Group 1 - The core point of the article is that Jiewa Microelectronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [1] Group 2 - The company is taking steps towards going public, indicating potential growth and expansion in the semiconductor industry [1] - The involvement of CITIC Securities as the exclusive sponsor suggests a strong backing and confidence in the company's market potential [1]

Investment Strategy - The report emphasizes focusing on FAB and storage manufacturers that are expanding production and the recovery cycle of analog chips [3] - Longxin plans to raise 29.5 billion yuan, while SMIC Southern will receive a total cash contribution of 7.778 billion USD from shareholders [3] - Recommended companies include SMIC, Hua Hong Semiconductor, Zhongwei Company, and others [3] Market Trends - Microchip CEO noted a broad recovery in multiple end markets, with initial orders for the new quarter significantly better than the same period last year [3] - The storage demand is driven by AI, with prices still in an upward cycle; TrendForce predicts a 55-60% increase in general DRAM contract prices for Q1 2026 [3][30] Company Performance - The semiconductor index rose by 4.47% in December 2025, underperforming the electronics sector by 0.69 percentage points but outperforming the CSI 300 index by 2.19 percentage points [8] - Notable stock performances included Micron Technology (+20.74%) and Microchip Technology (+18.92%) [10] Semiconductor Sales Data - Global semiconductor sales reached 75.28 billion USD in November 2025, marking a year-on-year increase of 29.8% [26] - China’s semiconductor sales accounted for 26.9% of the global total, with a year-on-year growth of 15% [36] Price Trends in Storage - DRAM and NAND Flash contract prices increased in November, with DRAM prices rising from 7.00 USD to 8.10 USD and NAND Flash prices from 5.19 USD to 4.35 USD [30] - Predictions indicate a 55-60% increase in general DRAM contract prices and a 33-38% increase in NAND Flash prices for Q1 2026 [30][32]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 JOULWATT TECHNOLOGY CO., LTD. 杰華特微電子股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問及包銷團成員 表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 註冊的本公司招股章程作出投資決定。招股章程副本將於發售期間向公眾發放。 (a) 本文件僅向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更 ...

Group 1 - The core viewpoint of the news is that Jiewate Microelectronics Co., Ltd. has shown significant stock performance and growth in revenue, indicating a positive market sentiment and potential investment opportunity [1][2]. Group 2 - As of January 9, Jiewate's stock price increased by 2.04%, reaching 50.08 CNY per share, with a total market capitalization of 22.55 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 15.31%, with a 29.54% rise over the past 20 days [1]. - Jiewate's main business involves the research and sales of analog integrated circuits, with power management chips accounting for 93.09% of its revenue [2]. - The company reported a revenue of 1.942 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 63.01% [2]. - The number of shareholders increased by 12.90% to 12,400 as of September 30, 2025 [2]. - The top ten circulating shareholders include notable funds, with changes in holdings indicating shifts in institutional interest [3].

Group 1 - The core point of the article highlights the performance of Jiewa Technology, which saw a 5.16% increase in stock price, reaching 50.95 CNY per share, with a trading volume of 920 million CNY and a turnover rate of 4.17%, resulting in a total market capitalization of 22.944 billion CNY [1] - Jiewa Technology specializes in the research and sales of analog integrated circuits, providing high-efficiency, high-performance, and high-reliability solutions. The main revenue sources include power management chips (93.09%), with specific contributions from DC-DC chips (56.79%), AC-DC chips (20.48%), linear power chips (14.40%), signal chain chips (4.37%), and battery management chips (1.43%) [1] Group 2 - Jiewa Technology's major circulating shareholder is the Jiashi Fund, which reduced its holdings in the Jiashi SSE STAR Market Chip ETF (588200) by 283,700 shares, now holding 6.084 million shares, representing 2.31% of circulating shares. The estimated floating profit from this transaction is approximately 15.21 million CNY [2] - The Jiashi SSE STAR Market Chip ETF (588200) has a total asset size of 40.404 billion CNY, with a year-to-date return of 6.74%, ranking 184 out of 5488 in its category, and a one-year return of 81.9%, ranking 216 out of 4192 [2]

Summary of Conference Call Records Industry Overview - The conference call focuses on the domestic computing power industry, particularly the developments surrounding H Company and its supply chain partners, including companies like 华正新材 (Huazheng New Materials), 神州数码 (Digital China), and 杰华特 (Jiahua Technology) [1][2][3][4][5][6][7][8][9][10][11]. Key Points and Arguments H Company's Strategic Shift - H Company's strategic shift is expected to accelerate product iteration and increase the market share of Ascend series chips among major internet companies, potentially lowering supplier bargaining power and improving profitability [1][2]. - The adjustment aims to alleviate competition between H Company's cloud business and chip customers, enhancing the software ecosystem and GPU architecture transition speed [3][9]. Supply Chain Performance - The supply chain companies, including 华正新材, are experiencing significant growth due to rising copper prices and effective price transmission downstream, leading to improved profit margins [1][4]. - 华正新材 is expected to gain substantial market share with the upcoming launch of new products, benefiting from H Company's strategic shift [4]. - 神州数码 has secured large orders from top AI CSP clients, with a projected revenue growth of 20%-30% next year, indicating a positive development trend [5]. Domestic AI and Computing Power Demand - The demand for domestic computing power is rapidly increasing, as evidenced by large orders from domestic AI CSP clients, indicating a tight supply-demand balance in the intelligent computing card market [6][7]. - The introduction of new generation products in 2026 is anticipated to expand application scenarios and growth potential for domestic computing cards [8]. Market Performance and Future Outlook - Companies like 杰华特 are expected to see revenue growth of 30%-40% next year, driven by their adaptation to H Company's GPU and CPU scenarios [3][11]. - The semiconductor testing industry, particularly companies like 伟测科技 (Weicet Technology), is projected to benefit from H Company's incremental demand, with expectations of over 50% compound annual growth rate [10]. Communication Sector Insights - The communication sector is advised to focus on stable value contribution and profit release segments related to H chips, such as liquid cooling and server partnerships [9]. Additional Important Insights - The competitive landscape is shifting, with domestic companies poised to capture more market share as they adapt to technological advancements and strategic changes within H Company [2][3][6][11]. - The emphasis on domestic production and innovation in the semiconductor and computing power sectors reflects a broader trend towards self-sufficiency and competitiveness in the global market [1][8][10].

