Core Viewpoint - The legal opinion letter from Beijing Zhonglun Law Firm confirms that Unisoc Microelectronics Co., Ltd. can proceed with the repurchase of its convertible bonds under specified conditions outlined in relevant laws and regulations [6][11]. Group 1: Legal Framework and Approval - The issuance of convertible bonds by Unisoc Microelectronics has been approved by the Ministry of Finance and the Ministry of Education, as well as the China Securities Regulatory Commission, allowing for a total issuance of 1.5 million bonds with a face value of 1 billion yuan [7][10]. - The bonds were publicly issued on June 10, 2021, and listed on the Shenzhen Stock Exchange on July 14, 2021, with a total issuance amount of 1.5 billion yuan [7][10]. Group 2: Repurchase Conditions - According to the Management Measures and Regulatory Guidelines, bondholders have the right to sell back their bonds to the issuer under certain conditions, particularly if the stock price falls below 70% of the conversion price for a specified period [9][10]. - The specific repurchase terms state that if the company's stock price remains below the adjusted conversion price for a continuous period, bondholders can exercise their right to sell back the bonds at face value plus accrued interest [9][10]. Group 3: Current Situation and Conclusion - As of June 2025, the stock price of Unisoc Microelectronics has been below the required threshold, activating the conditional repurchase clause for the convertible bonds [10]. - The legal opinion concludes that the company is compliant with the relevant regulations and can proceed with the bond repurchase, provided that the bondholders submit their repurchase requests within the designated period [11].

Group 1 - The company issued 15 million convertible bonds with a total value of 1.5 billion yuan, which are currently in the conversion period [1] - The convertible bonds, named "Guo Wei Convertible Bonds," have a maturity period of 6 years, starting from July 14, 2021 [1] - The conditional redemption clause for the convertible bonds will take effect if the closing price remains below 70% of the conversion price for 30 consecutive trading days [2] Group 2 - The suspension of the conversion of the bonds will occur during the redemption application period, lasting five trading days from July 23, 2025, to July 29, 2025 [2] - Normal trading of the convertible bonds will continue during the redemption application period [2] - The conversion of the bonds will resume on July 30, 2025, after the redemption application period ends [2]

Core Points - The China Securities Automotive Semiconductor Industry Index has shown a positive trend, with a 4.05% increase over the past month, 1.71% over the past three months, and a 5.76% increase year-to-date [1] - The index comprises up to 50 listed companies involved in providing semiconductor materials, equipment, and products for the automotive electrification and intelligence sectors [1] - The index is based on a starting point of 1000.0 points as of December 30, 2016 [1] Index Holdings - The top ten weighted companies in the index include: Northern Huachuang (4.92%), Changdian Technology (4.74%), OmniVision Technologies (4.71%), Zhaoyi Innovation (4.68%), Zhongwei Company (4.66%), Unisoc (4.46%), Sanan Optoelectronics (4.24%), Rockchip (3.3%), Wingtech Technology (3.14%), and Tongfu Microelectronics (3.05%) [1] - The index's market segment distribution shows that the Shanghai Stock Exchange accounts for 72.40%, while the Shenzhen Stock Exchange accounts for 27.60% [1] Industry Composition - In terms of industry composition, integrated circuits represent 58.41%, semiconductor materials and equipment account for 24.91%, discrete devices make up 9.30%, optoelectronics comprise 4.24%, and electronic terminals and components constitute 3.14% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

| 证券代码：002049 | 证券简称：紫光国微 公告编号：2025-061 | | --- | --- | | 债券代码：127038 | 债券简称：国微转债 | 紫光国芯微电子股份有限公司 关于"国微转债"回售的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1．投资者回售选择权：根据《紫光国芯微电子股份有限公司公开发行可转 换公司债券募集说明书》（以下简称《募集说明书》）的约定，"国微转债"持 有人可回售部分或者全部未转股的"国微转债"。"国微转债"持有人有权选择 是否进行回售，本次回售不具有强制性。 9．在投资者回售款到账日之前，如已申报回售的可转换公司债券发生司法 冻结或扣划等情形，债券持有人的该笔回售申报业务失效。 公司股票自 2025 年 6 月 10 日至 2025 年 6 月 25 日，连续十二个交易日的 收盘价格低于"国微转债"当期转股价 97.51 元/股的 70%，即 68.26 元/股； 1 2．回售价格：100.212 元/张（含息税） 3. 回售条件触发日：2025 年 7 月 21 日 4．回售申报期：202 ...

