龙芯中科：本次美国加征关税，对公司无负面影响 金十数据4月9日讯，龙芯中科公告，近日，美国政府宣布实施"对等关税"政策，对全球贸易伙伴加征关 税，引发市场高度关注。龙芯中科技术股份有限公司持续关注全球贸易政策，经公司初步评估，本次美 国加征关税，对公司无负面影响。目前公司各项业务稳步推进，经营及财务情况正常，基于2022-2024 年三年转型的成果，新一代产品性价比竞争力提升，公司正在进入新一轮的可持续增长周期。 ...

国信证券亦表示，国际贸易摩擦加剧有望加速半导体国产替代进程，建议重点关注模拟芯片板块，一方 面，模拟芯片国产化率较低，且全球前两大模拟芯片企业均为美国厂商，另一方面，我国模拟芯片企业 近几年加大研发投入，储备了众多新料号，且模拟芯片采用成熟制程，国内产能充足，具有国产替代的 能力和空间。同时，4月进入2024年年报和2025年一季报密集披露期，业绩变化趋势受到关注，模拟芯 片企业前两年整体盈利水平偏低，2025年随着新产品放量、下游去库完成，以及2024年开始的毛利率修 复和控费，业绩改善趋势明显。 中信证券认为，在当前时点，自主可控继续成为重要且紧迫的任务，短期模拟芯片方向最受益，长周期 维度下低国产化率细分赛道均有望受益。另外，预计受益于科技强国趋势，科技产业领域会出现更多自 上而下的资源整合趋势，加速解决卡脖子问题。为解决需求问题，未来中国民族品牌出海，拓展美国以 外的市场仍是大势所趋，配合民族品牌出海的全球化布局的供应链龙头中长期也有望受益于品牌端格局 洗牌趋势，同时受益于国内高效率的成本优势。 半导体板块9日盘中大幅走高，截至发稿，华岭股份30%涨停，国民技术（300077）20%涨停，台基股 份（ ...

芯动联科、 华岭股份涨超10%， 圣邦股份、 龙芯中科、 紫光国微、 寒武纪涨超5%， 北方华创、 华海 清科、 芯原股份、 沪硅产业等跟涨。 ...

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry Core Insights - AI computing chips are considered the "engine of the AI era," with significant growth in global computing demand driven by the ChatGPT trend and the acceleration of AI model iterations [6][12] - The global computing scale is expected to grow from 1397 EFLOPS in 2023 to 16 ZFLOPS by 2030, with a compound annual growth rate (CAGR) of 50% from 2023 to 2030 [25][28] - The AI computing chip market is dominated by GPUs, with a rapid growth in the custom ASIC chip market anticipated due to the increasing demand for AI computing [6][42] Summary by Sections 1. AI Computing Chips as the "Engine of the AI Era" - The ChatGPT trend has led to a surge in global tech companies accelerating their AI model development, with major players like Google, Meta, and Alibaba launching and iterating on AI models [6][12] - The demand for AI servers, which are essential for generative AI applications, is expected to drive significant growth in the AI server market, projected to reach $158.7 billion by 2025 [29] 2. Dominance of GPUs and Growth of Custom ASIC Market - AI computing chips are primarily used in cloud, edge, and terminal applications, with GPUs currently being the mainstream choice [6][42] - NVIDIA holds a dominant position in the global GPU market, with over 95% market share in AI server acceleration chips [42] - The custom ASIC chip market is expected to grow rapidly, with a projected CAGR of 45% from 2023 to 2028, driven by the need for diversified supply chains and enhanced bargaining power among cloud vendors [6][42] 3. DeepSeek's Role in Accelerating Domestic AI Computing Chip Development - DeepSeek's technological innovations are expected to enhance the efficiency of domestic AI computing chips, facilitating their rapid development and increasing market share [6][7] 4. Development of AI Computing Chip Industry in Henan Province - Henan Province is focusing on building a robust AI computing chip industry, establishing a core hub for computing resource scheduling and attracting upstream chip enterprises [9][10]

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry Core Insights - AI computing chips are considered the "engine of the AI era," with significant growth in global computing demand driven by the ChatGPT trend and the acceleration of AI model iterations [6][12] - The global computing scale is expected to grow from 1,397 EFLOPS in 2023 to 16 ZFLOPS by 2030, with a compound annual growth rate (CAGR) of 50% from 2023 to 2030 [6][25] - The AI server market is projected to reach $125.1 billion in 2024 and $158.7 billion in 2025, with a CAGR of 15.5% from 2024 to 2028 [29] Summary by Sections 1. AI Computing Chips as the "Engine of the AI Era" - The ChatGPT trend has led to a rapid iteration of AI models by major tech companies, significantly increasing global computing demand [12][19] - AI servers are the core infrastructure supporting generative AI applications, with a growing need for high-performance computing resources [28][29] 2. Dominance of GPU and Growth of Custom ASIC Market - AI computing chips are primarily based on GPUs, with a significant market share held by NVIDIA, which dominates the global AI chip market [42][45] - The custom ASIC chip market is expected to grow rapidly, driven by cloud vendors seeking to diversify supply chains and enhance bargaining power [6][7] 3. DeepSeek's Role in Accelerating Domestic AI Computing Chip Development - DeepSeek's technological innovations are expected to enhance the efficiency of domestic AI computing chips, facilitating their rapid development and market share growth [6][7] 4. Henan Province's Focus on AI Computing Chips - Henan Province is actively developing its AI computing chip industry, establishing a foundational ecosystem and attracting key enterprises [9][10]

