Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 4.975 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 773 million yuan [1] - A total of 252 stocks saw net inflows, while 330 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 275 stocks rose while 299 stocks fell [1] - Among the stocks with significant net inflows, Lanke Technology led with a net inflow of 114 million yuan, followed by TuoJing Technology and DaMeng Data with net inflows of 65.78 million yuan and 47.04 million yuan respectively [1] Continuous Fund Flow - There are 48 stocks that have seen continuous net inflows for more than three trading days, with MaiXinLin leading at 13 consecutive days of inflow [1] - Conversely, 137 stocks have experienced continuous net outflows, with ZhuoYue New Energy and AiKe GuangDian both seeing 11 consecutive days of outflow [1] Top Stocks by Net Inflow - The top stocks by net inflow include: - Lanke Technology: 113.92 million yuan, 9.72% inflow rate, 1.35% increase [1] - TuoJing Technology: 65.78 million yuan, 11.69% inflow rate, 4.72% increase [1] - DaMeng Data: 47.04 million yuan, 8.83% inflow rate, 7.01% increase [1] Stocks with Significant Outflows - The stocks with the highest net outflows include: - SMIC: 246 million yuan outflow, 0.76% decrease [1] - HengXuan Technology: 108 million yuan outflow [1] - Chip Origin Technology: 73.09 million yuan outflow [1]

证券代码：688521 证券简称：芯原股份 公告编号：2025-013 芯原微电子（上海）股份有限公司 关于召开2024年度暨2025年第一季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： 会议召开地点： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 一、说明会类型 芯原微电子（上海）股份有限公司（以下简称"公司"）将于 2025 年 4 月 26 日在上海证券交易所网站（www.sse.com.cn）披露《芯原微电子（上海）股份有 限公司 2024 年年度报告》及《芯原微电子（上海）股份有限公司 2025 年第一季 度报告》。为加强与投资者的深入交流，使投资者更加全面、深入地了解公司情 况，公司计划以视频直播结合网络互动方式召开 2024 年度暨 2025 年第一季度业 绩说明会（以下简称"说明会"），欢迎广大投资者积极参与。 二、说明会召开的时间、方式、地点 （一）会议召开时间：2025 年 4 月 ...

流动性方面，科创AIETF盘中换手3.16%，成交7836.36万元。拉长时间看，截至4月16日，科创AIETF近1年日均成交2.99亿元，排名可比基金第一。 规模方面，科创AIETF近3月规模增长22.75亿元，实现显著增长，新增规模位居可比基金1/6。 份额方面，科创AIETF近1月份额增长23.47亿份，实现显著增长，新增份额位居可比基金1/6。 资金流入方面，科创AIETF最新资金净流出840.71万元。拉长时间看，近11个交易日内，合计"吸金"5544.64万元。 数据显示，杠杆资金持续布局中。科创AIETF连续3天获杠杆资金净买入，最高单日获得414.85万元净买入，最新融资余额达760.67万元。 截至2025年4月17日 09:53，上证科创板人工智能指数(950180)强势上涨2.31%，成分股芯原股份(688521)上涨7.52%，虹软科技(688088)上涨4.07%，力合微 (688589)上涨3.93%，寒武纪(688256)，芯海科技(688595)等个股跟涨。科创AIETF(588790)上涨2.32%，最新价报0.57元。拉长时间看，截至2025年4月16日， 科创AIETF近 ...

股票代码：688521 股票简称：芯原股份 芯原微电子（上海）股份有限公司 VeriSilicon Microelectronics (Shanghai) Co., Ltd. （中国（上海）自由贸易试验区春晓路 289 号张江大厦 20A） 2023 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） 中国（上海）自由贸易试验区商城路 618 号 联席主承销商 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年四月 芯原微电子（上海）股份有限公司 募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担连带赔偿责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述 ...

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].