行情速递 ① 主板领涨， 奥拓电子（+10.10%）/兆易创新（+10.00%）/利通电子（+10.00%）/美利云 （+9.98%）/得润电子（+9.92%）/ ②创业板领涨， 博创科技（+20.01%）/平治信息（+20.00%）/华宇软件（+9.28%）/宏景科技 （+8.00%）/冰川网络（+7.08%）/ ③科创板领涨， 新相微（+12.63%）/希荻微（+10.43%）/有方科技（+7.82%）/安集科技 （+7.68%）/思瑞浦（+6.86%）/ ④活跃子行业， SW 通信应用增值服务（+1.79%）/ SW 教育出版（+1.72%）/ SW 数字芯片设 计（+1.72%）/ 国内新闻 ① IDC，2024年中国企业级外部存储市场整体回暖并进入增长周期/销售额 达69.2亿美元/占全球市场份额的22.0%/其中/浪潮信息销售额与出货量市 占率分别达10.9%和11.2%/均位列中国前二/ 公司公告 ① 韦尔股份，2025 年第一季度报告/25Q1公司实现营收64.72亿元/同比增 长14.68%/归母净利润8.66亿元/同比增长55.25%/ ② 盛美上海，2025 年第一季度报告/25Q1公司 ...

大家好，我是海豚君！ 舞完了大棒的特朗普，先是来一个90天的休止符，接着这两天突然跟"换魂"了一样，开始对包括中国在内的国家频频示好，市场原本预期平均税率都要到20%上 下，现在似乎川普温和之后，觉得最终关税税率可能也就是5-10%之间。 这种情况下，市场从Risk-off模式又重新进入了Risk-on模式，但这一波特朗普政府的神操作之后，美股市场会一笑泯恩仇，接着4月2日解放日之前的节奏继续"蹦 迪"吗？ 一、4月2日之前 vs之后，到底什么变了？ 但这次特朗普的极限操作，让市场意识到了，疫情以来美国的繁荣主要是联邦政府的加杠杆，现在这个杠杆在美国国债收益率高企的情况下，继续加杠杆已经很 困难了。 在特朗普这波难得一见的"抽象"操作中，从叙事角度，最大的变化恐怕就是"美国例外论"信仰了。在全球资金超配美国资产的过程中，除了美国作为成熟市场，稳 定的股东回报和理性的资本配置之外，一个很大的原因，相信美元资产持续向上。 从美国的宏观杠杆率变化可以看出： a. 美国经济总体的杠杆率目前仍然有258%，比疫情前的251%（2019年四季度）还高出7个百分点； b. 但分部门来看，杠杆是集中给到了联邦政府，企业和居民 ...

Investment Rating - The report suggests a positive outlook for the electronic sector, driven by AI industry growth and domestic substitution logic, recommending a focus on AIOT, AI-driven technologies, equipment materials, and consumer electronics [5][6]. Core Insights - The electronic sector is experiencing a moderate recovery in demand, with notable performance in AI cloud and edge chip-related companies for 2024 and Q1 2025. Google's Q1 capital expenditure increased by 43.4% year-on-year, indicating strong investment in AI and cloud computing [5][6]. - Companies like Cambricon and Haiguang Information reported significant revenue growth, with Cambricon achieving a revenue of 1.174 billion yuan in 2024, up 65.56% year-on-year, and a staggering 4230.22% increase in Q1 2025 [5][6]. - The report highlights the importance of sustained high capital expenditure by leading cloud providers like Google, which is crucial for maintaining competitive advantages in AI and cloud services [5][6]. Summary by Sections Industry News - The report notes that the semiconductor industry is facing challenges, with companies like STMicroelectronics reporting a 27.3% decline in revenue due to lower demand in automotive and industrial sectors [11]. - Alphabet's Q1 revenue exceeded expectations, driven by strong search advertising performance and increased AI investments [11]. Company Performance - Haiguang Information reported a Q1 revenue of 2.4 billion yuan, a 50.76% increase year-on-year, with a net profit of 506 million yuan, up 75.33% [20]. - Cambricon's Q1 revenue reached 1.111 billion yuan, marking a 4230.22% increase year-on-year, with a net profit of 355 million yuan [5][20]. - The report also highlights the performance of other companies such as Hengxuan Technology and Zhaoyi Innovation, which reported significant revenue and profit growth in 2024 and Q1 2025 [18][19]. Market Trends - The report indicates that the electronic sector outperformed the broader market, with the Shenwan Electronics Index rising by 0.83% compared to a 0.38% increase in the CSI 300 Index [21][23]. - The semiconductor sub-sector showed varied performance, with consumer electronics and electronic components experiencing positive growth, while semiconductor stocks faced declines [23][24]. Investment Recommendations - The report recommends focusing on AIOT companies such as Lexin Technology and Hengxuan Technology, as well as AI-driven chip manufacturers like Cambricon and Haiguang Information [5][6]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, highlighting companies like North Huachuang and Zhongwei Technology as potential investment opportunities [6].

