芯原微电子（上海）股份有限公司 第三届董事会独立董事第一次专门会议决议 根据《上市公司独立董事管理办法》《芯原微电子（上海）股份有限公司章 程》《芯原微电子（上海）股份有限公司独立董事工作制度》和《芯原微电子（上 海）股份有限公司独立董事专门会议议事规则》等有关规定，芯原微电子（上海） 股份有限公司（以下简称"公司"）独立董事对公司提交的《关于公司本次发行股 份及支付现金购买资产并募集配套资金符合相关法律法规规定条件的议案》《关 于公司本次发行股份及支付现金购买资产并募集配套资金方案的议案》《关于公 司本次发行股份及支付现金购买资产并募集配套资金预案及其摘要的议案》《关 于公司本次交易不构成关联交易的议案》《关于公司本次交易构成重大资产重组 但不构成重组上市的议案》《关于公司本次交易符合<上市公司重大资产重组管理 办法>第十一条、第四十三条和第四十四条规定的议案》《关于公司本次交易符合 <上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求> 第四条规定的议案》《关于公司本次交易相关主体不存在<上市公司监管指引第 7 号——上市公司重大资产重组相关股票异常交易监管>第十二条及<上海证券交 易 ...

人民财讯9月11日电，芯原股份(688521)9月11日晚间公告，公司拟通过发行股份及支付现金方式向芯来 共创、胡振波、芯来合创等31名交易对方购买其合计持有的芯来科技97.0070%股权，并募集配套资 金。截至本预案摘要签署日，公司直接持有芯来科技2.9930%股权，本次交易完成后，芯来科技将成为 上市公司的全资子公司。公司股票将于2025年9月12日开市起复牌。 ...

格隆汇9月11日丨芯原股份(688521.SH)公布，截至2025年第二季度末，公司在手订单金额为30.25亿元， 已连续七个季度保持高位，创公司历史新高。2025年7月1日至2025年9月11日，公司新签订单12.05亿 元，较去年第三季度全期大幅增长85.88%，新签订单已创历史新高，其中AI算力相关的订单占比约 64%。除新签订单创历史新高外，公司在手订单持续保持高位，预计将对公司后续经营业绩产生深远的 影响。 ...

Core Insights - The company, Chip Original Co., Ltd. (688521.SH), reported a record high order backlog of 3.025 billion yuan as of the end of Q2 2025, maintaining a high level for seven consecutive quarters [1] - From July 1, 2025, to September 11, 2025, the company signed new orders worth 1.205 billion yuan, representing a significant year-on-year increase of 85.88%, marking a historical high for new orders [1] - Approximately 64% of the new orders are related to AI computing power, indicating a strong demand in this sector [1] - The sustained high order backlog and record new orders are expected to have a profound impact on the company's future operating performance [1]

Investment Rating - The semiconductor industry is rated as "Outperform" [1] Core Viewpoints - The semiconductor industry continues to show steady growth in Q2 2025, with significant performance from domestic AI computing chip manufacturers [4][5] - The global semiconductor monthly sales continue to grow year-on-year, driven by increased capital expenditure from domestic and international cloud service providers [4][6] - The demand for AI computing hardware infrastructure remains strong, with major cloud companies increasing their capital expenditures significantly [6] Summary by Sections 1. Semiconductor Industry Performance - In August 2025, the domestic semiconductor industry (CITIC) rose by 23.84%, significantly outperforming the Shanghai and Shenzhen 300 index, which increased by 10.33% [4][12] - The semiconductor industry (CITIC) has seen a year-to-date increase of 36.16% [12] 2. Q2 2025 Financial Performance - The semiconductor industry reported a revenue of 188.43 billion yuan in Q2 2025, a year-on-year growth of 13.87%, with a net profit of 14.76 billion yuan, up 23.99% year-on-year [4][22] - The gross margin for the semiconductor industry has been on the rise, with Q2 2025 showing a gross margin of 26.29%, an increase of 1.72% year-on-year [22][25] 3. AI Computing Chip Manufacturers - Domestic AI computing chip manufacturers have shown remarkable performance in Q2 2025, with companies like Cambricon reporting a revenue increase of 4425.01% year-on-year [4][5][22] - The domestic AI computing chip sector is entering a period of accelerated growth, with expectations of increased market share [5][22] 4. Global Semiconductor Sales - Global semiconductor sales in July 2025 increased by 20.6% year-on-year, marking the 21st consecutive month of growth [4][6] - The demand for consumer electronics is gradually recovering, with expectations for rapid growth in AI smartphones and AI PCs [4][6] 5. Capital Expenditure Trends - Major North American cloud service providers have significantly increased their capital expenditures, with a combined increase of 69% year-on-year in Q2 2025 [6] - The total capital expenditure of the three major domestic internet companies (Alibaba, Baidu, Tencent) reached 61.6 billion yuan in Q2 2025, a year-on-year increase of 168% [5][6] 6. Market Dynamics - The inventory levels of some global chip manufacturers have slightly decreased, while domestic chip manufacturers have seen a significant reduction in inventory levels [4][22] - The utilization rate of global wafer fabs has significantly improved in Q2 2025, indicating a positive trend in production capacity [4][22]

