8月18日，科创芯片ETF富国（588810）开盘涨1.61%，报1.260元。科创芯片ETF富国（588810）重仓股 方面，中芯国际开盘涨1.81%，海光信息涨0.74%，寒武纪涨2.88%，澜起科技涨0.02%，中微公司涨 0.77%，芯原股份涨2.69%，沪硅产业涨1.00%，恒玄科技涨0.65%，思特威涨0.14%，华海清科涨 0.06%。 来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 科创芯片ETF富国（588810）业绩比较基准为上证科创板芯片指数收益率，管理人为富国基金管理有限 公司，基金经理为张圣贤，成立（2024-12-30）以来回报为23.84%，近一个月回报为16.20%。 ...

Core Insights - The main business of the company includes providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services, relying on its proprietary semiconductor IP [2] - The company's revenue structure shows that volume business revenue accounts for the highest proportion at 36.88%, while chip design business revenue accounts for 31.22% [2] - The company reported a net profit attributable to shareholders of -0.26 billion yuan in 2020, which further declined to -6.01 billion yuan by 2024, marking a cumulative decrease of 2250.27% over the years [2] - The company's revenue increased from 1.506 billion yuan in 2020 to 2.322 billion yuan in 2024, with rapid growth in 2021 and 2022, but a decline in revenue in 2023 and 2024 [2] - The company's net profit margin has been worsening, with losses expanding from -0.26 billion yuan in 2020 to -6.01 billion yuan in 2024, indicating challenges in profitability [2] Market Performance - The company's market capitalization peaked at 84.076 billion yuan on August 18, 2020, with a stock price of 174.0 yuan [4] - As of August 15, the stock price was 105.66 yuan, and the market capitalization was 55.547 billion yuan, representing a decrease of 28.529 billion yuan and a market value evaporation of 33.93% compared to its peak [4]

证券日报网讯8月15日晚间，芯原股份发布公告称，公司将于2025年8月25日(星期一)10：00-11：00以网 络互动方式召开2025年半年度业绩说明会。 ...

证券代码：688521 证券简称：芯原股份 公告编号：2025-043 芯原微电子（上海）股份有限公司 关于召开2025年半年度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、说明会类型 （二）投资者可于 2025 年 8 月 25 日（星期一）10:00 前登录上证路演中心 网 站 首 页 （ http://roadshow.sseinfo.com ） ， 点 击 " 提 问 预 征 集 " 栏 目 （http://roadshow.sseinfo.com/questionCollection.do），根据活动时间，选中本次 活动或通过公司投资者关系信箱（IR@verisilicon.com）向公司提问，公司将在 说明会上对投资者普遍关注的问题进行回答。 二、说明会召开的时间、方式、地点 （一）会议召开时间：2025 年 8 月 25 日（星期一）10:00-11:00 （二）会议召开方式：网络互动方式 （三）会议召开地点：上证路演中心（http://roadshow.sseinfo ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 4.92% during trading, with a transaction volume of 1.51 billion yuan [3] - Over the past week, the average daily transaction volume of the Sci-Tech Chip ETF reached 2.72 billion yuan, ranking first among comparable funds [3] - In the past month, the Sci-Tech Chip ETF's scale increased by 155 million yuan, leading among comparable funds [3] - The ETF's share increased by 1.35 billion shares over the past three months, also ranking first among comparable funds [3] - The net value of the Sci-Tech Chip ETF has risen by 85.20% over the past year, placing it first among comparable funds [3] Group 2: Leverage and Investment Trends - Leveraged funds continue to invest in the Sci-Tech Chip ETF, with a net financing purchase of 46.66 million yuan on the previous trading day and a latest financing balance of 1.42 billion yuan [3] - The ETF has recorded a maximum monthly return of 25.18% since its inception, with the longest consecutive monthly increase lasting four months and a maximum increase of 36.01% [3] - The average return during the rising months is 8.19% [3] Group 3: Semiconductor Industry Insights - East China Securities indicates that investment intensity in the AI sector remains strong, reflecting long-term growth potential [4] - In the short term, due to the technological advantages of the U.S. in advanced processes and AI chips, domestic chips may struggle to fully replace them, potentially delaying capacity ramp-up and pressuring corporate profits [4] - Long-term prospects suggest an acceleration in domestic semiconductor localization and the establishment of new international cooperation relationships, reshaping the global semiconductor supply chain [4] - Aijian Securities believes the current semiconductor boom driven by AI is unprecedented, comparable to an industrial revolution [4] - Future semiconductor development will focus on density enhancement, advanced packaging, and system-level optimization [4] Group 4: Top Weight Stocks - As of July 31, 2025, the top ten weighted stocks in the Sci-Tech Chip Index include Cambricon, SMIC, Haiguang Information, and others, collectively accounting for 57.59% of the index [4]

