证券代码：688008 证券简称：澜起科技 公告编号：2025-050 注：以上指公司 2025 年第一次回购股份方案（公告编号：2025-027）的回购进展。公司 2025 年第二次回购股份方案已于 2025 年 7 月 7 日召开的 2025 年第一次临时股东大会审 议通过，将在公司 2025 年第一次回购股份方案实施完毕之后开始实施（公告编号： 2025-037），由于 2025 年第一次回购股份方案未实施完毕，故 2025 年第二次回购股份方 案尚未开始实施。 一、 回购股份的基本情况 （一）2025 年第一次回购股份方案 公司于 2025 年 6 月 20 日召开第三届董事会第八次会议，审议通过了《关于 2025 年第一次以集中竞价交易方式回购公司 A 股股份方案的议案》，同意公司使 用自有资金通过上海证券交易所交易系统以集中竞价交易方式回购公司已发行的 部分 A 股股票。公司回购股份将在未来适宜时机全部用于员工持股计划或股权激 1 澜起科技股份有限公司 关于 2025 年回购 A 股股份方案 回购股份进展的自愿性披露公告 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 ...

澜起科技公告，公司2025年第一次回购股份方案自2025年6月23日至2025年9月4日累计回购210万股，占 总股本的0.18%，回购成交的最高价为113.59元/股，最低价为77.79元/股，支付的资金总额约为人民币 1.74亿元。预计回购金额为2亿元至4亿元，实际回购价格区间为77.79元/股至113.59元/股。第二次回购 股份方案尚未开始实施。 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor sector, driven by AI and domestic substitution [4]. Core Insights - The semiconductor industry is experiencing an upward cycle, with Q2 2025 revenue and net profit showing year-on-year and quarter-on-quarter growth, benefiting from AI-driven demand and ongoing domestic substitution efforts [4][12][26]. Summary by Sections Overall Industry Performance - The semiconductor sector achieved a revenue of 318.609 billion yuan in H1 2025, a year-on-year increase of 15.54%, and a net profit of 24.159 billion yuan, up 32.41% year-on-year. In Q2 2025, revenue reached 170.023 billion yuan, growing 15.17% year-on-year and 14.43% quarter-on-quarter, with net profit at 14.825 billion yuan, reflecting a year-on-year increase of 30.91% and a quarter-on-quarter increase of 58.82% [3][12][26]. Subsector Performance 1. **Semiconductor Equipment** - The semiconductor equipment sector reported H1 2025 revenue of 38.923 billion yuan, up 30.86% year-on-year, and a net profit of 6.306 billion yuan, up 18.84% year-on-year. Q2 2025 revenue was 21.038 billion yuan, a year-on-year increase of 28.80% and a quarter-on-quarter increase of 17.62% [27][32]. 2. **Semiconductor Materials** - The semiconductor materials sector achieved H1 2025 revenue of 22.416 billion yuan, up 11.73% year-on-year, with a net profit of 1.437 billion yuan, up 8.81% year-on-year. Q2 2025 revenue was 11.762 billion yuan, reflecting a year-on-year increase of 12.20% and a quarter-on-quarter increase of 10.40% [39][43]. 3. **Digital Chips** - The digital chip sector saw H1 2025 revenue of 87.129 billion yuan, up 24.72% year-on-year, and a net profit of 9.050 billion yuan, up 35.52% year-on-year. Q2 2025 revenue was 49.163 billion yuan, a year-on-year increase of 28.68% and a quarter-on-quarter increase of 29.49% [52][60]. 4. **Analog Chips** - The analog chip sector reported H1 2025 revenue of 24.502 billion yuan, up 13.16% year-on-year, with a net profit of 5.03 billion yuan, up 280.46% year-on-year. Q2 2025 revenue was 13.582 billion yuan, reflecting a year-on-year increase of 17.66% and a quarter-on-quarter increase of 24.38% [4][39]. 5. **Semiconductor Packaging and Testing** - The semiconductor packaging and testing sector achieved H1 2025 revenue of 45.864 billion yuan, up 18.73% year-on-year, with a net profit of 1.542 billion yuan, up 3.50% year-on-year. Q2 2025 revenue was 23.967 billion yuan, a year-on-year increase of 14.28% and a quarter-on-quarter increase of 9.46% [4][39]. 6. **Integrated Circuit Manufacturing** - The integrated circuit manufacturing sector reported H1 2025 revenue of 55.129 billion yuan, up 19.37% year-on-year, with a net profit of 2.814 billion yuan, up 44.65% year-on-year. Q2 2025 revenue was 27.857 billion yuan, reflecting a year-on-year increase of 16.14% and a quarter-on-quarter increase of 2.14% [4][39].

