Core Viewpoint - The Ministry of Commerce has initiated an anti-dumping investigation into imported analog chips from the United States, leading to a significant rise in the A-share analog chip sector on September 15, 2023 [1][4]. Group 1: Investigation Details - The anti-dumping investigation was formally requested by the Jiangsu Semiconductor Industry Association on July 23, 2023, targeting analog chips imported from the U.S. [2]. - The investigation involves four major U.S. manufacturers: Texas Instruments, Analog Devices, Broadcom, and ON Semiconductor [3]. - Preliminary evidence indicates that the price of the investigated products has significantly decreased, with a dumping margin exceeding 300%, and these products account for an average market share of 41% in China [4]. Group 2: Market Impact - Following the announcement, the A-share market saw stocks like Shengbang Co. and Shanghai Beiling hit the daily limit, while Naxinwei and SIRUI experienced gains of 10.79% and 9.68% respectively [1]. - The investigation is expected to benefit domestic companies such as Naxinwei and SIRUI, which are well-positioned in the automotive and industrial sectors [11]. Group 3: Industry Reactions - The China Semiconductor Industry Association expressed support for the investigation, emphasizing the need for a fair environment for the semiconductor industry's development [6]. - The China Communication Enterprise Association criticized the U.S. government's unilateral actions that harm Chinese companies and called for necessary measures to protect their rights [7]. Group 4: Product Scope - The investigation covers general-purpose interface chips and gate driver chips produced using 40nm and above process technology, including both finished chips and raw materials like wafers and die [9][13]. - The products are primarily used in automotive and industrial systems [10]. Group 5: Market Dynamics - Despite an increase in domestic analog chip self-sufficiency, major players like Texas Instruments and Analog Devices still dominate the market [17]. - Texas Instruments reported a revenue of approximately $3 billion from China in 2024, a 9% decrease year-on-year, while Analog Devices reported about $2.1 billion, down 5% [16].

2025.09.15 15日，第一财经记者以投资者身份致电圣邦股份，该股今日收盘"20cm"涨停。圣邦股份证券部人士对 记者表示，商务部反倾销调查美产模拟芯片，对公司经营业绩和技术研发没有什么影响。"今年以来， 公司各产品线的下游领域需求总体温和复苏。单一产品可能用在多个领域，且收入变化对整体营收影响 较小。"上述证券部人士说，"总体而言，公司的经营方针都是按既定方向实施，不会朝令夕改，当然我 们对行业发展潜在的风险和产业趋势变化也都有准备。" 财报显示，圣邦股份的产品全面覆盖信号链和电源管理两大领域，可广泛应用于工业控制、汽车电子、 通讯设备、医疗仪器和消费类电子等领域。上半年，公司实现营业收入18.18亿元，同比增加15.37%； 实现归母净利润2亿元，同比增加12.42%。 上海贝岭证券部人士则对记者说："预计商务部的反倾销调查可能会提升国产模拟芯片的国内市场份 额，目前公司的产品主要覆盖信号链和电源管理，主要面向国内销售。" 思瑞浦相关负责人对记者表示，公司作为国内模拟芯片行业的一员，本次反倾销调查涉及的相关产品都 有比较全面的覆盖，也非常关注该事件的进展。过去低价进口产品导致国内部分领域陷入严重的" ...

Core Viewpoint - The Chinese Ministry of Commerce has initiated anti-dumping investigations against imported analog chips from the United States, responding to domestic industry applications and aligning with WTO rules. The investigations focus on general interface and gate driver chips, revealing a significant increase in import volume and a drastic decrease in import prices, which have negatively impacted domestic sales prices and operations [1][2][4]. Group 1: Market Overview - The global semiconductor market reached $346 billion in the first half of 2025, marking an 18.9% year-on-year growth, with analog chips growing by 4% [4]. - In the A-share market, the semiconductor industry reported revenues of 321.2 billion yuan and a net profit of nearly 24.5 billion yuan, reflecting a year-on-year growth of approximately 30% [4]. - The demand for analog chips, particularly in mobile fast charging and power management, is significantly increasing, with domestic products rapidly capturing market share [4]. Group 2: Company Performance - Companies like Xilin Micro and Chipone reported substantial revenue growth, with Xilin Micro achieving a 36.83% increase and a 131.25% rise in net profit [6]. - Chipone's revenue grew by 40.32%, with net profit increasing by 106.02%, driven by new product categories and market expansion [7]. - Jiewa Tech reported a 58.2% revenue increase, primarily from power and signal chain chips, with a total revenue of 11.87 billion yuan [7]. Group 3: Profitability and Margins - The analog chip industry's gross margin improved, with the median gross margin rising from 34.72% in Q1 to 35.05% in Q2 of 2025 [11]. - Leading companies like Saimo Micro and Shengbang Co. maintain gross margins above 50%, showcasing their competitive advantage in the market [11]. - Companies such as Naxin Micro and Aiwai Electronics reported significant improvements in gross margins due to high-value product offerings and operational efficiencies [12][13]. Group 4: Inventory Management - The inventory turnover days for most analog chip companies decreased significantly in 2025 compared to 2024, indicating improved inventory management efficiency [16]. - Companies like Jiewa Tech and Xilin Micro saw their inventory turnover days reduced by over 100 days, reflecting enhanced operational performance [16]. Group 5: Mergers and Acquisitions - The anti-dumping investigations have prompted domestic analog chip companies to pursue mergers and acquisitions to enhance their technological capabilities and market presence [17][19]. - Recent acquisitions include Biyimei's purchase of Shanghai Xingan Semiconductor for approximately 295 million yuan and Jingfeng Mingyuan's acquisition of Yichong Technology for 3.283 billion yuan [18][19]. - These strategic moves aim to consolidate resources, fill technological gaps, and improve competitiveness against international giants [19].

