Core Viewpoint - The company, Changdian Technology, expresses confidence in its automotive electronics business, driven by close collaboration with international clients and major domestic automotive manufacturers, leading to growth in various automotive electronic chip manufacturing [1] Group 1: Business Development - The company is leveraging advanced packaging technology and higher specification wafers, which are rapidly entering the automotive electronics sector, resulting in a significant expansion of advanced packaging in this field compared to previous years [1] - Power devices and power management chips are experiencing comprehensive development, with new technical demands and application scenarios emerging across major segments of automotive electronic architecture [1] - The company anticipates the launch of more related new products for mass production in factories next year [1] Group 2: Strategic Positioning - The automotive electronics factory located in Shanghai Lingang will benefit from a well-established automotive electronics industry chain, gradually ramping up production in key areas under the influence of core customers and a maturing supply chain [1] - Products in these key areas will be supplied to both domestic and overseas clients, aligning with the market demand of "in China, for China" [1] - The company aims to continuously increase the revenue share of its automotive electronics business [1]

Core Viewpoint - The company reported a total revenue of 28.67 billion yuan for the first three quarters, marking a year-on-year increase of 14.8% [1] Revenue Performance - In Q3 alone, the company achieved a revenue of 10.06 billion yuan, which is a 6% year-on-year increase and the highest revenue for Q3 in history [1] - The company’s key application areas are experiencing a market recovery, with increased orders driven by hot applications and domestic substitution demand [1] Capacity and Production - The overall capacity utilization rate of the company is steadily improving, with some production lines nearing full capacity [1] - The company is accelerating its transformation by optimizing product structure and focusing on advanced packaging capacity [1] Business Segments Growth - Revenue from the computing electronics, industrial and medical electronics, and automotive electronics segments grew approximately 70%, 40%, and 30% respectively, showing significant growth momentum [1] Profitability - The average gross margin for the first three quarters was 13.7%, with Q3 gross margin at 14.3%, a notable increase compared to the same period last year, primarily due to improved capacity utilization and optimized product structure [1] Operating Expenses - The company is intensifying cost control measures, although management expenses have increased significantly due to the consolidation of Shengdie Semiconductor and operational costs related to new factories [1] R&D Investment - The total R&D investment for the first three quarters reached 1.54 billion yuan, representing an almost 25% year-on-year increase, indicating an accelerating growth trend [1] Net Profit - The net profit attributable to shareholders for the first three quarters was 0.95 billion yuan, with Q3 net profit at 0.48 billion yuan, reflecting a year-on-year increase of 5.7% and a substantial quarter-on-quarter growth of 80.6% [1]

Core Viewpoint - Changdian Technology (600584) emphasizes its strong technical foundation and extensive mass production experience, maintaining technological synchronization with leading international companies [1] Group 1: Technological Development - The company is increasing its investment in advanced packaging, covering mainstream technology routes [1] - Continuous optimization of technology layout and processes has led to the establishment of multi-level packaging and testing capabilities [1] Group 2: Production and Capacity Expansion - Changdian Technology is actively promoting the product ramp-up of its advanced wafer-level manufacturing project [1] - The company is accelerating capacity expansion in accordance with customer requirements [1] Group 3: Revenue Growth - The mid-term goal indicates that the revenue share from computing-related electronic business will continue to increase [1]

Core Viewpoint - Changdian Technology (600584) maintains its capital expenditure plan of 8.5 billion yuan for the year, focusing on high-end capacity layout driven by the rapid growth in demand related to artificial intelligence [1] Group 1: Capital Expenditure - The company plans to keep its capital expenditure at 8.5 billion yuan for the year [1] - Future capital expenditure plans will be disclosed at the beginning of the year according to the company's schedule [1] Group 2: Production Expansion Strategy - The company will focus on high-end capacity layout based on market assessments, particularly in response to the growing demand driven by artificial intelligence [1] - The production capacity structure will emphasize application areas such as automotive electronics, computing storage, and high-density power supply [1] - The company aims to deepen customer cooperation and strengthen relationships with leading high-end customers [1] Group 3: Research and Development - The company plans to increase R&D investment, focusing on advanced packaging technology and breakthroughs in cutting-edge fields [1] - The goal is to align technological development with application demands [1] - The company will continue to increase investment in response to the strong demand trend for advanced packaging [1]

证券日报网1月9日讯，长电科技（600584）在接受调研者提问时表示，整个半导体市场仍在延续上行趋 势。从技术应用来看，行业正处于承前启后、辞旧迎新的关键阶段。工业和汽车电子领域虽有此起彼伏 的波动，但总体保持持续复苏态势。消费类电子，尤其是中国消费类电子的需求在一系列政策推动下， 维持平稳发展态势；加之移动终端持续智能化，也进一步拉动了高端产品需求。人工智能生态的持续壮 大，带动的不仅是算力芯片，更是整个人工智能生态链各环节的协同发展，整体需求呈现明显增长趋 势。在此过程中，公司仍需做好传统业务的取舍与产品结构的优化，集中力量在主流封装与先进封装领 域，对新技术、新产能进行前瞻性布局。从四季度趋势来看，市场将继续保持稳中向上的势头，这一发 展方向延伸至2026年，大的方向公司认为不会发生变化。 ...

