上市企业：华润微(688396.SH)、士兰微（600460.SH）、斯达半导（603290.SH）、扬杰科技 （300373.SZ）、捷捷微电（300623.SZ） 相关企业：安世半导体（中国）有限公司、华润微电子控股有限公司、乐山无线电股份有限公司、比亚 迪半导体股份有限公司、株洲中车时代半导体有限公司、江苏长晶科技股份有限公司、西安卫光科技有 限公司、杭州士兰集昕微电子有限公司、济南富能半导体有限公司、深圳市信展通电子股份有限公司 内容概要：功率器件作为分立器件市场的核心支柱，凭借其电能转换、电路控制及动态调节电压/频率/ 交直流形态的核心功能，在电力电子系统中扮演着"能量枢纽"角色，尤其在高电压、大电流场景中展现 出不可替代性。近年来，随着半导体技术迭代与新能源革命的双重驱动，全球功率分立器件市场经历结 构性调整。2024年，随着全球经济复苏，消费电子市场回暖，叠加库存周期正常化，行业增速已回升至 3.5%。中国作为全球最大的功率半导体消费市场，其功率分立器件行业正处于技术升级与市场需求双 轮驱动的关键发展期，形成了"规模扩张、技术突破、生态重构"协同推进的产业格局。2024年行业市场 规模达480亿 ...

Group 1 - The stock of China Resources Microelectronics (华润微) has a comprehensive score of 48.03, indicating a weak performance [1] - The main cost analysis shows that the current main cost is 46.50 yuan, with a 5-day main cost of 46.86 yuan and a 20-day main cost of 46.29 yuan [1] - Over the past year, the stock has experienced one instance of hitting the upper limit and no instances of hitting the lower limit [1] Group 2 - The short-term pressure level is at 47.67 yuan, while the short-term support level is at 45.90 yuan [2] - The mid-term pressure level is at 47.79 yuan, and the mid-term support level is at 44.87 yuan [2] - As of July 9, 2025, the net outflow of main funds is 827.99 million yuan, accounting for -7% of the total transaction amount [2] Group 3 - The semiconductor sector has seen a decline of 1.12%, while the industrial internet and semiconductor concept sectors have decreased by 0.26% and 0.83%, respectively [2] - Retail investors have shown a net inflow of 91.93 million yuan, contrasting with the outflow from larger institutional investors [2]

Group 1 - The core viewpoint of the news highlights the performance and growth of the digital economy sector in China, particularly through the rise of the China Securities Digital Economy Theme Index and its associated ETF [1][2] - As of July 8, 2025, the China Securities Digital Economy Theme Index (931582) increased by 0.83%, with notable gains from constituent stocks such as Langchao Information (000977) up 3.76% and Lanke Technology (688008) up 3.11% [1] - The digital economy ETF (560800) saw a price increase of 0.53%, with a trading volume of 373.61 million yuan and a turnover rate of 0.5% [1] Group 2 - The digital economy ETF has experienced significant growth, with a scale increase of 31.27 million yuan over the past three months, ranking it in the top half among comparable funds [1][2] - The ETF's share count rose by 8 million shares in the past week, also placing it in the top half of comparable funds [1][2] - The Global Digital Economy Conference held in Beijing from July 2 to 5, 2025, focused on building globally friendly digital cities, showcasing the importance of digital economy initiatives [1] Group 3 - The top ten weighted stocks in the China Securities Digital Economy Theme Index as of June 30, 2025, include Dongfang Wealth (300059) and SMIC (688981), collectively accounting for 51.3% of the index [2] - The index is designed to reflect the overall performance of listed companies involved in digital economy infrastructure and high levels of digitalization [2]

Group 1 - The stock of China Resources Microelectronics (华润微) has a comprehensive score of 60.41, indicating a strong performance [1] - The main cost analysis shows that the current main cost is 47.63 yuan, with a 5-day main cost of 47.34 yuan, a 20-day main cost of 46.31 yuan, and a 60-day main cost of 46.53 yuan [1] - Over the past year, the stock has reached its upper limit once and has not hit its lower limit [1] Group 2 - As of July 3, 2025, the northbound capital data indicates a holding of 13.5652 million shares, accounting for 1.02% of the circulating shares, with a net buy of -180,000 shares yesterday [1] - The short-term pressure level is at 47.79 yuan, while the short-term support level is at 46.45 yuan [2] - The net outflow of main funds on July 3, 2025, was 1.0558 million yuan, accounting for -1% of the total transaction amount [2]

