Core Insights - The AI industry faces significant challenges primarily related to power supply rather than chips or talent, highlighting the critical role of power management in AI servers [1] - The global AI server power market is projected to grow exponentially, from $7.4 billion in 2025 to $32.5 billion by 2027, with a compound annual growth rate (CAGR) of 110% [1] - Domestic manufacturers are increasingly entering the AI server power supply market, with current domestic replacement rates estimated at 10-20% [1] Market Trends - AI server power architecture is undergoing a transformation, with three key levels: power supply systems (UPS, HVDC, PDU), AC-DC conversion (PSU, PMC, BBU), and DC-DC conversion (PDB, VRM) [3] - The shift towards high-voltage direct current (HVDC) solutions is gaining momentum, improving system efficiency from 90-95% to 95-98% [3] - Centralized power architectures are being adopted, with PSU power increasing from 5.5kW to over 22kW, and output voltage rising from 48V to 400V [4] Technological Innovations - The use of wide bandgap semiconductor devices like SiC and GaN is becoming central to AI power design, offering higher switching frequencies and lower conduction losses compared to traditional silicon devices [4] - Companies like Jiehua and Chipone Micro are developing advanced power management solutions, including high-current multi-phase power supplies and digital power controllers [5][20] - The introduction of intelligent power stages (DrMOS) is addressing the increased power density requirements of AI servers, with products like Jiehua's 90A DrMOS achieving high efficiency and reliability [7] Company Developments - Jiehua is focusing on comprehensive analog chip solutions for AI servers, with products that have reached international advanced levels [5] - Chipone Micro has launched a series of power chips for AI servers, emphasizing efficiency and reliability in response to rising power density demands [20][22] - Jingfeng Mingyuan has entered the NVIDIA recommended supplier list and is expanding its high-performance computing power chip offerings, achieving significant revenue growth [24][26] Conclusion - The competition in AI is not only about algorithms and chips but also about efficiently and sustainably powering these computational giants, with the value of power management chips for AI servers being 3 to 5 times that of traditional servers [30] - The rise of intelligent power stages (DrMOS), multi-phase controllers, and hot-swappable eFuse as core components for AI servers is evident, with domestic manufacturers increasing their focus on these trends [31]

证券代码：688508 证券简称：芯朋微 公告编号：2025-052 无锡芯朋微电子股份有限公司 关于公司董事离任暨选举职工代表董事的公告 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、准确性和完整性承担法律责任。 重要内容提示： 无锡芯朋微电子股份有限公司（以下简称"公司"）董事会近日收到公司 董事薛伟明先生提交的辞职报告。薛伟明先生因公司治理结构调整原因申请辞去 公司第五届董事会董事职务。 | 姓名 | 离任职 务 | 离任时间 | | 原定任期 到期日 | | 离任原因 | 是否继续 在上市公 司及其控 | 具体职务 | 是否存在 未履行完 毕的公开 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司 任职 | | 承诺 | | 薛伟明 | 董事 | 年 | | 年 | | 公司治理 | 是 | 公司全资子公司深 圳芯朋电子有限公 | | | | | 2025 | 12 | 2027 1 | | | | | 否 | | | | 月 ...

格隆汇12月7日｜据澎湃，12月5日，国内领先的功率系统芯片设计企业芯朋微电子（芯朋微，688508） 在深圳发布12款面向AI服务器和工业控制领域的电源芯片。芯朋微CEO易扬波表示，算力规模和功耗 密度的持续攀升，对电源系统的效率、散热与可靠性提出更高要求。芯朋微已在智能功率技术领域持续 深耕近二十年，围绕"从AC到DC、从800V HVDC到Vcore 1V"的全链路供电需求，形成覆盖一次侧、二 次侧到末端负载的算能电源芯片及系统方案布局。作为国家"十四五"期间重点支持、国家集成电路产业 投资基金直投的芯片设计企业，芯朋微电子坚持以创新驱动发展，持续加大在宽禁带功率器件、数字电 源控制、系统级电源方案等方向的研发投入，加快科研成果工程化与产业化落地。芯朋微电子此次发布 不仅填补了国产高端电源芯片的部分空白，也为行业发展提供了重要参考，有望为建设安全可控、绿色 高效的国家算力基础设施提供坚实的芯片底座。 ...

