Core Viewpoint - The integrated circuit ETF (159546) opened with a slight decline of 0.15%, indicating a cautious market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The integrated circuit ETF (159546) opened at 1.345 yuan, reflecting a minor decrease [1] - The performance benchmark for the ETF is the CSI All-Share Integrated Circuit Index return rate [1] - Since its establishment on October 11, 2023, the ETF has achieved a return of 34.87%, with a monthly return of 1.92% [1] Group 2: Major Holdings - Key stocks within the integrated circuit ETF include: - SMIC (中芯国际) down 0.39% - Haiguang Information (海光信息) down 0.54% - Cambrian (寒武纪) down 0.22% - OmniVision (豪威集团) down 0.69% - Lattice Semiconductor (澜起科技) down 0.23% - GigaDevice (兆易创新) down 0.86% - JCET (长电科技) down 0.55% - Unisoc (紫光国微) down 0.67% - Chipone (芯原股份) up 0.55% - Rockchip (瑞芯微) down 0.31% [1]

Group 1: Industry Overview - The semiconductor industry is experiencing a moderate recovery, with Q1 2025 global sales reaching $167.7 billion, a year-on-year increase of 18.8% [66] - In May 2025, global semiconductor sales were $59 billion, showing a year-on-year growth of 19.8% [66] - The recovery is driven by strong demand in the Americas and Asia-Pacific regions, particularly in high-end computing and storage due to AI [66] Group 2: Company Performance - Texas Instruments reported Q2 revenue of $4.45 billion, a 9% quarter-on-quarter increase and a 16% year-on-year increase, driven by a broad recovery in the industrial market [6] - STMicroelectronics experienced a 14.4% year-on-year decline in Q2 revenue to $2.76 billion, resulting in a net loss of $133 million due to restructuring costs [7] - NXP's Q2 revenue was $2.93 billion, a 6% year-on-year decline but a 3% quarter-on-quarter increase, with all key end markets performing better than expected [9] Group 3: Specific Company Highlights - Qualcomm's Q3 revenue increased by 10% year-on-year to $10.365 billion, with automotive chip revenue growing by 21% [11] - MediaTek's Q2 revenue was NT$150.37 billion, a 1.9% quarter-on-quarter decline but a 4.3% year-on-year increase, driven by demand for AI and automotive chips [13] - Samsung's Q2 operating profit fell by 55.2% year-on-year to 4.7 trillion KRW, marking a six-quarter low due to AI chip sales issues [14][15] Group 4: Market Trends - The industrial market is showing signs of recovery, while the automotive market is lagging behind by about a year [6] - AI-related demand continues to be strong, particularly in high-performance computing and storage sectors [66] - The overall semiconductor market is expected to see varied recovery rates across different sectors, with traditional markets like industrial applications rebounding first [66] Group 5: Financial Performance of Key Players - SK Hynix reported record high Q2 revenue of 22.232 trillion KRW, driven by strong demand for AI-related memory products [16] - Micron Technology's Q3 revenue reached $9.3 billion, a 37% year-on-year increase, attributed to record DRAM revenue [19] - TSMC's Q2 revenue was approximately NT$933.8 billion, with a net profit increase of 60.7% year-on-year [43]

Group 1 - The core point of the report is the disclosure of equity changes by Xiamen Runke Xin Investment Management Partnership (Limited Partnership) in relation to its holdings in Ruixin Microelectronics Co., Ltd. [1][5] - The equity change is primarily due to the company's need for funds and the impact of the company's stock incentive plan, which has led to a decrease in the shareholding ratio of the disclosing party [5][6] - As of the report date, the disclosing party has reduced its shareholding in Ruixin Microelectronics from 8.0992% to 5.0000% [7] Group 2 - The disclosing party has cumulatively reduced its shares by 12,364,000 shares, accounting for 2.9387% of the total shares from June 23, 2021, to July 30, 2025 [6] - The disclosing party plans to further reduce its holdings by up to 8,378,000 shares, which is not more than 2% of the total shares, within three months following the announcement of the reduction plan [5][6] - There are no restrictions on the rights of the shares held by the disclosing party as of the report date [8]