Group 1 - The core point of the announcement is that China Aviation Fund Management Co., Ltd. will adjust the valuation method for its funds holding suspended stocks, specifically using the "index yield method" for "Chip Original Co., Ltd." (stock code: 688521) starting from September 9, 2025 [1] - The valuation method will revert to using the closing price on the day of resumption of trading once the stock resumes trading and exhibits active market trading characteristics [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index (000688) has shown strong performance, with significant increases in constituent stocks such as Haiguang Information (688041) up 20.00%, Guobo Electronics (688375) up 12.48%, and Cambrian (688256) up 9.47% [1] - The Sci-Tech 50 Enhanced ETF (588460) has risen by 4.79%, with the latest price reported at 1.55 yuan [1] - Key development in the semiconductor sector includes Koyou Semiconductor's successful production of 12-inch silicon carbide ingots, marking a significant technological breakthrough in domestic semiconductor manufacturing [1] Group 2 - According to CITIC Securities, the current domestic semiconductor equipment localization rate is estimated to be around 30%, with specific equipment categories like photolithography and etching showing lower than average localization rates [2] - Domestic wafer manufacturers are progressively establishing high localization production lines, particularly in advanced storage, which is advancing more rapidly than logic [2] - The ongoing expansion of domestic storage wafer manufacturers is expected to significantly boost demand for domestic equipment and components, gradually releasing order demand [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 50 Index include Cambrian (688256), SMIC (688981), and Haiguang Information (688041), collectively accounting for 60.25% of the index [3] - The Sci-Tech 50 ETF Index (588040) and the Sci-Tech 50 Enhanced ETF (588460) are designed to closely track the performance of the Sci-Tech Innovation Board 50 Index [3]

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Viewpoints - The current strength of domestic computing power is not the end of the "domestic computing power" market, but rather a preparation for a healthier rise in the next round. Recent signs indicate a potential "start" [1] - Active developments in the industry include major internet companies placing GPU orders, which fosters positive sentiment [1] - Companies are actively pursuing capital operations, such as Cambricon's fundraising approval and Haiguang's acquisition of Shuguang [2] - Major moves by downstream internet companies, such as Alibaba's strategic partnerships and AI ecosystem developments, suggest optimistic expectations for AI in the coming year [1] Summary by Sections Industry Trends - The report highlights a significant upcoming market trend driven by AI, with companies like Cambricon and Haiguang expected to open new market spaces [2] - The perspective on AI chips is shifting, with new product launches indicating a fresh evaluation framework for existing chips [2] - The report notes a strong correlation between domestic and overseas markets, with positive demand for ASICs and significant orders contributing to company valuations [2] Investment Recommendations - The report recommends focusing on companies such as Cambricon, Haiguang Information, Chipone, and Shengke Communication for investment opportunities [2] - Specific company metrics include: - Cambricon: Market cap of 532.56 billion, projected EPS growth from -1.08 to 9.62 [7] - Haiguang Information: Market cap of 427.75 billion, projected EPS growth from 0.83 to 1.85 [7] - Chipone: Market cap of 80.43 billion, projected EPS growth from -1.14 to 0.39 [7] - Shengke Communication: Market cap of 43.36 billion, projected EPS growth from -0.17 to 0.08 [7]

Group 1 - The core viewpoint indicates that the recent rebound in domestic computing power is not the end of the "domestic computing power" market, but rather a period of capital adjustment to prepare for a healthier next round of growth [1] - The next phase of the "domestic computing power" market is expected to be a large-scale market that can be fully participated in, with recent signs of "activation" emerging [1] - Active news and industry developments are noted, including expectations for GPU orders from major internet companies, which are fostering positive sentiment [1] Group 2 - Companies are actively advancing capital operations, with Cambrian receiving approval for a private placement from the CSRC, and Haiguang pushing forward with the acquisition of Shuguang while launching a broad equity incentive plan [1] - Significant actions from downstream internet companies are highlighted, such as Alibaba's launch of a comprehensive strategy, including the release of the high-parameter model QwenMaxPreview and ongoing efforts in the AI ecosystem [1] - The optimistic outlook for Alibaba's AI initiatives in the coming year is emphasized [1] Group 3 - As of September 11, 2025, the STAR Market Chip Index (000685) surged by 5.59%, with notable increases in component stocks such as Haiguang Information (688041) up 16.80% and Yuanjie Technology (688498) up 15.68% [2] - The STAR Market Chip ETF Index (588920) rose by 5.46%, reflecting the overall performance of representative semiconductor industry listed companies on the STAR Market [2] - The top ten weighted stocks in the STAR Market Chip Index account for 62.02% of the index, including companies like Cambrian (688256) and Haiguang Information (688041) [2]

数据显示，9月10日， 芯原股份 、 澳洋健康 、 向日葵 等7只个股停牌。 ...