Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has shown a positive performance, with a 0.97% increase as of April 11, 2025, and notable gains in constituent stocks such as Chipsea Technology (688595) up 8.19% and Lanqi Technology (688008) up 5.29% [3][4]. Performance Summary - The Sci-Tech AI ETF (588790) has experienced a 0.91% increase, marking its fourth consecutive rise, with a latest price of 0.55 yuan. Over the past three months, the ETF has accumulated a 7.70% increase, ranking 2nd among comparable funds [3][4]. - The ETF's liquidity is strong, with an intra-day turnover of 4.12% and a total transaction volume of 1.08 billion yuan. The average daily transaction volume over the past week is 3.94 billion yuan, leading among comparable funds [3][4]. - In terms of scale, the ETF has seen a significant growth of 26.96 million yuan over the past two weeks, ranking 1st among comparable funds. Additionally, the ETF's share count increased by 36 million shares in the past week, also ranking 1st [3][4]. Return and Risk Metrics - Since its inception, the Sci-Tech AI ETF has achieved a highest monthly return of 15.59%, with an average monthly return of 15.59% and a monthly profit probability of 69.57%. The probability of making a profit over a three-month holding period is 87.50% [4]. - The ETF has a relative drawdown of 0.36% compared to its benchmark since inception, indicating a relatively stable performance [4]. Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in its category [4]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.010% over the past month, the best among comparable funds [4]. Top Holdings - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech AI Index account for 70.57% of the index, including Lanqi Technology (688008) and Chipsea Technology (688521) [5][7]. Industry Insights - The semiconductor and AI sectors are expected to accelerate their domestic production processes due to ongoing global trade tensions. Key areas of focus include advancements in semiconductor technology and the growth of domestic AI models [7].

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The ongoing tariff war between the US and China has intensified, with the US imposing a 34% tariff on Chinese imports, prompting China to respond with similar tariffs, which accelerates the domestic innovation and localization process in the technology sector [1][3][14] - The Chinese government emphasizes "technological self-reliance" as a core agenda, with policies aimed at enhancing key technology breakthroughs and increasing investment in basic research, which supports the growth of the domestic technology industry [2][26] - The tariff situation has led to significant market volatility, with the Chinese stock market experiencing a drop of over 7% in a single day, but state-owned enterprises have stepped in to stabilize the market through share buybacks and acquisitions [3][32] Summary by Sections 1. Changes in Foreign Tariff Policies - The US has implemented a "reciprocal tariff" policy, raising tariffs on Chinese goods, which has increased the cost of imported high-end components for the Chinese tech industry, particularly in hardware sectors like chips and servers [1][14][19] - The tariff war has created short-term challenges for the domestic innovation industry, but it also accelerates the push for domestic alternatives and self-sufficiency in technology [19][35] 2. Policy Promotion of Self-Reliance - The Chinese government has introduced measures to strengthen key technology research and optimize the layout of scientific research resources, aiming to create a trillion-level domestic innovation industry cluster by 2027 [2][28] - Local governments are also implementing supportive policies to promote domestic technology development, focusing on areas such as artificial intelligence and software ecosystems [28][30] 3. Corporate Actions and Domestic Tariff Responses - In response to the tariff war, state-owned enterprises have increased share buybacks to bolster market confidence, with 18 central enterprises taking action to stabilize the market [3][32] - The domestic chip market is benefiting from the increased prices of imported chips, highlighting the competitive advantage of domestic alternatives [3][31] 4. Investment Recommendations - Beneficial targets include core domestic innovation companies such as China Software, China Great Wall, and Dongfang Tong, as well as domestic computing and chip firms like Tuwei Information and Haiguang Information [4][39]

芯动联科、 华岭股份涨超10%， 圣邦股份、 龙芯中科、 紫光国微、 寒武纪涨超5%， 北方华创、 华海 清科、 芯原股份、 沪硅产业等跟涨。 ...

