华泰联合证券德明利持续督导小组选派具有证券、法律、财务专业知识和 工作经验、责任心强的业务骨干对公司培训对象进行了系统、细致的培训工作。 1 培训情况报告 华泰联合证券有限责任公司关于 深圳市德明利技术股份有限公司持续督导期 2025年培训情况报告 深圳证券交易所： 华泰联合证券有限责任公司（以下简称"华泰联合证券""保荐人"）作为深 圳市德明利技术股份有限公司（以下简称"德明利""公司"）向特定对象发行股 票并在主板上市的保荐人，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所股票上市规则》和《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》等法规和规则的相关规定以 及德明利的实际情况，认真履行保荐机构应尽的职责，对德明利的董事、高级管 理人员、中层以上管理人员及上市公司控股股东和实际控制人等相关人员进行了 有计划、多层次的 2025 年度持续督导培训培训，所培训的内容严格按照中国证 券监督管理委员会及深圳证券交易所有关持续督导的最新要求进行。 一、培训的主要内容 2025 年 12 月 29 日，培训小组采取现场授课与线上授课相结合的方式对公 司董 ...

Core Viewpoint - The company, Demingli, is experiencing fluctuations in stock performance and is focusing on expanding its product offerings in the AI and storage sectors, while also benefiting from the depreciation of the RMB. Group 1: Company Overview - Demingli specializes in the design and development of flash memory controller chips and storage module products, primarily targeting the mobile storage market [2] - The company was established on November 20, 2008, and went public on July 1, 2022, with its main business revenue composition being 41.37% from embedded storage products, 37.34% from solid-state drives, 13.06% from mobile storage, and 8.22% from memory modules [7] - As of December 31, the number of shareholders decreased by 15.60% to 55,300, while the average circulating shares per person increased by 18.48% to 2,910 shares [8] Group 2: Financial Performance - For the period from January to September 2025, Demingli achieved a revenue of 6.659 billion yuan, representing a year-on-year growth of 85.13%, while the net profit attributable to the parent company was -27.0765 million yuan, a decrease of 106.42% year-on-year [8] - The company has distributed a total of 78.2496 million yuan in dividends since its A-share listing [9] Group 3: Market Position and Product Development - Demingli has launched a new series of DDR5 SO-DIMM and U-DIMM memory modules for AI PCs, with a single module capacity of up to 48GB and a theoretical bandwidth of 32GB/s, aimed at enhancing AI storage solutions [2] - The company has been recognized as a "specialized and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2] - As of the latest report, overseas revenue accounted for 69.74% of total revenue, benefiting from the depreciation of the RMB [3]

