证券代码：688498 证券简称：源杰科技 公告编号：2025-042 陕西源杰半导体科技股份有限公司 第二届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 陕西源杰半导体科技股份有限公司（以下简称"公司"）第二届董事会第十 八次会议于 2025 年 7 月 28 日在公司会议室以现场结合通讯方式召开。本次会议 通知于 2025 年 7 月 24 日以邮件的方式向全体董事发出。应到会董事 8 名，实到 会董事 8 名，本次会议由公司董事长 ZHANG XINGANG 先生召集和主持，公司高级 管理人员列席了会议。本次会议的召集、召开程序符合《中华人民共和国公司法》 《中华人民共和国证券法》等法律、法规和规范性文件以及《陕西源杰半导体科 技股份有限公司章程》的规定，会议决议合法有效。 二、董事会会议审议情况 1 表决结果：7 票同意，0 票反对，0 票弃权，表决通过。王昱玺先生为本议 案关联董事，在审议本议案时回避表决。 具体内容详见公司于同日在上海证券交易所网站（www. ...

截至2025年7月25日收盘，源杰科技（688498）报收于197.35元，较上周的208.0元下跌5.12%。本周， 源杰科技7月22日盘中最高价报222.58元。7月25日盘中最低价报194.0元。源杰科技当前最新总市值 169.62亿元，在半导体板块市值排名67/162，在两市A股市值排名1009/5148。 本周关注点 公司公告汇总：源杰科技每股现金红利0.10元（含税），股权登记日为2025年7月30日 公司公告汇总 陕西源杰半导体科技股份有限公司发布了2024年年度权益分派实施公告。公司每股现金红利0.10元（含 税），涉及差异化分红送转。股权登记日为2025年7月30日，除权（息）日及现金红利发放日为2025年7 月31日。本次利润分配方案经2025年6月26日的2024年年度股东会审议通过。公司总股本为85,947,726 股，扣除公司回购专用证券账户中股份452,149股，实际参与分配的股本数为85,495,577股，拟派发现金 红利总额8,549,557.70元（含税）。虚拟分派的每股现金红利约为0.0995元/股。 无限售条件流通股的红利委托中国结算上海分公司派发。对于持有无限售条件流通 ...

Industry Overview - The capital market's attention towards the computing power industry chain has increased with the release of Nvidia's GB300, particularly in the optical module (CPO) sector [1] - Optical modules serve as hardware devices that convert electrical signals to optical signals and vice versa, acting as a "translator" between electronic devices and fiber optic networks [1] - CPO (Co-Packaged Optics) technology integrates optical modules' core components with computing chips on the same substrate, reducing signal transmission distance [1][2] Market Dynamics - The optical communication industry consists of upstream raw materials like optical/electrical chips and PCBs, midstream optical devices, and downstream systems targeting telecom operators, cloud service providers, and data center manufacturers [4] - The CPO industry chain has a pyramid structure with uneven technology barriers and value distribution, where silicon photonic chips are crucial for optical conversion efficiency [7] - The market for optical modules is expected to grow significantly, reaching $22.4 billion by 2029, driven by high demand from cloud computing service providers and telecom operators for high-speed data modules [9] Company Analysis 1. **Tianfu Communication** - A leading provider of optical device solutions and advanced packaging services, Tianfu is an official technical partner of Nvidia's CPO switch, with products entering small batch production [16] - Revenue is projected to grow from 873 million yuan in 2020 to 3.252 billion yuan in 2024, with a compound annual growth rate (CAGR) of 38.91% [18] 2. **Taicheng Light** - One of the largest manufacturers of high-density optical connection products, Taicheng focuses on CPO and has seen significant demand for MPO connectors due to data center construction [22] - Revenue is expected to increase from 574 million yuan in 2020 to 1.378 billion yuan in 2024, with a CAGR of 24.49% [24] 3. **Yuanjie Technology** - Specializes in the research, design, production, and sales of optical chips, with products used in fiber access, 4G/5G networks, and data centers [27] - The optical chip market in China is projected to grow from $555 million in 2015 to $2.997 billion by 2026, supported by rapid internet development and new infrastructure demands [31]

