Core Viewpoint - Longji Technology's stock price has shown a mixed performance, with a year-to-date increase of 3.00% and a significant rise of 26.30% over the past 60 days, despite a recent decline of 2.01% on September 26 [1] Financial Performance - For the first half of 2025, Longji Technology achieved a revenue of 18.605 billion yuan, representing a year-on-year growth of 20.14%, while the net profit attributable to shareholders decreased by 23.98% to 471 million yuan [2] - Cumulative cash dividends since the A-share listing amount to 1.533 billion yuan, with 805 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 1.37% to 319,000, while the average number of circulating shares per person increased by 1.39% to 5,608 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 101 million shares, an increase of 13.61 million shares compared to the previous period [3]

002138 顺络电子 1.46 4.45 9540.00 电子行业资金流出榜 沪指9月25日下跌0.01%，申万所属行业中，今日上涨的有7个，涨幅居前的行业为传媒、通信，涨幅分 别为2.23%、1.99%。跌幅居前的行业为纺织服饰、综合，跌幅分别为1.45%、1.30%。电子行业今日下 跌0.07%。 资金面上看，两市主力资金全天净流出287.78亿元，今日有5个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨1.60%，全天净流入资金39.16亿元，其次是计算机行业，日涨 幅为1.55%，净流入资金为25.45亿元。 主力资金净流出的行业有26个，电子行业主力资金净流出规模居首，全天净流出资金162.41亿元，其次 是机械设备行业，净流出资金为28.32亿元，净流出资金较多的还有基础化工、房地产、国防军工等行 业。 电子行业今日下跌0.07%，全天主力资金净流出162.41亿元，该行业所属的个股共467只，今日上涨的有 140只，涨停的有4只；下跌的有323只。以资金流向数据进行统计，该行业资金净流入的个股有122只， 其中，净流入资金超亿元的有17只，净流入资金居首的是沃尔核材， ...

Core Insights - The semiconductor sector experienced a slight increase of 0.48% on September 25, with Canxin Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Semiconductor Sector Performance - Canxin Co., Ltd. (688691) saw a closing price of 93.51, with a significant increase of 10.93% and a trading volume of 150,100 shares [1] - Other notable gainers included: - Lian Microelectronics (605358) at 36.34, up 9.99% with a volume of 438,200 shares [1] - Jinghe Integrated (688249) at 28.21, up 9.94% with a volume of 1,110,000 shares [1] - Siwei Technology (688213) at 116.00, up 7.90% with a volume of 147,500 shares [1] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 8.498 billion yuan from institutional investors, while retail investors saw a net inflow of 5.195 billion yuan [2] - The top stocks by net inflow from retail investors included: - Changdian Technology (600584) with a net inflow of 34.3667 million yuan [3] - Unigroup Guowei (002049) with a net inflow of 26.3 million yuan [3] - Haiguang Information (688041) with a net inflow of 20.6 million yuan [3]

Market Performance - On September 25, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.14% during the session [1] - The sectors that performed well included comprehensive, communication equipment, and computer hardware, while gas and engineering machinery sectors faced declines [1] Chip Sector Developments - The chip technology stocks continued to strengthen, with the Chip ETF (159995) rising by 0.81% as of 10:53 AM [1] - Notable individual stock performances included: - Jinghe Integrated rising by 13.17% - Jing Sheng Machinery increasing by 5.59% - Tongfu Microelectronics up by 4.85% - Changdian Technology rising by 3.71% - Haiguang Information increasing by 3.63% [1] Huawei's Chip Roadmap - At the 2025 Full Connection Conference, Huawei announced its Ascend chip roadmap for the next three years, including: - Launching the 950PR and 950DT in 2026 - Doubling specifications for the 960 in 2027, including a self-developed 4-bit solution - Upgrading the 970 in 2028 in terms of computing power and memory bandwidth, aiming to catch up with NVIDIA's Blackwell [1] Domestic AI Chip Advancements - Dongfang Securities reported that domestic AI chips are achieving breakthroughs, with the scale of super nodes continuously improving [1] - The performance of domestic AI chips and switching chips is on the rise, and the commercialization process is advancing [1] - Investor confidence in China's AI computing power development is expected to continue to grow [1] Chip ETF Overview - The Chip ETF (159995) tracks the National Chip Index, comprising 30 constituent stocks from the A-share chip industry, including leading companies in materials, equipment, design, manufacturing, packaging, and testing [1] - Notable constituent companies include SMIC, Cambricon, Changdian Technology, and Northern Huachuang [1] - The off-market linked funds for the ETF are A class: 008887 and C class: 008888 [1]

