Company Overview - Naxin Microelectronics Co., Ltd. is located in Suzhou Industrial Park, Jiangsu Province, and was established on May 17, 2013. The company went public on April 22, 2022. Its main business focuses on the research and sales of high-performance, high-reliability analog integrated circuits [1] - The revenue composition of the company includes signal chain products (38.45%), power management products (34.09%), sensor products (27.11%), and others (0.35%) [1] Stock Performance - On September 24, Naxin Micro's stock rose by 5.02%, reaching a price of 193.76 CNY per share, with a trading volume of 637 million CNY and a turnover rate of 2.36%. The total market capitalization is 27.616 billion CNY [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under ICBC Credit Suisse, the ICBC New Manufacturing Mixed A (009707), holds 463,400 shares of Naxin Micro, accounting for 2.89% of the fund's net value, making it the ninth-largest holding. The estimated floating profit today is approximately 4.2913 million CNY [2] - The ICBC New Manufacturing Mixed A fund was established on August 20, 2020, with a latest scale of 1.208 billion CNY. Year-to-date returns are 62.3%, ranking 512 out of 8173 in its category. Over the past year, returns are 148.64%, ranking 153 out of 7996, and since inception, returns are 183.5% [2]

Core Viewpoint - The article highlights China's initiation of an anti-dumping investigation into imported analog chips from the U.S., marking a significant escalation in the ongoing semiconductor trade tensions between the two countries. This investigation focuses on specific analog chip categories, indicating that the chip conflict is expanding beyond high-end GPUs and advanced process logic chips to include analog chips as well [2][3][20]. Group 1: Investigation Details - The Ministry of Commerce announced the investigation on September 13, 2025, based on a request from the Jiangsu Semiconductor Industry Association, targeting analog chips from four major U.S. companies: Broadcom, Texas Instruments (TI), Onsemi, and Analog Devices (ADI) [2][3]. - The investigation will cover the period from January 1, 2024, to December 31, 2024, with a damage investigation period from January 1, 2022, to December 31, 2024, and is expected to conclude by September 13, 2026, unless extended [7]. Group 2: Market Context - The global analog chip market is projected to reach $79.433 billion in 2024, with China accounting for approximately $28 billion (around 200 billion RMB), representing nearly one-third of the global market [3]. - The share of the investigated products in China's total imports of similar products has been increasing, with proportions of 47.81%, 53.06%, and 62.14% from 2022 to 2024, indicating a growing reliance on these imports [4]. Group 3: Price Trends and Impact - The average price of the investigated products has been declining significantly, from 3.36 RMB per unit in 2022 to 1.62 RMB per unit in 2024, a cumulative decrease of 51.77% [5]. - Domestic analog chip manufacturers have been forced to lower their prices in response, with their weighted average prices dropping by 27.38% from 2022 to 2024 [5][6]. Group 4: Financial Health of Domestic Manufacturers - Domestic manufacturers are experiencing financial strain, with pre-tax profits declining and some companies entering a state of severe losses, which increased by 7.05% in 2024 compared to 2023 [6]. - The labor productivity has decreased by 27.41%, and the inventory levels have risen by 21.39% from 2022 to 2024, indicating operational challenges [6]. Group 5: Reactions from U.S. Companies - Following the announcement of the investigation, stock prices of major U.S. analog chip companies fell, with TI down 3.1%, Onsemi down 2%, and ADI down 3% on September 15 [8][10]. - TI, being a major player in the analog chip market, is particularly vulnerable as approximately 20% of its revenue comes from customers based in China, which could face increased costs if trade measures are implemented [10]. Group 6: Opportunities for Domestic Firms - The anti-dumping investigation presents a unique opportunity for domestic analog chip manufacturers to capture market share, especially in the context of growing demand in sectors like electric vehicles and industrial control [12][14]. - Companies like 圣邦股份 (Sankang Micro), 纳芯微 (Naxin Micro), and 思瑞浦 (Sirius) have shown significant revenue growth and are well-positioned to benefit from potential shifts in the market dynamics [16][17][18].

