[CSI Headlines].

The popularity of AI has caused demand for HBM to outstrip supply

SK hynix recently announced the launch of a new 12-layer (12Hi) HBM4 memory for ultra-high-performance DRAM for AI, and is the first in the world to sample it to major customers. A few days ago, it was reported that SK hynix is expected to exclusively supply the fifth-generation 12-layer HBM3E of Nvidia's Blackwell Ultra architecture chip.

Comments: HBM (High Bandwidth Memory, High Bandwidth Memory is a new type of CPU/GPU memory chip), which uses a unique 3D stacking design, stacking multiple layers of DRAM chips vertically together, which not only improves the storage density, but also greatly increases the capacity and bit width of each storage stack. The emergence of HBM technology can be said to be a revolution in the field of storage. The popularity of AI has made HBM a hot commodity. Data shows that the HBM market will grow at an annual rate of 42% in the future, from $4 billion in 2023 to $130 billion in 2033, mainly driven by AI computing with expanding workloads. By 2033, HBM will account for more than half of the entire DRAM market.

◆Among the A-share companies, the main product of Feikai Materials (300398) is EMC epoxy molding material, which is an important material required for HBM's memory chip manufacturing technology. As a core packaging and testing supplier, Taiji Industrial (600667) has mastered HBM packaging and testing technology through Haitai Semiconductor, a joint venture with SK hynix, covering the mass production needs of HBM3 and subsequent products.

[CSI Focus].

For the first time, China has achieved more than 10,000 kilometers of satellite-to-ground quantum communication

Recently, Pan Jianwei, Peng Chengzhi, Liao Shengkai and others from the University of Science and Technology of China, together with a scientific research team composed of Jinan Institute of Quantum Technology, Shanghai Institute of Technical Physics of the Chinese Academy of Sciences, and Microsatellite Innovation Research Institute, have realized real-time satellite-to-ground quantum key distribution between quantum micro-nano satellites and miniaturized and movable ground stations for the first time in the world. On this basis, the joint team cooperated with the scientific research team of Stellenbosch University in South Africa to establish a quantum key at a distance of more than 12,900 kilometers between China and South Africa to complete the encryption and transmission of image data "one at a time". This research work has laid a solid foundation for the future launch of multiple micro-nano satellites to build a "quantum constellation", which not only provides key technical support for the construction of large-scale practical quantum communication networks, but also opens up a new development path for the global deployment of quantum Internet.

Comments: As a cutting-edge technology, quantum communication has extremely high security and transmission efficiency, and is regarded as an important development direction in the field of communication in the future. With the rapid development of digitalization, networking and intelligence, the problem of information security has become increasingly prominent, and quantum communication technology has become a key means to solve this problem with its extremely high security. The growing demand for information security in the fields of finance and government has promoted the rapid development of the quantum communication market. With the maturity of QKD (quantum key distribution) networking technology, quantum communication will penetrate into telecom networks, Internet of Things, cloud storage and other scenarios, and it is expected that the penetration rate of quantum communication in enterprise networks will reach 15% by 2026. As a core technology for national security and industrial upgrading, quantum communication has entered a period of accelerated commercialization.

◆Among the A-share companies, Hengtong Optoelectronics (600487) actively promotes the industrial application of quantum communication, successfully delivered the Suzhou Quantum Confidential Government Affairs Network, and is accelerating the construction of the "Yangtze River Delta Quantum Communication Ring Network" and "Beijing-Tianjin-Hebei Quantum Communication Ring Network", which have been gradually put into operation. China Haiphong (600764) plans to cooperate with the backbone research institute of the electronic information sector of China Shipbuilding Industry Co., Ltd., relying on the China Shipbuilding Industry Co., Ltd.-China Science and Technology Mass Navigation Joint Laboratory, Quantum Communication Joint Laboratory and Quantum Detection Joint Laboratory to set up quantum navigation, quantum communication and quantum detection technology research projects to carry out technical research and product research and development.

