Investment Rating - The report maintains a "Strong Buy" rating for the semiconductor and AI industry, indicating a positive outlook for the sector [1]. Core Insights - The semiconductor industry is experiencing high growth, with global sales expected to reach a record high of $700.9 billion in 2025, driven by logic and memory segments [5][16]. - The price increases from Texas Instruments (TI) are creating opportunities for domestic manufacturers to gain market share, particularly in high-margin segments like industrial and automotive electronics [5][24]. - The consumer electronics sector is seeing stable smartphone shipments with an expected 1.6% growth in 2025, alongside innovations in AI glasses that are anticipated to expand market size significantly [5][30][37]. - The PCB market is projected to grow due to high demand from AI data centers and other applications, with a compound annual growth rate (CAGR) of 5.2% expected from 2024 to 2029 [55][60]. Semiconductor Industry - Global semiconductor sales reached $59.91 billion in June, marking a 20% year-on-year increase, while China's sales were $17.24 billion, growing 13.1% [10][11]. - The growth in the semiconductor market is primarily driven by logic and memory segments, with projections for 2025 indicating a continued upward trend [16][18]. - The demand for DDR4 memory is expected to remain high due to ongoing production plans by Samsung, despite a shift towards newer technologies [18]. Consumer Electronics - Global smartphone shipments totaled 295 million units in Q2 2025, reflecting a 1% year-on-year increase, with brands like Samsung and Xiaomi showing notable performance [30][34]. - The introduction of new AI glasses is expected to enhance market acceptance and drive growth, with significant increases in shipment volumes projected for 2025 [37][39]. PCB Market - The global PCB market is anticipated to reach $73.57 billion in 2024, with a growth rate of 5.8% driven by demand from AI and consumer electronics sectors [55][60]. - AI data centers are identified as a key growth area for PCB applications, necessitating advancements in high-performance and high-density designs [60][62].

Core Viewpoint - The 2025 TrendBank Green Hydrogen Industry Conference will focus on high-reliability and high-efficiency hydrogen production products to address challenges in green hydrogen development [7][10]. Conference Details - The conference will take place on August 27-28, 2025, at the New Lake Pullman Hotel in Wuxi, Jiangsu Province [3][7]. - The event is expected to host over 300 participants [5]. - The main organizer is TrendBank, with Wuxi Tianrong New Energy Technology Co., Ltd. as the title sponsor [8]. Agenda Highlights - The conference will feature 25 significant speeches from industry experts and companies [3]. - Key sessions include: - Opening ceremony and keynote speeches from academicians and experts [9]. - A half-year research summary on the H1 green hydrogen market by TrendBank [11]. - Various specialized sessions on hydrogen production systems, storage, and transportation [9][12][13]. Registration and Participation - Registration requires the use of a personal mobile number for attendance verification and access to conference materials [4][16]. - The registration fee is RMB 2200 per person, with additional costs for late payments [14]. - Accommodation is available at a negotiated rate of RMB 420 per night at the conference hotel [14].

Core Insights - The company has launched several automotive application high and low side driver chips and LED driver chips, which have entered the customer design phase [2] - The new generation automotive-grade DrMOS has achieved mass production, and multiple USB car chargers and protocol chips have started to receive orders, gaining customer recognition [2] - The company has completed the layout of automotive LDOs, providing a complete LDO product portfolio [2] Financial Performance - In Q1 2025, the company achieved revenue of 528 million yuan, with a year-on-year growth of 60.42% [2] - The net loss attributable to the parent company was 113 million yuan, showing a reduction in losses compared to the previous year [2] Industry Positioning - The company is a key partner of Geely Auto and showcased its automotive-grade products at the "2025 Geely Automotive Research Institute Domestic Chip Technology Exchange Exhibition" [2] - The company demonstrated high cost-performance solutions, highlighting its product strength and technological accumulation in the automotive-grade chip sector [2] Product Development - The company continues to advance its DrMOS and multi-phase business, with 30A to 90A DrMOS and 6-phase, 8-phase multi-phase controllers achieving mass production ramp-up [2] - A complete product matrix for DrMOS and multi-phase applications has been established in sectors such as PC, server, AI, and autonomous driving [2]