证券日报网1月9日讯，长电科技（600584）在接受调研者提问时表示，公司已从下半年起逐步落地金价 联动机制。尽管金价联动机制在一定程度上缓解了原材料涨价带来的压力，但传导存在一定滞后性。不 过，受益于整体业务向好的态势，三季度公司毛利率同比明显改善，提升2个百分点。后续公司将针对 性地做好服务定价及产品结构优化工作，优先聚焦高毛利产品进行产能分配，提升单位产出利润率。公 司预计国内外工厂的毛利水平后续将持续改善，公司整体毛利率有望实现稳步回升。公司也会通过强化 各项管理、提升管理效率进一步夯实这一态势。短期来看，部分投入期的费用会对毛利率指标产生一定 压力；但从中长期来看，随着公司高附加值业务转型升级落地，毛利率及盈利能力有望逐步回升。 ...

Market Overview - The Shanghai Composite Index rose by 0.92% on January 9, with 29 out of the 31 sectors experiencing gains, led by the media and comprehensive sectors, which increased by 5.31% and 3.60% respectively [1] - The electronic sector also saw a rise of 0.91%, while the banking and non-bank financial sectors faced declines of 0.44% and 0.20% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 24.126 billion yuan, with 8 sectors experiencing net inflows [1] - The media sector led the net inflow with 9.703 billion yuan, followed by the non-ferrous metals sector, which saw a net inflow of 4.552 billion yuan [1] - In contrast, 23 sectors experienced net outflows, with the electronic sector facing the largest outflow of 9.149 billion yuan, followed by the power equipment sector with an outflow of 8.936 billion yuan [1] Electronic Sector Performance - Within the electronic sector, 476 stocks were tracked, with 319 stocks rising and 147 stocks declining [2] - Notably, 3 stocks hit the daily limit up, while 24 stocks had net inflows exceeding 100 million yuan, with Lens Technology leading at 603 million yuan [2] - Other significant net inflows were observed in Changdian Technology and Haiguang Information, with inflows of 513 million yuan and 457 million yuan respectively [2] Electronic Sector Outflow Analysis - The electronic sector also had significant outflows, with 38 stocks experiencing net outflows exceeding 100 million yuan [3] - The stocks with the largest outflows included Xinwei Communication, with an outflow of 1.541 billion yuan, followed by SMIC and Shenghong Technology with outflows of 862 million yuan and 615 million yuan respectively [3]

Group 1 - The semiconductor industry is expected to experience significant growth, with the domestic semiconductor index outperforming the CSI 300 index, showing a cumulative increase of 54.51% as of October 28, 2025, driven by factors such as national subsidies, AI computing demand, and domestic substitution [16][21]. - The AI chip market in China is projected to grow from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with a compound annual growth rate (CAGR) of 53.7% from 2025 to 2029, indicating a critical development opportunity for domestic AI chip manufacturers [42][44]. - The global GPU market is expected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a CAGR of 35.19%, reflecting strong demand for AI computing [37][40]. Group 2 - The domestic AI chip industry is categorized into three stages: the first stage focuses on the self-sufficiency of computing, storage, and power chips; the second stage emphasizes the self-sufficiency of chip manufacturing processes; and the third stage targets the self-sufficiency of foundational hard technologies such as equipment materials and EDA [5][6]. - The demand for AI computing chips is driven by the rapid growth of generative AI applications, with NVIDIA's data center revenue increasing by 69% year-on-year to $44.1 billion in the first quarter of fiscal 2026, highlighting the accelerating demand for AI computing power [37][44]. - The semiconductor equipment sector is experiencing a significant increase in domestic production capacity, with the domestic semiconductor equipment localization rate expected to rise rapidly, particularly in dry etching and thin film deposition processes [6][15]. Group 3 - The report indicates that the advanced packaging technology, such as CoWoS, is expected to play a crucial role in the evolution of AI computing power, with domestic companies making significant advancements in this area [7][11]. - The semiconductor industry is witnessing a recovery in profitability, with the average gross margin and net profit margin for the semiconductor sector showing improvements in the first half of 2025 [36][34]. - The report highlights the importance of advanced wafer manufacturing as the physical foundation for AI chips, with a long-term demand for advanced foundry services expected to drive growth in this segment [7][11].

