Group 1: Company Overview and Market Position - The company is one of the few globally capable of developing UFS4.1 products at the chip level, indicating a strong market position in flagship storage products [3]. - The company has established deep cooperative relationships with major wafer manufacturers and leading smart device manufacturers, enhancing its competitive edge [3]. Group 2: Pricing and Supply Chain Management - Product pricing is dynamically adjusted based on market supply-demand conditions and customer order situations, reflecting a responsive pricing strategy [3]. - The company has signed long-term supply agreements (LTA) and memorandums of understanding (MOU) with major storage wafer manufacturers, ensuring stable resource supply [3]. Group 3: Market Trends and Future Outlook - The demand for storage is expected to surge due to the structural changes in AI inference and rapid expansion of AI infrastructure, coupled with HDD supply shortages [4]. - The current market supply-demand structure is likely to remain tight due to the lag in capacity construction, limiting short-term supply increases despite potential capital expenditure recovery from storage manufacturers [4]. Group 4: Investor Relations Activity - The investor relations activity included a teleconference with various investment firms, indicating proactive engagement with stakeholders [2]. - The activity did not involve any undisclosed significant information, ensuring compliance with disclosure regulations [4].

Group 1: Company Technology and Products - The company has launched multiple main control chips for UFS, eMMC, SD cards, and high-end USB, utilizing advanced foundry processes and self-developed core IP, resulting in superior performance and power efficiency [3] - The company is one of the few capable of developing UFS4.1 products at the chip level, with its UFS4.1 products outperforming comparable market products in terms of process, read/write speed, and stability [3] - The mSSD product, as an upgraded form of traditional SSD, offers significant market potential due to its compact design and superior physical characteristics, while maintaining performance levels comparable to traditional SSDs [3][4] Group 2: Supply Chain and Market Dynamics - The company has established deep, multi-faceted cooperation with major global storage wafer manufacturers, supported by long-term supply agreements, ensuring a solid foundation for wafer supply [4] - In a structurally tight wafer supply environment, the company has built differentiated supply assurance capabilities and growth potential through its full-stack capabilities in main control chips, firmware algorithms, and packaging testing [4] - The demand for storage is expected to surge due to the expansion of AI infrastructure and the shortage of HDD supply, despite limited short-term contributions from capital expenditure recovery in storage manufacturers [4] Group 3: Inventory and Shipping Strategy - The company has developed a production and operation rhythm that aligns with market conditions, product characteristics, and customer structure, allowing for timely inventory procurement [4]

Core Viewpoint - The company Jiangbolong (301308) has announced that by the end of Q3 2025, the cumulative deployment of its self-developed main control chips will exceed 100 million units [1] Group 1 - The company has established deep cooperative relationships with several wafer foundries and leading smart terminal device manufacturers based on its advanced main control chip capabilities [1] - The company's self-developed main control chip products, specifically the UFS4.1, are on the verge of mass shipment [1]

Group 1: Company Technology and Product Development - The company has launched multiple main control chips for UFS, eMMC, SD cards, and high-end USB, utilizing advanced foundry processes and self-developed core IP, resulting in significant performance and power consumption advantages [3] - As of Q3 2025, the cumulative deployment of the company's self-developed main control chips has exceeded 100 million units, indicating strong market penetration [3] - The mSSD product, as an upgrade to traditional SSDs, offers advantages such as lightweight design, low power consumption, and competitive performance, with a broad market outlook [3][4] Group 2: Market Trends and Future Outlook - The demand for storage is expected to surge due to the structural changes in AI inference, particularly with the application of key-value caching and retrieval-augmented generation technologies [4] - The rapid expansion of AI infrastructure and HDD supply shortages are anticipated to drive explosive growth in storage demand, although short-term output growth may be limited due to the lag in capacity construction [4] Group 3: New Product Innovations - The company has released several cutting-edge storage products, including MRDIMM and CXL2.0 memory expansion modules, and is actively innovating based on market needs [4] - The company has established a robust intellectual property portfolio around mSSD, facilitating the transition from R&D validation to commercial implementation [3][4] Group 4: Investor Relations and Communication - The investor relations activity was conducted on February 25, 2026, with participation from institutions such as Dongfang Securities and Penghua Fund, indicating active engagement with key stakeholders [2]

