Core Viewpoint - China Resources Microelectronics announced plans to hold a semi-annual performance briefing on August 29, 2025, from 10:00 to 11:00 [2] Company Summary - The company is preparing for a performance briefing to discuss its financial results for the first half of 2025 [2] - The event is scheduled to take place on a Friday, indicating a strategic choice for investor engagement [2]

证券代码：688396 证券简称：华润微 公告编号：2025-024 华润微电子有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2025 年 8 月 29 日（星期五）10:00 前扫描文中问题征集二 维码进行会前提问。华润微电子有限公司（以下简称"公司"）将通过本次业绩 说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答，"详见三、 投资者参加方式"。 公司将于 2025 年 8 月 29 日披露公司 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 年半年度经营成果、财务状况，公司计划于 2025 年 8 月 29 日（星期五）10:00-11:00 召开 2025 年半年度业绩说明会，就投资者关 心的问题进行交流。 一、说明会类型 本次业绩说明会以网络及电话会议方式召开，公司将针对 2025 年半年度经 1 手机端参会：登陆"进门财经"APP 或"进门财经"小程序，搜索"688396"或"华 润微"进入 ...

Group 1 - The Shanghai Stock Exchange National New Sci-Tech Board State-Owned Enterprises Index (950253) increased by 2.5%, closing at 1126.03 points with a trading volume of 37.353 billion yuan [1] - The index has risen by 11.82% over the past month, 16.07% over the past three months, and 15.75% year-to-date [1] - The index reflects the overall performance of state-owned enterprises listed on the Sci-Tech Board, selected from companies with state capital participation and no actual controllers, with a base date of December 30, 2022, set at 1000.0 points [1] Group 2 - The top ten weighted stocks in the index include Huahong Semiconductor (6.01%), Huahai Qingke (5.0%), Western Superconducting (4.97%), Haiguang Information (4.92%), SMIC (4.74%), China Resources Microelectronics (4.68%), Zhongwei Company (4.34%), Jinghe Integrated (3.43%), Guodun Quantum (3.33%), and Zhongke Xingtou (2.96%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry composition, the index's sample shows that Information Technology accounts for 54.27%, Industry for 29.22%, Materials for 9.09%, Communication Services for 4.90%, and Healthcare for 2.52% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Market Overview - The Shanghai Composite Index is at 3701.99 points, with a change of +0.50% [1] - The total trading volume of A-shares is 103.51 billion yuan [1] Technical Analysis - 96 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Dengyun Co., Ltd. (002715) with a distance of -1.02% [1] - United Chemical (301209) with a distance of -0.93% [1] - Guangsheng Nonferrous (600259) with a distance of -0.79% [1] Individual Stock Performance - Dengyun Co., Ltd. (002715) has decreased by 2.88% with a latest price of 16.87 yuan [1] - United Chemical (301209) has decreased by 0.17% with a latest price of 92.78 yuan [1] - Guangsheng Nonferrous (600259) has decreased by 0.81% with a latest price of 58.82 yuan [1] - Other notable stocks with declines include: - Guoneng Rixin (301162) down 2.29% [1] - Daqian Energy (688303) down 2.44% [1] - Yijiahe (603666) down 0.43% [1] Additional Stock Data - Stocks with minor declines include: - Ningbo Bank (002142) up 0.25% with a latest price of 28.25 yuan [2] - Huayang New Materials (600281) down 0.59% with a latest price of 6.75 yuan [2] - The overall trend indicates a cautious market sentiment with several stocks experiencing downward pressure [1][2]

Core Insights - The Sci-Tech Innovation Board (STAR Market) is positioned to support technology innovation enterprises that align with national strategies and possess core technologies recognized in the market [1][2] - Many companies listed on the STAR Market have showcased their core technologies in their semi-annual reports, indicating their leading positions within their respective industries [1][3] - The core technologies of STAR Market companies are seen as a significant growth driver, reflecting their potential for substantial development [1][3] Company Highlights - Ruichuang Micro-Nano disclosed seven core technologies, including non-refrigerated infrared sensor focal plane array sensitive material preparation, all in mass production [1] - Huaxing Yuanchuang reported advantages in software, structure, and hardware development, with ten core technologies, including flexible OLED Mura compensation technology, achieving a Mura compensation rate of 98% [2] - Cambrian is one of the few companies globally that comprehensively masters core technologies in general-purpose intelligent chips and their foundational system software [2] Industry Trends - The STAR Market is home to many leading Chinese technology companies, some of which have broken international monopolies, contributing to the domestic replacement of foreign technologies [2][3] - The average R&D investment of STAR Market companies was 18.53% of their operating income in the first half of 2020, an increase of 6 percentage points from the previous year, totaling 12.9 billion yuan [3] - Companies like China Resources Microelectronics and Lanke Technology have made significant advancements in their respective fields, such as the production of SiC wafers and DDR5 memory chips [4] Future Directions - Companies are focusing on monetizing their technologies by hiring emerging technology experts and researchers to align product development with industry needs [5]

