Investment Rating - The report maintains an "Accumulate" rating with a target price of 115.50 CNY [4][12] Core Views - The company is a leading player in the CIS chip market in China, benefiting from the increasing penetration of 50M CIS products in high, mid, and low-end smartphones, leading to significant revenue growth [2][12] - The company is expected to achieve a revenue of 36-39 billion CNY in 2025H1, representing a year-on-year growth of 47-59%, and a net profit of approximately 3.60-4.20 billion CNY, reflecting a year-on-year increase of 140-180% [12] - The company is expanding its product range and is well-positioned to benefit from the demand for smartphones and automotive electronics, with significant growth in high-end and cost-effective 50M products [12] Financial Summary - Revenue projections for the company are as follows: - 2023A: 2,857 million CNY - 2024A: 5,968 million CNY - 2025E: 8,400 million CNY - 2026E: 10,610 million CNY - 2027E: 12,306 million CNY - Net profit (attributable to the parent company) is projected to grow significantly from 14 million CNY in 2023A to 1,880 million CNY in 2027E [10][13] - The company’s net asset return rate is expected to rise from 0.4% in 2023A to 23.5% in 2026E and 2027E [10][13] Market Performance - The current stock price is 96.88 CNY, with a 52-week price range of 41.92-113.10 CNY [5] - The company has shown a 73% absolute increase over the past 12 months [9]

事件：公司发布 2025 年半年度业绩预告，预计 25H1 实现营业收入 36～39 亿 元，同比+47%～+59%；归母净利润 3.60～4.20 亿元，同比+140%～+180%； 剔除股份支付费用的扣非归母净利润为 3.89~4.49 亿元，同比+88%～+118%。 我们点评如下： 增持（维持） 目标估值：NA 当前股价：97.09 元 基础数据 | 总股本（百万股） | 402 | | --- | --- | | 已上市流通股（百万股） | 323 | | 总市值（十亿元） | 39.0 | | 流通市值（十亿元） | 31.4 | | 每股净资产（MRQ） | 11.1 | | ROE（TTM） | 12.8 | | 资产负债率 | 46.2% | | 主要股东 | 徐辰 | | 主要股东持股比例 | 13.64% | 股价表现 % 1m 6m 12m 绝对表现 7 35 90 相对表现 3 29 75 资料来源：公司数据、招商证券 -50 0 50 100 150 Jul/24 Nov/24 Mar/25 Jun/25 (%) 思特威 沪深300 相关报告 证券研究报告 | 公司点评报告 202 ...

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 14.265 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 722 million yuan [1] - A total of 257 stocks had net inflows, while 332 stocks had net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 379 stocks rose, with two stocks hitting the daily limit up, including Puyuan Information and Awei New Materials, while 200 stocks declined [1] - The top three stocks with the highest net inflow of funds were Cambrian Technology (76.922 million yuan), Haiguang Information (11.294 million yuan), and Hengxuan Technology (8.704 million yuan) [2] Continuous Fund Flow - There are 56 stocks that have seen continuous net inflows for more than three trading days, with Zhongkong Technology leading at seven consecutive days [2] - Conversely, 136 stocks have experienced continuous net outflows, with Guanda Materials leading at 18 consecutive days [2] Key Stocks with Fund Inflows - Cambrian Technology: 76.922 million yuan net inflow, 13.66% inflow rate, and a 4.90% increase [2] - Haiguang Information: 11.294 million yuan net inflow, 5.21% inflow rate, and a 0.63% increase [2] - Hengxuan Technology: 8.704 million yuan net inflow, 9.51% inflow rate, and a 0.63% increase [2] Key Stocks with Fund Outflows - Juchip Technology: 9.357 million yuan net outflow, with a 3.22% decrease [1] - SMIC: 8.240 million yuan net outflow [1] - Sitaiwei: 6.821 million yuan net outflow [1]

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 3.1% during trading, with a transaction volume of 9.55 billion yuan [3] - As of July 15, the Sci-Tech Chip ETF's latest scale reached 30.492 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count reached 20.104 billion shares, also a six-month high, ranking first among comparable funds [3] - Over the past six days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 2.273 billion yuan [3] - The leveraged funds continue to invest, with a net financing amount of 30.2579 million yuan this month and a latest financing balance of 1.844 billion yuan [3] - The ETF's net value has increased by 57.25% over the past year, ranking first among comparable funds, and it is in the top 5.33% of index stock funds [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being four months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Outlook - Tianfeng Securities predicts a continued optimistic growth trajectory for the global semiconductor industry in 2025, driven by AI and downstream growth [4] - Policy support is expected to enhance the domestic semiconductor industry chain through horizontal category expansion and vertical technological complementarity, accelerating industry concentration and competitiveness [4] - The top ten weighted stocks in the Sci-Tech Board Chip Index as of June 30, 2025, include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [4] Group 3: Stock Performance - The top ten stocks in the Sci-Tech Chip Index show varying performance, with SMIC at -0.11% and Cambricon at +6.24%, indicating a diverse range of stock movements [6] - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [6]

