半导体行业 2025 年 8 月 22 日 超配（维持） 半导体行业双周报（2025/08/08-2025/08/21） 行 业 关注国产算力、存力投资机遇 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFind 善共同驱动下存储行业投资机遇。 风险提示：贸易形势不确定性导致下游需求存在不确定性的风险、国产替 代进程不及预期的风险、产能持续释放导致竞争加剧的风险等。 请务必阅读末页声明。 2 半导体行业指数近两周涨跌幅：截至2025年8月21日，半导体行业指数近两 周（2025/08/08-2025/08/21）累计上涨9.48%，跑赢沪深300指数5.26个百 分点；2025年以来申 ...

Market Performance - The Shanghai Composite Index reached 3800 points, marking the highest level since August 20, 2015, with an increase of 0.77% [1] - Out of 5,366 stocks, 2,075 rose while 3,291 fell [1] Chip Sector Highlights - Chip stocks experienced significant gains, with Haiguang Information rising over 17% and Cambrian Technologies increasing over 12% [3] - Cambrian Technologies' stock price approached 1200 yuan, with a market capitalization nearing 500 billion yuan, reflecting a nearly 94% increase since July [3] Stock Performance Data - Haiguang Information: 186.06 yuan, up 20.00% [5] - Shengmei Shanghai: 142.21 yuan, up 20.00% [5] - Cambrian Technologies: 1229.57 yuan, up 18.68% [5] - Shengke Communication: 131.48 yuan, up 14.10% [5] - Other notable stocks include Jingjia Micro (up 11.82%) and Zhongtai International (up 10.98%) [5] Domestic AI Chip Development - The release of DeepSeek-V3.1 is expected to enhance the application of domestic AI chips, supporting the acceleration of the domestic computing power ecosystem [6] - Citic Securities anticipates a surge in the domestic computing sector due to recent developments [6] - The focus on AI is reshaping hardware demands and investment rhythms, with an emphasis on domestic alternatives in the long term [6]

Group 1 - Huawei's Euler segment leads the market with an increase of 3.36% [1] - Tuo Wei Information rises by 9.01% [1] - Jing Jia Wei increases by 7.83% [1] - Ruantong Power grows by 3.13% [1] - Chengmai Technology, Tianyuan Dike, and Runhe Software all see gains exceeding 2% [1]

午后，指数继续走强，沪指盘中突破3800点，刷新2015年8月20日以来新高。 算力芯片股午后持续拉升，寒武纪涨超18%，总市值突破5000亿，再创历史新高。海光信息、盛美上海"20cm"涨停。盛科通信、景嘉微、中芯国际等多股 涨幅居前。 | > 则由 | 2813.05 8.67% | | | | --- | --- | --- | --- | | 股吧 成份股 | 关联基金 | 资讯 | 是彩 | | 全部市场(50) v | 自选 | 最新(50)× 连续3天净流入 | | | 음 (+ | 最新, | 涨幅↓ | 涨跌 | | 海光信息 | 186.06 | 20.00% | 31.01 | | 688041 科创 融 | | | | | 盛美上海 | 142.21 | 20.00% | 23.70 | | 688082 科创 融 | | | | | 寒武纪-U | 1229.57 | 18.68% | 193.57 | | 688256 科创 盟 | | | | | 盛科通信-U | 131.48 | 14.10% | 16.25 | | 688702 科创 盟 | | | | | 景嘉微 | 89 ...

