Group 1 - The Integrated Circuit ETF (159546) opened down 3.02% at 2.084 yuan [1] - Major holdings in the ETF experienced declines, including Cambrian (down 0.79%), SMIC (down 1.28%), and others with significant drops such as Zhaoyi Innovation (down 4.47%) and Tongfu Microelectronics (down 2.88%) [1] - The ETF's performance benchmark is the CSI All-Share Integrated Circuit Index, managed by Guotai Fund Management Company, with a return of 115.09% since its inception on October 11, 2023, and a return of 15.33% over the past month [1]

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

今天不是 4 月 2 日，今日份趣图当属于这个了。 目前，英伟达市值约 5 万亿美元 ，而敢回答提问的公司 （紫光国微） 市值约 700 亿元人民币 ，也就 500 倍 的差距而已。 对了，前段时间某公司创始人， 叫板黄仁勋马斯克，1 年赶超英伟达！某 CEO 被员工怒怼：药磕多了 。 往期趣图 （点击下方图片可跳转阅读） ...

Core Viewpoint - The inquiry about Unisoc's potential acquisition of Nvidia highlights the vast disparity in market capitalization between the two companies, with Unisoc's market value being only a fraction of Nvidia's [1][2]. Company Overview - Unisoc is a leading player in the domestic semiconductor industry, part of the New Unisoc Group, with two main business segments: special integrated circuits for aerospace and military applications, and smart security chips used in mobile phones, bank cards, and automotive safety [1][2]. - As of January 30, Unisoc's market capitalization is 71.46 billion yuan [1]. Financial Analysis - As of June 30, Unisoc reported cash holdings of 1.935 billion yuan, which only covers 0.006% of Nvidia's market value [2][6]. - For the first half of 2025, Unisoc's net profit attributable to shareholders was 0.692 billion yuan, projecting an annual net profit of approximately 1.384 billion yuan if the same performance continues in the second half [2][6]. - It would take Unisoc approximately 23,482 years to accumulate enough funds to acquire Nvidia, assuming all profits are saved and not accounting for any acquisition premium [6][7]. Market Context - Nvidia's market value is currently 4.68 trillion yuan, approximately 32.5 trillion yuan, and continues to grow due to its expansion in AI and data center businesses [1][9]. - The historical context of Unisoc's parent company, New Unisoc Group, includes past ambitions to acquire TSMC, which ultimately did not materialize due to financial imprudence and resulted in significant debt [10][13].

（文章来源：第一财经） 紫光国微在互动平台表示，公司的存储产品主要应用于特种领域，受限于客户端的压力，短期内难以调 整存储芯片价格。针对存储芯片价格的波动，公司持续的通过优化产品结构、提升运营效率、拓展应用 场景等方式积极应对客户需求波动，并结合特种领域的技术要求与市场动态，制定适宜的产品定价策 略。 ...

证券日报网讯1月29日，紫光国微（002049）在互动平台回答投资者提问时表示，截至目前，公司暂无 收购英伟达(NVIDIA)的计划。 ...

证券日报网讯1月27日，紫光国微（002049）在互动平台回答投资者提问时表示，公司推出的全球首款 开放式架构安全芯片E450R产品和解决方案已获得中国银联芯片安全认证、中国银联嵌入式软件安全认 证、中国银联IC卡操作系统认证、国密二级、CCRC IT EAL5+(即CCRCEAL5+)等多项权威资质，获颁 中国首张"金融信息技术产品评估证书(自主可控能力一级)"，并于2025年6月成功商用，实现银行卡首 发，为金融安全开放架构的规模化落地树立了标杆。 ...

证券日报网讯1月27日，紫光国微（002049）在互动平台回答投资者提问时表示，如触发《深圳证券交 易所股票上市规则》规定的年度业绩预告披露情形，公司将严格按照法律、法规、规章及规范性文件的 规定，切实履行信息披露义务。 ...

证券日报网讯1月27日，紫光国微（002049）在互动平台回答投资者提问时表示，截至2026年1月20日， 公司合并普通账户和融资融券信用账户全体股东总数为216137户。 ...

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]