每经AI快讯，有投资者在投资者互动平台提问：公司有无智能功率模块（IPM）产品？ 思瑞浦（688536.SH）2月25日在投资者互动平台表示，公司已推出智能功率模块（IPM）产品，主要用 于个人护理和小家电等消费场景。产品基于自有功率器件平台，配合自主研发的高效率驱动IC，实现高 效、稳定的输出，为客户提供更具竞争力的解决方案。目前，产品已完成客户导入并逐步放量。 （文章来源：每日经济新闻） ...

（文章来源：证券日报） 证券日报网讯 2月25日，思瑞浦在互动平台回答投资者提问时表示，公司持续聚焦模拟与数模混合芯片 领域，同时密切关注传感器及系统级应用发展，探索技术和产品的潜在协同机会。 ...

格隆汇2月25日｜有投资者在互动平台向思瑞浦提问：公司有无IPM(智能功率模块)产品？思瑞浦回复 称，公司已推出智能功率模块(IPM)产品，主要用于个人护理和小家电等消费场景。产品基于自有功率 器件平台，配合自主研发的高效率驱动IC，实现高效、稳定的输出，为客户提供更具竞争力的解决方 案。目前，产品已完成客户导入并逐步放量。 ...

经济观察网 思瑞浦（688536）业绩持续改善，下游需求回暖及并购整合是主要驱动力。公司终止重大 资产重组，未来将继续围绕既定战略发展。半导体行业并购活动在2026年可能趋于活跃，公司或参与行 业整合。 业绩经营情况 公司自2025年第一季度成功扭亏为盈后，盈利情况在第二、三季度持续改善。根据苏商银行特约研究员 张思远的分析，这主要得益于下游汽车、泛通信等市场需求回暖，以及2024年收购创芯微后电源管理芯 片业务收入同比激增274.08%带来的贡献。此外，公司通过降本增效，期间费用率同比下降，毛利率保 持稳定，盈利空间得到改善。 公司状况 思瑞浦于2025年12月10日发布公告，终止筹划收购奥拉股份的重大资产重组事项。公告显示，终止原因 是"实施重大资产重组的条件尚未完全成熟"。未来，公司表示将继续围绕既定战略开展经营，并在合适 的时机与条件下与奥拉股份探讨业务合作机会。此次重组已是奥拉股份近年的第三次资本化尝试失败。 以上内容基于公开资料整理，不构成投资建议。 未来发展 根据2026年1月的行业分析，随着国家级并购基金可能设立，半导体行业的并购活动在2026年可能趋于 活跃。像思瑞浦这样已实现盈利改善的上市 ...

Core Viewpoint - The semiconductor industry is expected to recover in 2025, with significant revenue growth driven by rising storage prices and increasing demand from data centers, leading to improved performance for major chip manufacturers [3][4]. Group 1: Semiconductor Sales and Growth - Global semiconductor sales are projected to reach $791.7 billion in 2025, a 25.6% increase from $630.5 billion in 2024, with further growth expected towards $1 trillion in 2026 [3]. - The recovery is attributed to strong demand from emerging technologies such as AI, IoT, 6G, and autonomous driving [3]. Group 2: Chip Design and IDM - Texas Instruments (TI) is expected to achieve approximately $17.68 billion in revenue for 2025, reflecting a 13% year-over-year growth, with significant contributions from industrial and automotive sectors [6]. - STMicroelectronics (ST) anticipates a revenue decline of 11% to around $11.8 billion, with Q4 showing slight improvement driven by personal electronics [8]. - NXP's revenue is projected at $12.27 billion, down 3%, with automotive and industrial sectors remaining stable [10]. - Renesas reported a revenue drop of 2% to 1.3212 trillion yen, marking its first loss in six years due to significant impairment losses [12]. - Microchip Technology expects growth in both year-over-year and quarter-over-quarter sales, with a projected revenue of $1.186 billion for Q3 2026 [12]. - Qorvo's revenue exceeded expectations at $993 million, with an 8.4% year-over-year increase [12]. - Infineon's revenue is projected at €14.662 billion, down 2%, but with strong demand in AI driving growth [14]. Group 3: Memory Chips - Samsung's revenue is expected to reach 333.6059 trillion won (approximately $233.8 billion), a 10.9% increase, with the semiconductor division achieving 130.1 trillion won in revenue [29]. - SK Hynix anticipates a record revenue of 97.15 trillion won (approximately $681.6 billion), a 47% increase year-over-year [31]. - Micron's revenue is projected to rise from $25.11 billion to $37.38 billion, with HBM chip capacity sold out for 2026 [33]. - GigaDevice expects a revenue increase of approximately 25% to 9.203 billion yuan [35]. Group 4: Wafer Foundry - TSMC's revenue is projected to reach approximately 3.8 trillion new Taiwan dollars (around $122.42 billion), a 31.6% increase, with advanced processes contributing significantly [47]. - UMC expects a slight revenue increase of 2.3% to 237.55 billion new Taiwan dollars, with a focus on mature process technologies [49]. - SMIC anticipates a record revenue of $9.3268 billion, a 16.2% increase, with improved profitability driven by increased wafer sales [51]. Group 5: Testing and Packaging - ASE Group's revenue is expected to reach 645.388 billion new Taiwan dollars, an 8.4% increase, with advanced packaging services contributing significantly [57]. - Amkor's revenue is projected at $6.71 billion, a 6% increase, with strong performance in advanced packaging and computing business [59]. Group 6: Equipment - ASML's total net sales are expected to reach €32.667 billion, a 15.6% increase, with a record order backlog reflecting strong demand for AI-related technologies [61]. - Lam Research anticipates a record year with significant growth driven by advanced process technologies [63]. Group 7: Distribution - WPG Holdings expects a revenue of 999.12 billion new Taiwan dollars, a 13.4% increase, driven by AI and high-performance computing demand [66]. - WPG's revenue is projected to exceed 1 trillion new Taiwan dollars, marking a significant milestone [68].

