2025年08月07日 证券研究报告 | 半导体8月投资策略： 看好本土制造产业链和周期性复苏的模拟芯片 行业研究 · 行业投资策略 电子 · 半导体 021-60893306 021-60871321 0755-81982153 021-61761072 010-88005307 hujian1@guosen.com.cn huhui2@guosen.com.cn yezi3@guosen.com.cn zhangdawei1@guosen.com.cn zhanliuyang@guosen.com.cn S0980521080001 S0980521080002 S0980522100003 S0980524100002 S0980524060001 证券分析师：胡剑 证券分析师：胡慧 证券分析师：叶子 证券分析师：张大为 证券分析师：詹浏洋 请务必阅读正文之后的免责声明及其项下所有内容 看好本土制造产业链和周期性复苏的模拟芯片 l 7月SW半导体指数上涨3.08%，估值处于2019年以来67.15%分位 2025年7月SW半导体指数上涨3.08%，跑输电子行业3.51pct，跑输沪深300指数0.46p ...

Group 1 - Public fund research enthusiasm has increased in the second half of the year, with 178 public funds conducting research on 463 listed companies as of August 6 [1] - The telecommunications equipment industry has become a focal point for public funds, with DingTong Technology, ZhongJi XuChuang, and XinYiSheng receiving attention from 75, 71, and 63 public funds respectively, ranking as the top three [3] - Other notable companies in the top ten for public fund research include Jianghe Group from the construction decoration industry and ShiJia GuangZi from the telecommunications equipment sector, with over 40 public funds researching them [3] Group 2 - Notable fund managers participated in the research activities, such as Zhu Hongyu from China Merchants Fund, who focused on GuoJi JingGong's main business and future acquisition plans [3] - Xie ZhiYu from XingZheng Global Fund researched AiEr Eye Hospital, discussing the company's overseas business layout and strategies against industry competition [4] - Zhu ShaoXing from FuGuo Fund and Fu PengBo from RuiYuan Fund also conducted research on QiLu Bank and YiYuan Communication respectively, indicating a diverse interest in various sectors [4]

Core Viewpoint - The artificial intelligence sector, particularly the Sci-Tech Innovation Board AI Index and related ETFs, is experiencing positive momentum driven by policy support and significant capital inflows, indicating a strong growth outlook for the industry. Group 1: Market Performance - As of August 7, 2025, the Sci-Tech Innovation Board AI Index (950180) increased by 0.05%, with notable gains in constituent stocks such as Anlu Technology (688107) up 2.82% and Cambricon (688256) up 0.89% [3] - The Sci-Tech AI ETF (588790) reported a price increase of 0.15%, reaching 0.65 yuan, and has seen a cumulative increase of 3.33% over the past week [3] - The latest scale of the Sci-Tech AI ETF reached 67.34 billion yuan, marking a new high since its inception, ranking it first among comparable funds [4] Group 2: Fund Inflows and Performance - The Sci-Tech AI ETF has experienced continuous net inflows over the past nine days, with a peak single-day net inflow of 276 million yuan, totaling 1.434 billion yuan in net inflows [5] - The fund's net value increased by 10.16% over the past six months, leading among comparable funds, with a historical holding period of six months showing a 100% profit probability [5] - The fund's highest single-month return since inception was 15.59%, with an average monthly return of 9.25% during rising months [5] Group 3: Fund Characteristics - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are relatively low compared to similar funds [6] - The fund closely tracks the Sci-Tech Innovation Board AI Index, which includes 30 major companies in the AI sector, reflecting the overall performance of the industry [6] - As of July 31, 2025, the top ten weighted stocks in the index accounted for 67.36% of the total index weight, with companies like Cambricon (688256) and Kingsoft Office (688111) among the leaders [6]

Group 1 - The enthusiasm for public fund research remains high, with 178 public funds conducting research on 463 listed companies as of August 6 [1][2] - The top three companies receiving the most public fund research are all in the communication equipment industry: DingTong Technology (75 funds), ZhongJi XuChuang (71 funds), and XinYiSheng (63 funds) [1][2] - The increase in research frequency may be attributed to the improving cyclical prosperity of the communication equipment industry, indicating a potential turning point in industry profitability [2][3] Group 2 - Notable fund managers, including deputy general managers, have participated in recent research activities, reflecting the importance placed on research by public funds and potentially indicating future investment directions [1][4] - Companies such as ZhengHai Bio and SanBo Brain Science have also been researched by multiple public funds, with 10 and 5 funds respectively participating in their research activities [1][3] - Several stocks among the top researched have shown significant price increases this year, with ShiJia GuangZi rising by 249.26%, and others like DeFu Technology and XinYiSheng also seeing over 100% growth [3][4]

数据显示，被调研的前十名个股均不少于24次，电力设备股德福科技（301511）被调研74次居首，大幅 领先其他个股。该股7月份吸引到聚鸣投资、睿郡资产、双安资产、复胜资产等百亿私募扎堆调研。紧 随其后的是另一只电力设备股孚能科技，该股获得包括永安国富、正圆投资等在内的私募机构合计调研 达42次。通信和电子行业有2只个股入围前十，其中通信股新易盛（300502）和仕佳光子分别被调研34 次和24次，电子股聚灿光电（300708）和乐鑫科技均被调研24次。 从行业来看，前十名行业均被调研不少于60次，计算机行业被调研260次居首，被调研次数明显领先其 他行业，该行业被调研个股数量达36只。紧随其后的是电力设备、医药生物和电子行业，均被调研不少 于200次，被调研个股数量不少于23只。 计算机行业被调研260次位居首位 【深圳商报讯】（记者 陈燕青）私募排排网统计数据显示，7月份共有657家私募证券管理人参与到A股 调研活动中，调研范围覆盖28个申万一级行业中的358只个股，合计调研次数达1763次。 ...

