Market Overview - On September 26, the semiconductor sector declined by 1.59%, with Li'an Micro leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Top Gainers in Semiconductor Sector - The top gainers included: - Saiwei Microelectronics (688325) with a closing price of 111.16, up 17.99% [1] - Jinghe Integrated (688249) at 32.90, up 16.63% [1] - Liandong Technology (69EI0E) at 93.06, up 16.15% [1] - Juchen Co. (688123) at 142.07, up 7.66% [1] - Xilian Integrated (688469) at 6.43, up 7.53% [1] Top Losers in Semiconductor Sector - The top losers included: - Li'an Micro (605358) at 32.71, down 9.99% [2] - Juguang Technology (688167) at 156.20, down 6.91% [2] - Dongwei Semiconductor (688261) at 73.99, down 6.81% [2] - Ruixin Technology (603893) at 212.01, down 6.75% [2] - Xinyuan Technology (688521) at 189.11, down 6.60% [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 8.289 billion yuan from institutional investors, while retail investors saw a net inflow of 5.584 billion yuan [2][3] - The capital flow for individual stocks showed mixed results, with Jinghe Integrated (688249) seeing a net inflow of 366 million yuan from institutional investors [3] - Other notable net inflows included: - Zhongwei Company (688012) with 299 million yuan [3] - Huahong Company (688347) with 282 million yuan [3] Summary of Trading Activity - The trading volume and turnover for selected stocks indicated significant activity, with Jinghe Integrated achieving a turnover of 5.178 billion yuan [1] - The overall trading environment reflected volatility, with substantial movements in both directions across various semiconductor stocks [1][2]

Group 1 - The A-share market experienced a collective decline on September 26, with the Shanghai Composite Index dropping by 0.17%. Sectors such as power generation equipment, petrochemicals, and soft drinks saw gains, while the internet and computer hardware sectors faced declines [1] - The chip ETF (159995) showed activity, rising by 0.11% as of 10:32 AM. Notable gainers among its constituent stocks included Jinghe Integrated (up 12.44%), Unisoc (up 7.20%), Huahai Qingke (up 5.76%), and OmniVision (up 4.04%). Conversely, companies like Rockchip and Cambricon saw declines of -4.30% and -2.67%, respectively [1] - The Alibaba Cloud Summit held on September 24 introduced several advanced models, including the Qwen3-Max with 36 trillion tokens of pre-training data, the Qwen3-VL visual language model supporting 256K context, and the Qwen3-Omni multimodal model capable of processing text, images, audio, and video inputs with low latency of 234ms [1] - According to招商证券, the evolution of global trade patterns has elevated the importance of self-sufficiency in the semiconductor industry as a key strategic focus for China's industrial development. Continuous government support for this sector is expected to enhance the outlook for self-sufficiency amid the AI innovation cycle and tariff considerations, indicating a new upward cycle for the semiconductor industry [1] Group 2 - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [2]

公司发布的半年报数据显示，上半年公司共实现营业收入51.98亿元，同比增长18.21%，实现净利润 3.32亿元，同比增长77.61%，基本每股收益为0.1700元，加权平均净资产收益率1.58%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 晶合集成股价创出历史新高，截至9:40，该股上涨8.22%，股价报30.53元，成交量2655.95万股，成交金 额7.99亿元，换手率2.24%，该股最新A股总市值达612.47亿元，该股A股流通市值362.32亿元。 证券时报·数据宝统计显示，晶合集成所属的电子行业，目前整体跌幅为0.16%，行业内，目前股价上涨 的有188只，涨幅居前的有深华发A、紫光国微、汇成股份等，涨幅分别为10.03%、10.00%、8.57%。股 价下跌的有293只，跌幅居前的有立昂微、思泉新材、鸿富瀚等，跌幅分别为7.90%、4.29%、4.28%。 两融数据显示，该股最新（9月25日）两融余额为10.62亿元，其中，融资余额为10.55亿元，近10日减少 4950.51万元，环比下降4.48%。 ...

Group 1 - A-shares showed mixed performance on September 25, with AI hardware and semiconductor silicon wafer concepts leading the gains [1] - The Tianhong Chip ETF (159310) rose by 0.46%, with a premium trading rate of 0.15%, and its constituent stocks like Jinghe Integrated surged over 11% [1] - The Tianhong Chip ETF has seen a net subscription of 12 million units during the trading session [2] Group 2 - The Tianhong Chip ETF tracks the CSI Chip Industry Index, with top holdings including SMIC, Northern Huachuang, and Cambrian [2] - The Tianhong Sci-Tech ETF (589860) reached a peak increase of over 1.4%, hitting a new high since its listing, with constituent stocks like Aowei New Materials and Pinming Technology hitting the daily limit [2] - The Tianhong Sci-Tech ETF closely follows the Sci-Tech Innovation Board Index, covering approximately 97% of the market capitalization of the Sci-Tech Innovation Board [2] Group 3 - Yangtze Memory Technologies' parent company completed its shareholding reform, with a latest valuation exceeding 160 billion yuan, ranking ninth among China's top unicorns [3] - The valuation of Yangtze Memory Technologies was calculated at 161.6 billion yuan based on an investment from a subsidiary of Yangyuan Beverage [3] - On September 26, Moer Thread is expected to become the first domestic GPU stock listed on the Sci-Tech Innovation Board [3] Group 4 - Galaxy Securities expressed a long-term positive outlook on the AI industry chain, emphasizing the necessity for domestic chip production [4] - AI is identified as a core growth driver for the semiconductor sector, with increasing demand cycles and improvements in power semiconductor profitability [4] - Yongxing Securities remains optimistic about the HBM industry chain benefiting from the rapid development of advanced computing chips and the semiconductor cycle recovery [4]

