开源证券指出，商务部于2025年1月宣布将针对国内产业的诉求依法启动调查，或打破美企"低价换份 额"策略，推动国内消费、汽车及工业等终端需求加速转向本土。叠加国内关税反制政策落地，国产化 进程有望进一步提升。模拟芯片是以成熟制程的产品为主，国内供应链相对成熟。同时，国内模拟芯片 市场目前由国际大厂主导，国产化速度相对缓慢。随着中国开始对成熟制程芯片展开反倾销调查，我国 模拟芯片国产化进程有望加速。 科创芯片ETF（588200）跟踪科创芯片指数，该指数从科创板上市公司中选取业务涉及半导体材料和设 备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本。此外，科创芯片ETF（588200） 还配备了场外联接基金（A类：017469；C类：017470）。 消息面上，据央视新闻，由中国移动承建的全国首个"四算合一"算力网络调度平台日前正式投入使 用。"四算合一"是指将通用算力、智能算力、超级算力和量子算力四种计算能力融合的算力体系。据了 解，该算力调度平台可以支持每天上亿次的算力调用，能调度全国1/6的算力规模，算网一体化效率提 升20%。平台自有智算中心的芯片国产化率超过90%，兼容8种国产AI芯片，对保 ...

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has shown a positive performance, with a 0.97% increase as of April 11, 2025, and notable gains in constituent stocks such as Chipsea Technology (688595) up 8.19% and Lanqi Technology (688008) up 5.29% [3][4]. Performance Summary - The Sci-Tech AI ETF (588790) has experienced a 0.91% increase, marking its fourth consecutive rise, with a latest price of 0.55 yuan. Over the past three months, the ETF has accumulated a 7.70% increase, ranking 2nd among comparable funds [3][4]. - The ETF's liquidity is strong, with an intra-day turnover of 4.12% and a total transaction volume of 1.08 billion yuan. The average daily transaction volume over the past week is 3.94 billion yuan, leading among comparable funds [3][4]. - In terms of scale, the ETF has seen a significant growth of 26.96 million yuan over the past two weeks, ranking 1st among comparable funds. Additionally, the ETF's share count increased by 36 million shares in the past week, also ranking 1st [3][4]. Return and Risk Metrics - Since its inception, the Sci-Tech AI ETF has achieved a highest monthly return of 15.59%, with an average monthly return of 15.59% and a monthly profit probability of 69.57%. The probability of making a profit over a three-month holding period is 87.50% [4]. - The ETF has a relative drawdown of 0.36% compared to its benchmark since inception, indicating a relatively stable performance [4]. Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in its category [4]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.010% over the past month, the best among comparable funds [4]. Top Holdings - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech AI Index account for 70.57% of the index, including Lanqi Technology (688008) and Chipsea Technology (688521) [5][7]. Industry Insights - The semiconductor and AI sectors are expected to accelerate their domestic production processes due to ongoing global trade tensions. Key areas of focus include advancements in semiconductor technology and the growth of domestic AI models [7].

关于上海安路信息科技股份有限公司 2024 年度持续督导工作现场检查报告 中国国际金融股份有限公司 上海证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意上海安 路信息科技股份有限公司首次公开发行股票注册的批复》（证监许可[2021]3093 号）同意，上海安路信息科技股份有限公司（以下简称"安路科技"或"公司"） 获准向社会公众公开发行人民币普通股（A股）股票5,010万股，并于2021年11月 12日上市。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 安路科技的保荐机构，负责对安路科技的持续督导工作。根据《证券发行上市保 荐业务管理办法》《上海证券交易所上市公司自律监管指引第11号——持续督导》 等有关法律、法规的规定，中金公司作为正在履行安路科技持续督导工作的保荐 机构，对公司2024年1月1日至2024年12月31日期间（以下简称"本持续督导期间"） 的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构：中国国际金融股份有限公司 （二）保荐代表人：姚迅、贾义真 （三）现场检查时间：2025年1月6日- ...