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].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Price Index increased by 1.69%, closing at 1189.26 points with a trading volume of 112.786 billion yuan [1] - The index has risen by 4.54% over the past month, decreased by 0.16% over the past three months, and increased by 7.73% year-to-date [1] - The index is composed of eligible securities from companies listed on the Sci-Tech Innovation Board, reflecting the overall performance of these companies [1] Group 2 - The top ten weighted stocks in the index include Haiguang Information (4.81%), Cambrian (3.64%), SMIC (2.57%), Kingsoft Office (1.89%), and others [1] - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with a 100% market share [1] - The industry composition of the index shows that Information Technology accounts for 50.22%, Industrial for 24.15%, and Healthcare for 17.22% [2]

重要内容提示： 证券代码：688396 证券简称：华润微 公告编号：2025-023 华润微电子有限公司 关于公司拟议注册地变更相关事项的公告 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。 华润微电子有限公司（以下简称"公司"）拟通过在中华人民共和国香港 特别行政区（以下简称"香港"）存续注册为股份公司并在开曼群岛撤销注册的方 式，将公司注册地由开曼群岛变更为香港（以下简称"拟议存续注册"或"拟议迁 册"）。 如拟议存续注册获得批准，公司注册地的司法管辖区自拟议存续注册生 效之日起将发生变化，但公司的业务和运营将保持不变。此外，拟议存续注册不 会对公司及公司子公司的经营产生任何重大影响。 如拟议存续注册获得批准，税务方面，公司本身的税务处理及公司境内 投资者从公司获得股息分配所得、买卖公司股份的税务处理不会因拟议存续注册 产生重大影响；境内投资者权益保护方面，公司迁册后涉及公司治理、运行规范 等相关事项将须适用境外注册地香港的相关法律法规，与公司目前注册于开曼群 岛时的相关公司治理实践存在一定差异，但其对境内投资者权益的 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its integrated operations and expected recovery in power semiconductor demand [5][8]. Core Views - The company is expected to benefit from a recovery in the power semiconductor industry, with inventory levels returning to reasonable levels and gross margins beginning to rebound [7][10]. - The company operates a fully integrated supply chain, focusing on both product solutions and manufacturing services, which positions it well for growth in various applications, particularly in automotive electronics and industrial sectors [7][15]. Summary by Sections 1. Comprehensive Power Semiconductor Layout - The company employs an IDM model, integrating chip design, mask manufacturing, wafer fabrication, and packaging testing, which enhances operational efficiency [15][17]. - The product and solution segment focuses on power semiconductors, smart sensors, and smart control, while the manufacturing and service segment provides large-scale mask manufacturing, wafer fabrication, and packaging testing [7][15]. 2. Power Semiconductor: Diverse Product Series and Application Expansion - The global power semiconductor market is expected to grow steadily, with domestic manufacturers catching up [69]. - The company is expanding its MOSFET products into automotive electronics, industrial applications, and AI servers, with IGBT products dominating over 70% in industrial and automotive sectors [7][10]. 3. Manufacturing and Services: Specialized Process Platforms - The company has established multiple wafer manufacturing lines, including 8-inch and 12-inch lines, with a focus on high-performance products [21][23]. - The packaging and testing segment covers a wide range of semiconductor testing processes, ensuring comprehensive service offerings [21][23]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 959 million, 1.205 billion, and 1.650 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25.80%, 25.63%, and 36.91% [6][8]. - The current price-to-earnings ratios are estimated at 64.88, 51.65, and 37.72 for the years 2025, 2026, and 2027, indicating a favorable valuation compared to peers [8][10].

