Group 1: Core Insights - The report highlights the trend of domestic GPU companies, specifically Muxi and Moer Thread, receiving approval for their IPO applications on the Sci-Tech Innovation Board, indicating a clear trend towards autonomous computing power in AI [3][4] - Muxi's product matrix includes the Xisi N series for intelligent computing inference, the Xiyun C series for training and general computing, and the Xicai G series for graphics rendering, with cumulative GPU sales exceeding 25,000 units as of Q1 2025 [7][8] - Moer Thread has launched a comprehensive product matrix covering AI intelligent computing, professional graphics acceleration, and desktop graphics acceleration, with cumulative revenue from AI intelligent computing products reaching 336 million [33][34] Group 2: Muxi Company Overview - Muxi's self-developed architecture is compatible with CUDA, and the company has successfully implemented a thousand-card cluster, with plans for a ten-thousand-card cluster [7][13] - The flagship product, Xiyun C500, is set for mass production in February 2024, while the C600 and C700 are expected to follow in 2026 [8][10] - Muxi's management team has a strong background in AMD GPGPU development, contributing to a robust software and hardware team [10][11] Group 3: Moer Thread Company Overview - Moer Thread's product matrix includes four generations of GPU architectures, with the MTT S4000 and MTT S5000 set to enhance performance through innovations like FP8 precision support [33][34] - The company has developed a high-bandwidth interconnect technology, supporting thousands of interconnected cards, with the KUAE2 cluster expected to launch by the end of 2024 [33][34] - Moer Thread's market strategy focuses on both consumer and enterprise markets, aiming to cultivate a developer ecosystem while strengthening vertical solutions in key industries [33][34] Group 4: Market Strategy and Industry Outlook - Muxi's market strategy is defined by a "1+6+X" model, targeting six key industries including education, finance, transportation, energy, healthcare, and entertainment, while also exploring long-tail markets [26][28] - The report anticipates that AI computing will drive the localization of core supply chain segments, with several companies identified as potential beneficiaries of this trend [3][4] - The report emphasizes the importance of domestic supply chain stability and technological advancement in the semiconductor industry, particularly in the context of Muxi's and Moer Thread's growth [26][29]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

TONGFU MICROELECTRONICS 诚信 客户导向 承诺 创新 2024年度 环境、社会及治理（ESG）报告 通富微电股份有限公司 通富微电子股份有限公司 江苏省南通市崇川路288号 0513-85058888（总机） https://www.tfme.com CONTENTS 01 关于本报告 ABOUT THE REPORT 01 / 02 02 董事长致辞 ADDRESS BY SENIOR EXECUTIVE 03 / 04 03 走进通富 共创未来 WALK INTO TONGFU | 治理篇 | | | | --- | --- | --- | | | 04 | 精治通富 稳健前行筑基石 PRECISION GOVERNANCE TONGFU | | | 19 / 20 | 4.1 责任治理，夯实基石 | | | 21 / 24 | 4.2 强化管治，风控先行 | 25 / 26 4.3 诚信为本，重在合规 27 / 30 4.4 信息安全，保障护航 05LATENT INTENTION TONGFU 环境篇 潜志通富 永续新绿担使命 | 33 / 34 5.1 适应气候，碳绘明天 | ...

证券代码：002156 证券简称：通富微电 公告编号：2025-030 通富微电子股份有限公司 第八届董事会第十一次会议决议公告 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。 一、 董事会会议召开情况 通富微电子股份有限公司（以下简称"公司"）第八届董事会第十一次会议， 于 2025 年 6 月 25 日以邮件等方式发出会议通知，各位董事已知悉与所议事项相 关的必要信息，公司第八届董事会第十一次会议于 2025 年 7 月 1 日以通讯表决 方式召开。公司全体 8 名董事均行使了表决权，会议实际有效表决票 8 票。会议 召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 通富微电子股份有限公司董事会 2025 年 7 月 1 日 二、 董事会会议审议情况 1、审议通过了《2024 年度环境、社会及治理（ESG）报告》 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）披露的《2024 年度 环境、社会及治理（ESG）报告》。 表决结果：8 票同意；0 票反对；0 票弃权。 三、备查文件 1．经与会董事签字并加盖董事会印 ...

