Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a positive outlook for the semiconductor industry, driven by increasing demand for AI computing power and capital expenditures [7] - Key companies such as Nvidia and Meta are making significant investments in AI chips, indicating strong market growth potential [5] - The report emphasizes the importance of domestic supply chains and price increases in materials like target materials and passive components [7] Market Review - During the Spring Festival holiday (February 16-20, 2026), major overseas technology stocks saw gains, with the Nasdaq index rising by 1.51% and the Philadelphia Semiconductor Index also increasing by 1.51% [3] - Notable stock performances included Nvidia up by 3.83%, Apple up by 3.44%, and Amazon up by 5.69% [3] Industry Updates - The report notes a surge in AI model updates from domestic and international companies, with significant product launches expected from Apple and others [4] - Nvidia's CEO announced a groundbreaking new chip at the upcoming GTC 2026 conference, and a multi-billion dollar chip procurement agreement with Meta was confirmed [5] - Samsung and SK Hynix are accelerating production capacity due to increased storage demand driven by AI [6] Investment Recommendations - The report suggests focusing on sectors benefiting from increased AI computing capital expenditures and domestic supply chain developments [7] - Recommended stocks include Jiangfeng Electronics, with beneficiaries including Jingce Electronics, Chipone Technology, and others [7]

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，2月9日，Janchor Partners Limited增持澜起科技（06809）29.84万股，每股作 价163.3602港元，总金额约为4874.67万港元。增持后最新持股数目为350.84万股，最新持股比例为 5.32%。 责任编辑：卢昱君 香港联交所最新资料显示，2月9日，Janchor Partners Limited增持澜起科技（06809）29.84万股，每股作 价163.3602港元，总金额约为4874.67万港元。增持后最新持股数目为350.84万股，最新持股比例为 5.32%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

智通财经APP获悉，香港联交所最新资料显示，2月9日，Janchor Partners Limited增持澜起科技 (06809)29.84万股，每股作价163.3602港元，总金额约为4874.67万港元。增持后最新持股数目为350.84 万股，最新持股比例为5.32%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月9日，Janchor Partners Limited增持澜起科技 (06809)29.84万股，每股作价163.3602港元，总金额约为4874.67万港元。增持后最新持股数目为350.84 万股，最新持股比例为5.32%。 ...

Core Viewpoint - Samsung Electronics' stock price reached a new high, driven by plans to increase the price of its HBM4 components by 20% to 30% compared to HBM3E [1] Group 1: Company Developments - Samsung Electronics' stock rose over 8%, reaching a peak of 229.8 HKD, marking a record high since its listing [1] - The company plans to set the price of its HBM4 components at approximately 700 USD, which is significantly higher than previous models [1] Group 2: Industry Insights - SK Hynix is also expected to price its HBM4 components at elevated levels, indicating a trend in the memory chip market [1] - Citigroup's recent report highlights that the growth in CPU server demand and advancements in AI applications may drive increased usage of DIMM memory modules, benefiting companies like 澜起科技 [1] - Citigroup has given 澜起科技 a "Buy" rating with a target price of 205 HKD, suggesting a potential earnings growth of approximately 54 times from the second half of this year to the first half of next year [1]

花旗近期研报指出，基于CPU的伺服器需求增长，智能体AI应用新发展也可能被催化，带动更多DIMM 记忆体模组使用，对澜起科技记忆体介面业务带来上行空间，推动今明两年盈利增长。花旗目前给予澜 起科技"买入"评级，目标价为205港元，对应今年下半年至明年上半年预测市盈率约54倍。 智通财经APP获悉，澜起科技(06809)一度涨超8%，高见229.8港元创上市以来新高。截至发稿，涨 3.79%，报219港元，成交额3.56亿港元。 消息面上，周四，韩国存储芯片巨头三星电子股价再度创下历史新高。有报道称，三星计划将其HBM4 组件的售价定在约700 美元，较HBM3E高出20%至30%。报道还称，SK海力士预计也将把HBM4的价格 定在更高水平。 ...