【Selected News】

○ The Monetary Policy Committee of the People's Bank of China held its regular meeting in the first quarter of 2025. The meeting pointed out that it is necessary to make good use of the swap facilities of securities, funds and insurance companies and the refinancing of stock repurchases, explore normalized institutional arrangements, and maintain the stability of the capital market; We will take the opportunity to cut the reserve requirement ratio and interest rates, maintain abundant liquidity, and guide financial institutions to increase the provision of money and credit; Efforts will be made to promote the implementation of the financial policies and measures that have been introduced, increase the vitality of the stock of commercial housing and the stock of land, and promote the real estate market to stop falling and stabilize.

○ He Yaqiong, director of the Consumer Goods Industry Department of the Ministry of Industry and Information Technology, said that the Ministry of Industry and Information Technology is preparing to issue supporting documents related to the high-quality development of traditional Chinese medicine, and will soon release the "Implementation Plan for the Digital and Intelligent Transformation of the Pharmaceutical Industry".

○Recently, the Cyberspace Administration of China and the Ministry of Public Security jointly announced the "Measures for the Security Management of Face Recognition Technology Applications". The Measures make it clear that if there are other methods other than facial recognition technology, facial recognition technology shall not be used as the only verification method. It is required that facial recognition devices must not be installed in private spaces in public places such as hotel rooms.

○ ChinaClear issued the Notice on Temporarily Waiving Part of the Bond Registration and Settlement Fees, the Notice on Matters Concerning the Pilot Implementation of the General Pledged Repurchase Business for Credit Bond Exchange-traded Open-ended Index Fund Products, and the Interim Measures for the Administration of Pledged Repurchase of Credit-protected Bonds of China Securities Depository and Clearing Corporation.

○On March 21, the Ministry of Housing and Urban-Rural Development held a video conference on the deployment of urban physical examination in 2025. The meeting emphasized that it is necessary to complete the task of urban physical examination in 2025 with high quality and continue to promote urban renewal actions.

○ BHP Billiton CEO John Han said at the 2025 annual meeting of the China Development Forum that the global copper supply gap is expected to reach 10 million tons in the next decade. Over the decade to 2034, copper mining will require 1.8 trillion yuan (about $250 billion) of capital expenditures for growth.

[Sankei perspective].

Promote the high-quality development of the seed industry, and the first batch of certified seeds in China will be listed

The National Agricultural Technology Center recently held the launching ceremony of the first batch of certified seeds in Sanya, Hainan, and the first batch of representatives of 27 seed enterprises that passed the certification were awarded the crop seed certification certificate. As an internationally recognized conformity assessment system with high-quality seeds as the goal, seed certification is the most effective way to achieve from "good varieties" to "good seeds", and is known as the "letter of credit" of good seeds, the "physical examination certificate" of seed enterprises, and the "passport" of international trade. Up to now, more than 300 batches of 31 varieties and more than 10 million kilograms of seeds have been certified. The test results showed that the seed germination rate and variety purity level of corn, soybean, rice and other crops that passed the certification were significantly improved. With the promotion and application of more high-quality certified seeds, it will play an important supporting role in promoting the high-quality development of China's seed industry and promoting the large-scale yield improvement of grain and oil crops.

◆Among the A-share companies, Dunhuang Seed Industry (600354) is mainly engaged in the research and development, production, processing and sales of various crop seeds. Nongfa Seed Industry (600313) is a domestic high-quality seed manufacturer integrating breeding, multiplication and promotion, and its core products are corn seeds, wheat seeds and rice seeds.

[Company News].

○ Liu Jun, the actual controller of Wonders (688178), and Gong Jianrui, the shareholder, signed an equity transfer agreement with Ruiyuan International Resources Investment Co., Ltd. on March 21, intending to transfer 100% of the equity of the company's controlling shareholder Wonders Investment, with a total transfer price of 413 million yuan. The company's shares will resume trading on March 24.

○ Ruitai New Materials (301238) replied to investors on the interactive platform on March 22 that it has corresponding layouts in new batteries such as solid-state batteries, lithium-sulfur batteries and sodium-ion batteries.

○On March 21, the world's first 700 MW ultra-supercritical circulating fluidized bed coal-fired power generation unit developed and supplied by Dongfang Electric (600875) was successfully connected to the grid at Yunneng Honghe Power Plant, officially entering the trial operation stage, marking a major breakthrough in the field of clean coal power technology in China.

