（编辑 丛可心） 证券日报网讯 12月30日，景嘉微在互动平台回答投资者提问时表示，长沙高性能计算研究中心（筹 建）由8家单位联合发起，该中心致力于打造开放、协同、国际化的创新平台，在高性能计算芯片、编 译工具链、软件生态与标准体系等方面开展联合攻关，加快科研成果转化，推动国产高性能计算产业稳 步发展。公司作为长沙高性能计算研究中心（筹建）的联合发起单位，将参与其软件生态构建，共同推 动国产GPU应用生态发展。 ...

Core Viewpoint - The company, Jingjia Micro (300474), is committed to closely monitoring relevant technological trends and industry policies to leverage its strengths and actively seize current and future business opportunities [1] Group 1 - The company will pay close attention to technological development trends [1] - The company aims to align with industry policies [1] - The company plans to utilize its advantages to capture potential business opportunities [1]

Group 1 - The core viewpoint of the article indicates that the company is currently in the sample debugging phase for the CH37 series [1] - The JM11 series products have achieved small batch shipments, but there are various influencing factors during the order fulfillment process [1] - The actual impact on the company's future revenue and profits remains uncertain due to these influencing factors [1]

Core Viewpoint - The article discusses the performance of the China Securities Artificial Intelligence ETF (159381) on December 22, highlighting its opening increase and the performance of its constituent stocks [1] Group 1: ETF Performance - The China Securities Artificial Intelligence ETF (159381) opened with a gain of 1.33%, priced at 1.822 yuan [1] - Since its inception on March 14, 2025, the fund has achieved a return of 79.76%, with a monthly return of 13.06% [1] Group 2: Constituent Stocks Performance - Among the top holdings, Zhongji Xuchuang increased by 3.20%, Xinyi Sheng by 3.88%, and Tianfu Communication by 1.85% [1] - Other notable performances include: - Xiechuang Data decreased by 0.10% - Ruantong Power decreased by 0.17% - Quanzhi Technology increased by 0.49% - Shenxinfeng increased by 0.36% - Beijing Junzheng increased by 1.00% - Zhongke Chuangda increased by 1.05% - Jingjiamei increased by 0.20% [1]

Group 1 - The A-share technology sector experienced a rebound, with the AI index on the ChiNext board rising by 1.07% as of 13:06 on December 19, 2025 [1] - Notable stocks included Xinyi Sheng (300502) up by 3.80%, Zhongke Chuangda (300496) up by 3.26%, and Xingchen Technology (301536) up by 3.22% [1] - The Huaxia ChiNext AI ETF (159381) increased by 1.00%, reaching a latest price of 1.82 yuan, and has seen a cumulative increase of 6.58% over the past two weeks [1] Group 2 - The Huaxia ChiNext AI ETF has seen continuous net inflows over the past eight days, with a peak single-day inflow of 120 million yuan, totaling 504 million yuan, and reaching a new high in scale of 1.68 billion yuan [3] - The ByteDance Volcano Engine announced new pricing models and an "AI Savings Plan" at its conference, which could help enterprises save up to 47% on usage costs [3] - The Volcano Engine is rapidly growing as a dark horse in the cloud computing sector, leveraging its technological advantages and ecosystem [3] Group 3 - As of December 18, 2025, the Huaxia ChiNext AI ETF has achieved a net value increase of 89.94% over the past six months, ranking first among comparable funds [4] - The ETF's highest monthly return since inception was 37.61%, with a maximum consecutive monthly increase of 93.37% [4] - The management fee for the Huaxia ChiNext AI ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [4]

Market Overview - The Shanghai Composite Index rose by 0.16% on December 18, with 12 sectors experiencing gains, led by the banking and coal industries, which increased by 1.97% and 1.89% respectively. The defense and military industry also saw a rise of 0.90%. Conversely, the power equipment and communication sectors faced declines of 2.22% and 1.58% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 32.578 billion yuan across the two markets, with 8 sectors experiencing net inflows. The defense and military sector led with a net inflow of 2.29 billion yuan, followed by the banking sector with a net inflow of 927 million yuan. In contrast, 23 sectors saw net outflows, with the electronics sector leading at 11.042 billion yuan, followed by the power equipment sector at 7.347 billion yuan [1] Defense and Military Sector Performance - The defense and military sector experienced a 0.90% increase, with a total net inflow of 2.29 billion yuan. Out of 138 stocks in this sector, 102 stocks rose, including 5 that hit the daily limit, while 36 stocks fell, with 1 hitting the lower limit. Notably, 78 stocks had net inflows, with 10 stocks exceeding 100 million yuan in net inflow, led by China Satellite with 792 million yuan [2] Top Gainers in Defense and Military Sector - The top gainers in the defense and military sector included: - China Satellite (6.61% increase, 12.49% turnover, 791.76 million yuan inflow) - AVIC Heavy Machinery (6.68% increase, 9.21% turnover, 423.20 million yuan inflow) - West Measurement Testing (12.35% increase, 29.68% turnover, 228.01 million yuan inflow) [2] Top Losers in Defense and Military Sector - The top losers in the defense and military sector included: - Aerospace Electronics (1.65% increase, 18.39% turnover, -378.97 million yuan outflow) - Jingjia Micro (3.86% decrease, 4.46% turnover, -235.30 million yuan outflow) - Guangqi Technology (1.31% decrease, 1.29% turnover, -150.62 million yuan outflow) [3]

