消息面上，深交所公告，港股通标的证券名单发生调整并自2026年2月9日起生效，调入豪威集团 （603501）、兆易创新。值得注意的是，兆易创新此前发布业绩预告，预计2025年实现营业收入92亿元 左右，同比增长25%左右；预计实现归母净利润16.10亿元左右，同比增长46%左右。 华金证券日前研报指出，存储周期稳步上行下，考虑到兆易创新不断推进存储芯片工艺制程/品类迭 代，Nor有望持续保持领先，随着DRAM头部大厂产能切换，公司或复制Nor Flash发展路径且定制化 DRAM有望打开增量空间，叠加持续壮大MCU百货商店及传感器与模拟业务发展，在消费电子/汽车电 子/工业等智能化背景下，业绩有望持续增长。 兆易创新（603986）(03986)早盘涨超7%，截至发稿，涨5.96%，报298.6港元，成交额5081.79万港元。 ...

智通财经APP获悉，兆易创新(03986)早盘涨超7%，截至发稿，涨5.96%，报298.6港元，成交额5081.79 万港元。 消息面上，深交所公告，港股通标的证券名单发生调整并自2026年2月9日起生效，调入豪威集团、兆易 创新。值得注意的是，兆易创新此前发布业绩预告，预计2025年实现营业收入92亿元左右，同比增长 25%左右；预计实现归母净利润16.10亿元左右，同比增长46%左右。 华金证券日前研报指出，存储周期稳步上行下，考虑到兆易创新不断推进存储芯片工艺制程/品类迭 代，Nor有望持续保持领先，随着DRAM头部大厂产能切换，公司或复制Nor Flash发展路径且定制化 DRAM有望打开增量空间，叠加持续壮大MCU百货商店及传感器与模拟业务发展，在消费电子/汽车电 子/工业等智能化背景下，业绩有望持续增长。 ...

张通社 zhangtongshe.com ｜立足张江，面向上海，服务科创｜ 近日，东芯股份发布2025年度业绩预告，2025年公司实现营业收入约9.21亿元，同比增幅达43.75%；归 属于母公司所有者的净利润预计在-2.14亿元至-1.74亿元之间，较上年同期相比，亏损增幅介于4.1%至 28.03%；归属于母公司所有者的扣除非经常性损益后的净利润预计为-2.41亿元至-2.01亿元，亏损增幅 为0.15%至20.09%。 ZHANG TONG SHE 对于业绩变动的核心原因，公司明确表示，2025年中小容量存储芯片市场受益于人工智能驱动的行业上 升周期，供需结构持续优化，产品销售价格稳步回升。同时，5G基站建设推进、智慧城市带动安防设 备升级、智能穿戴设备功能创新及汽车电动化智能化浪潮，共同推动公司下游领域需求呈现复苏与结构 性增长，公司通过深耕存储芯片主业，实现营业收入与盈利能力同步提升，各季度毛利率均实现环比增 长，存储板块业务已成功实现盈利。 围绕存储核心业务，东芯股份在"存、算、联"一体化领域持续深化技术布局，并维持高水平研发投入。 存储板块方面，公司进一步巩固SLC NAND Flash行业技术 ...

Core Viewpoint - The strong demand for storage chips driven by the artificial intelligence sector is highlighted, as evidenced by SanDisk's impressive earnings report, which exceeded market expectations, leading to a significant increase in its stock price [1] Group 1: Company Performance - Zhaoyi Innovation (兆易创新) shares rose over 4%, reaching HKD 345.2, with a trading volume of HKD 294 million [1] - SanDisk's fiscal Q2 2026 earnings report showed performance and guidance that surpassed market expectations, contributing to a surge in its stock price by over 21% in after-hours trading [1] Group 2: Industry Trends - The ongoing price increase in storage chips is noted, with major manufacturers like Hynix, Samsung, and Western Digital reporting strong earnings recently [1] - Huajin Securities' recent report indicates that the storage cycle is steadily improving, and Zhaoyi Innovation is advancing its storage chip technology and product iterations, particularly in NOR Flash, which is expected to maintain its leading position [1] - The potential for customized DRAM to create additional growth opportunities is highlighted, alongside the expansion of Zhaoyi Innovation's MCU and sensor businesses, which are expected to benefit from the trends in consumer electronics, automotive electronics, and industrial applications [1]

