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On March 26, multiple chip concept stocks in the A-share market rose. As of the time of writing, Jinhaitong (603061.SH) rose over 4%, Sida Banhua (603290.SH) increased by 3.92%, Hygon Information Technology (688041.SH) rose over 2%, Wingtech (600745.SH) increased by over 1.5%, and Fumanwei (300671.SZ), Changguang Huaxin (688048.SH), and Moore Threads-U (688795.SH) saw slight increases.
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On the evening of March 25, the U.S. stock market's chip sector strengthened, with the Philadelphia Semiconductor Index rising by 1.21%. Chip design company Arm closed with a gain of 16.38% after announcing its first self-developed chip, the AGI CPU, stating that a single product could generate $15 billion in revenue by 2031.
In terms of news, it was reported that Intel and AMD have notified customers that CPU prices will increase in March and April. Both Arm and companies like AMD and Intel are signaling an increase in AI computing demand, leading to a widening supply-demand gap and growth in market space.
However, it is noteworthy that some A-share memory chip stocks fell today. As of the time of writing, Zhaoyi Innovation (603986.SH) fell by 5%, Hengshuo Co., Ltd. (688416.SH) dropped over 4%, and Baiwei Storage (688525.SH) decreased by over 3.5%. Individual stocks like Jiangbolong (301308.SZ) and Langke Technology (300042.SZ) also declined.
In terms of news, Google released a new AI memory compression technology called TurboQuant, which reportedly can reduce the cache memory usage of large language models by at least six times without sacrificing accuracy, achieving up to eight times acceleration and addressing memory bottlenecks in AI inference and vector search, raising market concerns about storage demand prospects.
Morgan Stanley pointed out that this technology only affects the key-value cache during the inference phase and does not impact the high-bandwidth memory (HBM) occupied by model weights, nor is it related to training tasks.
Overall, the growth of the memory chip sector may be entering a phase of differentiation.
On one hand, the market growth momentum brought by AI demand will persist in the long term. TrendForce's industrial survey data indicates that in the first quarter of 2026, the demand for AI and data centers will continue to exacerbate the global imbalance in memory supply and demand, with manufacturers' bargaining power increasing. A previous analysis by Huafu Securities suggested that this round of memory shortages may last until 2027. Although major DRAM manufacturers expect production to increase by about 26% in 2026 and NAND production to rise by about 24%, substantial expansion on the supply side, including domestic memory manufacturers, will still take time
However, as competition intensifies due to technological optimization by leading manufacturers, the demand elasticity for AI storage may return to rationality. The growth logic of storage chips may shift from a broad sector-wide increase to structural differentiation, with growth in high-end markets such as HBM likely becoming the main focus.
(This article is from Yicai)

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The performance of A-share chip stocks is mixed, with some individual stocks rising, such as Jinhaitong, Sda Semiconductor, Hygon Information, and Wingtech, while the storage sector is under pressure, with stocks like Zhaoyi Innovation, Hengshuo Co., Ltd., and Baiwei Storage declining. The US stock market's chip sector is strengthening, with Arm releasing a new self-developed chip, expected to generate substantial revenue. Google's new technology has raised concerns about the outlook for storage demand, and the market believes that the growth of storage chips may enter a phase of differentiation

- On March 26, multiple A-share chip concept stocks rose, with significant gains in companies such as Jinhaitong and Sidahant, while several storage chip stocks declined.  
- The U.S. chip sector strengthened, highlighted by Arm's release of its first self-developed chip, AGI CPU, which is projected to generate $15 billion in revenue by 2031, along with anticipated price hikes in CPUs from Intel and AMD.  
- Despite long-term AI demand driving market potential, concerns over storage demand have emerged due to Google's AI memory technology, indicating a possible shift towards structural differentiation in the storage chip market.

腾讯新闻 - 财经

Guotai CSI Semiconductor Material Equipment Theme ETF

Spdr Select Tech

China Merchants CSI Semiconductor Industry ETF

Invesco Semiconductors ETF

Wingtech

Penghua Guozheng Semiconductor Chip ETF

iShares Semiconductor ETF

VanEck Semiconductor ETF

China Southern CSI Semiconductor Industry Custom ETF

Harvest SSE STAR Chip ETF

Guotai CES Semiconductor Chip Industry ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

SPDR S&P Semicon

GTJA Allianz SSE STAR Chip Design Thematic ETF

Guotai CSI All Share Integrated Circuit ETF

Hygon Information Technology

Direxion Semicon Bull 3X

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

E Fund CSI Semiconductor Material & Equipment Thematic ETF

ChinaAMC Guozheng Semiconductor Chip ETF

Harvest CSI All Share Integrated Circuit ETF

A-share chip stocks show divergent trends: Hygon Information, Wingtech, and others rise, while the storage sector is under pressure