Core Insights - Since February 2026, overseas institutions have shown increased research activity in the A-share market, focusing on high-growth sectors, with companies demonstrating clear growth logic and solid performance potential becoming key targets for these institutions [2] Group 1: Company Research - A total of 30 stocks have been researched by overseas institutions since February, with 9 stocks receiving attention from 5 or more institutions. Notably, Aobo Zhongguang-UW, Dajin Heavy Industry, and Tiensun Wind Power led in the number of institutional inquiries, with 26, 9, and 8 respectively, both Dajin Heavy Industry and Tiensun Wind Power belong to the offshore wind equipment sector [3] - Aobo Zhongguang-UW revealed that it expects to turn a profit in 2025, projecting a net profit of approximately 123 million yuan, driven by enhanced R&D efficiency and operational model optimization, particularly in AI application fields [4] - Dajin Heavy Industry is actively participating in tenders for offshore wind projects in emerging markets like Japan and South Korea, positioning itself as a core supplier and comprehensive service provider in the offshore wind sector [4] - Tiensun Wind Power aims to capture a significant market share in the domestic offshore wind market, particularly in cities with existing offshore engineering bases, while also expanding into Zhejiang and Hainan provinces [4] Group 2: Industry Trends - Overseas institutional research is primarily concentrated in three sectors: electric power equipment, electronics, and machinery, with 7, 6, and 6 stocks respectively [5] - The electric power equipment sector is gaining attention due to global trends in energy transition and low-carbon development, with increasing interest in cutting-edge concepts like space photovoltaics, offshore wind power, and smart grids [5] - A report from Huaxi Securities indicates a positive outlook for the electric power equipment sector's overseas prospects, particularly in Europe, where investments in power grids are entering a high-growth cycle driven by energy transition and aging infrastructure [5] Group 3: Performance Metrics - Since February, stocks researched by overseas institutions in the electric power equipment sector have generally performed well, with an average increase of 8.37%, and several stocks, including Tiensun Wind Power, Keda Li, and Jiangsu Huachen, seeing gains of over 10% [6] - Among the 17 stocks that have released performance forecasts for 2025, over 70% are expected to report positive results, with 9 stocks anticipating year-on-year profit growth, 2 expecting to turn losses into profits, and 1 projecting reduced losses [6] - Jiangbolong is expected to achieve a net profit of between 1.25 billion and 1.55 billion yuan, representing a year-on-year increase of 150.66% to 210.82%, highlighting its unique capabilities in developing UFS4.1 products [6] - Huanxu Electronics has seen the highest increase since February, with a cumulative rise of 32.64%, and is projecting a net profit of 1.853 billion yuan for 2025, reflecting strong demand from CSP customers [6]

Core Viewpoint - The company is advancing in the development of UFS4.1 products, which are positioned as high-end storage solutions for flagship smart devices, indicating a strong market potential [1] Group 1: Product Development - The company, along with a few global enterprises, possesses the capability to develop UFS4.1 products at the chip level [1] - The UFS4.1 products developed by the company, featuring its self-developed main control, outperform comparable market products in terms of process, read/write speed, and stability [1] Group 2: Market Position and Partnerships - UFS4.1 is recognized as the preferred storage configuration for Tier 1 major clients' flagship smart terminal models, highlighting its broad market space [1] - The company has established deep cooperative relationships with several wafer foundries and leading smart terminal device manufacturers, indicating a strong position in the supply chain [1] - Flagship storage products represented by UFS4.1 are on the verge of mass shipment, suggesting imminent revenue generation [1]