Investment Rating - The report suggests a positive outlook for the electronic sector, driven by AI industry growth and domestic substitution logic, recommending a focus on AIOT, AI-driven, equipment materials, and consumer electronics sectors [4][5]. Core Insights - The electronic sector is experiencing a moderate recovery in demand, with notable performance in AI cloud and edge chip-related companies for 2024 and Q1 2025. Google reported a 43.4% year-on-year increase in capital expenditure for Q1 2025, indicating strong investment in AI and cloud computing [4][5]. - Companies like Cambricon and Haiguang Information have shown impressive revenue growth, with Cambricon achieving a revenue of 1.174 billion yuan in 2024, up 65.56% year-on-year, and a staggering 4230.22% increase in Q1 2025 [4][5]. - The report highlights the importance of AI-driven sectors and domestic substitution in the semiconductor industry, with specific companies recommended for investment based on their performance and market position [4][5]. Summary by Sections Industry News - The report notes that the semiconductor industry is facing challenges, with companies like STMicroelectronics reporting a 27.3% decline in revenue for Q1 2025 due to lower-than-expected demand in automotive and industrial sectors [10]. - Alphabet's Q1 2025 revenue exceeded expectations at $76.5 billion, driven by strong search advertising performance and significant investments in AI [10]. Company Performance - Cambricon's Q1 2025 revenue reached 1.111 billion yuan, a 4230.22% increase year-on-year, with a net profit of 355 million yuan, marking a significant turnaround [4][19]. - Haiguang Information reported a revenue of 2.4 billion yuan in Q1 2025, up 50.76% year-on-year, with a net profit of 506 million yuan, reflecting strong growth in its CPU and DCU products [4][19]. - Hengxuan Technology achieved a revenue of 9.95 billion yuan in Q1 2025, a 52.25% increase year-on-year, with a remarkable net profit growth of 590.22% [4][19]. Market Trends - The report indicates that the electronic sector outperformed the broader market, with the Shenyin Wanguo electronic index rising 0.83% compared to a 0.38% increase in the CSI 300 index [20][22]. - The semiconductor sub-sector showed a decline of 0.81%, while consumer electronics saw a rise of 3.86%, indicating a mixed performance across different segments [22][24]. Investment Recommendations - The report recommends focusing on AIOT companies such as Lexin Technology and Hengxuan Technology, as well as AI innovation-driven firms like Cambricon and Haiguang Information [5][4]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, highlighting companies like North Huachuang and Zhongwei Technology as potential investment opportunities [5][4].

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 投资人记事 来源：雪球 基金年报+一季报相继出炉 ， 又到了我们了解自己基金经理的时间窗口了 。 不妨来看看 ， 朱少醒 、 张坤 、 谢治宇今年一季度在干嘛 ？ 他们的基民在做什么 ？ 截至今年一季度末 ， 朱少醒 、 张坤 、 谢治宇三位基金经理 ， 管理的资产规模合计约1258亿元 。 我们分两个部分 ， 去了解我们的基金经理 。 第一部分是 ， 他们的基民在做什么 ， 这决定了基金经理的很多行为模式 。 公募基金管理的一个重要工作 ， 就是流动性管理 ， 面对基民的申赎 ， 基金经理会做一些被动的买卖 ， 我们需要大致了解 ， 他们在报告期花了多大精力在被动工作 。 另外 ， 基金规模决定了 ， 他们的交易操作到底是真的增减持 ， 还是被动增减持 ， 任何不基于基金规模 变动的持仓分析 ， 都不靠谱 。 比如 ， 一个基金规模原本100亿 ， 现在200亿 ， 假设原本持有茅台10亿元 ， 现在持有茅台12亿元 ， 你说 ， 它是增持还是减持 ？ 数字上看 ， 是增持的 。 然而 ， 因为10亿 ...

