Market Overview - On September 12, the storage sector experienced a significant opening surge, with companies like Deminor hitting the daily limit, and others such as Dongxin Co., Jiangbolong, and others seeing substantial increases [1] Company Insights - **Xingsen Technology (002436.SZ)**: A pioneer in the domestic IC packaging substrate industry, with applications in mobile memory modules [3] - **Deminor (001309.SZ)**: Transitioning from losses and planning to reduce holdings; has established a comprehensive storage product matrix including mobile storage and solid-state drives [3] - **Dongxin Co. (688110.SS)**: One of the few companies in mainland China providing a full range of storage chips including NAND Flash, NOR Flash, and DRAM [3] - **Jiangbolong (301308.SZ)**: A leading domestic storage module company, with memory products covering mainstream types like LDDR memory modules [3] - **Beiyi Innovation (603986.SS)**: A leader in the storage field, focusing on the development and sales of memory chips and microcontrollers, ranking first globally in non-foundry Flash supply [3] Industry Trends - Major US storage leaders like Micron and SanDisk saw collective gains, with SanDisk announcing a 10% price increase across all channels for consumer products, indicating a potential new pricing cycle due to changing supply-demand dynamics [5][6] - The global DRAM market size increased approximately 17% quarter-on-quarter to $30.9 billion in Q2 2025, driven by the rise of generative AI and increasing demand for DRAM contracts and HBM shipments [6] - Nvidia's launch of the RubinCPX GPU aims to enhance speed in handling massive data, utilizing GDDR7 memory, which could lead to increased demand for DRAM [5][6] - The establishment of Changchun's third phase company marks a significant step in China's semiconductor industry, potentially breaking the monopoly of Samsung and SK Hynix in the NAND market [6]

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.42% in early trading on September 12, 2023 [1] - The semiconductor sector showed strong performance, with the Chip ETF (159995) rising by 1.91%, and notable increases in constituent stocks such as Zhaoyi Innovation (up 7.78%) and Cambricon Technologies (up 4.04%) [1] - Global semiconductor sales are projected to grow by 20.6% year-on-year by July 2025, marking 21 consecutive months of year-on-year growth, with a month-on-month increase of 3.6% [1] Group 2 - According to Zhongyuan Securities, there is a structural differentiation in downstream demand, with consumer demand gradually recovering and strong demand for AI computing hardware infrastructure [1] - The semiconductor industry is currently in an upward cycle, with AI being a significant driving force for growth in the semiconductor sector [1] - The Chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share semiconductor industry across various segments including materials, equipment, design, manufacturing, packaging, and testing [1]

9月9日，萧山区召开RISC-V存算一体产业论坛暨应用组启动大会，宣布成立我国首个RISC-V存算 一体芯片标准工作组，正式启动相关标准的起草与制定。按计划，初版标准草案将于今年年内形成，明 年正式发布，旨在构建具有技术前瞻与产业实用性的全球领先标准体系。 这一布局落地于钱江世纪城图灵小镇——杭州唯一人工智能标杆产业园区。截至2024年年底，小镇 AIGC智算中心算力规模达2300P，占萧山算力供给50%以上，跻身全国顶尖智算中心行列。此外，萧山 正以图灵小镇为基础建设"芯模社区"，打造长三角首个全闭环AI产业社区，涵盖技术研发、芯模适配、 中试放大与商业化落地。按计划，萧山将于2026年推出全球首批系统性RISC-V存算一体技术标准，有 望形成"虹吸效应"，吸引全球顶尖人才、企业与资本集聚。 该工作组由微纳核芯、浙江省北大信息技术高等研究院、知合计算、小米、紫光展锐、兆易创新、 上海兆芯、麒麟软件等二十余家产业链核心单位共同组成，将协同推进"RISC-V+存算一体"技术的标准 化路线图，为我国应对大模型时代的算力挑战提供关键支撑。 存算一体技术通过将计算融入存储单元，有效破解传统计算机"存储墙"问题，大幅降 ...

Group 1 - The core viewpoint of the news is that兆易创新 (GigaDevice) has seen a stock price increase of 5.46%, reaching 187.10 CNY per share, with a total market capitalization of 124.668 billion CNY as of September 12 [1] - GigaDevice was established on April 6, 2005, and went public on August 18, 2016, focusing on the research, sales, and technical support of integrated circuit memory chips [1] - The company's main business revenue composition includes memory chips (68.55%), microcontrollers (23.11%), sensors (4.65%), analog products (3.67%), and technical services and other income (0.02%) [1] Group 2 - From the perspective of fund holdings, the农银汇理基金 (Agricultural Bank of China Fund) has a significant position in GigaDevice, with its Agricultural Industry Rotation Mixed A Fund (660015) holding 62,700 shares, accounting for 1.81% of the fund's net value [2] - The Agricultural Industry Rotation Mixed A Fund has seen a year-to-date return of 36.9% and a one-year return of 72.65%, ranking 1733 out of 8174 and 1346 out of 7981 respectively in its category [2] - The fund manager邢军亮 has been in charge for 4 years and 61 days, with the fund's total asset size at 8.254 billion CNY [3]

