Investment Rating - The report maintains an "Outperform" rating for the heat management industry, driven by the slowdown of Moore's Law and the rise of edge AI applications [1]. Core Insights - The heat management industry is undergoing significant upgrades due to the deceleration of Moore's Law and the explosive growth in cloud computing power demands, leading to increased pressure on thermal management solutions for edge AI applications [1][2]. - Passive cooling methods are nearing their physical limits, prompting a shift towards active cooling technologies in mobile devices [3][4]. Summary by Sections 1. Moore's Law Slowdown and Edge AI Iteration - The growth rate of transistor density has significantly slowed, with the compound annual growth rate (CAGR) dropping to single digits for processes below 5nm, indicating the gradual failure of Moore's Law [19][20]. - As performance demands increase, the power consumption per unit area of chips is rising, necessitating enhanced thermal management solutions [24][25]. - The limitations of passive cooling methods are becoming evident, as the area of vapor chambers (VC) is increasing while material iterations are slowing down [43][44]. 2. Transition to Active Cooling Technologies - The industry is expected to enter an active cooling era, with technologies like micro-pump liquid cooling and micro fans becoming more prevalent [3][4]. - By 2030, it is projected that the penetration rate of active cooling in smartphones will reach 30%, with a market size of approximately 20 billion yuan [3][4][75]. 3. Investment Highlights and Beneficiary Segments - Active cooling technologies are anticipated to unlock the full potential of edge AI applications, with significant benefits for companies involved in the thermal management supply chain [4][4]. - Key players in the thermal management module sector include Feirongda, Suzhou Tianmai, and Zhongshi Technology, while chip-related companies include Aiwei Electronics and Nanchip Technology [4][4].

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 14.265 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 722 million yuan [1] - A total of 257 stocks had net inflows, while 332 stocks had net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 379 stocks rose, with two stocks hitting the daily limit up, including Puyuan Information and Awei New Materials, while 200 stocks declined [1] - The top three stocks with the highest net inflow of funds were Cambrian Technology (76.922 million yuan), Haiguang Information (11.294 million yuan), and Hengxuan Technology (8.704 million yuan) [2] Continuous Fund Flow - There are 56 stocks that have seen continuous net inflows for more than three trading days, with Zhongkong Technology leading at seven consecutive days [2] - Conversely, 136 stocks have experienced continuous net outflows, with Guanda Materials leading at 18 consecutive days [2] Key Stocks with Fund Inflows - Cambrian Technology: 76.922 million yuan net inflow, 13.66% inflow rate, and a 4.90% increase [2] - Haiguang Information: 11.294 million yuan net inflow, 5.21% inflow rate, and a 0.63% increase [2] - Hengxuan Technology: 8.704 million yuan net inflow, 9.51% inflow rate, and a 0.63% increase [2] Key Stocks with Fund Outflows - Juchip Technology: 9.357 million yuan net outflow, with a 3.22% decrease [1] - SMIC: 8.240 million yuan net outflow [1] - Sitaiwei: 6.821 million yuan net outflow [1]

沪深两市全天主力资金净流出411.86亿元，其中，科创板主力资金净流出18.01亿元，主力资金净流入的 有218只股，主力资金净流出的有371只股。 证券时报•数据宝统计显示，今日科创板个股上涨的有229只，涨停的有上纬新材等1只，下跌的有352 只。 资金流向方面，今日主力资金净流入的科创板股共有218只，其中，3只个股主力资金净流入超亿元，澜 起科技主力资金净流入2.54亿元，净流入资金居首；优刻得、生益电子紧随其后，全天净流入资金分别 为1.16亿元、1.07亿元。主力资金净流出的有371只，净流出资金最多的是寒武纪，该股今日下跌 2.12%，全天主力资金净流出1.44亿元，其次是华丰科技、亚虹医药，主力资金净流出分别为1.06亿 元、1.03亿元。 从主力资金连续性进行观察，共有41只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是中控技术，该股已连续6个交易日净流入；连续净流入天数较多的还有航天宏图、佰仁医疗等， 主力资金分别连续流入5天、5天。主力资金连续流出的个股有133只，连续流出天数最多的是广大特 材，该股已连续17个交易日净流出；连续净流出天数较多的还有南芯科技、*ST观典 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Viewpoints - The company has launched the SC3601 piezoelectric liquid cooling driver chip, which significantly enhances heat dissipation performance in mobile smart terminals, filling a gap in domestic technology [1][2]. - The demand for advanced cooling solutions is driven by the increasing power consumption and heat generation of AI chips, creating a substantial market opportunity for the company's products [2][9]. - The company is well-positioned to benefit from the recovery in the consumer electronics market and the growth in automotive electronics, with expectations of continued revenue and profit growth in the coming years [3][10]. Financial Summary - Revenue is projected to grow from 1,780 million yuan in 2023 to 4,814 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 36.9% [1]. - Net profit is expected to increase from 261 million yuan in 2023 to 719 million yuan in 2027, with notable growth rates in subsequent years [1][10]. - The company's gross margin is forecasted to be around 40.12% in 2024, with net profit margins of 11.95% [3][12]. Market Potential - The global analog chip market is projected to reach 84.1 billion USD in 2024, with a growth rate of 3.7% compared to 2023, driven by demand in AI, high-performance computing, and electric vehicles [9]. - The company is expanding its product offerings in industrial and automotive electronics, capitalizing on the increasing demand for sensors and communication chips in smart vehicles [9][10].