Core Viewpoint - The Chinese Ministry of Commerce has initiated an anti-dumping investigation against imported analog chips from the United States, which has led to a surge in stock prices for domestic analog chip companies [2][3][4]. Group 1: Anti-Dumping Investigation Details - The investigation targets analog chips using 40nm and above process technology, specifically general interface chips and gate driver chips from major US companies including Texas Instruments, Analog Devices, Broadcom, and ON Semiconductor [2][4]. - The application for the investigation was submitted by the Jiangsu Semiconductor Industry Association, citing a 37% increase in import volume and a 52% decrease in import prices from 2022 to 2024, which harmed domestic sales [3][4]. - The investigation period for dumping is set from January 1, 2024, to December 31, 2024, while the period for assessing industry damage is from January 1, 2022, to December 31, 2024 [4]. Group 2: Market Impact and Reactions - Following the announcement, domestic analog chip stocks saw significant gains, with leading companies like Shengbang Co. and Shanghai Beiling hitting their daily price limits [3][4]. - Market observers note that the investigation reflects both the impact of dumping on domestic industries and the growing supply capabilities of local companies [3][4]. - The anti-dumping measures are expected to create a fairer market environment for domestic chips and may accelerate the replacement of imported products [6][7]. Group 3: Industry Context and Trends - China is the largest market for analog chips, with a market size exceeding $28 billion, accounting for about one-third of the global market [5]. - The analog chip sector has been experiencing a price war due to low-priced imports, which has pressured domestic manufacturers [5][6]. - The domestic analog chip industry has seen significant growth, with many companies reporting substantial increases in revenue and profit margins in recent quarters [9][10]. Group 4: Future Outlook - If the investigation confirms substantial dumping, high anti-dumping duties may be imposed on US imports, potentially benefiting domestic manufacturers [7][8]. - The domestic analog chip market is expected to continue evolving, with companies focusing on expanding product lines and improving performance to compete effectively [10][11].

Group 1 - The stock price of Naxin Micro has declined by 2.94% on September 19, reaching 181.50 CNY per share, with a trading volume of 724 million CNY and a turnover rate of 2.75%, resulting in a total market capitalization of 25.869 billion CNY. The stock has experienced a cumulative decline of 7.29% over the past three days [1] - Naxin Micro, established on May 17, 2013, and listed on April 22, 2022, is located in Suzhou Industrial Park, Jiangsu Province. The company focuses on the research and sales of high-performance and high-reliability analog integrated circuits. Its main business revenue composition includes signal chain products (38.45%), power management products (34.09%), sensor products (27.11%), and others (0.35%) [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Shenwan Hongyuan holds Naxin Micro as a significant investment. The Shenwan Hongyuan SSE G60 Strategic Emerging Industries ETF (510770) held 2,488 shares in the second quarter, accounting for 2.54% of the fund's net value, ranking as the tenth largest heavy stock. The estimated floating loss today is approximately 13,700 CNY, with a total floating loss of 35,500 CNY during the three-day decline [2] - The Shenwan Hongyuan SSE G60 Strategic Emerging Industries ETF (510770) was established on September 16, 2021, with a latest scale of 17.0612 million CNY. Year-to-date returns are 31.53%, ranking 1542 out of 4222 in its category; the one-year return is 78%, ranking 1084 out of 3805; and since inception, it has a loss of 26.7% [2] - The fund manager of Shenwan Hongyuan SSE G60 Strategic Emerging Industries ETF (510770) is Wang Yunjie, who has been in the position for 5 years and 61 days. The total asset scale of the fund is 3.558 billion CNY, with the best fund return during his tenure being 48.01% and the worst being -33.62% [2]

Group 1 - The core viewpoint of the news is that Naxin Microelectronics has experienced a decline in stock price, with a 2.94% drop on September 19, bringing the share price to 181.50 yuan, and a total market capitalization of 25.869 billion yuan [1] - Naxin Microelectronics has seen a cumulative decline of 7.29% over the past three days, indicating a negative trend in its stock performance [1] - The company specializes in the research and sales of high-performance, high-reliability analog integrated circuits, with its main business revenue composition being 38.45% from signal chain products, 34.09% from power management products, and 27.11% from sensor products [1] Group 2 - From the perspective of fund holdings, Changcheng Fund has a significant position in Naxin Microelectronics, with its fund holding 9,234 shares, representing 1.96% of the fund's net value, making it the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 50,700 yuan today, with a total floating loss of 131,900 yuan during the three-day decline [2] - The fund manager, Lei Jun, has a tenure of 10 years and 274 days, with the fund's total asset scale at 3.443 billion yuan, achieving a best return of 169.76% and a worst return of -89.53% during his management [2]

