证券代码：300782 证券简称：卓胜微 公告编号：2025-087 江苏卓胜微电子股份有限公司 关于向特定对象发行股票申请获得 中国证券监督管理委员会同意注册批复的公告 二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告深圳证券交易所并按有关规定处理。 公司董事会将根据上述批复文件和相关法律法规的要求以及公司股东会的授 权，在规定期限内办理本次向特定对象发行股票相关事宜，并及时履行信息披露 义务。敬请广大投资者注意投资风险。 特此公告。 江苏卓胜微电子股份有限公司 董事会 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏卓胜微电子股份有限公司（以下简称"公司"）于近日收到中国证券监 督管理委员会出具的《关于同意江苏卓胜微电子股份有限公司向特定对象发行股 票注册的批复》（证监许可〔2025〕2905 号），批复的主要内容如下： 一、同意你公司向特定对象发行股票的注册申请。 2025 年 12 月 29 日 ...

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.08%, driven by strong performances in the environmental protection, electronics, and communication sectors, while agriculture, forestry, animal husbandry, and coal sectors experienced declines [1] - The chip technology stocks showed significant strength, with the chip ETF (159995.SZ) rising by 0.52%, and notable increases in component stocks such as Beijing Junzheng (up 6.23%), Shengbang Co. (up 5.15%), SMIC (up 2.95%), Zhaosheng Micro (up 2.79%), and Hu Silicon Industry (up 0.88%) [1] Group 2 - According to the CFM flash memory market report, there is expected to be a significant supply shortage for server eSSD and DDR5 RDIMM in Q1 2026, with DDR5 RDIMM prices projected to rise by over 40% and eSSD prices expected to increase by 20% to 30% [3] - Embedded storage prices are anticipated to see substantial increases, with embedded NAND and DRAM contract prices expected to rise by as much as 30% and 45% respectively by Q4 2025, with further significant increases projected for Q1 [3] - Dongguan Securities indicated that the continuous rise in storage prices reflects strong demand driven by AI, suggesting that companies within the storage industry chain are likely to benefit from these price increases [3] - The chip ETF (159995) tracks the National Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

Group 1: Electronic ETF Performance - The electronic ETF (515260) showed stable performance with an intraday increase of 1.23%, currently up by 0.77% [1] - Notable performers among constituent stocks include North Huachuang, Industrial Fulian, and Shenghong Technology, with increases of 4.72%, 4.11%, and 3.64% respectively [1] - Conversely, Lingyi iTech, Zhaosheng Micro, and Transsion Holdings experienced declines of 4.64%, 2.44%, and 2.39% respectively [1] Group 2: Semiconductor Industry Insights - Moore Threads announced multiple key domestic GPU technology achievements at its first developer conference, achieving breakthroughs in training and inference [3] - The National Big Fund Phase III has recently invested in the semiconductor industry chain, further promoting the construction of the domestic chip ecosystem [3] - Global semiconductor equipment sales are projected to reach $133 billion in 2025, a 13.7% year-on-year increase, with expectations for continued growth in 2026 and 2027 driven by AI-related investments [3] - The domestic integrated circuit manufacturing industry saw a value-added growth of 32.4% in November, with domestic GPU companies going public and upstream localization accelerating [3] Group 3: Market Trends and Recommendations - Micron's Q1 FY2026 performance exceeded expectations, driven by surging storage demand due to the AI wave, with revenue reaching $13.64 billion, a 57% year-on-year increase [3] - The electronic industry is experiencing a sustained recovery in demand, effective supply clearance, and rising storage chip prices, with domestic production efforts exceeding expectations [3] - Recommendations include focusing on structural opportunities in AI computing power, AIOT, semiconductor equipment, key components, and rising storage prices [3] Group 4: Electronic Index Composition - The electronic ETF and its linked funds passively track the Electronic 50 Index, with the top ten weighted stocks including Luxshare Precision, Cambricon, Industrial Fulian, SMIC, Haiguang Information, North Huachuang, Shenghong Technology, Zhongke Shuguang, BOE A, and Lianqi Technology [4]

