导读：【编者按】本文作者陆庆丰现年93岁，是长电科技前身——江阴晶体管厂的技术奠基人之一。作 为拥有70年党龄的老党员，陆老曾参与人民海军通信技术工作，1970年代受田秀清同志邀请，从江阴长 江内衣厂开启的晶体管创业团队中加入，后担任该厂厂长长达十年。他不仅主导了晶体管生产技术的突 破，更在企业发展关键阶段推动半导体塑封技术改造，为长电科技如今的行业地位奠定基础。然而，在 企业改制后的发展过程中，这段由田秀清同志带领内衣厂跨界创办晶体管厂、以及陆老等老一辈奠基者 的贡献，却在相当长时间里被淡忘，致使如今许多长电科技员工对这段创业史知之甚少。这段跨越半个 世纪的回忆，既是对田秀清同志的深切致敬，亦是中国半导体工业筚路蓝缕的鲜活见证。 【文/陆庆丰】 当如今长电科技进入中国大陆半导体封测龙头的企业，在国际 "芯" 领域书写中国传奇时，"精益求精、 勇攀高峰" 的企业精神早已融入每一块芯片的封装测试流程之中。可是鲜少有人知晓，这份深植企业骨 髓的精神内核，源自一位名叫田秀清的女性奠基者。她以 39 载短暂生命，在一片荒芜中播下创业的种 子，凭敢闯敢拼的信念、自力更生的坚守，为这座商业巨擘刻下最初的精神烙印。这段从 ...

2025 年 12 月 02 日 行业研究●证券研究报告 集成电路 行业深度分析 25Q3 封测总结：AI 带动先进封测需求，存储 相关业务环比增长显著 投资要点 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 升幅% 1M 3M 12M 相对收益 -2.5 -1.88 31.05 绝对收益 -4.37 -1.2 47.33 分析师 熊军 SAC 执业证书编号：S0910525050001 xiongjun@huajinsc.cn 分析师 宋鹏 SAC 执业证书编号：S0910525040001 songpeng@huajinsc.cn 相关报告 豪鹏科技：AI 硬件催动电池技术革新，增长引 擎强劲启动-华金证券-电子-公司深度-豪鹏科 技 2025.11.27 东山精密：以 HDI/光模块为引擎，开启 AI 时代 增量空间-华金证券-电子-公司快报-东山精密 2025.11.15 甬矽电子：25Q3 业绩环比显著增长，盈利有望 随规模提升而改善-华金证券-电子-公司快报- 甬矽电子 2025.11.5 长电科技：单季营收创同期新高，加速先进封 装产业升级及产能建设-华金证券-电子- ...

来源：董事会杂志 2025年11月28日，由凤凰出版传媒集团《董事会》杂志主办的第二十届中国上市公司董事会"金圆桌 奖"颁奖仪式在江阴城隆重举行。凤凰出版传媒集团总经理李贞强，中国船舶股份董事、总经理施卫 东，江阴市人民政府副市长季震，江南水务董事长华峰，建设银行无锡分行党委书记、行长陈峰，南京 大学教授周凯，凤凰报刊社社长、《董事会》杂志总编辑葛云，凤凰报刊社副社长成晟以及来自全国各 地的上市公司高管，专家学者，媒体代表、多地上市公司协会负责人共计200余位嘉宾齐聚一堂，共同 探讨公司治理新路径，见证优秀企业与董事会的荣誉时刻。 活动现场花絮 参加本次颁奖仪式的上市公司超百家，总市值超10万亿。其中，超1000亿市值上市公司16家（万亿市值 3家）。 凤凰出版传媒集团总经理李贞强首先致开幕辞。他表示，作为综合性文化传媒企业，凤凰出版传媒集团 总资产超730亿元、净资产超530亿元，连续十七届入选"全国文化企业30强"，旗下凤凰传媒连续五年入 选"全球出版50强"，是当之无愧的国内出版行业龙头。致辞中，李贞强总经理深情回顾了《董事会》杂 志21年来的发展历程，指出杂志始终秉持专业精神，已成为中国公司治理领域最 ...