Group 1 - EVE, a gamified AI companionship application, is currently in beta testing and allows users to interact with AI characters based on personal preferences such as zodiac signs and interests [3] - The AI industry in China is undergoing a critical transformation, characterized by both scale expansion and quality improvement, with global AI core industry expected to grow to $623.3 billion by 2024 according to IDC data [3] - Domestic large models are rapidly iterating and building an open-source ecosystem, with multi-modal AI becoming a core breakthrough direction [3] Group 2 - The Consumer Electronics ETF closely tracks the CSI Consumer Electronics Theme Index, which includes 50 listed companies involved in component production and brand design in the consumer electronics sector [3] - As of June 30, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 51.02% of the index, including companies like Luxshare Precision, SMIC, and BOE Technology Group [4] - The Consumer Electronics ETF has several off-market connection options for investors [4]

Group 1 - Aike Cyber (688719.SH) shareholders Dachen Chuangtong and Dachen Chuanghong reduced their holdings by 2,298,151 shares, accounting for 1.99% of the total share capital, and did not complete the planned reduction [1] - Benchuan Intelligent (300964.SZ) controlling shareholder Dong Xiaojun reduced his holdings by 355,787 shares, accounting for 0.4582% of the total share capital, bringing his shareholding down to 21.64% [1] - Changlian Co., Ltd. (603648.SH) completed its reduction plan by selling 3,624,050 shares, which is 1% of the total share capital [1] Group 2 - Chuan Yi Technology (002866.SZ) controlling shareholder Zou Weimin and his concerted party reduced their holdings, with Zou's shareholding dropping to 48.53% [2] - Daoshi Technology (300409.SZ) controlling shareholder Rong Jihua plans to reduce his holdings by up to 15,416,611 shares, accounting for 1.97% of the total share capital [2] - Electric Alloy (300697.SZ) completed its reduction plan by selling 2,741,390 shares, which is 0.63% of the total share capital [2] Group 3 - Fujirei (688272.SH) shareholders Suzhou Kongkong, Suzhou Zhaorong, and Shanghai Zhaoren reduced their holdings by 1,215,618 shares, 1,463,490 shares, and 44,944 shares, accounting for 1.60%, 1.93%, and 0.06% of the total share capital respectively [3] - Gaoweida (300465.SZ) controlling shareholder Yingtan Yinggao Investment Consulting Co., Ltd. reduced its holdings by 4,261,700 shares, accounting for 0.96% of the total share capital, bringing its shareholding down to 22.00% [3] - Haizheng Materials (688203.SH) shareholder Sinopec Capital plans to reduce its holdings by up to 3,525,600 shares, accounting for 1.74% of the total share capital [3] Group 4 - Hangyu Micro (300053.SZ) shareholder Yan Jun reduced his holdings by 3,930,000 shares, accounting for 0.56% of the total share capital [4] - He Shi Eye Hospital (301103.SZ) shareholder Advanced Manufacturing Industry Investment Fund plans to reduce its holdings by up to 3,106,074 shares, accounting for 2% of the total share capital [4] - He Yuan Gas (002971.SZ) shareholder Baishide Chuangye completed its reduction plan by selling 854,064 shares, which is 0.415% of the total share capital [4] Group 5 - Huaren Health (301408.SZ) shareholder Saifu Investment reduced its holdings by 2,107,696 shares, accounting for 0.53% of the total share capital [5] - Jiangsu Boyun (301003.SZ) shareholder Gong Wei reduced his holdings by 1,558,900 shares, accounting for 1.57% of the total share capital [5] - Jeya Co., Ltd. (301108.SZ) shareholders Mingyuan Fund and its concerted party did not reduce their holdings, and the reduction plan period expired [5] Group 6 - Longxin General (603766.SH) directors plan to reduce their holdings by up to 350,000 shares and 100,000 shares, accounting for 0.0170% and 0.0049% of the total share capital respectively [6] - Ruchuang Micro-Nano (688002.SH) shareholder Li Weicheng plans to reduce his holdings by up to 8,000,000 shares, accounting for 1.75% of the total share capital [6] - Shilan Micro (600460.SH) shareholder Luo Huabing plans to reduce his holdings by up to 500,000 shares, accounting for 0.03005% of the total share capital [6] Group 7 - Tongfu Microelectronics (002156.SZ) shareholder National Integrated Circuit Industry Investment Fund reduced its holdings by 15,175,969 shares, accounting for 1% of the total share capital [7] - Wangzi New Materials (002735.SZ) controlling shareholder Wang Jinjun reduced his holdings by 9,717,874 shares, accounting for 2.54% of the total share capital [7] - Xingye Co., Ltd. (603928.SH) shareholder Shen Genzhen reduced his holdings by 2,620,000 shares, accounting for 1.00% of the total share capital [7] Group 8 - Yikang Co., Ltd. (301085.SZ) controlling shareholder concerted party reduced its holdings by 633,700 shares, accounting for 0.73% of the total share capital [8] Group 9 - Yiming Pharmaceutical (002826.SZ) major shareholder Zhou Zhan reduced his holdings by 3,586,777 shares, accounting for 1.88% of the total share capital [9] - Yiming Pharmaceutical (002826.SZ) director Xi Ke reduced his holdings by 283,862 shares, accounting for 0.15% of the total share capital [9] - Youyan Powder Materials (688456.SH) concerted party reduced its holdings by 1,030,000 shares, accounting for 0.99% of the total share capital [9] Group 10 - Zhongma Transmission (603767.SH) directors plan to reduce their holdings through block trading and centralized bidding [10] - Zhongqi Co., Ltd. (301215.SZ) shareholder Jiangsu Yueda Group did not reduce its holdings, and the reduction plan period expired [10]

