A股半导体板块盘中走强，宏微科技涨超16%，寒武纪、翔捷科技、东微半导均涨超7%，芯原股份、芯 海科技等多股涨超4%。 订阅A股市场资讯 +订阅 ...

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

Core Viewpoint - The MOSFET industry in China is experiencing significant growth driven by the demand from sectors such as consumer electronics, communication, industrial control, and automotive electronics, with a projected market size of 42.944 billion yuan in 2024, reflecting a year-on-year growth of 7.67% [1][11]. Industry Overview - MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) is a semiconductor device that controls current using electric fields, consisting of a metal gate, an insulating oxide layer, and a semiconductor substrate [2]. - The industry has evolved through four main stages, from initial development before 2010 to the current phase of domestic substitution, where local manufacturers are increasingly producing high-end products [4][5]. Industry Development History - The industry has transitioned from a pioneering phase before 2010 to a period of local alliances from 2011 to 2013, followed by structural reforms from 2014 to 2016, and now to a phase of domestic substitution since 2017 [4][5]. Industry Supply Chain - The upstream of the MOSFET industry includes raw materials and production equipment, while the midstream focuses on manufacturing, and the downstream applications span automotive electronics, consumer electronics, industrial control, and communication devices [7]. Market Size - The demand for MOSFETs is rising due to the proliferation of 5G technology, the boom in the electric vehicle market, and increasing industrial automation [11]. - The performance of silicon-based MOSFETs is improving, and third-generation semiconductor devices like SiC MOSFETs are being commercialized, enhancing charging efficiency and range for electric vehicles [11]. Key Companies' Performance - The competitive landscape of the MOSFET industry is characterized by dominance from overseas giants like Infineon and ON Semiconductor, while domestic firms such as Huazhu Microelectronics, Silan Microelectronics, and New Clean Energy are emerging as leaders [13]. - Huazhu Microelectronics reported a revenue of 2.355 billion yuan in Q1 2025, a year-on-year increase of 11.29%, with a net profit of 83 million yuan, up 150.68% [14]. - Silan Microelectronics achieved a revenue of 11.221 billion yuan in 2024, reflecting a growth of 20.14%, with R&D investment reaching 1.084 billion yuan, up 22.93% [16]. Industry Development Trends - The market size of the MOSFET industry is expected to continue expanding, particularly in the electric vehicle sector, where demand for high-performance MOSFETs is increasing [18]. - Technological innovation is accelerating, with third-generation semiconductor materials like SiC and GaN gaining traction, promising higher efficiency and performance [19][20]. - The trend of domestic substitution is strengthening, with local companies improving their competitiveness and reducing reliance on foreign products, while also integrating the supply chain [21].

证券代码：688261 证券简称：东微半导 公告编号：2025-024 苏州东微半导体股份有限公司 2024年年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/18 | 2025/6/19 | 2025/6/19 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经苏州东微半导体股份有限公司（以下简称"公司"）2025 年 5 月 20 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户除外）。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.03955元（含税） 相关日期 ...

中国国际金融股份有限公司 关于苏州东微半导体股份有限公司 差异化权益分派特殊除权除息事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为苏州 东微半导体股份有限公司（以下简称"东微半导"或"公司"）首次公开发行股票并 在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券 交易所科创板股票上市规则》等相关法律法规和规范性文件的要求，对东微半导 差异化权益分派特殊除权除息的事项进行了核查，具体核查情况如下： 一、本次差异化权益分派的原因 公司分别于 2023 年 9 月 19 日、2023 年 10 月 9 日召开了第一届董事会第十 九次会议、2023 年第二次临时股东大会，审议通过了《关于以集中竞价交易方 式回购公司股份方案的议案》，同意公司以首次公开发行人民币普通股取得的部 分超募资金通过上海证券交易所交易系统以集中竞价交易方式回购公司股票。本 次回购的资金总额不低于人民币2,500万元（含）且不超过人民币5,000万元（含）， 回购价格不超过人民币 140 元/股（含），回购的股份将在未来适宜时机全部用 于股权激励及/或员工持股计划。回购期限为自公司股东大会审 ...

