Core Insights - The company is a leading semiconductor enterprise in China with integrated capabilities across the entire industry chain, including chip design, mask manufacturing, wafer fabrication, and packaging testing [1] - The company achieved a revenue of 5.218 billion yuan, a year-on-year increase of 9.62%, and a net profit attributable to shareholders of 339 million yuan, a year-on-year increase of 20.85% [1] Group 1: Business Performance - The semiconductor industry is experiencing a mild recovery in the first half of 2025, leading the company to expand production and maintain a high overall capacity utilization rate [1] - The company has implemented various cost reduction and efficiency enhancement measures, contributing to profit growth [1] Group 2: AI Application and Market Expansion - The company is deeply engaged in AI applications, focusing on consumer electronics (such as AI smartphones and AI PCs) and the electrification and intelligence transformation of automotive electronics [2] - The company is also expanding into emerging fields such as smart driving, low-altitude economy, and data centers, providing diversified growth opportunities [2] - In the first half of the year, the share of the new energy sector (vehicles and renewables) accounted for 44%, consumer electronics 38%, industrial equipment 9%, and communication equipment 9% [2] Group 3: Manufacturing and Quality Improvement - The company is enhancing wafer processing and packaging capabilities, with several technology platform products entering risk production [3] - The packaging business has seen significant capacity utilization improvements, with a year-on-year increase of 27% [3] - The company has established R&D capabilities for 55nm technology and improved production output for products with technology nodes ≤0.18um by 22% year-on-year [3] Group 4: Financial Projections - The company is projected to achieve revenues of 11.42 billion yuan, 12.91 billion yuan, and 14.47 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The net profit attributable to shareholders is expected to be 950 million yuan, 1.21 billion yuan, and 1.61 billion yuan for the same years [4]

证券研究报告：电子 | 公司点评报告 股票投资评级 增持 |首次覆盖 个股表现 2024-10 2025-01 2025-03 2025-05 2025-08 2025-10 -27% -18% -9% 0% 9% 18% 27% 36% 45% 54% 华润微 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 52.99 | | --- | --- | | 总股本/流通股本（亿股）13.28 | / 13.28 | | 总市值/流通市值（亿元）703 | / 703 | | 52 周内最高/最低价 | 58.65 / 39.30 | | 资产负债率(%) | 16.5% | | 市盈率 | 91.92 | | 第一大股东 | 华润集团(微电子)有限 | | 公司 | | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 华润微(688396) 全产业链一体化经营，高稼动率带动利润释放 l 投资要点 1 ...

创新与市场的"双向奔赴"，是2025湾芯展"交朋友""做答卷"的核心逻辑。多家产业链上企业与上海、无 锡、武汉等半导体产业集聚大区开展政策咨询、资源合作、资金资本等深度对接，初步达成落地意向； 众多大企业与采购商带着技术痛点找答案、带着市场需求寻"新意"。本届2025湾芯展吸引了全球27个国 家和地区的知名企业和机构参与，国际"芯朋友"的加入，让粤港澳大湾区半导体产业的"朋友圈"越扩越 大。中经记者 顾梦轩 李正豪 广州、北京报道 【2025湾芯展收官 粤港澳大湾区半导体产业注入"芯"动能】10月17日，2025湾区半导体产业生态博览 会（以下简称"2025湾芯展"）在深圳会展中心（福田）收官。此次2025湾芯展以"芯启未来智创生态"为 主题，吸引全球20多个国家和地区的企业参展，汇聚半导体与集成电路TOP30企业，美国应用材料、泛 林、KLA，日本TEL、迪思科、尼康，德国默克、蔡司，英国爱德华，韩国3M，匈牙利瑟米莱伯等国 际巨头，以及北方华创、新凯来、拓荆科技、上海微电子、华润微电子、华天科技等国内翘楚同台闪 耀，全景式勾勒产业链图景。 2025湾芯展以"技术突围"为核心，搭建新技术、新产品、新成果"黄 ...

10月20日早盘，A股三大指数集体上涨，上证指数盘中上涨0.49%，通信设备、电子元器件、林木 等板块涨幅靠前，贵金属、银行跌幅居前。芯片科技股大幅走强，截至10点18分，芯片ETF（159995） 上涨2.35%，其成分股士兰微上涨9.99%，华润微上涨6.03%，兆易创新上涨5.73%，寒武纪-U上涨 3.80%，通富微电上涨3.48%。 资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、 设计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。其场外联 接基金为，A类：008887；C类：008888。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 根据集微网转载报道，美光科技计划停止向中国数据中心供应服务器芯片。此前该公司在2023年遭 遇中国对其产品在关键基础设施中的禁令后，业务未能恢 ...

