Core Insights - The semiconductor industry is experiencing a significant demand increase driven by generative AI applications, leading to accelerated capacity expansion among global wafer manufacturers, with a projected 7% CAGR from 2024 to 2028, reaching 11.1 million wafers per month [6][7] - The global semiconductor sales in May 2025 reached $58.98 billion, marking a year-on-year growth of 19.8%, with China contributing $17.08 billion, a 13.0% increase [5][45] - Storage prices are on the rise, with DRAM and NAND Flash contract prices increasing, indicating a recovery trend in the storage sector [5][53] Industry Performance - The SW semiconductor index rose by 5.96% in June 2025, underperforming the electronic industry by 2.90 percentage points but outperforming the CSI 300 index by 3.46 percentage points [3][14] - The semiconductor sub-sectors showed varied performance, with integrated circuit packaging and testing (+9.24%) and discrete devices (+8.18%) leading the gains, while analog chip design (+3.88%) and semiconductor materials (+5.43%) lagged [3][14] Investment Strategy - The report recommends focusing on semiconductor manufacturing companies such as SMIC, Hua Hong Semiconductor, and Changdian Technology, as well as AI-related SoC companies like Aojie Technology and Lattice Semiconductor, due to the anticipated growth in AI-driven demand [6][7] - The storage sector is expected to benefit from increased capital expenditures from domestic cloud computing and internet companies, with a recommendation to pay attention to companies like Demingli and Jiangbolong [6][7] Company Analysis - Key companies in the semiconductor sector have been highlighted with their projected earnings and investment ratings, including Demingli, Shengbang Technology, and SMIC, with respective PE ratios indicating varying levels of valuation [8][25] - The top five semiconductor heavyweights in 1Q25 accounted for 52.8% of the total holdings, with a notable shift in the top positions, indicating changing market dynamics [42][44]

Group 1 - The stock of Jiehuate (688141.SH) closed at 29.78 yuan, down 3.84%, with a total market capitalization of 13.308 billion yuan, currently in a state of breaking issue [1] - Jiehuate was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 23, 2022, with an initial public offering (IPO) of 58.08 million shares at a price of 38.26 yuan per share [1] - The total amount raised from the IPO was 222.21408 million yuan, with a net amount of 205.46849 million yuan, exceeding the originally planned fundraising by 48.37376 million yuan [1] Group 2 - The company submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange on May 31, 2025, and published the application materials on the same day [2] - The application is for issuing shares in the overseas market (H-shares) and listing on the main board of the Hong Kong Stock Exchange [2]

Group 1 - The company held its 11th meeting of the 2nd Supervisory Board on July 3, 2025, with all three supervisors present, complying with relevant laws and regulations [1][2] - The Supervisory Board approved the proposal regarding the company's equity fund's external investment and related transactions, affirming that the transactions were based on equal negotiation and did not harm the interests of the company or its shareholders [1][2] - The Supervisory Board also approved the proposal to temporarily use part of the idle raised funds to supplement working capital, confirming compliance with relevant regulations and that it did not change the purpose of the raised funds [2]

中信证券股份有限公司 关于杰华特微电子股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为杰华 特微电子股份有限公司（以下简称"公司"、"杰华特"或"发行人"）首次公 开发行股票并在科创板上市的保荐机构。根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》《科创板上市公司持续监管办法（试行）》及《上 市公司募集资金监管规则》等有关规定，对公司使用部分闲置募集资金暂时补充 流动资金的事项进行了核查，核查情况如下： 一、前次用于暂时补充流动资金的闲置募集资金的具体情况 公司于 2024 年 11 月 28 日分别召开了第二届董事会第五次会议和第二届监 事会第五次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的 议案》，同意公司在保证不影响募集资金投资计划正常进行以及确保资金安全的 前提下，使用不超过人民币 25,000.00 万元（含本数）的闲置募集资金暂时补充 流动资金，使用期限自公司第二届董事会第五次会议审议通过之日起不超过 12 个月。 ...

中信证券股份有限公司 关于杰华特微电子股份有限公司参股基金对外投资暨关联交易 的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为杰华 特微电子股份有限公司（以下简称"公司"、"杰华特"或"发行人"）首次公 开发行股票并在科创板上市的保荐机构。根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》《科创板上市公司持续监管办法（试行）》及《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，就公 司参股基金厦门汇杰私募股权投资基金合伙企业（有限合伙）（以下简称"汇杰 私募"）拟对公司控股子公司无锡市宜欣科技有限公司（以下简称"无锡宜欣"、 "标的公司"或"目标公司"）进行投资的事项进行了核查，核查情况如下： 一、关联交易概述 （一）公司参股基金基本情况 2025 年 3 月，公司与厦门火炬集团创业投资有限公司、厦门汇佳聚才企业 管理合伙企业（有限合伙）以及其他合伙人共同投资设立了汇杰私募，公司作为 有限合伙人认缴出资额为人民币 12,500 万元，占出资比例为 50.00%。汇杰私 ...

