智通财经7月28日电，复旦微电(688385.SH)公告称，公司与复旦大学订立一项技术服务合同，委托复旦 大学研究开发超大规模FPGA布局布线技术并提供相应的技术支持，合同金额350万元人民币。该交易 属于接受关联方劳务类，构成关联交易。 复旦微电：与复旦大学订立技术服务合同 合同金额350万元 ...

Core Viewpoint - Fudan Microelectronics (688385) reported a stable growth in high-reliability product orders for the first half of 2025, with a focus on enhancing operational efficiency and product competitiveness in the second half of 2025 [2][5]. Group 1: Business Performance - In the first quarter of 2025, the company's main revenue was 888 million yuan, a decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 136 million yuan, down 15.55% year-on-year [6]. - The company has a debt ratio of 27.55% and a gross profit margin of 58.14% [6]. Group 2: Product Development and Supply Chain - The procurement cycle for customized wafers is approximately 4 months, with a packaging and testing cycle of 1-2 months, while the overall chip production cycle is longer [2]. - The company is currently able to meet existing order demands and is focusing on increasing the supply of next-generation FPGA products [2]. Group 3: Market Outlook - For the second half of 2025, the company aims to improve operational quality by enhancing R&D efficiency, reducing product costs, and increasing sales efforts to lower inventory levels and strengthen cash flow [5]. - The company is actively promoting the application of FPAI chips, primarily targeting high-reliability users, with plans to expand into industrial control and intelligent driving sectors in the future [3]. Group 4: Product Composition - SOC products represented by PSoC account for approximately 30% of the FPGA product line [4]. Group 5: Analyst Ratings and Predictions - Recently, two institutions have given buy ratings for the stock within the last 90 days [7]. - Detailed earnings forecasts indicate net profit predictions for 2025 ranging from 7.37 billion to 11.36 billion yuan, with varying target prices from different institutions [9]. Group 6: Financing Activity - In the past three months, the stock has seen a net inflow of 26.18 million yuan in financing, indicating an increase in financing balance, while the net inflow of short selling was 1.65 million yuan [9].

Core Viewpoint - The market is experiencing a rotation of funds towards AI, semiconductors, and robotics, despite a general decline in major indices on July 25 [1][2]. Group 1: Market Performance - On July 25, both A-shares and Hong Kong stocks saw a decline, with major indices experiencing a small drop in the afternoon [2]. - The afternoon trading saw a significant increase in the AI ETF and robotics ETF, both rising over 1%, while the ChiNext 50 index surged over 2% [1][4]. - Notably, Cambrian's stock price increased by over 15%, marking it as a key player in the previous tech stock rally [1][4]. Group 2: Sector Rotation - The semiconductor sector in Hong Kong showed strength, with Hua Hong Semiconductor rising over 8% and SMIC and Shanghai Fudan both increasing by over 5% [4]. - The robotics sector in A-shares became active, with stocks like Rongtai Health hitting the daily limit and Weit New Materials rising over 10% [4]. - The market is witnessing a shift of funds from previous themes into technology sectors, indicating a potential new trend [4]. Group 3: Investment Outlook - Analysts suggest that the current market may be in a phase of healthy rotation rather than a new round of adjustment, with strong sector performance expected [5]. - The human-robot industry is at a critical juncture, with increasing demand driven by aging populations and rising labor costs, indicating a broad market potential [4]. - The probability of a rate cut by the Federal Reserve in September is estimated at 75%-85%, which could further influence market dynamics [6].

Core Viewpoint - The strategic cooperation agreement between Fudan University and Fudan Microelectronics Group marks a significant step towards deeper collaboration in research, technology transfer, and mechanism building in the semiconductor industry [2][4][5]. Group 1: Strategic Cooperation - The agreement focuses on three main areas: platform co-construction, research breakthroughs, and talent collaboration, aiming to create a systematic cooperation framework [4]. - The partnership will leverage Fudan University's research foundation in integrated circuits to drive technology from the research phase to practical applications [4][9]. - A special mechanism will be established to support joint team formation, resource sharing, and project collaboration, enhancing the engineering capabilities of university research and the innovation efficiency of enterprises [4][5]. Group 2: Industry Context - The forum highlighted the importance of collaborative mechanisms, industry ecosystem evolution, and technological foundation development in the current restructuring phase of the chip industry [9]. - Participants agreed that transitioning collaboration from concept to mechanism and from technology to platforms is essential for building a self-sufficient ecosystem [9]. - The partnership aims to facilitate the real-world application of research outcomes and explore effective connections between academic resources and corporate engineering capabilities [9].