Investment Rating - The investment rating for CR Micro (688396.SS) has been upgraded from Underweight to Equal-weight with a target price increase from Rmb28.10 to Rmb40.00 [3][5]. Core Insights - The report identifies three key investment themes in the Chinese automotive semiconductor sector: Power Discrete Devices, Advanced Driver Assistance Systems (ADAS), and Microcontrollers (MCU) [4][23]. - China's electric vehicle (EV) market is projected to grow significantly, with EV penetration expected to rise from 28% in 2024 to 42% by 2030, indicating a strong demand for automotive semiconductors [3][27]. - The report emphasizes the importance of localization in the semiconductor supply chain, noting that most global automotive chip companies are still in the early stages of implementing localization strategies in China [4][28]. Summary by Sections Investment Themes - The three key investment areas are: 1. **Power Discrete Devices**: Chinese companies have made solid progress in IGBT and SiC substrates, with opportunities in MOSFET and SiC devices [4][40]. 2. **ADAS**: The ADAS SoC market is expected to have the highest compound annual growth rate (CAGR), benefiting various suppliers including SoC vendors and peripheral chip manufacturers [4][24]. 3. **MCU**: The self-sufficiency rate for automotive MCUs is very low, at less than 5% in 2024, indicating significant growth potential for leading local companies [4][41]. Market Dynamics - China consumed 56% of the global electric vehicle production, and the report forecasts that the domestic automotive semiconductor market will continue to grow faster than global peers due to the increasing demand for EVs and government support for supply chain localization [3][27]. - The report highlights that the automotive semiconductor supply chain in Greater China currently accounts for less than 5% of the global supply, with a self-sufficiency rate of only 15% [37][38]. Company Ratings and Strategies - The report recommends specific companies for investment based on their positions in the identified themes: - **Power Semi**: Companies like Starpower (603290.SS), Yangjie Technology (300373.SZ), and SICC (688234.SS) are highlighted for their growth potential [5][23]. - **ADAS**: Companies such as Horizon Robotics (9660.HK) and Will Semiconductor (603501.SS) are noted for their strong positions in the ADAS market [5][23]. - **MCU**: GigaDevice (603986.SS) is recognized for its potential to benefit from localization trends [5][23]. Future Projections - The report anticipates that by 2027, the self-sufficiency rate for automotive chips in China will reach 28%, reflecting the ongoing efforts to enhance local production capabilities [16][53]. - The expected growth in the electric vehicle market is projected to triple by 2030, with significant implications for the semiconductor industry [33][34].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company's revenue in Q1 2025 showed a year-on-year improvement of 11.29%, with a steady increase in the proportion of automotive electronics [1]. - The product and solution segment's revenue for 2024 increased by 10.35%, with automotive electronics' share rising from 19% in 2023 to 21% [2]. - The manufacturing and service segment's revenue for 2024 decreased by 7.72%, but the company is upgrading its process platforms [3]. - The company is expected to achieve net profits of 9.63 billion, 11.84 billion, and 14.60 billion for 2025 to 2027, respectively, with a maintained "Outperform the Market" rating [4]. Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 101.2 billion (YoY +2.2%), but the net profit attributable to the parent company was 6.44 billion (YoY -42.87%) with a gross margin of 27.49% (YoY -5.03 percentage points) [1]. - For Q1 2025, the company reported a revenue of 23.55 billion (YoY +11.29%, QoQ -11.04%) and a net profit of 0.65 billion (YoY -12.5%, QoQ -62.6%) with a gross margin of 25.29% (YoY -1.18 percentage points, QoQ -2.06 percentage points) [1]. Product and Solution Segment - The product and solution segment generated a revenue of 51.53 billion in 2024 (YoY +10.35%), with automotive electronics accounting for 21% of the revenue [2]. - The company expects a 15% growth in MOSFET products and approximately 50% growth in IGBT products for 2025 [2]. Manufacturing and Service Segment - The manufacturing and service segment's revenue for 2024 was 46.88 billion (YoY -7.72%), with ongoing upgrades to process platforms [3]. - Advanced packaging business revenue grew by 44%, and the power packaging business revenue increased by 237% [3]. Research and Development - The company's R&D expenditure in 2024 was 11.67 billion, accounting for 11.53% of revenue, with key projects progressing smoothly [3]. Financial Forecast - The company is projected to achieve revenues of 11.30 billion, 12.68 billion, and 14.01 billion from 2025 to 2027, with net profits expected to rise from 963 million in 2025 to 1.46 billion in 2027 [5].