Company Overview - China Resources Microelectronics Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on January 28, 2003, with its listing date on February 27, 2020 [2] - The company specializes in the design, production, and sales of power semiconductors, smart sensors, and smart control products, as well as providing open wafer manufacturing and packaging testing services [2] - The main business revenue composition is as follows: products and solutions 54.34%, manufacturing and services 42.92%, and others 2.74% [2] Stock Performance - As of September 25, the stock price of China Resources Microelectronics increased by 2.01%, reaching 55.21 CNY per share, with a trading volume of 8.32 billion CNY and a turnover rate of 1.16%, resulting in a total market capitalization of 732.93 billion CNY [1] - Year-to-date, the stock price has risen by 17.14%, with a 9.35% increase over the last five trading days, a 2.30% increase over the last 20 days, and a 15.91% increase over the last 60 days [2] Financial Performance - For the period from January to June 2025, the company achieved a revenue of 5.218 billion CNY, representing a year-on-year growth of 9.62%, and a net profit attributable to shareholders of 339 million CNY, reflecting a year-on-year increase of 20.85% [2] - Since its A-share listing, the company has distributed a total of 851 million CNY in dividends, with 487 million CNY distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders was 44,000, a decrease of 9.77% from the previous period, with an average of 30,173 circulating shares per person, an increase of 10.83% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 30.4979 million shares, an increase of 14.9252 million shares from the previous period [3]

Core Viewpoint - Huazhu Microelectronics has seen a stock price increase of 8.89% over the past three days, closing at 54.12 CNY per share with a market capitalization of 71.846 billion CNY [1] Company Overview - Huazhu Microelectronics, established on January 28, 2003, and listed on February 27, 2020, is based in Wuxi, Jiangsu Province, and Shanghai. The company specializes in the design, production, and sales of power semiconductors, smart sensors, and smart control products, as well as providing wafer manufacturing and packaging testing services [1] - The revenue composition of Huazhu Microelectronics is as follows: 54.34% from products and solutions, 42.92% from manufacturing and services, and 2.74% from other sources [1] Shareholder Insights - The largest circulating shareholder of Huazhu Microelectronics is the Jiashi Fund, which increased its holdings in the Jiashi SSE STAR Chip ETF (588200) by 1.2748 million shares in the second quarter, now holding a total of 12.6008 million shares, representing 0.95% of the circulating shares. The estimated floating profit today is approximately 20.2873 million CNY, with a total floating profit of 55.6955 million CNY over the three-day increase [2] - The Jiashi SSE STAR Chip ETF (588200) was established on September 30, 2022, with a current scale of 27.806 billion CNY. Year-to-date returns are 62.47%, ranking 169 out of 4220 in its category, while the one-year return is 184.59%, ranking 4 out of 3814 [2] Fund Performance - The fund manager of Jiashi SSE STAR Chip ETF (588200) is Tian Guangyuan, who has been in the position for 4 years and 201 days. The total asset scale of the fund is 44.323 billion CNY, with the best return during his tenure being 137.06% and the worst being -46.65% [3] - Jiashi SSE STAR Comprehensive ETF (589300) holds 26,700 shares of Huazhu Microelectronics, accounting for 0.91% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit today is about 43,000 CNY, with a total floating profit of 118,000 CNY over the three-day increase [4] - Jiashi SSE STAR Comprehensive ETF (589300) was established on April 9, 2025, with a current scale of 1.38 billion CNY and a return of 42.44% since inception [5]

Group 1 - The core viewpoint of the news is that China Resources Microelectronics has seen a significant increase in its stock price, with a 3.07% rise on September 24, reaching 54.12 yuan per share, and a total market capitalization of 71.846 billion yuan [1] - The stock has experienced a cumulative increase of 8.89% over the past three days, indicating strong market performance [1] - China Resources Microelectronics specializes in power semiconductors, smart sensors, and smart control products, with its main business revenue composition being 54.34% from products and solutions, 42.92% from manufacturing and services, and 2.74% from other sources [1] Group 2 - According to data from the top ten holdings of funds, China Resources Microelectronics is a significant holding in the Jianxin Fund, specifically in the Jianxin SSE STAR Market Composite ETF (589880), which held 240,600 shares, accounting for 0.91% of the fund's net value [2] - The fund has realized a floating profit of approximately 387,400 yuan today and a total of 1,063,500 yuan during the three-day increase [2] - The Jianxin SSE STAR Market Composite ETF was established on February 20, 2025, with a current scale of 1.248 billion yuan and a cumulative return of 31.06% since inception [2] Group 3 - The fund manager of the Jianxin SSE STAR Market Composite ETF is Ge Luyu, who has been in the position for 2 years and 274 days [3] - The total asset size of the fund is currently 1.477 billion yuan, with the best return during Ge Luyu's tenure being 39.22% and the worst return being 32.07% [3]

