2月 4日，《浙江省"十五五"高质量发展建设共同富裕示范区规划》公开征求意见。其中提到，打造人工智能创新发展高地。统筹规划全省算力 资源，构建多层次算力服务体系。实施"芯模联动"行动，打造世界一流"基础+垂类"模型群，着力营造最优开源开放生态。加快国家数据要素综 合试验区建设。 深化拓展"人工智能+" ，争创人工智能国家应用基地。推动构建人工智能全产业链协同发展格局。 2月4日，A股三大指数走势分化，其中沪指上涨0.17%。截至10:57，科创100ETF华夏（588800.SH）下跌1.71%。其他宽基指数中，上证50涨 0.30%，科创50跌2.14%，创业板50跌1.90%，北证50跌0.84%。 | 画线 | | | | 浄值 | | | 叠 复权 窗 区 信息 加自选 | | | | | 科创100ETF华夏 588800 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 5 MA30: 1.479 MA60: 1.373 | | | | | | | | | ...

国联核心成长（004671）成立日期2017年9月29日，最新规模7696.91万。今年以来收益6.12%，同类排 名1700/8874；近一年收益56.21%，同类排名1213/8124；成立以来收益189.12%。 2月3日，杰华特跌0.79%，截至发稿，报49.00元/股，成交6.86亿元，换手率3.09%，总市值220.66亿 元。杰华特股价已经连续4天下跌，区间累计跌幅9.93%。 国联核心成长（004671）基金经理为吴刚。 资料显示，杰华特微电子股份有限公司位于浙江省杭州市西湖区三墩镇圣塘坝街19号圣塘芯城A座,香港 铜锣湾希慎道33号利园1期19楼1919室，成立日期2013年3月18日，上市日期2022年12月23日，公司主营 业务涉及模拟集成电路的研发与销售,为客户提供高效率、高性能、高可靠性的一站式模拟集成电路产 品解决方案。主营业务收入构成为：电源管理芯片93.09%，其中:DC-DC芯片56.79%，其中:AC-DC芯片 20.48%，其中:线性电源芯片14.40%，信号链芯片4.37%，功率产品1.69%，其中:电池管理芯片1.43%， 技术服务收入0.82%，其他(补充)0.02 ...

行 业 华福证券 电子 2026 年 02 月 02 日 行 业 投 资 策 略 截止到 2025Q3，三星 25Q1-Q3 全球智能手机出货量达到 6060 万 台，市场份额达 19%，保持全球第一；苹果 25Q3 出货量为 5650 万台， 同比上升 4%，市场份额位列第二；其次为小米/传音/vivo。据环球网 援引IDC 报告显示 2025年全球智能手机出货量预计将达到 12.4 亿部， 2024-2029 年 CAGR=1.5%，呈现温和增长。展望 2026 年，我们持续看 好手机结构化升级带来的创新需求，包括潜望式镜头成为安卓/苹果高 端手机标配带来渗透率持续提升。 研 究 电子行业 2026 年度策略报告：AI 与自主可控共 振 投资要点： 预计 2026 年手机行业温和复苏，看好结构创新带来增量需求 证 券 研 随着国产算力需求的不断增加，先进制程的产能需求也不断提升。 中芯国际、华虹公司、长鑫存储等企业的先进制程制造产能预计不断 增加。成熟制程工艺各个制造商各有千秋，特色工艺投资机会显现。 芯联集成、晶合集成、赛微电子各自特色领域优势显著。内生增长以 及外延并购提升半导体设备覆盖率。半导体制造 ...