证券代码：688107 证券简称：安路科技 公告编号：2025-003 上海安路信息科技股份有限公司股东 减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东的基本情况 截至本公告披露日，上海安路信息科技股份有限公司（以下简称"公司"） 股东上海安芯企业管理合伙企业(有限合伙)（以下简称"安芯合伙"）持有公司 股份 83,280,246 股，占公司总股本的 20.78%；其一致行动人之一上海安路芯半 导体技术合伙企业(有限合伙)（以下简称"安路芯合伙"）持有公司股份 3,376,312 股，占公司总股本的 0.84%；其一致行动人之一上海芯添企业管理合 伙企业(有限合伙)（以下简称"芯添合伙"）持有公司股份 4,735,227 股，占公 司总股本的 1.18%。安芯合伙、安路芯合伙和芯添合伙合计持有公司股份 91,391,785 股，占公司总股本的 22.80%。上述股份均为来源于公司首次公开发 行前持有的股份，并于 2024 年 11 月 12 日起上市流通。 股东国家集成 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][6][18]. Core Insights - The company experienced a temporary pressure on performance in 2024, with revenue declining by 6.99% year-on-year to 652 million yuan, and a net loss of 204 million yuan, which is an increase in losses by 419% year-on-year. The decline in revenue is attributed to the ongoing destocking cycle among end customers and a slower-than-expected recovery in downstream demand [1][2][4]. - Despite the challenges, the company demonstrated resilience compared to overseas competitors, with expectations for recovery in demand from sectors such as telecommunications, industrial control, and automotive in 2025. The inventory levels are gradually returning to normal, which is anticipated to improve revenue and gross margins [2][4]. - The introduction of new products, such as the PH1P from the Phoenix series, is aimed at expanding into new markets and customer segments, particularly in industrial control and automotive applications [3][4]. Summary by Sections Company Overview - The company is a leading domestic FPGA manufacturer, established in 2011, with a product range that includes FPGA chips, FPSoC, and specialized EDA software. Its products are widely used in various sectors including industrial control, network communication, consumer electronics, data centers, and smart automotive electronics [13][14]. Financial Forecast - Revenue projections for 2024 to 2026 are 652 million yuan, 818 million yuan, and 1.01 billion yuan, respectively, with year-on-year changes of -7.0%, +25.7%, and +23.4%. The net profit forecasts for the same period are -204 million yuan, -200 million yuan, and -167 million yuan [4][10][14]. - The report anticipates improvements in gross margins, with expectations of 31.0% in 2024, 38.1% in 2025, and 40.6% in 2026 [10][22]. Relative Valuation - The report compares the company with peers such as Zhaoyi Innovation, Fudan Microelectronics, and Unisoc, with a projected price-to-sales (PS) ratio of 22x for 2024, 18x for 2025, and 14x for 2026. The average PS ratio for comparable companies is noted to be around 21x for 2025 [18][19].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market [6][4][18]. Core Insights - The company experienced a temporary decline in performance in 2024, with revenue of 652 million yuan, a year-on-year decrease of 6.99%, and a net loss of 204 million yuan, which represents an expanded loss of 4.19% compared to the previous year. The decline in revenue is attributed to ongoing inventory destocking by end customers and a slower-than-expected recovery in downstream demand [1][2][4]. - Despite the challenges, the company demonstrated resilience compared to overseas competitors, with expectations for recovery in demand from sectors such as telecommunications, industrial control, and automotive in 2025. The report anticipates improvements in revenue and gross margin as inventory levels normalize and the share of the Phoenix product line increases [2][4]. - The company is actively launching new products, such as the Phoenix series high-performance PH1P, which targets various applications including embedded control and machine vision. Additionally, the company is enhancing its automotive-grade FPGA ecosystem to meet the demands of new energy and intelligent driving [3][4]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 652 million yuan, 818 million yuan, and 1.01 billion yuan, reflecting year-on-year changes of -7.0%, +25.7%, and +23.4% respectively. The net profit forecasts for the same years are -204 million yuan, -200 million yuan, and -167 million yuan [4][10][14]. - The report highlights that the company is positioned as a leading domestic FPGA provider, with an increasing market share and product adoption, particularly as downstream demand begins to recover [4][18]. Product and Market Position - The company has established itself as a leader in the domestic FPGA market, with a diverse product portfolio that includes the ELF, EAGLE, and PHOENIX series, catering to various applications in industrial control, network communication, and high-performance computing [13][14]. - The introduction of new products and enhancements to existing lines are expected to drive future growth, particularly in the automotive sector, where the company is developing high-performance FPGA devices compliant with automotive standards [3][4].

