Group 1 - The semiconductor equipment ETF Huaxia (562590) closed at 1.897 yuan, down 0.11% with a trading volume of 71.3672 million yuan [1] - Major holdings in the ETF include North Huachuang down 0.59%, Zhongwei Company down 1.63%, and Tuo Jing Technology down 1.83%, while Changchuan Technology rose 0.22% and Hu Silicon Industry fell 0.19% [1] - The ETF's performance benchmark is the CSI Semiconductor Materials and Equipment Theme Index return, managed by Huaxia Fund Management Co., Ltd., with a return of 89.93% since its establishment on October 9, 2023, and a return of 0.38% over the past month [1]

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]

Group 1 - The semiconductor equipment ETF Huaxia (562590) closed down 0.83% at 1.904 yuan with a trading volume of 64.19 million yuan [1] - Major holdings in the ETF include: Beifang Huachuang down 0.70%, Zhongwei Company down 1.36%, Tuojing Technology down 0.82%, Changchuan Technology down 3.57%, Hu Silicon Industry down 0.62%, Huahai Qingke down 0.84%, Zhongke Feice down 3.71%, Nanda Guangdian up 1.92%, Anji Technology down 0.71%, and Xinyuanwei up 1.13% [1] - The ETF's performance benchmark is the CSI Semiconductor Materials and Equipment Theme Index return, managed by Huaxia Fund Management Co., Ltd., with a return of 92.01% since its establishment on October 9, 2023, and a return of 1.48% over the past month [1]

Summary of the Conference Call on the Storage Industry Industry Overview - The report focuses on the storage industry, specifically DRAM and NAND Flash markets, highlighting significant price increases in January 2026 [1][2]. Key Points and Arguments Price Review for January 1. **DRAM Prices**: - Mainstream DRAM spot prices increased by 16% to 33% month-over-month in January 2026. - Contract prices for DDR5-8Gb and DDR4-8Gb surged by 119% and 63% respectively [1]. 2. **NAND Flash Prices**: - Mainstream NAND Flash spot prices rose by 24% to 34% month-over-month. - Contract prices increased by 37% to 67% [1]. 3. **Module Prices**: - DDR4/5 memory module prices increased by 13% to 50%. - SSD prices rose by 39% to 62%, while mobile storage prices increased by 22% to 43% [1]. Price Outlook 1. **DRAM Forecast**: - It is expected that traditional DRAM contract prices will rise by 90% to 95% in Q1 2026, up from a previous estimate of 50% to 60%. - The supply-demand gap for DRAM continues to widen, with North American CSP manufacturers securing supplies, forcing other customers to accept higher prices. Server DRAM is projected to increase by 88% to 93% in a single quarter [1]. 2. **NAND Flash Forecast**: - Strong demand from AI servers is anticipated to drive overall contract prices up by 55% to 60% in Q1 2026, compared to an earlier forecast of 33% to 38% [2]. 3. **Niche Storage**: - NOR Flash prices are expected to maintain an upward trend in H1 2026, with overall increases exceeding 20% in Q1, and even larger increases for smaller capacity NOR products [2]. Company Insights 1. **SK Hynix**: - The company forecasts a year-over-year growth of over 20% in DRAM demand and 15% to 20% in NAND demand for 2026, driven primarily by AI server and data center needs [3]. 2. **Samsung Electronics**: - Strong demand from AI servers is noted, while smartphone and PC shipments are negatively impacted by storage supply and pricing issues [3]. 3. **SanDisk**: - The company anticipates that data center bit demand will grow by over 60% in 2026 [3]. Investment Recommendations - The report recommends focusing on four key areas: 1. Beneficiaries of storage price increases, with specific recommendations for companies like Zhaoyi Innovation, Puran, and Beijing Junzheng. 2. CPU chain/memory upgrades, recommending AI interconnect chip leader Lanke Technology. 3. Companies benefiting from Changxin's investment in production expansion, including domestic equipment firms like Zhongwei, Huahai Qingke, Kema Technology, and Jingzhida. 4. Logic chip foundries for storage, with recommendations for Huahong Semiconductor and Yandong Micro [3].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Group 1 - The semiconductor equipment ETF Huaxia (562590) rose by 0.37% to 1.899 yuan with a trading volume of 83.83 million yuan as of the midday close on February 6 [1] - Major holdings in the semiconductor equipment ETF include: - North Huachuang up 1.31% - Zhongwei Company down 0.26% - Tuojing Technology up 1.13% - Changchuan Technology down 0.42% - Hu Silicon Industry up 1.11% - Huahai Qingke up 0.52% - Zhongke Feicai up 1.50% - Nanda Guangdian up 0.72% - Anji Technology up 1.04% - Chip Source Micro up 0.01% [1] - The performance benchmark for the semiconductor equipment ETF is the CSI Semiconductor Materials and Equipment Theme Index return, managed by Huaxia Fund Management Co., Ltd. The fund manager is Dan Kuan Zhi, with a return of 88.71% since its establishment on October 9, 2023, and a return of 10.29% over the past month [1]