Core Viewpoint - The recent surge in the semiconductor sector has shifted focus to analog chips, with leading stocks like Shengbang Co., Jihua Te, and Zhenlei Technology experiencing significant gains, indicating a potential recovery in the industry [3][4]. Group 1: Price Increases and Market Signals - Analog Devices (ADI) announced a price increase for its entire product line, effective February 1, 2026, with military-grade products seeing a rise of up to 30% [3][5]. - Texas Instruments (TI) initiated a price hike in August 2023, affecting over 60,000 models with increases ranging from 10% to 30% [3][5]. - The collective price increases from these industry giants are interpreted as strong signals of a cyclical reversal in the analog chip market, which has struggled with inventory and demand issues over the past two years [3][5][6]. Group 2: Demand Recovery and Market Dynamics - The demand for analog chips is closely tied to macroeconomic conditions, with signs of recovery in smartphone shipments, electric vehicle demand, and industrial automation driven by policy support [5][6]. - The current price increases differ fundamentally from the panic-driven hikes of 2020-2021, as they reflect strategic moves by leading companies to stabilize prices and restore profit margins rather than a response to supply chain disruptions [5][6]. Group 3: Implications for A-share Analog Chip Companies - A-share analog chip companies like Shengbang Co. and Jihua Te are expected to benefit from improved profit margins as a result of the price hikes initiated by global leaders [8][9]. - The average gross margin for the analog chip sector has declined from 42.2% in 2022 to 35.72% in 2024, with a slight recovery to 36.01% by Q3 2023, indicating the pressure faced by domestic manufacturers [9]. - If the price stability and potential increases lead to enhanced demand from downstream customers, A-share companies may experience a "volume-price rise" scenario, particularly in key areas like power management and automotive-grade chips [9].

Core Viewpoint - The recent price hikes by global semiconductor giants Analog Devices (ADI) and Texas Instruments (TI) signal a potential reversal in the semiconductor industry's cycle, particularly for the analog chip sector, which has been underperforming due to inventory digestion and weak demand over the past two years [1][2]. Group 1: Price Increases and Market Reactions - Analog Devices plans to increase prices across its entire product range by up to 30% for military-grade products starting February 1, 2026, following Texas Instruments' earlier price hikes of 10%-30% for over 60,000 models [1][2]. - The collective price increases from industry leaders are interpreted as a strong signal of a cyclical recovery, suggesting that the prolonged downturn may have reached its bottom [1][2][3]. - The market is shifting from a broad price war to a more structured "volume-price game," with high-end and automotive products showing stronger price rigidity compared to low-end general products [3]. Group 2: Demand Recovery and Industry Outlook - The demand for analog chips is closely tied to macroeconomic conditions, with signs of recovery in downstream markets, including a rebound in smartphone shipments and increased demand for electric and smart vehicles [2][4]. - The average gross margin for the analog chip sector has declined from 42.2% in 2022 to 35.72% in 2024, with a slight recovery to 36.01% by the end of Q3 this year, indicating the pressure domestic manufacturers faced during the downturn [4][5]. - The price stabilization initiated by leading companies could create a more favorable pricing environment for domestic firms, potentially aiding in gross margin recovery [5][6]. Group 3: Challenges and Future Prospects - Despite signs of recovery, domestic analog chip manufacturers face challenges, including reliance on international suppliers in consumer electronics and automotive sectors, and a need to observe the recovery strength in various fields [6]. - The potential for a "volume-price rise" scenario hinges on substantial recovery in downstream demand, particularly in key areas like power management and signal chain chips [6].

Core Viewpoint - The company, Jiehuate (688141.SH), has approved the conclusion of certain fundraising projects and the permanent allocation of surplus funds to working capital, enhancing the efficiency of fund utilization [1] Group 1: Fundraising Projects - The company has concluded the fundraising investment projects: "High-Performance Power Management Chip R&D and Industrialization Project" and "Advanced Semiconductor Process Platform Development Project" [1] - The surplus funds amount to 70.8475 million yuan, which will be permanently allocated to the company's daily operations [1] Group 2: Fund Management - The company will maintain a dedicated fundraising account until all outstanding project payments are settled [1] - Any interest income and surplus funds generated from project acceptance will also be used to permanently supplement working capital, after which the fundraising account will be closed [1]

格隆汇12月23日丨杰华特(688141.SH)公布，公司计划使用最高不超过人民币50,000万元（包含本数）的 暂时闲置募集资金进行现金管理（含经前次审议截至本次计划起始日前因尚未到期而未赎回的部分）。 ...