Core Viewpoint - The report highlights the strategic adjustments made by Xingquan Fund in its mixed securities investment fund, focusing on increasing positions in semiconductor-related stocks and emphasizing the potential of domestic storage manufacturers ahead of their anticipated IPOs in 2026 [1][3]. Group 1: Fund Performance - Xingquan He Run Mixed A achieved a profit of approximately 1.858 billion yuan, with a net loss of about 974 million yuan during the reporting period, resulting in a net asset value of approximately 21.688 billion yuan and a net asset value per share of 2.0802 yuan [2]. - Xingquan He Run Mixed C reported a profit of around 7.4413 million yuan, with a net loss of about 172.69 thousand yuan, leading to a net asset value of approximately 135 million yuan and a net asset value per share of 2.0717 yuan [2]. - The net asset value growth rate for Xingquan He Run Mixed A was -3.81%, while the benchmark return for the same period was -0.13% [2]. Group 2: Market Insights - The fourth quarter saw increased market volatility, with indices entering a fluctuating trend, yet opportunities remained abundant, particularly around AI-related sectors [2][3]. - The overseas computing power sector, exemplified by optical modules, continued to reach new highs due to increased orders from major clients and advancements in new technologies [2]. - Domestic supply chain leaders in optical modules and PCB are gaining greater influence on the international stage, while breakthroughs are being made in liquid cooling and power supply sectors [2][3]. Group 3: Investment Strategy - The fund maintained a high position during the reporting period and plans to continue tracking changes in core competitiveness over a longer cycle, aiming to uncover investment opportunities arising from technological transformations and sectoral reversals [3]. - The domestic semiconductor industry is experiencing heightened activity, particularly with the anticipated IPOs of domestic storage manufacturers in 2026, making domestic semiconductor equipment and consumables a focal point for investment [3].

（原标题：华海清科在昆山成立半导体公司，注册资本4亿元） 企查查APP显示，近日，晶科启源（昆山）半导体有限公司成立，法定代表人为潘继岗，注册资本为4亿元，经营范围包含：半导体分立器件制 造；半导体器件专用设备制造；半导体器件专用设备销售；电子专用设备制造等。企查查股权穿透显示，该公司由华海清科（688120）全资持 股。 ...

天眼查工商信息显示，近日，晶科启源(昆山)半导体有限公司成立，法定代表人为潘继岗，注册资本4 亿人民币，经营范围含半导体分立器件制造、半导体器件专用设备制造、半导体器件专用设备销售、电 子专用设备制造、集成电路制造、集成电路销售、通用设备修理、机械设备维护等。股东信息显示，该 公司由华海清科(688120)全资持股。 ...

南方财经1月22日电，天眼查工商信息显示，近日，晶科启源（昆山）半导体有限公司成立，法定代表人为潘继岗，注册资本4亿人民币，经营范围含半导体 分立器件制造、半导体器件专用设备制造、半导体器件专用设备销售、电子专用设备制造、集成电路制造、集成电路销售、通用设备修理、机械设备维护 等。股东信息显示，该公司由华海清科（688120）全资持股。 法律诉讼 经营风险 基本信息 2 股东信息 1 ⑦ ● 序号 股东名称 华海清科股份有限公司 1 科创板(正常上市) 查老板 查关系 查风险 查公司 | | 都在用的商业查询工具 晶科启源（昆山）半导体有限公司 国家中小企业发展子基金旗下机构 | × | | --- | --- | --- | | 基本信息 2 | 法律诉讼 经营风险 | 经营信息 | | 工商信息 ● | | | | 工商信息 历史工商信息0 | | | | 企业名称 | 昌科启渡（昆山） 米号体卓限公司 | | | 法定代表人 | 登记状态 ② 潘继岗 | 在业 | | | 成立日期 | 2026-01-2 | | 统一社会信用代码 ⑦ | 注册资本 2 91320583MAK6N02H63 | 4000 ...

天眼查工商信息显示，近日，晶科启源（昆山）半导体有限公司成立，法定代表人为潘继岗，注册资本 4亿人民币，经营范围含半导体分立器件制造、半导体器件专用设备制造、半导体器件专用设备销售、 电子专用设备制造、集成电路制造、集成电路销售、通用设备修理、机械设备维护等。股东信息显示， 该公司由华海清科（688120）全资持股。 ...

人民财讯1月22日电，企查查APP显示，近日，晶科启源(昆山)半导体有限公司成立，注册资本为4亿 元，经营范围包含：半导体分立器件制造；半导体器件专用设备制造；半导体器件专用设备销售；电子 专用设备制造等。企查查股权穿透显示，该公司由华海清科全资持股。 ...

