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]

Group 1 - The A-share market saw a collective rise in the three major indices, with the Kexin 50 ETF (588000) increasing by 2.42% in the afternoon session [1] - Notable stock performances included Shengyi Electronics rising by 13.25%, Jinghe Integrated rising by 8.84%, and China Resources Microelectronics increasing by 5.89% [1] - The Kexin 50 ETF (588000) has attracted significant capital inflow, with a net inflow of 986 million in the last three days and 1.788 billion in the last five days [1] Group 2 - The Kexin 50 ETF (588000) tracks the Kexin 50 Index, with 69.39% of its holdings in the electronics sector and 4.88% in the computer sector, totaling 74.27%, aligning well with the development of cutting-edge industries like AI and robotics [2] - The ETF also covers various sub-sectors including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [2] - Investors optimistic about the long-term development prospects of China's hard technology are encouraged to continue monitoring this ETF [2]

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？ ...

Core Viewpoint - The recent announcement by Moer Thread to manage idle fundraising of 7.5 billion yuan has attracted significant market attention, highlighting a trend among A-share companies, including those on the Sci-Tech Innovation Board, to utilize idle funds for cash management [1][2]. Group 1: Idle Fund Management in A-Share Market - Over the past three years, more than 110 A-share listed companies have reported annual idle cash management exceeding 5 billion yuan, including 14 companies from the Sci-Tech Innovation Board [1]. - Among the 12 Sci-Tech Innovation Board companies managing idle funds, 6 have amounts exceeding 5 billion yuan, with Moer Thread managing 7.5 billion yuan and Huahong managing 21 billion yuan [2]. Group 2: Regulatory Framework and Recent Changes - The China Securities Regulatory Commission (CSRC) has established regulations for the management of idle fundraising, which were revised and upgraded in June 2025 to enhance oversight [6][10]. - The latest regulations stipulate that idle funds can be managed through dedicated accounts, ensuring that cash management does not interfere with the normal investment plans of the fundraising [10]. Group 3: Industry Practices and Investor Concerns - Companies in the high-end computing sector often face long technical cycles, making the use of idle funds for cash management a common practice [4]. - There is a call from investors and industry insiders for more detailed disclosures regarding the management of idle funds to enhance transparency and protect investor interests [1][12].