我是国产电子分析师郑德江,今天非常感谢大家参加五耀股份的调汇今天五耀也是狂奔异暴,我们看到了很强势的创出历史新高同时毛利率和净利率都是在同比都取得了不错的提升就是我们从去年底跟大家一直讲的 包括汽车和手机两个大的赛道或者是经验支架的一个提升之后的话我要展现出一个非常强的竞争力给予持续的研发投入特别是除此之外的话我们看到在IoT的IoTX里面包括用的相机无人机等等也是呈现的快速 另外多连部布局的模拟性面也有关在国家地产以及CIS的强大竞争力的配合下面可以将手放亮所以今天我非常荣幸有委员股份的董事长余总和总经理王总和全球关系部总裁 下面有请董事间财务总监贾总 董碧 任总还有中国军事财务总监许总一起来跟大家进行公司的目前的定状况的分享以及公司未来战略的展望下面有请董碧 任总跟我们简单介绍公司的业务情况然后后面一众跟大家进行公众评论下面欢迎任总 接下来我先跟大家分享一下公司这个近期的这个主要的经营情况 那我们去回顾这个2024年看到了整个的全球半导体的行业是迎来了一个复苏叠加着这个汽车的智能化的一个持续加速的一个渗透包括我们看到AI推动的这个消费电子需求的一些回应啊整个行业来看呢是进入到一个上级的中心里面那公司呢也是 ...

Group 1: Artificial Intelligence ETF Performance - The liquidity of the Artificial Intelligence ETF showed a turnover of 1.76% during the trading session, with a half-day transaction volume of 60.298 million yuan. The average daily transaction volume over the past month reached 132 million yuan as of July 11 [3] - The latest scale of the Artificial Intelligence ETF reached 3.408 billion yuan, with leveraged funds continuing to invest. The net financing amount on the previous trading day was 3.8182 million yuan, and the latest financing balance stood at 115 million yuan [3] - The net value of the Artificial Intelligence ETF increased by 33.88% over the past year. The highest monthly return since inception was 30.38%, with the longest consecutive monthly gains being three months and the maximum cumulative increase of 43.97%. The average return during the rising months was 6.80% [3] Group 2: Index Composition and Key Stocks - As of June 30, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Industry Index accounted for 52.07% of the index. The leading stocks include Zhongji Xuchuang, Xinyi Sheng, Keda Xunfei, and others [4] - The weight and performance of key stocks in the index are as follows: Zhongke Shuguang (6.42%, -0.12%), Han's Laser (6.33%, +2.35%), and others, with varying performance metrics [6] Group 3: Industry Outlook - The overseas computing power industry is forming a positive feedback loop characterized by reduced costs of technological iteration, application promotion, explosive demand for inference, growth in tokens, and accelerated iteration of data growth models. The AI application sector is still in its early stages, and the optical module industry, as a foundational component for computing clusters, continues to exhibit high growth potential [7]

Core Viewpoint - The performance of the AI industry index and related ETFs shows mixed results, with notable fluctuations in individual stocks and overall market activity [1][3][4]. Group 1: AI Industry Index Performance - As of July 10, 2025, the CSI Artificial Intelligence Industry Index (931071) decreased by 0.26% [1]. - Among the constituent stocks, Lexin Technology (688018) led with a rise of 5.77%, while companies like Cambricon (688256) and Zhongke Xingtu (688568) experienced declines [1][6]. - The top ten weighted stocks in the index account for 52.07% of the total index weight, with notable companies including Zhongke Shuguang (603019) and Keda Xunfei (002230) [4][6]. Group 2: AI ETF Performance - The AI ETF (515980) had a recent price of 1.03 yuan, with a trading volume of 1.10 billion yuan and a turnover rate of 3.27% [1][3]. - Over the past year, the AI ETF's net value increased by 35.14%, with the highest monthly return reaching 30.38% since its inception [3]. - The ETF's management fee is 0.50%, and the tracking error over the past month is 0.012% [3]. Group 3: Market Activity and Trends - As of July 9, 2025, the net buying amount of leveraged funds in the AI ETF was 2.18 million yuan, with a total financing balance of 116 million yuan [3]. - Nvidia's stock reached a record high of $164.42, with a market capitalization exceeding $4 trillion, marking it as the first company to achieve this milestone [6].

