爱集微分析称，在高性能计算（HPC）和人工智能（AI）技术的推动下，2.5D/3D封装市场空间增长同 样迅猛，预计将从2022年的94亿美元增至2028年的225亿美元，年复合增长率高达15.6%。先进封装技 术难度大、附加值高，能够满足新兴应用领域对芯片高性能、小型化、低功耗的要求，市场需求旺盛但 供给相对有限，从而支撑了价格的稳定与上涨。 近日，爱集微发布《2025中国半导体封测行业上市公司研究报告》，该报告聚焦全球半导体封测行业发 展态势及中国上市公司企业表现，系统呈现了行业核心数据与发展态势，涵盖行业整体表现、市场规 模、头部企业运营数据及未来趋势等核心内容。 2023年先进封装领域资本开支为99亿美元。根据Yole的数据，2023年先进封装领域资本开支为99亿美 元，主要来自台积电、英特尔、三星、SK海力士等半导体大厂，以及安靠、日月光、长电科技等头部 OSAT厂商。Yole预计2024年先进封装领域资本开支将增加到115亿美元。先进封装约占IDM/晶圆代工 厂2023年资本开支的9%；约占头部OSAT资本开支的41%。 报告指出，展望未来5—10年，全球封测行业市场规模增长具备多重动力。随着人工智 ...

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，中证汽车半导体产业指数近一个月上涨4.05%，近三个月上涨1.71%，年至今上涨 5.76%。 从中证汽车半导体产业指数持仓的市场板块来看，上海证券交易所占比72.40%、深圳证券交易所占比 27.60%。 从中证汽车半导体产业指数持仓样本的行业来看，集成电路占比58.41%、半导体材料与设备占比 24.91%、分立器件占比9.30%、光学光电子占比4.24%、电子终端及组件占比3.14%。 金融界7月21日消息，上证指数高开高走，中证汽车半导体产业指数 (汽车半导，931945)报2925.10点。 据了解，中证汽车半导体产业指数选取不超过50只在汽车电动化和智能化领域提供半导体材料、半导体 设备以及半导体产品的上市公司证券作为指数样本，反映汽 ...

证券时报·数据宝统计显示，通富微电今日收盘价为25.96元，下跌0.35%，日换手率为1.77%，成交额为 7.00亿元，全天主力资金净流出6037.26万元，近5日该股累计上涨1.88%，近5日资金合计净流入1279.83 万元。 两融数据显示，该股最新融资余额为17.32亿元，近5日增加3816.40万元，增幅为2.25%。（数据宝） 7月18日通富微电大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | 120.00 | 2814.00 | 23.45 | -9.67 | 机构专用 | 中国国际金融股份有限公司 北京建国门外大街证券营业 | | | | | | | 部 | | 73.00 | 1711.85 | 23.45 | -9.67 | 机构专用 | 中国国际金融股份有限公司 北京建国门外大街证券营业 | | | | | | | 部 | | 64.00 | 15 ...

Market Overview - The Shanghai Composite Index closed at 3519.65 points, above the annual line, with a change of 0.27% [1] - The total trading volume of A-shares reached 14809.22 billion yuan [1] Stocks Breaking Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Huaming Equipment (002270) with a deviation rate of 2.75% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.63% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, latest price 76.99 yuan, deviation rate 7.62% - Huaming Equipment: 3.25% increase, latest price 16.85 yuan, deviation rate 2.75% - Tongyi Co., Ltd.: 2.63% increase, latest price 16.02 yuan, deviation rate 2.63% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Daqin Railway and *ST Haiyuan with minimal deviation rates [1]

Market Overview - The Shanghai Composite Index closed at 3525.40 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 987.43 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.51% - Ruisheng Technology (688090) with a deviation rate of 2.05% [1] Stocks with Significant Deviation Rates - The stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, trading at 76.99 yuan - Tongyi Co., Ltd.: 2.50% increase, trading at 16.00 yuan - Ruisheng Technology: 3.24% increase, trading at 35.10 yuan [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Qianjiang Motorcycle, Jiuquan Technology, and Huadian International, which have just reached the annual line [1]

