上 市 公 司 公 司 研 究 / 公 司 深 度 报告原因：首次覆盖 买入（首次评级） | 市场数据： 2026 年 03 月 23 日 | | | --- | --- | | 收盘价（元） | 145.92 | | 一年内最高/最低（元） | 249.99/122.80 | | 市净率 | 14.5 | | 股息率%（分红/股价） | 0.65 | | 流通 A 股市值（百万元） | 61,409 | | 上证指数/深证成指 3,813.28/13,345.51 | | | 注："股息率"以最近一年已公布分红计算 | | 2026 年 03 月 23 日 瑞芯微 (603893) ——"SoC+AI 协处理器"双轨并行，引领端侧 AIoT 2.0 -50% 0% 50% 100% 03-24 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 01-24 02-24 瑞芯微 沪深300指数 (收益率) 相关研究 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 杨紫璇 A023052407000 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2026-011 瑞芯微电子股份有限公司 关于调整向全资子公司提供担保的额度的进展公告 一、担保情况概述 保证期间：自债务人依据具体业务合同约定的债务履行期限届满之日起两年。 每一具体业务合同项下的保证期间均单独计算。 1 瑞芯微电子股份有限公司（以下简称"公司"）于2026年2月13日召开第四 届董事会第十次会议，审议通过《关于调整向全资子公司提供担保的额度的议案》。 因应公司全资子公司上海翰迈电子科技有限公司（以下简称"上海翰迈"）的业 务发展需要，公司董事会同意为上海翰迈与上海三星半导体有限公司（以下简称 "上海三星"）之间的一系列债权提供连带责任保证的最高额度由原来的1,400 万美元调整为3,000万美元，其他保证要素不变。具体内容详见公司于2026年2月 14日披露的《瑞芯微电子股份有限公司关于调整向全资子公司提供担保的额度的 公告》（公告编号：2026-007）。 二、担保情况进展 近日，公司与上海三星签订了《合同变更协议书》，原为上海翰迈与上海三 星自2023年12月6日至2028年8月10日期间的采购或产品购销业务而形成的一系 列债权提供最 ...

Core Viewpoint - The trend of "raising lobsters" is gaining momentum, driven by advancements in AI technology and the emergence of OpenClaw, which facilitates easier access to AI capabilities [1][2][3]. Group 1: Industry Dynamics - The rise of "raising lobsters" is linked to significant stock performance in related companies, with notable increases in share prices for firms like Wangshun Technology and Youke De [1]. - OpenClaw's development has transitioned from a low-profile project to a global phenomenon, with its open-source nature and execution capabilities attracting widespread attention [4][6]. - The rapid adoption of OpenClaw by major cloud providers like Tencent and Alibaba has significantly lowered the barriers to entry for users, leading to a surge in GitHub stars and user engagement [9][12]. Group 2: Power Transfer and Balance - "Raising lobsters" represents an irreversible trend of power transfer, where users relinquish control to AI agents in exchange for enhanced efficiency [14]. - The industry is motivated by the potential for substantial commercial benefits, as OpenClaw can generate significant API revenue through high token consumption [15]. - Regulatory concerns are rising as AI's ability to execute operations raises issues related to national security and financial oversight [16]. Group 3: Stakeholder Perspectives - Local governments and industries view "raising lobsters" as a means for industrial upgrading and monetizing computing power, actively supporting its development [18]. - Central regulatory bodies prioritize national security and financial stability, establishing boundaries to prevent systemic risks associated with AI operations [18]. - Ordinary users experience anxiety over relinquishing control, often driven by a fear of falling behind in technological adoption [17]. Group 4: Key Companies in the "Raising Lobsters" Trend - Youke De-W (688158) is a pioneer in cloud deployment, offering OpenClaw cloud images and lightweight application cloud hosts [22]. - Hand Information (300170) focuses on enterprise-level applications, integrating OpenClaw into its AI application aggregation platform [24]. - Tuo Wei Information (002261) has achieved deep adaptation of OpenClaw with its self-developed operating system, promoting a combination of domestic computing power and open-source intelligence [26]. - Longxin Zhongke (688047) has localized OpenClaw deployment using its domestic chip, achieving full autonomy from the instruction set to application [27]. - Ruixinwei (603893) provides chips suitable for personal deployment of OpenClaw, addressing low latency and data privacy needs [28]. - Beixin Source (300352) has adapted its security communication products to ensure safety during the "raising lobsters" process [29]. - Qingyun Technology-U (688316) has completed full version adaptation of OpenClaw on its cloud platform, facilitating one-click deployment [30]. - Shunwang Technology (300113) offers an AI cloud computer that integrates OpenClaw, simplifying user access to AI applications [31].

