Group 1: U.S. Entity List and China's Response - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has added 23 Chinese entities to its entity list, citing actions that "contradict U.S. national security or foreign policy interests" [2][3] - In response to ongoing U.S. pressure, China has initiated anti-dumping investigations against imports of relevant analog chips from the U.S., effective from September 13, 2025 [7][8] - The investigation period for dumping is set from January 1, 2024, to December 31, 2024, while the period for industry damage investigation spans from January 1, 2022, to December 31, 2024 [9] Group 2: Details of the Entities Listed - The 23 Chinese companies include 13 entities related to the semiconductor sector, such as Fudan Microelectronics and Sino IC Technology [4][6] - Other sectors represented in the list include biotechnology, aerospace remote sensing, quantum technology, industrial software, and supply chain services [5][6] Group 3: Impact on Semiconductor Industry - The Chinese semiconductor industry association reported that the price of the investigated U.S. products has significantly decreased, with a dumping margin exceeding 300% during the investigation period [9] - The total import quantity of the relevant products from the U.S. has shown a continuous upward trend, with imports reaching 1.159 billion units in 2022, 1.299 billion in 2023, and projected at 1.590 billion in 2024 [9] Group 4: Apple's iPhone 17 Series and Supply Chain - Apple has launched the iPhone 17 series, which is expected to drive a significant "super replacement wave" in the market due to major upgrades in AI features, imaging systems, and design [10][11] - The iPhone 17 series aims for a production target of 100 million units, benefiting numerous core listed companies in the A-share market [10][11] Group 5: Key Suppliers in Apple's Supply Chain - Major suppliers in the A-share market include BOE Technology Group, BYD, Luxshare Precision, and others, which are deeply involved in R&D and possess strong cost control capabilities [11][12] - Luxshare Precision has reportedly surpassed Foxconn, capturing 45% of the assembly share for the iPhone 17 series, indicating strong market expectations for Apple's new devices [13]

Group 1 - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) added 23 Chinese entities to the Entity List, including 13 semiconductor and integrated circuit companies, due to actions deemed contrary to U.S. national security or foreign policy interests [2][4] - Entities on the Entity List require a license for exports of items subject to the Export Administration Regulations (EAR), with a presumption of denial for such licenses [2] - Shanghai Fudan Microelectronics was specifically noted for its involvement in high-performance computing (HPC) and artificial intelligence (AI) chip applications, leading to additional export controls on foreign-produced items containing U.S. technology [2] Group 2 - The Ministry of Commerce of China announced an anti-dumping investigation into imported analog chips from the U.S., citing the abuse of national security concepts and violations of World Trade Organization (WTO) rules by the U.S. government [4][6] - The investigation was initiated based on a domestic industry's application, indicating a 37% increase in imports from the U.S. and a 52% decrease in import prices from 2022 to 2024, which harmed domestic product sales [6][7] - The investigation period for dumping is set from January 1, 2024, to December 31, 2024, while the period for assessing industry damage is from January 1, 2022, to December 31, 2024 [7] Group 3 - The scope of the investigation includes certain analog integrated circuit chips, specifically general interface chips and gate driver chips produced using 40nm and above process technology [8][9] - General interface chips are designed for diverse interface types to connect various devices, while gate driver chips control power semiconductor devices [9][10] - The products under investigation are classified under the Chinese import and export tariff code 85423990, excluding other products not within this investigation [10]