Core Viewpoint - The current market is expected to remain volatile due to global geopolitical conflicts, the US-China technology rivalry, and uncertainties regarding overseas AI investments, leading to a cautious and neutral allocation strategy. However, there is a long-term optimistic outlook on domestic AI computing power, optical modules, 6G industry trends, domestic substitution, self-control, and military industry growth, which could catalyze market opportunities in various sectors [1]. Group 1: Space Infrastructure and Satellite Communication - The space infrastructure competition is accelerating industry development, with the US government emphasizing the importance of maintaining "space superiority" through increased R&D and private sector investment. This sector is seen as a critical area in the US-China rivalry, with the domestic satellite constellation launches and commercial space development expected to expand market size [2]. - The issuance of satellite internet licenses in China marks a significant step towards commercial operation, which is anticipated to drive the entire industry chain towards large-scale acceleration. The development of satellite internet is progressing rapidly, with regular satellite launches expected to enhance communication capacity and reduce latency [2]. Group 2: Hollow Core Fiber and AI Applications - The demand for hollow core fibers is expected to benefit from AI catalysis, as these fibers offer low latency, wide spectrum, low loss, and low nonlinearity, addressing the physical limitations of traditional fibers. The current phase is critical for the rapid iteration and evolution of hollow core fibers, which are still in the early stages of commercialization [3]. - The unique characteristics of hollow core fibers are projected to meet the growing demands of AI large model applications, highlighting their potential value in internal interconnections, metropolitan data center interconnections, and wide-area interconnections. Beneficiary companies include Yangtze Optical Fibre (601869), Hengtong Optic-Electric (600487), FiberHome Technologies (600498), and Zhongtian Technology (600522) [3]. Group 3: Investment Recommendations - Beneficiary stocks in satellite communication and satellite IoT include companies involved in chip and T/R component industries such as Chengchang Technology, Guobo Electronics, Zhenlei Technology, Shanghai Huanxun, and Xinke Mobile. The terminal antenna supply chain includes Chengchang Technology, Tongyu Communication, Guobo Electronics, and Zhaoshengwei (300782) [4]. - Key players in terminal chips and core networks include China Mobile (600941), China Unicom (600050), China Telecom (601728), Haige Communication (002465), Huali Chuantong (300045), and Zhenyou Technology. Testing instrument companies include Kunheng Shunwei and Chuangyuan Xinke [4].

Core Viewpoint - The company, ZTE Microelectronics (卓胜微), is expanding its capabilities in satellite communication by providing RF front-end chip products suitable for this field, positioning itself as a supplier for smart terminal access to satellite networks [1] Group 1: Product Development - The company has developed RF front-end chip products that are compatible with satellite communication applications [1] - It has the capability to offer satellite terminal products, applications, and solutions [1] - Products that meet NTN standards are currently in the early stages of shipment [1] Group 2: Future Plans - The company plans to increase its reserves and expand related technologies and terminal products in the field of aerospace satellite communication [1] - There is an intention to explore additional application scenarios related to satellite communication [1]

Market Overview - The Shanghai Composite Index fell by 1.11% on December 16, with only three sectors gaining, led by retail trade, beauty care, and social services, which rose by 1.32%, 0.66%, and 0.13% respectively [1] - The sectors that experienced the largest declines were telecommunications and non-ferrous metals, with drops of 2.95% and 2.81% respectively [1] - The electronic sector also saw a decline of 1.50% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 701.17 billion yuan, with five sectors seeing net inflows [1] - The retail trade sector had the highest net inflow of 38.18 billion yuan, coinciding with its 1.32% increase [1] - The food and beverage sector had a negligible decline of 0.02% but still saw a net inflow of 3.02 billion yuan [1] Electronic Sector Performance - The electronic sector had a total of 473 stocks, with 75 stocks rising and 396 stocks falling; one stock hit the daily limit up while three stocks hit the daily limit down [2] - Among the stocks with net inflows, C Angrui-UW led with a net inflow of 9.23 billion yuan, followed by TCL Technology and Zhaosheng Micro with inflows of 3.85 billion yuan and 2.50 billion yuan respectively [2] - The sector experienced a net outflow of 116.07 billion yuan, with 39 stocks seeing outflows exceeding 1 billion yuan; the largest outflows were from Cambrian-U, Zhaoyi Innovation, and Xiangnong Chip Creation, with outflows of 9.12 billion yuan, 6.22 billion yuan, and 4.88 billion yuan respectively [2][3] Top Gainers in Electronic Sector - The top gainers in the electronic sector included C Angrui-UW with a 160.11% increase and a turnover rate of 75.28%, followed by TCL Technology and Zhaosheng Micro with increases of 1.11% and 4.62% respectively [2] - Other notable gainers included Shengyi Technology, BOE Technology Group, and Zhishang Technology, with increases of 4.04%, 0.24%, and 0.36% respectively [2] Top Losers in Electronic Sector - The largest losers in the electronic sector included Cambrian-U with a decrease of 4.35% and a turnover rate of 1.77%, followed by Zhaoyi Innovation and Xiangnong Chip Creation with declines of 3.09% and 3.44% respectively [3] - Other significant declines were seen in companies like East Mountain Precision and Heertai, which fell by 2.41% and 5.58% respectively [3]

