Core Viewpoint - The ChiNext 50 Index has seen a significant decline, with a drop of 5%, indicating a challenging market environment for technology stocks [1] Group 1: Index Performance - The ChiNext 50 Index's decline has expanded to 5%, reflecting broader market pressures [1] - Among the constituent stocks, only 6 have shown an increase, highlighting a lack of positive momentum in the sector [1] Group 2: Leading Stocks - The stocks of Jinghe Integrated, Baiwei Storage, and Chip Origin have led the decline, suggesting specific challenges faced by these companies [1]

Group 1 - Chip concept stocks weakened in early trading, with companies like SMIC, Haiguang Information, Hengxuan Technology, and Chipone falling over 6% [1] - The related ETFs for innovative chips dropped more than 4% due to market influences [1] Group 2 - Various innovative chip ETFs experienced significant declines, with the Guotai ETF down 4.84% to 1.612, and other ETFs like 588200 and 588290 also showing declines of 4.80% and 4.76% respectively [2] - Analysts noted that as AI models evolve, the commercial models for AI applications are becoming clearer, with the release of Sora 2.0 introducing social attributes that broaden OpenAI's monetization channels [2] - OpenAI has secured orders for storage and GPU components from Samsung, SK Hynix, and AMD, indicating a strengthened certainty in the demand for AI infrastructure, which is expected to benefit the related computing power industry chain in the future [2]

2025.10.10 本文字数：2094，阅读时长大约3分钟 作者 |第一财经 王媛丽 人工智能爆发式发展，相关芯片企业的业绩也井喷般猛增。 10月8日，芯原股份（688521.SH）披露了三季度业绩预告，预计三个季度实现营收12.84亿元，创单季 度收入新高，环比激增119.74%，同比增幅达78.77%。 除了收入猛增，该公司的在手订单也大幅增加。前三季度，该公司新签订单32.49亿元，已超2024年全 年，其中三季度新签订单15.93亿元，AI算力相关订单占比高达65%。 然而，亮眼业绩难掩盈利压力。今年上半年，芯原股份净利润亏损3.2亿元，较去年同期同比扩大 12.3%，在订单井喷的情况下，该公司预计三季度单季度亏损同比、环比收窄，但仍然亏损。 但与营收高增长形成反差的是，芯原股份仍未摆脱亏损。该公司未在业绩预报中披露三季度单季和前三 季度的利润，仅称三季度亏损"同比、环比均大幅收窄"。但中报数据显示，其上半年净利率 为-32.85%，较2024年同期的-30.56%进一步恶化。 而芯原股份的处境并非个例。今年以来，国产AI芯片行业迎来业绩爆发期，订单狂欢下营收高速增 长，但大部份企业仍面临盈利考验， ...

2025.10. 10 AI驱动业绩暴涨 芯原股份三季度的业绩爆发，具有显著的"AI驱动"特征。 分业务看，该公司的核心增长引擎一站式芯片定制业务，三季度表现尤为突出，其中芯片设计业务预 计收入4.29亿元，环比暴涨291.76%，同比增长80.67%；芯片量产业务预计收入6.09亿元，环比增 长133.02%，同比增长158.12%。 本文字数：2094，阅读时长大约3分钟 作者 | 第一财经 王媛丽 人工智能爆发式发展，相关芯片企业的业绩也井喷般猛增。 10月8日，芯原股份（688521.SH）披露了三季度业绩预告，预计三个季度实现营收12.84亿元，创 单季度收入新高，环比激增119.74%，同比增幅达78.77%。 除了收入猛增，该公司的在手订单也大幅增加。前三季度，该公司新签订单32.49亿元，已超2024年 全年，其中三季度新签订单15.93亿元，AI算力相关订单占比高达65%。 然而，亮眼业绩难掩盈利压力。今年上半年，芯原股份净利润亏损3.2亿元，较去年同期同比扩大 12.3%，在订单井喷的情况下，该公司预计三季度单季度亏损同比、环比收窄，但仍然亏损。 而芯原股份的处境并非个例。今年以来，国产A ...

Core Viewpoint - The Sci-Tech Chip ETF FuGuo (588810) opened down 1.45% at 1.829 yuan, reflecting a decline in its major holdings and overall market sentiment [1] Group 1: ETF Performance - The Sci-Tech Chip ETF FuGuo (588810) has a performance benchmark of the Shanghai Stock Exchange Sci-Tech Board Chip Index return rate [1] - Since its establishment on December 30, 2024, the fund has achieved a return of 85.38% [1] - The fund's return over the past month is reported at 34.87% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 2.91% - Haiguang Information (海光信息) down 2.30% - Cambricon (寒武纪) down 2.31% - Lattice Technology (澜起科技) down 1.96% - Zhongwei Company (中微公司) down 1.40% - Chipone (芯原股份) down 3.88% - Hu Silicon Industry (沪硅产业) down 2.94% - Hengxuan Technology (恒玄科技) down 2.54% - SiTewave (思特威) down 2.05% - Huahai Qingke (华海清科) down 2.08% [1]