瑞芯微电子股份有限公司 上市公司名称： 瑞芯微电子股份有限公司 股票上市地点： 上海证券交易所 股票简称： 瑞芯微 股票代码： 603893 信息披露义务人： 厦门市润科欣投资管理合伙企业（有限合伙） 住所及通讯地址： 厦门市湖里区金钟路3号804单元 股份变动性质： 减持，持股比例触及5%刻度 签署日期：2025年7月30日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容格式准则第 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在瑞芯微电子股份有限公司拥有权益的股 份变动情况。 四、截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没 有通过任何其他方式增加或减少在瑞芯微电子股份有限公司拥有权益的股份。 五、本次权益变动是根据本报告书所载明的资料进行的。除本报告书披露的 信息外，信息披露义务人没有委托或者授权其他任何人提供未 ...

Wind数据显示，按变动截止日期为基准，7月30日，1股获重要股东增持，博亚精工获重要股东增持 10.51万股，增持金额为170.66万元。15家上市公司股票遭重要股东减持，瑞芯微遭重要股东减持394.11 万股，减持金额为6.13亿元。 ...

Summary of Key Points Core Viewpoint - On July 30, a total of 17 A-share listed companies disclosed share reduction plans, with no companies announcing share increases on the same day [1]. Group 1: Companies and Their Share Reduction Plans - Rongda Photoelectric plans to reduce no more than 2% of its shares by controlling shareholders and their concerted actions [2]. - Panda Dairy's shareholders holding over 5% intend to reduce no more than 0.2823% of their shares [2]. - Gaolun Electronics' shareholder, Jinqiu Investment and its concerted parties, plan to reduce no more than 3% of the company's shares [2]. - Jiangnan Yifan's shareholders plan to reduce their holdings [2]. - Shenghong Co., Ltd. plans to reduce no more than 0.9969% of its shares by shareholder Sheng Jianming [2]. - Wanjitech's director Gao Xin plans to reduce no more than 21,000 shares [2]. - Jida Zhengyuan plans to reduce no more than 1.88 million shares by Beijing Zhongruan Alliance Technology Development Co., Ltd. [2]. - Desheng Technology's controlling shareholder and actual controller plan to reduce no more than 3% of the company's shares [2]. - KRAST's DrakaComteq B.V. plans to reduce 5.00% of its H-shares through block trading [2]. - Ruixinwei's shareholder Run Kexin plans to reduce holdings to 5% [2]. - Jiahuan Technology's controlling shareholder and actual controller's concerted party plans to reduce no more than 3% of shares [2]. - Guangwei Composites' controlling shareholder Guangwei Group plans to reduce no more than 1.21% of shares [2]. - Hengwei Technology's Tiancheng Fund plans to reduce no more than 1.8738% of shares [2]. - Beifang Co., Ltd.'s shareholder Tewo Shanghai plans to reduce no more than 3% of shares [2]. - Bohai Ferry's director and general manager, along with the board secretary, plan to reduce their shares [2]. - Hatou Co., Ltd.'s Dazheng Group plans to reduce no more than 1% of shares [2]. - Wansheng Co., Ltd.'s shareholder Gao Yuanxia plans to reduce no more than 0.08% of shares [2].