经中国证券监督管理委员会"证监许可[2021]1574 号"文核准，紫光国芯微 电子股份有限公司（以下简称"公司"）于 2021 年 6 月 10 日公开发行了 1,500 万张可转换公司债券，每张面值 100 元，发行总额 15 亿元，期限 6 年。经深圳 证券交易所"深证上[2021]673 号"文同意，公司 15 亿元可转换公司债券于 2021 年 7 月 14 日起在深圳证券交易所上市交易，债券简称"国微转债"，债券代码 "127038"。"国微转债"转股期自 2021 年 12 月 17 日至 2027 年 6 月 9 日（如 遇法定节假日或休息日延至其后的第 1 个工作日；顺延期间付息款项不另计息）， 目前"国微转债"处于转股期。 公司股票自 2025 年 6 月 10 日至 2025 年 7 月 21 日连续三十个交易日的收 盘价格低于当期转股价的 70%，且"国微转债"处于最后两个计息年度，根据《紫 光国芯微电子股份有限公司公开发行可转换公司债券募集说明书》的约定，"国 微转债"的有条件回售条款生效。具体内容详见公司于同日在《中国证券报》及 巨潮资讯网（http://www.cninfo.co ...

法律意见书 $$\Xi{\mathrm{O}}{\mathrm{-}}\Xi{\mathrm{H}}\#{\mathrm{t}}{\mathrm{H}}$$ 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 北京市中伦律师事务所 关于紫光国芯微电子股份有限公司 可转换公司债券回售的 关于紫光国芯微电子股份有限公司 可转换公司债券回售的 法律意见书 致：紫光国芯微电子股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受紫光国芯微电子股份有限 公司（以下简称"发行人"或"公司"） ...

渤海证券股份有限公司 关于紫光国芯微电子股份有限公司 可转换公司债券回售有关事项的核查意见 渤海证券股份有限公司（以下简称"渤海证券"或"保荐机构"）作为紫光 国芯微电子股份有限公司（以下简称"公司"或"紫光国微"）向不特定对象发 行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 15 号—— 可转换公司债券》等有关法律法规和规范性文件的要求，对紫光国微可转换公司 债券回售有关事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准紫光国芯微电子股份有限公司公开发 行可转换公司债券的批复》（证监许可[2021]1574 号）核准，公司于 2021 年 6 月向社会公开发行可转换公司债券 1,500 万张，每张面值为人民币 100 元，募集 资金总额为人民币 150,000.00 万元，扣除承销费、保荐费、审计费、律师费、 信息披露费等发行费用人民币 1,212.34 万元，实际募集资金净额为人民币 148,787.66 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **defense and military industry** in China, particularly the investment strategies and market dynamics leading up to 2025 [1][2]. Core Insights and Arguments - **Core Drivers of Stock Price Increase**: The primary drivers for stock price increases in the military industry are **orders, contracts, and performance expectations**. Orders represent critical milestones in weapon development, while contracts are agreements between the military and industrial sectors for equipment purchases. Performance refers to the revenue and profit reported by listed companies, with pre-report performance expectations acting as catalysts for stock price movements [4][1]. - **Stock Price Dynamics**: The military stock price movements can be divided into two phases: **expectation phase** and **performance realization phase**. The expectation phase is characterized by high volatility and significant price increases, while the performance realization phase tends to be more stable but may experience price corrections due to valuation adjustments [5][1]. - **Investment Strategy**: The recommended investment strategy is **swing trading**, particularly buying during the performance realization phase when stock prices decline. This is due to the competitive landscape and the eventual improvement in profitability and asset quality of military enterprises, which are expected to materialize despite potential delays [7][1]. - **New Trends in the Industry**: Current narratives in the military industry include **high-end military trade breakthroughs** and **civilian-military integration**. The industry is also focused on addressing past deficiencies in domestic equipment construction, with a directive to make up for three years of shortfalls within one year to meet the 2027 military goals [8][1]. Additional Important Content - **High-End Military Trade**: The breakthrough in high-end military trade is exemplified by the demonstration of China's systematic equipment capabilities in global markets, such as during the India-Pakistan conflict, which showcased the effectiveness of Chinese military equipment [9][1]. - **Market Positioning of Companies**: Companies like **AVIC Xi'an Aircraft Industry Group** are expected to see a revaluation of their stock prices due to their role in high-end military trade. The company’s market value is currently around **80 billion**, which is significantly lower compared to its peers, indicating potential for growth [3][1]. - **Component Market Outlook**: Orders in the component sector are expected to rise in the latter half of 2025, enhancing confidence in a **3-5 year expansion cycle** for the military industry. This is anticipated to create investment opportunities in companies like **AVIC Optoelectronics** and **Zhenhua Technology** [17][1]. - **Geopolitical Considerations**: The importance of advanced aircraft manufacturers is highlighted in the context of geopolitical events, as these manufacturers play a crucial role in the global military trade market [10][1]. - **Civilian-Military Integration**: The strategy of integrating military technologies into civilian applications is seen as vital for the development of the mechanical industry in China, with companies leveraging advanced technologies for broader market opportunities [14][1]. - **Safety in Explosives and Ammunition Production**: The safety production of explosives and ammunition is emphasized as a critical area, with companies in this sector being recommended due to their importance in national defense capabilities [22][1][23][1]. This summary encapsulates the key points discussed in the conference call, providing insights into the military industry's current state and future directions.