证券代码：688521 证券简称：芯原股份 公告编号：2025-012 关于近期经营情况的自愿性信息披露公告 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、准确性和性依法承担法律责任。 芯原微电子（上海）股份有限公司（以下简称"公司"或"芯原股份"或"芯 原"）是一家依托自主半导体 IP，为客户提供平台化、全方位、一站式芯片定制 服务和半导体 IP 授权服务的企业。公司拥有自主可控的图形处理器 IP（GPU IP）、 神经网络处理器 IP（NPU IP）、视频处理器 IP（VPU IP）、数字信号处理器 IP （DSP IP）、图像信号处理器 IP（ISP IP）和显示处理器 IP（Display Processor IP） 这六类处理器 IP，以及 1,600 多个数模混合 IP 和射频 IP。凭借长期保持在 30% 以上营收占比的高研发投入，芯原一直走在科技发展的前列，并且已经在 AI 领 域取得丰富的成就。例如，芯原全球领先的 NPU IP 已在 82 家客户的 142 款 AI 类芯片中获得采用，覆盖服务器、汽车、智能手机、可穿戴设备等 10 余 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the semiconductor industry, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [4]. Core Viewpoints - The recent U.S. tariff policy is seen as a unilateral action that could accelerate the domestic replacement of semiconductor products in China. The report emphasizes the importance of increasing exposure to self-sufficient sectors within the semiconductor industry, particularly in areas with low domestic production rates [1][3]. - The semiconductor industry in China has made significant progress since the trade disputes began in 2018, and the new tariff measures are expected to further enhance the development of domestic alternatives [1][3]. Summary by Sections Semiconductor Industry Overview - The U.S. government announced a 34% tariff on all imports from the U.S. to China, effective April 10, 2025, which is viewed as a significant escalation in trade tensions [1]. - The report suggests that this situation is different from previous trade disputes, as it represents a broader attempt by the U.S. to isolate China economically [1]. Investment Opportunities - **Analog Chips**: The report highlights that the domestic supply rate for analog chips in China is below 15%, with even lower rates in automotive and high-end industrial markets. Companies like Siwei Pu, Naxin Micro, and Shengbang Co. are recommended due to their exposure to these sectors [2]. - **Semiconductor Equipment**: In 2024, China's total semiconductor equipment imports are projected to be $47.1 billion, with $4.5 billion from the U.S. The report suggests that the tariff response may accelerate the domestic replacement of semiconductor equipment, recommending companies like Northern Huachuang and Tuo Jing Technology [2]. - **Domestic Computing Power**: The report identifies SMIC as a key player in domestic computing power, with a focus on ASIC and CPU development. Companies such as Chipone Technology and Haiguang Information are highlighted for their potential growth in this area [3]. Key Company Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with all listed companies receiving a "Recommended" rating. For example, SMIC is projected to have an EPS of 0.49 yuan in 2024 with a PE ratio of 180 [4].

Group 1 - Investment Rating: Strongly Recommended for China Merchants Bank (600036.SH) [2][7][11] - Core Viewpoint: The company's revenue and asset quality are significantly affected by macroeconomic conditions, but its long-term competitive advantage remains solid, with absolute revenue capability still leading the industry [2][11] - Financial Performance: In 2024, the company achieved operating revenue of 337.5 billion yuan, a year-on-year decrease of 0.48%, and a net profit attributable to shareholders of 148.4 billion yuan, a year-on-year increase of 1.22% [7][11] Group 2 - Investment Rating: Recommended for Xiaomi Group-W (1810.HK) [3][12] - Core Viewpoint: The addition of Xiaomi's automotive business creates a "people-car-home" ecosystem, with significant demand for its vehicles, which are currently in short supply [3][13] - Financial Projections: Expected net profits for Xiaomi from 2025 to 2027 are projected to be 35.4 billion, 49.6 billion, and 62.6 billion yuan respectively, indicating strong growth potential [3][14] Group 3 - Investment Rating: Recommended for Chipone Technology (688521.SH) [4][19] - Core Viewpoint: The company is a leading domestic semiconductor IP provider, with a focus on customized chip solutions and semiconductor IP licensing [4][19] - Financial Projections: Revenue forecasts for 2024 to 2026 are adjusted to 2.323 billion, 2.980 billion, and 3.668 billion yuan respectively, reflecting a downward revision from previous estimates [4][19] Group 4 - Investment Rating: Recommended for Jin Hong Gas (688106.SH) [21][24] - Core Viewpoint: The company reported a revenue of 2.525 billion yuan in 2024, with a year-on-year increase of 4.03%, despite a significant drop in net profit [21][24] - Business Growth: The on-site gas production project has become a new growth driver, with a revenue of 278 million yuan in 2024, a year-on-year increase of 39.06% [21][22] Group 5 - Investment Rating: Recommended for Ningde Times (300750.SZ) [30][33] - Core Viewpoint: The company achieved a revenue of 362.01 billion yuan in 2024, with a year-on-year decrease of 9.70%, but net profit increased by 15.0% [30][33] - Market Position: As a leading global lithium battery company, Ningde Times is well-positioned to benefit from the growing demand for power and energy storage batteries [30][33]

Core Viewpoint - The approval of the private placement project will enhance the company's technology matrix and support its growth in key sectors such as AIGC, smart mobility, and graphics processing [1][2]. Fundraising and Project Details - The company plans to raise up to 1.807 billion yuan through a private placement, with funds allocated to two major projects: 1. AIGC and smart mobility Chiplet solution platform development, with a total investment of 1.089 billion yuan over five years [2]. 2. New generation IP development for AIGC and graphics processing, with a total investment of 719 million yuan over five years [2]. Financial Performance and Orders - The company expects a revenue of 2.323 billion yuan in 2024, a slight decrease of 0.66% year-on-year, and a net loss of 605 million yuan, an increase in loss of 309 million yuan year-on-year [3]. - The company has maintained a high order backlog for five consecutive quarters, with an order backlog of 2.406 billion yuan, up nearly 13% from the previous quarter [4]. Market Position and Growth Potential - The implementation of the private placement project is expected to enrich the company's technology matrix and create profit growth points, addressing the demand for high-performance computing chips in the AIGC market [4]. - The company has a diverse product application across various sectors, including consumer electronics, automotive electronics, and data processing, with a strong client base [5]. Revenue Forecast - The revenue forecasts for 2024-2026 are adjusted to 2.323 billion yuan, 2.980 billion yuan, and 3.668 billion yuan, respectively, reflecting a downward revision from previous estimates [5].

