Core Viewpoint - The semiconductor sector is experiencing a significant surge, driven by advancements in AI technology and increasing demand for smart devices, with a positive outlook for growth in 2025 [1][2]. Group 1: Market Performance - As of September 18, 2025, the Guozheng Semiconductor Chip Index (980017) rose by 5.13%, with notable increases in constituent stocks such as Zhongwei Company (688012) up 10.77%, and Ruixinwei (603893) up 10.00% [1]. - The Semiconductor ETF (159813) also saw a rise of 5.25%, marking its seventh consecutive increase, with the latest price reported at 1.14 yuan [1]. Group 2: Industry Drivers - The growth in the semiconductor industry is attributed to multiple factors including rapid AI computing power demand, accelerated smart device adoption, recovery in automotive electronics, and deepening domestic substitution [1]. - According to Tianfeng Securities, the semiconductor sector is expected to maintain a structural prosperity in 2025, with a continuation of optimistic growth trends driven by AI [1]. Group 3: Key Stocks - As of August 29, 2025, the top ten weighted stocks in the Guozheng Semiconductor Chip Index include Cambricon (688256), SMIC (688981), and Haiguang Information (688041), collectively accounting for 70.69% of the index [2].

Core Viewpoint - The integrated circuit ETF (159546) opened with a slight increase of 0.33%, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The integrated circuit ETF (159546) opened at 1.841 yuan, showing a modest gain [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 83.45% [1] - Over the past month, the ETF has delivered a return of 23.64% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) with a rise of 2.21% [1] - Haiguang Information (海光信息) up by 3.04% [1] - Cambricon (寒武纪) increased by 4.58% [1] - OmniVision (豪威集团) slightly up by 0.03% [1] - Lattice Semiconductor (澜起科技) rose by 0.34% [1] - GigaDevice (兆易创新) increased by 1.50% [1] - JCET (长电科技) up by 0.57% [1] - Unisoc (紫光国微) remained unchanged [1] - Chipone (芯原股份) increased by 1.85% [1] - Rockchip (瑞芯微) rose by 1.08% [1]

Core Points - The company announced a cash dividend distribution of 0.03 yuan per share (including tax) for the first half of 2025 [2][4] - The distribution plan was approved at the annual general meeting on May 15, 2025, and subsequently reviewed by the board on August 20, 2025 [2][3] Distribution Plan - The dividend distribution is based on a total share capital of 1,789,414,570 shares, resulting in a total cash dividend payout of 53,682,437.10 yuan (including tax) [4] - Eligible shareholders are those registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the dividend record date [3] Implementation Details - Cash dividends will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited for shareholders who have not opted for self-distribution [5] - The company will directly distribute cash dividends to specific entities, such as Panshi Runqi (Shenzhen) Information Management Co., Ltd. [6] Taxation Information - Individual shareholders and securities investment funds will not have personal income tax withheld at the time of dividend distribution; tax will be calculated based on the holding period upon stock transfer [8] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in an actual cash dividend of 0.027 yuan per share [9] - Hong Kong investors will also receive a cash dividend of 0.027 yuan per share after a 10% tax withholding [9] - Resident enterprise shareholders will be responsible for their own tax payments, receiving a cash dividend of 0.03 yuan per share [10] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's board office at 0510-86856061 [11]

（文章来源：证券日报） 证券日报网讯 9月17日晚间，长电科技发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.03元（含税），股权登记日为2025年9月25日，除权（息）日及现金红利发放日均为2025年9月26日。 ...

证券代码：600584 证券简称：长电科技 公告编号：临2025-044 江苏长电科技股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 2. 分派对象： 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/25 | － | 2025/9/26 | 2025/9/26 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经江苏长电科技股份有限公司（以下简称"公司"）2025 年 5 月 15 日召开的2024年年度股东大会授权，并经公司 2025 年 8 月 20 日召开的第 八届董事会第十四次临时会议审议通过。 二、 分配方案 1. 发放年度：2025年半年度 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 每股分配 ...