Group 1 - The semiconductor ETF Southern (159325) opened with a slight decline of 0.06%, priced at 1.586 yuan [1] - Key holdings in the ETF showed mixed performance, with SMIC down 1.47%, Northern Huachuang up 1.88%, and other notable movements including Huagong Information unchanged, Cambrian down 0.34%, and Zhaoyi Innovation down 0.40% [1] - The ETF's performance benchmark is the CSI Semiconductor Industry Select Index return, managed by Southern Fund Management Co., with a return of 58.40% since its inception on October 31, 2024, and a monthly return of 19.33% [1]

Group 1: Industry Overview - The report emphasizes that AI innovation is the core axis of the industry, with a focus on cyclical growth and domestic substitution [1][2] - The consumer electronics sector is expected to benefit from the recovery of the Apple supply chain and the demand for AI hardware [2][3] - The semiconductor industry is projected to see increased chip demand driven by AI hardware and opportunities for domestic substitution [2][3] Group 2: Consumer Electronics - Apple is expected to see a 10.5% year-on-year increase in iPhone sales in 2025, following a slight decline in 2024 [7][10] - The iPhone 17 series introduces significant innovations, including a new design and enhanced performance features [10][12] - Multiple Apple hardware products are anticipated to integrate AI capabilities, with potential new product launches in 2026 [12][15] Group 3: Semiconductor Sector - The semiconductor market is expected to recover, with global sales projected to reach approximately $626.87 billion in 2024, reflecting a 19% year-on-year growth [41][45] - AI hardware is driving demand for AI SoC chips, with companies in this space experiencing high growth in the first half of 2025 [2][46] - The domestic semiconductor market is expected to grow significantly, with a focus on high-value products like HBM and eSSD [2][3] Group 4: AI and Computing Power - The global investment in AI infrastructure remains high, with major companies like Microsoft, Google, and Amazon increasing their capital expenditures [20][22] - The AI server market is projected to grow rapidly, with an expected increase of nearly 28% in shipments in 2025 [32][35] - The introduction of new AI chips, such as NVIDIA's Rubin CPX, signifies a shift towards specialized AI computing [29][32] Group 5: Market Trends and Innovations - The AI glasses market is expected to grow significantly, with projections indicating a market size of over 120 billion yuan by 2030 [18][19] - The report highlights the importance of SoC performance upgrades in the evolution of AI glasses from display devices to interactive terminals [50][51] - The semiconductor industry is witnessing a trend towards ASICs, with a projected CAGR of 45-50% in the coming years [51][52]

Group 1 - The storage chip concept index rose by 4.18%, ranking fourth among concept sectors, with 105 stocks increasing in value, including Jiangfeng Electronics and Xingfu Electronics, which both hit the 20% limit up [1][2] - Notable gainers in the storage chip sector included Chengbang Co., Beifang Huachuang, and Tongfu Microelectronics, which also reached their limit up, while major decliners were Shennan Circuit, Defu Technology, and Zhongjing Electronics, with declines of 3.81%, 2.66%, and 1.79% respectively [1][2] Group 2 - The storage chip sector saw a net inflow of 12.972 billion yuan from main funds, with 75 stocks receiving net inflows, and 31 stocks exceeding 100 million yuan in net inflows [2] - Tongfu Microelectronics led the net inflow with 1.273 billion yuan, followed by Beifang Huachuang, SMIC, and Changdian Technology with net inflows of 1.215 billion yuan, 1.137 billion yuan, and 920 million yuan respectively [2][3] Group 3 - In terms of net inflow ratios, Tongfu Microelectronics, Deep Technology, and Kangqiang Electronics had the highest ratios at 35.94%, 28.05%, and 20.09% respectively [3] - The top stocks in the storage chip sector by net inflow included Tongfu Microelectronics, Beifang Huachuang, and SMIC, with respective daily turnover rates of 6.30%, 2.59%, and 7.31% [3][4]

