岁末年初，半导体赛道赴港热潮再度升温——A+H两地上市布局成为行业共识，豪威集团、兆易创 新、紫光股份等龙头企业于12月密集递表港交所或公告通过聆讯。 产业与资本的同向浪潮里，全球内存互连芯片领域的头部企业澜起科技也加快了脚步，12月成为公司赴 港进程落地的关键节点：9日，公司拿到证监会境外上市备案，16日完成港交所上市聆讯审阅，26日还 将召开临时股东会推进配套事宜，一步步朝着双资本平台目标推进。 北京商报记者就相关问题尝试咨询澜起科技方面，截至发稿未有回复。 北京社科院副研究员王鹏在接受北京商报记者采访时表示，港股市场的流动性与国际化定价机制，有助 于吸引多元资本。对半导体企业而言，借助香港平台对接全球资本与产业链资源、构建多元融资渠道， 可以更好地应对半导体行业的周期波动。 北京商报记者 陶凤 王天逸 新一轮集中赴港动作，恰逢AI产业驱动存储行业需求旺盛的高景气周期。市场研究机构Gartner预测， 2025年全球生成式人工智能支出将达到6440亿美元，较2024年增长76.4%；存储板块年内更是堪称"理财 级产品"：存储模组大厂金士顿此前公布数据称，2025年一季度至今，NAND Flash价格累计飙 ...

截至9月30日，澜起科技股东户数9.29万，较上期增加36.10%；人均流通股12326股，较上期减少 26.50%。2025年1月-9月，澜起科技实现营业收入40.58亿元，同比增长57.83%；归母净利润16.32亿元， 同比增长66.89%。 分红方面，澜起科技A股上市后累计派现23.67亿元。近三年，累计派现13.50亿元。 机构持仓方面，截止2025年9月30日，澜起科技十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股1.45亿股，相比上期增加2972.74万股。易方达上证科创板50ETF（588080）位居第五大流 通股东，持股3911.50万股，相比上期减少828.05万股。华夏上证科创板50成份ETF（588000）位居第六 大流通股东，持股3821.67万股，相比上期减少1415.66万股。嘉实上证科创板芯片ETF（588200）位居 第七大流通股东，持股2599.58万股，相比上期减少117.67万股。华夏上证50ETF（510050）位居第八大 流通股东，持股2187.86万股，相比上期减少60.18万股。华泰柏瑞沪深300ETF（510300）位居第九大流 通股东，持股1 ...

Core Viewpoint - Lanke Technology's stock has experienced a decline of 3.49% on November 21, with a total market value of 130.43 billion yuan and a cumulative drop of 6.02% over the past four days [1] Company Overview - Lanke Technology Co., Ltd. is based in Shanghai and was established on May 27, 2004, with its listing date on July 22, 2019. The company primarily provides chip-based solutions for cloud computing and artificial intelligence [1] - The revenue composition of Lanke Technology includes 93.44% from interconnect chips, 6.37% from server platforms, and 0.19% from other sources [1] Fund Holdings - Jin Yuan Shun An Fund has a significant holding in Lanke Technology, with its top fund, Jin Yuan Shun An Baoshi Power Mixed Fund (620001), holding 21,700 shares, unchanged from the previous period, accounting for 7.52% of the fund's net value [2] - The fund has incurred a floating loss of approximately 89,300 yuan today and a total floating loss of 158,200 yuan during the four-day decline [2] Fund Manager Performance - The fund manager, Kong Xiangpeng, has been in position for 8 years and 149 days, with a total fund asset size of 14.3 million yuan. The best and worst fund returns during his tenure are -3.29% and -13.31%, respectively [3] - Co-manager, Shang Changceng, has been in position for 2 years and 27 days, managing assets of 4.4629 million yuan, with the best return of 12.95% and the worst return of 1.02% during his tenure [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 170.00 CNY [1][5]. Core Insights - The company experienced a revenue growth of 57% in Q3 2025, with a net profit increase of 106% after excluding stock-based compensation expenses. This growth is attributed to the rising demand for memory driven by the AI industry [5][8]. - The report highlights that major domestic internet companies are entering a critical phase of competition for computing power, which is expected to lead to significant growth in domestic computing demand over the next three years. This presents a new opportunity for the DRAM industry [5][8]. - The company is positioned as a leader in memory interface chips and is expected to benefit from the AI wave's demand for high-speed storage, further opening up growth potential for its performance [5][8]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current A-share price of 128.91 CNY and a market capitalization of 147.62 billion CNY [2]. - The stock has seen a 12-month high of 169.66 CNY and a low of 61.4 CNY, indicating significant volatility [2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.06 billion CNY, a year-over-year increase of 57.8%, and a net profit of 1.63 billion CNY, up 66.9% year-over-year [8]. - The comprehensive gross margin for the first three quarters was 61.5%, reflecting a 3.3 percentage point increase from the previous year, attributed to the company's leading product iteration speed [8]. Earnings Forecast - The report projects net profits of 2.23 billion CNY, 2.95 billion CNY, and 3.73 billion CNY for the years 2025 to 2027, with year-over-year growth rates of 62%, 32%, and 27% respectively [7][8]. - The expected earnings per share (EPS) for the same period are 1.95 CNY, 2.58 CNY, and 3.26 CNY, with corresponding price-to-earnings (P/E) ratios of 66, 50, and 39 [7][8].

