Group 1 - The market experienced a rebound on July 28, with the ChiNext Index leading the gains, and the Tianhong ChiNext ETF (159977) rising by 0.86% with a trading volume exceeding 13 million yuan [1] - As of July 25, the Tianhong ChiNext ETF had a latest circulating scale of 8.644 billion yuan, closely tracking the ChiNext Index (399006.SZ), which consists of 100 representative ChiNext listed companies [1] - The ChiNext Index is characterized by a high proportion of emerging industries and high-tech enterprises, reflecting the operational status of the ChiNext market [1] Group 2 - Guojin Securities' report indicates that the overall market is approaching previous highs, with domestic policies continuing to support demand while promoting market clearing [1] - Huatai Securities' latest report highlights a sustained increase in global risk appetite, with A-shares breaking through and experiencing five consecutive weeks of upward movement [2]

Core Insights - H20's resumption of sales to China is expected to alleviate supply pressure on computing chips, stimulating the entire computing infrastructure and AI industry chain [2][3] - Since the rebound on April 9, overseas computing has seen a significant increase of 40.9%, while domestic computing, represented by Huawei's chain, has only increased by 21.1% [3][4] - The performance of domestic computing has improved, and H20's impact on domestic computing is limited, indicating that domestic computing still has long-term growth potential [5] Industry Overview - The computing power industry chain has been catalyzed by H20's return to the Chinese market, which is designed to comply with U.S. export restrictions and is specifically tailored for the Chinese market [3][5] - The domestic computing power industry is entering a growth cycle, supported by technological advancements, commercial applications, and increasing demand for AI models [4] - Key companies in the domestic computing power sector, such as Huawei, have demonstrated significant performance improvements, with Huawei's computing cluster outperforming NVIDIA's GB200 NVL72 [4][5] Investment Opportunities - The report suggests focusing on specific segments within the computing infrastructure industry, including servers, liquid cooling, copper connections, PCBs, optical communications, cloud computing, and domestic computing [5] - The IPO acceptance of domestic GPU manufacturers like Muxi Integration and Moore Threads fills the gap in the A-share market for full-function GPUs, further supporting the domestic computing ecosystem [4]

金融界消息 截至2025年7月24日收盘，景嘉微（300474）报收于73.98元，上涨1.25%，换手率2.29%， 成交量9.31万手，成交金额6.86亿元。 资金流向方面，今日主力资金净流入1630.47万元，占比成交额2.38%。其中，超大单净流出101.14万 元、占成交额0.15%，大单净流入1731.61万元、占成交额2.52%，中单净流出流入1704.61万元、占成交 额2.49%，小单净流出3335.08万元、占成交额4.86%。 景嘉微最新一期业绩显示，截至2025一季报，公司营业总收入1.02亿元、同比减少5.46%，归属净利润 5485.02万元，同比减少375.50%，扣非净利润5853.29万元，同比减少238.65%，流动比率16.374、速动 比率14.701、资产负债率6.36%。 天眼查商业履历信息显示，长沙景嘉微电子股份有限公司，成立于2006年，位于长沙市，是一家以从事 计算机、通信和其他电子设备制造业为主的企业。企业注册资本52261.9223万人民币，实缴资本10000 万人民币。公司法定代表人为曾万辉。 通过天眼查大数据分析，长沙景嘉微电子股份有限公司共对外投资了 ...

Group 1 - The core viewpoint of the articles indicates a significant divergence in market trends, with AI-related concepts experiencing substantial gains while traditional blue-chip sectors like banking and power are facing declines [1][2] - The A500 index components show mixed performance, with New Yi Sheng leading the gains at 9.89%, while major banks and blue-chip stocks are generally underperforming [1] - The A500 ETF fund is closely tracking the A500 index, which consists of 500 large-cap, liquid stocks representing various industries, with the top ten stocks accounting for 20.67% of the index [2][4] Group 2 - China's GDP growth for the first half of 2025 reached 5.3%, exceeding expectations and suggesting a reduced necessity for stimulus policies in the latter half of the year [2] - The top ten weighted stocks in the A500 index include Kweichow Moutai, CATL, and Ping An, with Kweichow Moutai holding the highest weight at 4.28% [4] - The market is expected to shift from a blue-chip dominated trend to a technology-focused style, driven by the performance of AI stocks [1]

