Group 1 - The core viewpoint of the news highlights the strong performance of the Southern Science and Technology Chip ETF (588890), which saw a nearly 2% increase during early trading on July 29, 2025, with a turnover of 5.5% and a transaction volume of 32.32 million yuan [1] - The underlying index, the Shanghai Science and Technology Chip Index (000685), rose by 1.57%, with significant gains in constituent stocks such as Dongxin Co., Ltd. (688110) up 20.01%, Fudan Microelectronics (688385) up 9.26%, and Naxin Microelectronics (688052) up 7.92% [1] - Over the past year, the Southern Science and Technology Chip ETF (588890) has seen an increase in scale by 534 million yuan, with a notable growth of 3 million shares in the last two weeks [1] Group 2 - On July 28, the Shanghai Municipal Economic and Information Commission released measures to further expand the application of artificial intelligence, emphasizing support for key technological innovations in areas such as intelligent chips and brain-computer interfaces, with funding support of up to 50% for strategic projects [2] - According to China International Capital Corporation (CICC), the semiconductor industry is experiencing high demand, with rapid growth in the shipment of existing applications and the emergence of new applications, benefiting leading companies through operational leverage and rising net profit margins [2] - The Southern Science and Technology Chip ETF (588890) closely tracks the Shanghai Science and Technology Chip Index, which includes companies involved in semiconductor materials, chip design, manufacturing, packaging, and testing, reflecting the overall performance of representative chip industry listed companies [3]

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 4.64% during trading, with a transaction volume of 1.545 billion yuan [3] - As of July 28, the average daily transaction volume of the Sci-Tech Chip ETF over the past week is 2.67 billion yuan, ranking first among comparable funds [3] - The latest scale of the Sci-Tech Chip ETF reached 32.8 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's shares increased by 20.4 million over the past week, achieving significant growth and ranking first among comparable funds [3] - The latest net inflow of funds into the Sci-Tech Chip ETF is 653 million yuan [3] Group 2: Performance Metrics - As of July 28, the net value of the Sci-Tech Chip ETF has increased by 67.13% over the past year, ranking first among comparable funds and placing it in the top 5.55% of index stock funds [3] - The highest monthly return since the ETF's inception is 25.18%, with the longest consecutive monthly increase being 4 months and the longest increase percentage being 36.01% [3] - The average return during the months of increase is 8.40% [3] Group 3: Semiconductor Industry Insights - According to SEMI, global semiconductor equipment sales are projected to reach a record 125.5 billion USD in 2025, with a year-on-year growth of 7.4%, and expected to reach 138.1 billion USD in 2026, marking three consecutive years of growth [4] - Domestic semiconductor equipment localization is progressing rapidly in etching and thin film deposition, with a localization rate exceeding 20% [4] - AI-driven growth combined with domestic localization is expected to lead to rapid expansion in domestic wafer and storage factories [4] Group 4: Key Stocks in the Sci-Tech Chip Index - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [4] - The individual weightings of these stocks range from 10.22% for SMIC to 2.39% for Huahai Qingke [6] Group 5: Investment Opportunities - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [6]

特此公告。 证券代码：688110 证券简称：东芯股份 公告编号：2025-035 东芯半导体股份有限公司 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。 东芯半导体股份有限公司（以下简称"公司"）于近日收到国泰海通证券股 份有限公司（以下简称"国泰海通"）出具的《关于更换东芯半导体股份有限公 司持续督导保荐代表人的函》。作为公司首次公开发行并在科创板上市的保荐机 构，国泰海通原指定张坤先生、陈城先生为公司首次公开发行并在科创板上市项 目保荐代表人，负责保荐工作及持续督导工作，持续督导期至2024年12月31日止， 因公司募集资金尚未使用完毕，国泰海通对此未尽事项继续履行持续督导义务。 由于原保荐代表人张坤先生因个人工作变动，无法继续从事对公司的持续督 导工作，国泰海通现委派保荐代表人程韬先生接替张坤先生继续履行持续督导工 作。本次保荐代表人变更后，公司首次公开发行并在科创板上市项目持续督导保 荐代表人为陈城先生、程韬先生，持续督导期限至中国证券监督管理委员会和上 海证券交易所规定的持续督导义务结束为止。 公司董事会对保荐 ...