上述关键驱动因素包含基带芯片、收发器和相关PMIC，至于成本节约：预期由苹果的5G解决方案 驱动，每装置可省下10美元。 iPhone 16e 内部芯片关键在处理器、Cellular network、电源管理，后二者相关芯片「内部价值比 重」：分别上升到63%和50%，并预期iPhone 17：可能会采用相同的Cellular解决方案。 法人则分析，若按照苹果iPhone 16e 出货规模今年可达到2200万支来看，至少可省下2.2亿美元。 若后续更多iPhone导入，按照一年2亿支规模来看，基带芯片初估就可省下成本达20亿美元（相当 于新台币650亿元），相当可观。但苹果和高通还有合约限制，业界预期苹果自研新款芯片将采逐 步推进导入手机。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体行业观察综合 ，谢谢。 苹果自推动Apple silicon长期计画以来持续扩张自行研发芯片的路线，其中备受外界讨论多时耕 耘多年5G Modem芯片C1先前已正式浮上台面，一般预料持续由伙伴台积电（2330）操刀，究竟 苹果自研芯片效益如何，研究机构最新分析也解密。 counterpoint Research ...

Core Insights - Apple is expanding its self-developed chip strategy, particularly with the introduction of its 5G modem chip, C1, which is expected to enhance cost efficiency and performance in its devices [1][5][13]. Cost Analysis - The Bill of Materials (BoM) cost for the iPhone 16e shows that internally developed components account for 40% of the total cost, driven by the baseband chip, transceiver, and related PMIC [1]. - The expected cost savings from Apple's 5G solution is approximately $10 per device, leading to a potential savings of $2.2 million if the iPhone 16e shipment reaches 22 million units this year [1][2]. Market Impact - If more iPhones adopt the self-developed modem, estimated savings could reach $2 billion annually based on a shipment scale of 200 million units [2]. - Apple is a major client of TSMC, which has seen its revenue from advanced processes (7nm and below) exceed 70%, indicating strong demand for Apple's chips [2]. Chip Development - The Apple C1 modem, developed after acquiring Intel's modem division, represents a significant shift in Apple's strategy to reduce reliance on Qualcomm [5][13]. - The C1 modem utilizes a 4nm process, which is more advanced than Intel's previous 14nm technology, resulting in a higher integration density and improved performance [18]. Competitive Landscape - The modem market is dominated by a few players, including Qualcomm, MediaTek, and Unisoc, with Apple now entering the fray with its proprietary solutions [4][5]. - Future iPhone models are expected to continue integrating Apple's own chips, including potential successors to the C1 modem [20].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体行业观察综合 ，谢谢。 苹果自推动Apple silicon长期计画以来持续扩张自行研发芯片的路线，其中备受外界讨论多时耕 耘多年5G Modem芯片C1先前已正式浮上台面，一般预料持续由伙伴台积电（2330）操刀，究竟 苹果自研芯片效益如何，研究机构最新分析也解密。 iPhone 调制解调器的演变 法人则分析，若按照苹果iPhone 16e 出货规模今年可达到2200万支来看，至少可省下2.2亿美元。 若后续更多iPhone导入，按照一年2亿支规模来看，基带芯片初估就可省下成本达20亿美元（相当 于新台币650亿元），相当可观。但苹果和高通还有合约限制，业界预期苹果自研新款芯片将采逐 步推进导入手机。 苹果是台积电大客户，也是台积电先进制程最大出海口。台积电7纳米以下先进制程营收占比已突 破七成，达到73%，今年首季7纳米出货占15%，5纳米36%，3纳米为22%，先进制程持续扮演获 利的引擎。台积电加码美国千亿美元投资，预估专案投资到位后，估三成2纳米以下先进制程产能 将在亚利桑那厂生产，支援客户包含苹果、英伟达、超微、高通与博通等需求。 深挖 ...