证券代码：603893 证券简称：瑞芯微 公告编号：2026-010 法定代表人：励民 注册资本：肆亿贰仟零玖拾贰万玖仟陆佰伍拾圆整 瑞芯微电子股份有限公司 关于完成工商变更登记的公告 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。 瑞芯微电子股份有限公司（以下简称"公司"）分别于 2025 年 12 月 8 日、 2025年12月24日召开第四届董事会第八次会议和2025年第二次临时股东大会， 审议通过《关于变更公司注册资本的议案》《关于取消监事会并修订<公司章程> 的议案》。具体内容详见公司于 2025 年 12 月 9 日、2025 年 12 月 25 日在《上海 证券报》《证券日报》《中国证券报》《证券时报》及上海证券交易所网站 （www.sse.com.cn）披露的相关公告。 公司已于近日完成上述事项的工商变更登记、《公司章程》备案等手续，并 领取了福州市市场监督管理局换发的《营业执照》，相关登记信息如下： 统一社会信用代码：913501007335995323 名称：瑞芯微电子股份有限公司 类型：股份有限公司（上市 ...

Summary of Key Takeaways from Rockchip (603893.SS) Conference Call Company Overview - **Company**: Rockchip (603893.SS) - **Industry**: Integrated Circuit (IC) Design, focusing on AIoT (Artificial Intelligence Internet of Things) SoC (System-on-Chip) applications across various sectors including smart home, industrial, humanoid robots, and automotive applications [3][4] Core Insights 1. **Demand Outlook**: - Management remains optimistic about demand growth in 2026, driven by increasing SOC demand from innovative AI devices, which are less sensitive to rising memory costs. Despite a decrease in demand from smaller customers due to memory price hikes, industry leaders are still securing supply [4][5] - The company anticipates that the demand for AI products will offset declines in traditional consumer electronics affected by memory supply issues [4][5] 2. **Product Development**: - Rockchip has developed its first AI co-processor, the RK182X series, which utilizes 3D packaging technology and integrates NPU (Neural Processing Unit) and memory into a single chip. This chip is designed for various applications including humanoid robots and AI TVs [5][9] - The next generation product, RK1860 series, is in development and will support inferencing compute for AI models up to 13 billion parameters, an increase from the previous limit of 7 billion [9][10] 3. **New Product Introduction**: - Continuous introduction of new products is seen as a key driver for growth. The product cycle for AIoT SOC is long, with the core product RK3588 introduced in 2021 contributing to revenue growth in 2024-2025. Upcoming flagship chips RK3668 and RK3688 are expected to enhance AI computing capabilities [10][4] Additional Insights - **Market Position**: Rockchip's positive outlook on AI chips aligns with broader expectations for the AI computing supply chain in China, indicating a favorable environment for domestic GPU/ASIC manufacturers [2] - **Investment Recommendations**: Analysts have a Buy rating on other companies in the AI computing space, such as Cambricon, MetaX, and Biren, suggesting a robust investment landscape in this sector [2][18] Conclusion Rockchip is positioned to capitalize on the growing demand for AI-driven applications despite challenges posed by rising memory costs. The company's focus on innovative product development and strategic market positioning suggests potential for significant growth in the AIoT sector.