Core Viewpoint - On July 30, no A-share listed companies disclosed any increase in shareholding, while 17 companies announced share reductions, indicating a trend of shareholder divestment in the market [1]. Summary by Category Share Reduction Details - Rongda Photoelectric plans to reduce its shareholding by up to 2% [2] - Nengmao Dairy intends to reduce its stake by up to 0.2823% [2] - Gai Lun Electronics' shareholder, Jinqiu Investment, plans to reduce its holdings by no more than 3% [2] - Jiangnan Yifan's shareholders are set to reduce their shares [2] - Lei Hong Co., Ltd. plans to reduce its shares by up to 0.9969% [2] - Wanjie Technology's director, Gao Xin, plans to reduce up to 21,000 shares [2] - Jida Zhengyuan plans to reduce up to 1.88 million shares [2] - Desheng Technology's controlling shareholder intends to reduce up to 3% [2] - Changfei Optical Fiber's shareholder, DrakaComteq B.V., will reduce 5% of H-shares through block trading [2] - Ruixin Micro's shareholder, Runkexin, will reduce its stake to 5% [2] - Jiahuai Technology's controlling shareholder plans to reduce up to 3% [2] - Guangwei Composite's controlling shareholder, Guangwei Group, intends to reduce up to 1.21% [2] - Hengwei Technology's Tiancheng Fund plans to reduce up to 1.8738% [2] - Beifang Co., Ltd.'s shareholder, Tewo Shanghai, plans to reduce up to 3% [2] - Bohai Ferry's directors and general manager plan to reduce their shares [2] - Hatou Co., Ltd.'s Dazheng Group intends to reduce up to 1% [2] - Wansheng Co., Ltd.'s shareholder, Gao Yuanxia, plans to reduce up to 0.08% [2]

瑞芯微电子股份有限公司 简式权益变动报告书 | 上市公司名称： | 瑞芯微电子股份有限公司 | | --- | --- | | 股票上市地点： | 上海证券交易所 | | 股票简称： | 瑞芯微 | | 股票代码： | 603893 | 信息披露义务人： 厦门市润科欣投资管理合伙企业（有限合伙） 住所及通讯地址： 厦门市湖里区金钟路3号804单元 股份变动性质： 减持，持股比例触及5%刻度 签署日期：2025年7月30日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容格式准则第 15 号——权益变动报告书》等相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在瑞芯微电子股份有限公司拥有权益的股 份变动情况。 四、截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没 有通过任何其他方式增 ...

中邮证券研报指出，瑞芯微重磅首发端侧AI大模型协处理器RK1820/RK1828，专为端侧大模型设计， 具备高算力和高带宽特性。受益于大模型的横空出世及大量智力资源的介入，AIoT行业正由1.0时代向 2.0时代迈进。公司发布首个端侧AI大模型协处理器RK1820/RK1828，该协处理器集成超高带宽片内置 DRAM和针对3B/7B-LLM/VLM的多核NPU，支持主流模型框架并提供通用API易于开发。RK1820搭配 RK3588等主控芯片构建强大的AI算力平台，通过其多模态AI任务能力，支持语音识别、视频分析、长 上下文对话等场景应用，适用于安防、机器人、车载、消费电子、办公、教育、家居、工业等端侧场 景。随着新产品陆续发布、车载Roadmap的进一步完善，公司将逐步扩展Tier1和IDH的深度服务范围。 维持"买入"评级。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Viewpoints - Telecom operators are increasing their layout in AI terminals, which is expected to open up growth space for the industry. The focus should be on AI terminal SoC manufacturers such as Amlogic and Rockchip [4][22] - The market is currently more focused on smart hardware and internet companies' layouts in AI terminals, while the role of telecom operators in this area has been overlooked. Telecom operators have strong channel advantages and brand effects in the smart home sector [8][9] - The growth momentum of mobile smart screens is strong, with a projected retail volume of 254,000 units in 2024, representing a year-on-year increase of 65%. The online market accounts for 86.5% of total retail volume [12][20] Summary by Sections Investment Suggestions and Targets - It is recommended to pay attention to Amlogic (688099, Buy) and Rockchip (603893, Not Rated) as potential investment targets in the AI terminal SoC sector [4][22] Industry Trends - Major telecom operators are launching innovative AI smart home terminal products, enhancing their competitive advantage in the smart home business. The integration of mobile smart screens with 5G and broadband services is expected to promote the application of AI terminals in home scenarios [8][9] - Telecom operators are investing in AI large models to enhance the intelligence of AI terminals. For instance, China Mobile showcased its AI technologies at the 2025 World Artificial Intelligence Conference, while China Telecom introduced its self-developed star model system [15][20] Market Growth Projections - The mobile smart screen market is expected to maintain rapid growth, with total retail volume projected to reach 470,000 units in 2025, reflecting an 85% year-on-year increase [12][20]