Core Viewpoint - The company, 澜起科技 (Lianqi Technology), announced the full exercise of the over-allotment option by the overall coordinator on February 10, 2026, involving a total of 9.8835 million H-shares, which represents approximately 15.0% of the total shares available for subscription under the global offering before the exercise of the over-allotment option [1] Group 1 - The over-allotment shares will be issued at a price of HKD 106.89 per H-share [1] - The over-allotment shares are intended to facilitate the delivery of a portion of H-shares to the underwriters, who have agreed to delay the delivery of the relevant H-shares subscribed under the global offering [1] - The Hong Kong Stock Exchange has approved the listing and trading of the over-allotment shares, which are expected to commence on February 13, 2026, at 9:00 AM [1]

Investment Rating - The report maintains a "Strong Buy" rating for the domestic computing power industry chain, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The report emphasizes that AI inference is leading innovation, with a focus on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It highlights the expected growth in the domestic storage industry, driven by new products from Yangtze Memory Technologies and Changxin Memory Technologies, alongside a rapid increase in demand for SSDs and HBM [2][29]. - The report anticipates a significant expansion year for storage production, suggesting investors pay close attention to the overall opportunities within the domestic storage industry chain [29]. - The power industry is also highlighted, with a focus on new technologies on both the supply and demand sides, including companies like Sanhua Group and Zhongfu Circuit [30]. - The ASIC segment is expected to see an increase in market share, with a focus on major CSP manufacturers [30]. - The report predicts an evolution in cabinet models, with growth in demand for high-speed interconnects, cabinet OEM, liquid cooling, and PCB [30]. Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, while the Shenzhen Component Index dropped by 2.11%, and the overall Shenwan Electronics Index decreased by 5.23% [1][13]. - Year-to-date, the Shenwan Electronics Index has declined by 4.73%, ranking 14th out of 31 sectors [1][13]. Weekly Focus - Nvidia's upcoming Arm architecture-based N1X + N1 processor is discussed, indicating a strategic move into the AI PC and laptop market, competing directly with AMD and Intel [26][27]. - The report notes that Nvidia's new processors will utilize TSMC's 3nm process technology, enhancing performance while maintaining low power consumption [26][27]. Related Research - Previous reports have consistently highlighted the positive outlook for the domestic computing power industry chain, including price increases in semiconductor packaging and storage chips [4][6][5].

Investment Rating - The report maintains a positive outlook on the electronic industry, indicating an "Overweight" rating for the sector, driven by AI computing and semiconductor localization trends [3][4]. Core Insights - The electronic industry is expected to leverage AI computing as a growth engine, with strong performance anticipated in PCB, storage, AI/GPU chips, and semiconductor equipment sectors [3][4]. - The semiconductor equipment and parts sector is experiencing a recovery in demand, particularly benefiting from domestic production [3][4]. - The storage sector is witnessing a significant increase in profitability due to the AI industry trend, with a notable rise in demand and prices for storage products [3][6]. - The AI server and chip sectors are seeing a surge in demand both domestically and internationally, particularly for cloud servers and high-speed switches [3][6]. - The PCB sector is expected to benefit from high-end AI PCB product demand, with companies like Shenghong Technology and Shenyin Electronics leading in performance [3][8]. Summary by Sections 2025 Industry Outlook - The electronic industry is projected to thrive with AI as the main driver and semiconductor localization as a catalyst, with strong performances expected across various sub-sectors [4][5]. - Specific forecasts for companies include: - Jiangfeng Electronics: Revenue of approximately 4.6 billion, net profit growth of 7.5% to 27.5% [5]. - ShenGong Co.: Revenue growth of 42.04% to 48.65%, net profit growth of 118.71% to 167.31% [5]. - Zhongwei Company: Revenue of 12.385 billion, net profit growth of 28.74% to 34.93% [5]. Semiconductor Storage Sector - The storage sector is benefiting from increased demand driven by AI, with prices stabilizing and then rising due to supply-demand imbalances [6][7]. - Key company forecasts include: - Jiangbolong: Expected net profit growth of 150.66% to 210.82% [7]. - Aibin Storage: Revenue growth of 49.36% to 79.23%, with net profit growth of 427.19% to 520.22% [7]. PCB Sector - The PCB sector is expected to continue benefiting from high-end AI product demand, with companies like Shenghong Technology and Shenyin Electronics showing strong performance [8][9]. - Forecasts for Shenghong Technology indicate a net profit increase of 260% to 295% [8].

