Core Viewpoint - The recent launch of the fourth phase project by Jinghe Integrated Circuit, with a total investment of 35.5 billion yuan, marks a significant expansion in the company's production capacity and technological capabilities in the semiconductor industry [2][10]. Investment and Production Capacity - The fourth phase project involves the construction of a 12-inch wafer foundry production line, with a planned monthly capacity of 55,000 wafers [3][11]. - Upon completion, the total production capacity of Jinghe Integrated Circuit will increase to approximately 170,000 wafers per month, solidifying its leading position among wafer foundries in mainland China and ranking ninth globally [7][15]. Technological Focus - The production line will focus on advanced process nodes of 40nm and 28nm, targeting applications in CMOS image sensors (CIS), OLED display driver chips, and logic chips [3][11][12]. - The project aims to meet the market demands of cutting-edge applications, including OLED display panels, AI smartphones, AI computers, smart vehicles, and various artificial intelligence devices [5][13]. Historical Context and Previous Phases - Jinghe Integrated Circuit's first phase project began construction in October 2015 and was officially put into production in October 2017, with both the first and second phases now operating at full capacity [6][14]. - The third phase project, with a total investment of 21 billion yuan and a monthly capacity of 50,000 wafers, is expected to commence production in August 2024 [6][14]. Financial Backing and Future Plans - The third phase project has received significant capital increases from various institutional investors, including state-owned banks, raising its registered capital to approximately 9.59 billion yuan, which will be used for equipment procurement and operations [8][16]. - The fourth phase project is scheduled to begin equipment installation in the fourth quarter of 2026 and aims to reach full production by the second quarter of 2028 [17].

Core Insights - The recent launch of the 355 billion yuan investment in the fourth phase of the Jinghe Integration project aims to enhance the domestic semiconductor industry's technology and supply chain autonomy [1][3] - The project will establish a 12-inch wafer foundry production line with a capacity of 55,000 wafers per month, focusing on 40nm and 28nm processes for CIS, OLED, and logic applications [1][3] - The demand for high-end specialty process technology products is increasing due to the rapid growth of mobile applications, artificial intelligence, and computing power [1][3] Company Development - Jinghe Integration has evolved from one factory to three, increasing its technology from 150nm to 28nm, and has become a leader in both LCD chip foundry market share and security CIS chip shipments [2][4] - The fourth phase project is expected to begin equipment installation in Q4 2026 and reach full production by Q2 2028, aiming to meet the market's demand for high-performance and high-quality wafer foundry services [2][4] Market Trends - The expansion of the Jinghe Integration project aligns with the growing market for logic processes, which are critical for future breakthroughs in computing and storage [1][3] - The project will support applications in OLED display panels, AI smartphones, AI computers, smart vehicles, and artificial intelligence [1][3]

Core Viewpoint - The company, Jinghe Integrated, has officially launched the construction of its Phase IV project with a total investment of 35.5 billion yuan, aiming to enhance its 12-inch wafer foundry capacity and meet the growing demand for high-performance semiconductor services [1][2]. Group 1: Project Overview - The Phase IV project will establish a production line with a capacity of 55,000 wafers per month, focusing on 40nm and 28nm processes for CIS, OLED, and logic applications [1]. - The project is expected to begin equipment installation in Q4 2026 and reach full production by the end of 2028 [2]. Group 2: Business and Financial Performance - Jinghe Integrated specializes in 12-inch wafer foundry services and has achieved mass production of various products, including display driver ICs (DDIC), CMOS image sensors (CIS), microcontrollers (MCU), power management ICs (PMIC), and logic applications [3]. - For the first three quarters of 2025, the company reported revenue of 8.13 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 550 million yuan, up 97.24% year-on-year [3]. - The company has successfully mass-produced 40nm high-voltage OLED display driver chips and is making progress in the development of 28nm OLED display driver chips, as well as Micro OLED technology for AR/VR applications [3].

（H 股发行并上市后适用） 第一章 总则 合肥晶合集成电路股份有限公司 关联（连）交易实施细则 （草案） 第一条 为规范合肥晶合集成电路股份有限公司（以下简称"公司"）关联 （连）交易，维护公司投资者特别是中小投资者的合法权益，保证公司与关联（连） 人之间订立的关联（连）交易合同符合公平、公正、公开的原则，根据《中华人 民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、《上海证 券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《公开发行证券的 公司信息披露内容与格式准则》《香港联合交易所有限公司证券上市规则》（以下 简称"《香港上市规则》"）等有关法律、法规、规范性文件及《合肥晶合集成电 路股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定本细则。 在本制度中，根据《上交所上市规则》，关联交易是指公司、控股子公司及 控制的其他主体与公司关联人之间发生的转移资源或义务的事项；根据《香港上 市规则》，关连交易指公司及其附属公司与关连人士进行的交易，以及与第三方 进行的指定类别交易，而该指定类别交易可令关连人士透过其于交易所涉及实体 的权益而获得利益。 第二条 公司与关联（连 ...