半导体ETF南方（159325）业绩比较基准为中证半导体行业精选指数收益率，管理人为南方基金管理股 份有限公司，基金经理为赵卓雄、何典鸿，成立（2024-10-31）以来回报为44.26%，近一个月回报 为-4.17%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月2日，半导体ETF南方（159325）开盘跌0.14%，报1.439元。半导体ETF南方（159325）重仓股方 面，中芯国际开盘跌0.26%，寒武纪涨0.55%，海光信息跌0.48%，北方华创跌0.87%，澜起科技跌 0.32%，兆易创新跌0.49%，中微公司跌0.01%，豪威集团涨0.33%，长电科技跌0.27%，紫光国微涨 0.39%。 来源：新浪基金∞工作室 ...

| 000725 | 京东方 | 1.04 | 1.00 | 12900.03 | 9.09 | | --- | --- | --- | --- | --- | --- | | | A | | | | | | 600584 | 长电科 | 3.31 | 2.70 | 11412.53 | 6.40 | | | 技 | | | | | | 002475 | 立讯精 | 1.44 | 1.90 | 9255.34 | 1.16 | | | 密 | | | | | | 300136 | 信维通 信 | 0.92 | 5.01 | 4846.22 | 3.72 | | 688772 | 珠海冠 宇 | 2.10 | 1.65 | 2844.24 | 6.54 | | 601231 | 环旭电 | 3.09 | 1.08 | 2057.02 | 3.83 | | | 子 | | | | | | 300684 | 中石科 | -0.49 | 5.91 | 1424.38 | 2.77 | | | 技 | | | | | | 603283 | 赛腾股 | 1.58 | 2.54 | 528.61 | 1.80 | | | ...

Core Insights - The 20th "Golden Roundtable Award" ceremony for Chinese listed companies was successfully held in Jiangyin, marking a significant event in corporate governance in China [1] - The event was organized by the "Board of Directors" magazine and aimed to promote excellent governance practices and support high-quality development of modern enterprises [3] Group 1 - The "Golden Roundtable Award" has recognized over 700 companies over its 20-year history, serving as an important platform for recording and promoting advancements in corporate governance in China [1] - Jiangyin's GDP is projected to exceed 512.6 billion in 2024, maintaining its position as the top county-level economy in China for 23 consecutive years [3] Group 2 - Experts provided in-depth insights on corporate governance, with a focus on the regulatory framework and development trends, offering suggestions for standardized operations of listed companies [4] - The importance of strategic planning and management in corporate governance was emphasized, using the example of Changdian Technology's acquisition of Xingke Jinpeng [4] - The role of AI in building sustainable development systems for listed companies was discussed, highlighting its potential to enhance market value through value creation, capital operation, and value communication [4]

Core Insights - The AI SoC for smart devices is a rapidly developing technology that serves as the "brain" for various smart devices, driven by advancements in artificial intelligence (AI) and the Internet of Things (IoT) [1][4] - The global market for smart device AI SoCs is projected to grow from $10.7 billion in 2020 to $31.8 billion in 2024, with an expected increase to $43.8 billion by 2025 [1][4] - Consumer electronics account for 40% of the AI SoC market, with low-power applications representing over 60% of that segment [4] Industry Definition and Characteristics - Smart devices are defined as devices with operating systems, data processing capabilities, and network connectivity, including smart cameras, cars, smartphones, smart speakers, tablets, and wearables [2] - The SoC directly influences the response speed, battery life, multitasking ability, and user interaction experience of smart devices, making it a key driver of their evolution [2] Industry Chain - The upstream of the smart device AI SoC industry includes raw materials such as wafers, photoresists, electronic gases, and target materials, as well as equipment like photolithography and etching machines [4] - The midstream involves the design, manufacturing, and packaging of AI SoCs, while the downstream encompasses application markets including smart homes, commercial and educational sectors, automotive, personal mobile devices, industrial, medical, and energy sectors [4] Cost Structure - The cost structure of smart device AI SoCs is primarily divided into raw material costs (65-80% of total costs) and processing fees (15-25% of total costs) [5] Competitive Landscape - The smart device AI SoC industry is characterized by a competitive landscape where international giants dominate the high-end market, while domestic companies carve out differentiated niches [6] - Major domestic players include companies like Rockchip, Xiamen Xingchen Technology, and Hengxuan Technology, each leveraging their technological expertise and market positioning [6][7] Representative Companies - Rockchip has over 20 years of experience in SoC design and has expanded into the AIoT market, achieving revenues of 3.141 billion yuan and a net profit of 780 million yuan in the first three quarters of 2025 [7][8] - Xiamen Xingchen Technology focuses on visual AI SoCs and reported revenues of 1.402 billion yuan with a gross profit of 464 million yuan in the first half of 2025 [9] - Hengxuan Technology leads in the smart audio SoC sector, achieving revenues of 2.934 billion yuan and a net profit of 502 million yuan in the first half of 2025 [10] Industry Development Trends - The smart device AI SoC industry is transitioning from a phase focused solely on computational power to a transformative era characterized by efficiency, intelligence, and integration across various application fields [11]