证券研究报告 最新A股、港股、美股估值怎么看？ ——估值周报（0714-0718） 李立峰 SAC NO:S1120520090003 冯逸华 SAC NO:S1120523070007 2025年7月19日 请仔细阅读在本报告尾部的重要法律声明 全球主要指数估值总览 图表1：全球主要指数PE(TTM) 注：自2010年1月起，截至2025年7月18日 0 20 40 60 80 100 120 140 160 上证指数 创业板指 恒生指数 恒生科技 标普500 纳斯达克指数 道琼斯工业指数 日经225 德国DAX 中位数 最大值 最小值 现值 A股 港股 美股 日股 德股 资料来源： wind ，华西证券研究所 2 目录 风险提示 3 一、A股市场估值水平 二、A股行业估值水平 三、部分机构集中持有个股估值水平 四、港股市场估值水平 五、港股行业估值水平 六、美股市场估值水平 七、中概股估值、中美银行股估值比较 1.1 A股绝对估值变化 4 图表2、3：A股整体PE(TTM)、A股剔除金融和石油石化PE(TTM，剔除负值) 资料来源： wind ，华西证券研究所 4 16.08 5 10 15 20 25 ...

Core Points - The Shanghai Composite Index opened high and rose, with the China Trading Service Semiconductor Chip Industry Index increasing by 0.29% to 8556.02 points, with a trading volume of 38.839 billion yuan [1] - The China Semiconductor Chip Index has risen by 4.03% in the past month, decreased by 2.63% in the past three months, and increased by 1.61% year-to-date [1] - The index aims to track the overall performance of listed companies in the semiconductor chip industry in the Shanghai and Shenzhen markets, covering areas such as semiconductor chip materials, equipment, design, manufacturing, packaging, and testing [1] Index Holdings - The top ten weighted companies in the China Semiconductor Chip Industry Index are: SMIC (9.36%), Northern Huachuang (7.48%), Haiguang Information (6.77%), Cambricon (6.46%), OmniVision (5.69%), Lattice Semiconductor (5.21%), Zhongwei Company (4.24%), Zhaoyi Innovation (4.14%), Changdian Technology (2.58%), and Unisoc (2.44%) [1] - The market share of the index holdings is 77.35% from the Shanghai Stock Exchange and 22.65% from the Shenzhen Stock Exchange [1] Industry Composition - The industry composition of the China Semiconductor Chip Industry Index is 100% in Information Technology [2] - Public funds tracking the China Semiconductor Chip Index include: Guotai CES Semiconductor Chip Industry ETF Link A, Guotai CES Semiconductor Chip Industry ETF Link C, Huaan CES Semiconductor Chip Industry A, Huaan CES Semiconductor Chip Industry C, Western Li De CES Semiconductor Chip Industry Index Enhanced A, Western Li De CES Semiconductor Chip Industry Index Enhanced C, and Guotai CES Semiconductor Chip ETF [2]