Investment Rating - The report indicates a shift from strong beta to strong alpha in the computer industry, suggesting a focus on sectors with significant growth potential such as AI applications, cloud computing, and domestic innovation [4][6][7]. Core Insights - The report emphasizes the importance of AGI (Artificial General Intelligence) expectations, highlighting that the release of Manus has intensified market interest in AGI, which could lead to a significant evolution in technology companies and AI applications [7][8]. - The RISC-V open-source ecosystem is rapidly developing, with a projected compound annual growth rate (CAGR) of over 40% for RISC-V based SoCs, expected to reach 20 billion units by 2024 and over 200 billion by 2031 [9][11]. - The report suggests focusing on companies within the RISC-V ecosystem and those involved in AI, cloud computing, and domestic innovation, such as Haiguang Information, Keda Information, and others [8][19]. Summary by Sections Industry Overview - The computer industry index rose by 6.46% from March 2 to March 8, outperforming the ChiNext index by 4.85 percentage points [21][22]. - The report notes that the current momentum in the computer industry is comparable to the upward trend observed from 2018 to 2020, but with stronger potential this time [4][6]. RISC-V Ecosystem - RISC-V architecture is rapidly evolving, characterized by its modularity and open-source nature, which allows for high scalability and low energy consumption [11][12]. - The domestic RISC-V ecosystem is thriving, with major companies like Alibaba and Huawei actively participating, and the RISC-V International Foundation has over 4000 members from 52 countries [9][14]. - Investment recommendations include companies like Haiguang Information, Cambrian, and Loongson Technology, which are positioned to benefit from the increasing penetration of domestic software and hardware [19][20]. Market Performance - The report highlights that the computer industry has shown strong performance, with significant weekly gains and a notable increase in trading volume [21][22]. - Specific stocks such as Xinkai Pu and Hengfeng Information have seen substantial weekly increases, indicating strong market interest [23]. Major News - The report covers significant developments in AI, including the launch of the QwQ-32B model by Alibaba, which demonstrates competitive performance with significantly fewer parameters compared to existing models [36]. - The report also notes the increasing deployment of AI technologies in the financial sector, with multiple institutions adopting the DeepSeek model for various applications [44].

Investment Rating - The report maintains a "Positive" outlook for the electronic industry [4] Core Insights - The Deepseek integrated machine is driving AI acceleration across various industries, with multiple manufacturers launching products that support the Deepseek model, enhancing deployment efficiency [7][8] - The integration of hardware and software in Deepseek machines significantly lowers the technical barriers for AI deployment, creating new opportunities for various sectors [13][14] - Domestic chips are becoming a foundational element for Deepseek machines, with over 80 companies adapting or launching Deepseek models based on domestic chip technology [11][12] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on investment opportunities in companies related to the Deepseek integrated machine supply chain, including: 1. Chips: Haiguang Information, Longxin Zhongke, Lanke Technology, and Cambricon 2. Complete machines: Hikvision, Lenovo Group, and Dahua Technology [2][18] Industry Dynamics - The report highlights the rapid industrialization of AI integrated machines, with significant advancements in the Deepseek model's application across cloud computing, intelligent computing, and data center sectors [8] - Various manufacturers are adopting domestic chips and frameworks to enhance their integrated machine solutions, promoting a more localized AI ecosystem [9][12] Technological Advancements - Deepseek integrated machines are designed for soft and hardware optimization, allowing for dynamic resource allocation and improved performance [11][12] - The machines are equipped with pre-deployed models and industry-specific adaptations, significantly reducing the time required for AI application deployment [13][14]