截至2025年7月16日 10:33，中证人工智能产业指数(931071)强势上涨1.91%，成分股新易盛(300502)上涨12.69%，景嘉微(300474)上涨6.90%，寒武纪(688256) 上涨5.76%，芯原股份(688521)，中际旭创(300308)等个股跟涨。人工智能ETF(515980)上涨1.93%， 冲击4连涨。 华创证券指出，人工智能行业政策从防风险转为全面支持，在科技博弈背景下或将成为政策重要发力方向。近年来政策重视度持续提升，从最初的基础设施 建设逐渐转向下游AI+应用，24年《政府工作报告》首次提出开展"人工智能"行动。随着国内厂商技术突破，中国AI模型已显著缩小与美国的差距，凭借生 产效率和成本控制优势，有望在产业协同与工业化落地层面打造差异化竞争力。 流动性方面，人工智能ETF盘中换手6%，成交2.05亿元。拉长时间看，截至7月15日，人工智能ETF近1周日均成交1.64亿元。 规模方面，人工智能ETF最新规模达33.68亿元。 人工智能ETF紧密跟踪中证人工智能产业指数，中证人工智能产业指数从为人工智能提供基础资源、技术以及应用支持的公司中，根据人工智能业务占比、 成长 ...

Core Insights - The article emphasizes the importance of the manufacturing sector and private economy in driving economic growth and innovation in Changsha, highlighting their role as essential pillars for improving employment and living standards [9][10][11]. Group 1: Large Enterprises - Large enterprises in Changsha, particularly those with revenues exceeding 10 billion yuan, are seen as the backbone of the local economy, providing stability and insight into economic trends [10][11]. - BYD's investment in Changsha has attracted numerous upstream and downstream companies in the new energy vehicle sector, showcasing the city's ability to foster industrial clusters [10]. - Major companies like SANY Heavy Industry and Zoomlion are pivotal in the global engineering machinery market, with Changsha producing 85% of the country's engineering machinery types [11]. Group 2: Small and Medium Enterprises (SMEs) - SMEs are recognized as vital for economic resilience, with a focus on nurturing "specialized, refined, unique, and innovative" small giants that can fill critical gaps in the industry [12][14]. - The article highlights the success stories of SMEs like Chutian Technology, which transformed from a startup to a significant player in the industry with government support [14]. - Over 70% of the recognized "small giants" in Changsha have been in their respective industries for over a decade, indicating a strong foundation for innovation and specialization [14]. Group 3: Government Support and Services - The government is shifting from a management-focused approach to a service-oriented model, providing tailored support for both large and small enterprises [16][17]. - The "Three Truths" service model includes substantial financial investment, practical support policies, and genuine assistance in various areas such as technology innovation and market expansion [17]. - Changsha aims to enhance the digital transformation of SMEs, with a target of achieving a 95% digitalization level among regulated SMEs by the end of October [17][18].