Summary of VeriSilicon Conference Call Company Overview - **Company**: VeriSilicon (688521.SS) - **Industry**: Semiconductor and IP Solutions Key Financial Highlights - **3Q25 Revenues**: Rmb1.3 billion, representing a **79% YoY** and **120% QoQ** increase, which is **64% higher** than estimates [1][4] - **Chip Design Services Growth**: Revenues increased by **81% YoY** [1] - **Chip Production Management Services Growth**: Revenues surged by **158% YoY** [1] - **IP Revenues**: Remained flat YoY [1] - **Net Loss**: Narrowed in 3Q25 due to increased revenue scale, with a revised net loss estimate of **Rmb58 million** for 2025 [5][11] Order and Demand Insights - **Orders on Hand**: Reached a historical high of **Rmb3.3 billion** by the end of September 2025, driven by strong AI demand from cloud and edge clients [1][2] - **New Orders in 3Q25**: Totaled **Rmb1.6 billion**, a **146% YoY** increase, with **65%** of these orders attributed to AI computing [4] - **Order Composition**: 90% of orders are from semiconductor turnkey solutions, with 80% expected to be delivered within one year [4] Growth Outlook - **Positive Growth Outlook**: The company is viewed as a key beneficiary of rising demand from local AI clients and increasing cloud capital expenditures in China [4] - **Revenue Projections**: Revised revenue estimates for 2025-2030 reflect an increase of **5%-19%** due to higher-than-expected growth in chip design and production management services [5][11] Margin and Earnings Adjustments - **Gross Margin (GM)**: Expected to decline by **1.3 to 2.8 percentage points** in 2025-2030 due to a shift towards lower-margin turnkey solutions [10][11] - **Operating Margin (OPM)**: Adjusted to reflect a decrease, with projections showing a decline in profitability [11] Valuation and Price Target - **Target Price**: Increased to **Rmb284**, based on a **60x P/E** multiple for 2029E earnings, reflecting a **55.2% upside** from the current price of **Rmb183** [19][22] - **Valuation Methodology**: Utilizes discounted P/E to capture long-term growth opportunities, with a cost of equity (COE) of **10%** [19] Risks and Considerations - **Technology Development Risks**: Slower-than-expected advancements in technology could impact growth [20] - **Talent Acquisition Costs**: Higher-than-expected costs for acquiring and retaining talent may affect profitability [20] - **Customer Spending**: Weaker-than-expected customer spending on IP and new chipset projects poses a risk [20] Conclusion - **Investment Recommendation**: Maintain a **Buy** rating on VeriSilicon, supported by strong revenue growth, a robust order backlog, and positive market dynamics in the semiconductor industry driven by AI demand [1][19]

Core Viewpoint - The semiconductor sector is experiencing a significant adjustment, leading to notable declines in stock prices for several companies [1] Company Performance - Hua Hong Semiconductor saw a drop of over 7% in its stock price [1] - SMIC (Semiconductor Manufacturing International Corporation) experienced a decline of more than 4% [1] - Other companies such as Bawen Storage, Demingli, Jinghe Integration, and Chipone also faced declines exceeding 5% [1]

Core Insights - On October 9, 2023, brokerage firms set target prices for listed companies, with notable increases for companies in the personal care, medical device, and semiconductor industries [1][2]. Group 1: Target Price Increases - The companies with the highest target price increases include: - Steady Medical (稳健医疗) with a target price increase of 44.29%, rated "Buy" by CITIC Securities, with a target price of 56.00 yuan [2]. - Sanor Bio (三诺生物) with a target price increase of 35.27%, rated "Recommended" by Huachuang Securities, with a target price of 27.00 yuan [2]. - Tongfu Microelectronics (通富微电) with a target price increase of 24.46%, rated "Buy" by Qunyi Securities (Hong Kong), with a target price of 55.00 yuan [2]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on October 9, with BYD (比亚迪) receiving recommendations from two firms, while Qianhong Pharmaceutical (千红制药) and Mulinsen (木林森) each received one recommendation [2]. Group 3: Rating Adjustments - Northeast Securities upgraded Jiangfeng Electronics (江丰电子) from "Hold" to "Buy" on October 9 [3]. - Five companies received initial coverage ratings on the same day, including: - Dongfang Guoxin (东方国信) rated "Buy" by Xinda Securities [3]. - Sanyou Medical (三友医疗) rated "Recommended" by Ping An Securities [3]. - Yidian Tianxia (易点天下) rated "Buy" by Zhongyou Securities [3]. - Jiangfeng Electronics (江丰电子) rated "Buy" by Northeast Securities [3]. - Cambrian (寒武纪) rated "Buy" by Huaxin Securities [3].