Core Viewpoint - The article emphasizes the significant transformation in China's automotive industry towards "electrification and intelligence," with chips becoming the critical engine for this innovation. The automotive electronics market in China is projected to reach 1,158.5 billion yuan in 2024, focusing on areas like smart cockpits, electric drive control, BMS, and power management [1]. Group 1: Company Performance - Nanchip has shown remarkable performance in the automotive-grade chip market, offering high-reliability power solutions for applications such as cameras, radars, and MCUs/SOCs. The company's experience in consumer electronics has laid a solid foundation for its entry into the automotive sector [2]. - Nanchip's high-side switch products are essential components in vehicle body control systems, with a demand of over 75 units per electric vehicle. The trend towards integration and collaboration in electric vehicles presents an upgrade opportunity for power chip manufacturers [4][5]. Group 2: Product Development - Nanchip's high-side switch products have evolved rapidly, with over 20 models now available, ranging from 1A to 30A, significantly increasing power density. The company has begun validating these products for mass production in various OEM projects starting in 2024 [7][8]. - The company has introduced a range of products, including an 8-channel half-bridge driver and an automotive-grade eFuse, which is the first of its kind to achieve mass production in China. Additionally, a high-speed CAN/CAN FD transceiver was launched, marking a new breakthrough in control systems [11][16]. Group 3: Market Strategy - Nanchip is strategically positioning itself in the automotive electronics market by offering a comprehensive chip solution that includes vehicle charging, smart cockpits, intelligent driving, and body control applications. This approach is attracting more automotive electronics customers [16]. - The company is focused on long-term strategies in the automotive-grade market, viewing it as an opportunity to refine technology and product lines. Nanchip believes that the technical achievements in automotive applications can also benefit industrial applications, creating a positive cycle of technology and market development [19].

Core Viewpoint - The company, South Chip Semiconductor Technology Co., Ltd., has announced a differentiated cash dividend distribution plan, with a cash dividend of 0.20 RMB per share, approved at the 2024 annual shareholders' meeting on May 26, 2025 [1][2]. Dividend Distribution Plan - The total number of shares eligible for the dividend distribution is 423,950,022 shares after deducting 1,752,889 shares held in the repurchase account, resulting in a total cash dividend payout of 84,790,004.40 RMB (including tax) [2]. - The company will not conduct capital reserve transfers to increase share capital or issue bonus shares for the 2024 fiscal year [1][2]. Reference Price Calculation - The ex-dividend reference price is calculated as follows: Ex-dividend reference price = (Previous closing price - Cash dividend) / (1 + Change in circulating shares ratio). Since there is no change in circulating shares, the change ratio is 0 [2]. Implementation Dates - Key dates for the dividend distribution include the record date, ex-dividend date, and cash dividend payment date [3]. Dividend Payment Process - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date. Shareholders who have not completed designated transactions will have their dividends held until the transaction is completed [3]. Tax Implications - For individual shareholders holding unrestricted circulating shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net cash dividend of 0.20 RMB per share [4]. - For shareholders holding shares for less than one month, a 20% tax rate applies, leading to a net cash dividend of 0.16 RMB per share after tax [5]. - For foreign institutional investors, a 10% withholding tax applies, resulting in a net cash dividend of 0.18 RMB per share [6][7].

