（文章来源：证券日报） 证券日报网讯紫光国微10月13日在互动平台回答投资者提问时表示，公司目前与阿里巴巴集团控股有限 公司及其下属芯片业务公司无直接合作关系。 ...

2025年10月13日，紫光国芯微电子股份有限公司在优质运营、创新突破、社会贡献等指标中表现优异， 根据经观受尊敬企业组委会初步评估，入围《经济观察报》2024—2025年度受尊敬企业。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company has set clear growth targets in its stock option incentive plan, aiming for a net profit increase of at least 10% in 2025 compared to 2024, reflecting management's long-term confidence [5]. - The revenue from special integrated circuits is beginning to recover, with a reported revenue of 3.047 billion yuan in H1 2025, a 6.07% increase year-on-year, and a net profit of 653 million yuan, up 4.39% year-on-year [5]. - The company is well-positioned to benefit from the acceleration of special information technology and the growth in consumer demand, indicating high growth potential in the future [8]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 6.701 billion yuan and a net profit of 1.611 billion yuan, with corresponding P/E ratios of 46.08 and 34.63 for 2024 and 2025 respectively [7][8]. - The company's gross margin is expected to stabilize around 52.6% in 2025, with a net profit margin of 24.1% [9]. - The total assets are projected to grow from 17.320 billion yuan in 2024 to 24.364 billion yuan by 2027, indicating a strong asset growth trajectory [9]. Business Development Path - The company has established a dual development path, with both special integrated circuits and security chips contributing significantly to revenue, with respective shares of 48.20% and 45.78% [5]. - The demand for eSIM cards and automotive MCUs is expected to grow, with the company ready to capitalize on these opportunities once market conditions improve [5][6]. - The company has made technological advancements in digital currency and stablecoin hardware, positioning itself to benefit from future commercial applications [6].

| 证券代码：002049 | 证券简称：紫光国微 | 公告编号：2025-091 | | --- | --- | --- | | 债券代码：127038 | 债券简称：国微转债 | | 紫光国芯微电子股份有限公司 关于 2025 年第三季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1 3.转股价格：人民币 97.30 元/股 4.转股期限：2021 年 12 月 17 日至 2027 年 6 月 9 日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，紫光国芯微电子股份有限公司 （以下简称"公司"）现将 2025 年第三季度可转换公司债券转股及公司股份变 动情况公告如下： 一、"国微转债"的基本情况 （一）发行上市情况 经中国证券监督管理委员会"证监许可[2021]1574 号"文核准，公司于 2021 年 6 月 10 日公开发行了 1,500 万张可转换公司债券，每张面值 100 元，发行总 额 15 亿元，期限 6 年。经深圳证券交易所" ...

Core Viewpoint - The semiconductor leader ETF (159665) opened with a gain of 2.72%, indicating positive market sentiment towards semiconductor stocks [1] Group 1: ETF Performance - The semiconductor leader ETF (159665) opened at 1.999 yuan, reflecting a 2.72% increase [1] - Since its establishment on December 22, 2022, the ETF has achieved a return of 94.23% [1] - The ETF's one-month return stands at 14.45% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) up 2.76% [1] - Haiguang Information (海光信息) up 3.72% [1] - Cambricon (寒武纪) up 2.68% [1] - Northern Huachuang (北方华创) up 1.03% [1] - OmniVision (豪威集团) down 2.98% [1] - Lattice Semiconductor (澜起科技) up 4.65% [1] - Zhongwei Company (中微公司) up 1.68% [1] - Zhaoyi Innovation (兆易创新) up 4.08% [1] - Changdian Technology (长电科技) up 2.77% [1] - Unisoc (紫光国微) up 1.65% [1] Group 3: Management and Benchmark - The ETF is managed by ICBC Credit Suisse Asset Management Co., Ltd. [1] - The performance benchmark for the ETF is the National Securities Semiconductor Chip Index return [1]

Core Viewpoint - Unisoc Guowei's HBM products for specialized industry applications are still in the research and development phase, with future iterations planned based on user demand [1] Group 1 - The company stated that the user onboarding cycle for new products in specialized industries is relatively long [1] - The HBM products have not yet entered the packaging stage [1]

Group 1 - The company, Ziguang Guowei, reported a revenue of 3.047 billion yuan for the first half of 2025, representing a year-on-year growth of 6.07% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 653 million yuan, reflecting a year-on-year increase of 4.39% [1]

Market Overview - In September, both A-shares and Hong Kong stocks exhibited a volatile pattern, with domestic economic recovery showing uneven momentum and real estate chain drag persisting[5] - The Federal Reserve's interest rate cut led to short-term market fluctuations, while sectors like batteries and semiconductors outperformed due to policy expectations and price rebounds[5] Investment Focus - The focus for October is on "technology growth," with A-shares confirming a tech narrative and Hong Kong stocks advancing in both technology and non-ferrous metals[5] - Key events include the unveiling of Xiaopeng's fifth-generation humanoid robot on October 24 and new drug progress announcements from Chinese pharmaceutical companies at the ESMO conference in mid-October[5] Policy and Economic Outlook - October is a critical policy layout window, with the 20th Central Committee's Fourth Plenary Session focusing on the "14th Five-Year Plan," leading to rising capital market expectations[5] - The market anticipates another interest rate cut from the Federal Reserve in October, which could benefit the Hong Kong market due to its linked exchange rate system[5] Key Investment Themes - **Technology Growth and High-End Manufacturing**: Emphasis on digital economy, aerospace information, and high-end equipment, with recommendations to focus on satellite internet and AI[5] - **Resource Cycle Optimization**: Global inventory cycles are bottoming out, with industrial metals like copper and cobalt expected to see price increases driven by demand from new energy[5] - **Structural Recovery in Consumption**: Anticipated strong consumption data during the Mid-Autumn Festival and National Day, with a focus on high-quality segments like medical consumption and travel chains[5] Risk Factors - Risks include unexpected policy changes, commercialization outcomes falling short of expectations, and delays in product development and market entry[5]

Group 1 - The semiconductor sector experienced a sharp rise followed by a decline, with companies such as Haiguang Information and Canxin Co. falling over 5% [1] - Other companies in the sector, including Fudan Microelectronics, Cambricon, and Unisoc, also saw significant declines [1]

Group 1 - The semiconductor sector experienced a sharp rise followed by a decline, indicating volatility in the market [1] - Companies such as Haiguang Information and Canxin Co. saw their stock prices drop over 5% [1] - Other firms including Fudan Microelectronics, Cambricon, and Unisoc also faced significant declines in their stock prices [1]