证券代码：688120 证券简称：华海清科 公告编号：2026-006 华海清科股份有限公司 名称：华海清科股份有限公司 统一社会信用代码：91120112064042488E 类型：股份有限公司（上市） 法定代表人：王同庆 注册资本：叁亿伍仟叁佰陆拾伍万壹仟玖佰玖拾壹元人民币 关于完成工商变更登记并换发营业执照的公告 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。 华海清科股份有限公司（以下简称"公司"）已于 2025 年 12 月 31 日和 2026 年 1 月 16 日分别召开了第二届董事会第二十一次会议和 2026 年第一次临时股东 会，审议通过了《关于变更经营范围、注册资本及修订<公司章程>的议案》，具 体内容详见公司于 2026 年 1 月 1 日和 2026 年 1 月 17 日披露于上海证券交易所 网站（www.sse.com.cn）的相关公告及文件。 近日，公司已完成工商变更登记和备案手续，并取得了由天津市津南区市场 监督管理局换发的《营业执照》，具体登记信息如下： 经营范围：一般项目：半导体器件专用设 ...

Group 1 - Northern Huachuang is a leading domestic semiconductor equipment manufacturer, covering core process equipment such as etching machines, thin film deposition equipment, and cleaning machines, which are essential for memory chip manufacturing [1] - The company is expected to benefit from the growth in equipment orders driven by the expansion and technological upgrades of domestic memory manufacturers during the memory chip price increase cycle [1] - Northern Huachuang has made breakthroughs in advanced process equipment for 3D NAND and HBM, establishing a core competitive advantage in the global memory equipment market [1] Group 2 - Hua Hong Semiconductor is a leading domestic specialty process manufacturer with mature memory chip foundry capabilities, focusing on NOR Flash, eMMC, and SPI NAND [2] - The company is expected to benefit from the rising demand for memory chip foundry services as domestic memory manufacturers expand production [2] - Hua Hong's layout in automotive-grade memory chip foundry will further enhance its resilience against economic cycles [2] Group 3 - Zhongwei Company is a core supplier of etching equipment, with its 5nm etching machine already integrated into the supply chain of memory manufacturers [3] - The demand for high-end equipment is expected to grow due to the trend of upgrading memory chips to advanced processes like 3D NAND and HBM [3] - Zhongwei's layout in thin film deposition equipment enhances its service capabilities for memory manufacturers [3] Group 4 - Lanke Technology is a global leader in memory interface chips, with its products widely used in servers and PCs, holding a leading share in the DDR5 interface chip market [4] - The demand for DDR5 interface chips is expected to surge due to the explosion in AI server and high-end PC demand during the memory chip price increase cycle [4] - Lanke's breakthroughs in HBM interface chips will further open up growth opportunities [4] Group 5 - GigaDevice is a leading domestic memory chip design company, focusing on NOR Flash while also expanding into NAND Flash and DRAM [5] - The company is expected to benefit from the price increase of NOR Flash products driven by the recovery of consumer electronics and AI terminal demand [5] - GigaDevice's layout in automotive-grade memory chips will further expand its downstream application space [5] Group 6 - Shengyi Technology is a leading domestic copper-clad laminate manufacturer, with its products being core raw materials for memory chip packaging [6][7] - The growth in demand for copper-clad laminates is expected to be driven by the expansion of memory manufacturers and the increase in packaging needs during the memory chip price increase cycle [6][7] - Shengyi's breakthroughs in high-frequency and high-speed copper-clad laminates will adapt to the upgrade demands of memory chips [6][7] Group 7 - Shenzhen South Circuit is a leading domestic PCB manufacturer, with its high-end PCB products being core carriers for storage servers and modules [8] - The demand for high-end PCBs is expected to grow due to the explosion in AI server demand and the expansion of memory manufacturers during the memory chip price increase cycle [8] - Shenzhen South Circuit's layout in storage packaging substrates further enhances its position in the memory industry chain [8] Group 8 - Jiangbolong is a leading domestic storage module manufacturer, focusing on the development and manufacturing of storage modules for various applications [9] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [9] - Jiangbolong's layout in automotive-grade storage modules will further open up downstream application spaces [9] Group 9 - Xi'an Yicai is a core enterprise in semiconductor materials, focusing on silicon-based materials essential for memory chip manufacturing [10] - The demand for silicon-based materials is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [10] - Xi'an Yicai's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [10] Group 10 - Tuojing Technology is a leading domestic thin film deposition equipment manufacturer, with its PECVD and ALD equipment being core process equipment for memory chip manufacturing [11] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of 3D NAND technology during the memory chip price increase cycle [11] - Tuojing's layout in HBM-related equipment will further adapt to the upgrade demands driven by AI [11] Group 11 - Maiwei Co. is a core domestic semiconductor equipment enterprise, with its equipment already integrated into the supply chain of leading domestic memory manufacturers [12] - The growth in equipment orders is expected to be driven by the expansion of memory manufacturers and the increase in advanced packaging demand during the memory chip price increase cycle [12] - Maiwei's breakthroughs in HBM packaging equipment will adapt to the upgrade demands driven by AI [12] Group 12 - Shengmei Shanghai is a leading domestic semiconductor cleaning equipment manufacturer, with its single-wafer cleaning equipment integrated into the supply chain of leading memory manufacturers [13] - The demand for cleaning equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [13] - Shengmei's breakthroughs in 3D NAND cleaning technology will adapt to the