Market Overview - On February 20, the Hong Kong stock market experienced a decline on its first trading day of the Year of the Horse, with the Hang Seng Index, Hang Seng Tech Index, and other indices showing weakness, particularly the Hang Seng Tech Index which fell over 2% [1][8] - The Hang Seng Index closed at 26,544.62, down 161.32 points or 0.60%, while the Hang Seng Tech Index was at 5,245.10, down 122.42 points or 2.28% [2][9] AI and Robotics Sector Performance - Despite the overall market decline, AI application stocks surged, with Haizhi Technology Group rising over 28% to a peak of 154.4 HKD per share, marking a new high since its listing. Other notable gains included Zhiyuan up nearly 20%, and Yujian up over 18% [2][9] - The Spring Festival Gala showcased humanoid robots from four companies, highlighting advancements in robotics and AI technology, which have garnered significant public interest [4][11] - Douyin e-commerce reported a substantial increase in sales of robot products during the Spring Festival, with GMV growing 1680% and order volume increasing 655% from February 16 to 18 [4][11] Industry Insights - Dongwu Securities emphasized that advancements in core robotic capabilities are crucial for the technology's transition from laboratory to factory settings [5][12] - According to a recent report by招商证券, the AI application sector is witnessing simultaneous technological breakthroughs and intensified commercial competition, supported by national strategies for long-term development [6][12] - The report also noted that while index valuations are slightly high, the dual drivers of industry trends and policy benefits suggest potential upward movement in the market [6][12] Storage Sector Developments - On the same day, storage concept stocks in Hong Kong showed slight gains, with companies like 澜起科技 rising over 8% and 兆易创新 nearly 4% [6][12] - Reports indicated that Samsung Electronics is negotiating pricing for its latest generation of AI storage chips, which could be up to 30% higher than the previous generation [6][12]

Group 1 - The Hong Kong stock market experienced a V-shaped rebound on the last trading day before the Spring Festival, with the Hang Seng Index rising by 0.5% and the Hang Seng Tech Index increasing by 0.1%, despite a mid-session drop of nearly 2% [2] - The semiconductor sector showed strong performance, with Lattice Semiconductor rising over 14% and GigaDevice Semiconductor (603986) increasing by over 9%. Tech stocks generally performed well, with Tencent Music up nearly 5%, Baidu and Midea Group (000333) rising over 1%, and Tencent increasing by 0.2% [3] Group 2 - Institutional reports indicate that the Hong Kong stock market has short-term rebound potential, driven by increased foreign investment in Chinese assets and a rush to buy Hong Kong tech IPOs. Notably, the materials technology company Woer Heat Material (002130) is set to officially list on February 13, attracting cornerstone investors like Jump Trading [4] - Earlier, Lattice Semiconductor's Hong Kong IPO also drew interest from several long-term funds, including UBS Asset Management, JPMorgan Asset Management, and abrdn [4] - Industrial analysis from Industrial Securities suggests embracing the spring market with a strategy focused on "tech bottoming, cyclical recovery, and beta in dividends." Current market sentiment indicators show that short-selling transactions account for about 19.2% of the market, indicating a relative low in market sentiment and potential for a short-term rebound [4]

Group 1 - The Hang Seng Index closed up 0.52% after opening lower, while the Hang Seng Tech Index increased by 0.13% [1] - The AI application concept and non-ferrous metal sectors experienced significant gains, with MINIMAX-WP rising by 24% and Zhihui increasing by 4% [1] - Luoyang Molybdenum Co. saw an increase of over 5%, while Zijin Mining and Lingbao Gold both rose by over 4% [1] Group 2 - The semiconductor sector showed strength, with Lanke Technology rising by over 14% and Zhaoyi Innovation increasing by over 9% [1]

Group 1 - The core point of the article highlights recent stock movements of Lattice Semiconductor (澜起科技), indicating significant shareholder activity and investment interest [1] Group 2 - On February 13, Lattice Semiconductor's shareholders deposited stocks into Huatai Hong Kong, with a market value of HKD 1.802 billion, accounting for 13.04% of the total shares [1] - On February 10, JPMorgan Chase increased its holdings in Lattice Semiconductor by purchasing 1.13246 million shares at a price of HKD 177.6932 per share, totaling approximately HKD 201 million [1] - Following the purchase, JPMorgan's total shareholding in Lattice Semiconductor reached approximately 8.6152 million shares, representing a holding percentage of 13.07% [1]