1月27日，扬杰科技大宗交易成交6.93万股，成交额429.66万元，占当日总成交额的0.25%，成交价62元，较市场收盘价80.31 元折价22.8%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-27 | 300373 | 扬杰科技 | 62.00 | 6.93 | | 429.66 五矿证券有限公司 | 国元证券股份有限 | | | | | | | | 杭州中山北路证券 | 公司浙江分公司 | | | | | | | | 营业部 | | ...

功率半导体市场跟踪：频传涨价背后的逻辑探讨及行情展 望 20260126 摘要 功率器件封装成本显著上升，主要受金属材料价格上涨驱动，封装成本 占器件总成本的 50%以上，其中金属材料占比高达 60%-70%，导致整 体成本增加 20%-30%。 AI 服务器市场对 MOS 管需求激增，头部国际供应商产能受限，交期延 长，进一步推高价格，但工控、汽车、家电等领域需求平稳，不足以支 撑全面大幅涨价。 国内功率器件市场中，二三极管等中小功率元件受原材料价格波动影响 更大，涨价潜力较高，而 IGBT 因晶圆成本占比高，受影响相对较小。 功率器件涨价目前处于市场试探阶段，实际涨幅有限，预计 2026 年第 一季度可能生效，高端产品和替代安氏产品的品类具有更大的上涨潜力。 全球功率器件厂商库存已基本出清，维持在较低水平，但产能仍然供过 于求，单凭库存出清不足以推动价格上涨，成本提升是主要驱动因素。 AI 服务器电源对功率器件需求带来显著增量，预计 2026 年全球市场规 模达 15-20 亿美元，2027 年可能增至 35 亿美元，主要受益于高压 MOS、碳化硅 MOS 等。 碳化硅在新能源汽车和储能领域的渗透率持续上 ...

本轮半导体周期的同与不同 20260125 摘要 半导体行业正经历由 AI 结构性需求驱动的新一轮高景气周期，与上一轮 新能源需求挤压产能不同，AI 需求创造了对半导体的新需求，并挤压现 有产能，存储市场开启史上最强周期，短期内没有减弱迹象。 全球封测行业发生变化，台积电将部分先进封装外包，台湾厂商转移传 统产能至大陆，大陆封测设备和材料紧张并涨价，为国内封测厂商带来 机遇，行业格局优化，供需关系趋于紧张。 国产算力发展拉动国内晶圆厂，但尚未成为主要业绩贡献，研发和折旧 成本压力下，大厂对成熟制程提价诉求增加，需关注国产算力带来的新 进制程增长及成熟制程提价压力。 半导体分测试环节值得关注，上市公司普遍对四季度及明年持乐观态度， 多家公司新项目投产，产业段需求变化显著，AI 相关订单外溢至大陆， 整体供需关系趋紧。 LED 驱动行业竞争格局显著改善，非上市公司和小厂退出，随着市场需 求增长和竞争环境优化，该行业有望迎来更大的发展机遇。 Q&A 当前半导体行业的周期性特征是什么？与上一轮周期相比有何异同？ 当前半导体行业的周期性特征可以从产品周期、产能周期和库存周期三个方面 来理解。首先，产品周期是电子半导体领 ...

证券日报网讯1月22日，扬杰科技（300373）在互动平台回答投资者提问时表示，截至2026年1月9日收 市，公司股东总户数为58000余户。 ...

证券日报网讯1月22日，扬杰科技（300373）在互动平台回答投资者提问时表示，截至1月22日收市，公 司股东总户数为56000余户。 ...