每经记者｜朱成祥 每经编辑｜文多 近期，芯片大佬虞仁荣显得格外忙碌。 虞仁荣创办东方理工大学，也是宁波镇海人对尊师重教、崇文向善之风的传承。比如包玉刚、邵逸夫，全国各地都有这两位宁波镇海人的教育捐赠记录。最 巧的是，虞仁荣与"船王"包玉刚一样，不仅是宁波镇海人，还同出生于钟包村。在包玉刚捐建宁波大学的典礼上，虞仁荣就是欢迎行列中的学生代表之一。 这位国内头部CIS（互补金属氧化物半导体图像传感器）厂商豪威集团（SH603501，证券简称此前为韦尔股份）的掌舵人，在资本运作上大步向前。今年， 他旗下另一家公司新恒汇成功登陆A股，并意图推进豪威集团三地上市。 虞仁荣还投入了教育事业，即将开学的宁波东方理工大学便承载着他的教育理想。尽管该校学生每年的学费高达9.60万元，但学校承诺为首届本科生提供等 额奖学金（即学费全免）。 虞仁荣在做客镇海中学时回应了为何创办大学："教育改变了我。如果没有在镇海中学、清华大学的读书经历，我就不是今天的我。" 豪威集团董事长虞仁荣 图片来源：东方理工大学官网文章截图 一所理工大学对产业意味着什么 东方理工大学由宁波市虞仁荣教育基金会举办，由省市共同建设、国家重点支持，是探索高起点、 ...

Core Viewpoint - The recent capital activities of Yu Renrong, known as the "Chip King," include the successful IPO of his investment, New Henghui Electronics, and the renaming of his company, Weier Co., to "Haowei Group" [1][2]. Company Overview - Haowei Group, founded in 1995, specializes in image sensor solutions and has expanded through the acquisition of Haowei Technology in 2019. Yu Renrong serves as the chairman and executive director [2]. - The company operates under a Fabless model, focusing on the design, research, and sales of semiconductor products, ranking among the top ten Fabless semiconductor companies globally by 2024 revenue [2]. Business Segments - Haowei Group's primary product lines include: - Image Sensor Solutions: Comprising CIS, CameraCubeChip, LCOS, and ASIC products [3]. - Display Solutions: Including LCD-TDDI, OLED DDIC, and integrated display driver chips [4]. - Analog Solutions: Encompassing PMIC, TVS, and MOSFET [5]. Market Position - By 2024, Haowei Group is projected to be the third-largest supplier of smartphone CIS with a market share of 10.5% and the largest supplier of automotive CIS with a market share of 32.9% [8]. Financial Performance - Revenue for Haowei Group was 20 billion RMB in 2022, increasing to 21 billion RMB in 2023, and projected to reach 25.7 billion RMB in 2024. Net profit decreased from 951 million RMB in 2022 to 544 million RMB in 2023, with a recovery expected to 3.28 billion RMB in 2024 [9][10]. - The gross margin for the years 2022, 2023, and 2024 was 23.7%, 19.9%, and 28.2%, respectively, indicating a decline in 2023 due to inventory management challenges [9][10]. Inventory and Supply Chain - The company has faced high inventory levels, with balances of 12.4 billion RMB, 6.3 billion RMB, and 7 billion RMB for the respective years [11]. - Approximately 85% of revenue in 2024 is expected to come from regions outside mainland China, highlighting potential exposure to international trade dynamics [10]. Research and Development - Haowei Group has invested around 9.4 billion RMB in R&D over the past three years, with R&D expenses accounting for 12.6%, 10.7%, and 10.4% of revenue in the respective years [13]. Future Outlook - The semiconductor industry is characterized by rapid technological advancements, necessitating continuous product and service updates from the company [12]. - The ability to manage inventory effectively and navigate market fluctuations will be critical for the company's future performance [13].

证券研究报告 | 2025年07月08日 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 行业研究·行业周报 电子 服务器需求保持增长，看好企业级存储国产化增量机遇。近期部分服务器 OEM 及 Tier2 互联网厂商经过库存调整进入重建库存阶段，近期原厂相继启动新 季度价格谈判；根据 CFM 预测，在服务器需求推动下三季度预计 eSSD 合约 价有望上涨 5%至 10%。此外，阿里云将于马来西亚和菲律宾新增数据中心， 全球基础设施布局将扩展至 29 个地域、90 个可用区，其中马来西亚第三个 可用区已于 7 月 1 日正式上线，菲律宾第二个可用区则计划于今年 10 月启 用，企业级存储需求有望保持持续增长。随着下半年服务器补库及国内 CSP 厂商需求增长，国产企业级存储有望在收入端保持快速增长，建议关注相关 公司德明利、江波龙、佰维存储等。 CoreWeave 全球首家部署 GB300 服务器，戴尔抢先交付。当地时间 7 月 3 日， 超大规模云服务商 CoreWeave 宣布，已经收到了市场上首个基于英伟达最新 高端芯片的人工智能服务器系统 GB300 NVL72，由戴尔科技制造。CoreWeave ...