Core Viewpoint - The Integrated Circuit ETF (159546) opened with a slight decline of 0.21%, indicating a mixed performance in the semiconductor sector [1] Group 1: ETF Performance - The Integrated Circuit ETF (159546) opened at 1.446 yuan [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 45.49% [1] - The fund's return over the past month is reported at 12.16% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 0.51% [1] - Haiguang Information (海光信息) down 1.61% [1] - Cambrian (寒武纪) down 2.74% [1] - OmniVision (豪威集团) down 0.68% [1] - Lattice Semiconductor (澜起科技) up 1.15% [1] - GigaDevice (兆易创新) down 0.83% [1] - JCET (长电科技) down 0.43% [1] - Unisoc (紫光国微) down 0.16% [1] - Chipone (芯原股份) down 0.47% [1] - Rockchip (瑞芯微) down 0.89% [1]

Summary of VeriSilicon Conference Call Company Overview - **Company**: VeriSilicon (688521.SS) - **Industry**: Semiconductor and Chip Design Key Points and Arguments 1. **Revenue Guidance**: VeriSilicon expects 2Q25 revenues to grow by 50% QoQ to Rmb584 million, which is a decrease of 5% YoY and 26% below previous estimates [1][3] 2. **Order Growth**: The company reported a 23% QoQ increase in orders, reaching Rmb3 billion by the end of 2Q25, with 90% of these orders related to chipset turnkey solutions [2] 3. **Growth Drivers**: Management identifies AI edge devices (such as AI smartphones, AI PCs, and AI glasses) as key growth drivers for the upcoming periods [1][2] 4. **Gross Margin Improvement**: Expected gross margin for 2Q25 is projected to improve to 44.5%, up from 39.1% in 1Q25, attributed to a better product mix favoring IP licenses, which have a gross margin of over 80% [1] 5. **Chip Design Services**: Slower growth is anticipated in the chip design services segment, contrasting with the stronger performance in chipset production management and IP licenses, which are expected to grow by 12% and 17% YoY, respectively [1] 6. **Earnings Revision**: Earnings estimates for 2025-2027 have been revised down by 21% for 2025, 1% for 2026, and 1% for 2027 due to lower-than-expected revenues from chipset design [3] 7. **Long-term Opportunities**: Management remains optimistic about long-term opportunities in autonomous driving SoCs and Chiplet technology, indicating the ability to provide customized solutions for various clients [2] Additional Important Information 1. **Operating Expenses**: The operating expense ratio is revised up by 0.3 percentage points in 2025E to reflect increased R&D spending for chipset and ASIC development [3] 2. **Target Price**: The 12-month target price is set at Rmb128, reflecting a 21.3% upside from the current price of Rmb105.55, based on a discounted P/E methodology [9][18] 3. **Risks**: Key risks include slower-than-expected technology development, higher talent acquisition costs, and weaker customer spending on IP and new chipset projects [17] This summary encapsulates the essential insights from the conference call, highlighting the company's performance, growth prospects, and potential risks in the semiconductor industry.