重要的消息有哪些 5．据国家医保局消息，第十一批国家组织药品集中采购工作日前启动，经过三阶段筛选，55个品种纳 入第十一批集采报量范围。 6．记者15日了解到，工业和信息化部目前正在公开征集对《移动电源安全技术规范》等制修订计划项 目的意见。本次拟制定的强制性国家标准将对包括充电宝在内的移动电源设置更严格的技术标准。（新 华社） 7．7月15日，市场监管总局召开专项整治直播电商突出问题部署推进会。会议要求，健全规则制度，落 实直播电商行业各参与主体法律责任。强化穿透监管，提高对直播电商人防物防技防监管能力。丰富监 管工具箱，着力破解直播电商监管面临的突出矛盾和难题。坚持重拳出击，严厉打击直播电商违法违规 行为。强化统筹协调，实施直播电商行业综合治理。加强组织领导，切实推动直播电商专项整治落地见 效。 8．《浙江平台经济高质量发展强省建设三年行动计划》（以下简称《行动计划》）近日印发。《行动 计划》提出，到2027年，力争全省平台企业数量超过1000家，其中百亿级规模平台企业超50家，活跃网 络经营主体达到1000万家；平台企业营收总额达到2.2万亿元；网络零售额年均增速保持在5%。 1．7月15日，中国上半年 ...

Key Points - Zhongsheng Gaoke is planning a change in company control, with a potential transfer of 22.35% of shares at a valuation of 2.5 billion yuan, leading to a stock suspension starting July 16, 2025 [3][4] - Yanshan Technology's subsidiary is participating in a partnership to invest 41.64 million yuan in a fund that will ultimately invest in Bytedance Ltd [5] - Sanyuan Bio received an initial ruling of a 450.64% anti-dumping duty from the US Department of Commerce on erythritol, prompting a shift in sales strategy towards domestic markets [6] - Chutianlong is exploring digital currency projects but faces risks related to new technology development and commercial application [7] - Bertley is establishing a partnership to invest in humanoid robots and other emerging sectors, committing 198 million yuan [8] - China Merchants Highway's chairman resigned due to reaching retirement age [9] - Tibet Summit's controlling shareholder is under investigation for information disclosure violations, but it will not affect the company's operations [10][11] - ST Weir plans to acquire 51% of Zijiang New Materials for 546 million yuan, entering the lithium battery materials sector [12] - ST Yazhen's stock will be suspended for three days due to abnormal trading fluctuations [13] - Dahua Technology's subsidiary is shifting its listing to the Hong Kong Stock Exchange [14] Performance Forecasts - Zhongji Xuchuang expects a net profit increase of 52.64% to 86.57% for the first half of 2025, driven by strong demand for high-end optical modules [15] - Juchip Technology anticipates a 122.28% increase in net profit for the same period, benefiting from successful AI audio chip promotions [16] - Sitwei forecasts a net profit growth of 140% to 180%, with significant revenue increases from smartphone collaborations [17] - Tianyu Co. expects a net profit increase of 144.29% to 238.25%, aided by improved product structure and market strategies [18] - Jinli Yongci predicts a net profit growth of 151% to 180%, focusing on renewable energy and related sectors [19] - Blue Ocean Huaten expects a net profit increase of 152.76% to 190.68%, driven by growth in the new energy heavy truck market [20] - Maiqu'er anticipates a turnaround with a net profit of 1.4 million to 2 million yuan, compared to a loss in the previous year [21] - China Galaxy expects a net profit increase of 45% to 55%, with growth across various business segments [23] - Baicheng Pharmaceutical forecasts a significant decline in net profit, down 95.53% to 100% [24] Major Contracts - Jincheng signed a contract worth approximately 52.98 million USD for underground mining operations in the Democratic Republic of Congo [25] - ST Yundong entered a strategic cooperation agreement for drone development and investment with two companies [26] - Changgao Electric New's subsidiary won contracts totaling 445 million yuan from the State Grid [27] Shareholding Changes - Angli Education plans to reduce its repurchased shares by up to 573.1 million shares [28][29] - Lingzhi Software's shareholders plan to collectively reduce their holdings by up to 2.11% [30] - Founder Technology's major shareholder intends to reduce its stake by up to 2.27% [31] - Zhongfu Shenying's shareholder plans to reduce its stake by up to 1% [32] - Hangzhou Bank's shareholder intends to reduce its stake by up to 0.7% [33] - Haoyun Technology's chairman plans to reduce his stake by up to 400,000 shares [34] Financing Activities - Yuanwang Valley plans to raise up to 300 million yuan through a private placement for RFID production line projects and working capital [35]