Core Viewpoint - The chip industry in 2025 is experiencing significant fluctuations due to tariff events and supply shortages, leading to price surges and market speculation, with mixed sentiments regarding overall demand growth [3][4]. Original Manufacturers - Domestic analog manufacturers report a 20% decline in consumer segment revenue for 2025 compared to 2024, while industrial segment revenue is expected to double, returning to levels seen in 2020-2022, with a projected 30% growth in 2026 [3][4]. - Overseas chip manufacturers anticipate stable revenue in 2025 compared to 2024, with new opportunities arising in the automotive sector [5]. Distributors - Chip distributors indicate an increase in customer volume and product lines in 2025, but face declining profit margins and extended payment terms, with overall risks increasing [7]. - A distributor focusing on trade reports a stable performance in 2025, with opportunities arising from the storage sector and a cautious outlook for 2026 due to high risks associated with new products [8][15]. Trade - Chip traders report a 50% increase in business in 2025 compared to 2024, driven by demand for ADI and storage products, with a positive outlook for 2026 [18]. - Another trader notes that demand for storage products has improved significantly since March 2025, with expectations of a favorable market in 2026 due to AI server demand and rising raw material costs [19]. Foreign Trade - Foreign trade companies indicate improved performance in 2025, primarily due to business from the Anshi brand, with strong demand from Europe and the US [21][22]. Solution Providers - Chip solution providers report growth in 2025, particularly in the second half of the year, but express concerns about market competition and uncertainty in product development cycles [24][25]. Major Companies Dynamics - TSMC reported a revenue of NT$343.6 billion in November 2025, with a year-on-year increase of 24.5%, and revised its revenue growth forecast for 2025 to mid-thirty percent [28]. - SMIC achieved a revenue of $2.382 billion in Q3 2025, with a year-on-year growth of 17.4%, and plans to raise prices for certain processes by 10% [29]. - Hua Hong Semiconductor reported a revenue of $6.352 billion in Q3 2025, with a utilization rate exceeding 100% for seven consecutive quarters [30]. - Longsys Technology achieved a revenue of NT$100.6 billion in Q3 2025, marking a historical high and a year-on-year increase of 14.8% [31]. - Foxconn reported a 22.07% year-on-year revenue growth in Q4 2025, driven by strong performance in AI-related infrastructure [32]. - Winbond's revenue reached NT$107.93 billion in the first 11 months of 2025, a year-on-year increase of 24.98%, attributed to strong demand in automotive and communication components [34].

Core Insights - The Chinese integrated circuit industry has evolved from a technology exploration phase to a stage of partial leadership in emerging fields such as third-generation semiconductors and AI chips [1] Group 1: Industry Overview - Major listed companies in the Chinese integrated circuit industry include companies like Chipone (688521.SH), Cambricon (688256.SH), and SMIC (688981.SH/00981.HK) [1] - The development of integrated circuit technology in China has gone through three main phases: foundational exploration (1950s-1978), technology introduction (1978-2000), and independent breakthroughs (2000-2020) [1] Group 2: Core Production Technologies - The integrated circuit technology system focuses on three core areas: design, manufacturing, and packaging/testing [4] - Key design aspects include EDA tools, chip architecture (RISC-V/ARM), and semiconductor IP [4] - Manufacturing focuses on wafer processes (including EUV lithography) and advanced process nodes (such as 7nm and 5nm) [4] - Packaging/testing emphasizes advanced techniques like Chiplet and 3D stacking [4] Group 3: Current Production Status - Chinese companies lead in production volume but lack sufficient autonomy in technology [7] - The design sector has achieved some autonomy in mature process tools and IP, but high-end EDA and core IP still rely on imports [7] - Manufacturing has sufficient capacity for mature processes but faces limitations in advanced processes due to equipment restrictions [7] - The packaging/testing sector is a strength, with leading companies holding significant global market shares [7] Group 4: Market Segmentation - The low-end market (45nm and above) has a self-sufficiency rate exceeding 75%, with companies like Hua Hong Semiconductor leading [10] - The mid-range market (14-28nm) has a domestic production rate of about 35%, with breakthroughs in memory chips [10] - The high-end market (7nm and below) has a self-sufficiency rate of less than 20%, heavily relying on overseas foundries [10] Group 5: Challenges and Future Outlook - The Chinese integrated circuit industry faces challenges such as low domestic production of high-end technologies, risks to industrial security, and the need for improved product quality [13] - Future strategies include focusing on technological breakthroughs, collaborative ecosystem development, and enhancing talent cultivation to support high-quality industry growth [13]