中信建投认为，国产算力板块迎来密集催化，国产算力芯片迎来国产创新窗口期。当前已经涌现出一大批国产算力芯片厂商，相继推出自研AI芯片，其他 配套环节的国产化进程也正在加速推进。 截至2025年10月20日 10:09，中证数字经济主题指数(931582)强势上涨2.48%，成分股士兰微(600460)上涨9.99%，华润微(688396)上涨7.34%，兆易创新 (603986)上涨6.32%，均胜电子(600699)，晶合集成(688249)等个股跟涨。数字经济ETF(560800)上涨2.62%。 流动性方面，据Wind数据显示，数字经济ETF盘中换手1.42%，成交977.31万元。拉长时间看，截至10月17日，数字经济ETF近1月日均成交3089.07万元。份 额方面，数字经济ETF最新份额达6.82亿份。 国泰海通证券指出，随着AI大模型对算力需求的持续增长，HBM产品的堆叠层数正从8层向12层演进，导致测试复杂度大幅提升。部分厂商因此计划在堆叠 环节后增设新的测试步骤，以提升产品良率，进而推动晶圆级和封装级测试设备需求的增长。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | - ...

升级为产业趋势"风向标" 记者了解到，本届展会突破传统展区划分模式，以"核心领域+特色赛道"的差异化布局，实现产业链关 键环节全覆盖。同时，组织大湾区重大产业项目集群以及中芯国际、三星、SK海力士、华润微、长江 存储、盛合晶微、比亚迪、富士康、大疆等头部企业专业采购商与参展企业精准对接。 2025湾芯展以"技术突围"为核心，搭建新技术、新产品、新成果"黄金秀场"，杭州中欣晶圆的半导体硅 晶圆(单晶硅锭)、安徽博芯微的加热型双通道Showerhead喷淋头、宁夏盾源聚芯的刻蚀用硅部件 SiParts、芯丰精密先进封装用全自动晶圆修边设备、阿里达摩院玄铁系列RISC-V处理器及应用方案、 深圳微合科技的5G物联网芯片及应用方案等首发亮相，把打破"卡脖子"从口号落地为产业实绩，将湾 芯展新品发布会现场从技术秀场升级为产业趋势的"风向标"。 三大核心展馆 已完成95%预售面积 另外，本届湾芯展市场化对接成效显著，主办方前期通过官方渠道精准触达行业群体，展会期间推出的 供需双方一对一邀约及专场对接服务，吸引中芯国际、三星、SK海力士、华润微、长江存储、盛合晶 微、比亚迪、富士康、大疆等约5000名头部企业专业采购商参会 ...

Core Insights - The 2025 Bay Area Semiconductor Industry Expo successfully concluded in Shenzhen, attracting over 600 exhibitors and more than 112,300 attendees over three days, showcasing approximately 2,500 new products [1][4][17] - The event emphasized a dual-track approach focusing on core and specialty sectors, providing a comprehensive view of the entire semiconductor industry chain [2][3] Exhibition Highlights - The expo featured major global players from over 20 countries, including top companies like AMAT, Lam Research, and KLA, alongside prominent domestic firms such as North Huachuang and Shanghai Microelectronics [3] - A differentiated layout was implemented, covering key areas such as chip design, wafer manufacturing, and advanced packaging, while also highlighting emerging sectors like AI chips and RISC-V ecosystems [3][4] New Product Launches - The event served as a platform for significant product launches, with Shenzhen Wanliyan Technology unveiling the world's first 90GHz real-time oscilloscope, marking a 500% performance improvement over previous domestic models [5][6] - Other notable launches included EDA design software by Qiyunfang Technology and various semiconductor components from companies like Hangzhou Zhongxin and Ningxia Dunyuan [6] Industry Forums and Discussions - The expo hosted over 30 specialized forums, including the 2025 Chip Conference, featuring discussions led by industry experts on topics such as core technology breakthroughs and ecosystem collaboration [9][12] - Forums addressed the entire semiconductor value chain, linking technology supply with market demand, and included sessions on advanced lithography and AI chip development [12] Market Engagement and Collaboration - The event facilitated significant market interactions, with around 5,000 professional buyers from leading companies like Samsung and BYD participating, enhancing connections between domestic and international resources [14] - The establishment of the Shenzhen Advanced Manufacturing Supply Chain Innovation Service Platform and a semiconductor fund aimed to inject momentum into the Bay Area's semiconductor industry [12][14] Awards and Recognition - The 2025 "Bay Chip Award" recognized over 100 companies based on votes from 3.7828 million professionals, highlighting excellence in various categories including technology innovation and customer service [15] Future Outlook - The success of the expo has led to high demand for the 2026 event, with over 600 companies already reserving exhibition space, indicating a growing interest in the semiconductor sector [17] - The Bay Area semiconductor industry is positioned for rapid development, driven by innovation and collaboration, contributing to global semiconductor advancements [17]