中信建投证券股份有限公司 关于上海南芯半导体科技股份有限公司 差异化分红事项的核查意见 中信建投证券股份有限公司（以下简称"保荐机构"、"中信建投证券"）作 为上海南芯半导体科技股份有限公司（以下简称"公司"或"南芯科技"）首次 公开发行股票并在科创板上市及进行持续督导的保荐机构，根据《上海证券交易 所科创板股票上市规则》《证券发行上市保荐业务管理办法》《上海证券交易所上 市公司自律监管指引第 7 号——回购股份》等有关法律法规和规范性文件的要求， 对南芯科技 2024 年年度利润分配涉及的差异化分红事项进行了核查，并发表核 查意见如下： 一、本次实施差异化权益分派的原因 2024 年 2 月 22 日，上海南芯半导体科技股份有限公司召开第一届董事会第 二十一次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 同意公司使用不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含） 的自有资金，以集中竞价交易方式回购公司已发行的部分人民币普通股（A 股） 股票，回购价格不超过人民币 44 元/股（含），回购的股份将在未来合适时机全 部用于实施股权激励和员工持股计划。 截至本核 ...

证券代码：688484 证券简称：南芯科技 公告编号：2025-045 重要内容提示： 每股现金红利0.20元 相关日期 | | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | | 2025/7/8 | | 2025/7/9 | 2025/7/9 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 26 日的2024年年度股东会审议通过。 二、 分配方案 上海南芯半导体科技股份有限公司 2024年年度权益分派实施公告 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。 的议案》，公司以权益分派股权登记日公司总股本扣除回购专户股数为基数，向全 体股东每股派发现金红利 0.20 元（含税）。公司 2024 年度不进行资本公积金转增 股本，不送红股。如在实施权益分派股权登记日前，因可转债转股/回购股份/股权 激励授予股份回购注销/重大资产重组股份回购注销等致使公司总股本发生变动的， 公司拟维持每股分配比例不变，相应调整分配总额。 截至本公告披露 ...

Core Viewpoint - Nanchip Technology (stock code: 688484) has launched a new high-integration multi-port mobile power supply solution, which includes discrete protocol chips SC2006A & SC2007A, as well as a three-in-one SoC solution SC2016A & SC2017A, covering a full power range of 22.5W-140W, supporting various application scenarios [1][3]. Market Overview - The mobile power supply market is expanding due to the increasing popularity and intelligence of mobile electronic devices, with the market size in China expected to reach $1.046 billion in 2024, accounting for over 30% of the global market [3]. - The demand for integrated charging solutions is rising, leading to the introduction of products that support multi-port charging, wired and wireless compatibility, and higher power supply for laptops [3]. Product Features - The SC2006A and SC2007A chips are designed for complex scenarios requiring customized logic, supporting various fast charging protocols and ensuring system stability through multiple protection mechanisms [4][9]. - The SC2016A and SC2017A SoC solutions integrate PD, MCU, and Charger, simplifying system design for applications below 100W [7][11]. Safety and Compliance - Starting from August 2024, China will implement mandatory 3C certification management for mobile power supplies to ensure safety and reliability standards are met [3]. - Nanchip Technology's products are designed to help clients achieve 3C certification while enhancing product integration and safety features [3][11]. Cost Efficiency - The SC2006A and SC2007A chips utilize an ARM Cortex M0 core, providing ample MCU resources at minimal cost, and support low standby current of 10μA in shipping mode [4][9]. - These chips are optimized for cost-effectiveness while maintaining high performance and safety standards [4][11].

证券代码：688484 证券简称：南芯科技 公告编号：2025-044 上海南芯半导体科技股份有限公司 关于调整 2024 年度利润分配现金分红总额的公告 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： 现金分红总额：上海南芯半导体科技股份有限公司（以下简称"公司"）拟 维持每股派发现金红利 0.20 元（含税）不变，现金分红总额由 84,740,970.80 元 （含税）调整为 84,790,004.40 元（含税）。 本次调整原因：自公司 2024 年度利润分配预案披露之日起至本公告披露日 期间，公司发生股权激励归属事项，致使可参与权益分派的股份数量发生变动。 根据公司股东会审议通过的 2024 年度利润分配方案，按照维持每股分配比例不 变的原则，对 2024 年度利润分配现金分红总额进行相应调整。 基于上述总股本变动情况，根据公司 2025 年 4 月 25 日召开第二届董事会第 五次会议和 2025 年 5 月 26 日公司召开 2024 年年度股东会，审议通过的《关于 公司 2024 年度利润分配 ...