| 证券代码：688141 证券简称：杰华特 公告编号：2025-043 | | | | | | | --- | --- | --- | --- | --- | --- | | 杰华特微电子股份有限公司 | | | | | | | 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 | | | | | | | 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 | | | | | | | 重要内容提示： | | | | | | | ? 本次会议是否有被否决议案：无 | | | | | | | 一、 会议召开和出席情况 | | | | | | | （一） 股东大会召开的时间：2025 年 08 | 月 11 | 日 | | | | | 99 （二） 股东大会召开的地点：浙江省杭州市西湖区华星路 | | | | 9 号 楼西 | | | （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 | | | | | | | 其持有表决权数量的情况： | | | | | | | 普通股股东人数 | | | 247 | | | | 普通股股东所持有表决权数量 | | | | ...

浙江省杭州市上城区钱江路 1366 号华润大厦 A 座 3001 邮编：310017 电话：(86-571)89926500 传真：(86-571)89926501 北京竞天公诚（杭州）律师事务所 关于杰华特微电子股份有限公司 致：杰华特微电子股份有限公司 北京竞天公诚（杭州）律师事务所（以下简称"本所"）接受杰华特微电子股 份有限公司（以下简称"公司"）委托，指派本所律师对公司 2025 年第三次临时 股东大会（以下简称"本次会议"）的合法性进行见证并出具法律意见书。 本所及本所律师依据《中华人民共和国证券法》（以下简称"证券法"）、《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试 行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了 法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法 律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不 存在虚假记载、误导性陈述或重大遗漏，并承担相应法律责任。 （四）公司于 2025 年 7 月 26 日公告的《杰华特微电子股份有限公司关于召 开 2025 年第三次临时股东大会的通知》； ...

证券代码：688141 证券简称：杰华特 公告编号：2025-043 杰华特微电子股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 08 月 11 日 （二） 股东大会召开的地点：浙江省杭州市西湖区华星路 99 号 9 楼西 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 3、公司董事会秘书马问问女士出席了本次会议；财务总监列席了本次会议。 二、 议案审议情况 （一） 非累积投票议案 | 1、出席会议的股东和代理人人数 | 247 | | --- | --- | | 普通股股东人数 | 247 | | 2、出席会议的股东所持有的表决权数量 | 40,875,259 | | 普通股股东所持有表决权数量 | 40,875,259 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 9.1468 | | ...

浙江省杭州市上城区钱江路 1366 号华润大厦 A 座 3001 邮编：310017 电话：(86-571)89926500 传真：(86-571)89926501 北京竞天公诚（杭州）律师事务所 关于杰华特微电子股份有限公司 2025 年第三次临时股东大会的法律意见书 致：杰华特微电子股份有限公司 北京竞天公诚（杭州）律师事务所（以下简称"本所"）接受杰华特微电子股 份有限公司（以下简称"公司"）委托，指派本所律师对公司 2025 年第三次临时 股东大会（以下简称"本次会议"）的合法性进行见证并出具法律意见书。 本所及本所律师依据《中华人民共和国证券法》（以下简称"证券法"）、《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试 行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了 法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法 律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不 存在虚假记载、误导性陈述或重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《证券法》、中 ...

