点击 关注我们 报告发布日期：2025年9月11日 报告名称:《模拟芯片专题： 推荐具有高端化和平台化能力的企业 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 国信研究 模拟芯片专题: 推荐具有高端化和平台化能 力的企业 2025-09-11 | 胡剑 胡慧 叶子 张大为 连欣然 模拟芯片行业周期向上,预计2025/2026年全球市场 规模分别增长3.3%/5.1%。全球模拟芯片市场规模2004 -2024年的CAGR为4.77%、WSTS预计2025/2026年分别 增长3.3%/5.1%至822/864亿美元。ADI2QFY25（截至5 月3日）营收在连续七个季度同比减少后首季同比转正，TI 1Q25营收也在连续九个季度同比下降后首季同比转正、2 Q25继续同比正增长。我们认为短期来看模拟芯片行业正处 于周期向上阶段,国内企业近几年推出的新产品有望 ...

AI：AI除了带动模拟芯片整体需求外，AI产业链的国产化也是重点，以多相电源为代表的核心电源管 理芯片既是增量市场，也是国产化的重点和难点。 汽车：汽车的电动化和智能化为模拟芯片提供增量，国内车厂在电动化和智能化方面布局积极，为国内 模拟芯片公司突破汽车领域国产化提供了机会。汽车模拟芯片仍是增量市场，且国产化处于起步阶段， 前几年相关企业仍是以产品研发和导入为主，目前正进入集中放量阶段。 全球模拟芯片市场规模2004-2024年的CAGR为4.77%，WSTS预计2025/2026年分别增长3.3%/5.1%至 822/864亿美元。ADI2QFY25(截至5月3日)营收在连续七个季度同比减少后首季同比转正，TI1Q25营收 也在连续九个季度同比下降后首季同比转正，2Q25继续同比正增长。短期来看模拟芯片行业正处于周 期向上阶段，国内企业近几年推出的新产品有望进入规模放量阶段。长期来看，AI数据中心以及自动 驾驶、人形机器人等AI应用均为其带来广泛增量。 国产化空间较大，工业、AI、汽车是重点。 根据WSTS和弗若斯特沙利文的数据，2024年我国占全球模拟芯片市场的35%左右，是海外模拟芯片大 厂收入的主要来 ...

今年以来艾为电子已经1次登上龙虎榜，最近一次登上龙虎榜为8月20日，当日龙虎榜净买入-1.08亿 元；买入总计1.46亿元 ，占总成交额比12.08%；卖出总计2.54亿元 ，占总成交额比21.02%。 资料显示，上海艾为电子技术股份有限公司位于上海市闵行区秀文路908号B座15层，成立日期2008年6 月18日，上市日期2021年8月16日，公司主营业务涉及集成电路产品的研发和销售。主营业务收入构成 为：高性能数模混合芯片51.64%，电源管理芯片38.34%，信号链芯片9.89%，其他0.14%。 艾为电子所属申万行业为：电子-半导体-模拟芯片设计。所属概念板块包括：星闪概念、谷歌概念、模 拟芯片、智能眼镜、汽车芯片等。 截至6月30日，艾为电子股东户数1.29万，较上期增加19.13%；人均流通股10524股，较上期减少 15.77%。2025年1月-6月，艾为电子实现营业收入13.70亿元，同比减少13.40%；归母净利润1.57亿元， 同比增长71.09%。 9月11日，艾为电子盘中上涨2.03%，截至10:30，报83.05元/股，成交1.07亿元，换手率0.96%，总市值 193.61亿元。 资 ...

格隆汇9月9日丨艾为电子(688798.SH)在互动平台表示，公司的压电微泵液冷驱动芯片目前适用于智能 手机、平板电脑、PC、AI眼镜等消费电子产品，以及无人机、机器人等工业领域的产品，但UE8M0 FP8是一种为高效计算而设计的数值格式，因此，压电微泵液冷驱动芯片和UE8M0 FP8并不存在是否适 配的问题。 ...

格隆汇9月9日丨艾为电子(688798.SH)在互动平台表示，公司的压电微泵液冷驱动芯片目前适用于智能 手机、平板电脑、PC、AI眼镜等消费电子产品，以及无人机、机器人等工业领域的产品，但UE8M0 FP8是一种为高效计算而设计的数值格式，因此，压电微泵液冷驱动芯片和UE8M0 FP8并不存在是否适 配的问题。 ...

