作者：马赫环 9月19日，在被安排上会审议的3家拟IPO企业中，深主板元创科技股份有限公司，以及创业板苏州市新广益电子股份有限公司均成功过会，而拟在科创板厦 门优迅芯片股份有限公司（简称"优迅股份"）则处于暂缓审议阶段。 从6月26日受理，到9月19日上会，优迅股份IPO仅过去了85天，效率不可谓不高。不过根据相关会议通告显示，上交所上市委会议对优迅股份现场问询了包 括是否存在毛利率持续下滑风险、经营业绩的可持续性、实控人控制权是否稳定、报告期股份支付会计处理是否符合企业会计准则规定在内的问题。 这些问题，让优迅股份的业绩预期、股东分歧等方面的真实情况也浮出了水面。 毛利率下滑，分红5800万却募资8000万补充流动资金？ 优迅股份主赛道为光通信领域，自身专注于光通信前端收发电芯片的研发、设计与销售，主要产品包括光通信收发合一芯片、跨阻放大器芯片、限幅放大器 芯片、激光驱动器芯片等。其中光通信收发合一芯片在招股书提及的报告期内（2022年至2025年上半年），营收比重一直超过80%以上，最巅峰时曾达到 87.15%。 整体业绩上，招股书显示，从2022年至2024年及2025年上半年，优迅股份实现营业收入分别 ...

Core Insights - The report indicates that the growth style of the market has shone brightly in September, aligning with previous predictions of reaching a peak. It suggests that in October, the growth style will continue to thrive but with increased volatility, advocating for a balanced allocation between cyclical and technology sectors [1][2][3] Sector Rotation: Focus on Broad Growth Direction, Cyclical and Consumer Sectors - The market style is leaning towards mid and large-cap stocks, with growth outperforming value. The cyclical and consumer sectors are expected to be relatively dominant in October [2][12] - The probability of a Federal Reserve rate cut in October remains high at 91.9%, which is anticipated to create a favorable financial environment for growth stocks [2][33] Industry Allocation: Focus on Technology, Cyclical, and Large Financial Sectors - The top ten industries based on scoring include electric power equipment and new energy, non-ferrous metals, machinery, communication, agriculture, electronics, non-bank financials, basic chemicals, consumer services, and computers [4][46] - The report emphasizes a "win rate" approach, favoring investments in electric power, electronics, non-ferrous metals, and basic chemicals, while a "odds" approach suggests focusing on underperforming sectors like brokerage firms and real estate [4][47] Next Month's Sector Allocation Recommendations - The report recommends a focus on broad growth styles, particularly in cyclical and consumer sectors. It highlights the importance of investing in electric power, electronics, non-ferrous metals, and basic chemicals, while also considering underperforming sectors like brokerage firms and real estate [5][46]

在全球半导体行业深陷周期性寒冬与地缘政治迷雾双重压力下，北京君正集成电路股份有限公司（下 称"北京君正"，A股代码：300223.SZ）近日向港交所递交招股书，启动"A+H"双资本平台冲刺。 北京君正成立于2005年，总部位于北京，采用Fabless（无晶圆厂）集成电路设计公司模式，为汽车电 子、工业医疗、AIoT及智能安防等市场提供计算芯片、存储芯片和模拟芯片。 事实上，北京君正并非资本市场新兵。其已在A股上市13年之久，截至9月22日收盘，公司A股总市值达 394.2亿元。 对于此次冲刺港交所，北京君正在招股书中表示，拟通过港股上市筹集额外资金，用于业务增长与扩 张、拓宽融资渠道并深化全球化战略布局。对于北京君正本次"A+H"上市进程，21世纪经济报道记者就 相关问题致电其董秘，其回复称以公告为准。 在半导体周期中，北京君正的业绩和股价也起起伏伏。此次港股上市，能否助力其全球扩张之路，减缓 周期冲击，仍有待观察。 创始人身家达33亿元 北京君正创始人刘强，今年56岁，目前担任执行董事、董事长兼总经理，IPO前持股8.39%，以此计 算，刘强身家达33亿元。 刘强先后获得清华大学焊接工艺与设备学士学位、中国 ...