Group 1: A-Share Mergers and Acquisitions - In the first half of the year, 1493 A-share listed companies planned a total of 1984 mergers and acquisitions, with 102 significant asset restructurings, marking a year-on-year increase of 121.74% [1] - The improvement in the policy support system for mergers and acquisitions is attributed to the implementation of measures related to the reform of the mergers and acquisitions market and the ongoing effectiveness of the management regulations for significant asset restructurings [1] - Companies are increasingly using mergers and acquisitions to enhance their industrial chains and focus on complementary advantages for collaborative development and competitiveness [1] Group 2: A-Share Private Placement - The private placement market in A-shares has seen a significant recovery, with 70 companies raising a total of 695.92 billion yuan, a year-on-year increase of 611.62% [1] - Central enterprises and their controlled listed companies accounted for 588.68 billion yuan of the total raised [1] - The private placement market is expected to continue growing in the second half of the year, driven by policy support for state-owned enterprises and projects aligned with national strategic directions [1] Group 3: Hong Kong IPO Market - In the first half of 2025, the Hong Kong IPO market raised over 106.7 billion HKD, with 43 new stocks listed, representing a 43% increase in number and a 708% increase in scale compared to the same period last year [2] - The pace of IPOs has accelerated, with 15 new stocks listed in June alone, and over 200 companies currently in the "processing" status for listing applications [2] Group 4: Fund Issuance and Investment Trends - The issuance of new equity funds reached nearly 240 billion yuan in the first half of the year, the highest since 2022, indicating a significant increase in investor confidence in equity assets [2] - The trend towards index-based investment is notable, with the total size of ETFs approaching 4.3 trillion yuan and a net subscription of 372.5 billion yuan in ETFs this year [2] Group 5: Semiconductor Industry Talent Shortage - The semiconductor industry is projected to face a talent shortage of approximately 1 million skilled professionals by 2030, despite various labor development plans [4][5] Group 6: Charging Device Market Changes - Following the implementation of new regulations on charging devices, sales of 3C certified products have surged, while non-compliant products are being sold on second-hand platforms [6] - The industry is expected to move towards standardization and regulation, potentially leading to price increases for charging devices [6] Group 7: Apple and AI Strategy Shift - Apple is considering using AI technologies from Anthropic or OpenAI for its Siri platform, indicating a significant shift in its AI strategy [7] - This move may lead to the abandonment of Apple's self-developed large models for AI functionalities [7] Group 8: Meta's AI Business Restructuring - Meta Platforms Inc. is undergoing a major restructuring of its AI division, focusing on developing "superintelligence" capabilities [8] - A new team, Meta Superintelligence Labs, will be led by Alexandr Wang, with Nat Friedman collaborating on AI product and application research [8] Group 9: Siemens Appointments - Siemens has appointed Vasi Philomin as the executive vice president and head of data and AI, effective July 1 [8] Group 10: Stock Market Performance - The US stock market saw significant gains, with the Dow Jones rising by 0.6% and the S&P 500 reaching a historical closing high [14] - The market is experiencing a positive feedback loop with increased fund inflows and rising stock prices [14]

