Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The electronic industry index experienced a decline of 3.73% in the week of February 2-6, 2026, with semiconductors down by 3.02% [4] - Google's capital expenditure guidance for 2026 is projected to be between $175 billion and $185 billion, exceeding previous market expectations of $130 billion [5] - The demand for smartphones is expected to remain weak until at least the second half of 2027, with MediaTek forecasting a significant revenue decline in Q1 2026 [5] Summary by Sections Industry Trends - The semiconductor supply-demand tightness continues, with Infineon issuing price increase notices due to ongoing supply constraints and rising costs [6] - Samsung is considering a price increase of approximately 10% for its 4nm and 8nm processes [6] Investment Recommendations - The report suggests focusing on the supply chain of Changxin's related equipment and materials, as well as the chain reaction of semiconductor price increases [7] - Recommended stocks include North China Innovation, Zhongwei Company, and Tuojing Technology, while beneficiaries include Jingce Electronics, Zhaoyi Innovation, and others [7]

格隆汇2月9日丨澜起科技(06809.HK)公告，澜起科技股份有限公司(以下简称"公司")正在进行发行境外 上市股份(H股)并在香港联合交易所有限公司(以下简称"香港联交所")主板挂牌上市(以下简称"本次发行 上市")的相关工作。 经香港联交所批准，公司本次发行的65,890,000股H股股票(行使超额配售权前)于2026年2月9日在香港联 交所主板挂牌并上市交易。公司H股股票中文简称为"澜起科技"，英文简称为"MONTAGETECH"，股 份代号为"6809"。 公司本次全球发售H股总数为65,890,000股(行使超额配售权前)，其中，香港公开发售6,589,000股，约占 全球发售总数的10%(行使超额配售权前)；国际发售59,301,000股，约占全球发售总数的90%(行使超额 配售权前)。根据每股H股发售价106.89港元计算，经扣除全球发售相关包销佣金、费用及估计开支后， 在超额配售权行使前，公司将收取的全球发售所得款项净额估计约为69.05亿港元。 ...

Core Viewpoint - The successful IPO of Lanqi Technology on the Hong Kong Stock Exchange marks a significant milestone for the company and its founder, Yang Chonghe, who is recognized as a leading figure in IC design. The company has achieved a dominant position in the memory interconnect chip market, driven by the growing demand for AI and data center technologies [1][5][10]. Company Overview - Yang Chonghe, known as the "first returnee in IC design," has led Lanqi Technology through three IPOs, including its recent listing on the Hong Kong Stock Exchange [1][3]. - Lanqi Technology started with set-top box chips and has grown to dominate the memory interconnect chip market, achieving a market share of 36.8% in 2024 [1][6]. 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 [1][8]. - The company attracted significant cornerstone investors, including JPMIMI, UBS AM, and others, who collectively subscribed to 32.828 million shares, accounting for 49.82% of the total offering [1][8]. Market Performance - On its first trading day, Lanqi Technology's stock surged by 63.72%, closing at HKD 175.00 per share, resulting in a market capitalization exceeding HKD 212.155 billion [1][9]. - The company's A-share performance has also been strong, with a 74.61% increase in 2025 and a further 47.24% rise in early 2026 [10]. Financial Performance - Lanqi Technology'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% [10]. - The company anticipates a substantial increase in demand for its interconnect chips due to the AI industry's growth, particularly as the focus shifts from training to inference [10]. Industry Outlook - The global high-speed interconnect chip market 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% [11].

澜起科技(688008.SH)发布公告，经香港联交所批准，公司本次发行的6589万股H股股票(行使超额配售 权之前)于2026年2月9日在香港联交所主板挂牌并上市交易。公司H股股票中文简称为"澜起科技"，英文 简称为"MONTAGE TECH"，股份代号为"6809"。 ...

智通财经APP讯，澜起科技(688008.SH)发布公告，经香港联交所批准，公司本次发行的6589万股H股股 票(行使超额配售权之前)于2026年2月9日在香港联交所主板挂牌并上市交易。公司H股股票中文简称 为"澜起科技"，英文简称为"MONTAGE TECH"，股份代号为"6809"。 ...