Core Viewpoint - The power semiconductor industry in China is experiencing rapid growth and transformation, driven by domestic substitution and government support, particularly in the context of the booming electric vehicle market. Companies like Weizhao Semiconductor are positioning themselves as leaders in this evolving landscape by pursuing public listings and expanding their product offerings in high-value segments [1][2]. Group 1: Industry Trends - The power semiconductor sector has entered a phase of domestic substitution since 2018, with significant demand from the electric vehicle market driving local manufacturers to accelerate their entry into the industry [1]. - The rise of third-generation semiconductor technologies, such as silicon carbide (SiC) and gallium nitride (GaN), is pushing the Chinese power semiconductor industry towards more efficient applications [1]. - The industry is witnessing a shift from traditional products like diodes and thyristors to high-value products, facilitated by the successful listings of several local power semiconductor companies [1]. Group 2: Company Overview - Weizhao Semiconductor, established in December 2012, has undergone significant capital expansion since its delisting from the New Third Board in April 2020, completing six rounds of financing within two and a half years, leading to a valuation increase from 450 million RMB to 2.888 billion RMB [2][3]. - The company has a diverse shareholder structure, including industry capital from companies like OPPO and Intel Asia Pacific, as well as state-owned capital, indicating strong confidence in its future development [5]. - Weizhao Semiconductor has developed a comprehensive product matrix that includes both low and high voltage power semiconductor devices, with applications in consumer electronics, automotive electronics, and industrial power supplies [5][6]. Group 3: Financial Performance - Weizhao Semiconductor has shown steady revenue growth, with projected revenues of 575 million RMB in 2023 and 624 million RMB in 2024, alongside net profits of 13.977 million RMB and 19.353 million RMB respectively [7]. - The company's revenue growth is significantly driven by the rapid increase in WLCSP product sales, which accounted for 42% of total revenue in the first three quarters of 2025, up from 28% in 2023 [7][8]. - The overall gross margin improved from 15.9% to 23.8% due to the rising contribution of high-margin WLCSP products [7]. Group 4: Competitive Landscape - The Chinese power semiconductor market is still dominated by foreign manufacturers, with a projected domestic market penetration rate of only 35.6% by 2024, indicating substantial room for growth [9]. - Weizhao Semiconductor ranks sixth among domestic non-IDM suppliers in terms of market share, holding only 0.5% of the market, highlighting the intense competition within the industry [9][10]. - The company faces competition from both international giants like Infineon and domestic players such as Huazhu Micro and Silan Micro, particularly in the mid-to-low voltage MOSFET market [10]. Group 5: Challenges and Risks - Weizhao Semiconductor's R&D spending is relatively low, accounting for only 6.6% to 7.6% of total revenue, which may hinder its ability to maintain a competitive edge as technology evolves [11]. - The company has yet to establish a strong presence in the high-voltage power semiconductor market, with high-voltage products contributing less than 2% to total revenue as of the first three quarters of 2025 [11].

作为半导体产业的重要分支，功率半导体器件自2018年以来亦全面进入了国产替代阶段，特别是在政府产业政策支持下，新能源汽车市场的爆发催生了对电 控系统的旺盛需求，这推动了本土功率半导体器件厂商加速切入新能源产业链。 与此同时，以碳化硅(SiC)、氮化镓(GaN)为代表的第三代半导体技术的快速兴起，推动中国功率半导体产业向更高效能的应用领域迈进。且随着多家本土功 率半导体器件企业成功上市，行业加速向高端产品转型升级，实现了从二极管、晶闸管等传统产品向高附加值领域的跨越发展。 而在这股功率器件企业上市的热潮中，便包括了致力于成为全球领导者的深圳市威兆半导体股份有限公司(以下简称"威兆半导体")。智通财经APP获悉，自 2020年从新三板摘牌后，经过近五年的准备与沉淀，威兆半导体已于1月12日向港交所主板递交上市申请，广发证券为其保荐人，正式开启了赴港上市新征 程。 两年半6次融资，知名产业资本及国资站台 发展历史可追溯至2012年12月4日的威兆半导体已在功率器件领域深耕超十年之久，而在2020年4月17日从新三板摘牌后，威兆半导体便为寻求重新上市而加 速了资本化进程，这也让公司的估值迅速膨胀。 Fab-lite经 ...

数据中心产业链调研-功率器件 20260121 摘要 电动车市场功率器件面临供过于求和价格战，车企持续亏损加剧竞争， 影响上游功率器件需求和价格。 光伏领域功率器件国产化率提升，但原材料成本上涨和封测产能紧张导 致毛利难以改善，市场需求平淡。 IDM 企业如士兰微、华润微和杨杰，因能自我消化成本压力，表现优于 Fabless 企业，抗风险能力更强。 IGBT 和 MOSFET 价格短期内未明显上涨，但部分企业面临财务压力或 尝试提价，能否成功取决于上下游博弈。 英飞凌在工业领域压低 IGBT 价格，与国产品牌竞争激烈，通过调整毛 利率应对市场变化，部分产品宣布涨价。 AI 技术推动数据中心对功率半导体需求增长，预计 2026 年市场规模达 60 亿美元，英飞凌等受益，但国产替代率仍较低。 碳化硅在 3 千瓦以上功率应用中占据主导地位，英飞凌凭借能效优势在 碳化硅领域领先，并受益于 AI 服务器需求增长。 Q&A 当前功率器件市场的整体需求和价格情况如何？ 目前功率器件市场的整体需求较为一般。去年（2025 年）由于澳洲工党上台 推出了大量补贴政策，带动了一波需求，但现在情况有所变化。汽车市场方面， 今年（20 ...