Group 1 - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index increasing by 0.15%. Key sectors that performed well included comprehensive, communication equipment, and computer hardware, while gas and engineering machinery sectors faced declines [1] - The Consumer Electronics ETF (159732) rose by 0.50%, with notable increases in its constituent stocks: Jinghe Integrated surged by 13.29%, Huakin Technology by 10.00%, GoerTek by 5.57%, Desay SV by 4.63%, and Huanxu Electronics by 4.57% [1] - Meta held its annual developer conference, Meta Connect, where it launched the Meta Ray-Ban Display smart glasses in collaboration with Ray-Ban and introduced the Neural Band, a wristband controlled by myoelectric signals [1] Group 2 - According to Macquarie Securities, Meta is leading the acceleration of AI + AR glasses penetration, which is driving continuous upgrades in the supply chain. The release of the Meta Ray-Ban Display is expected to further enhance the penetration rate of AI + AR glasses and promote ongoing hardware supply chain upgrades [1]

Market Performance - On September 25, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.14% during the session [1] - The sectors that performed well included comprehensive, communication equipment, and computer hardware, while gas and engineering machinery sectors faced declines [1] Chip Sector Developments - The chip technology stocks continued to strengthen, with the Chip ETF (159995) rising by 0.81% as of 10:53 AM [1] - Notable individual stock performances included: - Jinghe Integrated rising by 13.17% - Jing Sheng Machinery increasing by 5.59% - Tongfu Microelectronics up by 4.85% - Changdian Technology rising by 3.71% - Haiguang Information increasing by 3.63% [1] Huawei's Chip Roadmap - At the 2025 Full Connection Conference, Huawei announced its Ascend chip roadmap for the next three years, including: - Launching the 950PR and 950DT in 2026 - Doubling specifications for the 960 in 2027, including a self-developed 4-bit solution - Upgrading the 970 in 2028 in terms of computing power and memory bandwidth, aiming to catch up with NVIDIA's Blackwell [1] Domestic AI Chip Advancements - Dongfang Securities reported that domestic AI chips are achieving breakthroughs, with the scale of super nodes continuously improving [1] - The performance of domestic AI chips and switching chips is on the rise, and the commercialization process is advancing [1] - Investor confidence in China's AI computing power development is expected to continue to grow [1] Chip ETF Overview - The Chip ETF (159995) tracks the National Chip Index, comprising 30 constituent stocks from the A-share chip industry, including leading companies in materials, equipment, design, manufacturing, packaging, and testing [1] - Notable constituent companies include SMIC, Cambricon, Changdian Technology, and Northern Huachuang [1] - The off-market linked funds for the ETF are A class: 008887 and C class: 008888 [1]

据天眼查APP显示，合肥晶合集成电路股份有限公司成立于2015年05月19日。注册资本200613.5157万 人民币。（数据宝） （文章来源：证券时报网） 数据宝统计，截至10:35，晶合集成成交额19.69亿元，创2024年12月16日以来新高。最新股价上涨 14.11%，换手率5.81%。上一交易日该股全天成交额为18.30亿元。 ...

Core Viewpoint - The company, Jinghe Integrated Circuit Co., Ltd., has shown significant growth in revenue and net profit, indicating a strong performance in the semiconductor industry, particularly in the 12-inch wafer foundry business [2][3]. Financial Performance - As of June 30, 2025, Jinghe Integrated Circuit achieved a revenue of 5.198 billion yuan, representing a year-on-year growth of 18.21% [2]. - The net profit attributable to shareholders for the same period was 332 million yuan, reflecting a substantial increase of 77.61% year-on-year [2]. Shareholder and Market Activity - As of September 23, 2023, the company had a total financing balance of 1.030 billion yuan, which accounts for 3.61% of its market capitalization, indicating a high level of financing activity [1]. - The number of shareholders decreased by 3.90% to 62,800, while the average number of circulating shares per person increased by 4.95% to 18,907 shares [2]. Institutional Holdings - As of June 30, 2025, major institutional shareholders include: - Huaxia SSE Sci-Tech Innovation Board 50 ETF, holding 44.4063 million shares, decreased by 739,200 shares [3]. - E Fund SSE Sci-Tech Innovation Board 50 ETF, holding 33.2288 million shares, increased by 697,000 shares [3]. - Other notable shareholders include the Hong Kong Central Clearing Limited and Huaxia National Index Semiconductor Chip ETF, with significant changes in their holdings [3]. Dividend Distribution - Since its A-share listing, Jinghe Integrated Circuit has distributed a total of 194 million yuan in dividends [3].

