Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The demand for AI computing power is driving a persistent shortage in storage [2][8] - Major storage companies are experiencing strong performance, with AI demand expected to continue creating incremental opportunities [6] - The supply of niche storage is under pressure from mainstream storage, leading to a sustained tight supply situation [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengsuo [2][8] - Domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage are also highlighted [2] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [2] - Semiconductor equipment firms such as Zhongwei Company, Jingzhida, and Beifang Huachuang are recommended [2] - Domestic packaging and testing companies like Shentek, Huicheng, and Tongfu Microelectronics are included in the investment targets [2] Market Dynamics - TrendForce has revised upward the price growth rates for DRAM and NAND Flash products for the first quarter, with DRAM contract prices expected to rise by 90-95% and NAND Flash by 55-60% [7] - AI computing demand is becoming the dominant factor in storage demand, with significant price increases anticipated for Server DRAM and Enterprise SSDs [7] - The AI inference process is expected to significantly alter data center storage structures, leading to increased demand for active data storage [7] Niche Storage Supply - Niche storage products like NOR Flash and MLC/SLC NAND Flash are expected to remain in tight supply due to reduced production from major suppliers focusing on mainstream products [7] - The global capacity for MLC NAND Flash is projected to decrease by 41.7% in 2026 due to supply constraints [7]

Core Viewpoint - Aojie Technology (688220.SH) has experienced a significant decline in stock price, closing at 81.67 yuan with a drop of 7.92%, currently in a state of underperformance [1] Group 1: Company Overview - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an initial stock issuance of 41.83 million shares at a price of 164.54 yuan per share [1] - The company raised a total of 6.883 billion yuan through its initial public offering (IPO), with a net amount of 6.546 billion yuan after deducting issuance costs, exceeding the original plan by 4.166 billion yuan [2] Group 2: Fund Utilization - The funds raised are intended for various projects, including the design of new communication chips, smart IPC chip design, integration of multiple wireless protocols, high-precision navigation solutions, research center construction, and working capital supplementation [2] Group 3: Financial Details - The total issuance costs for Aojie Technology's IPO amounted to 337 million yuan, with underwriting and sponsorship fees accounting for 310 million yuan [3]

证券代码：688220 证券简称：翱捷科技 公告编号：2026-002 翱捷科技股份有限公司 关于全资子公司参与投资私募基金管理人暨关联 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、准确性和完整性承担法律责任。 重要内容提示： 投资标的名称：上海浦东海望私募基金管理有限公司（以下简称"海望资 本"）。 （一）关联交易的基本概况 审议情况：本次交易已经第二届董事会独立董事专门会议2026年第一次 会议、第二届董事会第十九次会议审议通过，关联董事黄晨已回避表决，本事项 无需提交公司股东会审议。 相关风险提示： 受宏观经济环境、产业发展情况、市场需求变化、企业经营管理等多方面因 素的影响，海望资本未来经营和收益情况存在不确定性，公司对外投资收益可能 存在不及预期的风险。 本次对外投资概述：公司全资子公司翱捷智能拟以人民币1045万元实施 本次对外投资，其中：245万元用于受让上海海鋆创企业管理咨询合伙企业（有 限合伙）（以下简称"海鋆创合伙"）持有的海望资本10%的股权（对应注册资本 为1000万元，其中200万元已完成实缴）；800万元按照海望 ...

