安集科技_加速先进制程扩产以支撑 CMP 抛光液增长；AI 存储需求上升；买入

9 January 2026 | 6:32PM HKT Equity Research Anji Micro (688019.SS) Accelerated advanced nodes expansion to support CMP Slurry growth; Rising demand from AI memory; Buy 688019.SS 12m Price Target: Rmb331.00 Price: Rmb263.66 Upside: 25.5% We are constructive on Anji Micro as CMP slurry local leader, riding on accelerated advanced node (memory, advanced logic) capacity expansion and Gen-AI trend to drive memory demand. We expect to see rising capex spending from local memory suppliers to expand new capacity, a ...