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The niche DRAM market is undergoing a supply-demand reshaping, driven by AI and domestic substitution opportunities, indicating a sustained market outlook [3][22] - The niche DRAM market is not only a stock market but also a growth market, with the market size expected to grow from $8.5 billion in 2024 to $12.2 billion in 2026 [8][18] - The supply gap for DDR4 and LPDDR4 is expected to persist, benefiting Tier 2 suppliers like Zhaoyi Innovation [21][22] Summary by Sections Investment Recommendations and Targets - Recommended companies to focus on include Zhaoyi Innovation, Beijing Junzheng, Fudan Microelectronics, and others [3][22] Market Dynamics - The demand for DDR4 and LPDDR4 remains stable across various sectors, including consumer electronics, industrial, and automotive markets [8][12] - The contract prices for DDR4 are expected to continue rising, with projected increases of 38%-43% in the PC market and 40%-45% in the consumer market for Q3 [12][15] - NAND product prices have shown a consistent upward trend, with increases of 17.4% and 15.6% for specific NAND Flash products since June [9][12] Supply Chain Insights - Major manufacturers are exiting the DDR4 and LPDDR4 markets, leading to a supply shortage that is expected to drive prices up [21][22] - The ongoing production cuts by Micron are anticipated to exacerbate the LPDDR4 shortage, with price increases expected [12][17] Market Growth Projections - The niche DRAM market is projected to grow significantly, with AI applications driving demand for higher data processing and storage capabilities [18][19] - The overall market for niche DRAM is expected to see a substantial increase in demand due to advancements in technology and new application scenarios [18][19]

Core Viewpoint - The AI sector continues to show strong growth, with significant demand for computing power, and the market is currently observing fluctuations due to short-term price increases and tariff issues in the U.S. [4] Group 1: Market Performance - As of July 16, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 1.58%, with notable increases in stocks such as Cambricon (688256) up 6.76%, Foxit Software (688095) up 6.27%, and Yuntian Lifeng (688343) up 5.06% [3] - The Sci-Tech AI ETF (588790) experienced a mid-day increase of over 2%, currently up 1.37%, marking a potential four-day consecutive rise [3] - The latest size of the Sci-Tech AI ETF reached 4.707 billion yuan, a record high since its inception, ranking first among comparable funds [4] Group 2: Fund Performance - The Sci-Tech AI ETF's net value increased by 10.55% over the past six months, ranking first among comparable funds [5] - The fund's highest single-month return since inception was 15.59%, with an average monthly return of 9.71% during rising months [5] - The fund's management fee is 0.50% and the custody fee is 0.10%, which are relatively low compared to comparable funds [5] Group 3: Investment Trends - The fund has seen a net inflow of 1.78 billion yuan recently, with three out of the last five trading days showing net inflows totaling 196 million yuan [4] - Leverage funds are increasingly being allocated to the Sci-Tech AI ETF, with a net purchase amount of 17.9721 million yuan this month [4] - The index tracked by the Sci-Tech AI ETF is currently valued at a historical low, with a price-to-book ratio (PB) of 7.71, below 85.29% of the time since the index's inception, indicating strong valuation attractiveness [5][6]

Group 1 - The core viewpoint of the news is that Ruoyang Investment has conducted research on Fudan Microelectronics, highlighting the company's stable overall performance in 2023, with varying results across different product lines [1] - In the security and identification product line, the smart card business has seen a decline in revenue due to decreased demand for financial and social security cards, as well as intense competition [1] - NFC-related chips and RFID products have made progress in emerging fields, while the storage product line is experiencing low prices in consumer products [1] Group 2 - The MCU products are expanding successfully in automotive and white goods sectors, and the FPGA product line is benefiting from the high-reliability market, leading to sales growth [1] - The company is actively promoting higher integration heterogeneous fusion in FPGA development, creating a computing platform for various application scenarios [1] - New products are performing well in terms of pricing and gross margin, with cost reductions achieved through supply chain optimization and testing solutions [1] Group 3 - The company is focusing on inventory digestion and reducing inventory levels, with good credit status among accounts receivable customers [1] - Non-high-reliability products in RFID and security chip sectors are performing well, and the new management team is enhancing systematic design and optimizing research and development methodologies [1] - Progress has been made in supply chain construction, with some FPGA products expected to be supplied on domestic process platforms in the second half of the year [1] Group 4 - The management team is placing importance on investor relations, with plans for communication with investors after the new team is established [1]