截至2025年7月24日收盘，源杰科技(688498)报收于195.06元，下跌4.36%，换手率6.59%，成交量3.97万 手，成交额7.87亿元。 当日关注点 交易信息汇总 公司公告汇总 陕西源杰半导体科技股份有限公司发布了2024年年度权益分派实施公告。主要内容如下：- 公告编号： 2025-039- 每股现金红利：0.10元（含税）- 差异化分红送转- 股权登记日：2025年7月30日- 除权（息） 日及现金红利发放日：2025年7月31日- 总股本：85,947,726股- 扣除回购股份：452,149股- 实际参与分配 的股本数：85,495,577股- 拟派发现金红利总额：8,549,557.70元（含税）- 虚拟分派的每股现金红利：约 0.0995元/股 红利派发规则：- 无限售条件流通股：红利委托中国结算上海分公司派发。自然人股东及证券投资基金 持股期限超过1年的，股息红利所得暂免征收个人所得税；持股期限在1年以内的，暂不扣缴个人所得 税，待转让股票时计算应纳税额。- 有限售条件流通股：个人股东及证券投资基金解禁前取得的股息红 利适用10%的税率计征个人所得税。- 合格境外机构投资者（QF ...

? 每股分配比例 每股现金红利0.10元（含税） 证券代码：688498 证券简称：源杰科技 公告编号：2025-039 陕西源杰半导体科技股份有限公司 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： ? 是否涉及差异化分红送转：是 ? 相关日期 股权登记日 除权（息）日 现金红利发放日 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陕西源杰半导体科技股份有限公司（以下简称"公司"） 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等相关法律法规、规范性文件以及 《公司章程》的规定，上市公司回购专用账户中的股份，不享有股东会表决权、 利润分配、公积金转增股本、认购新股和可转换公司债券等权利，不得质押和出 借。因此，公司回购专用证券账户持有的股份不参与本次权益分派。 （1）本次差 ...

国泰海通证券股份有限公司 关于陕西源杰半导体科技股份有限公司 差异化分红事项的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 陕西源杰半导体科技股份有限公司（以下简称"源杰科技"或"公司"）首次公 开发行股票并在科创板上市及持续督导的保荐机构，根据《中华人民共和国公司 法》《中华人民共和国证券法》《上海证券交易所上市公司自律监管指引第 7 号— —回购股份》等相关法律法规和规范性文件的规定，对源杰科技 2024 年年度利 润分配所涉及的差异化分红（以下简称"本次差异化分红"）相关事项进行了审 慎核查，相关核查情况及意见如下： 一、本次差异化分红的原因 2024 年 2 月 7 日，公司召开第二届董事会第二次会议，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》，同意公司使用部分超募资金及 自有资金以集中竞价交易方式回购公司股份，其中，超募资金为 4,500 万元，剩 余为自有资金。本次回购股份用于员工持股计划或者股权激励。回购股份的资金 总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）。回购股份 的价格不超过人民币 180 元/股（含） ...

证券代码：688498 证券简称：源杰科技 公告编号：2025-039 2. 分派对象： 陕西源杰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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/7/30 | 2025/7/31 | 2025/7/31 | 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陕西源杰半导体科技股份有限公司（以下简称"公司"） 2025 年 6 月 26 日的2024年年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等相关法律法规、规范性文件以及 是否涉及差异化分红送转：是 每股分配 ...