Group 1 - The advanced packaging concept sector rose by 3.38%, ranking 8th among concept sectors, with 123 stocks increasing, including notable gainers such as Tongfu Microelectronics, which hit the daily limit, and Huicheng Co., Microguide Nano, and Shengmei Shanghai, which rose by 15.84%, 15.54%, and 14.81% respectively [1] - The sector saw a net inflow of 6.356 billion yuan from main funds, with 90 stocks receiving net inflows, and 24 stocks exceeding 100 million yuan in net inflow. Tongfu Microelectronics led with a net inflow of 1.273 billion yuan, followed by Changdian Technology, Deep Technology, and Baiwei Storage with net inflows of 920 million yuan, 917 million yuan, and 466 million yuan respectively [1] - The top gainers in the advanced packaging concept sector included stocks like Tongfu Microelectronics, Changdian Technology, and Deep Technology, with respective daily increases of 10.00%, 5.10%, and 9.99% [2][3] Group 2 - The net inflow ratios for major funds were highest for Tongfu Microelectronics, Deep Technology, and *ST Huamei, with net inflow rates of 35.94%, 28.05%, and 25.80% respectively [2] - The advanced packaging concept sector's inflow leaderboard featured stocks such as Tongfu Microelectronics, Changdian Technology, and Deep Technology, with significant trading volumes and turnover rates [2][3] - Stocks like Huicheng Co. and Shengmei Shanghai also showed strong performance with daily increases of 15.84% and 14.81%, indicating robust investor interest [1][3]

Group 1 - The third-generation semiconductor concept increased by 3.35%, ranking 9th among concept sectors, with 136 stocks rising, including Jiangfeng Electronics which hit a 20% limit up [1] - Notable gainers in the sector included Huanghai Xuanfeng, Beifang Huachuang, and Tongfu Microelectronics, all reaching their daily limit up, while Changfei Fiber, Kexin Innovation, and Dongni Electronics saw declines of 5.94%, 4.90%, and 3.47% respectively [1][2] Group 2 - The third-generation semiconductor sector attracted a net inflow of 6.5 billion yuan, with 94 stocks receiving net inflows, and 20 stocks exceeding 100 million yuan in net inflow [2] - The top net inflow stock was Tongfu Microelectronics with 1.273 billion yuan, followed by Beifang Huachuang, Changdian Technology, and Deep Technology with net inflows of 1.215 billion yuan, 920 million yuan, and 917 million yuan respectively [2][3] Group 3 - In terms of net inflow ratios, Huanghai Xuanfeng, Tongfu Microelectronics, and Deep Technology led with net inflow rates of 47.12%, 35.94%, and 28.05% respectively [3] - The trading volume and turnover rates for key stocks in the third-generation semiconductor sector were significant, with Jiangfeng Electronics showing a turnover rate of 18.27% and a daily increase of 20% [3][4]

Core Viewpoint - Despite warnings from the Federal Reserve about high stock valuations, the Chinese technology sector, particularly semiconductor stocks, continues to perform well in the market [1][2]. Group 1: Semiconductor Sector Performance - The semiconductor sector is leading the market, with significant gains in stocks such as Changchuan Technology and Jiangfeng Electronics, which hit the daily limit up of 20%, and Huahai Qingshi and Nanda Optoelectronics rising over 12% [2]. - The semiconductor equipment ETF, E Fund (159558), reached a closing increase of 9.44%, with a nearly 31% rise over the past ten days, indicating strong investor interest [2]. - The overall semiconductor and components index has outperformed the broader market since September, showcasing a clear trend of leading stocks driving the entire sector [13][15]. Group 2: Positive Catalysts - Major technological advancements have been reported, including new developments in advanced packaging equipment and significant awards at industry exhibitions [4][6]. - Alibaba's CEO announced a substantial investment of 380 billion in AI infrastructure, which is expected to drive demand for AI chips, further benefiting the semiconductor sector [5][6]. - Domestic semiconductor companies are experiencing growth in orders and market share, particularly in key areas like AI GPUs and semiconductor equipment, with several new AI chips set to launch in the coming years [7]. Group 3: Financial Performance - The financial data from key semiconductor companies show robust growth, with companies like Zhongwei Company and Beifang Huachuang reporting significant revenue increases [17]. - The visibility of future earnings is strong, with many companies' orders extending into 2026 and beyond, providing a buffer against macroeconomic fluctuations [17]. Group 4: Valuation Dynamics - The current market valuation of domestic semiconductors has surpassed traditional cyclical industry frameworks, driven by high growth expectations, strategic importance, and improved earnings visibility [20][22]. - The semiconductor market in China is now driven by both market demand and supply chain security, making domestic semiconductor companies essential for many downstream enterprises [22]. - The favorable macroeconomic environment, including expectations of a shift to looser monetary policy by the Federal Reserve, is likely to enhance the valuation of long-duration assets like semiconductors [28]. Group 5: Investment Outlook - The recent performance of the domestic semiconductor sector is attributed to multiple factors, including policy support, technological breakthroughs, and favorable liquidity conditions [31]. - The investment value of domestic semiconductors is expected to deepen as the AI revolution progresses and China transitions from a manufacturing powerhouse to a technology leader [35].