Core Viewpoint - The semiconductor sector in the A-share market has shown significant strength, with multiple companies experiencing notable stock price increases [1] Company Performance - Chipone Technology (芯原股份) saw its stock price rise over 16% - Diao Microelectronics (帝奥微) increased by more than 10% - Sanxin Technology (灿芯股份) and Debang Technology (德邦科技) both rose over 7% - Aojie Technology (翱捷科技) gained over 6% - Jingsheng Technology (晶升股份) increased by over 5% - Minxin Technology (敏芯股份) rose by over 4% - Unisoc (紫光国微), Sai Microelectronics (赛微微电), Zhenlei Technology (臻镭科技), Hengxuan Technology (恒玄科技), and Taiji Technology (台基股份) all saw increases of over 3% [1]

Group 1 - Shanghai Haiwang Hezong Private Fund Partnership (Limited Partnership) has undergone a business change, adding Kangxi Communication, Anji Technology, and Aojie Technology as shareholders [1] - The enterprise was established in March 2025 with a registered capital of 2.11 billion yuan [1] - The business scope includes private equity investment, investment management, and asset management activities [1]

Summary of Conference Call Notes Company and Industry Involved - The discussion primarily revolves around the semiconductor industry, specifically focusing on companies involved in AI, ASIC, and chip manufacturing. Key Points and Arguments 1. **Market Performance and Growth** The overall market performance has been strong, with specific companies like Hanwu Jin and Aoxin Technology showing significant stock price increases of 20% and 9% respectively, indicating a robust domestic AS3Z market performance [1] 2. **Order and Revenue Transformation** A significant change in orders was noted, with 90% coming from new recurring business and 81% expected to convert into revenue within the next year, suggesting a strong revenue pipeline [2] 3. **Quarterly Revenue Growth** Q2 revenue showed a 52% quarter-over-quarter increase, with volume business revenue reaching 2061 million, an 80% growth quarter-over-quarter and over 10% year-over-year [3] 4. **Project Development and Human Resources** The company has developed sufficient human resources to support project development, indicating a positive trend in television services and AI client growth [4] 5. **Focus on AI and Chip Technology** The company is prioritizing investments in AI-related fields, aiming to enhance product efficiency and integrate advanced technologies into their offerings [5] 6. **IP Resource Integration** The company is actively integrating domestic IP resources, which is expected to strengthen its competitive position and support future business models [6][7] 7. **ASIC Business Development** The ASIC business is projected to grow significantly, with a focus on compliance and leveraging domestic supply chain characteristics [7][8] 8. **High-End Wearable Products** The company is increasing customization in high-end wearable products, indicating a strategic shift towards more specialized offerings [8] 9. **Supply Chain and Order Management** The company has established a strong supply chain and testing capabilities, which are expected to enhance order fulfillment and revenue growth [9] 10. **Chip Product Launches** The company has successfully launched over a million units of its products, with expectations for significant growth in shipments for the upcoming year [10] 11. **Advancements in Chip Technology** The introduction of a second-generation 6nm 4G 8-core chip is expected to enhance performance and support AI applications, with market introduction planned for late this year [11] 12. **SoC Product Line Completion** The company has completed its SoC product line, positioning itself to compete effectively in the mobile market against major players [12] 13. **Profitability Outlook** There is an optimistic outlook for profitability, with expectations of moving towards reduced losses or profitability in the near future [13] 14. **Client Demand and Market Expansion** There is an upward adjustment in client demand, indicating potential for further market expansion both domestically and internationally [14] 15. **Overall Company Performance** The company is encouraged to maintain focus on its growth trajectory and is open to investor inquiries for further engagement [15]