Group 1 - The trading volume of China Resources Microelectronics reached 1.407 billion yuan, marking a new high since October 10, 2024 [2] - The latest stock price increased by 2.70%, with a turnover rate of 1.99% [2] - The previous trading day's total transaction volume for the stock was 1.186 billion yuan [2]

Core Viewpoint - Huazhu Microelectronics has shown a positive stock performance with a year-to-date increase of 7.68% and a recent trading volume indicating active investor interest [1][2]. Financial Performance - For the first half of 2025, Huazhu Microelectronics reported revenue of 5.218 billion yuan, representing a year-on-year growth of 9.62% [2]. - The net profit attributable to shareholders for the same period was 339 million yuan, reflecting a year-on-year increase of 20.85% [2]. Stock Market Activity - As of September 22, Huazhu Microelectronics' stock price was 50.75 yuan per share, with a market capitalization of 67.372 billion yuan [1]. - The stock experienced a net inflow of 2.3904 million yuan from main funds, with significant buying activity from large orders [1]. Shareholder Information - As of June 30, the number of shareholders decreased to 44,000, a reduction of 9.77% from the previous period [2]. - The average number of circulating shares per shareholder increased by 10.83% to 30,173 shares [2]. Dividend Distribution - Since its A-share listing, Huazhu Microelectronics has distributed a total of 851 million yuan in dividends, with 487 million yuan distributed over the past three years [3]. Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 30.4979 million shares, an increase of 14.9252 million shares from the previous period [3]. - Other significant shareholders include various ETFs, with notable changes in their holdings [3].

证券代码：688396 证券简称：华润微 公告编号：2025-028 | 1、出席会议的股东和代理人人数 | 563 | | --- | --- | | 普通股股东人数 | 563 | | 2、出席会议的股东所持有的表决权数量 | 942,354,780 | | 普通股股东所持有表决权数量 | 942,354,780 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 70.9856 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 70.9856 | 华润微电子有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 9 月 19 日 （二） 股东会召开的地点：江苏省无锡市滨湖区运河西路 288 号 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： （四） 表决方式是否符合《公司法》及公司 ...

北京市嘉源律师事务所 关于华润微电子有限公司 2025 年第三次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 電容所 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:华润微电子有限公司 北京市嘉源律师事务所 关于华润微电子有限公司 2025年第三次临时股东会的 法律意见书 嘉源(2025)-04-696 北京市嘉源律师事务所(以下简称"本所")接受华润微电子有限公司(以 下简称"公司"）的委托,根据《上市公司股东会规则》(以下简称"《股东会 规则》")等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法 律法规")以及《China Resources Microelectronics Limited(华润微电子有限公司) 经第九次修订及重列的组织章程大纲和章程细则》(以下简称"《公司章程》") 的有关规定,指派本所律师对公司 2025年第三次临时股东会(以下简称"本次 股东会"）进行见证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东会 ...

Key Points on China's Integrated Circuit Industry Recent Breakthroughs - China's integrated circuit industry has made significant advancements in design, equipment, and materials over the past two years, with overall strength steadily improving [3]. - Tianyue Advanced has achieved major breakthroughs in large-size substrate materials, with core parameters optimized, supporting device applications [3]. - Domestic manufacturers have reached a competitive level with international counterparts, particularly in silicon carbide (SiC) substrates, with Tianyue Advanced supplying a significant portion of 8-inch SiC substrates to overseas markets [6][3]. Progress in Domestic Substitution - The domestic substitution process in the integrated circuit field is advancing, although there are still high external dependencies in high-end equipment and core IP [5]. - The domestic semiconductor equipment localization rate has been increasing, with companies like Zhongwei focusing on etching, thin film, and measurement equipment to support domestic production [5][6]. - The localization rate for 8-inch silicon wafers is nearly complete, while the 12-inch silicon wafer localization rate is around 50% [6]. Global Competitive Landscape - China is a leading semiconductor consumer and producer, but many sectors are still dominated by foreign companies, leading to oligopolistic market conditions [7]. - Domestic manufacturers are gradually expanding their market share in mid-to-low-end products, while high-end applications remain largely controlled by international firms [7][9]. - The rapid iteration of technology and strong industry chain capabilities are seen as advantages for domestic companies [8]. Strategies for Internationalization - Companies like Huazhong Micro aim to deepen domestic market engagement while also expanding internationally to enhance their competitive edge [11]. - Zhongke Feicai is focused on providing domestic measurement equipment to global clients, emphasizing the importance of internationalization in their business strategy [11][12]. Challenges in Process Upgrades - Domestic suppliers face challenges in technology iteration and process upgrades, particularly in high-end components and talent acquisition [13]. - Companies are focusing on cultivating domestic suppliers and enhancing their technical capabilities to overcome these challenges [13]. Future Technology Trends - The industry is looking towards advancements in SiC substrates and 3D chip structures, with companies like Tianyue Advanced and Zhongwei leading in these areas [14][15]. - The growth of AI is expected to significantly increase demand for semiconductor equipment, driving technological upgrades and market expansion [15]. Mergers and Acquisitions - The integrated circuit industry is witnessing a trend of mergers and acquisitions, which are seen as essential for achieving scale and enhancing competitiveness [16][17]. - Companies are encouraged to pursue strategic mergers that create synergies and improve market positioning [17][18]. Development Strategies of Industry Leaders - Companies are setting ambitious goals, such as becoming top suppliers in their respective fields, with a focus on innovation and market expansion [19][20]. - Huazhong Micro plans to enhance its product offerings in emerging markets like humanoid robots and AI servers, while Tianyue Advanced aims to lead in SiC substrate production [21][22].

