每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 民生证券研报指出，随着物联网终端的发展，eSIM仍然是大势所趋，而苹果即将发布的iPhone 17 Air，也是推动eSIM普及的重要契机，国内三大运营商或将再度重启暂停两年的eSIM业务，有望助力 eSIM商用加速，建议关注eSIM产业链相关机遇。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上 市公司，行业主要分布于电子制造、光学光电子等市场关注度较高的主流板块。其场外联接基金为，A 类：018300；C类：018301。 8月19日上午，A股三大指数集体上涨，上证指数盘中上涨0.28%，通信、家用电器、食品饮料等板 块涨幅靠前，传媒跌幅居前。消费电子个股分化，截至9点34，消费电子ETF（159732.SZ）上涨 0.11%，其成分股瑞芯微上涨3.61%，领益智造上 ...

资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设 计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。其场外联接 基金为，A类：008887；C类：008888。 8月19日上午，A股三大指数集体上涨，上证指数盘中上涨0.36%，通信、医药生物、房地产等板块涨幅 靠前，国防军工、非银金融跌幅居前。芯片科技股走强，截至9:56，芯片ETF（159995.SZ）上涨 0.22%，其成分股瑞芯微上涨4.54%，紫光国微上涨3.82%，寒武纪上涨2.95%，澜起科技上涨1.23%，华 天科技上涨1.22%。 消息方面，根据世界半导体贸易统计组织（WSTS），今年1-6月全球半导体市场规模达3460亿美元，同 比增长18.9%。一季度市场规模约1670亿美元，同比增长18.1%;二季度约1800亿美元，同比增长 19.6%。上半年逻辑半导体市场规模提升37%、存储半导体则增长 20%、传感器增长16%、模拟和微型 器件均小幅增长4%。 方正证券研报指出，自主可控是半导体最强主线，从AI算力到制造再到封测，国产供应链正在加强配 套。尽管当前国产 ...

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]

Core Viewpoint - The integrated circuit ETF (562820) opened with a slight decline of 0.43%, indicating a mixed performance in the semiconductor sector [1] Group 1: ETF Performance - The integrated circuit ETF (562820) opened at 1.860 yuan, reflecting a decrease of 0.43% [1] - Since its establishment on April 12, 2024, the fund has achieved a return of 86.98%, with a monthly return of 15.77% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 0.69% - Haiguang Information (海光信息) down 0.33% - Cambrian (寒武纪) down 1.16% - OmniVision (豪威集团) up 0.07% - Lattice Semiconductor (澜起科技) up 0.65% - GigaDevice (兆易创新) down 0.18% - JCET (长电科技) unchanged - Unisoc (紫光国微) up 2.67% - Chipone (芯原股份) down 1.74% - Rockchip (瑞芯微) up 1.60% [1]

瑞芯微2025半年报 ...