Summary of Conference Call Records Company and Industry Overview - The conference call discusses two companies: 新股份 (New Shares) and 翱捷科技 (Aojie Technology) in the semiconductor and AI technology sectors [1][6]. Key Points and Arguments Financial Performance - 新股份 reported a 50% quarter-over-quarter revenue growth in Q2 2025, with volume business revenue increasing by 80% and year-over-year growth exceeding 10% [1][3]. - The company achieved a record high in orders, reaching 3 billion yuan in Q2, an increase of 600 million yuan from Q1, with 90% of orders coming from customized business [2][3]. - The company anticipates a revenue increase of over 30% for the year, driven by strong demand in the IoT chip market and a growing order book [3][11]. AI and Chip Technology - 新股份 is actively investing in AI, with plans to launch leading domestic computing power products by early 2026, utilizing chiplet technology and multi-chip packaging [1][5]. - The company is also seeking to integrate resources by identifying advantageous IP companies, such as those related to SARS IP and RISC-V [5]. ASIC Business Development - The ASIC sector is seeing increased demand, particularly from AI-related products and customized needs from Qualcomm wearable devices and Rispify [7][8]. - Significant growth in ASIC revenue is expected in 2026, supported by platform advantages and a mature supply chain [8]. Mobile SoC Business - The company shipped over 1 million units of 4G quad-core products last year, with expectations for a significant increase in shipments this year [9]. - The second-generation 6nm 4G octa-core chip is set to be introduced to clients by the end of the year, enhancing AI edge computing capabilities [9]. IoT Communication Sector - The IoT chip market is experiencing strong demand, with rapid growth in shipments and some products facing shortages [10][11]. - The company expects continued upward demand adjustments in the second half of the year, contributing to an overall revenue increase of over 30% [11]. Future Outlook - All three core businesses—ASIC customization, mobile SoC, and IoT communication—are showing high growth potential, positioning the company for a revenue growth phase and potential profitability [12]. - The domestic ASIC market share is expected to rise from a very low base to 11-20%, providing further growth opportunities [12]. Additional Important Insights - The company has been actively recruiting high-quality talent to support project development amid increasing demand [3][4]. - The successful development of a cloud computing big data platform by 翱捷科技, leveraging 3D wafer stacking technology, has contributed to its stock price increase and is seen as a significant growth direction beyond its main business [6].

Core Viewpoint - The company recently announced the successful tape-out of its second 8-core 4G mobile phone chip, which supports advanced camera and video capabilities [1] Group 1: Product Features - The new chip can support cameras with a maximum resolution of 200 million pixels [1] - It is capable of video decoding at a maximum of 4K resolution at 60 frames per second [1] - The chip can encode video at a maximum of 2.5K resolution at 30 frames per second [1]

截至2025年8月11日 11:15，科创100ETF基金(588220)上涨2.15%，跟踪指数成分股东芯股份(688110)上 涨19.12%，峰岹科技(688279)上涨8.74%，南微医学(688029)上涨7.41%，生益电子(688183)、威迈斯 (688612)等个股跟涨。 近期科创板块迎来整体性反弹，短期驱动来自两方面：一是海外算力标的打开上涨空间，叠加美国人工 智能计划落地，进一步强化国产替代逻辑；二是AI产业链催化持续，GPT-5.0、DeepSeek R2等新模型预 期形成有效支撑。 科创100ETF基金(588220)，场外联接A：019861；联接C：019862；联接I：022845。 数据显示，截至2025年7月31日，上证科创板100指数(000698)前十大权重股分别为博瑞医药(688166)、 百济神州(688235)、华虹公司(688347)、睿创微纳(688002)、翱捷科技(688220)、泽璟制药(688266)、东 芯股份(688110)、中科飞测(688361)、芯源微(688037)、安集科技(688019)，前十大权重股合计占比 23.52%。 科创100 ...

Core Viewpoint - Aojie Technology (688220.SH) has experienced a significant decline in stock price, closing at 85.70 yuan with a drop of 6.42%, indicating it is currently in a state of breaking below its initial offering price [1] Group 1: Company Overview - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an initial stock issuance of 41.83 million shares at a price of 164.54 yuan per share [1] - The company raised a total of 6.883 billion yuan through its initial public offering (IPO), with a net amount of 6.546 billion yuan after deducting issuance costs, which was 4.166 billion yuan more than the originally planned amount of 2.380 billion yuan [1] - The funds raised are intended for various projects, including the design of new communication chips, smart IPC chip design, integration of multiple wireless protocols, high-precision navigation solutions, research center construction, and working capital [1] Group 2: Financial Details - The total issuance costs for Aojie Technology's IPO amounted to 337 million yuan, with underwriting and sponsorship fees accounting for 310 million yuan [2] - The underwriting subsidiary, Haitong Innovation Securities Investment Co., Ltd., participated in the offering by acquiring 2.00% of the total shares issued, amounting to 836,600 shares with an investment of 138 million yuan, subject to a 24-month lock-up period [2]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) has shown a slight increase of 0.28% as of August 5, 2025, with notable gains from individual stocks such as Borui Pharmaceutical (688166) up by 6.56% and Huaheng Biological (688639) up by 5.88% [3][4] - The Sci-Tech 100 Index ETF (588030) has reported a 1.74% increase over the past week, with a current price of 1.11 yuan and a trading volume of 1.14 billion yuan [3][4] - The ETF has experienced a significant growth in scale, increasing by 13.55 million yuan over the past year, ranking first among comparable funds [4] Group 2 - The Shanghai Municipal Government has issued measures to support enterprises in enhancing basic research, particularly in critical fields such as integrated circuits, biomedicine, and artificial intelligence [4] - According to CITIC Securities, mainstream and niche storage prices are expected to rise in Q3 2025, with a focus on recommending leading storage chip design companies [4] - The latest financing buy-in amount for the Sci-Tech 100 Index ETF reached 11.4961 million yuan, with a financing balance of 177 million yuan [4] Group 3 - The Sci-Tech 100 Index ETF has achieved a net value increase of 22.98% over the past six months, ranking in the top 9.90% among equity funds [5] - The ETF has a management fee rate of 0.15% and a custody fee rate of 0.05%, which are among the lowest in comparable funds [5] - The ETF closely tracks the Sci-Tech Innovation Board 100 Index, which consists of 100 securities selected for their market capitalization and liquidity [6]