Core Viewpoint - The recent anti-dumping investigation initiated by the Ministry of Commerce against imported analog chips from the U.S. has significantly boosted the stock prices of domestic analog chip companies, reflecting increased investor confidence in the potential market share growth for these firms [3][5]. Group 1: Market Reaction - On September 15, 2025, leading A-share analog chip stocks such as Shengbang Co. (300661.SH) and Shanghai Beiling (600171.SH) saw substantial price increases, with Shengbang Co. and Shanghai Beiling hitting the daily limit, while SIRUI (688536.SH) and Naxinwei (688052.SH) rose by 9.68% and 10.79% respectively [3][5]. - The anti-dumping investigation is expected to create barriers for U.S. giants like Texas Instruments (TI) and Analog Devices (ADI) in the Chinese market, potentially allowing domestic manufacturers to capture a larger market share [3][5]. Group 2: Company Insights - Shengbang Co. reported a revenue of 1.818 billion yuan in the first half of the year, a year-on-year increase of 15.37%, with a net profit of 200 million yuan, up 12.42% [5]. - Shanghai Beiling anticipates that the anti-dumping investigation may enhance the domestic market share for local analog chips, as their products primarily target domestic sales [5]. - SIRUI expressed that the investigation could help mitigate unfair competition from low-priced imports, fostering a more equitable market environment for domestic chips [5]. Group 3: Industry Landscape - The Chinese analog chip industry is rapidly advancing, yet it still lags behind international leaders in terms of scale, technology, and high-end products. For instance, Texas Instruments offers over 100,000 products, while Shengbang Co. has over 5,900 products as of the end of 2024 [6][7]. - The domestic analog chip market is characterized by a growing number of players, leading to increased competition, particularly in the mid-to-low-end segments, which has resulted in price wars [10]. - The market for analog chips in China is projected to expand significantly, driven by emerging sectors such as electric vehicles and artificial intelligence, with the market size expected to exceed 350 billion yuan by 2025 [9].

今年以来，全球半导体景气度持续复苏，AI拉动爆发式结构性增长，而模拟芯片呈现需求温和增长态 势。2025年中报显示，上半年A股上市公司中，模拟芯片板块实现营业收入245.02亿元，同比增长 13.16%；实现归母净利润5.03亿元，同比增长280.46%。盈利能力方面，模拟芯片板块毛利率35.34%， 净利率1.91%，呈现温和恢复趋势。同时，截至2025年二季度末，模拟芯片板块存货166.33亿元，呈上 升趋势，反映需求复苏之际，企业备货增长。 市场普遍解读，此举可能对德州仪器（TI）、亚德诺（ADI）等美国巨头在中国市场的销售施加壁垒， 从而为本土模拟芯片厂商腾出可观的替代空间，直接提振其业绩。然而，剥开情绪的层层包裹，国产模 拟芯片产业的真正成长，其根基仍深扎于技术突破的硬实力与市场需求的真实检验之中。反倾销调查能 否转化为企业持续业绩增长，仍需冷静观察。 【#模拟芯片国产替代空间有多大#？】#上半年A股模拟芯片板块净利润大增#9月15日，A股模拟芯片概 念股表现强势。圣邦股份（300661.SH）、上海贝岭（600171.SH）、纳芯微（688052.SH）等头部公司 股价均大幅上扬。截至当日收盘，圣 ...

根基仍深扎于技术突破的硬实力与市场需求的真实检验之中 9月15日，A股模拟芯片概念股表现强势。圣邦股份（300661.SH）、上海贝岭（600171.SH）、纳芯微 （688052.SH）等头部公司股价均大幅上扬。截至当日收盘，圣邦股份、上海贝岭携手涨停，思瑞浦 （688536.SH）收涨9.68%，纳芯微收涨10.79%。 市场热情的直接催化剂是商务部于13日发布的一则公告：决定对原产于美国的进口模拟芯片发起反倾销 调查。倾销调查期为2024年1月1日至2024年12月31日，产业损害调查期为2022年1月1日至2024年12月31 日。这则消息增强了投资者对国产模拟芯片公司未来市场份额提升的信心，是其股价大涨的逻辑。 市场普遍解读，此举可能对德州仪器（TI）、亚德诺（ADI）等美国巨头在中国市场的销售施加壁垒， 从而为本土模拟芯片厂商腾出可观的替代空间，直接提振其业绩。然而，剥开情绪的层层包裹，国产模 拟芯片产业的真正成长，其根基仍深扎于技术突破的硬实力与市场需求的真实检验之中。反倾销调查能 否转化为企业持续业绩增长，仍需冷静观察。 反倾销调查对上市公司影响几何 15日，第一财经记者以投资者身份致电圣邦股 ...