另外，本届湾芯展市场化对接成效显著，主办方前期通过官方渠道精准触达行业群体，展会期间推出的 供需双方一对一邀约及专场对接服务，吸引中芯国际、三星、SK海力士、华润微、长江存储、盛合晶 微、比亚迪、富士康、大疆等约 5000 名头部企业专业采购商参会。美国应用材料、日本东电、德国默 克等国际知名企业积极参展，实现国内外产业资源的高效链接，让技术、资本、人才、市场不再单点存 在，而是形成持续滚动、协同进化的"朋友圈"。据悉，本届展会吸引了全球27个国家和地区的知名企业 和机构参与，国际"芯朋友"的加入。 2025湾芯展以其卓有成效的平台价值，为全球半导体产业交出了一份亮眼答卷。2026 湾芯展展位预定 迎来高峰。截至目前，已有超 600 家企业锁定参展席位，三大核心展馆已完成95% 预售面积。国际巨 头应用材料、KLA、TEL等与国内龙头北方华创、拓荆、盛美半导体等如期续约。湾芯展用真金白银的 成绩单，让"好席位"成为产业未来一年紧俏的"芯"资产。 采写：南都N视频记者 张艳丽 阅读 南都N视频，未经授权不得转载、授权联系方式 南都讯 10月17日，2025湾区半导体产业生态博览会（2025湾芯展）在深圳会展中心 ...

Core Insights - The 2025 Bay Area Semiconductor Industry Ecosystem Expo, themed "Chip Ignites the Future, Intelligent Creation of Ecology," concluded in Shenzhen, showcasing over 600 companies from more than 20 countries and regions [1] - The expo covered an exhibition area of over 60,000 square meters and attracted a total of 112,300 visitors over three days, with approximately 2,500 new products launched by participating companies [1] - Notable product launches included China's first 90GHz ultra-high-speed real-time oscilloscope and domestically developed EDA design software, marking significant advancements in high-end electronic measurement and design software [1] Industry Trends - The expo served as a platform for significant technological showcases, with products like semiconductor silicon wafers, advanced packaging equipment, and 5G IoT chips making their debut [2] - A one-on-one matching service for supply and demand attracted around 5,000 professional buyers from leading companies such as SMIC, Samsung, and BYD, indicating strong industry interest and engagement [2] - International companies like Applied Materials and Tokyo Electron participated actively, facilitating efficient connections between domestic and international industry resources [2]

截至发稿，葛鲁禹累计任职时间2年297天，现任基金资产总规模14.77亿元，任职期间最佳基金回报 35.84%， 任职期间最差基金回报30.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，建信基金旗下1只基金重仓华润微。建信上证科创板综合ETF（589880）二季度持有股数 24.06万股，占基金净值比例为0.91%，位居第十大重仓股。根据测算，今日浮亏损失约64.97万元。 建信上证科创板综合ETF（589880）成立日期2025年2月20日，最新规模12.48亿。成立以来收益 29.48%。 建信上证科创板综合ETF（589880）基金经理为葛鲁禹。 10月17日，华润微跌5.01%，截至发稿，报51.24元/股，成交6.08亿元，换手率0.88%，总市值680.23亿 元。 资料显示，华润微电子有限公司位于江苏省无锡市梁溪路14号,上海市静安区市北智汇园汶水路299弄12 号，成立日期2003年1月28日，上市日期2020年2 ...