同壁财经讯，企查查数据显示，根据《化学机械抛光机（CMP）采购项目中标结果公示》，华海清科 股份有限公司于2026年1月20日公告中标武汉高芯科技有限公司采购项目，中标金额为1000.00万元。 相关上市公司：华海清科(688120.SH) 同壁财经小贴士： 华海清科（688120.SH）2024年营业收入为34.06亿元，营业收入增长率为35.81%，归属母公司净利润为 10.23亿元，归属母公司净利润增长率为41.40%，净资产收益率为17.04%。 2025年上半年公司营业收入为19.50亿元，营业收入增长率为30.28%，归属母公司净利润为5.05亿元， 归属母公司净利润增长率为16.82%。 同壁财经讯，企查查数据显示，根据《化学机械抛光机（CMP）采购项目中标结果公示》，华海清科 股份有限公司于2026年1月20日公告中标武汉高芯科技有限公司采购项目，中标金额为1000.00万元。 相关上市公司：华海清科(688120.SH) 同壁财经小贴士： 华海清科（688120.SH）2024年营业收入为34.06亿元，营业收入增长率为35.81%，归属母公司净利润为 10.23亿元，归属母公司净利润增长率 ...

Group 1 - The semiconductor equipment ETF (159327) has seen a 0.22% increase, with a trading volume exceeding 17 million, indicating active market participation [1] - The top ten weighted stocks within the ETF show mixed performance, with notable movements including a 1.21% drop in Zhongwei Company and a 2.22% decline in Chip Source Micro [1] - The ETF has experienced net inflows for ten consecutive days, accumulating over 390 million, and its latest fund size has reached 1.125 billion, surpassing the 1 billion threshold [1] Group 2 - China's GDP has reached a new milestone of 140 trillion yuan, with a year-on-year growth of 5% [4] - By 2025, the added value of the digital product manufacturing industry is expected to grow by 9.3%, while the information transmission, software, and IT services sector is projected to grow by 11.1% [4] - The rapid development of "AI+" has led to significant production increases in storage chips and servers, with growth rates of 22.8% and 12.6% respectively [4] Group 3 - The demand for memory bandwidth and capacity driven by AI training and inference is propelling the storage industry into a new growth cycle, with both volume and price increasing [5] - The semiconductor equipment ETF focuses on critical segments such as lithography, etching, thin film deposition, cleaning equipment, and silicon wafers, covering leading companies like North Huachuang and Zhongwei Company [5] - The capital expenditure cycle in the equipment sector is expected to continue until 2030, providing long-term investment value amid the expansion of AI servers, smart terminals, and storage chips [5] Group 4 - Investors can also access the semiconductor industry through linked funds (Class A 023828, Class C 023829) to benefit from the rising industry prosperity and the dividends of domestic chip production [6]