Core Viewpoint - The semiconductor industry is undergoing a transformation driven by AI and automotive electronics, with analog integrated circuits (ICs) playing a crucial role as a bridge between the physical and digital worlds. Jiewa Microelectronics, a leading company in analog IC design listed on China's STAR Market, is seeking to list on the Hong Kong Stock Exchange to establish a dual financing platform [1]. Company Overview - Jiewa Microelectronics has established a leading position in China's analog IC market, particularly in the power management IC sector, ranking among the top four Chinese companies in terms of revenue [1]. - The company is currently facing significant financial challenges, including ongoing net losses and negative operating cash flow, despite its strong market position [1]. Business Model - Jiewa adopts a "virtual IDM" model, which balances flexibility and process innovation by outsourcing capital-intensive manufacturing processes while maintaining control over key technology aspects [2]. - This model allows Jiewa to focus on high-tech R&D and IC design, avoiding the heavy capital investments associated with traditional manufacturing [2]. Financial Performance - Jiewa's revenue has shown a strong recovery, with reported revenues of 1.448 billion RMB in 2022, 1.297 billion RMB in 2023, 1.679 billion RMB in 2024, and 2.113 billion RMB in the first ten months of 2025 [2]. - Despite a slight decline in 2023 due to industry destocking and weak consumer demand, revenue growth is expected to rebound significantly in 2024, with a projected year-on-year increase of 59.8% in the first ten months of 2025 [2]. R&D Investment - The company maintains a high R&D expenditure, with R&D costs consistently exceeding 35% of revenue, amounting to 746 million RMB in the first ten months of 2025 [3]. - This investment strategy aims to capitalize on opportunities in AI servers and automotive electronics, focusing on high-performance products [3]. Profitability and Market Position - Jiewa is currently in a loss-making phase, with net losses of 533 million RMB in 2023, 611 million RMB in 2024, and 496 million RMB in the first ten months of 2025 [3]. - The company's gross margin has improved, reaching 22.6% in the first ten months of 2025, up from 11.8% in 2023, driven by increased revenue from high-value segments [3]. Competitive Landscape - The analog chip industry is highly competitive, with Jiewa facing challenges from global giants like Texas Instruments and Analog Devices [4]. - Jiewa's virtual IDM model reduces financial pressure but requires higher demands for capacity coordination and proprietary technology rights [4]. Market Share - Jiewa ranks 13th globally in the analog IC market and 6th in the more lucrative DC-DC IC market, with a market share of 1.9% among domestic companies [4][5]. - The company is positioned as the second-largest domestic player in China's power management market for computing and storage, establishing a solid foundation for long-term growth amid the AI wave [5]. Future Outlook - The upcoming Hong Kong listing will focus on funding the development of high-end power management and signal chain chips, aiming to enhance product line completeness and capture market share in high-value growth areas [6]. - The key to Jiewa's future success lies in leveraging its virtual IDM model to achieve scale in high-tech areas and convert its technological investments into positive cash flow [6].

Group 1 - The core point of the news is that Jiewa Microelectronics Co., Ltd. experienced a 5.08% drop in stock price, closing at 49.55 yuan per share, with a trading volume of 492 million yuan and a turnover rate of 2.15%, resulting in a total market capitalization of 22.313 billion yuan [1] - Jiewa Microelectronics, established on March 18, 2013, and listed on December 23, 2022, specializes in the research and sales of analog integrated circuits, providing high-efficiency, high-performance, and high-reliability solutions [1] - The company's main business revenue composition includes power management chips at 93.09%, with DC-DC chips at 56.79%, AC-DC chips at 20.48%, linear power chips at 14.40%, signal chain chips at 4.37%, power products at 1.69%, and battery management chips at 1.43% [1] Group 2 - Among Jiewa's top ten circulating shareholders, a fund under Harvest Fund holds a significant position, having reduced its holdings by 283,700 shares, now owning 6.084 million shares, which accounts for 2.31% of the circulating shares [2] - The Harvest SSE STAR 50 ETF (588200) has a current scale of 39.658 billion yuan, with a year-to-date return of 18.13%, ranking 144 out of 5580 in its category, and a one-year return of 94%, ranking 140 out of 4286 [2] - The fund manager, Tian Guangyuan, has been in position for 4 years and 332 days, with the fund's total asset scale at 79.133 billion yuan, achieving a best return of 177.23% during his tenure [3]

