Core Points - The China Securities Automotive Semiconductor Industry Index has shown a positive trend, with a 4.05% increase over the past month, 1.71% over the past three months, and a 5.76% increase year-to-date [1] - The index comprises up to 50 listed companies involved in providing semiconductor materials, equipment, and products for the automotive electrification and intelligence sectors [1] - The index is based on a starting point of 1000.0 points as of December 30, 2016 [1] Index Holdings - The top ten weighted companies in the index include: Northern Huachuang (4.92%), Changdian Technology (4.74%), OmniVision Technologies (4.71%), Zhaoyi Innovation (4.68%), Zhongwei Company (4.66%), Unisoc (4.46%), Sanan Optoelectronics (4.24%), Rockchip (3.3%), Wingtech Technology (3.14%), and Tongfu Microelectronics (3.05%) [1] - The index's market segment distribution shows that the Shanghai Stock Exchange accounts for 72.40%, while the Shenzhen Stock Exchange accounts for 27.60% [1] Industry Composition - In terms of industry composition, integrated circuits represent 58.41%, semiconductor materials and equipment account for 24.91%, discrete devices make up 9.30%, optoelectronics comprise 4.24%, and electronic terminals and components constitute 3.14% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

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 ...

Group 1 - EVE, a gamified AI companionship application, is currently in beta testing and allows users to interact with AI characters based on personal preferences such as zodiac signs and interests [3] - The AI industry in China is undergoing a critical transformation, characterized by both scale expansion and quality improvement, with global AI core industry expected to grow to $623.3 billion by 2024 according to IDC data [3] - Domestic large models are rapidly iterating and building an open-source ecosystem, with multi-modal AI becoming a core breakthrough direction [3] Group 2 - The Consumer Electronics ETF closely tracks the CSI Consumer Electronics Theme Index, which includes 50 listed companies involved in component production and brand design in the consumer electronics sector [3] - As of June 30, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 51.02% of the index, including companies like Luxshare Precision, SMIC, and BOE Technology Group [4] - The Consumer Electronics ETF has several off-market connection options for investors [4]

Group 1 - Aike Cyber (688719.SH) shareholders Dachen Chuangtong and Dachen Chuanghong reduced their holdings by 2,298,151 shares, accounting for 1.99% of the total share capital, and did not complete the planned reduction [1] - Benchuan Intelligent (300964.SZ) controlling shareholder Dong Xiaojun reduced his holdings by 355,787 shares, accounting for 0.4582% of the total share capital, bringing his shareholding down to 21.64% [1] - Changlian Co., Ltd. (603648.SH) completed its reduction plan by selling 3,624,050 shares, which is 1% of the total share capital [1] Group 2 - Chuan Yi Technology (002866.SZ) controlling shareholder Zou Weimin and his concerted party reduced their holdings, with Zou's shareholding dropping to 48.53% [2] - Daoshi Technology (300409.SZ) controlling shareholder Rong Jihua plans to reduce his holdings by up to 15,416,611 shares, accounting for 1.97% of the total share capital [2] - Electric Alloy (300697.SZ) completed its reduction plan by selling 2,741,390 shares, which is 0.63% of the total share capital [2] Group 3 - Fujirei (688272.SH) shareholders Suzhou Kongkong, Suzhou Zhaorong, and Shanghai Zhaoren reduced their holdings by 1,215,618 shares, 1,463,490 shares, and 44,944 shares, accounting for 1.60%, 1.93%, and 0.06% of the total share capital respectively [3] - Gaoweida (300465.SZ) controlling shareholder Yingtan Yinggao Investment Consulting Co., Ltd. reduced its holdings by 4,261,700 shares, accounting for 0.96% of the total share capital, bringing its shareholding down to 22.00% [3] - Haizheng Materials (688203.SH) shareholder Sinopec Capital plans to reduce its holdings by up to 3,525,600 shares, accounting for 1.74% of the total share capital [3] Group 4 - Hangyu Micro (300053.SZ) shareholder Yan Jun reduced his holdings by 3,930,000 shares, accounting for 0.56% of the total share capital [4] - He Shi Eye Hospital (301103.SZ) shareholder Advanced Manufacturing Industry Investment Fund plans to reduce its holdings by up to 3,106,074 shares, accounting for 2% of the total share capital [4] - He Yuan Gas (002971.SZ) shareholder Baishide Chuangye completed its reduction plan by selling 854,064 shares, which is 0.415% of the total share capital [4] Group 5 - Huaren Health (301408.SZ) shareholder Saifu Investment reduced its holdings by 2,107,696 shares, accounting for 0.53% of the total share capital [5] - Jiangsu Boyun (301003.SZ) shareholder Gong Wei reduced his holdings by 1,558,900 shares, accounting for 1.57% of the total share capital [5] - Jeya Co., Ltd. (301108.SZ) shareholders Mingyuan Fund and its concerted party did not reduce their holdings, and the reduction plan period expired [5] Group 6 - Longxin General (603766.SH) directors plan to reduce their holdings by up to 350,000 shares and 100,000 shares, accounting for 0.0170% and 0.0049% of the total share capital respectively [6] - Ruchuang Micro-Nano (688002.SH) shareholder Li Weicheng plans to reduce his holdings by up to 8,000,000 shares, accounting for 1.75% of the total share capital [6] - Shilan Micro (600460.SH) shareholder Luo Huabing plans to reduce his holdings by up to 500,000 shares, accounting for 0.03005% of the total share capital [6] Group 7 - Tongfu Microelectronics (002156.SZ) shareholder National Integrated Circuit Industry Investment Fund reduced its holdings by 15,175,969 shares, accounting for 1% of the total share capital [7] - Wangzi New Materials (002735.SZ) controlling shareholder Wang Jinjun reduced his holdings by 9,717,874 shares, accounting for 2.54% of the total share capital [7] - Xingye Co., Ltd. (603928.SH) shareholder Shen Genzhen reduced his holdings by 2,620,000 shares, accounting for 1.00% of the total share capital [7] Group 8 - Yikang Co., Ltd. (301085.SZ) controlling shareholder concerted party reduced its holdings by 633,700 shares, accounting for 0.73% of the total share capital [8] Group 9 - Yiming Pharmaceutical (002826.SZ) major shareholder Zhou Zhan reduced his holdings by 3,586,777 shares, accounting for 1.88% of the total share capital [9] - Yiming Pharmaceutical (002826.SZ) director Xi Ke reduced his holdings by 283,862 shares, accounting for 0.15% of the total share capital [9] - Youyan Powder Materials (688456.SH) concerted party reduced its holdings by 1,030,000 shares, accounting for 0.99% of the total share capital [9] Group 10 - Zhongma Transmission (603767.SH) directors plan to reduce their holdings through block trading and centralized bidding [10] - Zhongqi Co., Ltd. (301215.SZ) shareholder Jiangsu Yueda Group did not reduce its holdings, and the reduction plan period expired [10]