Group 1 - SMIC (688981) is the largest and most advanced wafer foundry in mainland China, mastering 14nm FinFET technology and maintaining the highest capacity in 28nm mature process domestically, providing foundry services for storage chips [1][40] - The company has received multiple rounds of funding from the National Integrated Circuit Industry Investment Fund, playing a key role in breaking overseas dependence in the domestic storage chip manufacturing sector [1][41] - SMIC also participates in setting multiple industry standards in the domestic semiconductor manufacturing field, consolidating its core voice in the industry chain [1][41] Group 2 - North Huachuang (002371) is a leading semiconductor equipment company in Beijing, providing a full range of equipment for storage chip manufacturing, including etching machines and cleaning machines [2][40] - The company has successfully entered the supply chains of domestic storage manufacturers like Yangtze Memory Technologies and Changxin Memory Technologies, breaking the monopoly of foreign manufacturers [2][41] - With the accelerated expansion of domestic storage chip capacity, North Huachuang's equipment orders continue to grow, and it is establishing new production bases in Tianjin and Yixing [2][41] Group 3 - Hua Hong Semiconductor (688347) focuses on specialty process wafer foundry and is a key player in the domestic storage chip sector, specializing in mature processes like 90nm and 55nm [3][40] - The company provides stable foundry services for domestic storage chip design companies and is expanding its specialty process production lines with support from the National Integrated Circuit Industry Investment Fund [3][41] - Hua Hong has also achieved IATF16949 certification for automotive-grade storage chip processes, enhancing its capabilities in the automotive sector [3][41] Group 4 - Zhongwei (688012) is a global leader in semiconductor etching equipment, with its 5nm etching equipment already in commercial application [4][40] - The company has entered the supply chains of major domestic storage manufacturers and has also penetrated the supply chains of international giants like TSMC and Micron [4][41] - Zhongwei's R&D team comprises over 70% of its workforce, and it holds more than a thousand patents, continuously increasing its market share in the etching equipment sector [4][41] Group 5 - Zhaoyi Innovation (603986) is a leading domestic NOR Flash company, ranking among the top three globally, and is one of the few domestic companies involved in DRAM chip design [5][40] - The company has achieved mass production of 19nm DRAM chips, filling a technology gap in the domestic market, and has established deep cooperation with Changxin Memory Technologies [5][41] - Zhaoyi Innovation has received support from the National Integrated Circuit Industry Investment Fund, focusing its R&D investments on high-end storage chips [5][41] Group 6 - Shengyi Technology (600183) is a leading domestic copper-clad laminate manufacturer, playing a crucial role in the localization of basic materials for the storage chip industry [6][40] - The company has entered the supply chains of major domestic storage packaging companies and provides raw materials to international giants like Samsung and SK Hynix [6][41] - Shengyi is expanding its production capacity in Shaanxi and Jiangsu, with its performance steadily growing alongside the increasing demand for domestic storage chips [6][41] Group 7 - Lanke Technology (688008) is a global leader in memory interface chips, with a market share exceeding 40% for DDR4/DDR5 memory interface chips [7][40] - The company has developed solutions for DDR5 memory interfaces in collaboration with Changxin Memory Technologies, promoting the commercialization of domestic storage modules [7][41] - Lanke's R&D investments focus on cutting-edge fields, extending its product layout into storage control chips [7][41] Group 8 - Shennan Circuits (002916) is a leading domestic printed circuit board manufacturer, focusing on high-end PCB and packaging substrate manufacturing [8][40] - The company has developed storage packaging substrates that meet high reliability and density requirements, entering the supply chains of major domestic storage manufacturers [8][41] - Shennan is also expanding its high-end packaging substrate production lines in Wuxi to further meet the needs of the storage industry [8][41] Group 9 - Jiangbolong (301308) is a leading domestic storage module company, focusing on promoting the application of domestic storage chips in various fields [9][40] - The company has established deep cooperation with domestic storage chip manufacturers and has launched products equipped with domestic storage chips [9][41] - Jiangbolong has acquired the global storage brand Lexar to leverage its overseas channels, increasing its international market presence [9][41] Group 10 - Xian Yicai-U (688783) is a key player in the domestic silicon wafer sector, focusing on the production of 12-inch polished wafers and epitaxial wafers [10][40] - The company has achieved mass production of 12-inch wafers, breaking the monopoly of foreign manufacturers [10][41] - Xian Yicai has received multiple rounds of investment from the National Integrated Circuit Industry Investment Fund, continuously releasing production capacity [10][41] Group 11 - Tuo Jing Technology (688072) is a leading domestic thin film deposition equipment manufacturer, with a market share exceeding 60% for PECVD equipment in domestic storage chip manufacturing [11][40] - The company has entered the supply chains of major domestic storage manufacturers and has also supplied equipment to overseas storage companies [11][41] - Tuo Jing's R&D investment exceeds 30%, continuously launching new equipment suitable for advanced 3D NAND processes [11][41] Group 12 - Shengmei Shanghai (688082) is a leading domestic semiconductor cleaning equipment manufacturer, developing advanced cleaning technologies for storage chip manufacturing [12][40] - The company has entered the supply chains of major domestic storage manufacturers and has also penetrated the supply chains of international giants [12][41] - Shengmei is building a new production base in Shanghai to further meet the equipment needs of storage chip manufacturers [12][41] Group 13 - Huarun Micro (688396) is a leading domestic power semiconductor company, providing packaging and testing services for storage chips [13][40] - The company has expanded its production lines for power semiconductors and storage packaging in Chongqing, enhancing its capabilities in the storage sector [13][41] - Huarun Micro's industrial-grade storage chips have achieved AEC-Q100 certification, enabling them to enter the automotive electronics market [13][41] Group 14 - Changchuan Technology (300604) is a leading domestic semiconductor testing equipment manufacturer, focusing on testing equipment for storage chips [14][40] - The company has entered the supply chains of major domestic storage manufacturers and has received investment from the National Integrated Circuit Industry Investment Fund [14][41] - Changchuan has acquired Singapore's STI company to enhance its competitiveness in the storage testing field [14][41] Group 15 - Changdian Technology (600584) is a global leader in semiconductor packaging and testing, providing high-end packaging services for domestic storage chip design companies [15][40] - The company has established R&D centers in Singapore and South Korea, taking on packaging orders from international giants [15][41] - Changdian has received support from the National Integrated Circuit Industry Investment Fund, continuously expanding its advanced packaging capacity [15][41]

（文章来源：证券日报） 证券日报网讯 1月16日，华海清科发布公告称，公司2026年第一次临时股东会审议通过《关于变更经营 范围、注册资本及修订的议案》。 ...