CITIC Securities has issued a report, pointing out that in the era of artificial intelligence (AI), enhancing memory bandwidth and capacity has evolved into a core requirement. Meanwhile, integrated memory - computing has emerged as a prevailing technological trend. The near - memory computing sector is demonstrating substantial growth potential, presenting significant investment opportunities.

Focusing on the domestic industrial chains related to High Bandwidth Memory (HBM) and Compute - in - Memory (CUBE), the report emphasizes four key investment directions:

First, storage solution providers. Serving as indispensable supplements to CUBE technology, customized design solutions can expedite the industrialization process and help companies gain entry into the high - end market. Priority should be accorded to leading enterprises that receive support from original memory manufacturers and possess first - mover advantages. At the same time, it is essential to keep an eye on innovative companies that are developing ultra - thin Low Power Double Data Rate (LPDDR) stacking solutions.

In the context of the technology industry, original memory manufacturers often have significant influence and resources. First - mover advantages can enable a company to establish brand recognition, secure market share, and accumulate experience before competitors enter the market. Ultra - thin LPDDR stacking solutions are a cutting - edge technology in the memory field, which can potentially offer better performance and power efficiency.

Second, the semiconductor equipment sector. Benefiting from the escalated demand for advanced packaging and testing, as well as the accelerated localization process, process optimization and yield enhancements will propel the localization of the supply chain. Key areas of focus encompass etching, bonding, and thinning equipment.

Advanced packaging and testing are crucial steps in semiconductor manufacturing. Localization of the supply chain is important for reducing costs, improving supply stability, and enhancing technological sovereignty. Etching, bonding, and thinning equipment are fundamental to the semiconductor manufacturing process, and improvements in these areas can lead to better product quality and higher production efficiency.

Third, advanced packaging technology. As a core breakthrough for high - end storage, its advantage in equipment accessibility is remarkable. Mainland Chinese manufacturers have already attained global leadership in this field and are continuously expanding their production capacity.

Advanced packaging technology can improve the performance and integration of semiconductor devices. Chinese mainland manufacturers' leadership in this area reflects their technological progress and competitiveness in the global market. Expanding production capacity can meet the growing market demand and further solidify their market position.

Fourth, logic chip companies. Their technological advancements and product innovations will continue to underpin the demands for AI computing power.

Logic chips are the "brains" of electronic devices, and their technological progress is directly related to the performance of AI systems. Continuous technological iterations and product innovations by logic chip companies are essential for meeting the ever - increasing computing power requirements of AI applications.