2025年9月18日，江苏长电科技股份有限公司发布2025年半年度权益分派实施公告。本次利润分配以总 股本1,789,414,570股为基数，每股派发现金红利0.03元（含税），共计派发现金红利53,682,437.10元 （含税）。股权登记日为2025年9月25日，除权（息）日和现金红利发放日为9月26日。除磐石润企（深 圳）信息管理有限公司由公司自行发放外，其他股东红利委托中国结算上海分公司派发。不同类型股东 扣税政策有别，如有疑问可联系公司董事会办公室咨询。 ...

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [1] Core Insights - The semiconductor sector is experiencing a recovery, with Q2 2025 net profit increasing by 58.8% quarter-on-quarter, driven by AI demand and domestic substitution trends [2][8] - The digital and analog chip design segments are leading the growth, with net profits increasing by 152.8% and 44.6% respectively [25][26] - The overall revenue for the semiconductor sector reached a historical high of 1700.23 billion yuan in Q2 2025, marking a 15.2% year-on-year and 14.4% quarter-on-quarter increase [4][8] Summary by Sections Q2 2025 Sector Review - The semiconductor sector shows signs of recovery with a significant increase in revenue and net profit, achieving a record high in Q2 2025 [7][8] - The revenue growth is attributed to a rebound in downstream demand and AI terminal requirements [8][12] - The sector's gross margin and net profit margin have improved, with gross margin at 27.12% and net profit margin at 8.72% [12][16] Subsector Performance - The digital chip design sector leads in revenue growth, with a quarter-on-quarter increase of 35.1% and a year-on-year increase of 30.8% [26][35] - The semiconductor equipment sector also shows strong performance, with a revenue increase of 17.4% quarter-on-quarter and 29.0% year-on-year [39] - The semiconductor packaging and testing sector saw a remarkable net profit increase of 157.9% quarter-on-quarter [25][26] Investment Strategy - The report emphasizes the clear trend of domestic substitution and the potential for AI-driven growth, recommending a focus on companies within the AI supply chain and undervalued leaders [6][20] - The semiconductor sector's current price-to-earnings ratio (PE) is approximately 145.7, indicating a significant increase compared to previous quarters [16][19] Market Positioning - The A-share electronic sector maintains the highest allocation in the market at 18.67%, with a slight decrease from the previous quarter [19][23] - Public fund holdings in the semiconductor sector have generally increased, reflecting positive sentiment towards leading companies [23][24]

Group 1 - The A-share market experienced a collective decline on September 16, with the Shanghai Composite Index dropping by 0.17% during intraday trading [1] - The chip technology sector continued to strengthen, with the Chip ETF (159995) rising by 1.21% as of 10:17 AM, and notable increases in constituent stocks such as Longxin Technology (up 14.29%) and Haiguang Information (up 5.90%) [1] - According to招商证券, the evolution of the global trade landscape has elevated the importance of self-sufficiency in the semiconductor industry as a key strategic focus for China's industrial development, supported by ongoing government policy initiatives [1] Group 2 - The AI innovation cycle, combined with the backdrop of tariffs, has reinforced expectations for self-sufficiency, leading to a sustained recovery in the semiconductor sector, which is now entering a new upward cycle [1] - The Chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry across various segments including materials, equipment, design, manufacturing, packaging, and testing [1] - Notable companies within the ETF include SMIC, Cambricon, Changdian Technology, and Northern Huachuang [1]