（编辑 袁冠琳） 证券日报网讯 12月1日晚间，芯朋微发布公告称，北京德皓国际作为公司2025年度财务报告和内部控制 审计的审计机构，原指派黄海洋为签字项目合伙人，赵晋洲为签字注册会计师，现因北京德皓国际内部 项目安排进行调整，指派戴晓芳接替赵晋洲作为公司2025年度审计项目的签字注册会计师，继续完成公 司2025年度财务报告审计和内部控制审计相关工作。 ...

无锡芯朋微电子股份有限公司 证券代码：688508 证券简称：芯朋微 公告编号：2025-051 关于变更签字注册会计师的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 无锡芯朋微电子股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日、 2025 年 4 月 22 日召开第五届董事会第十六次会议和 2024 年年度股东大会，审 议通过了《关于公司续聘北京德皓国际会计师事务所（特殊普通合伙）为 2025 年度会计师事务所的议案》，同意续聘北京德皓国际会计师事务所（特殊普通合 伙）（以下简称"北京德皓国际"）为 2025 年度报告审计机构和内部控制审计机 构。具体内容详见公司于 2025 年 3 月 29 日在上海证券交易所（www.sse.com.cn） 披露的《关于聘任公司 2025 年度审计机构的公告》（公告编号：2025-010）。 近日，公司收到北京德皓国际送达的《关于变更无锡芯朋微电子股份有限公 司 2025 年度审计签字注册会计师的函》，现将具体情况公告如下： 一、本次变 ...

Core Viewpoint - The 22nd China International Semiconductor Expo (IC China 2025) will be held from November 23 to 25, 2025, at the National Convention Center in Beijing, showcasing advancements in the semiconductor industry, particularly in AI chips and advanced manufacturing processes [2][3]. Industry Overview - IC China has been a significant event in the semiconductor industry since 2003, establishing itself as a top-tier industry brand and benchmark [3]. - The expo will focus on the entire integrated circuit industry chain, highlighting the latest technologies, products, and applications, with a theme of "Gathering Strength in Chips, Driving the Future" [4]. Exhibition Details - The expo will feature seven major exhibition areas, including IC design, industry chain, innovative applications, and components, with over 600 exhibitors expected [5]. - Notable companies participating include Yangtze Memory Technologies, Huada Jiutian, and Tongfu Microelectronics, among others [5]. Market Trends - China's semiconductor industry is projected to exceed $180 billion in sales by 2024, with a significant portion of this growth driven by domestic innovation and reduced reliance on imports [6]. - In the first ten months of this year, China's integrated circuit exports reached approximately $161.7 billion, indicating a year-on-year increase of over 23% [6][7]. Growth Projections - The semiconductor industry is expected to experience a dual breakthrough in technology and scale, with a compound annual growth rate (CAGR) of 19.6% in chip design from 2006 to 2025 [13]. - By 2026, the semiconductor industry is anticipated to maintain a CAGR of over 10% [14]. R&D Investments - A-share semiconductor companies are projected to invest over $80 billion in R&D in 2024, with a research intensity exceeding 13% [15]. - The highest growth in revenue from 2021 to 2024 is expected in semiconductor equipment, integrated circuit manufacturing, and discrete devices [15]. Investment Insights - The National Integrated Circuit Industry Investment Fund has significant holdings in 32 companies within the semiconductor industry, with many experiencing substantial increases in financing [17]. - Companies like Shengke Communication and Jiangbolong have seen financing balances increase by over 400% and 350%, respectively, indicating strong investor interest [18]. Stock Performance - Among the 32 companies with National Fund holdings, 12 have seen stock price increases of less than 30% this year, despite significant increases in financing [19]. - Notable companies include Hu Silicon Industry and Tai Ling Microelectronics, with financing balances increasing by over 85% and 187%, respectively [19][20].

证券代码：688508 证券简称：芯朋微公告编号：2025-050 本公司董事会、全体董事及相关股东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： ● 减持主体持股的基本情况 本次减持计划实施前，无锡芯朋微电子股份有限公司（以下简称"公司"）控股股东、实际控制人、董事 长、核心技术人员张立新先生持有公司股份34,301,000 股，占公司总股本的 26.12%，均为首次公开发 行A 股股票前（以下简称"IPO 前"）获得的股份。 ● 减持计划的实施结果情况 公司于2025年8月6日在上海证券交易所网站披露了《股东减持股份计划公告》（公告编号：2025- 037）。张立新先生因个人资金需求，自减持计划披露之日起15个交易日后的3个月内，在符合法律法规 规定的减持前提下，拟通过集中竞价和/或大宗交易方式合计减持股份不超过 2,626,206 股，减持比例不 超过公司总股本的2%。 公司于2025年11月18日收到张立新先生出具的《关于股份减持实施结果告知函》。截至2025年11月18 日，张立新先生通过集中竞价及大宗交易方式合计减持 ...