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The power semiconductor industry is experiencing a recovery in performance, with automotive and data center sectors showing clear growth trends [4] - The overall profit levels in the industry have reached a new high in the past eight quarters, driven by demand recovery and stabilization of prices [14] Summary by Sections Power Semiconductor Performance Review - The industry has seen revenue growth in Q2 2025, with traditional applications like industrial control and consumer electronics remaining stable. The automotive sector continues to be the main growth area, while server power demand is increasing the fastest [7] - The market share of domestic manufacturers is steadily increasing, particularly in the mid-to-low voltage power devices [14] New Energy Vehicles (NEVs) - In July 2025, the sales of NEVs reached 1.26 million units, a year-on-year increase of 27.4%, with a penetration rate of 48.7% [30] - The share of main drive power modules for NEVs with power above 200kW has increased from 9% in 2022 to 25% in the first seven months of 2025 [33] Market Trends and Projections - The penetration rate of SiC MOSFETs in NEVs reached 18% in the first seven months of 2025, with 800V models showing a penetration rate of 76% [5] - The report suggests that the industry is entering a phase of improvement, with overall profits at a new high and market share continuing to grow [6] Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, New Clean Energy, Huazhong Microelectronics, and others for their expansion in new devices, processes, and markets [6] - The transition from 6-inch to 8-inch substrates in the SiC sector is expected to benefit leading substrate companies [6]

Core Viewpoint - Inorganic flocculants demonstrate significant application value across various fields, with water treatment being the core application area. The market for inorganic flocculants in China is projected to reach 3.049 billion yuan in 2024, reflecting a year-on-year growth of 4.38% [1][6]. Industry Overview - Inorganic flocculants, also known as inorganic coagulants, are water treatment agents composed of inorganic components (such as aluminum salts, iron salts, and silicates). They function through physical and chemical actions to aggregate suspended particles and colloids in water, forming larger flocs that can settle [2][3]. Industry Chain - The upstream of the inorganic flocculant industry chain includes raw materials like aluminum salts (aluminum hydroxide, aluminum sulfate), iron salts (ferric chloride, ferrous sulfate), and silicates (sodium silicate). The midstream involves the production and manufacturing of inorganic flocculants, while the downstream applications span water treatment, oil and gas, papermaking, and mining [3][4]. Market Size - The inorganic flocculant market in China is expected to reach 3.049 billion yuan in 2024, with a year-on-year growth of 4.38%. The demand for inorganic flocculants is driven by the need for effective removal of pollutants in municipal and industrial wastewater treatment [1][6]. Key Companies - Shandong Baomo Biological Chemical Co., Ltd. focuses on fine chemicals and environmental water treatment, with a production capacity of 30,000 tons/year for acrylamide and 33,000 tons/year for anionic polyacrylamide. In the first half of 2025, the company reported a revenue of 268 million yuan, up 26.16% year-on-year [7]. - Jiangsu Fumiao Technology Co., Ltd. specializes in hydrophilic functional polymers, with products used in various applications including papermaking and water treatment. In the first half of 2025, the company reported a revenue of 721 million yuan, down 5.80% year-on-year [8]. Industry Development Trends 1. The inorganic flocculant industry will increasingly focus on technological innovation and product upgrades, driven by rising environmental standards. Companies are expected to invest more in R&D to develop more efficient and eco-friendly products [9]. 2. The application of intelligent and automated technologies will become a significant trend, enhancing production efficiency and product quality while reducing costs and energy consumption [10]. 3. The market applications for inorganic flocculants will continue to expand, particularly in municipal wastewater treatment and industrial applications, with a noticeable trend towards industry consolidation as larger companies seek to increase market share [10].