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]

Group 1 - The core point of the article is the resignation of non-independent director Zhu Caiwei from the company's second board of directors due to adjustments in the corporate governance structure [2] - Zhu Caiwei's resignation report became effective upon delivery to the company's board of directors, but he will continue to hold other positions within the company [2] - The company recently held a staff representative meeting where Zhu Caiwei was elected as a staff representative director for the second board, with a term lasting until the end of the current board's term [2]

证券代码：688249 证券简称：晶合集成 公告编号：2025-060 合肥晶合集成电路股份有限公司 2025年第一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： （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 | 922 | | --- | --- | | 普通股股东人数 | 922 | | 2、出席会议的股东所持有的表决权数量 | 1,281,174,235 | | 普通股股东所持有表决权数量 | 1,281,174,235 | | 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 | 65.9024 | | 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（%） | 65.9024 | 注：截至本次股东会股权登记日的总股本为 2,006,135,157 股；其中，公司回购专用账户中 ...

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 5 月 28 日召开 2024 年年度股东会审议通过的《公司章程》； 2. 公司于 2025 年 6 月 26 日召开第二届董事会第二十二次会议、第二届监事会 第十三次会议形成的决议文件； 3. 公司于 2025 年 7 月 25 日召开第二届董事会第二十三次会议、第二届监事会 第十四次会议形成的决议文件； 4. 公司于 2025 年 8 月 28 日召开第二届董事会第二十五次会议、第二届监事会 第十五次会议形成的决议文件； 5. 公司于2025年8月29日刊登于《中国证券报》《上海证券报》《证券日报》 《证券时报》《经济参考报》及上海证券交易所（以下简称上交所）网站的 《晶合集成关于召开 2025 年第一次临时股东会的通知》（以下简称《股东会 通知》）； 10. 其他会议文件。 北京市金杜律师事务所上海分所 关于合肥晶合集成电路股份有限公司 2025 年第一次临时股东会 的法律意见书 致：合肥晶合集成电路股份有限公司 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 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-059 合肥晶合集成电路股份有限公司 关于非独立董事辞职暨选举职工代表董事的公告 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、准确性和完整性承担法律责任。 重要内容提示： 合肥晶合集成电路股份有限公司（以下简称"公司"）董事会于近日收到非 独立董事朱才伟先生提交的辞职报告，因公司治理结构调整，朱才伟先生申请辞 去公司第二届董事会非独立董事职务。该辞职报告自送达公司董事会之日起生效， 朱才伟先生离任后将继续在公司担任其他职务。 (一) 提前离任的基本情况 (二) 离任对公司的影响 朱才伟先生的离任不会导致公司董事会成员低于法定最低人数，朱才伟先生 仍担任公司的董事会秘书、财务负责人、副总经理。朱才伟先生将继续遵守《上 海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》等相关法律法规及其在公司首次公开发行股票时所作 的相关承诺。 二、关于选举职工代表董事的情况 为完善公司治理结构，依据《公司法》等法律法规、规范性文件及《公司章 程》等有关规定， ...

Core Viewpoint - The company announced the resignation of non-independent director Zhu Caiwei due to adjustments in the corporate governance structure, while he will continue to serve in other key roles [1] Group 1 - Zhu Caiwei has submitted his resignation as a non-independent director but will remain as the company secretary, financial head, and deputy general manager [1] - Following Zhu Caiwei's resignation, the company will elect a new employee representative director [1] - Zhu Caiwei currently holds 0.0130% of the company's shares [1]