重要提醒！！！为防失联，请"星标"我们！进入无冕财经公众号，点击右上角"..."，再" "，以便您及时接收每篇推送~ wumiancaijing.com 最热的泛财经新闻，都在这儿了。 2月12日，广药集团纪律检查委员会发布文件，集中通报去年17起严重违纪违法典型案例，其中包括此前备受关注的广药集团腐败"窝案"。 文件通报的17起要案中，涉及广药集团旗下中一药业、王老吉药业、白云山制药总厂、何济公制药厂等多家核心子公司，涉案人职位上到董事长、总经 理、副总经理、部门总监、经理等各级管理人员，下至保卫科科长。腐败行为集中在药品原材料及包装材料采购、药品代理经销、广告投放与业务承揽、 款项结算、职务晋升等关键领域，部分人员还存在依托他人职权谋取私利、销售假药等严重违法行为，涉案总金额超2亿元。 ▲图片来自网络。 资讯整理：小冕 编辑：陈涧 设计：岚昇 广药集团腐败窝案15人被判刑 涉案超2亿，李楚源处理结果未出 本文由无冕财经（wumiancaijing）整理发布 从已披露的结果看，已有15人因受贿罪或销售假药罪被判处有期徒刑。其中，王老吉药业是被点名频次最高的企业，违法违纪行为涉及广药集团和王老吉 药业广告与媒 ...

Core Insights - The semiconductor industry is undergoing significant changes, with a price surge starting from storage chips and spreading to non-storage sectors like power chips and MCUs [1][3] - Major PC manufacturers, including Lenovo, HP, Dell, Asus, and Acer, have initiated price adjustments due to rising upstream costs, leading to price increases of up to 20% for laptops and smartphones [1][3] - The price of components such as solid-state drives has seen dramatic increases, with prices for 1TB SSDs rising from 600-900 CNY to 950-1100 CNY within a short period [1][3] Price Surge in the Semiconductor Market - The price increase in the semiconductor market began in Q3 2025, with DRAM and NAND flash prices rising over 300% [3] - Predictions indicate that NAND flash prices will increase by 33%-38% and DRAM prices by 55%-60% in Q1 2026, driven by the explosive demand from AI servers [3][4] - The shift in production capacity towards higher-margin storage products is squeezing the supply of traditional products like analog chips and MCUs, leading to price increases in these areas [3][5] Impact on Consumer Electronics - The price adjustments have made it increasingly difficult for consumers to purchase computers within their budgets, with some configurations exceeding initial estimates by 1000 CNY [2][5] - The rising costs have led to a perception among consumers that computers are becoming luxury items, affecting purchasing enthusiasm [5][6] - Market analysts have downgraded the shipment forecasts for laptops and smartphones for 2026 due to the significant price increases and reduced consumer demand [6] Industry Response - Several non-storage chip manufacturers have announced price hikes in response to rising raw material costs and production constraints, with increases ranging from 15% to 80% [4][5] - The overall cost increase across the supply chain, including raw materials and manufacturing processes, is significantly impacting profitability for companies in the semiconductor sector [5] - Some consumers are opting to sell high-value components in the second-hand market to mitigate the impact of rising prices, a strategy referred to as "downward replacement" [6]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Core Viewpoint - The company, SiRuPu, is experiencing significant growth across various markets, including automotive, AI servers, optical modules, and renewable energy, due to effective management and strategic acquisitions [2]. Group 1: Business Growth - The company has achieved substantial growth in overall shipment volume and revenue [2]. - The integration of Shenzhen Chuangxin Microelectronics Co., Ltd. has allowed the company to establish a comprehensive presence in industrial, automotive, communication, and consumer electronics markets [2]. Group 2: Operational Efficiency - Enhanced management practices and cost control have led to a notable improvement in overall efficiency [2]. - Operating expenses have not increased significantly in proportion to the rise in revenue, indicating effective cost management [2].

Group 1 - The company, Si Rui Pu, reported that its overall business operations are currently running well, with orderly progress in market development and product delivery in sectors such as optical modules, automotive, and industrial [2] - The specific operating conditions for the first quarter will be disclosed in the upcoming quarterly report [2]