智通财经6月19日电，利弗莫尔证券显示，兆易创新向港交所提交上市申请书，联席保荐人为中金公 司、华泰国际。 ...

Group 1 - The Shanghai Electronic Index opened lower and reported at 5440.88 points, with a decline of 2.34% over the past month, 10.99% over the past three months, and 2.79% year-to-date [1] - The index includes 50 representative listed companies in the electronic sector on the Shanghai Stock Exchange, covering areas such as semiconductors, computer storage, and consumer electronics [1] - The top ten weighted companies in the index are: SMIC (9.12%), Haiguang Information (7.02%), Cambrian (6.66%), Weir Shares (5.93%), Zhongke Shuguang (5.53%), Lanke Technology (5.08%), Industrial Fulian (4.55%), Zhaoyi Innovation (4.52%), Zhongwei Company (4.16%), and Changdian Technology (2.54%) [1] Group 2 - The industry composition of the index shows that integrated circuits account for 59.71%, electronic terminals and components for 16.14%, semiconductor materials and equipment for 11.26%, electronic components for 4.54%, optoelectronics for 4.06%, discrete devices for 3.36%, and automotive parts and tires for 0.93% [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Summary of Zhaoyi Innovation Conference Call Company Overview - Zhaoyi Innovation has become the second-largest supplier of NOR Flash globally, surpassing Macronix, benefiting from the growth in demand for AI edge wearable devices [2][11] - The company is a leading player in the Chinese A-share semiconductor industry, focusing on storage chips and microcontroller units (MCUs) [4] Core Business Segments - **Storage Chips**: The primary revenue contributor, including NOR Flash, NAND Flash, and DRAM, with a significant increase in DRAM's market share [7][11] - **MCU**: The company is expanding into high-end markets, including automotive and robotics, to optimize competition and alleviate pricing pressures [13] - **Analog Chips**: Zhaoyi Innovation is focusing on this segment through internal development and acquisitions, aiming to enhance its product lines [14][15] Financial Performance - Revenue and profit have shown steady growth since the company went public, with a notable increase during the semiconductor industry's upcycle from 2021 to 2022 [6] - Despite a downturn in 2023, the company expects a rebound in 2024 due to improved market demand and successful product launches [6][17] - Projected revenues for 2025, 2026, and 2027 are expected to be 9.3 billion, 11.5 billion, and 13.5 billion yuan, respectively, with a profit growth rate of approximately 30% over the next three years [16] Market Dynamics - The DRAM market is experiencing a supply-demand reversal, leading to price increases, which is expected to significantly boost performance in Q2 and Q3 [17] - The company is also collaborating with domestic computing chip firms to launch 3D DRAM products, which will positively impact short-term performance [17] Long-term Growth Drivers - The long-term growth is anticipated from breakthroughs in 3D DRAM applications in AI, resource allocation in the analog chip sector, and the stable development of NOR Flash amid the AI wave [3][18] - The MCU segment is expected to gain market share in high-end automotive and robotics applications, further enhancing the company's competitive position [18] Research and Development - Zhaoyi Innovation has consistently increased R&D investments to support product upgrades and new product development, which has been crucial for performance [8][9] Conclusion - The company is well-positioned to benefit from the AI edge wave across various product lines, including 3D DRAM, analog chips, MCUs, and NOR Flash, making it a strong candidate for long-term investment [19]

Group 1 - Quantum Song acquired 61% of Letsvan for 235 million RMB, marking its entry into the trendy toy market [5][6] - Quantum Song's Q1 2025 revenue was 570 million RMB, down 39.6% year-on-year, with a net profit of 41 million RMB, up 181.2% [3][4] - Letsvan has a rich IP portfolio and aims to enhance its brand influence through retail partnerships and self-operated stores [6][7] Group 2 - Zhaoyi Innovation has expanded its product lines in the storage and MCU sectors, becoming a top three global supplier of NOR Flash [9][10] - The global storage market is projected to reach 204.28 billion USD by 2025, with NAND Flash and DRAM being the largest segments [10][11] - Zhaoyi Innovation's revenue is expected to grow from 9.38 billion RMB in 2025 to 13.55 billion RMB in 2027, with a net profit increase from 1.54 billion RMB to 2.52 billion RMB [16] Group 3 - The pilot policy for smart elderly care robots has been launched, with a trial period from 2025 to 2027 [17][18] - Skild AI raised 250 million USD in funding from Nvidia and others, boosting its valuation to approximately 45 billion USD [20] - The humanoid robot market is expected to see significant growth, with various companies launching new products and technologies [28][29] Group 4 - The photovoltaic industry is focusing on the replacement of cheap metals and the growth of distributed energy storage [30][31] - The global energy storage market is experiencing high demand, with significant growth in both large-scale and distributed storage solutions [33][34] - The solid-state battery industry is progressing towards commercialization, with potential applications in high-end electric vehicles and robotics [35] Group 5 - The automotive supply chain is expected to see reduced payment terms for suppliers, enhancing cash flow efficiency [36] - The AI infrastructure is accelerating, with OpenAI releasing a new model that enhances capabilities while reducing costs [37] - The first ultra-high voltage direct current transmission project from the Shagou Desert renewable energy base has been commissioned, indicating a shift towards high-capacity energy transmission [38]