Financial Performance - In 2024, the company achieved total operating revenue of 651.82 million RMB, a decrease of 6.99% compared to the previous year[7]. - The net profit attributable to the parent company was -205.46 million RMB, with a net profit excluding non-recurring gains and losses of -240.68 million RMB[7]. - Basic earnings per share were -0.5126 RMB, reflecting a slight decrease from -0.4924 RMB in the previous year[3]. - The weighted average return on net assets was -15.45%, a decrease of 2.52 percentage points compared to the previous year[3]. - Shareholders' equity attributable to the parent company was 1,215.22 million RMB, down 15.92% from the beginning of the period[6]. Assets and Equity - The company's total assets at the end of the reporting period were 1,388.60 million RMB, a decrease of 14.81% from the beginning of the period[7]. Revenue Decline Factors - The decline in revenue was primarily due to the ongoing destocking cycle of certain end-industry clients and uneven recovery in downstream market demand[7]. Investment and Development - The company continued to invest heavily in product research and development to strengthen its core competitiveness despite the negative net profit[7]. Financial Reporting and Risks - The financial data presented is preliminary and unaudited, with final figures to be confirmed in the annual report[10]. - Investors are advised to be cautious regarding investment risks associated with the company's financial performance[10].

Revenue Projections - The estimated annual revenue for 2024 is projected to be between RMB 620 million and RMB 680 million, representing a year-on-year decrease of RMB 80.79 million to RMB 20.79 million, or a decline of 11.53% to 2.97% compared to the previous year[3]. - The previous year's revenue was RMB 700.79 million, with a net profit attributable to the parent company of RMB -197.19 million[4]. Profit Projections - The estimated net profit attributable to the parent company for 2024 is expected to be between RMB -230 million and RMB -190 million, indicating continued losses compared to the previous year[3]. - The estimated net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be between RMB -265 million and RMB -225 million[3]. Market Conditions - The decline in revenue is primarily due to the ongoing inventory destocking cycle among certain end-user industry clients and uneven recovery in downstream market demand[6]. Investment in R&D - The company continues to invest significantly in product research and development to strengthen its core competitiveness and expand its product range[6]. Financial Reporting - The financial data provided is preliminary and has not been audited by registered accountants, with the final figures to be disclosed in the audited annual report[8].

Core Viewpoint - Shanghai Weiyeda Electronics Co., Ltd. has been established with a registered capital of 11 million yuan, focusing on integrated circuit chip sales and related services [1] Company Summary - The legal representative of Shanghai Weiyeda Electronics Co., Ltd. is Wen Huawu [1] - The company is wholly owned by Anlu Technology [1] Business Scope - The business scope includes sales of integrated circuit chips and products, integrated circuit sales, integrated circuit chip design and services, software development, software sales, information system integration services, and information technology consulting services [1]

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。 上海安路信息科技股份有限公司（以下简称"公司"）于 2024 年 12 月 17 日分别召开了第二届董事会第八次会议和第二届监事会第五次会议，分别审议通 过了《关于部分募集资金投资项目调整内部投资结构的议案》，同意对两个募集 资金投资项目（以下简称"募投项目"）"新一代现场可编程阵列芯片研发及产 业化项目"、"现场可编程系统级芯片研发项目"的内部投资结构进行调整。公 司保荐机构中国国际金融股份有限公司（以下简称"保荐机构"）对本事项出具 了核查意见，该事项无需提交公司股东大会审议。现将相关情况公告如下： 一、募集资金基本情况 证券代码：688107 证券简称：安路科技 公告编号：2024-044 上海安路信息科技股份有限公司 关于部分募集资金投资项目调整内部投资结构的公告 经中国证券监督管理委员会出具的《关于同意上海安路信息科技股份有限公 司首次公开发行股票注册的批复》（证监许可[2021]3093 号）同意注册，公司 获准向社会公开发行人民币普通股 50,100,000 股 ...