Group 1 - The core viewpoint of the news highlights the positive performance of the semiconductor materials and equipment sector, with the Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index rising by 0.86% as of September 5 [1] - Notable individual stock performances include Tianyue Advanced rising by 5.71%, Helin Micro-Nano by 3.50%, and Huaxing Yuanchuang by 2.49%, indicating strong investor interest in these companies [1] - The Sci-Tech Semiconductor ETF (588170) has shown significant growth, with a recent price of 1.14 yuan, a 0.80% increase, and a trading volume of 13.1869 million yuan, reflecting robust liquidity [1] Group 2 - The recent announcement from Zhongwei Company regarding the launch of six new semiconductor equipment products, including two etching devices and four thin film deposition devices, signifies innovation in the sector [1] - According to Wukuang Securities, the demand for high-end photolithography, masks, advanced packaging materials, precursors, and third/fourth generation semiconductors is increasing due to the development of semiconductor technology and the needs of markets like renewable energy and AI, highlighting the strategic and commercial value of these products [1] - The Sci-Tech Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (59%) and materials (25%), indicating a strong emphasis on domestic substitution in these critical areas [2]

Group 1 - The surge in equipment computing power demand is driving the need for effective heat dissipation solutions, with traditional passive cooling methods like graphene and VC expected to transition towards active cooling solutions [1] - The micro-pump liquid cooling solution is gaining traction, with a clear trend and strong implementation certainty, particularly in the context of AI innovations led by companies like Apple [2] - The liquid cooling driving chip technology presents a significant barrier, with limited competition from foreign analog manufacturers, creating a favorable competitive landscape for domestic companies [3] Group 2 - Aiwey Electronics has launched a new domestic liquid cooling driver, the AW86320 piezoelectric driver, capable of providing over 180Vpp, significantly enhancing cooling efficiency in small electronic devices [3] - Nanchip Technology has developed the SC3601 piezoelectric micro-pump liquid cooling driver chip, achieving a tenfold improvement in energy efficiency and low standby power consumption, filling a gap in domestic technology [3] - The micro-pump liquid cooling trend is expected to expand from mobile phone cases to high-end smartphones by Q4 2025, with 2026 anticipated to be a breakout year for active cooling solutions [2]

Group 1 - The surge in equipment computing power demand is driving the need for effective heat dissipation solutions, with traditional passive cooling methods like graphene and VC expected to transition towards active cooling solutions [1] - The micro-pump liquid cooling solution is gaining traction, with a clear trend and strong certainty of implementation, particularly in mobile devices [2] - The liquid cooling driving chip technology presents a significant barrier, with limited competition from foreign analog manufacturers, creating a favorable competitive landscape for domestic companies [3] Group 2 - AI advancements, particularly from companies like Apple, are expected to lead to the release of various flagship AI smartphones, further increasing heat dissipation demands [1] - Huawei's introduction of a "micro-pump liquid cooling phone case" in 2023 demonstrates the potential for this technology, which includes a high-performance phase change material to efficiently absorb heat [2] - Domestic companies Aiwei Electronics and Nanchip Technology are strategically positioned to benefit from the active cooling wave, having developed advanced liquid cooling driving chips that enhance cooling efficiency and reduce power consumption [3]

Investment Rating - The industry investment rating is "Accumulate" (Maintain) [1] Core Insights - The report highlights opportunities in AI-driven cooling solutions, particularly focusing on micro-pump liquid cooling technologies from companies like Aiwei and Nanchip, which are expected to significantly enhance thermal management in electronic devices [2][7] - The introduction of Aiwei's AW86320 piezoelectric driver and Nanchip's SC3601 micro-pump liquid cooling chip is set to revolutionize cooling efficiency, with the latter achieving a tenfold improvement in energy savings and a standby power consumption as low as microampere levels [2][7] - The report anticipates a shift from passive to active cooling solutions, driven by the increasing computational demands of AI applications, with liquid cooling solutions expected to triple thermal efficiency compared to traditional methods [7] Summary by Sections Industry Trends - The report notes a clear trend towards micro-pump liquid cooling solutions, with expectations for these technologies to be implemented in high-end mobile devices by Q4 2025, marking a significant milestone for the industry [7] - The report emphasizes that the technology barrier for micro-pump liquid cooling lies in the driving chips, with domestic companies like Aiwei and Nanchip positioned to benefit from this emerging trend due to limited competition from foreign manufacturers [7]

Core Insights - As of September 1, a total of 178 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest streak of net inflows is Qilu Bank, which has seen net buying for 18 consecutive trading days [1] - Other notable stocks with significant net inflow days include Kosen Technology, China Steel International, Huagong Technology, Aiwai Electronics, Meishuo Technology, Chengdi Xiangjiang, Changxin Bochuang, and Xinmei Shares [1]