Core Insights - The automotive industry is rapidly evolving towards electrification and intelligence, with AI technology driving the transformation of vehicles into "super intelligent entities" since 2025 [1] - The automotive MCU chip market is experiencing significant growth, with industry participants promoting healthy development through open-source collaboration and ecosystem building [1] Industry Development - The Ministry of Industry and Information Technology (MIIT) emphasizes the need for improved support policies for high-end automotive chips and the importance of core technology breakthroughs to drive high-quality industry development [2] - Automotive chips are categorized into ten types, covering various application scenarios, and have stricter requirements for environmental adaptability, reliability, and safety compared to consumer and industrial chips [2] - The global MCU market is projected to grow from $30.9 billion in 2023 to $33.8 billion in 2024, reaching $37 billion by 2025, driven by demand from the automotive and industrial AIoT sectors [2] Company Performance - Semiconductor companies like Zhaoyi Innovation and Zhongwei Semiconductor reported significant revenue and profit growth, with automotive chip business being a key driver [3] - Zhaoyi Innovation's revenue for the first half of 2025 was 4.15 billion yuan, a 15% increase year-on-year, while its net profit rose by 11.3% to 575 million yuan [3] - Zhongwei Semiconductor's automotive chip revenue reached 17.35 million yuan, up 89.4% year-on-year, with several products entering the supply chains of major automotive manufacturers [3] - Guoxin Technology also reported strong performance in automotive chip revenue, achieving 49.15 million yuan, a 63.81% increase [3] Market Potential - China, as a major automotive and new energy vehicle market, has significant demand potential for automotive-grade chips, with expectations of a 10% annual growth rate from 2025 to 2030 [4] Ecosystem Collaboration - Industry experts advocate for multi-party cooperation to promote collaborative innovation in the automotive chip industry [5] - The automotive industry is leveraging intelligent transformation to create competitive advantages, with an initial ecosystem forming around autonomous compilers and debugging tools [5] - The development of a unified platform and open-source collaboration models is seen as essential for overcoming current challenges in the automotive chip sector [6]

Industry Development - The automotive industry is transitioning towards electrification and intelligence, with AI technology driving vehicles to evolve into "super intelligent entities" since 2025 [1] - The automotive MCU chip market is experiencing rapid growth, with companies developing automotive electronic chip businesses through open-source collaboration and ecosystem building [1] Market Size and Growth - The global MCU market size is projected to reach $30.9 billion in 2023 and $33.8 billion in 2024, with an expected increase to $37 billion by 2025 due to rising demand from automotive and industrial AIoT sectors [2] - The domestic market for automotive-grade MCUs has a current localization rate of 18%, indicating significant room for growth [2] Company Performance - Companies like Zhaoyi Innovation and Zhongwei Semiconductor reported substantial revenue and net profit growth, with Zhaoyi Innovation achieving a revenue of 4.15 billion yuan (up 15%) and a net profit of 575 million yuan (up 11.3%) in the first half of 2025 [2] - Zhongwei Semiconductor's automotive electronic chip revenue reached 17.35 million yuan, marking an 89.4% increase, with products entering major automotive supply chains [3] - Guoxin Technology also reported a revenue of 49.15 million yuan, up 63.81%, with a focus on developing a comprehensive product line in automotive electronic chips [3] Industry Collaboration - The industry is advocating for multi-party cooperation to accelerate the development of the automotive chip sector, emphasizing the importance of collaborative innovation [4] - The establishment of a unified platform and open-source models is seen as a way to enhance industry collaboration, optimize innovation, and attract more participants [4] Challenges and Recommendations - The automotive chip sector faces challenges such as insufficient ecological collaboration, the need for breakthroughs in core technologies, and the validation of business models [4] - Experts suggest leveraging state-owned enterprises to lead the integration of the industry chain and promote development through a "use-promotes-construction" model [4]

兆易创新9月11日大宗交易平台出现一笔成交，成交量2.00万股，成交金额290.32万元，大宗交易成交价 为145.16元，相对今日收盘价折价18.18%。该笔交易的买方营业部为国泰海通证券股份有限公司深圳分 公司，卖方营业部为广发证券股份有限公司沈阳小西路证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2369.74万元。 证券时报·数据宝统计显示，兆易创新今日收盘价为177.42元，上涨10.00%，日换手率为8.32%，成交额 为94.23亿元，全天主力资金净流入12.16亿元，近5日该股累计上涨15.22%，近5日资金合计净流入18.01 亿元。 9月11日兆易创新大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 2.00 | 290.32 | 145.16 | -18.18 | 国泰海通证券股份有 | 广发证券股份有限公司沈 | | | ...