Investment Rating - JCET: Buy, Target Price RMB 46.80, implying 39% upside from current share price [4][6][36] - Tongfu: Hold, Target Price RMB 27.30, implying 8% upside from current share price [5][6][58] Core Insights - The revenue growth of China's OSAT companies is expected to slow in 2Q25 due to order shifts to Taiwanese peers and seasonal factors, but is anticipated to accelerate in 3Q25 driven by recovering consumer electronics demand and government subsidies [3][9] - JCET's revenue growth is projected to be 19% year-on-year in 2Q25, slowing from 36% in 1Q25, but expected to rebound to 24% in 3Q25 [4][28] - Tongfu's non-AMD business is expected to grow faster than its AMD business, with a projected 16% increase in 2025 compared to 9% for the AMD segment [5][51] Summary by Sections JCET - JCET's Apple business is gaining attention with potential upside for SiP modules due to design changes for foldable phones [4] - The company plans a historic high capex of RMB 8.5 billion in 2025 to support growth in advanced packaging and automotive sectors [16][36] - Revenue estimates for JCET have been adjusted, with total revenue expected to be RMB 41.285 billion in 2025, reflecting a 2% decrease from previous estimates [32][33] Tongfu - Tongfu's revenue guidance for 2025 is an 11% increase, with adjustments reflecting a 6% decrease in total revenue estimates [5][54] - The acquisition of a 26% stake in King Long Suzhou is expected to contribute RMB 150-200 million in investment gains from 2025 to 2027 [5][49] - Revenue from Tongfu's non-AMD segment is projected to grow at 16% in 2025, benefiting from foreign customers adopting a "China-for-China" strategy [5][51] Financial Metrics - JCET's net profit CAGR for 2025-27 is estimated at 33%, down from 41% previously, with a target price reduction from RMB 50.00 to RMB 46.80 [4][37] - Tongfu's net profit estimates for 2025 and 2026 have been lowered by 16% and 13% respectively, reflecting challenges in the AMD segment [56][58] - JCET's current valuation is attractive compared to its peers, trading at a 21.5x 2026e PE multiple, below the sector average [36][37]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

TONGFU MICROELECTRONICS 诚信 客户导向 承诺 创新 2024年度 环境、社会及治理（ESG）报告 通富微电股份有限公司 通富微电子股份有限公司 江苏省南通市崇川路288号 0513-85058888（总机） https://www.tfme.com CONTENTS 01 关于本报告 ABOUT THE REPORT 01 / 02 02 董事长致辞 ADDRESS BY SENIOR EXECUTIVE 03 / 04 03 走进通富 共创未来 WALK INTO TONGFU | 治理篇 | | | | --- | --- | --- | | | 04 | 精治通富 稳健前行筑基石 PRECISION GOVERNANCE TONGFU | | | 19 / 20 | 4.1 责任治理，夯实基石 | | | 21 / 24 | 4.2 强化管治，风控先行 | 25 / 26 4.3 诚信为本，重在合规 27 / 30 4.4 信息安全，保障护航 05LATENT INTENTION TONGFU 环境篇 潜志通富 永续新绿担使命 | 33 / 34 5.1 适应气候，碳绘明天 | ...

证券代码：002156 证券简称：通富微电 公告编号：2025-030 通富微电子股份有限公司 第八届董事会第十一次会议决议公告 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。 一、 董事会会议召开情况 通富微电子股份有限公司（以下简称"公司"）第八届董事会第十一次会议， 于 2025 年 6 月 25 日以邮件等方式发出会议通知，各位董事已知悉与所议事项相 关的必要信息，公司第八届董事会第十一次会议于 2025 年 7 月 1 日以通讯表决 方式召开。公司全体 8 名董事均行使了表决权，会议实际有效表决票 8 票。会议 召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 通富微电子股份有限公司董事会 2025 年 7 月 1 日 二、 董事会会议审议情况 1、审议通过了《2024 年度环境、社会及治理（ESG）报告》 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）披露的《2024 年度 环境、社会及治理（ESG）报告》。 表决结果：8 票同意；0 票反对；0 票弃权。 三、备查文件 1．经与会董事签字并加盖董事会印 ...

消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、整机品牌设计及生产等消费电子相关的上市公司证券 作为指数样本，以反映消费电子主题上市公司证券的整体表现。 数据显示，截至2025年6月30日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密(002475)、中芯国际(688981)、京东方A(000725)、寒武纪 (688256)、豪威集团(603501)、澜起科技(688008)、工业富联(601138)、兆易创新(603986)、歌尔股份(002241)、亿纬锂能(300014)，前十大权重股合计占比 51.02%。 去年爆火的EVE开始内测，作为游戏化的AI陪伴应用，EVE在AI娱乐赛道上备受关注，用户在登录之后，可以选择自己的信息，比如星座、MBTI、兴趣， 还有和AI的相处方式，选择后可以与角色互动聊天，目前开放了两个角色，男性角色Aven和女闺蜜角色KiKi。 国泰海通证券认为，目前我国AI产业发展正处于转型升级关键期，呈现规模扩张与质效提升并重的总体特征。根据中国信通院引用IDC数据，全球AI核心产 业保持稳健增长，预计2024年增至6 ...