Summary of Key Points Core Viewpoint - The recent bulk trading activity of Ruixin Microelectronics indicates strong institutional interest, with significant net buying observed despite a discount to the market price [2][3]. Trading Activity - On July 29, Ruixin Microelectronics recorded 21 bulk trades totaling 1.3972 million shares, with a total transaction value of 205 million yuan [2]. - The average transaction price was 146.55 yuan, reflecting a discount of 12.25% compared to the closing price of 167.00 yuan on the same day [2]. - Over the past three months, the stock has seen a total of 50 bulk trades amounting to 447 million yuan [2]. Institutional Participation - Institutional proprietary seats were involved in 14 of the trades, contributing a total of 169 million yuan in net buying [2]. - The stock's recent performance includes a 2.56% increase in closing price and a 5.43% rise over the past five days, with a net inflow of 432 million yuan during that period [2][3]. Margin Financing - The latest margin financing balance for the stock stands at 1.469 billion yuan, with an increase of 74.89 million yuan over the past five days, representing a growth of 5.37% [3]. Analyst Ratings - Three institutions have provided ratings for the stock in the past five days, with Huatai Securities setting the highest target price at 181.60 yuan [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has launched its first edge AI co-processor, RK1820/RK1828, designed for edge AI applications, featuring high computing power and bandwidth [5][6] - The AIoT industry is transitioning from version 1.0 to 2.0, benefiting from the emergence of large models and significant intellectual resources [6] - The RK1820 co-processor integrates high-bandwidth on-chip DRAM and multi-core NPU, supporting mainstream model frameworks and providing a universal API for easy development [6] - The company is expanding its automotive electronics segment with the RK-M series automotive-grade SoCs, covering various applications in intelligent vehicles [7] Financial Projections - The projected revenues for the company are 4.35 billion, 5.54 billion, and 6.89 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.08 billion, 1.41 billion, and 1.79 billion yuan for the same years [7] - The revenue growth rates are expected to be 38.52%, 27.43%, and 24.52% for the years 2025, 2026, and 2027 respectively [10] - The earnings per share (EPS) are projected to be 2.57, 3.34, and 4.26 yuan for the years 2025, 2026, and 2027 respectively [10] Company Overview - The latest closing price of the company's stock is 162.83 yuan, with a total market capitalization of 68.5 billion yuan [4] - The company has a debt-to-asset ratio of 16.9% and a price-to-earnings (P/E) ratio of 114.67 [4]

机构专用席位卖出额排名：三友联众(1921.32万元)、新产业(1919.31万元)、天原股份(229.51万元)。 机构专用席位买入额排名：恒瑞医药(3.49亿元)、瑞芯微(1.69亿元)、益方生物-U(4069万元)、中际旭创 (3988.67万元)、英搏尔(3435.78万元)、微芯生物(1989万元)、神力股份(1987.19万元)、德赛西威(1941.2 万元)、新产业(1919.31万元)、天赐材料(1500.49万元)、壶化股份(1500万元)、惠柏新材(1001.78万元)、 华策影视(827.19万元)、江南化工(807.93万元)、华森制药(453.37万元)、浩辰软件(452.2万元)、奥美医 疗(400.06万元)、华盛锂电(335.3万元)、奥赛康(291.36万元)、天原股份(229.51万元)。 今日(7月29日)A股共56只个股发生大宗交易，总成交29.54亿元，其中盐湖股份、恒瑞医药、瑞芯微成 交额居前，成交额依次为9.86亿元、8.32亿元、2.05亿元。 成交价方面，共8只股票平价成交，4只股票溢价成交，44只股票折价成交；温氏股份、天赐材料、新黄 浦溢价率居前，溢价率依 ...

7月29日，瑞芯微大宗交易成交139.72万股，成交额2.05亿元，占当日总成交额的11.01%，成交价146.55 元，较市场收盘价167元折价12.25%。 ...

Group 1 - The company announced an adjustment to the total amount of cash dividends for the 2024 profit distribution plan, with a proposed distribution of 6.50 yuan per 10 shares, amounting to an estimated total cash dividend of 273,473,557.50 yuan [1][2] - The total share capital of the company has changed from 418,901,601 shares to 420,728,550 shares due to the repurchase and cancellation of 28,000 restricted shares and the transfer of 1,854,949 shares by incentive recipients [2] - The cash dividend distribution will be based on the total share capital as of the record date for the profit distribution plan, maintaining the same per-share distribution ratio [1][2] Group 2 - The company will publish detailed information regarding the 2024 profit distribution plan in major financial newspapers and on the Shanghai Stock Exchange website [1][2] - The announcement assures that the content is truthful, accurate, and complete, with the board of directors taking legal responsibility for the information provided [1]

证券代码：603893 证券简称：瑞芯微 公告编号：2025-058 瑞芯微电子股份有限公司 2024年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： 每股分配比例 A 股每股现金红利0.65元（含税） 相关日期 | 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 | 2025/7/31 | － | 2025/8/1 | 2025/8/1 | 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公司2025 年 6 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 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。 3. 分配方案： 本次利润分配以方案实施前的公司总股本420,728,550股为基数，每股派发现 金红利0.65元（含税），共计派发现 ...