Company Overview - Jiangsu Changjiang Electronics Technology Co., Ltd. is located at 275 Binhai Middle Road, Jiangyin City, Jiangsu Province, established on November 6, 1998, and listed on June 3, 2003 [1] - The company's main business involves integrated circuit system integration, design simulation, technology development, product certification, wafer testing, wafer-level packaging testing, system-level packaging testing, and chip finished product testing, providing direct delivery services to semiconductor customers worldwide [1] - The revenue composition of the company is as follows: 99.59% from chip packaging and testing, 0.35% from other sources, and 0.05% from leasing income [1] Financial Performance - As of June 30, 2025, the company achieved operating revenue of 18.605 billion yuan, a year-on-year increase of 20.14%, while the net profit attributable to shareholders decreased by 23.98% to 471 million yuan [2] - The company has cumulatively distributed 1.48 billion yuan in dividends since its A-share listing, with 751 million yuan distributed in the past three years [3] Stock Performance - On September 16, the stock price of Changjiang Electronics rose by 2.12%, reaching 38.62 yuan per share, with a trading volume of 904 million yuan and a turnover rate of 1.33%, resulting in a total market capitalization of 69.107 billion yuan [1] - Year-to-date, the stock price has decreased by 5.20%, but it has increased by 5.49% over the last five trading days, 6.30% over the last 20 days, and 17.39% over the last 60 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders is 319,000, a decrease of 1.37% from the previous period, with an average of 5,608 circulating shares per person, an increase of 1.39% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 101 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and Huaxia National Semiconductor Chip ETF, all showing increases in shareholding [3]

Summary of the Conference Call on China's Semiconductor Supply Chain Industry Overview - In 2Q25, China semiconductor chipmakers (fabless, IDM, foundry, OSAT) reported a revenue growth of 16-21% YoY, indicating a mild recovery in net profit margins (NPM) with fabless/IDM companies' average NPM increasing from 12% in 1Q25 to 13% in 2Q25. Foundry and OSAT suppliers' average NPM improved slightly from 4% to 5% [1][8] - Semiconductor equipment companies experienced a slowdown in sales growth from 42% YoY in 1Q25 to 28% in 2Q25, although their average NPM improved from 16% to 19% [1] - Silicon wafer suppliers, such as NSIG and Lion Electronics, continued to report losses in 2Q25 with NPM at -18% and -5%, respectively [1] Inventory Management - Notable inventory reduction was observed among Chinese semiconductor fabless companies in 2Q25, with inventory turnover periods for MCU, analog, and power discrete segments decreasing by 16-48 days QoQ [2] - Overall inventory levels in the China market remain higher than pre-2022 levels but are healthier compared to 2023-24, where days of inventory (DoI) were between 200-300 days [2] Demand and Supply Dynamics - The integrated circuit (IC) billing volume in China was reported at 12.6 billion units in July, reflecting a 10% YoY increase. This demand growth rebounded from a -1% contraction in June [3] - China's IC import volume grew by 12% YoY, while domestic manufacturing volume increased by 25% YoY. The netting off of a 17% export growth suggests a supply volume increase of 15% YoY on a 3-month moving average basis [3] - The trend of inventory digestion among Chinese chipmakers observed in 2Q25 may be moderating as supply growth has outpaced demand for two consecutive months since June [3] Pricing Trends - The global average unit price for NOR flash was reported at US$0.39 in July, down 6% MoM and 28% YoY, indicating continued price softness [4] - However, major Taiwan and China NOR flash suppliers reported normalized inventory levels, which may support price stabilization [4] - Specialty DRAM contract prices have seen significant increases in 3Q25, with DDR4 prices rising approximately 70% in July and 10% in August, while 4Gb DDR3 prices increased by 20% in July and 50% in August [4] Financial Performance Overview - In 2Q25, the fabless and IDM sectors saw over 20% YoY sales growth, while foundry, OSAT, and silicon wafer sectors grew in the mid to high teens [8] - Despite improvements in net profit margins across sectors, silicon wafer companies like NSIG and Lion Electronics continued to post net losses [8] Future Outlook - Consensus forecasts predict 15%-26% YoY sales growth for the semiconductor industry in 2026, with expectations for further improvement in net profit margins [9] - Specific companies such as SMIC and JCET are projected to see significant sales growth, with SMIC's sales expected to reach US$78.3 billion by 2026, reflecting a 16% YoY increase [9] Additional Insights - The semiconductor supply chain is experiencing a dynamic shift in supply and demand, with potential implications for inventory management and pricing strategies moving forward [3][4] - The recovery in profitability and sales growth across various segments indicates a positive trend for the semiconductor industry in China, despite ongoing challenges in specific areas such as silicon wafer production [1][8]