Core Viewpoint - Aojie Technology (688220.SH) announced an investment in Haiwang Capital, which was established on December 31, 2020, and registered as a private equity/venture capital fund manager on May 28, 2021, managing nearly 20 billion RMB in assets [1][2] Group 1: Investment Details - Aojie Intelligent, a wholly-owned subsidiary of the company, plans to invest 10.45 million RMB in Haiwang Capital, with 2.45 million RMB allocated for acquiring 10% equity held by Haiyun Chuanghe [1] - The remaining 8 million RMB will be used to fulfill future capital contribution obligations as per Haiwang Capital's articles of association [1] Group 2: Shareholding Structure - Shanghai Pudong Science and Technology Group Co., Ltd. holds 49% of Haiwang Capital's registered capital and is a shareholder of Aojie Technology, owning 604,731 shares, which represents 0.14% of the company [2] - Pudong Science and Technology, along with two other shareholders, collectively holds 31,833,531 shares, amounting to a total ownership of 7.61% in Aojie Technology [2]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [5] Core Insights - The ongoing shortage of niche storage is expected to continue, with AI demand opening up incremental growth opportunities [2][8] - AI demand is anticipated to drive the need for niche storage, particularly in applications such as automotive, industrial, and security [7] - Domestic manufacturers are positioned competitively in the niche storage market and are likely to benefit from the supply constraints caused by international suppliers exiting this segment [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengshuo [3][8] - Other relevant companies include domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage, as well as semiconductor equipment firms such as Zhongwei, Jingzhida, and Beifang Huachuang [3][8] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [3][8] Market Dynamics - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a substantial contraction in supply [7] - For instance, the global MLC NAND Flash capacity is projected to decrease by 41.7% in 2026 due to supply shrinkage, which is expected to drive prices significantly higher [7] - Domestic firms are gaining market share in niche storage, with Zhaoyi Innovation holding approximately 18.5% of the NOR Flash market in 2024, ranking second globally [7]

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages to widespread price increases in the electronics sector, driven by sustained high demand for AI computing and storage capabilities. This inflationary trend is expected to enhance the earnings outlook for related companies [1]. - The report expresses optimism for 2026, predicting it to be a year of significant growth for domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing (foundry and equipment) and those in the overseas storage and computing supply chain [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39%. Sub-sectors such as optical optoelectronics saw a rise of 3.21%, whereas consumer electronics declined by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the electronics supply chain, leading to price increases across various components [1]. Semiconductor and Storage - The report notes a significant increase in storage prices, with NAND Flash prices rising by 18% and DRAM prices by 33% over the past month. This has led to increased cost proportions for PC manufacturers [3]. - Companies like 德明利 (Demingli) and 江波龙 (Jiangbolong) are expected to see substantial profit growth due to the ongoing storage cycle [3]. PCB Industry - The report indicates that rising raw material prices and demand growth are positively impacting the performance of PCB upstream manufacturers. Companies in this sector are expected to exceed market expectations [4]. - Recommendations include companies like 生益科技 (Shengyi Technology) and 芯碁微装 (Xinqi Micro) [4]. Key Company Recommendations - The report recommends several companies for investment, including 蓝特光学 (Lante Optics), 翱捷科技 (Aojie Technology), and 中芯国际 (SMIC), among others, based on their potential in the current market environment [1][9].

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages and price increases to a more widespread inflation across the electronics industry, driven by sustained high demand for AI computing and storage capabilities [1]. - It emphasizes the optimistic outlook for 2026 as a year of significant growth in domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing and the overseas supply chain for storage and computing [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39% over the past week, with optical electronics up by 3.21% and consumer electronics down by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the supply chain, leading to price increases across various components [1]. Semiconductor Developments - Alibaba's AI chip subsidiary, Pingtouge, is preparing for an independent IPO, indicating a strong trend towards domestic alternatives in computing chips [2]. - The report expresses confidence in the growth of domestic GPU and ASIC companies, such as Cambricon and Aojie Technology [2]. Storage Market Dynamics - NAND Flash prices have risen by 18% and DRAM prices by 33% in the past month, leading to increased cost proportions for PC manufacturers [3]. - Companies like Demingli and Jiangbolong are expected to see significant profit growth due to the ongoing storage cycle [3]. PCB Industry Insights - The report notes that rising raw material prices and increasing demand are positively impacting the performance of PCB upstream manufacturers [4]. - Companies such as Shenghong Technology and Jinan Guojiji are highlighted for their strong performance and market expectations [4]. Key Investment Recommendations - The report recommends several companies across different segments, including: - Optical Electronics: Lantech Optical, Aojie Technology, and others [1]. - Storage: Demingli, Jiangbolong, and others [3]. - PCB: Shengyi Technology and others [4]. - A focus on semiconductor companies like SMIC and Aojie Technology is also advised [9].