Core Viewpoint - Jiangjiawei is facing significant operational pressure, leading the company to seek external acquisitions to enhance its overall strength amid declining performance metrics [1][3]. Financial Performance - In the first half of 2025, Jiangjiawei reported revenue of 193 million yuan, a year-on-year decrease of 44.78% [1][3]. - The net profit attributable to shareholders was a loss of 87.61 million yuan, a decline of 356.51% year-on-year [1][3]. - The net profit after deducting non-recurring gains and losses was a loss of 96.12 million yuan, down 550.44% year-on-year [1][3]. - Cumulatively, the company has incurred a total loss of 253 million yuan over the past year and a half [1][3]. Business Overview - Jiangjiawei specializes in the research, production, and sales of high-reliability electronic products, focusing on graphic display control, specialized radar, and chip sectors [2][3]. - The company experienced a significant decline in sales across its main product lines, with revenue from graphic display control, specialized radar, and chip sectors dropping by 62.91%, 18.84%, and 3.39% respectively in the first half of 2025 [3]. Strategic Initiatives - To counteract the operational challenges, Jiangjiawei is increasing its R&D investments and pursuing external acquisitions [4][5]. - The company plans to invest 220 million yuan in Wuxi Chengheng Microelectronics Co., Ltd., aiming to gain a controlling stake of 64.89% in the company [1][4]. - Jiangjiawei's R&D expenditure for the first half of 2025 was 153 million yuan, accounting for 79.40% of its revenue [5]. Acquisition Details - Chengheng Microelectronics focuses on edge AI chip design and has not yet achieved profitability, with a valuation of approximately 655 million yuan, reflecting a 3647% increase over its net asset value [6][7]. - The acquisition is expected to create a dual-driven development model combining GPU and edge AI chips, enhancing the company's competitive edge and shareholder returns [6].

Company Overview - Changsha Jingjia Microelectronics Co., Ltd. focuses on information detection, processing, and comprehensive applications, providing high-quality and reliable products and solutions [1][2] - The company specializes in high-reliability electronic products, with core businesses in graphics display control, specialized radar, and chip sectors [2][3] Financial Performance - In the first half of 2025, the company experienced fluctuations in operating performance due to industry demand, project delays, increased R&D investment, and intense market competition [4] - R&D investment reached 153 million RMB, accounting for 79.40% of operating revenue, ensuring continued product iteration and strategic market expansion [4] Investment Activities - The company plans to invest 220 million RMB in Wuxi Chengheng Microelectronics Co., Ltd., acquiring a 33.59% stake and becoming the controlling shareholder [5][6] - This investment aims to enter the edge AI chip sector, enhancing the company's product matrix and market capabilities [9] Edge AI Chip Development - Edge AI chips are designed for local data processing, reducing reliance on cloud computing, and are expected to see explosive demand growth [7][9] - Chengheng Micro focuses on AI chip design and development, with products targeting applications in object recognition, edge computing, and intelligent terminals [6][7] Strategic Outlook - The partnership with Chengheng Micro is expected to leverage technical and market synergies, creating a dual-driven development model of "high-performance GPU + edge AI chips" [9] - This strategy aims to enhance the company's competitive capabilities and create new revenue growth points in the AI sector [9]

Group 1 - The core point of the article is that Jingjia Micro plans to invest 220 million yuan to gain control of Wuxi Chengheng Microelectronics, marking a strategic move into the edge AI computing sector [1][2] - After the investment, Jingjia Micro will hold a 33.59% stake in Chengheng Micro and control 64.89% of the voting rights, thus becoming the controlling shareholder [1] - Chengheng Micro focuses on low-power, high-efficiency edge AI chips, which complements Jingjia Micro's existing GPU business, enhancing the overall AI computing ecosystem [1][2] Group 2 - The global edge AI chip market is expected to grow at a compound annual growth rate of 30.83%, potentially exceeding 100 billion USD by 2034, driven by the rise of efficient, low-cost AI models [2] - By acquiring Chengheng Micro, Jingjia Micro aims to diversify its product applications and expand its customer service areas, thereby enhancing its core competitiveness and shareholder returns [2] - Jingjia Micro is advancing its GPU research and development, with the latest JM11 series GPU chip set to support various high-performance rendering scenarios, laying the groundwork for large-scale applications of domestic GPUs [3] Group 3 - Jingjia Micro is transitioning from a focus on specialized products to a "specialized + general" market strategy, aiming to penetrate the trillion-dollar markets of AI training and data centers [3][4] - The company is positioned to become a comprehensive AI computing solution provider, leveraging its dual-engine strategy of high-performance GPUs and edge computing capabilities [4] - As the integration with Chengheng Micro deepens, Jingjia Micro is expected to occupy a central position in the burgeoning domestic computing market, unlocking long-term growth potential [4]