Core Viewpoint - The company, along with a few others globally, possesses the capability to develop UFS4.1 products at the chip level, indicating a competitive edge in the market [1] Group 1: Product Development and Capabilities - The UFS4.1 products developed by the company, featuring its self-developed main control, outperform comparable market products in terms of process, read/write speed, and stability [1] - UFS4.1 is positioned as a high-end consumer storage product and is the preferred storage configuration for flagship smart terminal models from Tier 1 major clients [1] Group 2: Partnerships and Market Position - The company has established deep cooperative relationships with multiple wafer foundries and leading smart terminal device manufacturers [1] - Flagship storage products represented by UFS4.1 are on the verge of mass shipment, indicating strong market demand and readiness for deployment [1]

Market Overview - Major indices showed declines: Shanghai Composite Index (-0.64%), Shenzhen Component Index (-1.37%), ChiNext Index (-1.96%), North Star 50 (-2.50%), and Sci-Tech Innovation 50 (-2.80%) [1] - TMT sector led the gains with SW Portal (+6.79%), SW Marketing Agency (+2.49%), and SW Gaming III (+0.40%) [1] - TMT sector faced losses with SW Military Electronics III (-5.41%), SW Communication Terminals and Accessories (-5.34%), and SW Communication Cables and Accessories (-5.20%) [1] Domestic News - XREAL announced a strategic partnership with ASUS ROG to launch the ROG XREAL R1 AR glasses, featuring micro OLED technology with a resolution of 1920 x 1080 and a virtual screen equivalent to 171 inches at 4 meters [2] - Jiangbolong reported that its self-developed UFS4.1 product outperforms market counterparts in process, read/write speed, and stability, gaining recognition from major clients [2] - Yongxi Electronics plans to invest 2.1 billion yuan in a packaging base in Malaysia, focusing on system-level packaging products for AIoT and power modules [2] - Sanan Optoelectronics disclosed that its SiC MOSFET products have begun bulk supply to leading global power manufacturers, targeting data centers and AI servers [2] Overseas News - SK Hynix is investing in its advanced packaging plant P&T7 to meet global AI storage demand, with the plant expected to play a crucial role in commercializing DRAM as HBM [3] - A collaboration between the University of Cambridge and a German research team has led to the successful development of stable and high-performance cubic InGaN materials for red Micro-LED devices [3] - Counterpoint Research forecasts a 2% year-on-year growth in global smartphone shipments in 2025, driven by high-end demand and emerging market growth, with Apple leading the market at a 20% share [3] - The Indian Space Research Organization (ISRO) faced a setback with the PSLV-C62 rocket losing all 16 satellites during its third phase of flight [3] AI News - Apple and Google have announced a multi-year partnership to develop the next generation of Apple Foundation Models based on Google's Gemini model and cloud technology [4] - Zhipu AI and Didi Chuxing have formed a strategic partnership focusing on the development of intelligent agents for transportation scenarios [4] - Tencent Research Institute and Midjourney have launched the Niji v7 anime-specific model, enhancing details and stability for anime-style creations [4] - Nvidia and Eli Lilly are investing $1 billion to establish an AI lab aimed at accelerating drug discovery and personalized treatment [4] Industry Tracking - The FCC has approved SpaceX to launch an additional 7,500 second-generation Starlink satellites, bringing the total approved to 15,000 [5] - The Eighth Research Institute of China Shipbuilding Group has developed a low-vibration helium re-liquefaction system for high-precision instruments [5] - The National Medical Products Administration of China plans to establish standards for medical devices using brain-computer interface technology [5] - LimX Dynamics has released a new embodied intelligent system that allows for dynamic task adjustments during operation [5] Storage Market - The average price of DDR5 16G (2G×8) 4800/5600 DRAM is reported at $33.563, with a 3.27% increase [6] - The average price of DDR4 16Gb (2G×8) 3200 DRAM is reported at $73.500, with a 2.80% increase [6] Semiconductor Material Prices - The average price for 4N zinc oxide powder is reported at 1,465 yuan/kg, with a daily change of 20 yuan [7] - The average price for 5N high-purity zinc is reported at 6,300 yuan/kg, with no daily change [7]