Core Insights - A new round of competition has erupted between China and the U.S. in the semiconductor sector, particularly following the U.S. Department of Commerce's decision to place 23 Chinese companies on an export control entity list [1][2][5]. Group 1: Impact on Semiconductor Companies - Among the 23 companies listed, 13 are related to semiconductors and integrated circuits, including notable firms like Fudan Microelectronics and Shanghai Hualing Integrated Circuit [4]. - The U.S. export controls will prevent these semiconductor companies from obtaining supplies from the global supply chain, effectively cutting them off [5]. - The announcement of anti-dumping investigations by China's Ministry of Commerce indicates a potential retaliatory measure against U.S. restrictions, which could lead to increased market opportunities for domestic semiconductor firms [8][10]. Group 2: Market Opportunities for Domestic Firms - The anti-dumping investigation may benefit several domestic companies such as Sanan Optoelectronics, Nanjing Microelectronics, and others, as it raises the cost and barriers for importing U.S. analog chips [11]. - China is the largest consumer market for electronic products and imports over 300 billion yuan worth of analog chips annually, with a significant portion coming from the U.S. [10]. - The shift towards domestic production and the potential for increased market share for local firms could lead to a more competitive landscape in the semiconductor industry [12]. Group 3: Future Trends and Negotiations - The ongoing competition signals a broader trend of decoupling in core technology sectors, with China beginning to assert its capabilities in response to U.S. actions [12]. - Upcoming negotiations between Chinese and U.S. officials will address unilateral tariff measures and export controls, indicating a potential for dialogue despite the competitive tensions [13]. - The expectation is that both countries may eventually reach a trade agreement, suggesting a complex interplay between competition and cooperation in the semiconductor sector [14].

Core Viewpoint - The recent addition of 23 Chinese entities, including several closely related to Fudan Microelectronics, to the U.S. Entity List by the U.S. Department of Commerce is expected to have significant impacts on the semiconductor industry, particularly in terms of EDA tool restrictions and wafer fabrication challenges [2][3]. Group 1: Impact of Entity List Inclusion - The inclusion of Fudan Microelectronics in the Entity List will primarily hinder its research and development due to restricted access to EDA tools [3]. - Wafer fabrication processes will also be affected, as the restrictions apply to all foreign-produced items containing U.S. technology, regardless of the manufacturing process node [3][4]. - The specific designation of Footnote 4 (FN4) for Fudan Microelectronics indicates a comprehensive ban on all nodes utilizing U.S. technology, including mature processes [4][8]. Group 2: Comparison with Other Companies - Unlike Fudan Microelectronics, companies like Cambricon have managed to thrive despite being on the Entity List, indicating that the impact of such sanctions may be diminishing over time [3]. - The distinction between Fudan Microelectronics and Cambricon lies in the FN4 designation, which imposes stricter limitations on Fudan's operations compared to Cambricon's ability to utilize certain non-U.S. production lines [4][5]. - As of September 2025, nine Chinese IC design companies have been marked with FN4, highlighting the growing list of entities facing stringent restrictions [4][6]. Group 3: Strategic Responses - Fudan Microelectronics may adopt strategies similar to those of Higon, which has successfully navigated FN4 restrictions by relocating its entire design-manufacturing-testing chain to domestically controlled processes [8]. - The company can leverage policy support, stockpiling, and process downgrading as part of its strategy to mitigate the impact of the Entity List [8]. - The short-term outlook may appear negative, but effective management and execution could lead to long-term benefits and operational freedom post-supply chain challenges [8].

Core Points - The U.S. Department of Commerce has added 32 entities to its Entity List, including 23 from China, due to concerns over national security and foreign policy interests [2][4][10] - Among the listed entities, notable companies include Fudan Microelectronics and various semiconductor-related organizations, which are now subject to strict export controls [2][8] - The U.S. has been tightening export controls on advanced AI and semiconductor technologies since 2018, with significant expansions under both the Trump and Biden administrations [4][5][6] Group 1: U.S. Export Controls - The Bureau of Industry and Security (BIS) has mandated that all items subject to the Export Administration Regulations (EAR) require a license for the listed entities, with a presumption of denial for such licenses [3][5] - The recent actions are part of a broader strategy to limit China's access to advanced computing and semiconductor manufacturing capabilities [4][6] - The number of Chinese entities on the BIS Entity List has significantly increased, with 1,065 entries as of March 31, 2025, representing nearly one-third of the total entries [10][11] Group 2: Impact on Companies - Fudan Microelectronics, a leading Chinese semiconductor company, has been significantly impacted by the new restrictions, which may hinder its ability to source necessary technology from abroad [8][12] - The Chinese Academy of Sciences' Aerospace Information Research Institute is also among the listed entities, indicating a focus on advanced technology sectors [9][12] - The overall trend shows a growing number of Chinese companies facing export restrictions, with 2,641 license applications approved and 1,293 denied or withdrawn from 2018 to 2023 [10]