Core Viewpoint - The semiconductor industry is experiencing significant price increases due to supply shortages and rising costs, with companies like Zhongwei Semiconductor and Guokewi announcing price hikes of 15%-50% and 40%-80% respectively for various products [1][8][9]. Group 1: Price Adjustments - Zhongwei Semiconductor has issued a price adjustment notice, increasing prices for MCU and Nor Flash products by 15%-50% due to industry-wide chip supply constraints and rising costs [1][3]. - Guokewi has announced price increases for its KGD products, with hikes of 40%, 60%, and 80% for different memory capacities starting January 2026 [8][10]. Group 2: Market Reactions - Following the price announcement, Zhongwei Semiconductor's stock reached a peak increase of 19.47%, closing at 54.61 yuan per share, while Guokewi's stock saw a slight decline of 0.76% [8][9]. Group 3: Industry Context - The semiconductor sector is facing a "supply-demand imbalance" and high costs from raw materials and manufacturing, prompting a new round of price adjustments across the industry [9][11]. - Major semiconductor companies, including Texas Instruments and ADI, have already initiated price increases, indicating a broader trend in the market [9][11]. Group 4: Company Performance - Zhongwei Semiconductor expects a revenue of approximately 1.122 billion yuan for 2025, a year-on-year increase of about 23.07%, and a net profit of around 284 million yuan, reflecting a growth of approximately 107.55% [9][10]. - In contrast, Guokewi anticipates a net loss of 180 million to 250 million yuan for 2025, attributed to increased R&D and operational costs, alongside a decrease in revenue [10]. Group 5: Factors Driving Price Increases - The price hikes are driven by a combination of rising costs across the supply chain, structural supply-demand imbalances, and increased demand for AI-related semiconductor products [11][12]. - Analysts note that the demand for AI computing is significantly impacting the semiconductor market, leading to a surge in prices for certain chip categories [11][12].

Group 1 - The core viewpoint of the article is that Beijing Junzheng (300223.SZ) has indicated that its Nor Flash products are applicable in AI servers and optical modules [1] Group 2 - The company is actively engaging with investors through an interactive platform to discuss its product applications [1]

Core Viewpoint - Dongxin Co., Ltd. forecasts a revenue of approximately 921 million yuan for 2025, representing a year-on-year increase of 43.75%, while expecting a net loss attributable to shareholders of between 214 million yuan and 174 million yuan, indicating a loss increase of 4.1% to 28.03% compared to the previous year [2] Group 1: Performance Forecast - The company anticipates a revenue of about 921 million yuan for 2025, with a year-on-year growth rate of 43.75% [2] - The net profit attributable to shareholders is expected to be between -214 million yuan and -174 million yuan, reflecting a loss increase of 4.1% to 28.03% compared to the previous year [2] - The net profit after deducting non-recurring gains and losses is projected to be between -241 million yuan and -201 million yuan, with a loss increase of 0.15% to 20.09% [2] Group 2: Market Drivers - The small-capacity storage chip market is benefiting from an AI-driven industry upcycle, with an ongoing optimization of supply-demand structure and steady price increases [2] - The advancement of 5G base station construction, smart city initiatives driving security equipment upgrades, innovations in smart wearable devices, and the electrification and intelligence wave in the automotive sector are collectively boosting demand in downstream fields [2] Group 3: Business Development - The company is deepening its technological layout in the "storage, computing, and connectivity" integration field while maintaining high levels of R&D investment [3] - Dongxin Co., Ltd. is consolidating its technological leadership in the SLC NAND Flash industry, with 1xnm flash products already in mass production [3] - The company is enhancing the reliability of storage products and advancing the R&D and industrialization of automotive-grade storage products, with Nand Flash and Nor Flash automotive series products achieving mass production in multiple vehicle models [3] Group 4: Investment Strategy - In 2024, the company made a strategic investment of 200 million yuan in Lishan Technology (Shanghai) Co., Ltd., with an additional investment of approximately 211 million yuan planned for 2025, focusing on the high-performance GPU sector [4] - Lishan Technology specializes in the R&D and design of multi-level graphics rendering GPU chips, with its first self-developed GPU chip "7G100" successfully completing initial wafer production in 2025 [4] - The company will recognize an investment loss of approximately 166 million yuan for 2025, which is a significant factor contributing to the overall increase in losses [4]