关于调整 2024 年度利润分配现金分红总额的公告 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。 一、2024 年度利润分配预案概述 瑞芯微电子股份有限公司（以下简称"公司"）分别于 2025 年 4 月 21 日、 2025 年 6 月 19 日召开第四届董事会第四次会议及 2024 年年度股东大会，审议 通过《关于<2024 年度利润分配预案>的议案》。具体利润分配预案如下： 证券代码：603893 证券简称：瑞芯微 公告编号：2025-057 以 2024 年度利润分配预案实施股权登记日的总股本为基数，向全体股东每 10 股派发现金红利 6.50 元（含税），预计派发现金红利总额为 272,286,040.65 元，资本公积不转增。 瑞芯微电子股份有限公司 上述 2024 年度利润分配预案中现金分红的数额暂按 2024 年 12 月 31 日公司 总股本 418,901,601 股计算，实际派发现金红利总额将以 2024 年度利润分配预案 实施股权登记日的总股本计算为准。 在实施权益分派的股权登记日前若公司总股本发生变 ...

Group 1: Strategy Insights - The "anti-involution" theme is gradually forming, supported by policies such as the commencement of the Yarlung Zangbo River downstream hydropower project and restrictions on overproduction in the coal industry [2][3] - The report suggests focusing on three investment strategies: 1) low-value, low-chips, high-dividend sectors like building materials and chemicals; 2) sectors with natural capacity clearance signs such as wind power and agricultural chemicals; 3) sectors like photovoltaics that have already priced in pessimistic expectations [2][3] Group 2: Industry Analysis - The engineering tire industry is expected to benefit from the Yarlung Zangbo River hydropower project, which will promote a new wave of supply chain autonomy, allowing domestic companies to penetrate a high-profit market worth billions [3] - The report highlights the potential for new billion-dollar products in the soft drink industry, driven by changing consumer preferences towards health and functionality, indicating a shift from volume-driven growth to structural upgrades [9] Group 3: Company Performance - ASMPT reported a revenue of HKD 3.4 billion for Q2 2025, a year-on-year increase of 1.8%, with orders amounting to HKD 3.75 billion, reflecting a 20.2% year-on-year growth [11] - Bilibili is expected to achieve a revenue of CNY 7.35 billion in Q2 2025, representing a 20% year-on-year increase, with a focus on new game releases and advertising growth [12] - QuanFeng Holdings anticipates a net profit of USD 90 million to 100 million for H1 2025, a year-on-year increase of 46% to 62%, driven by the growth of its EGO brand and strategic asset divestitures [17] Group 4: Market Trends - The report indicates that the Hong Kong asset revaluation is entering a new phase, with external disturbances diminishing and relative expectations improving, suggesting a potential early start for the third round of the Hong Kong stock market rally [7] - The report emphasizes that the overall market is expected to reach new heights in the second half of the year, supported by favorable domestic policies and easing pressures [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 181.60 [6][7]. Core Insights - The company has launched its first edge AI co-processor, RK1820/RK1828, which is expected to accelerate AI upgrades in edge products and gradually increase its revenue share [1][2]. - The company emphasizes a clear product roadmap for its next-generation flagship chip RK3688 and co-processor RK1860, focusing on parallel development of SoC and co-processors [1][3]. - The company is optimistic about the rapid growth potential in nine major markets, including automotive, education, robotics, and healthcare, while also developing independent product lines for specific applications [4]. Summary by Sections Product Development - The RK1820/RK1828 co-processor supports mainstream AI models and utilizes 3D packaging technology, enhancing bandwidth and reducing power consumption compared to traditional 2D structures [2]. - The next-generation co-processor RK1860 is planned to include over 64 TOPS NPU units, supporting larger models [2]. Market Potential - The company identifies significant growth opportunities in various sectors, including automotive, education, and healthcare, and plans to develop specialized product lines while maintaining technological synergy across different product lines [4]. Financial Forecast - The company's net profit margin for Q2 2025 is projected to reach 27.7%, driven by scale effects and flagship product growth, leading to an upward revision of net profit forecasts for 2025-2027 [5]. - The estimated revenues for 2025 are projected at RMB 4.49 billion, with a net profit of RMB 1.1 billion, reflecting substantial growth compared to previous years [10].

Core Points - The China Securities Automotive Semiconductor Industry Index has shown a positive trend, with a 4.05% increase over the past month, 1.71% over the past three months, and a 5.76% increase year-to-date [1] - The index comprises up to 50 listed companies involved in providing semiconductor materials, equipment, and products for the automotive electrification and intelligence sectors [1] - The index is based on a starting point of 1000.0 points as of December 30, 2016 [1] Index Holdings - The top ten weighted companies in the index include: Northern Huachuang (4.92%), Changdian Technology (4.74%), OmniVision Technologies (4.71%), Zhaoyi Innovation (4.68%), Zhongwei Company (4.66%), Unisoc (4.46%), Sanan Optoelectronics (4.24%), Rockchip (3.3%), Wingtech Technology (3.14%), and Tongfu Microelectronics (3.05%) [1] - The index's market segment distribution shows that the Shanghai Stock Exchange accounts for 72.40%, while the Shenzhen Stock Exchange accounts for 27.60% [1] Industry Composition - In terms of industry composition, integrated circuits represent 58.41%, semiconductor materials and equipment account for 24.91%, discrete devices make up 9.30%, optoelectronics comprise 4.24%, and electronic terminals and components constitute 3.14% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]