Investment Rating - The industry investment rating is "Overweight" as the report anticipates that the interconnection bandwidth demand will experience rapid growth due to the "multiplier effect" [4][90]. Core Insights - The report identifies four major trends in the AI computing interconnection sector: 1. Computing hardware demand is shifting from being anchored to cloud vendors' CapEx to being anchored to the number of tokens processed. 2. The landscape of computing chips is evolving from reliance on GPUs to a coexistence of GPUs and ASICs. 3. Technological iterations are transitioning from product-level upgrades (like optical modules, PCBs, switches, and network cards) to overall upgrades at the network architecture level. 4. The focus of network interconnection upgrades is expanding from Scale Out to Scale Up, enhancing both types of networks and increasing single-chip bandwidth [5][81][85]. Summary by Sections Section 1: Market Trends - The demand for computing power is increasingly linked to the number of tokens processed rather than just cloud vendor capital expenditures [5][81]. - The growth of AI models has led to a significant increase in the demand for high-bandwidth, low-latency interconnections, particularly in the context of large-scale AI training [21][25]. Section 2: Product Innovations - New products like Sora and GB200 are driving demand for multimodal inference, with Sora requiring significantly more inference computing power compared to previous models [27][35]. - The report highlights that the performance of new interconnection technologies, such as GB200, is substantially superior to older models, enhancing overall computational efficiency [75][76]. Section 3: Capital Expenditure Trends - Capital expenditures from major cloud service providers (CSPs) are expected to continue increasing, with a notable shift towards AI computing capabilities [35][37]. - The report estimates that the ratio of NVIDIA's data center revenue from cloud vendors to the capital expenditures of five major cloud vendors has increased from 5% in Q1 2023 to approximately 30% by the second half of 2024 [37][38]. Section 4: Investment Opportunities - The report suggests that various interconnection methods, including optical, copper, and PCB connections, are likely to benefit from the anticipated growth in interconnection demand. Key companies identified include: - Optical interconnection: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yuanjie Technology, Changguang Huaxin, Changxin Bochuang, Shijia Photon, Zhizhi Technology, Taicheng Light. - Copper interconnection: Zhaolong Interconnection, Zhongji Xuchuang, Hongteng Precision. - PCB: Shenghong Technology, Jingwang Electronics, Hudian Co., Shengyi Technology [4][90].

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 1.3% and a transaction volume of 410 million yuan [3] - As of July 21, the ETF's latest scale reached 31.565 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count is 20.644 billion shares, also a six-month high and leading among comparable funds [3] - Over the past 10 days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 3.097 billion yuan [3] - The leveraged funds are actively investing, with a net financing amount of 23.377 million yuan this month and a latest financing balance of 1.855 billion yuan [3] - The ETF's net value has increased by 28.75% over the past two years, ranking 271 out of 2237 index equity funds, placing it in the top 12.11% [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being 4 months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Insights - Meta's founder Mark Zuckerberg announced plans for Meta to become the first to invest in a 1GW computing power supercluster laboratory, with expansion plans to 5GW in the coming years [4] - NVIDIA's CEO Jensen Huang announced two significant developments during his visit to China: approval for H20 chip sales to China and the launch of a custom RTX PRO GPU for the Chinese market [4] - Tianfeng Securities projects optimistic growth for the global semiconductor industry through 2025, driven by AI and ongoing domestic substitution efforts [4] - The second quarter showed strong performance forecasts across various semiconductor segments, with expectations for a robust third quarter [4] - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.76% of the index [4]

Core Insights - The AI Fund Changjiang New Energy Industry Mixed A (011446) reported a profit of 2.2596 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0226 yuan [2] - The fund's net asset value (NAV) growth rate for the reporting period was 2.17%, and the fund size reached 110 million yuan by the end of Q2 [2][15] - The fund focuses on the new energy industry and its upstream and downstream sectors, seeking investment opportunities based on different stages and trends within various sub-industries [2] Performance Metrics - As of July 18, the fund's one-year cumulative net asset value growth rate was 18.29%, ranking 316 out of 601 comparable funds [3] - Over the past three months, the fund achieved a net asset value growth rate of 21.27%, ranking 65 out of 607 comparable funds [3] - The fund's three-year Sharpe ratio was -0.1567, placing it 347 out of 468 comparable funds [8] Risk and Drawdown - The fund's maximum drawdown over the past three years was 50.53%, ranking 56 out of 470 comparable funds [10] - The largest single-quarter drawdown occurred in Q2 2022, reaching 21.13% [10] Investment Strategy - The fund maintained an average stock position of 77.82% over the past three years, compared to a comparable average of 85.34% [13] - The fund's top ten holdings as of Q2 2025 included companies such as Huadian Electric, Huayang Group, and CATL [17]