Summary of the Conference Call for Aojie Technology Industry Overview - Aojie Technology holds a leading position in the cellular IoT module market, with a market share of nearly 50% for Cat 1 products, benefiting from an expanded product matrix and increased downstream applications, alongside industry growth trends [2][6] - The Chinese baseband chip market is approximately $20 billion, accounting for 30% of the global market, indicating high elasticity [11] Company Insights - The core team of Aojie Technology has extensive experience in high-tech industries, with Chairman Dai Baojia being a founder of Ridi Technology, and team members from Marvel, providing a solid foundation for technological innovation and business expansion [2][8] - Aojie Technology has made significant advancements in baseband and customized chip sectors, particularly with the 3D stacked cloud chip project, showcasing the capabilities of Chinese engineers [3][4] Product Development and Market Position - Aojie Technology's product offerings in the IoT market include Cat 1, Cat 4, and Cat M modules, with Cat 1 accounting for 47% of global IoT module shipments [5] - The company has successfully introduced its 4G quad-core mobile chip to the Latin American market and plans to showcase its octa-core smart chip SR8,666X at MWC2025, with expectations of achieving a brand breakthrough in Q3 [11][12] Competitive Landscape - In the Cater four market, Qualcomm and Aojie are the main competitors, with Qualcomm dominating overseas markets while Aojie focuses on China and developing markets, gradually achieving domestic substitution [9] - Aojie Technology's competitive edge in the cellular IoT module market is supported by a broad product matrix, large-scale production capabilities, and cost advantages [6] Future Expectations - The company anticipates significant progress in its mobile baseband chip sector, with expectations of achieving a brand breakthrough in Q3 and further advancements in Q4 or early next year [12] - Aojie Technology's ASIC capabilities are crucial for the domestic computing power industry, with a strong emphasis on customized solutions [15] Technological Innovations - The 3D DRAM stacking technology is highlighted as a key path in the AI era, offering advantages such as high bandwidth, low power consumption, and flexibility, which are essential for meeting the demands of cloud computing [17] - Aojie Technology is leveraging its expertise in 3D DRAM technology to create compliant solutions that align with the procurement needs of domestic CSP manufacturers, indicating a broad market potential [17] Conclusion - Aojie Technology is well-positioned in the rapidly evolving IoT and mobile chip markets, with a strong focus on innovation, competitive advantages, and a clear growth trajectory, making it an attractive investment opportunity [12][18]

Group 1 - Penghua Fund recently conducted research on two listed companies, Aojie Technology and Dongxin Co., focusing on their advancements in technology and market strategies [1] - Aojie Technology has made significant progress in ASIC business, RedCap chips, and 4G/5G smartphone chips, with expectations of substantial revenue growth by 2026 [1] - The company is prioritizing its business segments and has plans to balance investment while controlling the growth of expenses and R&D costs to no more than 15% [1] Group 2 - Dongxin Co. introduced its self-developed GPU chip "7G100" and graphics card Lisuan eXtreme, targeting various applications including personal computers and cloud gaming [1] - The company has invested 200 million yuan in Shanghai Lishuan, holding a 37.88% stake, and is focusing on high bandwidth and low latency in its WiFi7 chip development [1] - Dongxin Co. is positioning itself in the integrated "storage, computing, and networking" field, enhancing its R&D capabilities and core competitiveness [1] Group 3 - As of now, Penghua Fund has an asset management scale of 944.023 billion yuan, ranking 10th among 210 funds, with 492.973 billion yuan in non-monetary public funds [2] - The fund manages 692 public funds and has 83 fund managers, ranking 8th and 11th respectively among 210 funds [2] - The best-performing fund in the past year is the Penghua Carbon Neutrality Theme Mixed A, with a net value of 1.53 and a growth of 111.22% [2]