2025 年 7 月 24 日 1 证券代码：688110 证券简称：东芯股份 公告编号：2025-035 东芯半导体股份有限公司 关于变更持续督导保荐代表人的公告 东芯半导体股份有限公司（以下简称"公司"）于近日收到国泰海通证券股 份有限公司（以下简称"国泰海通"）出具的《关于更换东芯半导体股份有限公 司持续督导保荐代表人的函》。作为公司首次公开发行并在科创板上市的保荐机 构，国泰海通原指定张坤先生、陈城先生为公司首次公开发行并在科创板上市项 目保荐代表人，负责保荐工作及持续督导工作，持续督导期至2024年12月31日止， 因公司募集资金尚未使用完毕，国泰海通对此未尽事项继续履行持续督导义务。 由于原保荐代表人张坤先生因个人工作变动，无法继续从事对公司的持续督 导工作，国泰海通现委派保荐代表人程韬先生接替张坤先生继续履行持续督导工 作。本次保荐代表人变更后，公司首次公开发行并在科创板上市项目持续督导保 荐代表人为陈城先生、程韬先生，持续督导期限至中国证券监督管理委员会和上 海证券交易所规定的持续督导义务结束为止。 公司董事会对保荐代表人张坤先生在公司持续督导期间所做出的杰出贡献 表示衷心感谢！ 特此公告。 ...

Core Viewpoint - Dongxin Co., Ltd. has shown a significant stock price increase of 42.57% year-to-date, but faces serious operational challenges with consecutive net losses projected for 2023 and 2024, raising concerns about its financial health [1][3]. Financial Performance - The company reported a net profit decline starting in 2022, with a projected loss of 0.59 billion yuan in Q1 2025 [1]. - As of July 22, 2023, the company's A-share market capitalization stood at 15.7 billion yuan [1]. Inventory Issues - Dongxin's inventory balance reached 1.121 billion yuan at the end of 2024, accounting for 161.87% of operating costs and 34.16% of current assets [3]. - The company reported a decrease in inventory impairment provision by 33% year-on-year, raising concerns about the adequacy of provisions given the high inventory levels [3]. Gross Margin Fluctuations - The overall gross margin for 2024 was 13.99%, an increase of 2.42 percentage points year-on-year, but product-specific margins varied significantly [6]. - NAND and NOR product margins increased by 8.25 and 6.89 percentage points respectively, while DRAM margins decreased by 7.01 percentage points [6]. Accounts Receivable Concerns - Accounts receivable surged to 159 million yuan at the end of 2024, a year-on-year increase of 67.86%, significantly outpacing revenue growth of 20.8% [6]. - The company reported a 121.59% increase in accounts receivable from direct sales customers, with only a slight increase in bad debt provisions, raising questions about credit policies [6]. Transparency of Overseas Assets - The company has overseas assets valued at 552 million yuan, constituting 15.64% of total assets, but lacks detailed disclosure on their distribution and usage [7]. - There are discrepancies noted by auditors regarding export revenue and VAT declarations, indicating potential risks in revenue recognition [7].

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 1.3% and a transaction volume of 410 million yuan [3] - As of July 21, the ETF's latest scale reached 31.565 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count is 20.644 billion shares, also a six-month high and leading among comparable funds [3] - Over the past 10 days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 3.097 billion yuan [3] - The leveraged funds are actively investing, with a net financing amount of 23.377 million yuan this month and a latest financing balance of 1.855 billion yuan [3] - The ETF's net value has increased by 28.75% over the past two years, ranking 271 out of 2237 index equity funds, placing it in the top 12.11% [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being 4 months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Insights - Meta's founder Mark Zuckerberg announced plans for Meta to become the first to invest in a 1GW computing power supercluster laboratory, with expansion plans to 5GW in the coming years [4] - NVIDIA's CEO Jensen Huang announced two significant developments during his visit to China: approval for H20 chip sales to China and the launch of a custom RTX PRO GPU for the Chinese market [4] - Tianfeng Securities projects optimistic growth for the global semiconductor industry through 2025, driven by AI and ongoing domestic substitution efforts [4] - The second quarter showed strong performance forecasts across various semiconductor segments, with expectations for a robust third quarter [4] - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.76% of the index [4]

Core Viewpoint - The announcement details the results of the stock vesting from the 2023 and 2024 restricted stock incentive plans, including the number of shares vested and the source of these shares [1][2]. Group 1: Stock Vesting Details - The total number of shares vested in this announcement is 1.21536 million shares, with 599,520 shares from the second vesting period of the 2023 plan and 615,840 shares from the first vesting period of the 2024 plan [1][2]. - The shares for this vesting were sourced from the company's repurchase of its own A-share common stock from the secondary market [1][12]. Group 2: Decision-Making Process - The decision-making process for the stock vesting involved multiple meetings of the board and supervisory committee, with independent directors providing their consent [2][3][5]. - The company conducted internal public announcements regarding the list of incentive recipients, with no objections raised during the public comment period [4][6]. Group 3: Stock Vesting Conditions - The vesting conditions include restrictions on the transfer of shares held by directors and senior management, limiting transfers to no more than 25% of their total holdings and imposing a six-month restriction post-employment [12][13]. - The total number of individuals receiving shares in this vesting is 78 for the 2023 plan and 106 for the 2024 plan [10][12]. Group 4: Financial Verification - The verification of the funding for the stock incentive plans was conducted by a certified public accountant, confirming a total monetary contribution of approximately RMB 13.11 million from the incentive recipients [13][14].