Group 1 - The core viewpoint of the articles highlights a significant price surge in the global memory chip market, particularly in DRAM and NAND Flash, with prices increasing over 300% since September 2023, driven by the rise of AI applications [1][2] - The consumption electronics sector is expected to implement a combination of structural price increases and cost-sharing strategies with the supply chain, particularly as the demand for consumer electronics like smartphones and computers is projected to rise through 2026 [1] - The consumption electronics ETF closely tracks the performance of the China Securities Consumption Electronics Theme Index, which includes 50 listed companies involved in component production and brand design [2][3] Group 2 - The top ten weighted stocks in the China Securities Consumption Electronics Theme Index account for 56.39% of the index, indicating a concentration of investment in key players such as Luxshare Precision and Cambricon Technologies [3] - AI is enhancing the demand for consumer batteries, as the integration of AI in devices like smartphones and wearables is leading to increased power consumption and a higher demand for lithium batteries [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Technology, specifically focusing on Artificial Intelligence (AI) and semiconductor sectors [1][5][8] - **Outlook for 2026**: The AI supercycle is expected to continue, with significant growth in AI infrastructure and domestic substitution in China [1][5] Core Insights and Arguments - **AI Infrastructure Growth**: AI infrastructure spending is projected to grow robustly, with major cloud providers expected to increase capital expenditures by over 30% in 2026, following a 60% increase in 2024/25 [5][10] - **Cloud Providers' Capital Expenditure**: Major cloud providers (META, Google, Microsoft, Amazon, Oracle) are expected to reach a combined capital expenditure of $467.9 billion in 2026, reflecting a 33% year-over-year increase [10][14] - **Domestic Substitution in China**: The "14th Five-Year Plan" is anticipated to accelerate domestic substitution in key industries, with Chinese cloud service providers expected to increase capital expenditures by 49% in 2025 [5][9] - **Demand for AI-Related Hardware**: There is a persistent supply-demand imbalance for critical hardware components such as computing, storage, and communication chips, driven by high demand from AI applications [10][34] - **Consumer Electronics Demand**: A cautious outlook for global consumer electronics demand is noted, with predictions of a slight decline in smartphone and PC sales in 2026 [5][9] Investment Recommendations - **Recommended Stocks**: - NVIDIA (NVDA US) - Buy, target price $245.00 - Broadcom (AVGO US) - Buy, target price $425.00 - TSMC (TSM US) - Buy, target price $360.00 - Domestic Chinese companies such as North Huachuang (002371 CH), OmniVision (603501 CH), and SMIC (981 HK) are also recommended [2][5] - **Risks**: Potential risks include underperformance in AI monetization, high valuations of core stocks, and geopolitical uncertainties [5][9] Additional Important Insights - **AI Model Development**: The development of AI models continues to progress, with increasing competition and the emergence of new models, including domestic AI models [10][16] - **Chip Supply Dynamics**: The supply of HBM (High Bandwidth Memory) chips is expected to ease in 2026 due to advancements in technology, although demand from AI applications remains high [51][52] - **Market Share Trends**: NVIDIA is projected to maintain a dominant market share in the accelerator chip market, although Broadcom's share is expected to increase significantly [47][46] - **Network Communication Growth**: The importance of network communication in enhancing the efficiency of accelerator chips is rising, with significant growth expected in the AI network communication market [48][54] This summary encapsulates the key points discussed in the conference call, providing insights into the technology industry's outlook, investment opportunities, and potential risks.

Group 1 - The core point of the article is that Zhaosheng Microelectronics (卓胜微) reported that as of December 10, 2025, the number of shareholders is 76,595 [1]

证券日报网讯 12月12日，卓胜微在互动平台回答投资者提问时表示，二级市场股价受政策环境、市场 环境、投资者风险偏好等多方面因素影响，公司对股票在二级市场的价格表现保持关注。同时，管理层 一贯以竭力做好经营，谋求可持续发展为己任，不断提升内在战略价值，用可持续发展的业绩回报广大 投资者。 （文章来源：证券日报） ...