Core Viewpoint - The SENSOR CHINA 2025 exhibition will take place from September 24 to 26, showcasing the advancements in the sensor industry over the past decade and focusing on technology iteration and market explosion [13][24]. Event Details - The exhibition will cover an area of 30,000 square meters and feature over 600 sensor-related enterprises, with 8 major display zones and more than 30 high-profile concurrent events [1][13]. - The event will gather over 500 industry leaders to discuss growth trends and innovations in the sensor industry [1][18]. Registration and Attendance - Pre-registration for attendees is currently ongoing, allowing for easy access to entry tickets and conference passes [3][7]. - Attendees can exchange their pre-registration QR codes for visitor badges at the venue [7][8]. Exhibition Highlights - The exhibition will feature a variety of concurrent forums and activities, including discussions on sensor technology applications in smart manufacturing, smart driving, and environmental monitoring [18][20]. - A total of 30+ forums will be held, with participation from over 500 industry experts, academicians, and leaders [18][20]. Special Features - The event will include the finals of the International Smart Sensor Innovation Competition, showcasing 30 outstanding projects that have advanced through rigorous selection [25]. - Eight specialized exhibition zones will be set up, covering various aspects of the sensor industry, from robotics to smart healthcare [25]. Logistics and Amenities - The venue is located in Shanghai, with convenient access from major transportation hubs, including airports and train stations [30]. - Attendees can enjoy a variety of dining options nearby, with a range of cuisines available [30]. Future Events - The next SENSOR CHINA Expo & Conference is scheduled for September 16-18, 2026, at the same venue [34].

Core Viewpoint - Naxin Microelectronics has experienced fluctuations in stock price and trading volume, with a notable increase in revenue and a significant rise in stockholder numbers since its establishment [1][2]. Group 1: Stock Performance - On September 19, Naxin Micro's stock fell by 2.02%, trading at 183.22 CNY per share with a total transaction volume of 320 million CNY and a market capitalization of 26.114 billion CNY [1]. - Year-to-date, Naxin Micro's stock price has increased by 40.61%, with a 4.69% rise over the last five trading days, a 3.82% decline over the last 20 days, and a 4.40% increase over the last 60 days [1]. - The company has appeared on the trading leaderboard twice this year, with the most recent instance on April 11, where it recorded a net buy of -80.32 million CNY [1]. Group 2: Company Overview - Naxin Microelectronics, established on May 17, 2013, and listed on April 22, 2022, focuses on the research and sales of high-performance, high-reliability analog integrated circuits [2]. - The company's revenue composition includes signal chain products (38.45%), power management products (34.09%), sensor products (27.11%), and other products (0.35%) [2]. - As of June 30, the number of shareholders increased to 8,026, with an average of 17,758 circulating shares per person, reflecting a 45.09% increase [2]. Group 3: Financial Performance - For the first half of 2025, Naxin Micro reported a revenue of 1.524 billion CNY, representing a year-on-year growth of 79.49%, while the net profit attributable to shareholders was -78.01 million CNY, a 70.59% increase year-on-year [2]. - Since its A-share listing, Naxin Micro has distributed a total of 162 million CNY in dividends, with 80.85 million CNY distributed over the past three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, Xingshan He Run Mixed A holds 3.5334 million shares, a decrease of 48,000 shares from the previous period [3]. - Other notable changes include an increase of 127.98 thousand shares for Galaxy Innovation Mixed A and a decrease of 65.95 thousand shares for Xingshan Business Model Mixed (LOF) A [3].

Group 1 - The stock price of Naxin Micro increased by 2.07% on September 18, reaching 192.28 CNY per share, with a trading volume of 273 million CNY and a turnover rate of 1.01%, resulting in a total market capitalization of 27.405 billion CNY [1] - Year-to-date, Naxin Micro's stock price has risen by 47.57%, with a 6.45% increase over the last five trading days, 7.91% over the last 20 days, and 7.87% over the last 60 days [1] - Naxin Micro has appeared on the trading leaderboard twice this year, with the most recent occurrence on April 11, where the net buying on the leaderboard was -80.32 million CNY [1] Group 2 - Naxin Micro, established on May 17, 2013, and listed on April 22, 2022, focuses on the research and sales of high-performance, high-reliability analog integrated circuits [2] - The company's main business revenue composition includes signal chain products (38.45%), power management products (34.09%), sensor products (27.11%), and others (0.35%) [2] - As of June 30, the number of shareholders of Naxin Micro was 8,026, an increase of 5.25% from the previous period, with an average of 17,758 circulating shares per person, up by 45.09% [2] Group 3 - Naxin Micro has distributed a total of 162 million CNY in dividends since its A-share listing, with 80.85 million CNY distributed over the past three years [3] - As of June 30, 2025, among the top ten circulating shareholders, Xingshan He Run Mixed A (163406) held 3.5334 million shares, a decrease of 48,000 shares from the previous period [3] - Other notable changes in holdings include an increase of 127,980 shares for Galaxy Innovation Mixed A (519674) and a decrease of 65,950 shares for Xingshan Business Model Mixed (LOF) A (163415) [3]

