Group 1 - The Shanghai Stock Exchange Science and Technology Innovation Board Composite Index (000680) has shown a strong increase of 2.66% as of April 11, 2025, with notable individual stocks such as Jinghua Micro (688130), Meixin Sheng (688458), and Naxin Micro (688052) each rising by 20% [1] - The Huaxia Science and Technology Innovation Index ETF (589000) has experienced a 2.22% increase, marking its fourth consecutive rise, with the latest price reported at 0.92 yuan and a transaction volume of 21.67 million yuan [1] - Over the past month, the Huaxia Science and Technology Innovation Index ETF has seen a significant growth in scale, increasing by 7.13 million yuan, with the latest share count reaching 884 million, a new high for the month [2] Group 2 - The net inflow of funds into the Huaxia Science and Technology Innovation Index ETF has reached 28.90 million yuan, with a total of 43.39 million yuan accumulated over the last five trading days [2] - The Ministry of Industry and Information Technology has emphasized the need to accelerate the development of specialized and innovative small and medium-sized enterprises, focusing on innovation, digital empowerment, talent development, ecological support, and service enhancement [2] - Guosen Securities highlights that under the current trade tensions, technological self-reliance and autonomy are crucial for breaking through challenges, with China's established industrial ecosystem and advancing engineering talent providing a significant comparative advantage in the electronics industry [2] Group 3 - The Huaxia Science and Technology Innovation Index ETF closely tracks the performance of the Shanghai Stock Exchange Science and Technology Innovation Board Composite Index, which includes stocks from eligible companies listed on the Science and Technology Innovation Board [3] - As of March 31, 2025, the top ten weighted stocks in the index include Haiguang Information (688041), Cambricon (688256), and SMIC (688981), collectively accounting for 22.34% of the index [3] - The Huaxia Science and Technology Innovation Index ETF has associated fund products, including the Huaxia Shanghai Science and Technology Innovation Board Composite ETF Connect A (023719) and C (023720) [3]

Core Viewpoint - The semiconductor sector experienced a significant rally in the afternoon, with nearly 20 stocks hitting the daily limit up, indicating strong investor interest and positive market sentiment towards the industry [1] Group 1: Stock Performance - Companies such as Weijie Chuangxin, Jinghua Micro, SIRUI, Meixin Sheng, Naxin Micro, Fuman Micro, Jiewate, Huahong Company, Shanghai Beiling, Tongfu Microelectronics, and Yingfang Micro all reached the daily limit up [1] - Other stocks like Jingfeng Mingyuan, Guomin Technology, Aiwei Electronics, and Anlu Technology saw increases of over 10% [1]

开源证券指出，商务部于2025年1月宣布将针对国内产业的诉求依法启动调查，或打破美企"低价换份 额"策略，推动国内消费、汽车及工业等终端需求加速转向本土。叠加国内关税反制政策落地，国产化 进程有望进一步提升。模拟芯片是以成熟制程的产品为主，国内供应链相对成熟。同时，国内模拟芯片 市场目前由国际大厂主导，国产化速度相对缓慢。随着中国开始对成熟制程芯片展开反倾销调查，我国 模拟芯片国产化进程有望加速。 科创芯片ETF（588200）跟踪科创芯片指数，该指数从科创板上市公司中选取业务涉及半导体材料和设 备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本。此外，科创芯片ETF（588200） 还配备了场外联接基金（A类：017469；C类：017470）。 消息面上，据央视新闻，由中国移动承建的全国首个"四算合一"算力网络调度平台日前正式投入使 用。"四算合一"是指将通用算力、智能算力、超级算力和量子算力四种计算能力融合的算力体系。据了 解，该算力调度平台可以支持每天上亿次的算力调用，能调度全国1/6的算力规模，算网一体化效率提 升20%。平台自有智算中心的芯片国产化率超过90%，兼容8种国产AI芯片，对保 ...

校对：王朝全 东海证券指出，在供给端，尽管短期供给仍相对充裕，企业库存水位较高，但整体价格已呈现上行态 势，预计4月供需格局将继续向好。从细分赛道看，近期在MWC、GTC等大会催化下，云端AI芯片、 端侧AI应用百花齐放，AI概念依然是长期投资力度较大、创新较多的领域，建议保持关注；在国际贸 易政策收紧的背景下，国内半导体设备、关键零部件、高端芯片将充分受益于国产替代逻辑催化。整体 来看，逢低关注细分赛道龙头标的。 国信证券表示，国际贸易摩擦加剧有望加速半导体国产替代进程，建议重点关注模拟芯片板块，一方 面，模拟芯片国产化率较低，且全球前两大模拟芯片企业均为美国厂商，另一方面，我国模拟芯片企业 近几年加大研发投入，储备了众多新料号，且模拟芯片采用成熟制程，国内产能充足，具有国产替代的 能力和空间。同时，4月进入2024年年报和2025年一季报密集披露期，业绩变化趋势受到关注，模拟芯 片企业前两年整体盈利水平偏低，2025年随着新产品放量、下游去库完成，以及2024年开始的毛利率修 复和控费，业绩改善趋势明显。 半导体板块11日盘中再度走强，截至发稿，富满微20%涨停，思瑞浦涨超19%，纳芯微涨超15%，盛景 ...