Core Viewpoint - OpenClaw has gained significant attention in the tech and capital markets, with its latest version introducing advanced features and becoming a leading open-source project on GitHub, while the "lobster farming" concept related to AI is gaining traction in the A-share market despite most companies not yet seeing substantial business growth from it [4][5][8]. Group 1: OpenClaw's Features and Innovations - OpenClaw has five core breakthroughs compared to previous AI products like AutoGPT and GPT-4o, including a layered architecture that positions it as a self-hosted AI gateway and a file-driven design for managing AI behavior [6]. - The execution capability of OpenClaw has evolved from passive response to proactive execution, allowing it to run autonomously 24/7 without human intervention [6]. - OpenClaw features a dual-mode memory architecture that combines short-term and long-term memory, enhancing its intelligence over time while ensuring data privacy through local storage [7]. Group 2: Market Impact and Trends - The rise of OpenClaw is creating a "lobster farming" trend in the A-share market, with companies in the cloud deployment and ecosystem services sectors being the most direct beneficiaries [8]. - A surge in demand for local computing power is expected as OpenClaw promotes the shift of AI applications from cloud to edge and terminal devices, benefiting hardware manufacturers like personal computers and private servers [8]. - The A-share market has seen a notable increase in stocks related to AI and computing power, with several companies experiencing significant stock price surges [9]. Group 3: Cloud Service Providers and Business Adaptation - Cloud service providers are positioned as the primary beneficiaries of the OpenClaw trend, with many companies already disclosing their business layouts and technological adaptations related to OpenClaw [10]. - Companies like UCloud have quickly implemented OpenClaw-related services, enabling users to deploy AI assistants efficiently through cloud solutions [10][11]. - Other cloud service providers, such as QingCloud and Wangsu Technology, are also adapting their platforms to support OpenClaw, indicating a rapid industry response [11]. Group 4: Enterprise Applications and Future Prospects - The enterprise application landscape is crucial for scaling revenue and building long-term competitiveness, with companies focusing on integrating OpenClaw into their AI solutions [13]. - Han's Information has launched an AI application aggregation platform that incorporates OpenClaw, aiming to provide a comprehensive enterprise-level AI solution [13]. - The demand for AI applications in various sectors, including finance and automation, is expected to grow as companies leverage OpenClaw's capabilities [14]. Group 5: Hardware Adaptation and Challenges - Domestic hardware manufacturers are actively working on full-stack adaptations for OpenClaw, which is essential for achieving autonomous and secure AI operations [15]. - Companies like Loongson and Rockchip have successfully adapted their hardware to run OpenClaw, although the immediate business impact remains to be seen [15][16]. - The overall market for AI-related hardware is evolving, with companies like Inspur launching AI servers optimized for OpenClaw, indicating a growing demand for high-performance computing solutions [16].

Core Viewpoint - The appointment of Mojtaba Khamenei as Iran's new Supreme Leader is expected to strengthen the hardline faction's control over the country, leading to a surge in oil prices, which have already exceeded $100 per barrel [1][3]. Oil and Gas Industry - The new Supreme Leader, Mojtaba Khamenei, is closely associated with the Islamic Revolutionary Guard Corps, which plays a significant role in Iran's political, security, and economic systems [1]. - Analysts believe that the ongoing geopolitical tensions, particularly in the Middle East, will keep international oil prices at three-digit levels for an extended period [22]. - Reports indicate that Saudi Arabia has begun to cut oil production due to saturated storage facilities, which may further impact global oil supply [22]. - The G7 is considering a coordinated release of emergency oil reserves, with support from the U.S. and other nations, potentially releasing 300 to 400 million barrels of oil [3][15]. Economic Indicators - February's CPI in China rose to 1.3%, the highest in nearly three years, while the core CPI increased by 1.8%, marking the highest since March 2019 [12]. - The PPI decreased by 0.9% year-on-year but showed signs of recovery, with expectations that it may turn positive in March due to rising oil prices [12]. - Citigroup noted that a 10% increase in global oil prices contributes 1.15 percentage points to PPI and 0.23 percentage points to CPI, indicating the significant impact of oil prices on inflation metrics [12]. Stock Market Performance - A-shares showed resilience compared to other Asian markets, with the Nikkei 225 index down 5.2% and the Seoul Composite Index down 6% [7]. - The A-share market experienced a collective decline, with major indices falling, influenced by ongoing Middle Eastern conflicts and oil price fluctuations [15]. - The energy sector, particularly oil services and natural gas stocks, saw significant gains in early trading due to rising oil prices [15]. OpenClaw and Technology Sector - The OpenClaw service has gained traction, with various models being integrated into popular communication platforms, indicating a growing interest in AI applications [23]. - The "养龙虾" (raising lobsters) trend related to OpenClaw has attracted considerable public interest, with many inquiries for policy support from local authorities [23].