证券代码：688141 证券简称：杰华特 公告编号：2025-037 杰华特微电子股份有限公司 关于公司参股基金对外投资暨关联交易的公告 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： 杰华特微电子股份有限公司（以下简称"公司"）参股基金厦门汇杰私 募股权投资基金合伙企业（有限合伙）（以下简称"汇杰私募"）拟以货币出资 5,000 万元对公司控股子公司无锡市宜欣科技有限公司（以下简称"无锡宜欣"、 "标的公司"或"目标公司"）进行增资，占无锡宜欣增资后股权比例的 12.8205%。 本次增资事项完成后，公司直接持有无锡宜欣的持股比例为 46.1538%。同时， 公司拥有无锡宜欣 3 名董事席位中的 2 名，对无锡宜欣拥有重大事项决策权、影 响管理层的任免，拥有对无锡宜欣的控制权，因此，本次增资事项不会导致公司 合并报表范围发生变化。 本次放弃优先增资权事项涉及关联交易，但不构成《上市公司重大资产 重组管理办法》规定的重大资产重组。本次交易实施不存在重大法律障碍。 本次事项已经公司第二届董事会第十二次会议、第 ...

证券代码：688141 证券简称：杰华特 公告编号：2025-038 杰华特微电子股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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： 杰华特微电子股份有限公司（以下简称"公司"）于 2025 年 7 月 3 日分别 召开了第二届董事会第十二次会议和第二届监事会第十一次会议，审议通过了 《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在保证不影 响募集资金投资计划正常进行以及确保资金安全的前提下，使用不超过人民币 30,000.00 万元（含本数）的闲置募集资金（含超募资金）暂时补充流动资金， 使用期限自公司董事会审议通过之日起不超过 12 个月。公司监事会及保荐机构 对上述事项发表了明确的同意意见。 一、前次用于暂时补充流动资金的闲置募集资金的具体情况 公司于 2024 年 11 月 28 日分别召开了第二届董事会第五次会议和第二届监 事会第五次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的 议案》，同意公司在保证不影响募集 ...

证券代码：688141 证券简称：杰华特 公告编号：2025-039 杰华特微电子股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证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： 网络投票起止时间：自2025 年 7 月 21 日 至2025 年 7 月 21 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年7月21日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 召开日期时间：2025 年 7 月 21 日 15 点 30 分 召开地点：浙江省杭州市西湖区华星路 99 号 9 楼西 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 东大会召开当日 ...

证券代码：688141 证券简称：杰华特 公告编号：2025-036 杰华特微电子股份有限公司 第二届监事会第十一次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 杰华特微电子股份有限公司（以下简称"公司"）于2025年7月3日以现场 会议方式召开第二届监事会第十一次会议（以下简称"本次会议"）。根据《杰 华特微电子股份有限公司章程》的规定，本次会议通知已于2025年6月27日以 书面通知方式送达。本次会议由公司监事会主席刘国强先生召集和主持，应参 会监事3名，实际参会监事3名。本次会议的召集、召开和表决情况符合《中华 人民共和国公司法》及有关法律法规的规定。 二、监事会会议审议情况 全体监事对本次监事会会议议案进行了审议，经表决形成如下决议： （一）审议通过了《关于公司参股基金对外投资暨关联交易的议案》 监事会认为公司参股基金对外投资暨关联交易的事项是建立在各方平等协 商的基础上，交易遵循了公平、公正、自愿的原则，不存在损害公司及公司股东 的利益。 表决结果：3票同意、0票反对、0票 ...

Investment Rating - The report maintains a "Buy" recommendation for the analog chip industry, indicating a positive outlook for growth and investment opportunities [1]. Core Insights - The analog chip industry is experiencing a recovery in demand, driven by the end of inventory destocking and a resurgence in applications across automotive, industrial automation, and data centers. The market is expected to grow by 6.7% year-on-year in 2025, reaching a size of $84.34 billion [4][6]. - The industry is characterized by high technical barriers and a wide range of applications, with a significant portion of the market still dominated by overseas companies. However, domestic companies are expected to benefit from accelerated localization efforts and mergers and acquisitions [5][6]. - The report highlights the importance of mergers and acquisitions as a key strategy for growth in the analog chip sector, with domestic firms entering a phase of platform integration to enhance competitiveness [6][7]. Summary by Sections Section 1: Overview of the Analog Chip Industry - Analog chips serve as a bridge between the physical and digital worlds, featuring a long product lifecycle and high customization [11]. - The global analog chip market share has remained stable at around 19% of the integrated circuit market, with a projected market size of approximately $81.23 billion in 2023 [11][19]. Section 2: Demand Recovery and Growth Potential - The analog chip market is expected to recover from a downturn, with a projected growth of 6.7% in 2025, driven by structural demand from sectors like automotive and industrial automation [6][39]. - The report identifies key growth drivers, including the increasing penetration of electric vehicles and advancements in AI applications, which are expected to boost demand for high-performance analog chips [6][61]. Section 3: Domestic Replacement and Market Opportunities - The report notes that the domestic market is still largely dominated by foreign companies, but there is significant room for domestic firms to increase their market share through localization and innovation [6][39]. - The domestic analog chip self-sufficiency rate is projected to rise from 9% in 2019 to over 16% by 2024, indicating a positive trend towards local production [6][38]. Section 4: Key Investment Targets - The report suggests focusing on specific companies such as Naxin Microelectronics, Shengbang Co., Si Rui Pu, and Jiehuate, which are well-positioned to benefit from the industry's growth and localization trends [7][39].