证券日报网讯卓胜微（300782）9月5日在互动平台回答投资者提问时表示，公司射频前端产品可应用于 卫星通信终端。未来公司将通过高端模组的布局和推进，进一步提升品牌影响力和市场渗透率。 ...

个股中，臻镭科技今年上半年归属净利润增速居首，同比增长10倍，其次是思瑞浦和芯动联科；第二季 度中，敏芯股份盈利环比增速居前，达到6.84倍，晶丰明源、思瑞浦等实现2倍以上盈利增速。 具体来看，臻镭科技今年上半年归属净利润实现约6232万元，同比增长约10倍，二季度"牛散"屠黎明、 葛卫东精准"埋伏"位居前十大股东。据披露，公司产品主要应用于卫星互联网产业链，受益于面对下游 行业回暖、需求持续向好的趋势，在手订单和在手项目同比大幅增长。 思瑞浦今年上半年归属净利润近6569万元，同比大幅扭亏，电源产品、隔离、ADC、运放等在工业市 场出货量明显提升。公司高管介绍，工业市场作为公司最大业务板块，上半年收入同比增长约50%，二 季度环比继续保持强劲增长；受下游备货及国产替代持续推进，新能源（光伏、储能）、电力电网、电 源模块、测试测量、家用电器等领域表现突出，汽车市场也实现稳健增长，并布局AI服务器。 晶丰明源今年上半年实现归母净利润15,76万元，同比大幅扭亏。据公司高管介绍，在新一代显卡应用 出货带动下，高性能计算电源芯片业务实现快速增长，该部分业务收入同比上升约四成，汽车电子业务 继续实现突破，推出了超高集 ...

东兴证券指出，市场充分认可慢牛趋势。建议重点关注人工智能领域的投资机会，除了上游硬件公司之 外，建议关注 AI 应用端后续的进展，对商业航天建议给予高度重视，行业能见度非常好，未来发射数 量预期明确，非常适合增量机构资金配置，有望成为除 AI 之外，最具想象力的科技主线。 卫星ETF（159206）是当前唯一跟踪国证商用卫星通信产业指数的ETF产品，也是全市场首支、规模最 大的卫星ETF，其联接基金（A类：024194，C类024195）也是目前跟踪指数唯一成立的场外基金。当 前，卫星制造是我国卫星互联网本阶段的发展核心，从成分股看，国证商用卫星通信产业指数重点聚 焦"卫星制造+卫星发射"，超配卫星制造（占比约64%），更契合新质生产力发展方向。 近期卫星通信行业利好政策频出，得益于国家层面的战略推动，产业发展呈现加速态势。 长江证券指出，卫星互联网在商业领域除了可对现有地面网络进行补充外，亦可衍生出诸多全新应用场 景，如智能驾驶、星际通信与太空探索、全球卫星算力集群等，应用潜力巨大。中国卫星互联网正逐步 从传统航天的任务式发展迈向商业化发展，产业链开放度大幅提升，卫星生产成本显著降低，新技术亦 在持续突破中 ...

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 002475 | 立讯精密 | 5.14% | 8.06% | | 000725 | 京东方A | 0.49% | 6.71% | | 688256 | 寒武纪 | 4.97% | 5.79% | | 603501 | 豪威集团 | 1.80% | 4.99% | | 688008 | 澜起科技 | 4.53% | 4.31% | | 601138 | 工业富联 | 4.84% | 3.89% | | 603986 | 兆易创新 | -0.06% | 3.84% | | 002241 | 歌尔股份 | 1.85% | 2.61% | | 300014 | 亿纬锂能 | 9.64% | 2.57% | 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电子主题ETF发起式联接C：015895；平安中证消费电子 主题ETF发起式联接E：024557)。 流动性方面，消费电子ETF盘中换手8.57%，成交4549.17万元。拉长时间看，截至9月4日， ...