Market Overview - The Shanghai Composite Index fell by 0.02% on August 19, with 18 out of the 28 sectors experiencing gains, led by the comprehensive and communication sectors, which rose by 3.48% and 1.87% respectively [1] - The non-banking financial and defense industry sectors had the largest declines, down by 1.64% and 1.55% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 61.83 billion yuan, with six sectors seeing net inflows [1] - The home appliance sector led the net inflow with 2.175 billion yuan and a daily increase of 0.87%, followed by the food and beverage sector with a net inflow of 1.981 billion yuan and a daily increase of 1.04% [1] Defense Industry Performance - The defense industry saw a decline of 1.55% with a net capital outflow of 7.930 billion yuan [2] - Out of 139 stocks in the defense sector, 29 stocks increased, with 4 hitting the daily limit up, while 108 stocks declined [2] - The top three stocks with net inflows in the defense sector were Haige Communication (3.34 billion yuan), Qiyi Er (1.53 billion yuan), and Taihao Technology (1.52 billion yuan) [2] Defense Industry Capital Inflow and Outflow - The top stocks for capital inflow in the defense sector included: - Haige Communication: +2.49% with a capital flow of 334.18 million yuan - Qiyi Er: +2.61% with a capital flow of 152.70 million yuan - Taihao Technology: +10.05% with a capital flow of 151.85 million yuan [4] - The top stocks for capital outflow included: - China Shipbuilding: -0.31% with a capital outflow of 1.266 billion yuan - Jingjiawei: -7.50% with a capital outflow of 914.19 million yuan - Inner Mongolia First Machinery: -3.96% with a capital outflow of 655.36 million yuan [4]

Group 1 - Huawei Euler concept stock rose by 1.82%, ranking 9th in the concept sector, with 28 stocks increasing in value [1] - Notable gainers include Chengmai Technology with a 20% limit up, Sichuan Changhong also hitting the limit up, and other significant increases from Puyuan Information, Tuosida, and Runhe Software, which rose by 11.77%, 8.84%, and 8.02% respectively [1] - The leading decliners in the sector were Jingjiawei, Airun Software, and Wangda Software, which fell by 7.50%, 3.25%, and 1.73% respectively [1] Group 2 - The Huawei Euler concept sector saw a net inflow of 1.563 billion yuan, with 23 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflows [2] - Sichuan Changhong led the net inflow with 1.506 billion yuan, followed by Tuosida, Chengmai Technology, and Runhe Software with net inflows of 416.2 million yuan, 398.06 million yuan, and 273.05 million yuan respectively [2] - The net inflow ratios for Sichuan Changhong, Chengmai Technology, and Tuosida were 25.98%, 21.65%, and 14.17% respectively [3] Group 3 - The top stocks in the Huawei Euler concept based on net inflow included Sichuan Changhong, Tuosida, and Chengmai Technology, with respective daily price changes of 9.99%, 8.84%, and 20.00% [3] - Other notable stocks included Runhe Software with an 8.02% increase and Softcom Technology with a 4.10% increase [3] - The overall market performance showed a mixed trend with various sectors experiencing both gains and losses, indicating a dynamic trading environment [2][5]

报告称，目前，公司凭借深厚的技术积淀与领先优势在国内图形处理芯片研发领域处于领先地位。公司坚定看好GPU未来广阔的发展前景，坚定不移地投入 GPU研发，全力推进由"专用"到"专用+通用"的发展战略，瞄准GPU在人工智能领域的应用方向，持续开展高性能GPU、模块及整机等产品的研发，不断夯 实研发实力，丰富产品类型，加强外部技术合作，完善产业布局，加固公司技术护城河，推动产业化规模，联合行业上下游共同推进国产GPU应用生态建 设，增强公司核心竞争力。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 193,224,146.39 | 349.905.424.98 | -44.78% | | 归属于上市公司股东的净利润(元) | -87.610.121.73 | 34.154.320.22 | -356.51% | | 归属于上市公司股东的扣除非经常性损益的 净利润(元) | -96,119,598.88 | 21,338,836.82 | -550.44% | | 经营活动产生的现金流量净额(元) | -56.943.327 ...