Core Viewpoint - Lanqi Technology is a leading global player in data processing and interconnect chip design, providing chip-based solutions for cloud computing and artificial intelligence, with strong technological capabilities [1] Group 1: Business Performance - In Q3 2025, Lanqi Technology achieved a revenue of 4.058 billion yuan, ranking 12th in the industry, surpassing the industry average of 2.912 billion yuan and the median of 1.156 billion yuan, but trailing behind the top two competitors, Haowei Group and Jiangbolong, with revenues of 21.783 billion yuan and 16.734 billion yuan respectively [2] - The main business composition includes interconnect chips generating 2.461 billion yuan, accounting for 93.44%, and server platform revenue of 168 million yuan, accounting for 6.37% [2] - The net profit for the same period was 1.576 billion yuan, ranking 4th in the industry, exceeding the industry average of 348 million yuan and the median of 107 million yuan, but lower than the top two competitors, Haowei Group and Haiguang Information, with net profits of 3.199 billion yuan and 2.841 billion yuan respectively [2] Group 2: Financial Health - As of Q3 2025, Lanqi Technology's debt-to-asset ratio was 10.87%, higher than the previous year's 5.68% but significantly lower than the industry average of 24.46%, indicating strong debt repayment capability [3] - The gross profit margin for Q3 2025 was 61.46%, an increase from 58.12% in the previous year, and well above the industry average of 36.52%, reflecting strong profitability [3] Group 3: Executive Compensation - The chairman, Yang Chonghe, received a salary of 9.99 million yuan in 2024, an increase of 1.9654 million yuan from 2023 [4] - The general manager, Stephen Kuong - Io Tai, also received a salary of 9.99 million yuan in 2024, up from 8.0226 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 36.10% to 92,900, while the average number of circulating A-shares held per account decreased by 26.50% to 12,300 [5] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 145 million shares, an increase of 29.7274 million shares from the previous period [5] Group 5: Market Outlook - Pacific Securities noted that Lanqi Technology is benefiting from the accelerated iteration of DDR5 memory interface chips and the volume increase of high-performance products such as PCIe Retimer, MRCD/MDB, and CKD chips, projecting total revenues of 5.806 billion, 7.710 billion, and 9.893 billion yuan for 2025 to 2027 [6] - Longjiang Securities highlighted that Lanqi Technology's H1 2025 performance set a new historical high, with significant revenue growth from interconnect chips and a strong product matrix in high-performance chips, projecting net profits of 2.470 billion, 3.157 billion, and 3.874 billion yuan for 2025 to 2027 [6]

Company Overview - Lanke Technology's stock price increased by 2.01% on October 20, reaching 140.77 CNY per share, with a trading volume of 1.333 billion CNY and a turnover rate of 0.83%, resulting in a total market capitalization of 161.203 billion CNY [1] - The company has seen a stock price increase of 108.51% year-to-date, with a recent decline of 4.92% over the last five trading days, but a rise of 19.09% over the last 20 days and 64.34% over the last 60 days [1] - Lanke Technology, established on May 27, 2004, and listed on July 22, 2019, specializes in providing chip-based solutions for cloud computing and artificial intelligence [1] Financial Performance - For the first half of 2025, Lanke Technology reported a revenue of 2.633 billion CNY, representing a year-on-year growth of 58.17%, and a net profit attributable to shareholders of 1.159 billion CNY, which is a 95.41% increase year-on-year [2] - The company has distributed a total of 2.367 billion CNY in dividends since its A-share listing, with 1.35 billion CNY distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, Lanke Technology had 68,300 shareholders, a decrease of 14.90% from the previous period, with an average of 16,771 circulating shares per shareholder, an increase of 17.51% [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 115 million shares, an increase of 27.5736 million shares from the previous period [3] - Other significant shareholders include various ETFs, with notable changes in holdings among them, such as a decrease in shares held by Huaxia SSE STAR 50 ETF and increases in holdings by E Fund SSE STAR 50 ETF and others [3]