国家医保局相关司负责人介绍，第十一批国家组织药品集中采购工作，目前已完成拟采购品种遴选，即将开展 医疗机构报量工作。采购规则总体将坚持"稳临床、保质量、防围标、反内卷"的原则。坚持"集采非新药、新 药不集采"的原则，科学确定采购品种。集采药品都是已经上市多年、过了专利保护期、多家企业生产的品 种，也就是说临床使用成熟的"老药"才会纳入集采范围，创新药不会被纳入集采。本次集采保护行业创新积极 性，排除了通过谈判新进入医保且仍在协议期内的品种。增加了市场规模条件，规定2024年各省份医药集中采 购平台采购金额小于1亿元的品种不纳入采购范围。根据临床使用特点，采纳相关部门及专家意见，部分重点 管理的抗菌药、不良反应多的药物等，暂不纳入本次集采范围。 ★ 宏观动态 ★ 第十一批国家组织药品集采工作启动，已完成拟采购品种遴选 据国家医保局消息，第十一批国家组织药品集中采购工作日前启动，经过三阶段筛选，55个品种纳入第十一批 集采报量范围。 今晚油价下调，加满一箱油将少花5元 国家发改委发布通知，本次油价调整具体情况如下：从7月15日24时起，国内汽、柴油价格每吨分别下调130元 和125元。用92号汽油加满50升油箱将 ...

证券代码：688213 证券简称：思特威 公告编号：2025-028 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。 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 （1）经财务部门初步测算，思特威（上海）电子科技股份有限公司 （以下简称"公司"）预计 2025 年半年度实现营业收入 360,000 万元到 390,000 万元。与上年同期相比，将增加 114,311 万元到 144,311 万元，增 幅 47%到 59%。 （2）预计 2025 年半年度实现归属于母公司所有者的净利润 35,958 万 元到 41,958 万元。与上年同期相比，将增加 20,978 万元到 26,978 万元，增 幅 140%到 180%。 （3）预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损 益的净利润为 35,842 万元到 41,842 万元，与上年同期相比，将增加 20,588 万元到 26,588 万元，增幅 135%到 174%。如剔除股份支付费用的影响 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index decreased by 0.53% as of July 9, 2025, with mixed performance among constituent stocks [1] - The leading stocks included Weichuangxin up by 4.06%, Chip Source Micro up by 2.17%, and Naxin Micro up by 1.01%, while Anji Technology led the decline [1] - The Sci-Tech Chip ETF (588200) underwent a downward adjustment [1] Group 2 - The Sci-Tech Chip ETF had a turnover rate of 1.4% and a transaction volume of 396 million yuan during the trading session [3] - Over the past year, the average daily transaction volume of the Sci-Tech Chip ETF was 2.337 billion yuan, ranking first among comparable funds [3] - The latest scale of the Sci-Tech Chip ETF reached 28.432 billion yuan, marking a six-month high and also ranking first among comparable funds [3] - The ETF saw a net inflow of 100 million yuan recently, with a total of 455 million yuan net inflow over the last five trading days [3] - The latest financing buy-in amount for the ETF was 94.48 million yuan, with a financing balance of 1.49 billion yuan [3] - The net value of the Sci-Tech Chip ETF increased by 66.77% over the past year, ranking first among comparable funds [3] Group 3 - As of July 7, 2025, 49 listed companies had disclosed mid-year performance forecasts, with 37 companies expecting profit increases [4] - Semiconductor companies on the Sci-Tech Board, such as Tai Ling Micro and Chip Motion Technology, forecast significant profit growth for the first half of 2025 [4] - According to SEMI data, global semiconductor wafer manufacturers are accelerating capacity expansion to meet the rising demand from generative AI applications, with a projected 7% CAGR increase in 300mm capacity from 2024 to 2028 [4] - The Shanghai Stock Exchange has accepted IPO applications from domestic GPU companies, indicating a supportive environment for the AI semiconductor industry [4] Group 4 - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, included SMIC, Haiguang Information, and Cambrian, collectively accounting for 57.76% of the index [4] - The performance of individual stocks within the top ten showed slight declines, with SMIC down by 0.51% and Haiguang Information down by 0.31% [6] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [6]

从上证中型企业综合指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证中型企业综合指数持仓样本的行业来看，信息技术占比33.04%、工业占比23.12%、可选消费占 比11.13%、医药卫生占比10.53%、原材料占比8.80%、主要消费占比4.97%、通信服务占比4.42%、金融 占比1.75%、房地产占比0.98%、公用事业占比0.85%、能源占比0.41%。 金融界7月8日消息，上证指数高开高走，上证中型企业综合指数(中型综指，000020)上涨1.18%，报 1325.48点，成交额1483.14亿元。 数据统计显示，上证中型企业综合指数近一个月上涨2.04%，近三个月上涨16.23%，年至今上涨 9.94%。 据了解，上证中型企业综合指数挑选国民经济产业分类中的中型企业作为指数样本，采用自由流通市值 加权计算。该指数以2007年12月28日为基日，以1000.0点为基点。 从指数持仓来看，上证中型企业综合指数十大权重分别为：中芯国际（5.22%）、寒武纪（3.47%）、 石头科技（0.98%）、思特威（0.9%）、华海清科（0.85%）、太平洋（0.82%）、恒玄科技 （0.82%）、 ...