○ Zhongke Tongda (688038) intends to purchase 100% of the equity of Xinghe Power (Beihai) Technology Co., Ltd. by issuing shares and paying cash. Beihai Technology's main business is comprehensive services for digital products. The company's shares will resume trading on March 24.

○ New Aluminum Times (301613) intends to purchase 100% of the equity of Honglian Electronics by issuing shares and paying cash. After the completion of the transaction, the company's main business scope will increase to monitor stands, precision hinges and precision stamping products. The company's shares will resume trading on March 24.

○ Strait Co., Ltd. (002320) plans to purchase 100% equity of COSCO SHIPPING Passenger Transport Company for 2.515 billion yuan. After the completion of the transaction, the company will carry out the Bohai Bay ro-ro passenger transportation business through COSCO SHIPPING Passenger Transport Company.

○Recently, ArcherMind Technology (300598) ArcherMind P1 series desktops with Loongson 3A6000 processor have passed the DeepSeek thematic adaptation test certification of China Software Evaluation Center (Software and Integrated Circuit Promotion Center of the Ministry of Industry and Information Technology), becoming the first and only domestic desktop in the industry to pass this certification in the state of "pure bare metal and no acceleration card".

○ FAW Fuwei (600472) and Wofei Changkong signed a letter of intent for strategic cooperation, and the two sides will conduct in-depth research and development of safe, environmentally friendly and lightweight intelligent cockpits, interior and exterior decorations, magnesium alloys and optoelectronic products suitable for low-altitude economy.

○ During the NVIDIA GTC2025 conference, Wanma Technology (300698) and NVIDIA said that they will further deepen cooperation in enterprise AI software (NVAIE), and carry out more extensive cooperation in the fields of "three computers" (training, simulation and edge) required for autonomous vehicles and embodied intelligence according to business development needs.

○ Yulong shares (601028) intends to voluntarily withdraw the listing and trading of A-shares on the Shanghai Stock Exchange by resolution of the general meeting of shareholders, and apply for the shares to enter the delisting section of the national small and medium-sized enterprise share transfer system to continue trading. The exercise price of the cash option is 13.20 yuan per share, and the record date of the equity is scheduled to be April 16.

○ Lead Robot, a shareholding company of Gu Hi-tech (301510), and Changxing Marine Laboratory of Shanghai Jiaotong University jointly build intelligent manufacturing in the shipbuilding industry, and negotiate intelligent welding robot + AI technology empowerment.

○ Jiuzhou Pharmaceutical (603456) plans to repurchase shares with 100 million yuan to 200 million yuan.

○ Dongfang Cable (603606) recently won a total of about 2.146 billion yuan of sea and land cable projects.

[Capital Tide View].

○ On March 21, the net outflow of main funds in Shanghai and Shenzhen was 96.222 billion yuan. The top three sectors with net inflows of major funds were wind power equipment, petroleum and traditional Chinese medicine, with net inflows of 675 million yuan, 351 million yuan and 184 million yuan respectively. The top three stocks with net inflows of major funds were Sanwei Communications, China Shipbuilding and Anoqi, with net inflows of 733 million yuan, 501 million yuan and 470 million yuan respectively.

○ Insigma (600797) rose 4.04% on March 21, with a turnover of 5.902 billion yuan and a turnover rate of 40.35%. According to the data of the Dragon and Tiger List, the special seats for Shanghai-Hong Kong Stock Connect bought 185 million yuan and sold 178 million yuan at the same time. There are also two seats with a purchase amount of more than 100 million yuan, namely the seats of CITIC Securities Shanghai Branch and Galaxy Securities Dalian Huanghe Road Securities Business Department, with a purchase amount of 181 million yuan and 104 million yuan respectively. UBS Securities, Shanghai Pudong New Area, Huayuanshiqiao Road, the second securities business department seats sold for 154 million yuan.

[IPO subscription].

○Shouhang New Energy: Subscription on March 24, subscription code: 301658, subscription price: 11.80 yuan / share, issue price-earnings ratio of 15.88 times, the company's main new energy power equipment.