智通财经APP获悉，华安证券发布研报称，德州仪器将在8月启动新一波涨价，幅度超过6月，若特定料 号TI涨价幅度较大，且国产模拟芯片厂商愿意维持价格(不跟进TI涨价)或进一步降价，则在一段时间验 证后的新品量产中也可进行国产替代，TI目前涨价将使得公司保障其现有财务表现但牺牲产品份额。该 行认为国产模拟芯片厂商将有更多机会实现在工业和汽车应用领域，以及高端消费领域的国产替代。 模拟芯片领域相关公司包括：思瑞浦(688536.SH)、杰华特(688141.SH)、圣邦股份(300661.SZ)、纳芯微 (688052.SH)、艾为电子(688798.SH)、希荻微(688173.SH)、必易微(688045.SH)、南芯科技(688484.SH) 等。 华安证券主要观点如下： 德州仪器料号涨价，幅度或将超过6月 根据国际电子商情综合报道，TI将在8月启动新一波涨价，幅度超过6月，重点涉及工控类、车载类、以 及算力相关芯片产品，覆盖LDO(低压差线性稳压器)、DC-DC(直流-直流转换器)、数字隔离、隔离驱动 等品类。而且调价范围不仅涉及终端客户，还覆盖了除超级大客户外的几乎所有客户群体，且价格上调 将通过代理商传 ...

Core Viewpoint - Texas Instruments (TI) is set to initiate a new round of price increases in August, exceeding the increases seen in June, focusing on industrial control, automotive, and computing-related chip products [1][2] Summary by Category Price Increase Details - The price increase will affect a wide range of products including LDOs, DC-DC converters, digital isolators, and isolation drivers, impacting nearly all customer groups except for major clients [2][3] - Over 40% of industrial control chips will see price hikes, with a notable example being the price of a 16-bit ADC chip rising from $3.2 to $4.1, representing an increase of approximately 28% [1][2] Sector-Specific Changes - In the automotive sector, BMS isolation chips for electric vehicles will increase by 22%, while power management ICs for in-car entertainment will rise by 18%-25% [2] - Consumer electronics and general communication devices will experience more moderate price increases, with power management and RF front-end chips seeing rises of 5%-15% [2] Structural Differences in Price Changes - Approximately 9% of the affected part numbers will see price increases of 100% or more, primarily for discontinued or low-margin products [3] - 55% of part numbers will have price increases between 15%-30%, while 30% will see increases of less than 15% [3] - Signal chain products, particularly ADCs and operational amplifiers, are highlighted as key areas for price increases, with some models exceeding 100% [3] Market Dynamics and Opportunities - The current geopolitical climate is shifting the focus towards domestic alternatives in the analog chip market, providing more opportunities for local manufacturers [3][4] - TI's differentiated pricing strategy aims to strengthen its position in high-margin markets like industrial and automotive sectors, while adopting a more moderate approach in consumer electronics, indicating TI's current market power in specific product areas [3][4] Implications for Domestic Manufacturers - The price increases by TI may lead to opportunities for domestic analog chip manufacturers to replace TI products in various sectors, especially if they maintain competitive pricing [4] - The shorter product cycle in consumer electronics compared to industrial and automotive applications may facilitate quicker adoption of domestic alternatives [4] Related Companies - Companies involved in the analog chip sector include Sirepu, Jiewate, Shengbang, Naxinwei, Aiwei Electronics, Xidiwei, Biyimei, and Nanchip Technology [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - TI is expected to initiate a new round of price increases in August, focusing on industrial control, automotive, and computing-related chip products, which may signal a turning point for the domestic analog sector as demand continues to recover [1][2][4] - The price increase by TI is anticipated to end the price war in the analog industry, allowing domestic analog companies to accelerate their market share growth [2][3] - The price hikes are primarily driven by industrial control and automotive products, with over 40% of industrial control products seeing price increases, benefiting platform-type analog companies [3][4] Summary by Sections - **Price Increase Impact**: TI's price increase is expected to alleviate price pressure in the analog sector, opening up upward potential for domestic companies as demand remains strong [4] - **Key Companies**: Notable companies in the sector include: - Naxin Micro: Leader in automotive-grade analog chips - Sirepu: Leader in industrial control analog chips - Shengbang Co.: Leader in platform-type analog chips - Jiewate: Leader in computing analog chips [5] - **Market Dynamics**: The report indicates that the domestic analog companies have been under pressure due to TI's price competition, but the current price adjustments may lead to improved profitability and market positioning [3][4]