Core Insights - Lanke Technology's stock price increased by 2.03% on October 16, reaching 147.49 CNY per share, with a total market capitalization of 168.898 billion CNY [1] - The company has seen a significant stock price increase of 118.46% year-to-date, despite a recent decline of 6.11% over the last five trading days [1] - For the first half of 2025, Lanke Technology reported a revenue of 2.633 billion CNY, representing a year-on-year growth of 58.17%, and a net profit of 1.159 billion CNY, up 95.41% year-on-year [2] Financial Performance - The company has distributed a total of 2.367 billion CNY in dividends since its A-share listing, with 1.35 billion CNY distributed over the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 14.90% to 68,300, while the average number of circulating shares per person increased by 17.51% to 16,771 shares [2] Shareholder Composition - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 115 million shares, an increase of 27.5736 million shares from the previous period [3] - Other significant shareholders include various ETFs, with notable changes in holdings among them, such as the Huaxia SSE Sci-Tech 50 ETF and the E Fund SSE Sci-Tech 50 ETF [3]

Group 1 - The core viewpoint of the news is that 澜起科技 (Lianqi Technology) has seen a stock price increase of 5.25%, reaching 155.83 yuan per share, with a total market capitalization of 178.49 billion yuan [1] - 澜起科技 specializes in providing chip-based solutions for cloud computing and artificial intelligence, with its main business revenue composition being 93.44% from interconnect chips, 6.37% from server platforms, and 0.19% from other sources [1] - The company is located in Shanghai and was established on May 27, 2004, with its listing date on July 22, 2019 [1] Group 2 - According to data, one fund under 上银基金 (Shangyin Fund) has a significant holding in 澜起科技, specifically the 上银科技驱动双周定期可赎回混合A (Shangyin Technology Driven Biweekly Redeemable Mixed A) fund, which increased its holdings by 900 shares, totaling 19,900 shares, representing 3.3% of the fund's net value [2] - The fund has achieved a year-to-date return of 41.44% and a one-year return of 43.14%, ranking 1706 out of 8162 and 1799 out of 8015 respectively in its category [2] - The fund manager, 翟云飞 (Zhai Yunfei), has a tenure of 9 years and 256 days, with the fund's total asset size being 126 million yuan [3]

Core Viewpoint - Lanqi Technology's stock price increased by 5.53% to 151.60 CNY per share, with a trading volume of 3.1 billion CNY and a market capitalization of 173.605 billion CNY as of September 30 [1] Group 1: Company Overview - Lanqi Technology Co., Ltd. is located in Xuhui District, Shanghai, and was established on May 27, 2004, with its listing date on July 22, 2019 [1] - The company primarily provides chip-based solutions for cloud computing and artificial intelligence [1] - The revenue composition of the company includes: interconnect chips at 93.44%, server platform at 6.37%, and other (supplementary) at 0.19% [1] Group 2: Fund Holdings - A fund under Renbao Asset holds a significant position in Lanqi Technology, specifically the Renbao Transformation Mixed A (005953), which held 8,300 shares, accounting for 1.21% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has a total scale of 53.2481 million CNY and has achieved a year-to-date return of 22.47%, ranking 4,289 out of 8,167 in its category [2] - Over the past year, the fund has returned 37.39%, ranking 3,191 out of 8,010 in its category, and since inception, it has returned 9.49% [2]

Core Viewpoint - Lanke Technology has seen a continuous increase in stock price, with a total rise of 14.78% over the past five days, indicating strong market interest and potential growth in the cloud computing and AI chip solution sectors [1]. Company Overview - Lanke Technology Co., Ltd. is based in Shanghai and was established on May 27, 2004, with its IPO on July 22, 2019. The company primarily provides chip-based solutions for cloud computing and artificial intelligence [1]. - The revenue composition of Lanke Technology is as follows: interconnect chips account for 93.44%, server platforms for 6.37%, and other sources for 0.19% [1]. Fund Holdings - According to data, one fund from Caitong Fund holds a significant position in Lanke Technology. The Caitong Smart Consumer Stock A Fund (010703) held 15,900 shares in the second quarter, representing 2.56% of the fund's net value, making it the eighth-largest holding [2]. - The fund has generated a floating profit of approximately 27.97 million during the five-day stock price increase, with a current floating profit of about 11,800 [2]. Fund Manager Performance - The fund managers of Caitong Smart Consumer Stock A include Zhu Haidong, Gu Hongyuan, and Guo Xin, with varying tenures and performance metrics [3]. - Zhu Haidong has a tenure of 6 years and 74 days, with a total fund size of 1.478 billion, achieving a best return of 63.55% during his tenure [3]. - Gu Hongyuan has been managing for 4 years and 124 days, with a fund size of 484 million, achieving a best return of 47.18% [3]. - Guo Xin has a shorter tenure of 1 year and 202 days, managing a fund size of 1.351 billion, with a best return of 44.92% [3].