Group 1 - China has initiated anti-dumping investigations against American-made analog chips and anti-discrimination investigations related to integrated circuits on the same day, marking a significant counteraction in the ongoing chip war with the U.S. [1][2] - The U.S. Department of Commerce recently added 32 entities to its export control "entity list," with 23 of them located in China and many involved in the chip business, which may have triggered China's response [2][3] - The ongoing trade talks between China and the U.S. in Spain may be influenced by these actions, suggesting a strategy of "fighting while negotiating" [3][4] Group 2 - Nvidia has been found in violation of antitrust laws by China's State Administration for Market Regulation (SAMR), which has decided to conduct further investigations [8][10] - The investigation relates to Nvidia's acquisition of Mellanox Technologies in 2019, which was approved under certain conditions to prevent anti-competitive practices [12][15] - Nvidia's current supply of H20 chips to China is significantly limited in performance compared to its H200 chips, raising concerns about compliance with fair trade practices [18][17] Group 3 - The anti-dumping investigation targets analog chips produced by U.S. companies, with the investigation period set from January 1, 2024, to December 31, 2024 [31][32] - The application for the investigation cites that U.S. companies have significantly increased their product imports to China while simultaneously lowering prices, adversely affecting domestic producers [36][39] - If the anti-dumping investigation is upheld, it could lead to substantial penalties for major U.S. chip companies, potentially impacting their revenues in China, which exceed $10 billion collectively [41] Group 4 - The Chinese government is also conducting an anti-discrimination investigation against U.S. measures that restrict high-end chips while allowing low-end chips to flood the market, which are seen as discriminatory trade practices [44][45] - The outcome of these investigations could lead to increased tariffs or restrictions on U.S. products if found to be unfair [45][46] - The ongoing investigations and trade tensions highlight the complex dynamics of the U.S.-China trade relationship, particularly in the semiconductor sector [46][47]

Core Viewpoint - The A-share simulation chip sector experienced a significant surge following the announcement of an anti-dumping investigation by China's Ministry of Commerce against imported simulation chips from the United States, which is expected to alleviate pricing pressures and enhance profitability for domestic manufacturers [1][6]. Group 1: Market Dynamics - The anti-dumping investigation targets general interface chips and gate driver chips, which are crucial components in various electronic devices [6]. - The U.S. accounts for over 50% of the global production capacity of related simulation chips, with major manufacturers including Texas Instruments, ADI, Broadcom, and ON Semiconductor [6]. - The price of the investigated products has reportedly decreased significantly, with dumping margins exceeding 300%, capturing an average market share of 41% in China [6][7]. Group 2: Financial Performance - In the first half of 2025, the A-share simulation chip design sector achieved revenue of 24.405 billion yuan, a year-on-year increase of 13.12%, and a net profit of 502 million yuan, reflecting a substantial growth of 280.49% [2]. - Despite the overall profitability improvement, leading domestic simulation chip companies like Naxin Micro faced significant losses in 2023 and 2024, with net losses of 305 million yuan and 403 million yuan, respectively [2]. Group 3: Industry Trends - The simulation chip industry entered a downward cycle starting from Q4 2022, facing challenges such as high inventory and weak demand, but is expected to transition into an upward cycle beginning Q1 2025 as inventory levels normalize [2]. - The gross margin for the simulation chip design sector in the first half of 2025 was 35.34%, a slight decline of 0.51 percentage points year-on-year, while the net margin improved to 1.91%, an increase of 1.34 percentage points [3]. Group 4: Competitive Landscape - The ongoing price war initiated by overseas manufacturers has significantly pressured the simulation chip sector, particularly in automotive, industrial, and communication fields [4]. - Texas Instruments announced a new round of price increases, indicating a shift in its competitive strategy, which may lead downstream customers to seek alternatives, thereby creating new opportunities for domestic chip companies [5]. - The anti-dumping investigation is anticipated to liberate domestic manufacturers from competitive pressures, potentially leading to a market expansion of 3.3 to 13.4 times for general interface chips and 1.6 to 8.8 times for gate driver chips in China [7].