Group 1: Food and Beverage Industry - The restaurant sector is showing signs of recovery, with a notable increase in consumer demand. During the Spring Festival, restaurant revenue grew by 31.2% year-on-year, with dine-in services up by 26.5% and snack services up by 42.1% [4][5] - The average daily sales of key retail and restaurant enterprises during the Spring Festival increased by 5.7% year-on-year, indicating strong terminal demand. It is expected that revenue for restaurant supply companies will see rapid growth in January and February [4] - The price of raw milk is stabilizing at a low level, with fresh milk averaging 3.03 yuan per kilogram, down 2.3% year-on-year. However, the price of culling cows has risen by 25.2% year-on-year, indicating an upward trend in the beef market [5] - The snack sector performed well during the Spring Festival, benefiting from the return home and "red envelope economy," with significant sales growth in bulk snacks and nut gift boxes [5] - The food and beverage sector saw a decline of 1.54% last week, underperforming the CSI 300 index by 1.63 percentage points, ranking 29th among 31 first-level sectors [6] Group 2: Electronic Industry - Nvidia's performance continues to exceed market expectations, with Q4 revenue reaching $68.127 billion, up 73.21% year-on-year, and net profit of $42.96 billion, up 94.47% year-on-year. The data center segment remains a core growth driver [11][12] - The upcoming GTC conference from March 16-19 is expected to showcase Nvidia's new Feynman platform and a new inference chip integrated with Groq LPU technology, indicating a strong focus on AI and inference computing [12] - The electronic sector is experiencing a recovery in demand, with effective supply clearing and rising prices for storage chips. There is a strong emphasis on domestic production capabilities [10][14] - The electronic industry index rose by 4.07%, outperforming the CSI 300 index by 2.99 percentage points, with semiconductor and electronic components showing significant gains [13]

Investment Rating - The report upgrades the investment rating for the company to "Buy" [2][7] Core Insights - The AI technology is reshaping electronic products, and the AIoT market is entering a high-speed development cycle. The market is transitioning from "Internet of Everything" to a period of deep value release, with advancements in edge-cloud collaboration architecture and the proliferation of lightweight AI models and edge NPU chips. This shift is driving devices from passive responses to autonomous decision-making [5] - The company is expected to achieve revenue of approximately 43.87 billion to 44.27 billion yuan and a net profit of 10.23 billion to 11.03 billion yuan in 2025, representing a year-on-year growth of 71.97% to 85.42% [5] - The company is advancing its dual-track strategy of "SoC + co-processor" to accelerate the development of next-generation products, including the global first 3D architecture edge computing co-processor RK182X, which is being rapidly adopted across various industries [6] Financial Projections - Revenue projections for the company are 44.2 billion yuan in 2025, 56.8 billion yuan in 2026, and 71.1 billion yuan in 2027, with net profits of 11.0 billion yuan, 14.7 billion yuan, and 19.1 billion yuan respectively [7] - The company’s revenue growth rates are projected at 40.79% for 2025, 28.55% for 2026, and 25.26% for 2027 [9] - The expected earnings per share (EPS) are 2.61 yuan for 2025, 3.49 yuan for 2026, and 4.53 yuan for 2027 [9]

Investment Rating - The report upgrades the investment rating for 瑞芯微 (Rockchip) to "Buy" [2][7] Core Views - The AI technology is reshaping electronic products, and the AIoT market is entering a high-speed development cycle. The market is transitioning from "Internet of Everything" to a period of deep value release, with advancements in edge-cloud collaboration architecture and the proliferation of lightweight AI models and edge NPU chips. This shift is driving devices from passive responses to autonomous decision-making [5] - The company is expected to achieve revenue of approximately 43.87 billion to 44.27 billion yuan and a net profit of 10.23 billion to 11.03 billion yuan in 2025, representing a year-on-year growth of 71.97% to 85.42% [5] - The company is advancing its dual-track strategy of "SoC + co-processor" to accelerate the development of next-generation products, including the global first 3D architecture edge computing co-processor RK182X, which is being rapidly adopted across various industries [6] Financial Projections - Revenue projections for the company are 44.2 billion yuan in 2025, 56.8 billion yuan in 2026, and 71.1 billion yuan in 2027, with net profits of 11.0 billion yuan, 14.7 billion yuan, and 19.1 billion yuan respectively [7] - The company’s revenue growth rates are projected at 40.79% for 2025, 28.55% for 2026, and 25.26% for 2027 [9] - The expected earnings per share (EPS) are 2.61 yuan for 2025, 3.49 yuan for 2026, and 4.53 yuan for 2027 [9]