technical iteration needs of memory chips [13] Group 13 - Changdian Technology is a leading domestic packaging and testing enterprise, covering the packaging and testing of various memory chip types [14] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [14] - Changdian's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [14] Group 14 - Changchuan Technology is a leading domestic semiconductor testing equipment manufacturer, with its testing equipment covering memory and logic chips [15] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [15] - Changchuan's breakthroughs in DDR5 and HBM testing technologies will adapt to the upgrade demands driven by AI [15] Group 15 - Baiwei Storage is a leading domestic storage chip design and module manufacturer, focusing on various storage modules for different applications [16] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [16] - Baiwei's layout in automotive-grade storage will further open up downstream application spaces [16] Group 16 - China Resources Microelectronics is a leading domestic power semiconductor and storage chip manufacturer, focusing on NOR Flash and eMMC [17] - The company is expected to benefit from the recovery in consumer electronics and industrial control demand during the memory chip price increase cycle [17] - China Resources' layout in automotive-grade storage chips will enhance its resilience against economic cycles [17] Group 17 - Tongfu Microelectronics is a core domestic packaging enterprise, covering the packaging of various memory chip types [18] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [18] - Tongfu's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [18] Group 18 - Yitang Co. is a core domestic semiconductor equipment enterprise, focusing on thin film deposition and rapid thermal processing equipment [19] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [19] - Yitang's breakthroughs in 3D NAND-related equipment will adapt to the technical iteration needs of memory chips [19] Group 19 - Jingsheng Mechanical and Electrical is a leading domestic semiconductor silicon wafer equipment manufacturer, with its equipment integrated into the supply chain of leading memory manufacturers [20] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the increase in silicon wafer demand during the memory chip price increase cycle [20] - Jingsheng's breakthroughs in 300mm large silicon wafer equipment will adapt to the advanced process needs of domestic storage [20] Group 20 - Xichuang Data is a leading domestic storage module and smart terminal manufacturer, focusing on various storage modules for different applications [21] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [21] - Xichuang's layout in automotive-grade storage will further open up downstream application spaces [21] Group 21 - Shannon Chip is a leading domestic storage chip distribution and solution provider, focusing on distribution and technical services for storage chips [22] - The growth in distribution revenue is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [22] - Shannon's layout in storage module solutions will enhance customer stickiness [22] Group 22 - Hushi Silicon Industry is a leading domestic semiconductor silicon wafer manufacturer, covering various specifications essential for memory chip manufacturing [23] - The demand for silicon wafers is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [23] - Hushi's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [23] Group 23 - Unisoc is a leading domestic security chip and storage chip manufacturer, focusing on eMMC and UFS [24] - The company is expected to benefit from the recovery in consumer electronics and the growth in security storage demand during the memory chip price increase cycle [24] - Unisoc's layout in automotive-grade storage chips will enhance its resilience against economic cycles [24] Group 24 - Fudan Microelectronics is a leading domestic FPGA and storage chip manufacturer, covering various storage chip types [25] - The growth in demand for storage products is expected to be driven by the increase in industrial control demand and the acceleration of domestic substitution during the memory chip price increase cycle [25] - Fudan's layout in automotive-grade storage chips will further open up downstream application spaces [25] Group 25 - Zhongke Feicai is a leading domestic semiconductor testing equipment manufacturer, covering testing equipment for memory and logic chips [26] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [26] - Zhongke's breakthroughs in 3D NAND testing technology will adapt to the technical iteration needs of memory chips [26] Group 26 - Huahai Qingke is a leading domestic chemical mechanical polishing (CMP) equipment manufacturer, with its CMP equipment integrated into the supply chain of leading memory manufacturers [27] - The demand for CMP equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [27] - Huahai's breakthroughs in 3D NAND polishing technology will adapt to the technical iteration needs of memory chips [27]

Group 1 - The company, Huahai Qingke, announced a share buyback of 441,120 shares, which represents 0.1247% of its total share capital [2]

证券代码：688120 证券简称：华海清科 公告编号：2026-005 华海清科股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 截至 2026 年 1 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式回购公司股份 441,120 股，占公司总股本 353,651,991 股的比例为 0.1247%， 回购成交的最高价为 156.96 元/股，最低价为 127.30 元/股，支付的资金总额为 人民币 60,224,451.49 元（不含交易佣金等费用）。 本次回购符合相关法律法规的规定和公司回购股份方案的要求。 | 回购方案首次披露日 | 2025/8/29 | | --- | --- | | 回购方案实施期限 | 2025 年 9 月 17 日~2026 年 9 月 16 日 | | 预计回购金额 | 5,000万元~10,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 √用于转换公司可转债 | | 累计已回购股数 | □为维护公司价值及股东权益 441,120股 | | 累计已回购股数占总股本比例 | 0.1247% | | 累计已回购金额 | 6 ...