澜起科技股份有限公司（以下简称"公司"）正在进行发行境外上市股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（以 下简称"本次发行上市"）的相关工作。 证券代码：688008 证券简称：澜起科技 公告编号：2026-010 澜起科技股份有限公司 关于 H 股挂牌并上市交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 | 股东名称 | | 本次发行上市前 | | | 本次发行上市后 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 假设超额配股权未获行使 | | 假设超额配售权悉数行使 | | | | 持股数量 | 持股比例 | | 持股数量 | 持股比例 | 持股数量 | 持股比例 | | | （股） | （%） | | （股） | （%） | （股） | （%） | | WLT Partners, L.P. | 45,012,524 | | 3.93 | 45,012,524 | 3.71 | 45, ...

Core Viewpoint - The A-share market is experiencing a strong upward trend, particularly in the AI sector, with significant inflows into the AI-themed ETF, Huatai-PineBridge (589560), which rose by 4.44% on February 9, ending a three-day decline [1][3]. Group 1: Market Performance - The Huatai-PineBridge AI ETF (589560) has seen net inflows of 12.63 million yuan over three of the last five trading days [1]. - Key component stocks of the ETF have shown strong performance, with Chip Origin rising over 14%, Fudan Microelectronics over 9%, and several others also experiencing gains [2][3]. Group 2: Component Stocks - The top ten component stocks of the Huatai-PineBridge AI ETF include: - Chip Origin: 14.87% increase, 12.05% estimated weight - Fudan Microelectronics: 9.65% increase, 4.91% estimated weight - Kingsoft Office: 1.12% increase, 9.01% estimated weight - Other notable stocks include Cambricon and CloudWalk Technology [4][5]. Group 3: AI Technology Developments - ByteDance's new AI video generation model, Seedance 2.0, has gained significant attention for its technological breakthroughs, including support for multi-modal input and 2K video output, which is 30% faster than competitors [6]. - The model is expected to revolutionize content production, particularly in AI-driven short films and series, enhancing efficiency and reducing costs [6]. Group 4: Investment Opportunities - Analysts suggest that the current market sentiment is at a low point, with Seedance 2.0 potentially catalyzing a rebound in AI applications [7]. - The AI application sector has seen a 19% increase since the beginning of the year, indicating strong growth potential [7]. - The domestic AI hardware market is expected to benefit from trends towards self-sufficiency in computing power, with significant investments from major tech companies in AI chip development [9].

格隆汇2月9日丨澜起科技(688008.SH)公布，经香港联交所批准，公司本次发行的65,890,000股H股股票 （行使超额配售权之前）于2026年2月9日在香港联交所主板挂牌并上市交易。公司H股股票中文简称 为"澜起科技"，英文简称为"MONTAGETECH"，股份代号为"6809"。 ...

格隆汇2月9日丨澜起科技(688008.SH)公布，公司于2026年2月9日收到股东上海融迎企业管理合伙企业 （有限合伙）及其一致行动人WLTPartners,L.P.（以下简称"上海融迎及其一致行动人"）出具的《股东 股份变动触及1%刻度的告知函》。上海融迎及其一致行动人自2025年10月18日至2026年1月9日期间， 通过集中竞价交易方式合计减持公司股份845.15万股，占公司目前总股本的比例约为0.70%；2025年12 月22日-2026年2月9日，因限制性股票归属以及公司发行境外上市股份（H股）致公司总股本增加，上 海融迎及其一致行动人持股比例被动稀释。前述原因导致上海融迎及其一致行动人合计持有公司股份比 例由7.98%减少至6.84%，权益变动触及1%刻度。 ...

证券代码：688008 证券简称：澜起科技 公告编号：2026-011 澜起科技股份有限公司 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 注："权益变动前合计比例"是以信息披露义务人前次权益变动时披露的股份数量以及公司总股 本 1,145,151,330 股为基础测算；"权益变动后合计比例"是以公司于 2026 年 2 月 9 日发行境外 上市股份（H 股）并在香港联合交易所有限公司主板挂牌上市后的总股本 1,212,316,521 股（行 使超额配售权之前）为基础测算。 | | □ □ | 控股股东/实际控制人及其一致行动人 其他 5%以上大股东及其一致行动人 | | --- | --- | --- | | 投资者及其一致行动人的身份 | √ | 合并口径第一大股东及其一致行动人（仅适用 | | | | 于无控股股东、实际控制人） | | | □ | 其他 | 关于持股 5%以上股东权益变动触及 1%刻度 （二）信息披露义务人信息 的提示性公告 上海融迎企业管理合伙企业（有限合伙）及其一致行动人 WLT Partners, L.P.保证向 澜起科技股份有限公司（以下简称"澜起科技"或 ...