Core Viewpoint - The A-share market has experienced significant structural changes over the past decade, with only a few industries surpassing their historical highs from 2015, while a select group of companies have demonstrated strong growth potential despite overall index stagnation [1][2]. Industry Performance - The top three performing industries from June 2015 to June 2025 are Food & Beverage, Home Appliances, and Banking, with most other industries failing to exceed their 2015 peak levels [1]. - Over the past ten years, more than 170 leading stocks in sectors such as Communication, Electronics, Biomedicine, and Machinery have achieved cumulative gains exceeding 300%, driven by macroeconomic transformation and industrial upgrades [2]. - The Food & Beverage sector has shown resilience due to its essential consumption characteristics, with leading companies in sub-sectors like liquor and snacks significantly outperforming major indices [4][6]. Notable Stocks - The top five stocks in the Food & Beverage sector over the past decade include: - Salted Fish (盐津铺子): 1,430.52% - Shanxi Fenjiu (山西汾酒): 863.43% - Kweichow Moutai (贵州茅台): 629.72% - Wanchen Group (万辰集团): 588.50% - Dongpeng Beverage (东鹏饮料): 572.38% [5][6]. - In the Home Appliances sector, Midea Group (美的集团) has led with a cumulative increase of 292.31% since 2015, while other notable companies have also seen significant gains [6]. Banking Sector Insights - The banking sector has outperformed many expectations, with the banking index reaching a historical high of 7,237.72 points, reflecting an 11.66% increase year-to-date and a 61.4% increase since last year [11]. - Notably, 39 out of 42 banking stocks have risen this year, with a significant portion of banks achieving over 200% growth since 2015 [11][12]. - The top-performing bank, China Merchants Bank, has seen a cumulative increase of 224.14%, while major state-owned banks have also doubled in value over the same period [12].

