2Q25 业绩低于我们预期 东微半导公布2Q25 业绩：公司实现收入3.33 亿元，同/环比增长35.1%/17.7%；毛利率18.0%，同/环比 上升3.2/4.4ppts；归母/扣非净利润0.20/0.09 亿元，同环比均呈现大幅度增长。整体二季度业绩来看低于 我们预期，我们认为背后主要原因是功率半导体产品价格竞争持续所致。 发展趋势 紧跟数据中心电源需求发展趋势，并布局低压小电流产品扩充收入规模。 业绩回顾 持续投入研发并积极寻求外延式发展，中长期成长动能可期。1H25 公司研发投入同比增长9%，研发人 员同比增长20%。产品端，从半年报披露中我们看到，公司第六代高压超级结MOSFET 研发进展顺 利，高速低导通电阻SGT 产品已实现在AI 电源、新型机器人等领域销售；化合物半导体方面，第二 代、第三代650V/1200V 平台SiC MOSFET 已进入稳定交货阶段。在外延发展方面，公司已完成对电征 芯片的收购并表，我们认为此次收购后有利于公司加快推进服务器、车规等重点产品线的扩充和延伸。 在拥有近20亿充足在手现金及2026 年经营现金流有望转正背景下，我们认为外延式发展也有望为公司 中长期带来坚实 ...

两融数据显示，该股最新融资余额为5.62亿元，近5日增加9098.44万元，增幅为19.31%。（数据宝） 9月3日东微半导大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 3.00 | 235.05 | 78.35 | -15.00 | 中信证券股份有限公 | 中信证券股份有限公 | | | | | | 司上海分公司 | 司苏州分公司 | 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） 东微半导9月3日大宗交易平台出现一笔成交，成交量3.00万股，成交金额235.05万元，大宗交易成交价 为78.35元，相对今日收盘价折价15.00%。该笔交易的买方营业部为中信证券股份有限公司上海分公 司，卖方营业部为中信证券股份有限公司苏州分公司。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为762.48万元。 证券时报·数据宝统计显示，东微半导今日收盘价为9 ...

从资金流向上来看，当日半导体板块主力资金净流出60.14亿元，游资资金净流入4.31亿元，散户资金净 流入55.83亿元。半导体板块个股资金流向见下表： 证券之星消息，9月3日半导体板块较上一交易日下跌1.67%，有研新材领跌。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。半导体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688709 | 成都华微 | 56.90 | 14.97% | 38.02万 | | 20.77亿 | | 688498 | 源杰科技 | 397.80 | 13.01% | 7.19万 | | 27.86亿 | | 688261 | 东微半导 | 92.18 | 12.28% | 9.44万 | | 2618 | | 688141 | 本华特 | 42.46 | 5.60% | 1 29.92万 | | 12.88 亿 | | 603690 | 至纯科技 | 29.32 | 5.0 ...

Group 1 - The energy storage sector experienced a strong rebound on September 3, with several companies reaching their daily price limits [1] - Notable performers included Tongrun Equipment and Baoxin Technology, which both hit the upper limit, while Haibo Sichuang, Yiwei Lithium Energy, Sunshine Power, and Shangneng Electric all surged over 10% [1] - Other companies such as Chunxing Precision and Shijia Technology also saw significant gains, indicating a broader positive trend in the energy storage market [1] Group 2 - Specific stock performance data showed Haibo Sichuang rising by 16.69% to 144.00, while Sunshine Power increased by 12.90% to 112.50 [2] - Yiwei Lithium Energy and Shangneng Electric also reported increases of 12.83% and 12.08%, respectively, highlighting strong investor interest [2] - Additional companies like Chunxing Precision and Tongrun Equipment saw gains of 10.10% and 10.01%, respectively, further emphasizing the sector's upward momentum [2]