Core Insights - Wuxi is focusing on building an internationally competitive integrated circuit industry cluster, with significant investments and projects signed during the 2025 Integrated Circuit (Wuxi) Innovation Development Conference [1] Industry Overview - A total of 57 projects were signed, with 55 being industrial projects and a total investment of 17.721 billion yuan [1] - The integrated circuit industry in Wuxi is projected to have over 600 companies by 2024, generating revenue of 226.834 billion yuan, with the design, manufacturing, and testing sectors accounting for 149.639 billion yuan, representing 10.4% of the national total and 40.7% of Jiangsu province's total [2] - In the first half of 2025, the revenue of the integrated circuit industry in Wuxi is expected to grow by 12% year-on-year [2] Competitive Advantages - Wuxi has established a complete industrial chain in the integrated circuit sector, excelling in design, manufacturing, and testing [2][3] - The city has a strong presence in analog circuit design and is expanding into high-end digital circuits, with companies like Zhaoxin Micro and Chipone Technology leading the way [2] - Wuxi's wafer manufacturing has pioneered domestic foundry models, with a monthly production capacity exceeding 1 million 8-inch wafers [2] Testing and Packaging - Wuxi's integrated circuit packaging and testing industry is nationally leading in both scale and technology, featuring companies like Longji Technology and Allwinner Technology [3] - The city hosts the only national-level manufacturing innovation center for integrated circuit specialty processes and packaging testing [3] Strategic Development - The Integrated Circuit (Wuxi) Innovation Development Conference aims to promote industrial progress and has become a significant event in the semiconductor field [4] - The conference features a "1+5" structure, including a main opening ceremony and five thematic activities, focusing on areas such as artificial intelligence and advanced packaging [4] Future Directions - Wuxi is focusing on high-end chip design and upgrading traditional packaging to advanced packaging, aiming to lead domestic development in the post-Moore era [5] - The city is encouraged to enhance the development of semiconductor equipment and key components, promoting domestic production levels [5] - New public service platforms and research institutions are being established to support innovation in the integrated circuit sector [5]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Semiconductor Sector in China - **Recent Performance**: The A-share semiconductor sector experienced a rally of 13% last week, outperforming the CSI300 index by the same percentage in August [1][3] Core Insights and Arguments - **Drivers of Rally**: 1. Launch of DeepSeek's V3.1 model, which supports next-generation local AI chips [1][3] 2. China Mobile's announcement of a supplier list for its Rmb5 billion AI server tender [1][3] 3. Strong wafer fab equipment (WFE) imports in July, which increased by approximately 14% year-on-year and 11% month-on-month [3] - **Valuation Expectations**: - The semiconductor sector is expected to undergo a re-rating, with a preference for local AI, China WFE, and Apple supply chain stocks due to positive catalysts [1][3] - Current trading levels are about 20% above historical average price-to-earnings ratios (PER), but WFE and Apple supply chain stocks are trading at 0.5 standard deviations below average [3] - **Investment Preferences**: - Favorable outlook on server companies like Huaqin and Inspur within the local AI supply chain [3] - Preference for leading WFE companies such as AMEC and Apple supply chain players like Cowell and Luxshare [3] - Caution advised on Android smartphone component suppliers due to sub-seasonal demand in the second half of 2025 [3] Additional Important Information - **China Mobile's AI Server Tender**: - The tender includes various packages with specific volumes and candidate suppliers, indicating a strong demand for indigenous AI solutions [4] - Notable allocations include H3C and ZTE dominating several packages, with Inspur securing 100% of one package [4] - **WFE Import Data**: - The increase in WFE imports is seen as a positive indicator for the demand in China, with expectations of flat to single-digit growth year-on-year driven by advanced memory and logic capacity expansions [3][10] - **Market Dynamics**: - Despite the overall positive sentiment, there is caution regarding semiconductor price hikes from foundries and integrated device manufacturers (IDMs) [3] - **Performance of A-share WFE Names**: - A-share WFE companies have underperformed compared to tech and semiconductor indices year-to-date, despite guidance for 30-50% sales growth [3] This summary encapsulates the key points discussed in the conference call, focusing on the semiconductor sector's performance, investment preferences, and market dynamics.