Core Viewpoint - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has added 23 Chinese entities to its Entity List, citing actions that contradict U.S. national security or foreign policy interests [1] Group 1: Semiconductor and Integrated Circuits - 13 companies related to semiconductor and integrated circuits have been listed, including Beijing Fudan Microelectronics Technology Co., Ltd. and Sino IC Technology Co., Ltd., which is involved in HPC/AI chips [3][6] - The inclusion of these companies means that all items governed by the Export Administration Regulations (EAR) require a license for export, with a presumption of denial for such licenses [1] Group 2: Biotechnology and Life Sciences - Three biotechnology companies have been added to the list, including Beijing Tianyi Huiyuan Biotechnology Co., Ltd. and Sangon Biotech (Shanghai) Co., Ltd. [6] Group 3: Aerospace and Quantum Research - Two research institutions related to aerospace information and quantum timing systems have been included: Aerospace Information Research Institute, Chinese Academy of Sciences, and the National Time Service Center of the Chinese Academy of Sciences [6] Group 4: Industrial and Engineering Software - Two companies in the industrial and engineering software sector have been listed: Hong Kong DEMX Co., Ltd. and Shanghai Suochen Information Technology Co., Ltd. [6] Group 5: Supply Chain and Logistics Services - Three entities involved in supply chain and logistics services have been added, including Hua Ke Logistics (HK) Limited and Shenzhen Xinlikang Supply Chain Management Co., Limited [6]

Core Viewpoint - Fudan Microelectronics (688385.SH) is actively expanding its FPGA chip applications into various fields, including communication, industrial control, and high-reliability sectors, while also exploring opportunities in computer vision, machine learning, and high-speed digital processing [1] Group 1 - The company's FPGA chips are currently not being developed for brain-computer interface applications [1] - The focus on expanding into new application scenarios indicates a strategic growth direction for the company [1]

Core Viewpoint - Fudan Microelectronics (688385.SH) is actively expanding its FPGA chip applications into various fields, including communication, industrial control, and high-reliability sectors, while also exploring opportunities in computer vision, machine learning, and high-speed digital processing [1] Group 1 - The company’s FPGA chips are currently not being developed for brain-computer interface applications [1] - The company is focusing on enhancing its product applications in emerging technology areas [1]

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) 海外監管公告 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，概不對因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。 本公告乃上海復旦微電子集團股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第 13.10B 條的規定刊發。 茲載列本公司於上海證券交易所網站刊發的《關於召開 2025 年半年度業績說明會的公 告》，僅供參閱。 承董事會命 上 海 復 旦 微 電 子 集 團 股 份 有 限 公 司 董事長 張衛先生 中國，上海，2025 年 9 月 12 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 | A ...

重要内容提示： （网址：https://roadshow.sseinfo.com/） | A | 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2025-043 | | --- | --- | --- | --- | | | 港股证券代码：01385 | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 19 日至 9 月 25 日 16:00 前登录上证路演中心网站 首页点击"提问预征集"栏目或通过公司邮箱 IR@fmsh.com.cn 进行提问。公司 将在说明会上对投资者普遍关注的问题进行回答。 上海复旦微电子集团股份有限公司（以下简称"公司"、"复旦微电"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 地了解公司 2025 年上半年的经营成果、财务状况，公司计划于 2025 年 9 ...