证券代码：688110 证券简称：东芯股份 公告编号：2025-034 东芯半导体股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第二 个归属期部分归属结果、2024 年限制性股票激励计划 首次授予部分第一个归属期部分归属结果的公告 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。 重要内容提示 本次归属股票数量：121.536 万股。其中，2023 年限制性股票激励计划 首次授予部分第二个归属期第一批次归属 59.952 万股；2024 年限制性股票激励 计划首次授予部分第一个归属期第一批次归属 61.584 万股。 本次归属股票来源：公司从二级市场回购的本公司 A 股普通股股票。 （4）2023 年 5 月 9 日，公司召开 2022 年年度股东大会，审议通过了《关于 <公司 2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于<公司 2023 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股东大会授权 董事会办理公司 2023 年限制性股票激励计划有关事项的议案》。同时，公司就 内幕 ...

Core Viewpoint - The recent price increase in DDR4 and LPDDR4x memory is primarily driven by supply constraints due to major manufacturers exiting the DDR4 market to focus on higher-margin products like DDR5 and HBM [1][3][4]. Group 1: Price Trends - DDR4 prices have surged significantly, with the price of 8GB DDR4 3200MHz modules rising from $1.63 at the beginning of the year to $5.1, an increase of over 200% [2]. - The price of 16GB DDR4 3200MHz modules has exceeded $12.8, reflecting a 260% increase since the start of the year [2]. - As of July 5, the average price for DDR4 16Gb (1Gx16) reached $16, making it 2.6 times more expensive than DDR5, marking the largest generational price gap in DRAM history [1]. Group 2: Supply Dynamics - Major manufacturers like Samsung, SK Hynix, and Micron have announced strategic exits from DDR4 production, with plans to cease production by early 2026 [1][3]. - The exit of these suppliers has led to a tightening of supply, causing prices to rise as downstream customers rush to stock up [3][4]. - Despite concerns over rising prices, manufacturers continue to procure memory due to inventory considerations, further driving up prices [3]. Group 3: Market Outlook - The current round of production halts is mainly focused on consumer-grade products, while supply for automotive, industrial, and network communication sectors will be maintained [4]. - Analysts predict that DDR4 prices may peak and then decline in the fourth quarter as suppliers begin to release inventory [4]. - Domestic manufacturers are expanding DDR4 production to fill the supply gap left by international firms, with companies like Dongxin and Beijing Junzheng optimizing their production lines [6][7]. Group 4: Industry Sentiment - The overall sentiment in the storage industry is positive, with expectations of improved demand in sectors like network communication and consumer electronics in the second half of the year [7].

Core Viewpoint - Dongxin Semiconductor Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, addressing concerns about inventory levels, gross margin fluctuations, and accounts receivable increases. Inventory - As of the end of 2024, the company's inventory balance was 1.121 billion yuan, an increase of 2.09% compared to the previous year, with a significant portion consisting of raw materials and finished goods [3][5][6] - The inventory value accounted for 161.87% of the annual operating costs and 34.16% of current assets, indicating a high proportion [1][2] - The company has a strategy to manage inventory based on market demand and production cycles, with a focus on maintaining timely delivery to customers [5][7] - The inventory composition includes raw materials (851.70 million yuan), commissioned processing materials (100.19 million yuan), and finished goods (158.22 million yuan) [6][7] Gross Margin - The overall gross margin for 2024 was 13.99%, an increase of 2.42 percentage points year-on-year, with NAND product gross margin rising by 8.25% to 11.58% [1][16] - NOR product gross margin increased by 6.89% to 23.77%, while DRAM product gross margin decreased by 7.01% to 26.63% [1][16] - The fluctuations in gross margin are attributed to varying demand in different application areas, sales strategies, and regional market conditions [16][17] Accounts Receivable - The accounts receivable balance at the end of 2024 was 159 million yuan, a significant increase of 67.86% compared to the previous year, outpacing the revenue growth rate of 20.80% [2][3] - The majority of accounts receivable were aged 0-3 months, indicating a relatively short collection period [2][3] Market Comparison - The company's inventory growth aligns with industry trends, with comparable companies showing different growth rates in inventory and business scale [5][10] - Dongxin's inventory management and gross margin strategies are consistent with industry practices, although its gross margin remains lower than some peers due to differences in business scale and product types [16][20]