Core Viewpoint - The company reported a revenue of 1.703 billion yuan and a net profit attributable to shareholders of -147 million yuan for the first half of 2025, indicating short-term performance pressure due to global economic challenges, but it is focusing on product structure optimization, technological breakthroughs, and production line construction to lay a solid foundation for future profitability recovery [1] Group 1: Revenue and Product Performance - The revenue from RF modules increased to 44.35% of total revenue in the first half of 2025, up from 36.34% in the same period last year, demonstrating the company's enhanced competitiveness in integrated and modular products [2] - The L-PAMiD product, which is the highest integration RF front-end module, has entered mass production and delivery, marking a breakthrough in the company's capabilities in the high-end RF front-end sector [2] - The company has established two new growth areas beyond the traditional mobile phone market: large-scale production of WiFi7 front-end modules and successful client validation of Bluetooth front-end modules and UWB chips, positioning itself in the IoT precise positioning market [2] Group 2: Production and R&D Investment - The company is advancing its production line construction and R&D investment, with a monthly capacity of 5,000 wafers for the 12-inch production line and high product yield rates [3] - R&D investment for the first half of 2025 was 407 million yuan, maintaining a high intensity despite a year-on-year decline, with a total of 200 patents obtained, including 198 domestic patents [3] - The company reported a debt-to-asset ratio of 30% and a net cash flow from operating activities of approximately 257 million yuan, providing strong support for future R&D and capacity expansion [3]

公众号记得加星标⭐️，第一时间看推送不会错过。 近期随着卓胜微和唯捷创芯半年报公布，两家头部射频前端公司扣非后净利润都出现不同程度 的亏损，一时间关于射频前端内卷和关于射频卷到"血流成河"的文章不断爆出，笔者采访了多 位未上市或者在上市准备阶段的射频前端公司创业者，从还在努力中的射频前端创业者视角浅 析一下当前射频前端的竞争状态。 当前的氛围不排除部分已上市的射频前端企业具有电梯效应心态，上了电梯就喊电梯拥挤，故意制造 行业内卷的氛围，给还未上市的射频前端企业融资造成一定的障碍。相反，笔者认为，当前的状态是 射频前端正在走向合理发展的过程，通过适当竞争挤去泡沫，行业适当承压，这样可以避免对行业的 发展规模和速度产生过高预期，导致企业的判断出现失误并最后导致资源错配，本来是一个硬科技领 域，需要一代又一代人诚诚恳恳努力，才能保持不断进步，并最终跟上行业发展步伐，不需要那么多 浮躁。 针对目前射频前端的竞争，笔者认为，在ODM市场、部分Cat1市场和分立的滤波器市场，完全按照 招标价格来决定采购政策，对于公司资质、品质能力等要求甚低，这种竞争格局可以用内卷或者卷 到"血流成河"来形容。但是对于品牌客户市场，当前的 ...

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Core Viewpoint - The company experienced a significant decline in revenue and profitability in the first half of 2025, with expectations for a recovery in gross margin due to cost reduction efforts and improved production efficiency in the latter half of 2024 [1][2][3]. Financial Performance - In the first half of 2025, the company reported revenue of 1.704 billion yuan, a year-over-year decrease of 25.42%, and a net loss attributable to shareholders of 147 million yuan, down 141.59% year-over-year [1]. - The second quarter of 2025 saw revenue of 948 million yuan, a year-over-year decline of 13.43% but a quarter-over-quarter increase of 25.43% [1]. - Gross margin decreased by 13.4 percentage points to 28.75% in the first half of 2025, with a gross margin of 26.95% in Q2 2025, reflecting a year-over-year decline of 14.4 percentage points [1]. Product Line Performance - Revenue from the RF discrete devices segment was 899 million yuan, a year-over-year decrease of 29.01%, accounting for 53% of total revenue, with a gross margin decline of 15.0 percentage points to 28.25% [1]. - Revenue from the RF module segment was 756 million yuan, down 21.79% year-over-year, representing 44% of total revenue, with a gross margin decrease of 12.0 percentage points to 28.74% [1]. Future Outlook - The company anticipates a stabilization and recovery of gross margins as production efficiency improves and cost reduction milestones are achieved [2]. - The L-PAMiD product line has entered mass production, and the WiFi7 module products are being shipped at scale, indicating a positive trend in product development and market readiness [2]. - The company is focusing on expanding its product matrix in high-value segments and aims to leverage its technology in various applications, including IoT and smart home devices [2]. Investment Recommendation - The company is positioned as a platform enterprise for RF front-end products, maintaining an "outperform the market" rating despite downward adjustments in profit forecasts for 2025-2027 due to weak downstream demand and high initial production costs [3].