格隆汇2月11日丨兆易创新(03986.HK)发布公告，根据公司日期为2026年2月8日的公告披露，于2026年2 月11日因悉数行使超额配股权而发行及配发433.73万股H股。 ...

智通财经APP讯，兆易创新(03986)发布公告，于2026年2月11日因悉数行使超额配股权而发行及配发 433.73万股H股。 ...

Core Viewpoint - The storage chip market is expected to be the main focus throughout 2025, with ongoing reports of shortages and price increases continuing into 2026, indicating a sustained upward trend in the industry [3]. Group 1: Wafer Manufacturing - TSMC reported that its customers are not affected by storage price increases, achieving a record revenue of NT$3.8 trillion in 2025, a 31.6% year-on-year increase, with a gross margin of 59.9% [9][10]. - SMIC achieved an unaudited revenue of $9.327 billion in 2025, a 16.2% increase year-on-year, with a net profit of $685 million, up 39.1% [12]. - Huahong Semiconductor reported a revenue of $635 million in Q3 2025, a 20.7% year-on-year increase, with a gross margin of 13.5% [13]. Group 2: Storage Manufacturers - Samsung Electronics achieved a record revenue of 333.6059 trillion KRW (approximately $233.8 billion) in 2025, a 10.9% increase year-on-year, with a net profit growth of 31.2% [18]. - SK Hynix reported a record revenue of 97.15 trillion KRW (approximately $681.6 billion) in 2025, a 47% increase year-on-year, with a net profit of 42.95 trillion KRW [20]. - Micron's revenue surged from $25.11 billion to $37.38 billion in the 2025 fiscal year, with a 56.6% year-on-year increase in Q1 2026 [22]. Group 3: Storage Modules - Jiangbolong expects a revenue of 22.5 billion to 23 billion CNY in 2025, a 29%-32% increase, with a net profit growth of 150.66% to 210.82% [38]. - Bawei Storage anticipates a revenue of 10 billion to 12 billion CNY, with a net profit increase of 427.19% to 520.22% [39]. - Demingli expects a revenue of 10.3 billion to 11.3 billion CNY, with a net profit growth of 85.42% to 128.21% [40]. Group 4: Chip Distributors - Wanye achieved a revenue of approximately NT$1.18 trillion in 2025, a 22.8% year-on-year increase, marking a record high [49]. - Dalian Dadi reported a revenue of NT$999.12 billion in 2025, a 13.4% increase, driven by AI and high-performance computing demand [51]. - Airo's annual sales reached $30.853 billion in 2025, a 10% increase year-on-year [53].

Group 1 - The semiconductor leading ETF, 工银 (159665), opened down 1.00% at 1.980 yuan [1] - Major holdings in the ETF include 中芯国际 down 1.89%, 海光信息 down 1.54%, and several others with varying declines, while 拓荆科技 saw a slight increase of 0.02% [1] - The ETF's performance benchmark is the 国证半导体芯片指数, managed by 工银瑞信基金管理有限公司, with a return of 100.14% since its inception on December 22, 2022, and a 1.67% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF (159995), which opened down by 0.88% at 1.910 yuan on February 11 [1] - Major holdings in the Chip ETF include companies such as SMIC, which fell by 1.89%, Haiguang Information down by 1.54%, and Cambrian down by 1.09% [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index return rate, managed by Huaxia Fund Management Co., with a return of 92.76% since its inception on January 20, 2020, and a 1.42% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF Huatai Fu (516920), which opened down by 0.96% at 1.132 yuan on February 11 [1] - The major holdings of the Chip ETF experienced declines, with notable drops including Cambricon down 1.09%, SMIC down 1.89%, and GigaDevice down 1.69% [1] - The performance benchmark for the Chip ETF is the CSI Chip Industry Index return, with a total return of 14.40% since its establishment on July 27, 2021, and a one-month return of 0.56% [1]

Group 1 - The core point of the article highlights the performance of the Chip ETF Dongcai (159599), which opened with a slight decline of 0.35% at 2.269 yuan [1] - The major holdings of the Chip ETF Dongcai include companies such as Cambrian, SMIC, and Haiguang Information, all of which experienced declines in their stock prices, with SMIC down by 1.89% and Cambrian down by 1.09% [1] - The performance benchmark for the Chip ETF Dongcai is the CSI Chip Industry Index return, managed by Dongcai Fund Management Co., with a return of 127.89% since its establishment on April 19, 2024, and a monthly return of 0.62% [1]

Group 1 - The semiconductor ETF Southern (159325) opened down 0.30% at 1.641 yuan [1] - Major holdings in the semiconductor ETF showed mixed performance, with notable declines in stocks such as Cambrian (-1.09%), SMIC (-1.89%), and GigaDevice (-1.69%), while Tuojing Technology saw a slight increase of 0.02% [1] - The performance benchmark for the semiconductor ETF is the CSI Semiconductor Industry Select Index return, managed by Southern Fund Management Co., Ltd. [1] Group 2 - Since its establishment on October 31, 2024, the fund has achieved a return of 64.93%, but has experienced a decline of 0.24% over the past month [1]

Core Viewpoint - The company plans to utilize idle raised funds for cash management, specifically through high-security, liquid bank financial products and structured deposits, without affecting the progress of investment projects or normal operations [2][3]. Investment Overview - The investment purpose is to maximize shareholder value by improving the efficiency of idle raised funds while ensuring that the progress of investment projects and normal operations are not impacted [3]. - The total investment amount for cash management is RMB 150 million [3]. - The source of funds is from the temporarily idle raised funds from the non-public offering of shares in 2020 [4]. Fund Usage and Management - The company raised a total of RMB 4.324 billion from a non-public offering, with a net amount of RMB 4.284 billion after deducting underwriting fees [5]. - The raised funds were initially planned for "DRAM chip R&D and industrialization projects" and to supplement working capital, with adjustments made to include new projects [6]. Investment Methodology - The cash management will involve purchasing low-risk, short-term financial products with a maximum investment period of 12 months [2][10]. - The company has established a dedicated account for managing raised funds, ensuring compliance with regulations and protecting investor interests [6]. Recent Cash Management Situation - The cash management activities are within the authorized investment limits and timeframes, with a total of RMB 150 million allocated for cash management in the last 12 months [10]. Approval Process - The board of directors and the supervisory board approved the cash management proposal on April 24, 2025, ensuring that it does not affect the company's operational needs [2][10]. Impact on the Company - The cash management is expected to enhance the efficiency of fund utilization without significantly impacting the company's main business, financial status, or cash flow [10]. - As of September 30, 2025, the company's cash and cash equivalents amounted to RMB 10.014 billion, with the cash management amount representing 1.50% of this total [10]. Opinions from Intermediaries - The underwriting institution, China International Capital Corporation, has issued a consent opinion regarding the cash management of idle raised funds [11].

Core Viewpoint - The company announced the approval of a proposal to use idle raised funds for cash management, with a maximum amount of up to 500 million yuan, ensuring that it does not affect the progress of investment projects and normal operations [1] Group 1: Company Actions - The company will hold its fifth board meeting and the fifth supervisory board meeting on April 24, 2025, to discuss the cash management proposal [1] - The company plans to invest in safe, liquid bank wealth management products and structured deposits, with a maximum investment period of twelve months [1] Group 2: Financial Management Strategy - The company aims to utilize idle raised funds for cash management while maintaining the integrity of its investment projects and operational activities [1] - The selected financial products will have high safety and liquidity, with a focus on capital preservation [1]