证券之星消息，11月4日安徽国企改革板块较上一交易日下跌1.0%，晶合集成领跌。当日上证指数报收 于3960.19，下跌0.41%。深证成指报收于13175.22，下跌1.71%。安徽国企改革板块个股涨跌见下表： 从资金流向上来看，当日安徽国企改革板块主力资金净流出8.86亿元，游资资金净流入3.73亿元，散户资 金净流入5.13亿元。安徽国企改革板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601606 | 长城军工 | 8833.67万 | 2.88% | 3217.97万 | 1.05% | -1.21 Z | -3.93% | | 002208 | 合肥城建 | 5927.14万 | 3.36% | 1147.24万 | 0.65% | -7074.38万 | -4.01% | | 6006009 | 华安证券 | 5620.19万 | 9.12% | 1948.09万 | 3. ...

新周期，新机遇 2025 年 11 月 04 日 ➢ 受益 AI 需求拉动，25Q4 存储价格有望持续看涨。由于三大原厂持续有限 分配先进制程产能给高阶服务器 DRAM 和 HBM，挤占一般消费级 DRAM 产 能，整体 DRAM 在第四季度有望继续上涨。根据 Trendforce 预测，预计 2025Q4 整体一般型 DRAM 价格环比增长 8-13%。HDD 供给短缺与过长交期，使 CSP 将储存需求快速转向 QLC eSSD，短期内急单大量涌入，造成市场明显波动，预 计 25Q4 NAND Flash 各类产品合约价将全面上涨，平均涨幅达 5-10%。 ➢ 需求侧："以存代算"带来存储新需求。AI 时代，内容由文本向图像、歌曲、 视频和多语言视频跃迁，数据量从 MB 级迅速扩张至 EB/ZB 级，Sora 2 等视频 生成应用进一步加速增长。AI 使得海量"冷数据"被频繁调用转为"温/热数据"， 推动存储从 HDD 转向 SSD/DRAM。HDD 供给受限、交期的延长，也加速了 SSD 替代 HDD。此外，推理端"以存代算"成为核心：Prompt 经 Prefill 转化 为结构化的 KV Cache ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-069 合肥晶合集成电路股份有限公司 2025年第二次临时股东会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 11 月 3 日 （二） 股东会召开的地点：安徽省合肥市新站区合肥综合保税区内西淝河路 88 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 499 | | --- | --- | | 普通股股东人数 | 499 | | 2、出席会议的股东所持有的表决权数量 | 464,894,226 | | 普通股股东所持有表决权数量 | 464,894,226 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 23.9137 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 23.91 ...

北京市金杜律师事务所上海分所（以下简称本所）接受合肥晶合集成电路股份有 限公司（以下简称公司或晶合集成）委托，根据《中华人民共和国证券法》（以下简 称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监 督管理委员会《上市公司股东会规则（2025 修订）》（以下简称《股东会规则》）等 中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港 特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章 和规范性文件和现行有效的《合肥晶合集成电路股份有限公司公司章程》（以下简称 《公司章程》）有关规定，指派律师出席公司于 2025 年 11 月 3 日召开的 2025 年第二 次临时股东会（以下简称本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2025 年 9 月 16 日召开 2025 年第一次临时股东会审议通过的《公司 章程》； 2. 公司于 2025 年 10 月 16 日召开第二届董事会第二十六次会议形成的决议文 件； 3. 公司于 2025 年 10 月 1 ...