Core Viewpoint - The article highlights the significant contributions of Zhu Xudong in the semiconductor investment sector, emphasizing his role in establishing the Shanghai Semiconductor Equipment and Materials Industry Investment Fund and leading strategic transformations in companies within the semiconductor industry [2][3][4]. Group 1: Contributions to Semiconductor Investment - Zhu Xudong was instrumental in the establishment of the Shanghai Semiconductor Equipment and Materials Industry Investment Fund, which aimed to address financing challenges in the semiconductor sector, with a total scale of 100 billion yuan and an initial phase of 50 billion yuan [3]. - The fund has managed over 80 billion yuan and invested in more than 50 projects across the semiconductor value chain, including key companies like Chiplink, Aojie Technology, and Changjing Technology [3]. Group 2: Strategic Transformations - Zhu Xudong recognized the need for innovation and stable capital platforms, leading to the strategic transformation of Wanye Enterprises into the integrated circuit sector, including significant acquisitions such as the 3.98 billion yuan purchase of Kaishitong [4]. - Under his leadership, Wanye Enterprises also engaged in a management buyout (MBO) to enhance market operations, reducing state ownership to 49% [4]. Group 3: International Expansion and Innovation - Zhu Xudong pioneered the privatization of overseas semiconductor companies, notably leading the 6.9 billion USD acquisition of Lattice Semiconductor, which became a landmark event in cross-border mergers in the integrated circuit field [6]. - His investment philosophy focused on dual drivers of functionality and financial returns, prioritizing investments in critical areas like equipment and materials, while fostering a collaborative ecosystem between funds and listed companies [6].

1月22日，翱捷科技涨0.44%，成交额7.89亿元。两融数据显示，当日翱捷科技获融资买入额6487.28万 元，融资偿还6332.87万元，融资净买入154.41万元。截至1月22日，翱捷科技融资融券余额合计6.07亿 元。 资料显示，翱捷科技股份有限公司位于中国(上海)自由贸易试验区科苑路399号10幢8层(名义楼层9层)， 成立日期2015年4月30日，上市日期2022年1月14日，公司主营业务涉及无线通信芯片的研发、设计及销 售,同时提供芯片定制服务及半导体IP授权服务。主营业务收入构成为：芯片产品销售92.39%，芯片定 制业务6.64%，半导体IP授权0.96%，测试服务与其他0.02%。 截至9月30日，翱捷科技股东户数2.34万，较上期增加12.16%；人均流通股15431股，较上期减少 10.84%。2025年1月-9月，翱捷科技实现营业收入28.80亿元，同比增长13.42%；归母净利润-3.27亿元， 同比增长20.62%。 机构持仓方面，截止2025年9月30日，翱捷科技十大流通股东中，银河创新混合A（519674）位居第五 大流通股东，持股1200.49万股，为新进股东。香港中央结算 ...

Core Viewpoint - The company, Aojie Technology Co., Ltd., anticipates a revenue increase for 2025, while also projecting a reduction in net losses compared to 2024 [2][3]. Financial Performance Forecast - The company expects to achieve an annual revenue of approximately 3.817 billion yuan in 2025, an increase of about 431 million yuan, representing a year-on-year growth of approximately 12.73% [2][3]. - The projected net loss attributable to the parent company for 2025 is around 399 million yuan, a decrease of approximately 294 million yuan from 2024, reflecting a year-on-year reduction of about 42.38% [2][3]. - The net loss attributable to the parent company after excluding non-recurring gains and losses is expected to be around 579 million yuan, a decrease of approximately 127 million yuan, which is an 18.04% reduction compared to the previous year [3]. Research and Development Investment - The company plans to maintain significant R&D investments, with an expected expenditure of approximately 1.302 billion yuan in 2025, an increase of about 61 million yuan, representing a year-on-year growth of approximately 4.89% [2][7]. - The R&D focus includes extensive investments in smartphone chip platforms and related technologies, enhancing the company's core competitiveness [7]. Previous Year Performance - In 2024, the company reported an annual revenue of 3.386 billion yuan [6]. - The total profit for 2024 was a loss of 662 million yuan, with a net loss attributable to the parent company of 693 million yuan [6]. - The net loss attributable to the parent company after excluding non-recurring gains and losses was 707 million yuan, with an earnings per share of -1.70 yuan [6].