Core Viewpoint - The stock price of Jingjia Micro has experienced a decline of 17.34% this year, with recent fluctuations indicating a slight recovery in the short term, but overall performance remains weak [2]. Group 1: Stock Performance - As of December 18, Jingjia Micro's stock price fell by 2.02% to 77.23 CNY per share, with a trading volume of 680 million CNY and a turnover rate of 2.14%, resulting in a total market capitalization of 40.362 billion CNY [1]. - Year-to-date, the stock has decreased by 17.34%, with a 1.73% increase over the last five trading days and a 5.90% increase over the last 20 days, while it has dropped by 2.10% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Jingjia Micro reported a revenue of 495 million CNY, reflecting a year-on-year growth of 12.14%. However, the net profit attributable to shareholders was a loss of 72.53 million CNY, a significant decrease of 403.81% compared to the previous year [2]. - Since its A-share listing, Jingjia Micro has distributed a total of 392 million CNY in dividends, with 141 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of November 28, 2025, the number of shareholders for Jingjia Micro was 95,900, a decrease of 2.32% from the previous period, with an average of 4,238 shares held per shareholder, which is an increase of 2.37% [2]. - The top ten circulating shareholders include notable ETFs, with E Fund's ChiNext ETF holding 6.7519 million shares, a decrease of 1.1342 million shares from the previous period [3].

景嘉微 20251216 摘要 景嘉微 CH37 系列 AI SoC 芯片测试结果显示，其基本功能和核心指标 均达到设计要求，集成了 CPU、GPU、NPU、ISP 等高规格处理单元， 峰值算力达 64 TOPS，功耗控制在 10 瓦左右，适用于机器人、AI 盒子、 智能终端、智能识别系统和无人机等多种场景。 CH37 系列 AI SoC 芯片在算力与功耗平衡方面表现优异，算力接近英伟 达 Orin X，功耗控制优秀，满足未来边端侧算力需求增长，包括混合精 度计算和智能识别等应用场景，在市场竞争中占据明显优势。 景嘉微已覆盖多个重要企业，并与核心客户进行了深度沟通交流，将加 紧与这些客户的进一步沟通，以快速实现产品导入并为量产铺路，计划 通过召开生态发布会来促进小批量出货及未来批量出货，为市场推广做 好准备。 景嘉微已初步接触机器人、AI 盒子、智能识别系统和无人机等领域的客 户，这些客户对产品表现出浓厚兴趣，并且公司正在根据不同场景需求 进行调整，以尽快确定阿尔法级客户名单，为量产做准备。 CH37 系列 AI SoC 芯片处于回片阶段，各项硬件功能基本符合设计要求 且几乎没有 bug，接下来需要一到两个月 ...

12月15日，景嘉微发布公告称，公司控股子公司无锡诚恒微电子有限公司（以下简称"诚恒微"）自主研发的边端侧AISoC芯片CH37系列，已顺利完成流 片、封装、回片及成功点亮等全部关键流程。经初步测试，芯片基本功能与核心性能指标均符合设计要求，标志着该高端芯片项目迈入量产前最后的优化 与测试阶段。 诚恒微CH37系列是一款基于自主研发架构的高集成度单芯片。它创新性地集成了高端CPU、GPU、NPU、GPGPU及ISP等多种高规格处理单元，专为满 足机器人、AI盒子、智能终端、无人机吊舱等复杂场景下对实时智能处理的苛刻需求而设计。 根据披露，该芯片的核心性能亮点突出： 景嘉微表示，诚恒微CH37系列的顺利点亮，是公司与诚恒微集中优势资源、协同推进核心技术自主研发与产业化落地的重要成果。这不仅将进一步丰富 公司和诚恒微的产品线与核心技术储备，更有助于拓宽产品应用场景，服务更广泛的客户领域。 在当前人工智能向边端侧加速渗透的产业浪潮下，诚恒微CH37系列的突破，被视为景嘉微深化"GPU+边端侧AISoC芯片"产品矩阵、响应国家科技自立自 强战略的关键一步。该芯片旨在为具身智能、边缘计算等前沿应用提供高能效、自主可控的 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Views - The company has achieved a milestone in the smart computing chip sector with the successful development of the CH37 series AI SoC chip, which has completed various stages including tape-out, packaging, and lighting up [2][4]. - The CH37 series chip features high-performance computing capabilities, achieving a peak AI computing power of 64 TOPS@INT8, and is designed for real-time operation in complex visual recognition and decision-making models [3][4]. - The company is transitioning from a specialized market focused on military graphics to a broader general market that includes artificial intelligence and data centers, with the CH37 series being a key product in this strategic shift [4][5]. Financial Projections - The company is projected to achieve revenues of 752 million yuan in 2025, 1.105 billion yuan in 2026, and 1.553 billion yuan in 2027, reflecting significant growth rates of 61%, 47%, and 41% respectively [2][5]. - The net profit is expected to recover from a loss of 165 million yuan in 2024 to a profit of 14 million yuan in 2025, and further increase to 90 million yuan in 2026 and 211 million yuan in 2027 [2][5]. - The report highlights a significant increase in R&D investment, with R&D expense ratios projected at 60.2% for 2024 and 46.8% for the first three quarters of 2025, indicating a strong commitment to innovation [5]. Market Position and Strategy - The CH37 series is positioned to meet the high computing demands of embodied intelligence and edge computing markets, applicable in various scenarios such as robotics, AI boxes, smart terminals, and drones [3][4]. - The company aims to leverage its high-performance chip capabilities to expand into new markets, including smart cities and industrial vision applications [3][4]. - The strategic transformation is expected to lead to a reversal of the company's previous operational challenges, with the successful launch of the CH37 series laying the groundwork for future testing and mass production [5].