Market Overview - US stock market showed slight fluctuations ahead of the global central bank meeting, with the S&P 500 index down 0.01%, Dow Jones down 0.08%, and Nasdaq up 0.03% [1] - The Nasdaq Golden Dragon China Index rose by 0.12%, with notable gains in Chinese concept stocks such as Xunlei up over 37%, Burning Stone Medical up about 36%, and Huami Technology up over 28% [3] Company Performance - Meta Platforms saw a decline of over 2%, while Tesla rebounded by over 1% and Intel dropped nearly 3.7% [2] - Novo Nordisk's stock increased by nearly 7%, and its partner GoodRx surged by 37% following the announcement of a cash payment discount for its weight loss drug [2][7] - China Shipbuilding reported zero objection shares, leading to stock resumption [22] Economic Indicators - US Treasury yields have risen for three consecutive days, with the ten-year yield reaching a two-week high [4] - The dollar index rebounded, moving away from a two-week low [4] Industry Developments - India and Vietnam have imposed anti-dumping duties on Chinese PVC and steel products, respectively [6] - The low-altitude economy is gaining traction, with the first low-altitude route connecting Kunshan and Shanghai officially launched, reducing travel time to 20 minutes [15] - Beijing is advancing hydrogen energy infrastructure and applications, with plans for a comprehensive network in the Beijing-Tianjin-Hebei region [16] Financial Results - Shan Jin International reported a net profit of 1.596 billion yuan for the first half of the year, a year-on-year increase of 48.43% [24] - Cambridge Technology's net profit for the first half of the year was 121 million yuan, up 51.12% year-on-year, driven by strong performance in high-speed optical modules and telecom broadband access [24] - Fei Rongda's net profit surged by 118.54% to 166 million yuan, attributed to increased market share and demand recovery in consumer electronics [24] New Initiatives - Guangdong has released guidelines for financial support for AI and robotics projects, with individual projects eligible for up to 50 million yuan in subsidies [11] - Chongqing is seeking public opinion on its hydrogen station industry development plan for 2025-2035, aiming for systematic infrastructure development [11][16]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by its strategic focus on AIoT products and new product developments [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.046 billion yuan, a year-on-year increase of 64%, marking a historical high [1]. - The net profit attributable to shareholders reached 531 million yuan, reflecting a year-on-year growth of 191% [1]. Group 2: Market and Industry Insights - The AIoT market continues to grow, particularly in China, which benefits from a large population, diverse application scenarios, and a well-developed manufacturing ecosystem [2]. - The company positions itself as a leading AIoT SoC provider, leveraging its core technologies and product offerings to support the intelligent upgrade of various industries [2]. Group 3: Product Development - The company has enhanced its AIoT SoC chip platform and is actively advancing new product development, including the launch of the next-generation AI vision processor RV1126B and the new audio processor RK2116 [3]. - Ongoing design work for several new products, such as RK3572, RV1103C, and RK3538, is also in progress [3].

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating for Rockchip (603893.SH) based on strong revenue growth and enhanced profitability in the first half of 2025 [2] - The company's flagship products are experiencing steady growth, and the new NPU is actively expanding into edge AI scenarios [2] - Rockchip is accelerating its product innovation and expanding its full-scenario AIoT chip layout [2]

产品推陈出新，全场景AIoT芯片布局加速。公司25H1推出的新一代视觉处理器RV1126B具备四核CPU、 3TOPs自研NPU及独立AI-ISP，已面向IPC、车载、工业相机等量产应用。音频产品方面，RK2116发布， 凭借高性能DSP和丰富音频接口，形成与RK2118的高低配组合，完善车载与智能音频方案。公司推进 RK3572、RV1103C、RK3538等中端产品研发，覆盖多层次算力需求，并着手打造旗舰RK3688和次旗舰 RK3668，以先进制程和差异化定位树立行业标杆。 东吴证券股份有限公司陈海进,李雅文近期对瑞芯微（603893）进行研究并发布了研究报告《2025年中报 业绩点评：25H1营收利润高增，AIoT矩阵和生态共振》，给予瑞芯微买入评级。 瑞芯微 投资要点 25H1营收高增，盈利能力显著增强。据公司25年中报，25H1实现营收20.46亿元，yoy+63.85%，与此前业 绩预告20.45亿元基本一致；毛利率42.29%，同比上升6.38pcts；归母净利润5.31亿元，同比增长190.61%， 与业绩预告中值5.3亿元基本一致。25Q2单季营收11.61亿元，yoy+64.54%，qo ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in H1 2025, with a revenue of 2.046 billion yuan, representing a year-on-year increase of 63.85% [8] - The gross margin improved to 42.29%, up by 6.38 percentage points year-on-year, while the net profit attributable to shareholders reached 531 million yuan, a year-on-year increase of 190.61% [8] - The flagship products continue to grow steadily, with the introduction of new NPU products aimed at expanding edge AI applications [8] - The company is accelerating its AIoT chip layout across various scenarios, including automotive, home, education, and industrial applications [8] - The company is expected to maintain its competitive advantage in the SoC industry, with revenue forecasts for 2025-2027 adjusted to 4.371 billion, 5.558 billion, and 6.962 billion yuan respectively [8] Financial Summary - The total revenue for 2023 is projected at 2.135 billion yuan, with a year-on-year growth of 5.17% [1] - The net profit attributable to shareholders for 2023 is estimated at 134.89 million yuan, reflecting a year-on-year decrease of 54.65% [1] - The earnings per share (EPS) for 2023 is projected at 0.32 yuan, with a P/E ratio of 558.64 [1] - The company’s total assets are expected to reach 4.266 billion yuan in 2024, with a debt-to-equity ratio of 21.02% [7][9]