Core Viewpoint - The article emphasizes the importance of the semiconductor industry in China's new industrialization, highlighting the role of the Science and Technology Innovation Board (STAR Market) in supporting the growth and innovation of this sector through capital and policy initiatives [1][2]. Group 1: Industry Support and Development - The China Securities Regulatory Commission (CSRC) aims to enhance support for key industries such as integrated circuits, industrial mother machines, and medical equipment, recognizing the semiconductor industry as a strategic and foundational sector for economic development [1]. - Since its establishment, the STAR Market has become the preferred platform for semiconductor companies to go public, with 116 semiconductor firms listed, accounting for 60% of A-share semiconductor companies [1][2]. - The STAR Market has facilitated significant capital inflow, with 116 semiconductor companies raising a total of 298.9 billion yuan through IPOs, representing over 80% of the total IPO fundraising in the A-share semiconductor sector [2]. Group 2: Capital Utilization and R&D Investment - The average capital utilization rate among the 116 semiconductor companies is 66%, indicating high efficiency in fund usage [2]. - In the first three quarters of 2024, these companies invested a total of 32.9 billion yuan in R&D, with a median R&D intensity of 17%, significantly higher than the overall A-share level of 4% [2]. - Notable advancements include the development of a new generation of CPUs by Loongson Technology and the introduction of domestically produced CMP equipment by Huahai Qingshi, showcasing the impact of increased R&D investment [2]. Group 3: Policy Innovations and Talent Attraction - The STAR Market has implemented flexible stock incentive mechanisms to attract and retain high-end talent, with 77 semiconductor companies launching 150 stock incentive plans, covering approximately 66% of the sector [3]. - The introduction of policies to support mergers and acquisitions has led to a surge in high-quality industry consolidations, with 76 disclosed equity acquisitions since the "Eight Measures" policy, totaling over 19 billion yuan [4]. Group 4: Market Mechanisms and Investment Products - The STAR Market has established a market-friendly environment for venture capital and institutional investors, including the introduction of a market-making system to enhance liquidity and price stability [6]. - The STAR Market has also launched thematic indices and ETFs focused on the semiconductor industry, catering to investor demand and facilitating participation in the sector's growth [6].

Summary of Conference Call Company and Industry Involved - The discussion primarily revolves around **Longxin Technology** (龙兴中科) and the **AI** and **military industrial sectors** in China. Core Points and Arguments 1. **AI Integration in Finance and Security**: The company emphasizes the importance of AI in financial services and security, highlighting the growth of subscription-based models in these sectors, such as the $69 monthly subscription for certain AI services [2] 2. **Military Industrial Sector**: The military industrial sector is identified as a critical area for growth, particularly in AR applications, which are deemed essential for the sector's development [3] 3. **Revenue Growth in Domestic Chip Production**: Despite overall revenue pressures, domestic chip production, particularly in general-purpose CPUs, has seen significant growth, with a year-on-year increase exceeding 100% to 150% [4] 4. **Government Support for Domestic Technology**: The government is actively supporting domestic technology initiatives, with Longxin capturing 63% of procurement contracts, significantly outpacing ARM's 37% [5] 5. **Market Differentiation**: There is a noticeable differentiation in the performance of previously popular companies within the tech sector, indicating a shift in market dynamics [6] 6. **Rapid Deployment of Integrated Machines**: The integrated machine sector is highlighted as a rapidly developing area, driven by strong demand within government systems [7] 7. **Shift in Chip Replacement Strategy**: The strategy for chip replacement has evolved from merely replacing traditional chips to ensuring compatibility with advanced AI applications, indicating a fundamental change in market requirements [8] 8. **Local Deployment of AI Solutions**: Longxin has successfully implemented local deployments of AI solutions, enhancing operational efficiency and reducing reliance on cloud services [10] 9. **Collaboration with Partners**: Longxin is collaborating with various partners to support the internationalization of its chip systems and frameworks [11] 10. **Valuation and Market Potential**: The company believes that the valuation and market potential for AI and military applications will need to be restructured, reflecting the changing landscape [12] 11. **Long-term Growth Expectations**: The company maintains a long-term growth outlook, projecting a conservative revenue growth rate of 25% to 30% over the next 3 to 5 years [18] 12. **Impact of Large Models on Industry**: The emergence of large AI models is seen as a significant trend that will affect various sectors, including database management and programming [19] 13. **Overall Market Opportunities**: The company anticipates that the current market conditions will present significant opportunities for growth, similar to the internet boom experienced in 2013 [21] Other Important but Overlooked Content - The company has a cautious communication strategy, often under-promising and over-delivering on performance expectations, which may lead to market surprises [16] - The discussion includes insights into the performance of other companies in the sector, indicating a broader trend of improving profitability and revenue growth across the industry [20] - The call concludes with a recommendation for continued monitoring of developments in AI, military applications, and government initiatives [22]

证券代码：688047 证券简称：龙芯中科 公告编号：2025-003 龙芯中科技术股份有限公司 关于变更签字注册会计师的公告 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、准确性和完整性依法承担法律责任。 龙芯中科技术股份有限公司（以下简称"公司"）于 2024 年 9 月 20 日、2024 年 10 月 9 日分别召开了第二届董事会第六次会议、2024 年第一次临时股东大会， 审议通过了《关于变更 2024 年度会计师事务所的议案》，同意变更公司 2024 年度财务和内部控制审计机构为中兴华会计师事务所（特殊普通合伙）（以下简 称"中兴华"）。具体内容详见公司于 2024 年 9 月 24 日在上海证券交易所网站 （www.sse.com.cn）披露的《龙芯中科关于拟变更 2024 年度会计师事务所的公 告》（2024-039）。 近日，公司收到中兴华送达的《关于变更签字会计师的告知函》，现将相关 变更情况公告如下： （三）独立性 上述人员不存在可能影响独立性的情形。 三、本次变更对公司的影响 中兴华为公司 2024 年度财务报表和内部控制的审计机 ...