Investment Rating - Industry rating: Recommended [1] Core Viewpoints - The memorandum signed by U.S. Secretary of Defense aims to reform the U.S. military drone strategy, targeting dominance in the small drone sector by 2027, emphasizing modernization, production expansion, and regulatory relief [1][2] - The U.S. military is shifting towards a low-cost, disposable, and distributed drone combat system, recognizing the effectiveness of inexpensive drones in modern warfare [2] - The memorandum allows military commanders to independently procure and test drones, reclassifying small drones as "consumable assets" rather than durable military equipment [3][5] Summary by Sections Policy Changes - The U.S. government will provide financing options for domestic drone manufacturers, including pre-purchase commitments and direct loans [3] - The memorandum revokes previous policies that restricted the procurement of drones from certain countries, streamlining the acquisition process [3] - Commanders from the rank of captain to colonel are authorized to procure and test compliant small drones, including those with 3D-printed components [5] Development and Testing - The establishment of at least three national drone test ranges with diverse terrains is mandated within 90 days [4] - The military aims to create a comprehensive drone system, with hundreds of different models to be procured [5] - By September 2025, the military branches are required to establish experimental drone units to facilitate rapid deployment [6] Technological Integration - AI technology significantly enhances drones' capabilities, allowing for improved environmental perception and autonomous decision-making [7] - Drones are equipped with multi-modal sensors for comprehensive situational awareness, optimizing flight paths and reducing energy consumption [7] Market Dynamics - China dominates the commercial drone production sector, accounting for 70% to 80% of global supply, benefiting from cost-effective production and supply chain efficiencies [8] - Recent trends show a significant increase in the prices of drone components due to supply chain constraints, despite a drop in export volumes [8] Investment Opportunities - Recommended companies include: - Ruichuang Micro-Nano, a leader in multi-dimensional sensing with a full industrial chain in infrared technology [9] - Fudan Microelectronics, a domestic leader in FPGA technology with applications in drones [11] - Aerospace Rainbow, specializing in high-end military drones with advanced capabilities [11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* ( 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編號: 1385) 向不特定對象發行A股可轉換公司債券之批復到期失效 中國，上海，2025 年 7 月 9 日 於本公告日期，本公司之執行董事為張衛先生及沈磊先生； 非執行董事為閆娜女士、 莊啟飛先生、張睿女士及宋加勒先生；獨立非執行董事為石艶玲女士、王美娟女士及胡 雪先生。 * 僅供識別 謹此提述上海復旦微電子集團股份有限公司(「本公司」)日期為 2024 年 5 月 9 日之通函 （「該通函」）及日期為 2024 年 6 月 19 日及 2024 年 7 月 21 日之公告（「該等公告」）有 關向不特定對象發行 A 股可轉換公司債券。除非文義另有所指，本公告所用詞義與該 ...

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。 上海复旦微电子集团股份有限公司（以下简称"公司"）于 2024 年 7 月 20 日在上海证券交易所网站披露《上海复旦微电子集团股份有限公司关于向不特 定对象发行可转换公司债券申请获得中国证券监督管理委员会同意注册批复的 公告》（公告编号：2024-042），公司收到中国证券监督管理委员会出具的《关 于同意上海复旦微电子集团股份有限公司向不特定对象发行可转换公司债券注 册的批复》（证监许可〔2024〕1047 号）（以下简称"批复"），同意公司向不特 定对象发行可转换公司债券的注册申请，批复自同意注册之日（2024 年 7 月 10 日）起 12 个月内有效。 | 股证券代码：688385 | A | 证券简称：复旦微电 | 公告编号：2025-028 | | --- | --- | --- | --- | | 港股证券代码：01385 | | 证券简称：上海复旦 | | 公司在取得批复后持续推进本次向不特定对象发行可转换公司债券的相关 工作。由于截至批复有效期届满前，公司本 ...