Core Viewpoint - The article emphasizes the transformative impact of artificial intelligence (AI) on the global semiconductor industry, particularly focusing on the critical role of advanced chips and wafer foundries in this evolution. It highlights the challenges and opportunities faced by Chinese foundries in the context of geopolitical tensions and the shift from globalization to regionalization [2][5]. Group 1: Industry Overview - The wafer foundry industry is defined by the division of labor among Fabless, Foundry, and OSAT, which is essential for analyzing the current state of China's semiconductor industry. China has strong players in Fabless and Foundry but faces significant challenges in EDA/IP and advanced equipment [5]. - The trend towards domestic production is driven by geopolitical pressures rather than purely market forces, revealing high barriers to entry in the industry, including capital, technology, and ecosystem accumulation [5][31]. - The semiconductor market is experiencing structural changes, with AI and automotive electronics being the primary drivers of capacity growth. However, there is a risk of overcapacity in mature processes [5][12]. Group 2: Market Dynamics - The article notes that the demand for chips is increasing, particularly in AI, HPC, and automotive electronics, which require higher performance and efficiency. This has led to significant R&D investments in advanced process technologies [32][44]. - The global semiconductor market is projected to exceed $1 trillion by 2030, with a compound annual growth rate (CAGR) of 9% from 2025 to 2030, driven by the surge in demand for servers, data centers, and storage [44][50]. Group 3: Chinese Foundries - Chinese foundries are forming a tiered layout, with companies like SMIC, Hua Hong Semiconductor, and others establishing competitive advantages in various niche markets, avoiding homogenization [6][19]. - SMIC is recognized as a leader in China's integrated circuit manufacturing, achieving significant revenue growth and technological advancements in logic and specialty processes [54][53]. - Hua Hong Semiconductor is noted for its comprehensive specialty process platform, focusing on embedded non-volatile memory and power devices, and has shown strong revenue growth [56][57]. - Jinghe Integrated Circuit has become a leader in the liquid crystal panel driver chip foundry sector, achieving significant market share and revenue growth [59]. Group 4: Competitive Landscape - TSMC's competitive advantages include technological leadership, R&D investment, and deep integration with major clients like Apple and NVIDIA, which are crucial for maintaining its market position [6][12]. - The article discusses the shift from IDM to Foundry as a revolutionary change in the industry, with geopolitical factors influencing global supply chain restructuring [14][50]. - The article highlights the importance of specialized processes and system-level foundry services as a trend in the industry, with TSMC's advanced packaging technologies serving as a significant competitive edge [29][12]. Group 5: Future Outlook - The future of the wafer foundry industry is characterized by a focus on mature processes and specialty technologies, with Chinese foundries positioned to capitalize on domestic demand and policy support [31][37]. - The article warns of potential overcapacity risks, particularly in consumer electronics, while emphasizing the importance of maintaining high utilization rates and strong customer relationships to mitigate financial pressures [26][50].

Core Viewpoint - The semiconductor industry is experiencing a recovery in 2025, driven by explosive growth in AI technology and domestic consumption subsidies stimulating demand for new devices [1] Group 1: Industry Overview - In Q2 2025, the top ten global foundries generated a total revenue of 41.718 billion, reflecting a quarter-on-quarter growth of 14.6% [3] - TSMC's revenue reached 30.239 billion, with a market share increase of 2.6 percentage points to 70.2%, while other major players saw a decline in market share [1][3] - The competition focus in the foundry market is shifting from "advanced processes" to "advanced packaging," with TSMC holding a significant advantage in both areas [1] Group 2: Company Performance - SMIC, Hua Hong, and JCET showed revenue growth rates of 23.14%, 19.09%, and 18.21% respectively in H1 2025, indicating a recovery in their financial performance [4] - SMIC's gross margin improved by 8 percentage points year-on-year, while Hua Hong and JCET also saw slight increases in their gross margins [4] - SMIC's capital expenditure reached 3.3 billion in H1 2025, maintaining a pace of adding 50,000 12-inch wafers annually [5] Group 3: Product Development - Hua Hong's revenue from power semiconductors grew by 59.3% year-on-year, with its share of total revenue increasing by 7.4 percentage points to 28.5% [5] - JCET is diversifying its product offerings, with significant advancements in OLED, CIS, and logic chip markets, including mass production of 40nm OLED display driver chips [5][6] - The revenue structure of JCET shows a growing contribution from 40nm products, which is expected to enhance profitability [6]