WINGTECH(600745) 新浪财经·2025-03-31 03:54Group 1: Fund Overview - Chunhou Era Preferred Mixed C Fund (code: 014236) is a mixed fund under Chunhou Fund, established on January 27, 2022, with a total management scale of 195 million yuan [1] - The fund aims to achieve long-term stable appreciation of assets by investing in companies with sustainable competitive advantages that align with the current era [1] - As of March 28, 2025, the fund's one-year return reached 11.16%, surpassing the average return of mixed funds during the same period [1] Group 2: Fund Management and Strategy - The current fund manager, Gu Wei, has been in position since March 11, 2024, and emphasizes a positive outlook for the market, expecting improvements in corporate profitability due to policy focus on expanding domestic demand [1] - The fund's institutional investor ratio reached 93.54% as of the mid-2024 report, an increase of 12.22 percentage points over six months [1] Group 3: Company Research and Strategic Focus - Chunhou Fund conducted a survey on Wentai Technology on March 21, 2025, focusing on the company's major asset restructuring plans [2][3] - The restructuring involves the transfer of 100% equity of several subsidiaries to Luxshare Precision, with a total estimated transaction value of approximately 1.7 billion yuan [3] - The company aims to strategically exit the product integration business and concentrate resources on semiconductor development, enhancing its position in the global power semiconductor industry [3] Group 4: Semiconductor Business Development - The company plans to expand its semiconductor business from low-voltage to high-voltage applications, including GaN and SiC products [4] - GaN FETs have been introduced for various applications, with ongoing product expansion and a commitment to R&D [4] - The company has announced an investment of approximately 200 million USD for an 8-inch SiC device production line, expected to be completed in the coming years [4] Group 5: Market Conditions and Inventory Management - The overall delivery cycle for power devices is currently between 4 to 15 weeks, with some devices having longer cycles [4] - Inventory levels for industrial and consumer clients are normal, while automotive clients' inventory varies by region, with a cautious optimism for a transition to a replenishment cycle in the second half of 2025 [4]