Summary of Key Points Core Viewpoint - Dongwei Semiconductor experienced significant trading activity on September 2, with a total of 73,000 shares traded at a total value of 5.2743 million yuan, reflecting a discount of 12% compared to the closing price of 82.10 yuan on the same day [2][3]. Trading Activity - The stock had a closing price of 82.10 yuan, down 1.56% for the day, with a turnover rate of 6.36% and a total trading volume of 636 million yuan [2]. - The net inflow of main funds for the day was 16.6668 million yuan, and the stock has seen a cumulative increase of 12.79% over the past five days, with a total net inflow of 147 million yuan during that period [2]. Margin Financing - The latest margin financing balance for Dongwei Semiconductor is 577 million yuan, which has increased by 119 million yuan over the past five days, representing a growth rate of 26.01% [3]. Block Trade Details - On September 2, two block trades were recorded, with the following details: - Trade 1: 43,000 shares at 3.1068 million yuan, priced at 72.25 yuan, with a discount of 12% [3]. - Trade 2: 30,000 shares at 2.1675 million yuan, also priced at 72.25 yuan, with a similar discount of 12% [3]. Buyer and Seller Information - Both trades were facilitated by CITIC Securities, with the buyer being the main CITIC Securities office and the seller being the Suzhou branch [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月2日，东微半导收跌1.56%，收盘价为82.10元，发生2笔大宗交易，合计成交量7.3万股，成交金额 527.43万元。 第1笔成交价格为72.25元，成交4.30万股，成交金额310.68万元，溢价率为-12.00%，买方营业部为中信 证券股份有限公司总部(非营业场所)，卖方营业部为中信证券股份有限公司苏州分公司。 第2笔成交价格为72.25元，成交3.00万股，成交金额216.75万元，溢价率为-12.00%，买方营业部为中信 证券股份有限公司上海分公司，卖方营业部为中信证券股份有限公司苏州分公司。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为527.43万元。该股近5个交易日累 计上涨12.79%，主力资金合计净流入1.18亿元。 责任编辑：小浪快报 ...

9月2日，东微半导大宗交易成交7.3万股，成交额527.43万元，占当日总成交额的0.82%，成交价72.25 元，较市场收盘价82.1元折价12%。 | 交易日期 | 还有简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 美出精变部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-02 | 东徽学导 | 688261 | 72.25 | 310.68 | 4.3 | 中信证券股份有限 公司总部(非営业 场所) | 中信证券股份有限 公司苏州分公司 | 199 | | 2025-09-02 | 东微半导 | 688261 | 72.25 | 216.75 | | 中信证券股份有限 公司上海分公司 | 中信证券股份有限 公司苏州分公司 | 종 | ...

Group 1 - The core viewpoint of the article highlights significant stock price increases for several technology companies, indicating a positive market sentiment in the semiconductor sector [1] Group 2 - Yuanjie Technology and Liyang Chip both reached a 20% limit up in stock price [1] - Huahong Company saw an increase of over 16% in its stock price [1] - Other companies such as Guoxin Technology, Dongwei Semiconductor, Canxin Technology, and Zhaoyi Innovation also experienced notable stock price rises [1]

Group 1 - The semiconductor sector has seen a significant rise, with companies such as Source Technology and Liyang Chip hitting the daily limit of a 20% increase [1] - Huahong Company experienced a surge of over 14% in its stock price [1] - Other companies including Guoxin Technology, Dongwei Semiconductor, Canxin Technology, and Zhaoyi Innovation also showed upward trends in their stock prices [1]

Macro Insights - The recent appreciation of the Renminbi against the US dollar and a basket of currencies has been notable, with a 0.4% increase observed on August 28-29 [2] - The manufacturing PMI for August showed a slight recovery to 49.4% from 49.3% in July, indicating marginal improvement in manufacturing activity [3] - The non-manufacturing business activity index rose to 50.3% from 50.1% in July, suggesting a stable outlook for the service sector [3] Investment Strategy - The technology sector is experiencing increased investor interest, with TMT transaction volume exceeding 40% of total market activity, indicating a shift towards fundamental-driven market behavior [5] - The report suggests focusing on sectors benefiting from Renminbi appreciation, such as consumption, non-bank financials, and electric new energy, which are currently at relatively low valuations [5] - The report emphasizes the importance of maintaining flexibility in investment strategies, particularly in the context of market volatility and sector rotation [8] Company Performance - Alibaba's Q1 FY26 revenue reached 247.7 billion yuan, a year-on-year increase of 1.8%, with adjusted EBITA declining by 13.7% [14] - Huichuan Technology reported a 26.73% increase in revenue for H1 2025, reaching 20.509 billion yuan, with a net profit of 2.968 billion yuan, up 40.15% [18] - Zhonggu Logistics experienced a 41.6% increase in net profit for H1 2025, despite a 7.0% decline in revenue, attributed to high demand in the foreign trade container leasing market [19] Sector Analysis - The beverage sector showed strong sales performance, with revenue growth of 22.8% in Q2 2025, while the snack food sector faced challenges with a 0.3% decline [12] - The insurance sector is seeing a shift towards high-yield stocks, with the average allocation to FVOCI stocks increasing by 1.3 percentage points to 4.2% [10] - The real estate sector is under pressure, with China Overseas Development reporting a 4% decline in revenue for H1 2025, but maintaining a strong project pipeline for future growth [22]