Core Viewpoint - Jinghe Integration, a leading 12-inch wafer foundry in China, has shown strong financial performance with significant revenue growth and a competitive position in the semiconductor industry [1][2][6]. Group 1: Company Overview - Jinghe Integration was established on May 19, 2015, and went public on May 5, 2023, on the Shanghai Stock Exchange, with its headquarters in Hefei, Anhui Province [1]. - The company specializes in 12-inch wafer foundry services, offering various process nodes and technology platforms [1]. Group 2: Financial Performance - For Q3 2025, Jinghe Integration reported revenue of 8.13 billion yuan, ranking first in the industry, surpassing the industry average of 4.55 billion yuan and the median of 5.42 billion yuan [2]. - The net profit for the same period was 395 million yuan, ranking third in the industry, above the industry average of 137 million yuan [2]. - The company's gross profit margin for Q3 2025 was 25.90%, higher than the industry average of 22.14% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.89% to 59,700, while the average number of circulating A-shares held per shareholder increased by 5.14% to 19,900 [5]. - Major shareholders include various ETFs, with notable changes in holdings among top shareholders [5]. Group 4: Future Outlook - The company is actively developing products such as OLED DDIC, CIS, automotive-grade chips, and PMIC, with a focus on process upgrades [6]. - Revenue projections for 2025 to 2027 are 10.86 billion yuan, 12.48 billion yuan, and 14.15 billion yuan, respectively, with net profits expected to reach 855 million yuan, 1.26 billion yuan, and 1.53 billion yuan [6].

电子 | 证券研究报告 — 业绩评论 2025 年 10 月 31 日 688249.SH 买入 原评级：买入 市场价格:人民币 36.03 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 60.7 3.4 62.5 80.1 相对上证综指 38.5 0.7 52.3 58.0 发行股数 (百万) 2,006.14 流通股 (百万) 1,186.76 总市值 (人民币 百万) 72,281.05 3 个月日均交易额 (人民币 百万) 1,362.07 主要股东 合肥市建设投资控股(集团)有限公司 23.35% (8%) 13% 34% 54% 75% 96% Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 晶合集成 上证综指 资料来源：公司公告， Wind ，中银证券 以 2025 年 10 月 30 日收市价为标准 相关研究报告 《晶合集成》20250508 《晶合集成》20240815 《晶合集成》20240715 中银国际证券股份有限公司 具备证 ...

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 2.931 billion yuan, a year-on-year growth of 23.3%, and net profit attributable to shareholders at 218 million yuan, a substantial increase of 137.18% [2] - For the first nine months of 2025, the company achieved cumulative revenue of 8.13 billion yuan, a year-on-year increase of 19.99%, and net profit attributable to shareholders of 550 million yuan, a remarkable surge of 97.24% [2] - The company maintained a high level of R&D investment, with Q3 2025 R&D expenses at 384 million yuan, accounting for 13.1% of revenue, and cumulative R&D investment for the year at 1.079 billion yuan, also 13.27% of revenue, reflecting a year-on-year growth of 15.78% [2] Financial Performance - The net cash flow from operating activities for the first nine months of 2025 was 2.674 billion yuan, a year-on-year increase of 35.99%, indicating improved cash flow health and collection capability [3] - As of September 30, 2025, the company's total assets were 52.214 billion yuan, a growth of 3.6% from the previous year, and shareholders' equity was 21.395 billion yuan, up 2.51%, demonstrating stable financial structure and continuous enhancement of shareholder equity [3]

Summary of Nexchip (688249.SS) Conference Call Company Overview - **Company**: Nexchip - **Ticker**: 688249.SS - **Industry**: Semiconductor, focusing on CIS, PMIC, Logic IC, and MCUs Key Financial Highlights - **3Q25 Revenue**: Rmb2.9 billion, representing a 23% year-over-year (YoY) increase and an 11% quarter-over-quarter (QoQ) increase, exceeding Goldman Sachs estimates by 9% [1][4] - **Gross Margin**: Improved to 26.1%, higher than Goldman Sachs estimate of 25.5% and last quarter's 24.3% [1][4] - **Operating Profit**: Rmb246 million, up 15% YoY and 49% QoQ, 12% above Goldman Sachs estimates [1][4] - **Net Income**: Rmb218 million, a significant increase of 137% YoY and 11% QoQ, although 11% below Goldman Sachs estimates due to unexpected non-operating losses [1][4] Product Diversification and Technology Migration - **Product Range**: Nexchip is diversifying its product offerings from DDIC to include CIS, PMIC, Logic ICs, and MCUs [1] - **Technology Nodes**: The company is migrating towards advanced technology nodes, including 40nm, 28nm, and 22nm, with trial production of 28nm logic ICs starting [1][4] - **Revenue Contribution**: Expected decline in traditional DDIC revenue contribution from 59% in 2025E to 53% in 2026E and 47% in 2027E, indicating a shift towards diversified revenue streams [1][4] Earnings Revisions - **Net Income Revisions**: 2025E net income revised down by 3% due to larger-than-expected non-operating losses, while 2026E and 2027E net income estimates increased by 1% each [6][7] - **Revenue Revisions**: 2025E-27E revenues increased by 3%, 1%, and 1% respectively, reflecting a more positive outlook on capacity ramp-up [6][7] Valuation and Price Target - **Target Price**: Increased by 14.6% to Rmb41.7, based on a target P/E of 62.0x for 2026E, which is at the high end of Nexchip's historical trading range [1][7] - **Current Valuation**: The stock is trading at a 54x 2026E P/E, with a fair valuation considering the average trading P/E of 31x since August 2023 [1][7] Risks and Considerations - **Key Risks**: Include slower or faster-than-expected capacity expansion, demand fluctuations in DDIC and CIS, R&D pace, and competitive intensity [15] Conclusion - **Rating**: Neutral, with a fair valuation and moderate upside potential to the target price [1][7]