Summary of the Conference Call for XinYuan Co., Ltd. Company Overview - XinYuan Co., Ltd. is a leading enterprise in the semiconductor IP field in China, established in 2001 and listed in 2020. The company employs over 2,000 staff, with approximately 90% in R&D, and 88.76% of R&D personnel holding master's degrees or higher [3][3][3]. Financial Performance - In Q3 2025, XinYuan achieved a record revenue of 1.284 billion yuan, marking a year-on-year increase of 78.77% and a quarter-on-quarter increase of 119.74%. This growth was primarily driven by one-stop chip customization services, particularly in AI ASIC business [2][4][5]. - The company signed new orders worth 1.593 billion yuan in Q3 2025, a significant year-on-year increase of 145%, with AI computing-related orders accounting for approximately 65% [5][6]. - As of the end of Q3 2025, XinYuan's backlog of orders reached 3.086 billion yuan, maintaining a high level for eight consecutive quarters [6][6]. Business Model and Services - XinYuan's business model includes semiconductor IP licensing and one-stop chip customization services. Clients pay usage fees for IP licensing and royalties based on shipment volumes once products enter mass production [3][3]. - The company has shown strong performance in the IP sector, ranking first in China (including Taiwan) and eighth globally, with over 1,600 types of analog and video IP and more than 400 clients [2][9]. Market Outlook and Trends - XinYuan is optimistic about the development of edge computing, which is expected to reduce network latency, enhance real-time capabilities, and improve privacy protection. By 2030, AI functionalities are anticipated to become standard in personal computers and mobile phones [4][15]. - The domestic semiconductor market is rapidly growing, with over 70% of chips related to generative AI. The company expects that devices like servers, PCs, and mobile phones will increasingly incorporate AI technology in the coming years [15][15]. Geopolitical and Competitive Landscape - XinYuan is actively expanding its international market presence in response to geopolitical changes. Its video products have been successfully deployed on major cloud platforms, and AI product shipments have exceeded 200 million units [10][10]. - The company emphasizes the importance of product competitiveness and actual shipment volumes, especially in the context of potential challenges in the data center sector [10][10]. R&D and Talent Acquisition - XinYuan's R&D expenses have increased, primarily due to the growth in customized services. The company has recruited a significant number of graduates, with a focus on enhancing efficiency and maintaining high-quality talent [29][30]. - The recruitment strategy will focus on campus hiring, reducing the proportion of social recruitment, to ensure a stable workforce and lower hiring costs [30][30]. Future Projections - XinYuan anticipates a long-term bull market, driven by software-led hardware development, with stock indices expected to reach 4,000 points in 2025 and 5,000 points in 2026 [4][31]. - The company is optimistic about its future performance, expecting to convert a significant portion of its backlog into revenue in the coming quarters [40][40]. Challenges and Strategic Responses - The company faces challenges from export controls affecting its high-end products in international markets. However, it is actively seeking domestic alternatives and partnerships to mitigate these impacts [44][44]. - XinYuan is pursuing an acquisition plan to address gaps in its processor capabilities, focusing on cultural compatibility and integration challenges [45][45]. Conclusion - XinYuan Co., Ltd. is positioned for strong growth in the semiconductor IP market, with a robust order backlog, innovative product offerings, and a strategic focus on AI and edge computing technologies. The company is well-prepared to navigate geopolitical challenges and capitalize on emerging market opportunities.

国产AI芯片行业迎来业绩爆发期，但大部份企业仍面临盈利考验，在手大额订单能否转化为实际利润 成为关键 人工智能爆发式发展，相关芯片企业的业绩也井喷般猛增。 10月8日，芯原股份（688521.SH）披露了三季度业绩预告，预计三个季度实现营收12.84亿元，创单季 度收入新高，环比激增119.74%，同比增幅达78.77%。 除了收入猛增，该公司的在手订单也大幅增加。前三季度，该公司新签订单32.49亿元，已超2024年全 年，其中三季度新签订单15.93亿元，AI算力相关订单占比高达65%。 然而，亮眼业绩难掩盈利压力。今年上半年，芯原股份净利润亏损3.2亿元，较去年同期同比扩大 12.3%，在订单井喷的情况下，该公司预计三季度单季度亏损同比、环比收窄，但仍然亏损。 而芯原股份的处境并非个例。今年以来，国产AI芯片行业迎来业绩爆发期，订单狂欢下营收高速增 长，但大部份企业仍面临盈利考验，在手大额订单能否转化为实际利润，成为资本市场关注的焦点。 AI驱动业绩暴涨 芯原股份三季度的业绩爆发，具有显著的"AI驱动"特征。 但与营收高增长形成反差的是，芯原股份仍未摆脱亏损。该公司未在业绩预报中披露三季度单季和前三 季 ...