#分享瑞银 交易概览1 2026年2月9日，瑞银助力澜起科技股份有限公司 (以下简称"澜起科技"或"公司") 成功完成香港联合交易所 ("联交所") 的主板上市，本次发行最终定价为每 股106.89港元，成功实现上限定价。总发行规模为9.03亿美元 (绿鞋前) / 10.39亿美元 (绿鞋后) ，股票代码6809-HK 瑞银担任本次交易的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人 高质量的基石投资者为成功发行奠定了坚实基础。本次发行共17家基石投资者，总计规模约为4.50亿美元 (占绿鞋后发行规模约43%) 交易亮点 本次交易标志着瑞银于2026年在大中华区完成的第14个股票资本市场项目， 也是近20年来港股最大的中国半导体公司上市项、迄今为止港股最大的无晶 圆厂 (Fabless) 半导体公司上市项目，以及2021年4月至今港股最大的TMT上市项目2 高质量的基石投资者阵容展现了投资者对公司基本面、市场地位与吸引力的认可，其中包括以阿里巴巴、云锋、瑞银资管为代表的战略投资者、中资长线 与国际长线等 本次交易受到市场的广泛欢迎，簿记启动后即实现来自主权基金、国际长线和中资基金的多倍 ...

Market Overview - A-shares experienced narrow fluctuations, with the Sci-Tech Innovation Board showing strong performance, particularly in AI applications and computing chips [1] - The Hong Kong stock market saw a significant rebound in the pharmaceutical sector, with the Hong Kong Innovation Drug ETF (520880) reaching a peak increase of 3.86% and closing up 2.9% [3][5] ETF Performance - The Hong Kong Innovation Drug ETF (520880) recorded a trading volume of 5.9 billion, while the Hong Kong Medical ETF (159137) rose by 2.1%, marking its sixth consecutive day of gains [2][3] - The Sci-Tech Artificial Intelligence ETF (589520) increased by 1.81%, with a peak rise of over 2.4% during the trading session [8] Industry Insights - The Chinese innovative drug sector is experiencing a dual breakthrough in internationalization and commercialization, with over 70% of innovative drug companies reporting positive revenue growth [6][7] - Significant collaborations in the innovative drug space include a strategic partnership between Innovent Biologics and Eli Lilly, valued at up to $8.85 billion, and a $18.5 billion collaboration between CSPC Pharmaceutical and AstraZeneca [6] AI and Technology Developments - ByteDance's recent launches, including the Seedance 2.0 video generation model and Seedream 5.0 image generation model, have generated significant interest in the AI sector [11] - The Sci-Tech Artificial Intelligence ETF (589520) has a substantial exposure to ByteDance, with a weight of 29.42% in its index [11][13] Semiconductor and Chip Industry - The semiconductor equipment industry is experiencing an upward trend, with projected sales growth of 26% in 2026, reaching $791.7 billion [17] - The Sci-Tech Chip ETF (589190) is positioned to benefit from the ongoing "super cycle" in the semiconductor industry, with a focus on domestic production and expansion [15][17] Investment Strategy - Analysts suggest that the current market conditions present a favorable opportunity for investment in innovative drugs and AI sectors, with a recommendation to focus on ETFs that track these industries [7][19] - The Sci-Tech Chip ETF has shown a strong annualized return of 17.93%, outperforming other semiconductor indices [19][20]

内存互连芯片龙头澜起科技登陆港交所，成A+H双上市公司，业绩持续走高 2月9日，澜起科技正式登陆港交所，成为同时在上海证券交易所和香港交易所上市的"A+H"股公司。开盘后，澜起科技股价一路走高， 最终以每股175港元收盘，较发行价106.89港元暴涨63.72%，总市值突破2122亿港元。 澜起科技此次上市引入了包括摩根大通、阿里巴巴在内的17家基石投资者，合计认购约4.50亿美元，占全球发售股份的近一半。 澜起科技港股上市首日表现强劲，股价大涨63.72%，显示出投资者对这家全球内存互连芯片龙头企业的信心。 澜起科技对此表示，公司已与主要客户建立了长期稳定的合作关系，并持续开拓新客户以降低集中度风险。 同时，公司指出，半导体行业具有技术更新快、产品迭代迅速的特点，如果公司不能及时推出适应市场需求的新产品，可能面临技术落 后和市场份额下降的风险。 与公司基本面向好形成鲜明对比的是，澜起科技重要股东近年来持续大规模减持套现。公开信息显示，澜起科技股权结构高度分散，自 上市以来便无控股股东和实际控制人。 澜起科技成立于2004年，专注于内存接口芯片领域。2025年前三季度，公司实现营业收入40.58亿元，同比增长 ...