Core Viewpoint - Demingli's stock price has shown fluctuations with a recent increase of 3.51% year-to-date, but a decline of 3.95% over the last five trading days, indicating volatility in its market performance [2]. Group 1: Stock Performance - On January 12, Demingli's stock rose by 2.12%, reaching 240.03 CNY per share, with a trading volume of 2.157 billion CNY and a turnover rate of 5.68%, resulting in a total market capitalization of 54.45 billion CNY [1]. - Year-to-date, Demingli's stock price has increased by 3.51%, with a 3.95% decline over the last five trading days, a 10.57% increase over the last 20 days, and a 22.18% increase over the last 60 days [2]. Group 2: Company Overview - Shenzhen Demingli Technology Co., Ltd. was established on November 20, 2008, and went public on July 1, 2022. The company specializes in the design and development of flash memory controller chips, storage module application solutions, and sales of storage module products [2]. - The revenue composition of Demingli includes embedded storage products (41.37%), solid-state drives (37.34%), mobile storage products (13.06%), memory modules (8.22%), and others (0.01%) [2]. - Demingli operates within the semiconductor industry, specifically in digital chip design, and is associated with sectors such as automotive electronics, IoT, AIPC concepts, and storage concepts [2]. Group 3: Financial Performance - For the period from January to September 2025, Demingli reported a revenue of 6.659 billion CNY, reflecting a year-on-year growth of 85.13%. However, the net profit attributable to shareholders was -27.0765 million CNY, a decrease of 106.42% compared to the previous year [2]. - Since its A-share listing, Demingli has distributed a total of 78.2496 million CNY in dividends [3]. Group 4: Shareholder Information - As of September 30, 2025, Demingli had 55,300 shareholders, a decrease of 15.60% from the previous period, with an average of 2,910 circulating shares per shareholder, an increase of 18.48% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.1451 million shares, an increase of 3.7972 million shares from the previous period, while E Fund Supply-side Reform Mixed Fund has reduced its holdings by 135,800 shares [3].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, specifically focusing on NAND and SSD sectors driven by AI demand [6]. Core Insights - AI applications are expected to drive a rapid increase in SSD usage, leading to a prolonged boom cycle for both SSD and NAND markets [3][10]. - The global data volume is projected to grow significantly, with active data becoming a larger portion due to AI model applications [19][31]. - The demand for SSDs is anticipated to rise sharply as they meet the high throughput requirements for active data in data centers, surpassing traditional HDDs [10][34]. Summary by Sections 1. AI - The application of AI models is expected to significantly increase the proportion of active data, transforming previously dormant data into frequently accessed data [21][22]. - By 2030, it is estimated that 100% of hot data will be stored on SSDs, reflecting a shift in data storage paradigms [22]. 2. SSD - SSDs are favored for their high read/write speeds and ability to handle high workloads, making them suitable for active data storage in data centers [34][40]. - The power efficiency of SSDs is a significant advantage, especially as data center power demands increase [48][51]. - AI training and inference are driving the development of AI SSDs, which require high performance, large capacity, and energy efficiency [54][56]. 3. NAND - The NAND market is expected to experience a prolonged period of supply-demand imbalance, with limited capital expenditure from leading manufacturers [10][11]. - The concentration of the global NAND market is high, with major players like Samsung, Micron, and SK Hynix focusing on high-bandwidth memory (HBM) rather than expanding NAND production [10][11]. 4. Enterprise SSD - The report highlights several key companies in the semiconductor and storage sectors that are well-positioned to benefit from the ongoing trends, including domestic semiconductor equipment manufacturers and storage module companies [3][13].

Group 1 - The number of shareholders for Demingli as of December 31 is 55,270, a decrease of 10,213 from the previous period (December 20), representing a decline of 15.60% [2] - The latest stock price for Demingli is 279.98 yuan, an increase of 9.59%, with a cumulative increase of 46.39% since the concentration of shares began [2] - The company reported a revenue of 6.659 billion yuan for the first three quarters, a year-on-year increase of 85.13%, while the net profit was -27.07 million yuan, a year-on-year decrease of 106.42%, with basic earnings per share at -0.1200 yuan [2]

Group 1 - The A-share market for storage chip stocks has shown strong performance, with companies like Puran Co. hitting a 20% limit up, and others such as Hengshuo Co. and Jucheng Co. rising over 13% [1] - Notably, companies like Puran Co., Zhaoyi Innovation, Anji Technology, and others have reached historical highs [1] - According to a TrendForce research report, NAND flash memory chip contract prices are expected to increase by 33%-38% in March, while traditional DRAM contract prices are projected to rise by 55%-60%, indicating strong growth momentum in the memory chip market this year [1] Group 2 - The table lists various companies with their stock performance, including Puran Co. with a market cap of 29 billion and a year-to-date increase of 54.24% [2] - Hengshuo Co. has a market cap of 6.592 billion and a year-to-date increase of 44.06% [2] - Jucheng Co. has a market cap of 24.5 billion and a year-to-date increase of 23.43% [2]

Group 1 - The company received a notification from its controlling shareholder, Mr. Li Hu, regarding the pledge of a portion of his shares [1] - As of the announcement date, the pledged shares are considered tradable, with the actual situation subject to confirmation by the Shenzhen branch of China Securities Depository and Clearing Corporation [1] - Mr. Li Hu's spouse, Ms. Tian Hua, is one of the actual controllers of the company but does not directly hold shares, and there are no pledged shares held indirectly [1] Group 2 - Mr. Li Hu has a good credit status and repayment ability, with funds for repayment sourced from self-raised capital [1] - The share pledge does not involve non-operational fund occupation or illegal guarantees that could harm the company's interests, and it will not lead to changes in actual control or the largest shareholder [1] - The company will fulfill its information disclosure obligations regarding the subsequent status of Mr. Li Hu's share pledge as per relevant regulations [1]