Core Viewpoint - The rapid development of downstream markets such as consumer electronics, new energy vehicles, renewable energy, and data centers is driving the increasing demand for gallium nitride (GaN) power semiconductors, with China's demand expected to reach 695 million units and a market size of 1.216 billion yuan in 2024 [1][14]. Overview - Power semiconductors are essential components in modern industrial power supplies, with silicon (Si), silicon carbide (SiC), and gallium nitride (GaN) being the primary semiconductor materials. GaN semiconductors are expected to play a key role in the ongoing transformation of the power semiconductor industry due to their superior characteristics compared to traditional silicon semiconductors [2][5]. Market Policy - The semiconductor industry is a strategic emerging industry in China, with various policies issued to support its development, creating a favorable environment for the growth of the GaN power semiconductor sector [8][9]. Industry Chain - The upstream of the GaN power semiconductor industry includes materials and equipment such as silicon substrates, photoresists, and production equipment, while the downstream applications cover consumer electronics, new energy vehicles, renewable energy, and data centers [10]. Development Status - The demand for GaN power semiconductors is expected to reach 695 million units in 2024, with a market size of 1.216 billion yuan and an average product price of approximately 1.75 yuan per unit. The optimization of wafer size and manufacturing processes is anticipated to enhance GaN devices' competitiveness against traditional silicon semiconductors [14][1]. Competitive Landscape - The GaN power semiconductor market in China is highly concentrated, with international companies like Power Integrations, Navitas Semiconductor, and Efficient Power Conversion Corporation holding significant market shares. Domestic companies such as Suzhou Nengxun High Energy Semiconductor and Innoscience Technology are gradually increasing their market presence through technological advancements and cost advantages [16][18]. Development Trends - Future growth for GaN power semiconductors is expected in consumer electronics, new energy vehicles, and artificial intelligence. The technology is anticipated to improve energy efficiency in electric vehicles and support advanced applications in AI, with ongoing investments in R&D to overcome technical challenges [22].

Core Insights - The report highlights that as of July 29, 2024, there are 5,817 listed companies in the A-share market, with CFOs playing a crucial role in financial health and strategic decision-making [1] - The total compensation for CFOs in the A-share market reached 4.243 billion yuan, with an average salary of 760,300 yuan [1] - In the semiconductor industry, the average CFO salary is 1.1488 million yuan, ranking 13th among 124 industries, with a year-on-year increase of 74,900 yuan [1][2] CFO Salary Distribution - Among the 135 CFOs in the semiconductor sector, 54 earn between 500,000 and 1 million yuan, accounting for 40% [2] - Nearly 50% of semiconductor CFOs earn over 1 million yuan, with the highest salary being 7.0105 million yuan for Chen Weiwen of Zhongwei Company [2] - The lowest salary among CFOs in 2024 is 239,800 yuan, held by Li Na of Zhenlei Technology [2] Age Distribution of CFOs - The age range of CFOs is between 33 and 67 years, with the most common age group being 43-48 years, comprising 40% [4] - The age group of 53 years has the highest average salary at 1.9184 million yuan, while the 39-year-old group has an average salary of 1.9301 million yuan, driven by the high salary of Zheng Shuainan [4] Educational Background of CFOs - Out of 135 CFOs, 63 hold a bachelor's degree and 57 hold a master's degree, totaling 120, which is nearly 90% [6] - There is a significant positive correlation between CFO salary and educational attainment, with average salaries of 683,600 yuan for associate degrees, 976,800 yuan for bachelor's degrees, 1.3571 million yuan for master's degrees, and 2.6110 million yuan for doctoral degrees [6] Performance Correlation - In the electronics industry, a clear correlation exists between CFO salaries and company performance, with revenue growth rates of 6.48%, 20.52%, and 29.76% corresponding to three salary segments [8] - The net profit growth rates also show a significant increase with higher CFO salaries, ranging from -37.70% to 124.88% across the same salary segments [8]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 数据显示，截止7月29日，A股市场共有5817家上市公司。作为上市公司核心管理层关键成员，财务总 监CFO不仅需要确保公司财务稳健、资金高效运转，更需要从财务视角为公司的战略制定提供支撑，其 能力与决策直接影响公司的财务健康、战略成败、资本市场形象乃至生存风险。据2024年年报显示，去 年A股CFO（财务总监、财务负责人等）薪酬合计达42.43亿元，平均薪酬76.03万元。 关于光学光电子行业CFO薪酬与业绩表现间的关系，我们选取电子行业样本量比较充足的薪酬段，即0- 150万元共三个薪酬段的数据进行考察。 从年龄角度来看，135位CFO的年龄分布在33到67岁之间，其中43-48岁的CFO数量最多，为53位，占比 近四成。其中，53岁为平均薪酬最高的年龄段，平均薪酬高达191.84万元（39岁、67岁与58岁样本太 少，代表性存疑）。此外值得注意的是，39岁平均薪酬高达193.01万元，主要由京仪装备CFO郑帅男 339.54万元的高薪拉动。据悉，郑帅男于2021年3月开始担任京仪装备财务总监，2024年京仪装备营收 增长38 ...