Investment Rating - The report maintains an "Accumulate" rating for the electronic industry [1] Core Viewpoints - The sentiment around domestic computing power has been accumulating since late July, largely due to speculation about the H20's ability to ship successfully. The recent discussions around the H20 chip's security risks have raised concerns about its application and safety [6] - The U.S. export licenses for NVIDIA's H20 and AMD's MI308 chips to China come with revenue sharing and "backdoor" mechanisms, which limit their competitiveness in the Chinese market. This creates an opportunity for domestic computing power to gain market space [6] - The report emphasizes that the limitations of the H20 chip in terms of performance and energy efficiency align with domestic green development goals, suggesting that the restrictions on H20 will support the growth of domestic GPU markets [6] Summary by Sections Market Sentiment - Since late July, there has been a buildup of sentiment regarding domestic computing power, driven by speculation about the H20 chip's market entry and safety concerns raised by Chinese authorities [6] Policy Impact - Recent U.S. policy changes have created a challenging environment for the H20 chip, with export licenses requiring revenue sharing and raising security concerns, which may hinder its market performance in China [6] Domestic Opportunities - The limitations imposed on the H20 chip are seen as a catalyst for domestic computing power to expand its market presence, with a focus on the need for advanced process capacity and the demand from internet companies [6]

Core Viewpoint - The rapid growth of AI applications in China is reflected in the significant increase in daily Token consumption, which has surged over 300 times in a year and a half, indicating a strong market demand for AI technologies [2] Group 1: Market Performance - As of August 14, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 0.57%, with notable increases in constituent stocks such as Cambricon (688256) up 11.87% and Aerospace Dongfang (688066) up 1.34% [2] - The Sci-Tech AI ETF (588790) has seen a 2.00% increase over the past week, ranking 2nd among comparable funds [2] - The Sci-Tech AI ETF's trading volume reached 4.46 billion yuan, with a turnover rate of 6.46% [2] Group 2: Fund Growth and Performance - The Sci-Tech AI ETF experienced a significant scale increase of 53.88 million yuan over the past week, ranking 3rd among comparable funds [3] - The fund's share count grew by 999 million shares in the last two weeks, placing it 1st among comparable funds [3] - The fund has seen a net inflow of 669 million yuan over the past 10 trading days, with 8 days of net inflow [3] Group 3: Historical Returns and Risk Metrics - As of August 13, 2025, the Sci-Tech AI ETF's net value increased by 9.54% over the past six months, ranking 1st among comparable funds [4] - The fund's highest single-month return since inception was 15.59%, with an average monthly return of 9.25% [4] - The fund's Sharpe ratio for the past month was 1.21, indicating strong risk-adjusted returns [5] Group 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 relatively low compared to comparable funds [6] - The fund's tracking error over the past month was 0.008%, the highest tracking precision among comparable funds [6] - The index tracks 30 major companies in the AI sector, with the top ten stocks accounting for 67.36% of the index [6]

Group 1 - The core viewpoint highlights the strong performance of the Sci-Tech Information Technology ETF, which has seen a 65.77% increase in net value over the past year, ranking in the top 11.43% among comparable funds [3] - As of August 13, 2025, the ETF has an average monthly return of 8.19% since its inception, with the highest single-month return reaching 26.31% [3] - The AI sector remains a focus for investment, with leading companies in AI occupying the top positions in market capitalization, indicating potential growth in the computer industry supported by national policies [3] Group 2 - The top ten weighted stocks in the new generation information technology index on the Sci-Tech Innovation Board include major players like SMIC and Cambricon, collectively accounting for 55.76% of the index [4] - The semiconductor equipment and components sector in China is still relatively low in domestic production rates, suggesting opportunities for companies that can achieve breakthroughs in advanced processes [3][4] - The Sci-Tech Information Technology Index covers a wide range of fields including chips, software, cloud computing, big data, and artificial intelligence, positioning it to benefit from trends in AI computing power and domestic chip upgrades [6]