Core Viewpoint - Demingli (001309) has announced plans to raise up to 3.2 billion yuan through a private placement of shares to enhance its production capacity and R&D capabilities in solid-state drives and memory products, which is expected to strengthen its market competitiveness [1]. Group 1: Stock Performance - As of January 5, 2026, Demingli's stock closed at 249.9 yuan, up 7.77% from the previous trading day, with a total market capitalization of 56.689 billion yuan [1]. - The stock opened at 244.09 yuan, reached a high of 253.0 yuan, and a low of 243.0 yuan, with a trading volume of 4.519 billion yuan and a turnover rate of 11.31% [1]. Group 2: Fundraising Announcement - The company has submitted a prospectus for a private placement of shares aimed at raising no more than 3.2 billion yuan [1]. - The funds will be allocated for expanding solid-state drive and memory product production, establishing a smart storage management and R&D headquarters, and supplementing working capital [1]. - The issuance will not result in a change of control of the company and has been approved by the board of directors and the shareholders' meeting, pending review by the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission [1].

Group 1 - The core viewpoint of the article highlights a significant surge in the storage chip sector, driven by strong performance in both the US and Korean markets, which has positively impacted A-share storage chip stocks [1] - Morgan Stanley predicts that the memory market will tighten by 2026, with manufacturing constraints and stronger demand leading to sustained price increases. The firm has raised its average price forecasts for DRAM by 62% and NAND by 75% for 2026 [1] - Macronix, a Taiwanese storage manufacturer, announced a 100% price increase for NAND products and a 50% increase for NOR products in the first quarter of 2026 [1] Group 2 - Notable stock performances include Jiangbolong, which rose over 14%, and Shanghai Xinyang and Xiechuang Data, both increasing by over 12%. Other companies like Raytheon Defense and Zhaoyi Innovation reached the daily limit of 10% increase [2] - The total market capitalization of Jiangbolong is 117.4 billion, while Shanghai Xinyang stands at 22.4 billion, and Xiechuang Data at 65.4 billion [2] - The MACD golden cross signal formation indicates a positive trend for these stocks, suggesting a favorable market outlook [2]

Market Overview - The electronic industry index decreased by 0.19% during the week of December 29, 2025, to January 2, 2026, with semiconductors down 0.20% and consumer electronics down 0.14%, while optical and optoelectronic sectors increased by 1.60% [1][2] - Hong Kong stocks rebounded strongly on January 2, 2026, with SMIC rising by 5.70% and Hua Hong Semiconductor increasing by 13.79% [1][2] - The US stock market showed slight recovery on January 2, 2026, with the Nasdaq down 1.52% for the week and the Hang Seng Tech index up 4.31%. The US storage sector saw significant gains, with SK Hynix up 13.02%, Micron up 10.80%, and SanDisk up 10.07% [1][2] Industry Updates - The upcoming CES 2026 will take place from January 6 to January 9, 2026, and for the first time, the national subsidy will include smart glasses, providing a 15% subsidy based on the product sales price [3] - Domestic GPU companies are preparing for a listing wave in Hong Kong, with Kunlun Core announcing its listing application on January 1, 2026. On January 2, 2026, Biren Technology listed in Hong Kong with a maximum increase of over 118% on its first day [4] - Samsung will not expand production of DDR4, leading to a significant increase in DDR4 spot prices, which are expected to continue rising in 2026. Changxin Technology's IPO has been accepted, aiming to raise 29.5 billion, with projected revenues of 55 to 58 billion for 2025 [4] Corporate Actions - Hua Hong Semiconductor announced plans to acquire 97.4988% of Huali Micro on December 31, 2025. TSMC is expected to raise advanced process prices for the next four years due to tight capacity below 3nm, with new pricing effective from January 1, 2026 [5] Investment Recommendations - The holiday period has seen favorable conditions for price increases and computing power, with recommended beneficiaries including SMIC, Hua Hong Semiconductor, Beijing Junzheng, Northern Huachuang, Zhongwei Company, Demingli, Shannon Chip Creation, and Zhaoyi Innovation [6]