证券之星消息，9月15日半导体板块较上一交易日上涨0.64%，圣邦股份领涨。当日上证指数报收于 3860.5，下跌0.26%。深证成指报收于13005.77，上涨0.63%。半导体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300661 | 圣邦股份 | 87.42 | 20.00% | 105.74万 | | 91.61亿 | | 688052 | 纳心微 | 193.90 | 10.79% | 10.27万 | | 20.44亿 | | 600171 | 上海贝岭 | 38.93 | 10.00% | 42.29万 | | 16.46 乙 | | 688536 | 思瑞浦 | 163.20 | 9.68% | 14.24万 | | 24.43亿 | | 688072 | 拓荆科技 | 189.79 | 7.55% | 13.70万 | | 25.93 Z | | 001309 | 德明利 | 117.91 | 7.41% | 35.64万 | | 4 ...

证券时报·数据宝统计，截至今日下午收盘，上证综指3860.50点，收于半年线之上，涨跌幅-0.26%，A 股总成交额为23031.80亿元。到目前为止，今日有55只A股价格突破了半年线，其中乖离率较大的个股 有圣邦股份、有棵树、纳芯微等，乖离率分别为17.93%、15.72%、10.39%；维海德、报喜鸟、保隆科 技等个股乖离率较小，刚刚站上半年线。 | 002086 | 东方海 | 1.80 | 4.89 | 2.78 | 2.83 | 1.72 | | --- | --- | --- | --- | --- | --- | --- | | | 洋 | | | | | | | 688071 | 华依科 | 1.82 | 3.15 | 38.60 | 39.21 | 1.57 | | | 技 | | | | | | | 600598 | 北大荒 | 2.67 | 2.38 | 14.74 | 14.97 | 1.54 | | 002982 | 湘佳股 份 | 1.87 | 4.50 | 15.57 | 15.80 | 1.49 | | 301 | 益客食 | | | | | | | 116 | | 2.36 ...

半导体行业点评 商务部发起反倾销调查，模拟 IC 迎国产替代新机遇 2025 年 09 月 15 日 ➢ 事件：商务部网站 9 月 13 日发布两份公告：1）自 2025 年 9 月 13 日起对 原产于美国的进口相关模拟芯片进行反倾销立案调查；2）自 2025 年 9 月 13 日 起就美国对华集成电路领域相关措施发起反歧视立案调查。 ➢ 商务部对原产于美国的进口模拟芯片发起反倾销调查。商务部决定自 2025 年 9 月 13 日起对原产于美国的进口相关模拟芯片进行反倾销立案调查。本次调 查确定的倾销调查期为 2024 年 1 月 1 日至 2024 年 12 月 31 日，产业损害调 查期为 2022 年 1 月 1 日至 2024 年 12 月 31 日。调查范围内的相关模拟芯片 主要包括使用 40nm 及以上工艺制程的通用接口芯片和栅极驱动芯片，其中通用 接口芯片主要包括 CAN 接口收发器芯片、RS485 接口收发器芯片、I 2C 接口芯 片、数字隔离器芯片等；栅极驱动芯片主要包括低边栅极驱动芯片、半桥/多路栅 极驱动芯片、隔离栅极驱动芯片等。 ➢ 模拟芯片国产化率低，美系厂商长期占据重要份额。根据 ...

9月15日，A股科创芯片板块早盘大幅异动，截至10:00，科创芯片50ETF（588750）开盘30分钟场内振幅已达4.32%，成交额超1.2 亿元！ | 分 60分 日 周 月 更多 | 综合屏 F9 前复权 超级叠加 画线 工具 Q 2 | 588750 | 科创 - 50ETH O | 6/09/15 收1.457 幅0.00%(0.000) 开1.493 高1.508 低1.445 均1.466 量82.24万 换 | 0.000 0.00% | | | --- | --- | --- | --- | --- | --- | --- | | 1.3751 MA60 1.1631 MA120 1.0881 | 2025/03/07-2025/09/15(132日)▼ | 融入口日 | 10:00:48 交易中 | 汇添富上证科创板芯片ETF | | | | 净值走势 | 1.520- | 1.50 | 委托 | 32.09% 委差 | 15922 | | | 1.461 | 3391 | 2025/09/15/ | 1.460 | 3670 | | | | 1.457 | 11-22 | 1.459 | ...