Core Viewpoint - Dongwei Semiconductor (688261), known as the "first stock of charging pile chips," has seen its stock price plummet nearly 80% from a peak of 179.27 yuan to 38.63 yuan due to the downturn in the power semiconductor industry and increased competition [1] Company Performance - Dongwei Semiconductor was established in 2008 and operates as a fabless manufacturer of power semiconductors, with products widely used in various sectors including 5G base stations, data centers, and electric vehicle charging [1] - The company experienced significant growth from 2020 to 2022, with 2022 revenues reaching 1.116 billion yuan and net profits of 284 million yuan, marking year-on-year increases of 42.72% and 93.57%, respectively [4] - However, in 2023, the company reported a revenue decline of 12.86% to 973 million yuan, with net profit dropping over 50% to 140 million yuan [7][8] Competitive Landscape - Dongwei Semiconductor's gross margin has significantly decreased from 33.96% in 2022 to 22.73% in 2023 and further to 14.29% in 2024, indicating a loss of competitive edge compared to peers [8][9] - The company's inventory turnover efficiency has worsened, with inventory turnover days increasing from 56.31 days in 2021 to 146.74 days in 2024, leading to substantial asset impairment losses [11] New Business Development - Despite ongoing R&D investments and attempts to diversify product offerings, new business lines such as Super Silicon MOSFET and SiC devices have contributed minimally to overall revenue, maintaining a combined share of only about 4% from 2021 to 2024 [13][14] - The SiC market is expected to grow significantly, but Dongwei Semiconductor faces challenges due to its lack of technological advantages and the competitive landscape dominated by established players [17][19]

Investment Rating - The report maintains an investment rating of "Outperform" for the biopharmaceutical sector [7]. Core Insights - The PD-(L)1 monoclonal antibody market is vast, with multiple companies developing PD-1 class upgrade products, including PD-1/VEGF bispecific antibodies and PD-1/IL-2 bispecific antibodies. The IBI363 from Innovent Biologics is expected to be the next significant PD-1 upgrade product following the PD-1/VEGF bispecific antibody [2][21]. - IBI363 has shown excellent data in the treatment of wild-type NSCLC and colorectal cancer, indicating its potential to expand into first-line treatment markets based on its performance in the IO resistant market [2][22]. - The competitive landscape for PD-1/IL-2 bispecific antibodies is favorable for IBI363, as it is the only PD-1/IL-2α bispecific antibody currently in Phase II clinical trials, while most competitors are in earlier stages [3][25]. Summary by Sections Weekly New Drug Market Review - From June 2 to June 6, 2025, the top five companies in the new drug sector by stock performance were Junsheng Tai Pharmaceutical-B (24.29%), Zai Lab (23.28%), Innovent Biologics (18.08%), Maiwei Biopharma (17.72%), and Shenzhou Cell (17.24%). The bottom five were Deqi Pharmaceutical-B (-12.68%), JACOB-B (-11.90%), Heptares Therapeutics-B (-10.86%), CanSino Biologics-B (-10.75%), and WuXi AppTec-B (-8.54%) [1][17]. Weekly New Drug Industry Analysis - The report highlights the potential of IBI363 as a next-generation PD-1 upgrade product, with promising data presented at ASCO 2025. The drug is expected to target multiple tumor types and expand into first-line treatment markets [2][21]. Weekly New Drug Approval & Acceptance Status - This week, 20 new drug or new indication applications were approved in China, including drugs from Zai Lab and Shenzhen Xinlitai. Additionally, 11 new drug applications were accepted, including those from MSD and Eli Lilly [4][28]. Weekly New Drug Clinical Application Approval & Acceptance Status - There were 21 new drug clinical application approvals and 43 new drug clinical applications accepted in the domestic market this week [5].