合肥晶合集成电路股份有限公司 章程 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 2 | | | 第三章 | 股份 | 2 | | 第一节 | 股份发行 | | | 第二节 | 股份增减和回购 | | | 第三节 | 股份转让和质押 | | | 第四章 | 股东和股东会 7 | | | 第一节 | 股东的一般规定 | | | 第二节 | 控股股东和实际控制人 | | | 第三节 | 股东会的一般规定 | | | 第四节 | 股东会的召集 | | | 第五节 | 股东会的提案与通知 | | | 第六节 | 股东会的召开 | | | 第七节 | 股东会的表决和决议 | | | 第五章 | 董事会 24 | | | 第一节 | 董事的一般规定 | | | 第二节 | 董事会 28 | | | 第三节 | 独立董事 | | | 第四节 | 董事会专门委员会 | | | 第六章 | 高级管理人员 38 | | | 第七章 | 党组织 40 | | | 第八章 | 财务会计制度、利润分配和审计 40 | | | 第一节 | 财务会计制度 | | | 第二节 | ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-073 合肥晶合集成电路股份有限公司 关于变更公司注册资本、修订《公司章程》及制定、修 订部分内部治理制度草案的公告 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、准确性和完整性依法承担法律责任。 | 修订前 | 修订后 | | --- | --- | | 第六条 | 第六条 | | 公司注册资本为人民币 200,613.5157 万元，总 | 公司注册资本为人民币 200,759.1697 万元，总 | | 股数为 万股，均为普通股股份。 200,613.5157 | 股数为 万股，均为普通股股份。 200,759.1697 | | 第十四条 | 第十四条 | | 公司的经营范围：集成电路芯片及产品制造; | 公司的经营范围：集成电路芯片及产品制造; | | 集成电路芯片及产品销售;集成电路芯片设计 | 集成电路芯片及产品销售;集成电路芯片设计 | | 及服务；技术服务、技术开发、技术咨询、技 | 及服务；技术服务、技术开发、技术咨询、技 术交流、技术转让、技术推广（除许可业务外， | | ...

Group 1 - Advanced process: Demand recovery, AI and mainstream consumption drive high growth [3][30] - Global foundry market revenue is expected to grow YoY by 27% in 2025, driven by GPU/ASIC demand and stable consumer electronics orders [6][30] - The advanced process segment is experiencing a significant increase in wafer consumption due to the complexity of high-end chips [7][9] Group 2 - Mature process: Strong expansion, localization, and specialty processes seek incremental growth [3][30] - Chinese fabs are benefiting from the recovery in consumption, with some wafer manufacturing prices increasing, indicating a shift away from price competition [31][33] - By 2030, China's mature process capacity is expected to exceed half of the global market share [34][41] Group 3 - Key targets and valuations: SMIC is maintaining an aggressive expansion pace, with plans for new factories and increased monthly capacity [55] - The domestic AI chip market in China is projected to grow over 60% by 2026, with local companies increasing their market share significantly [18][20] - The local supply chain is expected to strengthen as international IDM companies collaborate with domestic fabs, enhancing their technological capabilities [42][47]

科创50ETF（588000）追踪科创50指数，指数持仓电子行业69.39%，计算机行业4.88%，合计74.27%， 与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光 伏设备等多个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 （文章来源：每日经济新闻） 消息面上，中国电信研究院联合产业伙伴成功完成业界首个面向国产算力的跨架构大模型推理技术验 证。通过启动"Triton统一跨架构推理框架"技术攻关，自研Triton跨架构编译器与统一大模型算子库，实 现了同一套算子源码在英伟达、昇腾、沐曦三类芯片上无缝运行，实现性能与适配效率的双重优化。 展望后市，西部证券指出，AI算力高景气将持续驱动通信行业2026年结构性机会。AI大模型进化与应 用渗透带动算力投入高增，产业链多环节供不应求，需求结构向推理端迁移，二线云厂入局、国产算力 崛起成新看点。同时低轨卫星互联网进入景气周期，与AI算力形成协同，共同打开行业增长空间。 12月17日午后，A股三大指数集体拉升，涨幅逐步扩大。科创50ETF（588000）午后同步上涨，涨幅扩 大为2.42%。盘面上， ...

Group 1 - The global Fab market is expected to grow by 27% year-on-year in 2025, driven by demand from GPU/ASIC and consumer electronics orders [3][9][23] - The advanced process is in an expansion phase, significantly boosted by AI demand, with the Chinese high-end AI chip market projected to grow over 60% in 2026 [3][23][26] - Domestic Fab manufacturers are focusing on mature processes, benefiting from the recovery of the domestic market, with a projected share of over 75% in global mature process capacity additions by 2026 [3][46][53] Group 2 - Key companies to watch include SMIC, Hua Hong Semiconductor, and Jinghong Integrated Circuit, which are positioned to benefit from local manufacturing and the expansion of production capacity [3][41][71] - The third phase of the National Big Fund has not yet entered large-scale project investments, but it is expected to become a capital expenditure increment for the Fab industry in 2026 [3][39][40] - The domestic supply chain is gradually proving itself, with companies like Cambrian and Huawei leading the way in local AI chip production and supply chain development [3][30][34]

摘要 存储需求预计 2026 年超供，2025 年 9 月现货价已大幅上涨，四季度 合约价涨幅预期上修，行业维持供不应求状态，2026 年 Q1 合约价预计 持续超预期，CSP 服务器存储器需求增速预计至少 30%。 存储行业大缺货背景下，长鑫存储和长江存储等国内企业扩产有望超预 期，逻辑先进制程扩产亦将受益，设备厂商如拓荆科技将受益于扩产带 来的额外订单，国产化率提升带来相应收益。 半导体设备指数今年以来增长显著，拓荆科技和微导纳米涨幅居前。9 月初以来，存储涨价催化及产品上市预期强化，相关公司股价进一步上 涨，预计长鑫和长江 2026 年扩产量约为 10-11 万片。 存储设备板块未来几年有望保持较高增速，订单确定性较高，对营收和 利润预测准确性提升。北方华创等公司 PE 较低，有望通过 EPS 增长推 动市值上升，年初设备板块胜率较高。 晶合集成主业稳健，各领域处于满载状态。CBA 和 CFA 技术发展有望 推动 DRAM 阵列与 CMOS 外围电路分离制造，产生外包需求，为晶合 集成等公司带来巨大机会，如 28 纳米节点代工可带来显著营收增量。 Q&A 2025 年存储行业的市场表现和未来预期如何？ ...