Important Events - Rongchang Bio signed a licensing agreement with AbbVie, potentially receiving up to $4.95 billion in milestone payments [1] - Zhaoyi Innovation's public offering in Hong Kong was oversubscribed by 542 times, with a share price of HKD 162, and H-shares will start trading on January 13 [1] - Hushen Technology's subsidiary Tianan Chemical is undergoing maintenance shutdown [1] - Huitian Technology plans to invest $300 million in a high-density optoelectronic integrated circuit board project [1] - Nanda Optoelectronics' subsidiary in Ningbo has an annual production capacity of 50 tons for ArF photoresist [1] - Hunan Baiyin has completed all maintenance plans [1] - AVIC Optoelectronics is a core supplier for Blue Arrow Aerospace [1] Investment Activities - Shaanxi Huada is deeply involved in aerospace projects such as Xingwang and Qianfan, providing supporting products for the second phase of Xingwang [1] - Shunhao Co. plans to invest CNY 74.98 million in its associate company, Trajectory Chuangguang [1] - Shengyang Technology is the sole provider of DVB-NIP hardware and software, with its software recognized by a leading European satellite operator [1] - Tengjing Technology's precision optical components meet the requirements for commercial aerospace satellite laser communication, with small batches already delivered to customers [1] - Jiangbolong's UFS4.1 products have been recognized by storage manufacturers, including SanDisk [1] - Blue Arrow Electronics plans to acquire at least 51% of Chengdu Xinyi's shares to expand into the chip design industry chain [1] - Huitian Technology's $300 million investment is expected to add an annual production capacity of 1.3 million high-density optoelectronic integrated circuit boards and generate an additional annual revenue of CNY 2 billion [1] - Boss Electric plans to invest CNY 100 million in Youte Smart Kitchen to jointly develop the smart cooking robot niche market [1] - Weiteou signed a strategic cooperation agreement with Qiteng Robotics [1] - Cangge Mining expects a net profit of CNY 3.7 billion to CNY 3.95 billion in 2025, benefiting from rising copper prices and capacity release from its associate, Tibet Julong Copper Industry Co., Ltd. [1] - Jinlongyu is investing CNY 1.2 billion to build a production line for solid-state batteries with an annual capacity of 2 GWh [1] Performance Forecasts - Chaohongji expects a net profit increase of 125% to 175% year-on-year in 2025 [2] - Asia-Pacific Co. anticipates a net profit increase of 120% to 170% year-on-year in 2025 [2] - WuXi AppTec forecasts a net profit increase of 103% year-on-year in 2025 [2] - Xinong Co. expects a net profit increase of 50.71% to 81.89% year-on-year in 2025 [2] - Lianhua Holdings anticipates a net profit increase of 43.15% to 62.9% year-on-year in 2025 [2] - Rongbai Technology expects to turn profitable in the fourth quarter of 2025 [2]

Group 1: Market Conditions and Pricing - The supply of storage wafers is expected to remain tight, with limited incremental contribution to output in 2026 due to the cautious capacity expansion strategy of major manufacturers [2] - According to CFM's forecast, the price increase for Mobile eMMC/UFS in Q1 2026 is projected to be between 25% and 30%, while LPDDR4X/5X is expected to rise by 30% to 35% [2] - PC DDR5/LPDDR5X prices are anticipated to increase by 30% to 35%, and cSSD prices are expected to rise by 25% to 30% [2] Group 2: Supply Chain and Procurement - The company has established long-term direct cooperation with major global storage wafer manufacturers, ensuring a diversified supply chain and a competitive advantage in wafer supply [3] - Supplier information is disclosed in public documents such as the prospectus [3] Group 3: Product Development and Competitive Advantage - The self-developed main control chip plays a critical role in managing data between storage particles and CPUs, significantly impacting overall performance [3] - The company has deployed over 100 million self-developed main control chips by the end of Q3, with UFS4.1 products gaining recognition from major storage manufacturers and Tier 1 clients [3] - The enterprise storage products have been integrated into the supply chains of leading internet companies, covering various sectors including telecommunications and server manufacturers [3] Group 4: Disclosure and Compliance - The investor relations activity did not involve any undisclosed significant information [3]