Core Insights - The company expects to expand its losses in 2025, with projected revenue of approximately 921 million yuan, a year-on-year increase of about 43.75% [1] - The storage segment has achieved profitability, while the company continues to invest heavily in the high-performance GPU sector, reporting an investment loss of 166 million yuan last year [1] Financial Performance - The company anticipates a net profit loss ranging from 214 million yuan to 174 million yuan in 2025, representing an increase in losses of 4.1% to 280.3 million yuan compared to the previous year [1] - The net profit loss after deducting non-recurring items was between 241 million yuan and 201 million yuan last year, with a slight increase in losses of 0.15% to 200.9 million yuan [1] Market Dynamics - The small-capacity storage chip market has benefited from an AI-driven industry upcycle, with improved supply-demand dynamics and steady product price recovery [1] - The company’s products are experiencing a structural growth in demand due to ongoing 5G base station construction, smart city upgrades, innovations in wearable devices, and the electrification and intelligence trends in the automotive industry [1] Technological Advancements - The company is focusing on the integration of storage, computing, and networking, maintaining high levels of R&D investment, with significant expenditures reported during the period [2] - In the storage segment, the company is solidifying its technological leadership in SLC NAND Flash, with 1xnm flash products achieving mass production and sales [2] - The company is also enhancing the reliability of its storage products, advancing the development and industrialization of automotive-grade storage products [2] Investment Strategy - In 2024, the company made a strategic investment of 200 million yuan in Lishuan Technology (Shanghai) Co., Ltd., which specializes in GPU chip design [3] - The first self-developed GPU chip, "7G100," successfully completed its first tape-out in 2025, with initial graphics cards delivered to customers [3] - The company plans to invest an additional 211 million yuan in 2025 to deepen its engagement in the high-performance GPU sector, with an expected investment loss of approximately 166 million yuan for the year [3] Market Performance - Since the press conference held by Lishuan Technology in July last year, the company's stock price has surged, with a cumulative increase of over 200%, and the latest market capitalization stands at 53.2 billion yuan [3]

Group 1 - The core viewpoint of the article is that Beijing Junzheng (300223.SZ) has indicated that its Nor Flash products are applicable in the server sector [1]

Core Insights - The A-share market has seen active institutional research since December, with over 200 companies being visited by broker analysts, particularly in the electronics and machinery sectors [3][4] - The technology sector is expected to remain a key investment focus for 2026, with brokers highlighting the importance of the AI industry and related fields [8][9] Group 1: Company Research - 47 brokerages have conducted research on Zhenrui Co., which has seen a stock price increase of 101.20% this year [1] - Weicai Technology has attracted 24 brokerages and has experienced a stock price rise of 135.14% [1] - Kefu Medical and Heyuan Bio have been researched by 21 and 20 brokerages respectively, with stock price increases of 36.81% and 40.28% [1] - Shenghong Technology has seen the highest stock price increase of 623.28% and has been researched by 11 brokerages [1] - The focus of research on companies like Weicai Technology and Jiangbolong is on storage chip technologies, with Weicai's stock price increasing by over 135% this year [6][7] Group 2: Industry Trends - The electronics and machinery sectors are the most researched, with 31 companies in each sector being visited by brokerages [4] - The semiconductor, optical electronics, and consumer electronics segments are highlighted within the electronics industry, with companies like Weicai Technology and Shenghong Technology being key focuses [4][5] - The machinery sector also shows strong interest, with companies like Jereh and Wald receiving significant attention from multiple brokerages [4] - The storage chip sector is identified as a critical area of focus, with companies like Dongxin Co. reporting a stock price increase of nearly 400% this year [7] Group 3: Future Investment Strategies - Brokers are optimistic about the A-share market in 2026, emphasizing the importance of focusing on profit recovery rather than relying solely on global financial expansion [9] - Key investment themes for 2026 include AI technology, traditional industry upgrades through AI, and consumer value recovery [9] - Analysts suggest that the technology sector will continue to be the strongest investment theme, with a focus on critical segments like storage chips and new consumer trends [8][9]