Core Viewpoint - The successful IPO of 澜起科技 (Lianqi Technology) on the Hong Kong Stock Exchange marks a significant milestone for the company and its founder, 杨崇和 (Yang Chonghe), who is recognized as a leading figure in IC design. The company has achieved substantial growth driven by the increasing demand for AI and memory interconnect chips, positioning itself as a market leader with a 36.8% market share in 2024 [2][12]. Company Overview - 澜起科技 was founded in 2004 by 杨崇和, focusing initially on digital set-top box chips and memory interface chips. The company received early investment from Intel and achieved significant milestones, including the certification of DDR2 and DDR3 memory interface chips [6][7]. - The company has undergone strategic shifts, moving from consumer electronics to data center chip development, capitalizing on the opportunities presented by cloud computing and AI [7][8]. IPO Details - The IPO was priced at HKD 106.89 per share, raising a net amount of HKD 6.905 billion, with a subscription rate of 707.3 times [2][10]. - On its first trading day, 澜起科技's stock surged by 63.72%, bringing its market capitalization to over HKD 200 billion, and it further increased to HKD 178 per share the following day, exceeding HKD 240 billion in market value [2][11]. Financial Performance - 澜起科技's revenue and net profit have shown significant growth, with projected net profits for 2025 expected to reach between RMB 2.15 billion and RMB 2.35 billion, representing a year-on-year increase of 52.29% to 66.46% [13]. - The company has reported revenues of approximately RMB 36.72 billion, RMB 22.86 billion, RMB 36.39 billion, and RMB 40.58 billion for the years 2022 to 2025, respectively [13]. Market Trends - The global market for high-speed interconnect chips is projected to grow from USD 15.4 billion in 2024 to USD 49 billion by 2030, with a compound annual growth rate of 21.2% [14]. - The demand for memory interconnect chips is expected to surge due to the AI industry's growth, particularly as the industry shifts from training to inference, increasing the need for high-speed interconnect solutions [12][13].

记者丨杨坪 编辑丨巫燕玲 2026 年 2 月 9 日 ， 被 业 界 誉 为 "IC 设 计 海 归 第 一 人 " 的 科 学 家 杨 崇 和 ， 带 着 澜 起 科 技 （06809.HK）登上了港交所的上市大厅。 这是他继2013年登陆纳斯达克、2019年登陆科创板后，第三次带领企业完成IPO。 从电视机顶盒芯片起步，到做大内存接口芯片， 杨崇和一路将澜起科技推向内存互连芯片全 球第一的宝座，公司2024年市占率高达36.8%。 近年来，AI需求带动全球存储市场大爆发，澜起科技市值、业绩双突破。 在此轮港股IPO 中，澜起科技以每股106.89港元的上限定价，所得款项净额69.05亿港元，公开发售接获707.3 倍认购。 此外，澜起科技还引入了阵容强大的基石投资者，JPMIMI、UBS AM、Yunfeng Capital、 Alisoft China、华勤通讯、中邮理财等17名全球基石投资者合共认购3282.8万股，占发售总数 的49.82%。 上市首日，澜起科技大涨63.72%，公司总市值已超过2000亿港元。2月10日，澜起科技再涨 1.71%，报178港元/股，市值突破2400亿港元。 海归博 ...

2月9日，香港交易所，澜起科技（06809.HK）上市的锣声敲响。当日收盘，股价锁定在175.00 港元，较发行价暴涨63.72%，公司A+H双平台市值携手突破2100亿港元大关。这热烈的场景， 仿佛是七年前一次关键握手所激荡出的悠长回响。 澜起科技代表了中国在内存接口芯片这一高端半导体关键领域实现自主突破，并跻身全球规则制定 者行列。这为国家数字基础设施供应链注入了至关重要的安全与韧性。而如黄浦江资本这样的早期 重仓资本，成为了支撑这类硬核科技企业攻坚克难的市场化基石。产业与资本的深度融合，正是中 国加速关键领域国产替代、培育世界级创新企业的生动呈现。 从1000亿到1600亿，完整一级市场周期陪跑与二级市场持续加持 资本范本：一场跨越双城的价值长跑 ｜从上海科创到香港主板的双城记 从100亿到1000亿，价值发现与重仓布局并伴随上市 在澜起科技自纳斯达克私有化回归后，黄浦江资本便果断重仓入股，成为公司前几大重要民营战略 股东。这不是试探性的小额投资，而是基于深度产业研究后，对一家已具备全球竞争力龙头的确定 性下注。 黄浦江资本深度陪伴澜起科技于2019年作为首批硬科技企业登陆科创板。自2018年初投资打款 ...

Group 1 - The core viewpoint of the article highlights the performance of the 科创芯片 ETF (GFA) on February 10, with an opening increase of 0.85% to 0.953 yuan [1] - The major holdings of the 科创芯片 ETF include companies such as 海光信息, 中芯国际, and others, with varying performance on the same day [1] - The performance benchmark for the 科创芯片 ETF is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by 广发基金管理有限公司, with a return of -5.38% since its establishment on January 21, 2026 [1]