Group 1 - The core viewpoint of the news highlights the performance and growth of the digital economy sector in China, particularly through the rise of the China Securities Digital Economy Theme Index and its associated ETF [1][2] - As of July 8, 2025, the China Securities Digital Economy Theme Index (931582) increased by 0.83%, with notable gains from constituent stocks such as Langchao Information (000977) up 3.76% and Lanke Technology (688008) up 3.11% [1] - The digital economy ETF (560800) saw a price increase of 0.53%, with a trading volume of 373.61 million yuan and a turnover rate of 0.5% [1] Group 2 - The digital economy ETF has experienced significant growth, with a scale increase of 31.27 million yuan over the past three months, ranking it in the top half among comparable funds [1][2] - The ETF's share count rose by 8 million shares in the past week, also placing it in the top half of comparable funds [1][2] - The Global Digital Economy Conference held in Beijing from July 2 to 5, 2025, focused on building globally friendly digital cities, showcasing the importance of digital economy initiatives [1] Group 3 - The top ten weighted stocks in the China Securities Digital Economy Theme Index as of June 30, 2025, include Dongfang Wealth (300059) and SMIC (688981), collectively accounting for 51.3% of the index [2] - The index is designed to reflect the overall performance of listed companies involved in digital economy infrastructure and high levels of digitalization [2]

Industry Overview - The CMOS image sensor (CIS) is a crucial component that converts photons into electrons for digital processing, primarily used in digital cameras and surveillance systems [3][11] - The global CMOS image sensor market is projected to grow from $21.79 billion in 2023 to $28.6 billion by 2029, with a compound annual growth rate (CAGR) of 4.29% from 2017 to 2023 [13][19] - In China, the CMOS image sensor market is expected to reach approximately 52.68 billion yuan in 2024, driven by trends in multi-camera smartphones, smart electric vehicles, and increased demand for security monitoring [1][17] Market Dynamics - The global CMOS image sensor shipment volume increased from 5.254 billion units in 2017 to 6.76 billion units in 2023, with an estimated 7.206 billion units in 2024 [13][15] - The smartphone sector is the largest application area for CMOS image sensors, accounting for over 60% of the market share [11][15] - The Chinese smartphone market is projected to recover in 2024, with an estimated shipment volume of 286 million units, reflecting a year-on-year growth of 5.6% [11][19] Technological Advancements - The three major upgrade directions for CMOS image sensors are high pixel count, high frame rate, and improved imaging quality [5][25] - Key performance indicators for evaluating CMOS image sensor quality include optical size, pixel size, pixel count, frame rate, signal-to-noise ratio, and dynamic range [5][25] - The industry is moving towards high-resolution sensors to meet the demands of 4K/8K video and AI image analysis applications [25][27] Competitive Landscape - The global CMOS image sensor market is dominated by major players such as Sony, Samsung Electronics, and Hynix, with Sony being the market leader [19][21] - Domestic companies like Rockchip, SmartSens, and OmniVision are emerging as significant players in the Chinese market, benefiting from increased R&D investment and industry collaboration [19][21] Key Companies - Rockchip Electronics Co., Ltd. focuses on the design and development of smart application processors and is expected to achieve a revenue of 3.136 billion yuan in 2024, representing a growth of 46.95% [21] - SmartSens Technology Co., Ltd. specializes in high-performance CMOS image sensors and anticipates a revenue of 5.968 billion yuan in 2024, reflecting a growth of 108.89% [23]

Summary of Key Points Core Viewpoint - The announcement details the share pledge situation of the controlling shareholder of Haowei Integrated Circuit (Group) Co., Ltd., indicating a significant portion of shares has been pledged, which may impact the company's financial stability and governance [1]. Group 1: Share Pledge Details - The controlling shareholder, Mr. Yu Renrong, holds 333,472,250 shares, accounting for 27.40% of the total share capital of the company. He has pledged 195,308,400 shares, which is 58.57% of his holdings [1]. - The total pledged shares by Mr. Yu Renrong and his concerted parties amount to 408,576,912 shares, representing 33.57% of the total shares and 61.73% of their total holdings [1]. - The pledged shares do not involve any guarantees related to major asset restructuring or performance compensation [1]. Group 2: Financial Implications - The controlling shareholder's pledged shares account for 20.27% of their holdings and 6.80% of the company's total share capital, with a corresponding financing amount of 320 million yuan [1]. - In the next year, the number of pledged shares due to expire is 61,918,400 shares, which is 15.15% of their holdings and 5.09% of the company's total share capital, with a financing balance of 280 million yuan [1]. - The controlling shareholder has sufficient financial capability to repay the pledged shares, with repayment sources including operational income, dividends, and self-raised funds [1].

| 证券代码：603501 | 证券简称：豪威集团 | 公告编号：2025-072 | | --- | --- | --- | | 转债代码：113616 | 转债简称：韦尔转债 | | 豪威集成电路（集团）股份有限公司 关于控股股东部分股权质押的公告 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： 豪威集成电路（集团）股份有限公司（以下简称"公司"）控股股东虞 仁荣先生持有公司股份 333,472,250 股，占公司目前总股本的 27.40%；本次质押 情况变动后，虞仁荣先生累计质押股份为 195,308,400 股，占其持股比例的 58.57%。 一、本次股份质押的情况 公司于 2025 年 7 月 4 日获悉控股股东虞仁荣所持有本公司的部分股份被质 押，具体事项如下： 1、本次股份质押的基本情况 | 股东名称 | 是否为控 | 本次质押 | 是否为限售股 （如是，注明 | 是否补 | 质押起始日 | 质押到期日 | 质权人 | 占其所持 | 占公司总 | 质押融资 | | --- | --- | --- ...