Group 1 - Chip concept stocks experienced significant declines, with Cambrian-U down over 13%, Haiguang Information down over 11%, and Lanke Technology down over 8% [1] - Multiple technology innovation chip-related ETFs fell over 7% due to market conditions [1] Group 2 - The global semiconductor market is expected to continue expanding, with the World Semiconductor Trade Statistics (WSTS) predicting a market size of $700.874 billion by 2025, growing at a rate of 11.2%, primarily driven by logic and memory chips [2] - AI edge applications are accelerating penetration, with NPUs becoming ideal choices for edge devices due to their low power consumption, while advancements in wireless connectivity are promoting the development of the Internet of Things (IoT) [2] - A wave of mergers and acquisitions is emerging in the industry, covering materials, equipment, EDA, and packaging sectors, as companies pursue horizontal mergers to expand scale and vertical mergers to enhance the supply chain [2]

Group 1 - The ChiNext 50 Index experienced a significant decline of over 6% in the afternoon session, with notable drops in several technology stocks [1] - Cambricon Technologies (寒武纪) fell by over 13%, while Haiguang Information (海光信息) and Tsinghua Unigroup (拓荆科技) dropped by over 11% and 8% respectively [1] - Other companies such as Zhongwei Company (中微公司) and Shanghai Silicon Industry (沪硅产业) also saw declines exceeding 7% [1] Group 2 - The table lists various companies along with their respective stock performance, showing Cambricon Technologies with a decline of 13.99% and a total market capitalization of 505.5 billion [3] - Haiguang Information reported a drop of 11.17% with a market cap of 402.6 billion, while Tsinghua Unigroup decreased by 8.33% and has a market cap of 118.1 billion [3] - Other notable declines include Zhongwei Company at -7.97% (market cap: 122.2 billion) and Shanghai Silicon Industry at -7.63% (market cap: 55.2 billion) [3]

Group 1 - The technology sector opened high but quickly declined, with significant drops in CPO, telecommunications, and artificial intelligence sectors. The AI ETF (515070) fell over 6% before rebounding to a decline of less than 4% [1] - Continuous capital inflow into the artificial intelligence sector has been observed, with over 2 billion yuan added in the last 12 days [1] - Major investment focus is expected to remain on the AI industry chain, supported by macro trends encouraging the integration of AI with technology, industry, and social governance [1] Group 2 - The third quarter is entering a period of intensive updates and iterations from leading domestic and international large model companies, with ongoing progress in AI applications [1] - Companies in the AI sector have begun disclosing positive advancements in AI applications, with expectations for significant growth in the second half of the year [1] - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies providing technology, foundational resources, and applications in the AI industry chain [1]

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 504 companies were investigated by institutions, with notable interest in companies like Mindray Medical, United Imaging Healthcare, and Aibo Medical, indicating a trend of institutional focus on specific healthcare and technology sectors [1]. Institutional Research Activity - 95.63% of the companies investigated had participation from securities firms, with 482 companies being surveyed by them. Fund companies followed with 415 companies, and private equity firms investigated 303 companies [1]. - Among the companies, 269 received attention from more than 20 institutions, with Mindray Medical being the most investigated at 398 institutions, followed by United Imaging Healthcare at 306 institutions, and Aibo Medical at 262 institutions [1]. Fund Flow and Market Performance - Out of the stocks investigated by more than 20 institutions, 65 experienced net capital inflows in the past five days. Unisplendour saw the highest net inflow of 1.259 billion yuan, followed by Shenghong Technology and Changchun High-tech with net inflows of 1.231 billion yuan and 616 million yuan, respectively [1]. - In terms of market performance, 94 stocks among those investigated saw price increases, with the highest gains recorded by Bojie Co., Yuanjie Technology, and Tengjing Technology, with increases of 37.99%, 34.58%, and 34.14% respectively. Conversely, 175 stocks experienced declines, with the largest drops seen in Oulu Tong, Zhiyuan Huilian, and Sanhui Electric, with decreases of 16.61%, 14.80%, and 14.78% respectively [2]. Earnings Forecasts - Among the stocks investigated, only two companies released earnings forecasts for the first three quarters, both indicating profit increases. Zhongtai Co. is expected to have a median net profit of 340 million yuan, representing a year-on-year increase of 79.28% [2].

