adobe and Figma are noted for their collaborations with large model companies [7][7]. Core Judgments and Outlook - The year 2026 is termed the "third year of the Agent," with high market premiums but uncertain outcomes [7][7]. - The core competitiveness of Agents is shifting from "general dialogue" to "automated workflow execution," particularly in vertical fields like programming and healthcare [7][7]. - Domestic AI applications are advancing rapidly in consumer markets due to closed ecosystems, while international markets are more disruptive in B2B workflow automation [7][7]. - Storage demand is transitioning from training to inference, with SSDs expected to become the foundational infrastructure for the next generation of Agents [7][7]. - The document emphasizes a critical turning point in the AI industry from "model competition" to "application implementation," with clear divergence in paths between China and the U.S. [7][7].

重视sic调整机遇 市场有分歧是良性的，包括t用sic工艺上的难点，很多新的工艺还是有不少巧思的，其实换个角度去想，工艺如果 还有很多无法解决的问题，也不会让各家衬底厂去送样了。 SiC行业最近变化很大，中国sic从苦苦追赶，到12吋的反超领跑，正是在去年最艰难的上半年还坚持研发创新，也 包括很多一二级投资人的支持。 SiC行业最近变化很大，中国sic从苦苦追赶，到12吋的反超领跑，正是在去年最艰难的上半年还坚持研发创新，也 包括很多一二级投资人的支持。 大家也终于熬到了各种新需求的曙光，令人感慨，中国sic最终站到黎明前。 相信之前和我们一起调研一圈sic行业的领导，能更深的感受到今年向好的趋势。 大家也终于熬到了各种新需求的曙光，令人感慨，中国sic最终站到黎明前。 重视sic调整机遇 市场有分歧是良性的，包括t用sic工艺上的难点，很多新的工艺还是有不少巧思的，其实换个角度去想，工艺如果 还有很多无法解决的问题，也不会让各家衬底厂去送样了。 ...

广发证券研报指出，超长上下文与多模态交互类应用显著推升KV Cache存储需求，AI工作负载对高带 宽、大容量SSD的需求将持续增强，AI服务器本地、AI推理用SSD市场空间将进一步扩大。建议关注产 业链核心受益标的。 ...

Industry Overview - Artificial intelligence stocks have been among the best investments over the past year, outperforming the S&P 500 in 2025, with potential for continued success into 2026 and beyond [1] Company: IREN - IREN (NASDAQ:IREN) is an AI infrastructure company with a significant 5-year, $9.7 billion deal with Microsoft (NASDAQ:MSFT) for 200 megawatts, highlighting the demand for data centers and energy to support AI workloads [2] - The company has approximately three gigawatts in its pipeline, with its 1.4 gigawatt Sweetwater 1 site expected to be operational by April, ahead of competitors [3] - Although IREN started as a crypto miner, the Microsoft deal and potential for similar agreements are expected to shift its business trajectory, with the stock price increasing over 300% in the past year [4] Company: Rezolve AI - Rezolve AI (NASDAQ:RZLV) has a market cap of $1.5 billion and has seen a rally of over 90% in the past year, despite a 40% decline from its all-time highs [5] - The company exited 2025 with approximately $209 million in annual recurring revenue and anticipates reaching at least $500 million by the end of 2026, with projected earnings of $350 million in 2026 compared to $40 million in 2025 [6][7] Company: Aeluma - Aeluma (NASDAQ:ALMU) is a semiconductor company that has nearly tripled in value over the past year, attracting significant investment despite only generating $1.4 million in Q1 FY26 [8] - The company has secured new partnerships and extended contracts, including with NASA, and expects to generate $4 million to $6 million in revenue in fiscal 2026 as it expands into commercial markets [9] - Aeluma has no long-term debt and holds $38 million in cash, positioning it for potential significant returns if commercialization efforts succeed [10]

Core Viewpoint - Growth stocks have experienced significant gains, with the S&P 500 Growth Index up over 112% since the start of 2023, outperforming the S&P 500 Value Index [1][2] Group 1: The Trade Desk - The Trade Desk faced challenges in 2025 due to a slow transition to its AI-powered ad-buying platform, Kokai, which alienated some advertisers [4] - Amazon's entry into the ad space has increased competition, potentially pressuring The Trade Desk's pricing and market share [5] - Despite a drop in stock price, The Trade Desk's digital advertising market is expected to grow at 15% annually through 2030, presenting a buying opportunity [7] - The stock is trading around $36, with a market cap of $17 billion and a forward P/E ratio of 17.4, alongside a projected 17% earnings growth for 2026 [8] Group 2: Fortinet - Fortinet's stock has declined about 33% from its peak, attributed to weak firewall sales and disappointing product updates [9][10] - The company anticipates a 12% year-over-year revenue growth, down from 14% in the previous quarter [10] - Transitioning to software products like SASE and SecOps shows promise, with billings in these areas growing 19% and 33% respectively [12] - The stock is priced around $76, with a forward P/E ratio of 26, indicating potential for future growth as software becomes a larger part of its business [13] Group 3: Marvell Technology - Marvell Technology is crucial in AI data centers, with its networking chips and custom AI accelerators driving growth [14] - Reports of Microsoft considering a rival chipmaker for its Maia chip have raised concerns, but demand for AI accelerators remains strong [15] - Marvell is projected to generate $8.2 billion in revenue this year, targeting $10 billion next year, despite potential revenue impacts from competition [15] - The stock is trading around $80, with a forward P/E ratio of 28.4, and expectations for 22% revenue growth and 27% earnings growth next year [18]