Core Viewpoint - Apple is expanding its self-developed chip strategy, particularly with the introduction of its 5G modem chip, C1, which is expected to significantly reduce costs and enhance its competitive position in the smartphone market [1][2]. Group 1: Cost Analysis and Savings - The Bill of Materials (BoM) cost for the iPhone 16e shows that Apple's internal development accounts for 40% of the total component cost, driven by the baseband chip, transceiver, and related PMIC [1]. - Each device utilizing Apple's 5G solution is projected to save approximately $10, leading to an estimated total savings of $220 million if the iPhone 16e ships 22 million units this year [2]. - If Apple scales up to 200 million units annually, the cost savings from the baseband chip alone could reach $2 billion, equivalent to approximately 65 billion New Taiwan Dollars [2]. Group 2: Chip Development and Technology - Apple has transitioned from using Qualcomm's chips to its own C1 modem in the iPhone 16e, marking a significant shift in its supply chain strategy [5][20]. - The C1 modem is built on TSMC's 4nm process, which offers a substantial increase in integration density compared to Intel's previous 14nm technology, making the C1's circuitry approximately 2.5 to 3 times larger than Intel's last modem [18]. - The C1 modem incorporates advanced features such as a MEMS oscillator instead of a crystal oscillator, showcasing Apple's innovation in chip design [9]. Group 3: Market Position and Future Prospects - Apple is a major client of TSMC, which has seen its revenue from advanced processes (7nm and below) exceed 70%, indicating strong demand for cutting-edge semiconductor technology [2]. - TSMC's investment in the U.S. is expected to bolster its capacity for producing advanced chips, with 30% of its sub-2nm capacity projected to be manufactured in Arizona, supporting clients like Apple, NVIDIA, and Qualcomm [2]. - The introduction of the C1 modem is part of Apple's broader strategy to develop proprietary chips for various functions, including Wi-Fi and Bluetooth, indicating a long-term vision for self-sufficiency in critical components [21].

Group 1: China Export Tracking - Goldman Sachs' China team launched the "China Export Tracking" series focusing on changes in China's export patterns to the U.S. amid escalating tariffs [1] - The report surveyed 46 companies whose products account for nearly 70% of China's total exports to the U.S. to assess the impact of trade dynamics [1] - Key questions included changes in export orders compared to pre-tariff levels, initiation of price negotiations, and views on alternative supply chains and inventory [1] Group 2: Tariff-Induced Recession Risks - The adjustment of tariff policies by the Trump administration has created significant uncertainty in the U.S. economic outlook, raising recession concerns [4] - Economic observers have differing views on recession risks, with some indicating a higher likelihood due to uncertainty, while others believe trade policies may not necessarily lead to a recession [4] - The report evaluates market vulnerabilities to recession and discusses potential protective measures for investment portfolios [4] Group 3: Company Updates - Cambricon's rating was upgraded to "Buy" due to growth driven by cloud capital expenditure, with expectations of profitability in 2025 and an EBIT margin of 26% by 2030 [4] - Weichai Power is expected to report a net profit decline of about 5% in Q1 2025, but a 20% increase when excluding the impact of Kion Group, supported by improved profit margins [5] - TSMC maintains its revenue and capital expenditure guidance for 2025, surprising investors amid concerns over tariff impacts on demand, though it anticipates a larger decline in gross margins than previously expected [6] - Fuyao Glass's Q1 2025 results met expectations, with limited tariff impact, and the company is expected to gradually restore new orders [7] - Ruifeng New Materials reported a net profit of 195 million RMB in Q1 2025, a 28% year-on-year increase, benefiting from the ongoing recovery in exports [8] Group 4: Global Economic Insights - The normalization of U.S. Treasury markets shows signs of recovery, but achieving a sustained rebound remains uncertain due to various risks [9] - There are no significant signs of large-scale outflows from U.S. assets, with recent market volatility attributed to leveraged investors rather than mass selling [9] - Gold prices have risen approximately 7% since April 8, supported by structural factors rather than speculative inflows, with expectations for gold prices to reach $3,700 per ounce by year-end [9]