Core Viewpoint - The leading chip ETF (159801) opened with a gain of 0.74%, indicating positive market sentiment towards semiconductor stocks [1] Group 1: ETF Performance - The chip ETF (159801) opened at 0.818 yuan, reflecting a 0.74% increase [1] - Since its establishment on January 20, 2020, the fund has achieved a return of 62.42% [1] - The fund has experienced a decline of 11.45% over the past month [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - Cambrian (寒武纪) up 3.45% - SMIC (中芯国际) up 0.97% - Haiguang Information (海光信息) up 1.57% - Northern Huachuang (北方华创) up 0.28% - Lattice Semiconductor (澜起科技) up 0.93% - Zhaoyi Innovation (兆易创新) up 1.21% - Zhongwei Company (中微公司) up 0.53% - OmniVision (豪威集团) up 0.30% - Changdian Technology (长电科技) up 0.14% - Unisoc (紫光国微) down 0.26% [1]

Market Overview - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.49% to 3883.01 points, the Shenzhen Component Index up 0.38%, and the ChiNext Index up 0.56% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.097 trillion yuan, a decrease of 46.9 billion yuan from the previous day, with over 3,300 stocks rising across the market [1] Semiconductor Sector Performance - Semiconductor stocks showed strong performance, with companies like Wentai Technology rising over 4%, and Haiguang Information and Zhaoyi Innovation both increasing over 3% [1] - Various semiconductor ETFs, including the China-Korea Semiconductor ETF and others, rose over 1.5% [1] - The China-Korea Semiconductor ETF tracks the China-Korea Semiconductor Index, which is the first cross-border index fund in the semiconductor theme, combining the CSI Semiconductor 15 Index and KRX Semiconductor 15 Index on an equal-weight basis [1] High-Tech Manufacturing Growth - According to the National Bureau of Statistics, the high-tech manufacturing sector showed positive growth, with profits in the first ten months increasing by 8.0% year-on-year, surpassing the average growth of all industrial sectors by 6.1 percentage points [2] - Specific sectors such as smart electronic manufacturing and semiconductor manufacturing saw significant profit increases, with integrated circuit manufacturing profits up 89.2% and electronic materials manufacturing profits up 86.0% [2] Future Outlook for Semiconductor Industry - Tianfeng Securities projects continued optimistic growth for the global semiconductor industry through 2025, driven by AI and domestic substitution trends [3] - The report highlights strong performance in various segments, including storage, power, and foundry, with expectations for price increases and robust quarterly performance [3] - The report also notes the positive outlook for AI-related hardware and the increasing demand for CIS due to smart vehicle needs [3] Electronic Industry Trends - China Galaxy Securities anticipates a critical transition in the electronic industry driven by AI, shifting from valuation expansion to profit realization [4] - Key opportunities are identified in three areas: semiconductor sector focusing on domestic computing power and storage cycles, consumer electronics with AI-driven hardware transformation, and components benefiting from high demand [4] - Overall, AI is pushing the electronic industry from digitization to intelligence, creating structural opportunities across the industry chain [4]

Group 1 - A-shares indices collectively rose on November 27, with the Shanghai Composite Index increasing by 0.47%, led by gains in electronics, communications, and power equipment sectors, while transportation and banking sectors saw declines [1] - The chip technology sector experienced a strong surge, with the chip ETF (159995.SZ) rising by 2.82% and notable increases in component stocks such as Haiguang Information (up 6.26%), Zhaoyi Innovation (up 4.83%), and Cambrian (up 4.05%) [1] Group 2 - According to TrendForce, enterprise-level storage demand is currently strong, with higher specifications and capacities compared to portable terminal products, and mainstream storage product prices have begun to rise since Q2 2025, showing a quarter-on-quarter increase [3] - Ping An Securities indicates that the consensus in the industry is that storage prices are rising, driven by sustained high demand for high-end storage due to AI, and domestic storage manufacturers are expected to improve their operational performance [3] - The chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, including SMIC, Cambrian, Changdian Technology, and Northern Huachuang [3]