Group 1: Industry Development - Yangjie Technology, as a leading enterprise in the Yangzhou Microelectronics Industrial Park, produces 150 million power semiconductors daily, contributing to the establishment of a robust industrial chain focused on power, storage, and display chips [1] - The automation production lines at Yangli Group's intelligent workshop are fully operational, showcasing advanced manufacturing capabilities with precision machinery supplied to aerospace systems [1] - The collaboration between Yizheng Chemical Fiber and the Yizheng Chemical Industrial Park aims to innovate new energy materials, breaking foreign monopolies with their unique product "Sai Yuzhong" [1] Group 2: Economic Growth and Achievements - During the 14th Five-Year Plan, Yangzhou's economic strength significantly improved, with GDP surpassing 8,000 billion yuan and all districts ranking among the top 100 in comprehensive strength [3] - The proportion of high-tech industries in Yangzhou increased from 48% to 53%, with the number of high-tech enterprises doubling and significant growth in patent applications and technology contracts [3][4] - The retail sales of consumer goods in Yangzhou have consistently outpaced the provincial average, with tourism projected to exceed 125 million visitors by 2025 [4] Group 3: Future Goals and Strategies - Yangzhou aims to achieve a GDP of 10 trillion yuan by focusing on both speed and quality of economic growth, emphasizing the importance of a robust real economy [6][7] - The city plans to enhance its industrial system by developing advanced manufacturing and fostering innovation through various initiatives, including the "Artificial Intelligence+" action plan [8][9] - Yangzhou is committed to attracting high-quality talent and ensuring their retention through various support measures, including housing assistance and job creation initiatives [11][12]

Core Insights - Yangzhou is recognized as a city of canals, cuisine, and culture, showcasing its historical and commercial value through the World Canal Historical and Cultural Cities Cooperation Organization (WCCO) and its media platform, Dayunhe Media [1] - The latest Hurun Rich List highlights the top ten wealth creators in Yangzhou for 2025, emphasizing the entrepreneurial spirit and innovative capabilities of local business leaders [1] Group 1: Top Wealth Creators - The richest individual is Liang Qin, Chairman of Yangjie Electronics Technology, with a net worth of 16 billion yuan, ranking 411th nationally. The company has evolved from a trading firm to a leading IDM model enterprise in power semiconductors [1] - Zhu Daqing, Chairman of Tianfulong Group, ranks second with a net worth of 13 billion yuan, marking his debut on the Hurun Rich List. The company is a leader in differentiated polyester short fibers, focusing on "technology innovation + green transformation" [3] - Zhu Yinghui, holding 36.17% of Rongtai Co., ranks third with a net worth of 5.5 billion yuan. The company specializes in precision die-casting for automotive lightweight components [4] - Zhou Guangrong, Chairman of Haichang New Materials, has a combined net worth of approximately 5.3 billion yuan with his wife. The company is a leader in the powder metallurgy industry, particularly in electric tool components [6] - Li Hongqing, former actual controller of Jiangsu Aoliwei Sensor, has a net worth of at least 3.8 billion yuan, focusing on automotive parts and sensors [8] - Fu Helian, Chairman of Aidi Pharmaceutical Group, has a net worth of 3.8 billion yuan, leading a company that specializes in innovative drugs for major diseases [10] - Zou Weimin, Chairman of Chuan Yi Technology, has a net worth of approximately 3.1 billion yuan, focusing on computer keyboards and control panels [12] - Zhang Wensheng, Chairman of Beijiajie Group, has a net worth of about 2.4 billion yuan, specializing in oral care and hygiene products [13] - Zhu Xingrong, General Manager of Tianfulong Group, is the youngest on the list at 2.3 billion yuan, holding 13.14% of the company's shares [15] - Lin Mingwen, Chairman of Yangzhou Jinqian Tourism Products, has a net worth of approximately 1.5 billion yuan, focusing on outdoor products [16] Group 2: Entrepreneurial Insights - Over half of the top ten wealth creators started from grassroots sales or technical positions, demonstrating their ability to seize opportunities during industry transformations [16]