Group 1 - The core viewpoint of the news is that the CSI Smart Wearable Theme Index has experienced a decline in recent months, indicating a challenging market environment for companies in the smart wearable sector [1] - The CSI Smart Wearable Theme Index reported a decrease of 3.31% over the past month, 12.54% over the past three months, and 1.65% year-to-date [1] - The index includes hardware and software providers, product manufacturers, and other representative companies related to smart wearables, reflecting the overall performance of the sector [1] Group 2 - The top ten weighted companies in the CSI Smart Wearable Theme Index include: Zhaoyi Innovation (6.52%), Weir Shares (6.41%), Industrial Fulian (4.78%), iFlytek (4.6%), BOE Technology Group (4.59%), GoerTek (4.3%), Luxshare Precision (3.97%), Changdian Technology (3.77%), Dongshan Precision (3.54%), and Lens Technology (3.47%) [1] - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 56.71%, while the Shanghai Stock Exchange accounts for 43.29% [1] - In terms of industry distribution, the index holdings are primarily in information technology (94.33%), followed by industrial (3.37%), healthcare (1.17%), and communication services (1.12%) [1] Group 3 - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which occur at the same time as the biannual sample adjustments [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Group 1: Macroeconomic Insights - The core conclusion of the report indicates that the US May CPI and core CPI were both below expectations, suggesting that overall inflationary pressure remains moderate. Following the data release, the market slightly adjusted its expectations for Fed rate cuts, anticipating two cuts within the year, with the first expected in September. It is noted that tariffs have not yet fully manifested their impact on inflation, and risks of inflationary pressure still exist in the US [3]. Group 2: Fixed Income Strategy - The report emphasizes a "barbell strategy" in fixed income investments, focusing on both technology and domestic demand defensive themes. The previous period's barbell strategy yielded a return of 15.98% for selected convertible bonds, with all holdings generating positive returns. The report suggests maintaining high-rated large base bonds while increasing holdings in mid-to-low priced convertible bonds and quality targets in popular themes [4]. Group 3: Construction Materials Industry - The construction materials sector is currently in a bottoming process, with cement companies experiencing a 16.99% decline in revenue and a 19.99% drop in net profit in 2024. The industry is relying on staggered production halts to stabilize prices, which often leads to increased average losses before prices recover. The glass industry also faced significant declines, with revenues down 11.1% and net profits down 88.6% in 2024. However, there are signs of potential recovery in 2025, particularly in the glass fiber sector, which has shown improved profitability in recent quarters [5][6][7]. Group 4: Electronics Sector - The report on Zhaoyi Innovation (603986.SH) highlights its diversified layout in storage, MCU, and sensor fields, with storage revenue expected to exceed 70% in 2024. The company is positioned as the second-largest player in the global NOR Flash market and is anticipated to see significant growth in its DRAM business. Revenue projections for 2025, 2026, and 2027 are 9.36 billion, 11.46 billion, and 13.55 billion yuan respectively, with corresponding net profits of 1.46 billion, 1.94 billion, and 2.38 billion yuan [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company, Zhaoyi Innovation, is positioned as a leader in the semiconductor industry with a diversified product portfolio covering storage, MCU, and sensors. It is expected to benefit significantly from the AI and domestic substitution trends [12][19]. - In 2024, the company's storage revenue is projected to account for over 70% of total revenue, with a notable increase in product shipments and revenue growth across various sectors [12][30]. Summary by Sections 1. Company Overview - Zhaoyi Innovation operates under a Fabless model, focusing on integrated circuit design and outsourcing manufacturing processes [19][20]. - The company has a rich development history, having launched China's first SPI NOR Flash chip in 2008 and becoming a key player in the MCU market [20][22]. 2. Storage Market Dynamics - The semiconductor storage market is expected to reach a record high in 2024, with Zhaoyi Innovation's storage products, including NOR Flash and SLC NAND, showing strong growth potential [2][12]. - The company holds the second-largest market share in the global NOR Flash sector at 23%, benefiting from the increasing demand driven by AI applications [2][12]. 3. Financial Performance - In 2024, Zhaoyi Innovation achieved a revenue of 73.56 billion yuan, a year-on-year increase of 27.69%, with net profit rising to 11.03 billion yuan, reflecting a significant recovery from previous lows [30]. - The company anticipates continued revenue growth, projecting revenues of 93.6 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 27.3% [12][30]. 4. Product Segmentation - The company's product matrix includes storage solutions (NOR Flash, SLC NAND, DRAM), microcontrollers (MCU), and sensors, with a focus on high-performance and customized solutions for various applications [10][12]. - Zhaoyi Innovation is recognized as the leading domestic supplier of 32-bit Arm® MCU products, with a strong presence in the automotive sector [10][12]. 5. Market Trends and Future Outlook - The report highlights the optimization of the niche storage landscape, with increasing customization demands driven by edge AI applications [2][12]. - The company is well-positioned to capitalize on the growing market for AI-driven applications, with ongoing developments in customized storage solutions [9][12].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is positioned as a leader in the semiconductor industry, with a diversified product portfolio covering storage, MCU, and sensors. It is expected to benefit significantly from the AI trend and domestic substitution [12][19]. - The company's revenue and net profit have shown a strong recovery in 2024, with revenue reaching 7.36 billion yuan, a year-on-year increase of 27.69%, and net profit rising to 1.10 billion yuan, up 584.21% [30]. Summary by Sections 1. Company Overview - The company has a comprehensive layout in "storage + MCU + sensors," continuously deepening and expanding its product lines. It operates under a Fabless model, focusing on integrated circuit design and outsourcing manufacturing processes [19][22]. 2. Storage Market Dynamics - The storage market is witnessing a shift towards niche storage solutions, driven by AI at the edge, which is increasing customized demand. The company ranks second globally in NOR Flash market share, benefiting from the growing market size due to AI applications [2][12]. - The SLC NAND market is becoming more competitive, with domestic manufacturers like the company gaining traction as international giants shift focus to mainstream NAND markets. The company holds a 4% market share in SLC NAND [3][12]. - The DRAM market is evolving as major manufacturers exit DDR3 and DDR4 production, allowing domestic firms to fill the gap and achieve domestic substitution. The company is well-positioned to capitalize on this trend [4][12]. 3. MCU and Sensor Segments - The company is the leading supplier of 32-bit Arm® MCU in China, with a robust product matrix and significant growth in the automotive sector. The global MCU market is expected to grow at a CAGR of 5.3% from 2023 to 2028 [10][12]. - In the sensor market, the company leads in touch and fingerprint sensor products, which are crucial for the IoT ecosystem. The global smart sensor market is projected to reach $57.25 billion by 2025 [11][12]. 4. Financial Projections - The company is expected to achieve revenues of 9.36 billion yuan in 2025, with a year-on-year growth of 27.3%. Net profit is projected to reach 1.46 billion yuan, reflecting a growth of 32.5% [12][14].

Group 1 - The Shanghai Composite Index opened high and rose, with the Shanghai Mobile Internet Index increasing by 0.53% to 2255.28 points and a trading volume of 28.503 billion yuan [1] - The Shanghai Mobile Internet Index has decreased by 1.08% over the past month and 11.64% over the past three months, while it has increased by 0.69% year-to-date [2] - The index is composed of mobile terminal providers, mobile internet platform operators, and other companies benefiting from mobile internet, reflecting the overall performance of listed companies in the mobile internet industry [2] Group 2 - The top ten weighted stocks in the Shanghai Mobile Internet Index include Sanan Optoelectronics (5.53%), Zhongke Shuguang (5.5%), Industrial Fulian (5.45%), and others [2] - The index's holdings are entirely from the Shanghai Stock Exchange, with 84.67% in information technology, 13.87% in communication services, and 1.46% in consumer discretionary [3] - The index samples are adjusted quarterly, with adjustments occurring in March, June, September, and December, and special adjustments can be made under certain circumstances [3]