Core Viewpoint - Zhaoyi Innovation's stock price increased by 5.02% to 169.38 CNY per share, with a trading volume of 3.541 billion CNY and a market capitalization of 112.861 billion CNY as of September 11 [1] Company Overview - Zhaoyi Innovation Technology Group Co., Ltd. is located in Beijing and was established on April 6, 2005, with its listing date on August 18, 2016 [1] - The company's main business involves the research, sales, and technical support of integrated circuit storage chips, with revenue composition as follows: storage chips 68.55%, microcontrollers 23.11%, sensors 4.65%, analog products 3.67%, and technical services and other income 0.02% [1] Shareholder Information - Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) increased its holdings by 911,900 shares in Q2, now holding 11.8091 million shares, representing 1.78% of the circulating shares [2] - The estimated floating profit from this investment is approximately 95.5356 million CNY [2] - The fund was established on May 4, 2012, with a current scale of 374.704 billion CNY, yielding 15.39% year-to-date and 42.25% over the past year [2] Fund Manager Performance - The fund manager of Huatai-PB CSI 300 ETF is Liu Jun, who has been in the position for 16 years and 104 days, managing assets totaling 466.972 billion CNY [3] - The best fund return during Liu Jun's tenure is 138.1%, while the worst return is -45.64% [3] Top Holdings - Huatai-PB Fund's IoT (516330) reduced its holdings by 10,300 shares in Q2, now holding 4,440 shares, which accounts for 4.22% of the fund's net value [4] - The estimated floating profit from this investment is about 35,900 CNY [4] - The IoT fund was established on March 31, 2021, with a current scale of 133.174 million CNY, yielding 26.37% year-to-date and 68.35% over the past year [4] Fund Manager of IoT - The fund manager of IoT is Li Qian, who has been in the position for 5 years and 313 days, managing assets totaling 39.351 billion CNY [5] - The best fund return during Li Qian's tenure is 109.08%, while the worst return is -18.35% [5]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | | 2025-09-11 | 兆易创新 | 603986 | 145.16 290.32 | 国泰海通证券股份 | 广发证券股份有限 | | | | | | 有限公司深圳分公 | 公司沈阳小西路证 | | | | | | n | 岩古山坝 | 9月11日，兆易创新大宗交易成交2万股，成交额290.32万元，占当日总成交额的0.03%，成交价145.16元，较市场收盘价177.42元折价18.18%。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing a 2025 PE of 70X, which is below the average of comparable companies, indicating a potential valuation growth of 24% [8][6][9]. Core Insights - The company is recognized as a leading domestic multi-chip design firm, with significant growth opportunities in AI and automotive electronics, which are reshaping its growth trajectory [7][8]. - The company has a diversified product portfolio, including NOR Flash, SLC NAND, DRAM, and MCU, positioning it among the top ten integrated circuit design companies globally [19][17]. - The report highlights the expected revenue growth driven by AI applications and automotive electronics, with projected revenues of 93.76 billion, 110.34 billion, and 129.44 billion yuan for 2025-2027, reflecting growth rates of 27.5%, 17.7%, and 17.3% respectively [9][6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 7,356 million yuan, with a year-on-year growth rate of 27.7%. For 2025, the revenue is expected to reach 9,376 million yuan, with a growth rate of 27.5% [6]. - The net profit attributable to shareholders is forecasted to be 1,103 million yuan in 2024, increasing to 1,526 million yuan in 2025, representing a growth rate of 38.4% [6]. - The gross margin is expected to improve from 38.0% in 2024 to 40.3% by 2027, indicating a positive trend in profitability [6][9]. Market Position and Product Strategy - The company is strategically positioned in the specialized storage market, focusing on NOR Flash, SLC NAND, and niche DRAM, which are expected to see increased demand due to the rise of AI and automotive applications [31][33]. - The report emphasizes the company's strong foothold in the NOR Flash market, which is experiencing a resurgence as overseas competitors withdraw, allowing domestic firms to capture market share [39][46]. - The automotive sector is highlighted as a significant growth driver, with the company’s products meeting the stringent requirements for reliability and performance in automotive applications [37][53]. Growth Catalysts - The anticipated growth in AI applications, particularly in edge devices, is expected to drive demand for the company's SPI NOR Flash products, which are critical for program storage and high-speed data retrieval [56][39]. - The report notes that the company's strategic partnerships and investments in DRAM and NAND technologies position it well to capitalize on market opportunities as traditional suppliers exit the market [11][60]. - The automotive industry's shift towards electrification and automation is projected to create substantial demand for the company's automotive-grade storage solutions [37][53].