证券代码：688141 证券简称：杰华特 公告编号：2026-003 杰华特微电子股份有限公司2025年年度业绩预告 本公司董事会及全体董事保证本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。 一、本期业绩预告情况 （一）业绩预告期间 二、上年同期业绩情况 2024年度，公司实现营业收入167,875.07万元；利润总额-61,287.04万元；归属于母公司所有者的净利 润-60,337.29万元；归属于母公司所有者的扣除非经常性损益的净利润-64,375.47万元；基本每股收 益-1.35元。 三、本期业绩变化的主要原因 2025年，公司预计年度实现营业收入260,000.00万元至275,000.00万元，同比增长54.88%至63.81%。 2025年，公司凭借计算与存储、汽车电子及通讯等相关产品领先的技术优势与精准的方案落地能力，实 现了产品力与商业策略的高效协同，推动市场份额持续扩大，并驱动营业收入实现同比大幅增长。与此 同时，公司为拓展技术和产品生态布局，先后收购了厦门杰柏特半导体有限公司、南京天易合芯电子有 限公司、杭州领芯微电子有限公 ...

报告期内，公司为构建长期竞争优势，持续增加了在研发创新、市场拓展及管理提升等方面的投入，导 致研发、销售及管理费用同比显著上升。同时，因市场竞争激烈导致产品均价承压、毛利率修复不及预 期，当期亏损有所扩大。 智通财经APP讯，杰华特(688141.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司所 有者的净利润将出现亏损，实现归属于母公司所有者的净利润为-73,000万元到-63,000万元。 ...

Core Viewpoint - The company, Jiahua Technology (688141.SH), is projected to face significant financial challenges in 2025, with expected revenues between 2.6 billion to 2.75 billion yuan and a net loss attributable to shareholders ranging from 630 million to 730 million yuan [1] Financial Projections - Expected operating revenue for 2025 is estimated to be between 2.6 billion and 2.75 billion yuan [1] - Projected net loss attributable to shareholders for 2025 is forecasted to be between -630 million and -730 million yuan [1] - The net profit excluding non-recurring gains and losses is anticipated to be between -720 million and -820 million yuan [1] Expense and Investment Insights - The company has significantly increased investments in R&D, market expansion, and management improvements, leading to a notable rise in R&D, sales, and management expenses year-on-year [1] - The intensified market competition has pressured product prices, resulting in a slower-than-expected recovery of gross margins, which has contributed to the widening losses [1] Asset Impairment and Non-Recurring Gains - The company has recognized impairment indicators for inventories and has made provisions for asset impairment, which has impacted the net profit attributable to shareholders [1] - Government subsidies recognized in the current period have increased compared to the same period last year, affecting the company's non-recurring gains [1]

证券代码：688141 证券简称：杰华特 公告编号：2026-003 杰华特微电子股份有限公司 2025 年年度业绩预告 本公司董事会及全体董事保证本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。 一、本期业绩预告情况 3、预计 2025 年年度归属于母公司所有者的扣除非经常性损益的净利润为 -82,000.00 万元到-72,000.00 万元。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 经杰华特微电子股份有限公司（以下简称"公司"）财务部门初步测算： 1、预计 2025 年年度实现营业收入 260,000.00 万元至 275,000.00 万元。 2、预计 2025 年年度实现归属于母公司所有者的净利润将出现亏损，实现归 属于母公司所有者的净利润为-73,000.00 万元到-63,000.00 万元。 2024 年度，公司实现营业收入 167,875.07 万元；利润总额-61,287.04 万元； 归属于母公司所有 ...

杰华特公告，预计2025年年度实现归属于母公司所有者的净利润为亏损6.3亿元到7.3亿元。预计2025年 年度实现营业收入26亿元至27.5亿元。公司为构建长期竞争优势，持续增加了在研发创新、市场拓展及 管理提升等方面的投入，导致研发、销售及管理费用同比显著上升。同时，因市场竞争激烈导致产品均 价承压、毛利率修复不及预期，当期亏损有所扩大。 ...