Core Insights - The main point of the news is the analysis of capital flow in the Shanghai and Shenzhen stock markets, highlighting the net inflow and outflow of funds in various sectors, particularly in the Sci-Tech Innovation Board [1][2]. Group 1: Market Overview - The total net inflow of main capital in the Shanghai and Shenzhen markets was 69.49 million yuan, with a net outflow of 241 million yuan in the Sci-Tech Innovation Board [1]. - A total of 243 stocks experienced net inflows, while 344 stocks saw net outflows [1]. Group 2: Stock Performance - Among the stocks in the Sci-Tech Innovation Board, 478 stocks rose, with four stocks hitting the daily limit up, including Nanmo Biology and Xingtou New Science [1]. - The stock with the highest net inflow was Haiguang Information, with a net inflow of 398 million yuan, followed by Xinyuan Co. and Hanwujing with net inflows of 198 million yuan and 189 million yuan, respectively [2]. Group 3: Continuous Capital Flow - There are 40 stocks that have seen continuous net inflows for more than three trading days, with Kehui Co. leading at nine consecutive days of inflow [2]. - Conversely, 151 stocks have experienced continuous net outflows, with ST Yifei leading at 16 consecutive days of outflow [2]. Group 4: Detailed Capital Flow Data - The top stocks by net inflow include: - Haiguang Information: 39.78 million yuan, with a flow rate of 8.74% and a price increase of 3.51% [2]. - Xinyuan Co.: 19.80 million yuan, with a flow rate of 11.80% and a price increase of 10.36% [2]. - Hanwujing: 18.85 million yuan, with a flow rate of 4.73% and a price change of -0.01% [2]. Group 5: Notable Outflows - The stock with the highest net outflow was Ruikeda, which saw a net outflow of 23.9 million yuan despite a price increase of 4.84% [1]. - Other notable outflows included Electric Wind Power and Jinpan Technology, with net outflows of 12.6 million yuan and 11.6 million yuan, respectively [1].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [4] Core Viewpoints - The demand for AI computing facilities is expected to drive the growth of SiC/GaN power devices, opening up new growth opportunities in the industry [2][24] - The report emphasizes that the application potential of SiC/GaN in AI computing facility power supply systems has not been fully explored, and future demand is likely to continue increasing [7][24] Summary by Sections Investment Recommendations and Targets - AI server and data center demand is anticipated to create growth opportunities for SiC/GaN power devices. Key companies to watch include: - GaN industry leader Innoscience - Major power device manufacturers such as Wingtech Technology, China Resources Microelectronics, New Clean Energy, Star Semiconductor, and Tianyue Advanced - Wafer foundry company Chipone Integrated Circuits focusing on SiC power devices - Passive component companies like Farah Electronics and Jianghai Co., Ltd. - Companies in the third-generation semiconductor equipment market like Zhongwei Company [2][29] Industry Dynamics - The report highlights that AI computing facilities will increase the demand for SiC/GaN devices, particularly in high-voltage direct current (HVDC) and power module applications [7][8] - The transition from traditional power supply architectures to higher voltage systems (800V DC) is expected to enhance power transmission efficiency, thus driving the adoption of SiC/GaN devices [10][14] - The report notes that the penetration rate of SiC in global power semiconductors is projected to reach 4.9% by 2024, while GaN's penetration is at 0.5% in 2023, indicating room for growth [21][22] Company Insights - Innoscience is recognized as the global leader in the GaN industry, with a revenue of 830 million yuan in 2024, reflecting a year-on-year growth of 39.8% [30][34] - Wingtech Technology is focusing on semiconductor business growth, with a revenue of 58.4 billion yuan in 2024, and is strategically transforming to enhance its position in the power semiconductor industry [40][44] - China Resources Microelectronics is experiencing steady revenue growth, achieving 10.12 billion yuan in 2024, with a focus on enhancing its SiC/GaN product capabilities [50][51]