Company Overview - The company, Jingjia Micro, focuses on information detection, processing, and comprehensive applications, providing high-quality and reliable products and solutions. Its main business involves the research, production, and sales of high-reliability electronic products, particularly in the fields of graphics display control, specialized radar, and chips [2] - The company has a strong emphasis on product research and development, particularly in the design of graphics processing chips, with successful industrialization of series chips like JM5400, JM7200, JM9, and JM11 [2] - The company is expanding its product applications into AI computing and scientific computing with the development of high-performance intelligent modules and complete products [2] Market Promotion and Product Development - The JM11 series graphics processing chip is designed for cloud applications and high-performance rendering scenarios, supporting various operating systems and devices [2] - The company is actively promoting the JM11 chip in the market, although business effects may be uncertain due to market demand and other factors, which are not expected to significantly impact company performance [3] - The company is advancing two key projects: the development and industrialization of high-performance GPU chips and the establishment of an advanced GPU architecture research center [4] Radar Technology and Product Strategy - The company has a technological advantage in the specialized radar field, having developed various radar products to meet diverse customer needs [5] - The company is transitioning from module-level products to system-level products, with a focus on both specialized and general markets, including the successful development of portable anti-drone radar [5] - The radar project is currently in the market promotion phase, with similar uncertainties regarding business effects as seen in the chip sector [5] Talent and Strategic Planning - The company's R&D team is well-structured, primarily composed of personnel with master's and doctoral degrees, emphasizing talent development and recruitment [6] - Future strategic plans include continuous investment in R&D, implementing a "dual-wheel drive" strategy to enhance product competitiveness and explore new growth points [8] - The company aims to strengthen its GPU product line, focusing on applications in artificial intelligence and expanding its radar market presence [8] Financial Performance - In Q1 2025, the company reported a main revenue of 102 million yuan, a year-on-year decrease of 5.46%, and a net profit attributable to shareholders of -54.85 million yuan, a decline of 375.5% [8] - The company's gross margin stands at 32.37%, with a debt ratio of 6.36% [8] Analyst Ratings and Forecasts - Over the past 90 days, three institutions have rated the stock, with two buy ratings and one hold rating, and the average target price is 79.81 yuan [9] - Detailed profit forecasts indicate varying net profit predictions for 2025 to 2027, with estimates ranging from 16.99 million yuan to 2.35 billion yuan [10]

投资者关系活动记录表 | | 特定对象调研 □ 分析师会议 | □√ | | --- | --- | --- | | | □ 业绩说明会 | □ 媒体采访 | | 类别 | □ 路演活动 | □ 新闻发布会 | | | | □ 现场参观 | | | | □ 其他 | | 参与单位名称及 | 13 家 | 银河自营、信达澳亚、国联民生、中信证券、鹏华基金等 | | 人员姓名 | 15 位投资者。（排名不分先后） | 机构共 | | 地点 | 5 楼会议室 | 公司 | | | 董事会秘书周振武 | 副总裁 | | | | 一、公司基本情况介绍 | | | 公司自成立以来致力于信息探测、信息处理和综合应用，为 | | | | 客户提供高品质、高可靠的产品、解决方案和服务。公司主要从 | | | | 事高可靠电子产品的研发、生产和销售，产品主要涉及图形显控 | | | | 领域、小型专用化雷达领域、芯片领域和其他。图形显控是公司 | | | | 现有核心业务，也是传统优势业务，小型专用化雷达和芯片是公 | | | | | 司未来大力发展的业务方向。 | | 投资者关系活动 | | | | | | 形处理芯片设计领域 ...

Core Viewpoint - The company Jingjiawei (300474) announced that senior management personnel Liu Peifu plans to reduce his holdings by no more than 7,400 shares, which represents 0.0014% of the company's total share capital, due to personal financial needs [1] Summary by Relevant Categories Management Changes - Liu Peifu currently holds 29,925 shares, accounting for 0.0057% of the company's total share capital [1] Share Reduction Details - The share reduction will be executed through centralized bidding within three months after the announcement, starting 15 trading days from the date of disclosure [1] - The reduction price will be determined based on market conditions [1] Impact on Company - The planned reduction will not lead to a change in the company's control and will not significantly affect the company's governance structure or ongoing operations [1]

证券代码：300474 证券简称：景嘉微 公告编号：2025-031 长沙景嘉微电子股份有限公司 关于高级管理人员减持股份的预披露公告 公司高级管理人员刘培福先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 直接持有长沙景嘉微电子股份有限公司（以下简称"公司"或"本公司"） 股份 29,925 股（占公司总股本比例为 0.0057%）的公司高级管理人员刘培福先生 拟自本公告披露之日起 15 个交易日后的三个月内（窗口期不减持）以集中竞价 方式减持本公司股份不超过 7,400 股（占公司总股本比例为 0.0014%）。 公司于近日收到上述股东出具的《股份减持计划告知函》，现将告知函具体 内容公告如下： 一、股东基本情况 1、股东名称：刘培福先生 5、减持期间：拟自本公告披露之日起 15 个交易日后的三个月内（窗口期不 减持）。 6、减持价格：根据减持时的市场价格确定。 7、本次拟减持事项与刘培福先生此前已披露的持股意向、承诺一致。 8、刘培福先生不存在《深圳证券交易所上市公司自律监管指引第 18 ...