Core Viewpoint - The launch of the CXL 3.1 memory expansion controller (M88MX6852) by Lanqi Technology represents a significant advancement in memory expansion technology, aimed at enhancing bandwidth and reducing latency for next-generation data center servers [1][6]. Group 1: Product Features - The M88MX6852 chip supports CXL.mem and CXL.io protocols, providing high bandwidth and low latency memory expansion solutions [1]. - It utilizes a PCIe 6.2 physical layer interface with a maximum transmission rate of 64 GT/s (x8 lanes) and can be flexibly split into two x4 ports for various applications [4]. - The chip includes a dual-channel DDR5 memory controller supporting speeds up to 8000 MT/s, improving data exchange efficiency between the host CPU and backend SDRAM or DIMM modules [4]. - Integrated dual RISC-V microprocessors enhance system management capabilities, allowing for dynamic resource configuration and real-time event processing [4]. Group 2: Market Demand and Applications - The demand for cloud computing resource pooling is rapidly increasing, making traditional memory architectures a performance bottleneck in terms of bandwidth and scalability [5]. - The compact 25mm x 25mm packaging of the chip is compatible with EDSFF (E3.S) and PCIe add-in card (AIC) formats, making it suitable for various deployment environments, including servers and edge computing [5]. Group 3: Industry Feedback - Stephen Tai, President of Lanqi Technology, emphasized that the new controller marks a breakthrough in CXL technology, significantly enhancing memory expansion performance and energy efficiency [6]. - Jangseok Choi from Samsung Electronics expressed excitement about the collaboration, highlighting the synergy between the new controller's capabilities and Samsung's CXL memory solutions [6]. - Uksong Kang from SK Hynix praised Lanqi's commitment to innovation and the successful delivery of the M88MX6852 sample, indicating its potential impact on next-generation systems [7]. - Raghu Nambiar from AMD noted that the CXL memory expansion and layering technology aligns with their goal of reducing total cost of ownership (TCO) in data centers [9]. - Ronak Singhal from Intel highlighted the growing preference for flexible memory architectures in data centers, viewing the launch as a significant step towards scalable memory architecture [10].

Group 1 - Guolianan Fund recently conducted research on two listed companies: Lexin Technology and Lanke Technology [1] - Lexin Technology's AI development board "MiaoBan" supports connection with Huoshan Engine's Doubao large model, enabling natural semantic interaction and intent recognition [1] - Lexin Technology is invited to participate in the Huoshan Engine 2024 Winter FORCE Conference, where it will launch the AI+ Hardware Leap Plan with ToyCity [1] Group 2 - Lanke Technology's main products include memory interface chips, Jindai server platforms, and consumer electronics chips, primarily used in data centers and servers [1] - Guolianan Fund was established in 2003, with a total asset management scale of 126.801 billion yuan, ranking 52 out of 210 [1] - The best-performing public fund product in the past year is Guolianan Technology Power, with a latest unit net value of 2.35 and a growth of 114.01% in the past year [1]

Group 1: Company Research Highlights - Jiashi Fund recently conducted research on seven listed companies, focusing on their strategic directions and performance [1][2][3][4][5][6]. - Puxian Technology is focusing on satellite internet and has established a joint laboratory with Xidian ISN for low-orbit satellite communication products [1]. - Lexin Technology launched an AI development board "Miao Ban," which supports natural language interaction and intent recognition [2]. - Zhangyuan Tungsten's tungsten concentrate production increased by 3.24% year-on-year, with significant growth in tungsten powder sales by 43.68% [3]. - Lanjie Technology's main products include memory interface chips and server platforms, primarily used in data centers [4]. - Zoomlion is cautiously optimistic about market demand, with overseas revenue growing approximately 15% [5]. - Jingzhida reported a 22.68% year-on-year revenue increase, with semiconductor business accounting for over 70% of its revenue [6]. Group 2: Financial Performance and Market Outlook - Zhangyuan Tungsten's revenue from Ganzhou Aoketai reached 353.53 million yuan, a 15.36% year-on-year increase, with net profit turning positive [3]. - Zoomlion's mid-term dividend exceeded 60%, with cumulative dividends surpassing 30.6 billion yuan, reflecting a long-term stable return philosophy [5]. - Jingzhida's new orders are gradually increasing its market share, with a focus on high-end chip testing [6]. Group 3: Strategic Collaborations and Innovations - Puxian Technology is developing data governance services and has signed agreements with Helium Star and Yixin Technology to establish a joint R&D center [1]. - Lexin Technology is participating in the AI+ hardware initiative with Volcano Engine and ToyCity [2]. - Shenzhou Digital has over 6 billion yuan in confirmed orders and is collaborating with domestic GPU manufacturers to explore AI applications [6].