Group 1 - A-share chip stocks experienced a significant rise, with Fuman Micro reaching a 20% limit up [1] - Sirepu saw a notable increase of 15% [1] - Other companies such as Naxin Micro, Shengbang Co., and Guomin Technology also experienced substantial gains [1]

Group 1 - The report maintains an "outperform" rating for the semiconductor sector, highlighting the acceleration of domestic substitution in the analog chip segment due to increased tariffs between China and the US [2][7]. - The SW semiconductor index fell by 5.70% in March 2025, underperforming the electronic industry by 1.33 percentage points and the CSI 300 index by 5.63 percentage points [4][15]. - As of March 31, 2025, the SW semiconductor index's price-to-earnings ratio (TTM) was 92.69x, placing it in the 72.16 percentile since 2019, indicating a relatively high valuation level [4][26]. Group 2 - In Q4 2024, the proportion of semiconductor heavy holdings in funds increased to 11.4%, which is 6.8 percentage points above the semiconductor market capitalization [5][33]. - The global semiconductor sales in February 2025 reached $54.92 billion, marking a year-on-year growth of 17.1%, although the growth rate has been narrowing for five consecutive months [6][44]. - The report emphasizes the potential for improved performance in the analog chip sector, with companies like 圣邦股份 (Sengbang), 思瑞浦 (Siyipu), and 纳芯微 (Naxinwei) recommended for investment due to expected earnings recovery in 2025 [7][9]. Group 3 - The report notes that the global semiconductor sales for Q4 2024 were $170.9 billion, reflecting a year-on-year increase of 17.1% and a quarter-on-quarter increase of 3.0% [57]. - The report highlights that the NAND Flash contract price increased from $2.18 to $2.29 in February 2025, while DRAM contract prices remained stable [51][51]. - The semiconductor equipment sales in Q3 2024 reached $30.4 billion, showing a year-on-year growth of 18.7% [57].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688536 证券简称：思瑞浦 公告编号：2025-014 转债代码：118500 转债简称：思瑞定转 思瑞浦微电子科技（苏州）股份有限公司 部分董事、高级管理人员减持股份结果暨权益变动 提示性公告 本公司董事会、全体董事及相关股东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： ● 本次减持计划实施前股东持股基本情况 本次减持计划实施前，思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）公司董事、副总经 理FENG YING先生持有公司股份9,360,361股，占公司当前总股本的7.06%。以上股份为公司首次公开发 行前以及上市以来资本公积转增股本所取得的股份，于2023年9月21日起解除限售上市流通。 ● 本次减持计划的实施结果情况 2024年12月31日，公司披露了《部分董事、高级管理人员减持股份计划公告》（公告编号：2024- 100）。因自身资金需求，董事、副总经理FENG YING先生计划根据市场情况通过集中竞价或大宗交易 的方式减持其所持有的公司股份不 ...

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2025-014 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 思瑞浦微电子科技（苏州）股份有限公司 部分董事、高级管理人员减持股份结果暨权益变动 提示性公告 本公司董事会、全体董事及相关股东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： 本次减持计划实施前股东持股基本情况 本次减持计划实施前，思瑞浦微电子科技（苏州）股份有限公司（以下简称 "公司"）公司董事、副总经理 FENG YING 先生持有公司股份 9,360,361 股，占 公司当前总股本的 7.06%。以上股份为公司首次公开发行前以及上市以来资本公 积转增股本所取得的股份，于 2023 年 9 月 21 日起解除限售上市流通。 本次减持计划的实施结果情况 2024 年 12 月 31 日，公司披露了《部分董事、高级管理人员减持股份计划 公告》（公告编号：2024-100）。因自身资金需求，董事、副总经理 FENG YING 先生计划根据市场情况 ...

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].

4月1日，国内半导体行业迎来新一轮资本动作。星宸科技、安凯微、格科微、思瑞浦、燕麦科技、峰岹 科技等多家上市公司相继发布公告，宣布作为有限合伙人（LP）参与投资上海华科致芯创业投资合伙 企业（有限合伙）（简称"华科致芯"），该基金由上海华登高科私募基金管理有限公司（简称"华登高 科"）担任管理人，总认缴规模达3.09亿元，重点布局半导体产业链及工业、汽车、新能源等高科技领 域。 此次投资吸引了多家半导体产业链相关企业参与，其中，格科微出资5000万元，占比16.18%；星宸科 技、安凯微、思瑞浦、矽力杰半导体等企业各出资3000万元，占比9.71%；峰岹科技出资2800万元，占 比9.06%；燕麦科技出资2000万元，占比6.47%；其他参与方还包括亿泓投资、泰科源商贸等产业资 本。 据悉，华科致芯的投资策略为专注于中国境内的从事半导体产业及工业、汽车、新能源、高科技及电子 等半导体产业链上下游相关领域（包括软件及服务业务）业务的相关企业的投资。该基金旨在通过资本 助力，推动国内半导体产业链的协同发展，尤其是在先进制程、车规芯片、第三代半导体等关键领域， 加速国产化进程。 参与投资的上市公司均表示，此次对外投 ...