两融数据显示，该股最新融资余额为5.14亿元，近5日减少385.48万元，降幅为0.74%。 芯朋微11月18日大宗交易平台出现一笔成交，成交量27.50万股，成交金额1430.00万元，大宗交易成交 价为52.00元，相对今日收盘价折价11.29%。该笔交易的买方营业部为国泰海通证券股份有限公司南京 常府街证券营业部，卖方营业部为国信证券股份有限公司无锡观山路证券营业部。 进一步统计，近3个月内该股累计发生7笔大宗交易，合计成交金额为1.02亿元。 证券时报·数据宝统计显示，芯朋微今日收盘价为58.62元，上涨0.38%，日换手率为1.35%，成交额为 1.04亿元，全天主力资金净流入550.02万元，近5日该股累计下跌1.63%，近5日资金合计净流出1267.95 万元。 据天眼查APP显示，无锡芯朋微电子股份有限公司成立于2005年12月23日，注册资本13131.0346万人民 币。（数据宝） 11月18日芯朋微大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | ...

Core Insights - On November 18, several companies disclosed their shareholding changes, with 康缘药业, 超达装备, and 海大集团 announcing share buybacks, while 15 companies, including 立达信 and 艾布鲁, reported share reductions [1][2]. Group 1: Share Buybacks - 康缘药业's actual controller and director, 肖伟, increased his shareholding by 20,000 shares [2]. - 超达装备 secured a stock repurchase loan commitment from China Bank for up to 450 million yuan [2]. - 海大集团 plans to repurchase shares worth no less than 1 billion yuan and up to 1.6 billion yuan [2]. Group 2: Share Reductions - 立达信's shareholder, 李春华, intends to reduce his stake by no more than 1.56% [2]. - 艾布鲁's controlling shareholder, 钟儒波, plans to reduce his stake by no more than 3% [2]. - 高德红外's actual controller, 黄立, aims to reduce his stake by no more than 3% [2]. - 嘉美包装's shareholders plan to collectively reduce their stake by no more than 1.16% [2]. - 蓄奥规划's shareholders intend to reduce their stake by no more than 1% [2]. - 君逸数码's shareholder, 成都高创投, plans to reduce his stake by no more than 1% [2]. - 联合水务's shareholder, 上海衡联, intends to reduce his stake by no more than 0.14% [2]. - 亚翔集成's second-largest shareholder has reduced 130,000 shares and is still in the reduction period [2]. - 芯朋微's controlling shareholder, 张立新, has terminated his reduction plan early [2]. - 安旭生物's shareholder, 马华祥, plans to reduce his stake by no more than 0.94% [2]. - 农心科技's shareholder, 宁波农旗, intends to reduce his stake by no more than 0.54% [2]. - 禾川科技's actual controller and others plan to reduce their stake by no more than 6% [2]. - 世龙实业's shareholder, 电化高科, plans to reduce his stake by no more than 3% [2]. - 中国化学's executive, 聂宁新, intends to reduce his stake by no more than 60,000 shares [2]. - 鸿泉技术's shareholder, 千方科技, plans to reduce his stake by no more than 3% [2].

证券代码：688508 证券简称：芯朋微 公告编号：2025-050 无锡芯朋微电子股份有限公司 股东提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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： 减持主体持股的基本情况 本次减持计划实施前，无锡芯朋微电子股份有限公司（以下简称"公司"） 控股股东、实际控制人、董事长、核心技术人员张立新先生持有公司股份 34,301,000 股，占公司总股本的 26.12%，均为首次公开发行 A 股股票前（以下 简称"IPO 前"）获得的股份。 减持计划的实施结果情况 公司于 2025 年 8 月 6 日在上海证券交易所网站披露了《股东减持股份计划 公告》（公告编号：2025-037）。张立新先生因个人资金需求，自减持计划披露 之日起 15 个交易日后的 3 个月内，在符合法律法规规定的减持前提下，拟通过 集中竞价和/或大宗交易方式合计减持股份不超过 2,626,206 股，减持比例不超 过公司总股本的 2%。 公司于 2025 年 11 月 18 日收到张立新先生出具的《 ...