Group 1 - In July, a total of 657 private equity managers participated in A-share research activities, covering 358 stocks across 28 Shenwan first-level industries, with a total of 1,763 research instances [1] - The top ten stocks researched had no fewer than 24 instances each, with Defu Technology in the power equipment sector leading at 74 instances, significantly ahead of others [1] - Following Defu Technology, another power equipment stock, Funeng Technology, received a total of 42 research instances from private equity institutions including Yong'an Guofu and Zhengyuan Investment [1] Group 2 - The communication and electronics sectors had two stocks in the top ten, with Xinyi Technology and Shijia Photon being researched 34 and 24 times respectively, while Jucan Optoelectronics and Lexin Technology were each researched 24 times [1] - The computer industry was the most researched sector with 260 instances, significantly outpacing other industries, and included 36 stocks [1] - Other sectors such as power equipment, pharmaceutical biology, and electronics were also heavily researched, each with no fewer than 200 instances and at least 23 stocks [1]

Core Viewpoint - The article highlights the performance and growth potential of the AI sector in China, particularly focusing on the performance of the Sci-Tech Innovation Board AI Index and the related ETF, indicating a positive trend in investments and market interest in AI technologies [3][4][5]. Group 1: Market Performance - As of August 5, 2025, the Sci-Tech Innovation Board AI Index (950180) increased by 0.09%, with notable gains from constituent stocks such as Zhongke Xingtai (688568) up 4.29% and Aerospace Hongtu (688066) up 3.62% [3]. - The latest size of the Sci-Tech AI ETF reached 6.203 billion yuan, marking a new high since its inception and ranking first among comparable funds [4]. - The Sci-Tech AI ETF has seen a net inflow of 1.042 billion yuan in financing, with a total financing balance of 6.43 billion yuan as of the previous trading day [5]. Group 2: Investment Trends - The AI sector is experiencing rapid growth, driven by increasing demand for computing power and ongoing investments in large models, indicating a robust market environment [4]. - The Sci-Tech AI ETF has recorded a 16.89% increase in net value over the past six months, ranking first among comparable funds [5]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are relatively low compared to similar funds [5]. Group 3: Tracking and Composition - The Sci-Tech AI ETF closely tracks the Sci-Tech Innovation Board AI Index, which includes 30 large-cap companies that provide foundational resources, technology, and application support for the AI industry [6]. - As of July 31, 2025, the top ten weighted stocks in the index accounted for 67.36% of the total index weight, indicating concentrated investment in key players within the AI sector [7].

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-058 乐鑫信息科技（上海）股份有限公司 关于召开2025年第四次临时股东大会的通知 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： （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 8 月 20 日 14 点 00 分 召开地点：上海市浦东新区碧波路 690 号 2 号楼 202 室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 8 月 20 日 至2025 年 8 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪 ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-057 本议案尚需提交股东大会审议。 第三届监事会第七次会议决议公告 本公司及监事会全体成员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、监事会会议召开情况 （一）审议通过《关于取消监事会、变更公司注册地址、修订公司章程及 部分管理制度的议案》 经审议，监事会认为本次公司拟取消监事会、变更公司注册地址、修订公司 章程及部分管理制度的事项系公司为全面贯彻落实最新法律、法规及规范性文件 要求，结合公司实际情况和业务发展需要做出的决定，有利于进一步完善公司治 理结构、更好地满足公司经营发展需求。该事项符合《公司法》《上市公司章程 指引》等法律、法规及规范性文件的规定，不存在损害股东特别是中小股东利益 的情形。监事会取消后，公司监事及监事会主席随之取消、《监事会议事规则》 等监事会相关制度相应废止，并由董事会审计委员会承接《公司法》规定的监事 会职权。在公司股东大会审议通过取消监事会事项前，公司监事会仍将严格按照 法律、法规及规范性文件的要求继续履行监事会职责。 乐鑫信息科技（上海） ...

证券代码：688018 证券简称：乐鑫科技 公告编号：2025-059 乐鑫信息科技（上海）股份有限公司 关于取消监事会、变更公司注册地址、 修订公司章程及部分管理制度的公告 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。 乐鑫信息科技（上海）股份有限公司（以下简称"乐鑫科技"或"公司"） 于 2025 年 8 月 4 日召开了第三届董事会第八次会议、第三届监事会第七次会议， 审议通过了《关于取消监事会、变更公司注册地址、修订公司章程及部分管理制 度的议案》，议案尚需提交公司股东大会审议，具体情况如下： 一、 取消监事会及废止相关制度的情况 根据《公司法》《上市公司章程指引（2025 年修订）》等有关法律法规的 规定，结合公司实际情况，公司将不再设置监事会和监事，监事会的职权由董事 会审计委员会行使。公司《监事会议事规则》等与监事或监事会有关的内部制度 相应废止，同时对《乐鑫信息科技（上海）股份有限公司》（以下简称"《公司 章程》"）及其附件、公司治理制度中相关条款亦作出相应修订。 二、 变更公司注册地址 公司根据实际经营 ...