Group 1: Company Performance - Company SiTwei (688213) reported a net profit of 303 million yuan for Q3 2025, a year-on-year increase of 145.14% [1] - SiTwei's Q3 revenue reached 2.531 billion yuan, up 44.56% year-on-year, with a total revenue of 6.317 billion yuan for the first three quarters, reflecting a 50.14% increase [1] - The company's net profit for the first three quarters was 699 million yuan, a 155.99% increase year-on-year, with basic earnings per share of 1.75 yuan [1] Group 2: Dividend and Financial Metrics - SiTwei proposed a cash dividend of 1.25 yuan per 10 shares (tax included), totaling 50.16 million yuan [1] - The company's R&D investment increased by approximately 37% year-on-year in Q3 [1] - Accounts receivable increased by 158% compared to the end of the previous year, while prepaid accounts increased by 346% [1] Group 3: Industry Insights - Foundry company Jinghe Integrated (688249) reported Q3 revenue of 2.931 billion yuan and a net profit of 218 million yuan, a year-on-year increase of 137% [2] - For the first three quarters, Jinghe Integrated achieved a net profit of 550 million yuan, up approximately 97% year-on-year [2] - R&D expenses for Jinghe Integrated reached 1.079 billion yuan, a year-on-year increase of 15.78% [3] Group 4: Stock Performance and Shareholding Changes - Since July, Jinghe Integrated's stock price has increased by approximately 78%, with significant changes in major shareholders [4] - Huajin Technology (603296) became the second-largest circulating shareholder with a 6% stake after acquiring 6% of shares from Lichuang Investment for about 2.393 billion yuan [4] - Other funds, such as Meidi Venture Capital and Huaxia's index fund, have reduced their holdings in Jinghe Integrated [4]

另外，第三季度，思特威研发投入同比增加约37%；截至9月30日，公司应收账款比去年底增加1.58 倍。 证券时报记者阮润生 图像传感芯片商思特威(688213)10月29日发布2025年三季报，公司第三季度实现归母净利润3.03亿元， 同比增长145.14%。同时，公司拟每10股派发现金红利1.25元（含税）。同日，思特威的晶圆代工厂商 晶合集成(688249)公告，第三季度公司盈利也翻倍增长。 三季报显示，思特威第三季度营业收入25.31亿元，同比增长44.56%；净利润3.03亿元，同比增长 145.14%。2025年前三季度营业收入63.17亿元，同比增长50.14%；归母净利润6.99亿元，同比增长 155.99%，基本每股收益1.75元。 截至三季度末，华勤技术新进成为第二大流通股东、第四大股东，持股占总股本6%，陆股通增持，银 华基金国寿股份成长股票型组合单一资产管理计划、中证500交易型开放式指数证券投资基金新进成为 前十大流通股东；而美的创投、华夏上证科创板50成份交易型开放式指数证券投资基金等均进行了减 持。 今年7月29日，华勤技术公告以19.88元/股的价格，受让力晶创投持有的晶合集成6 ...