智通财经7月1日早间新闻精选 9、2连板维科技术公告，股东于6月19日至6月24日期间减持35.1万股，本次减持股份计划尚未实施完 毕；士兰微公告，股东罗华兵计划减持不超过50万股；通富微电公告，国家集成电路产业投资基金股份 有限公司累计减持公司1%股份；3天2板景旺电子公告，控股股东景鸿永泰、智创投资于6月27日至6月 30日期间存在通过大宗交易减持公司股票的情形。 1、财政部等三部门6月30日发布公告称，境外投资者以中国境内居民企业分配的利润，在2025年1月1日 至2028年12月31日期间用于境内直接投资符合条件的，可按照投资额的10%抵免境外投资者当年的应纳 税额，当年不足抵免的准予向以后结转。 2、《深圳证券交易所股票发行上市审核业务指引第8号——轻资产、高研发投入认定标准》昨日发布。 其中指出，"轻资产"指最近一年末固定资产等实物资产合计占总资产比重不高于20%；"高研发投入"指 最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计研发投入不低于3亿元且平均研 发投入占营业收入比例不低于3%。 3、据中证报，进一步深化金融服务新型工业化的相关政策有望研究出台，增量政策预计将引导更多金 ...

Economic Indicators - In June, China's manufacturing, non-manufacturing, and composite PMI were 49.7%, 50.5%, and 50.7%, respectively, showing an increase of 0.2, 0.2, and 0.3 percentage points from the previous month [2] - The steel industry PMI in June was 45.9%, down 0.5 percentage points month-on-month, marking two consecutive months of decline [12] - The top 100 real estate companies in China reported a total sales of 183.64 billion yuan in the first half of the year, a year-on-year decrease of 11.8% [12] Market Performance - The A-share market showed resilience with the Shanghai Composite Index rising 2.8% year-to-date, while the Shenzhen Component Index and ChiNext Index both increased around 0.5% [3] - The Hong Kong market performed well, with the Hang Seng Index up 20% year-to-date, ranking third among major global indices [3] - In the first half of 2025, 163 public fund institutions conducted research on 1,943 A-share listed companies, with a total of 40,093 research instances [8] Policy Developments - The Ministry of Finance, State Taxation Administration, and Ministry of Commerce announced a tax credit policy for foreign investors using profits from domestic companies for direct investment in China, allowing a 10% tax credit on the investment amount [2] - The Shenzhen Stock Exchange released standards for "light asset, high R&D investment" recognition for companies, allowing over 200 companies in strategic emerging industries to have more flexible financing options [2] Corporate Actions - Citic Securities received approval to issue up to 30 billion yuan in perpetual subordinated bonds [10] - Longi Green Energy plans to raise 1.08 billion yuan for its high-efficiency monocrystalline battery project [10] - The Hong Kong-based New World Development secured a refinancing agreement covering approximately 88.2 billion Hong Kong dollars of existing unsecured financial debt [8]

Core Viewpoint - The announcement details a significant share reduction by a major shareholder, the National Integrated Circuit Industry Investment Fund, which will decrease its stake in Tongfu Microelectronics Co., Ltd. from 8.77% to 7.77% through a planned sell-off of 15,175,969 shares, representing 2.5% of the total shares [1][2]. Summary by Relevant Sections Shareholder Reduction Plan - The National Integrated Circuit Industry Investment Fund plans to reduce its holdings by up to 37,939,922 shares within a three-month period starting from June 11, 2025, to September 8, 2025 [1]. - The fund has already executed a reduction of 15,175,969 shares between June 11, 2025, and June 27, 2025 [2]. Shareholding Changes - Prior to the reduction, the fund held 8.77% of the company's shares, which will decrease to 7.77% post-reduction [1][2]. - The total number of shares held before the reduction was 13,315.66 million, and after the reduction, it will be 11,798.06 million [2]. Compliance and Impact - The reduction will not lead to a change in control of the company and will not affect its management structure or ongoing operations [1]. - The fund confirms that the reduction plan complies with relevant laws and regulations, including the Securities Law and the Management Measures for the Reduction of Shares by Shareholders of Listed Companies [2].