Investment Rating - The investment rating for the company is "Recommended" [1][13]. Core Views - The company has received approval for a private placement project, which will enhance its technology matrix and support its growth in key areas such as AIGC, smart transportation, and graphics processing [4][8]. - The company is a leading domestic semiconductor IP provider, focusing on customized chip solutions and semiconductor IP licensing, with a diverse range of applications across consumer electronics, automotive electronics, and data processing [9][8]. Financial Summary - The company reported a revenue of 2,338 million yuan in 2023, with a projected slight decline to 2,323 million yuan in 2024, followed by growth to 2,980 million yuan in 2025 and 3,668 million yuan in 2026 [6][10]. - The net profit for 2023 was -296 million yuan, with further losses expected in 2024 at -605 million yuan, but a return to profitability is anticipated in 2026 with a net profit of 21 million yuan [6][10]. - The gross margin is projected to be 44.8% in 2023, slightly decreasing to 42.5% in 2024, and stabilizing around 42.4% to 42.7% in the following years [6][11]. Project Details - The company plans to raise up to 1.807 billion yuan through the private placement, with key projects including a Chiplet solution platform for AIGC and smart transportation, and a new generation of IP development for high-performance graphics processors and AI applications [8][9]. - The Chiplet project has a total investment of 1.089 billion yuan and aims to enhance the company's chip design capabilities and reduce costs for clients [8]. - The new IP development project is expected to require 719 million yuan and will focus on high-performance GPU IP and AI IP, further solidifying the company's market position [8]. Order and Revenue Outlook - The company has maintained a strong order backlog, with 2.406 billion yuan in orders as of the end of 2024, reflecting a 13% increase from the previous quarter [9]. - New orders signed in the fourth quarter of 2024 exceeded 940 million yuan, marking a significant increase compared to the first half of 2024 and the second half of 2023 [9].

Group 1 - The core viewpoint of the news highlights the positive momentum in the semiconductor sector, particularly the Sci-Tech Innovation Chip sector, as institutions have raised profit expectations for multiple stocks in this area [1][3] - The Sci-Tech Innovation Chip 50 ETF (588750) saw a significant increase, with a rise of over 1% and a trading volume exceeding 12 million yuan on March 26 [1] - Chip Yuan Co., Ltd. (688521) experienced a notable stock increase, rising over 10% at one point and currently up over 7%, driven by a successful fundraising project aimed at developing solutions for AIGC and smart transportation [2][3] Group 2 - The semiconductor industry is benefiting from the AI boom, with the top ten global IC design companies projected to achieve a combined revenue of approximately 249.8 billion USD in 2024, reflecting a 49% year-on-year growth [2] - Several semiconductor companies, including ZTE, Lexin Technology, and Cambrian, have seen significant upward adjustments in profit expectations for 2025, with Longxin Zhongke's net profit forecast raised by 500% by Huachuang Securities [3] - The NAND price recovery is faster than previously expected, and increased investments in data centers by companies like ByteDance and Alibaba are driving high growth in storage demand [3]

Core Viewpoint - The registration of the 1.807 billion yuan private placement project by Chiplet Co. has been approved, aimed at funding R&D projects in AIGC and smart mobility sectors, enhancing the company's capabilities in semiconductor IP and Chiplet solutions [1][2]. Group 1: Fundraising and Project Purpose - The company plans to raise no more than 1.807 billion yuan for R&D projects related to AIGC and new generation IP development [1]. - The Chiplet project targets market demands in data centers and smart mobility, allowing the company to upgrade to a Chiplet supplier while maintaining its semiconductor IP licensing business [1][2]. Group 2: Market Position and Performance - Chiplet Co. holds the largest market share in China's semiconductor IP licensing business and ranks eighth globally as of May 2024 [2]. - From 2020 to 2022, the company achieved a compound annual growth rate of approximately 33% in revenue, with a notable performance in 2022 [2]. Group 3: Financial Performance and Recovery - Despite a challenging industry environment, the company maintained positive net profits in the first half of 2023, with revenue showing signs of recovery in 2024 [3]. - In Q3 2024, the company's revenue reached a record high for that quarter, growing by 23.60% year-on-year, with an expected overall revenue for 2024 remaining stable compared to 2023 [3]. Group 4: Orders and R&D Investment - As of the end of 2024, the company had 2.406 billion yuan in hand orders, marking a 13% increase from the previous quarter [4]. - R&D expenses are projected to increase by approximately 32% in 2024, reflecting a strategic focus on enhancing R&D during the industry downturn [4].