中国国际金融股份有限公司 关于苏州东微半导体股份有限公司 核心技术人员离职的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为苏州 东微半导体股份有限公司（以下简称"东微半导"或"公司"）首次公开发行股票并 在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券 交易所科创板股票上市规则》等相关法律法规和规范性文件的要求，对东微半导 核心技术人员离职的事项进行了核查，具体核查情况如下： 一、核心技术人员离职的具体情况 公司董事会近日收到公司核心技术人员刘磊先生的辞职申请。刘磊先生因个 人职业发展原因，向公司申请辞去核心技术人员职务，辞职后将不再担任公司任 何职务。 （一）刘磊先生的具体情况 刘磊先生在职期间作为核心技术人员参与公司研发工作，目前已完成工作交 接，其离职不会对公司的技术研发、产品创新、核心竞争力与持续经营能力产生 1 不利影响。 刘磊先生在职期间参与研究并申请的专利等知识产权均为职务成果，截至本 核查意见出具之日，该等职务成果所形成的所有权均属于公司，不涉及权利纠纷 或潜在纠纷，其离职不会影响公司专利等知识产权的完整性。 （三）保密及竞业限制情况 根据公 ...

苏州东微半导体股份有限公司 关于公司核心技术人员离职的公告 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： 证券代码：688261 证券简称：东微半导 公告编号：2025-023 苏州东微半导体股份有限公司（以下简称"公司"）核心技术人员刘磊 先生因个人职业发展原因向公司申请辞去核心技术人员职务，辞职后将不再担任 公司任何职务。 公司与刘磊先生签有《劳动合同》及《保密、竞业禁止及知识产权归属 协议》等，不存在涉及职务成果、知识产权相关的纠纷或潜在纠纷，其离职不影 响公司专利等知识产权的完整性。 刘磊先生目前已完成工作交接，其离职不会对公司的技术研发、产品创 新、核心竞争力与持续经营能力产生不利影响。 一、 核心技术人员离职的具体情况 公司董事会近日收到公司核心技术人员刘磊先生的辞职申请。刘磊先生因个 人职业发展原因，向公司申请辞去核心技术人员职务，辞职后将不再担任公司任 何职务。公司对刘磊先生任职期间为公司做出的贡献表示衷心感谢！ （一）刘磊先生的具体情况 刘磊，男，1984 年出生，中国国籍，无境外永久居留 ...

Investment Rating - The industry investment rating is "Outperform" (maintained) [2] Core Insights - The profitability of the power semiconductor industry is steadily improving, with the automotive sector and data centers being the main growth drivers. The domestic production of medium and low voltage devices for automobiles is continuously advancing [4][7] - The penetration of SiC MOSFETs in new energy vehicles is increasing, with a notable rise in the market share of domestic suppliers in the IGBT module sector [38][39] - The overall industry is entering a stable phase, with demand from consumption and industrial control maintaining steady growth, while the new energy vehicle market continues to expand [6][21] Summary by Sections Power Semiconductor Performance - The industry is experiencing a recovery in profitability as revenues improve, with automotive and data center applications being the primary growth areas [4] - The sales volume of new energy vehicles in March reached 1.24 million units, a year-on-year increase of 40.1%, with a penetration rate of 42.4% [32][34] New Energy Vehicles - The market share of new energy vehicles with a peak power of over 200kW has increased from 9% in 2022 to 25% in the first quarter of 2025 [35] - The penetration rate of SiC MOSFETs in new energy vehicles reached 18.9% in the first quarter of 2025, indicating a shift towards higher power modules [38] Charging Infrastructure - The number of charging stations in March 2025 increased by 634,000 units, with public charging stations showing a year-on-year decrease of 18.35% [5] Market Dynamics - The competition among leading companies in the IGBT module market is stabilizing, with domestic suppliers gaining market share as overseas competitors decline [38][39] - The industry is expected to continue its growth trend in 2024, driven by the demand for automotive power devices and the ongoing transition to electric vehicles [6][21]