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is launching an "A+H" dual capital platform to raise additional funds for business growth and global expansion amid challenges in the semiconductor industry and geopolitical tensions [1][10]. Group 1: Company Overview - Founded in 2005 and headquartered in Beijing, the company operates as a fabless integrated circuit design firm, providing computing, storage, and analog chips for various markets including automotive electronics, industrial medical, AIoT, and smart security [1][5]. - The company has been listed on the A-share market for 13 years, with a total market capitalization of 39.42 billion yuan as of September 22 [1]. Group 2: Financial Performance - The company's revenue has shown volatility, with total revenue declining from 54.12 billion yuan in 2022 to 42.13 billion yuan in 2024, and net profit halving from 7.79 billion yuan to 3.64 billion yuan during the same period [12][13]. - The storage chip business, which is the largest revenue source, saw a 36% decline in revenue, while the computing chip business experienced a 41.6% increase in revenue during the downturn [13][14]. Group 3: Market Position and Strategy - Beijing Junzheng ranks first in battery-class IP-CamSoC and automotive-grade SRAM markets, and second in the SRAM sector according to Frost & Sullivan data [7][8]. - The company has a strong focus on R&D, with R&D expenses constituting 11.9% to 16.2% of revenue from 2022 to 2025, indicating a commitment to innovation despite short-term profit erosion [14]. Group 4: Shareholder Activity and Market Sentiment - Since 2022, shareholders and executives have reduced their stakes, raising concerns about the company's future, with total cashing out amounting to several hundred million yuan [16][17]. - Despite recent performance challenges, the company attracted interest from Weir Group, which planned to increase its stake, indicating potential strategic collaboration opportunities [16][17].

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is launching an "A+H" dual capital platform to raise additional funds for business growth and global expansion amid challenges in the semiconductor industry and geopolitical tensions [1] Company Overview - Founded in 2005 and headquartered in Beijing, the company operates as a fabless integrated circuit design firm, providing chips for automotive electronics, industrial medical, AIoT, and smart security markets [1][4] - The company has been listed on the A-share market for 13 years, with a market capitalization of 39.42 billion yuan as of September 22 [1] Financial Performance - The company's revenue has shown volatility, with total revenue declining from 54.12 billion yuan in 2022 to 42.13 billion yuan in 2024, while net profit dropped from 7.79 billion yuan to 3.64 billion yuan during the same period [9] - Despite the downturn, the company's gross margin has remained stable between 33% and 35%, supported by a higher proportion of automotive and industrial business [9][10] - The storage chip segment, which is the largest revenue source, saw a 36% decline in revenue, while the computing chip segment experienced a 41.6% increase in revenue during the same period [9] Market Position - According to Frost & Sullivan data, Beijing Junzheng ranks first in the battery IP-Cam SoC and automotive-grade SRAM markets, and second in the SRAM market globally [5] - The company has shipped a total of 2.7 billion chips, with 1 billion of those being automotive electronics chips [5] Strategic Moves - The company aims to use the funds raised from the Hong Kong listing to enhance its global strategy and expand its financing channels [1] - Beijing Junzheng has attracted interest from major players in the semiconductor industry, such as Weir Shares, which announced plans to increase its stake in the company [11][13] R&D Investment - The company maintains a high level of R&D investment, with expenses amounting to 6.42 billion yuan in 2022, 7.08 billion yuan in 2023, and 6.81 billion yuan in 2024, representing 11.9%, 15.6%, and 16.2% of revenue respectively [10]

出品｜公司研究室IPO组 文｜曲奇 9月15日，北京君正集成电路股份有限公司向港交所递交招股书。 北京君正是一家芯片设计公司，过去三年公司受全球半导体周期及终端需求疲软的影响，收入和利润连续下滑。 今年以来，北京君正（SZ300223）股价涨幅超20%，市值约400亿元。但近期公司股东和高管在不断减持。 2025年7月18日至2025年9月12日，北京屹唐盛芯半导体产业投资中心（有限合伙）通过集中竞价方式减持公司股 份482.54万股，减持比例为0.999999%，将持股比例降至8%以下。 此外，9月17日，公司董事李杰合计减持15万股，成交均价为83.01元，合计套现1245万元。 业绩连续两年下滑 北京君正是一家嵌入式CPU芯片设计企业。2020年，北京君正通过收购北京矽成完成业务转型，迅速切入高门槛 的汽车电子和工业控制领域。 如今，北京君正的主营业务已从单一的微处理器芯片（CPU）扩展至计算芯片、存储芯片、模拟与互联芯片三大 核心板块。 其中，计算芯片是北京君正的传统优势领域，有三个子产品线分别是智能视觉SoC、嵌入式MPU及AI-MCU，应用 于安防摄像头、智能门铃、智能眼睛、扫地机器人、二维码/条 ...

Core Viewpoint - Applied Materials (AMAT) is a leading company in the semiconductor equipment industry, maintaining a market capitalization above $100 billion due to its consistent focus on semiconductor equipment and strong management stability over the past 50 years [1][2]. Group 1: Company Overview - Applied Materials was founded in 1967 and has established itself as a key player in the semiconductor equipment sector, with approximately 80% of its revenue derived from semiconductor and display panel equipment [4][5]. - The company has experienced only three CEOs in nearly 50 years, ensuring strategic consistency and a strong focus on the semiconductor equipment field since the 1970s [2][9]. Group 2: Product Capabilities - The primary business segments of Applied Materials include Semiconductor Systems (75% of revenue), Global Services (22%), and Display and Related Products (3%) [6]. - The company has a leading position in key equipment areas such as thin film deposition and CMP (Chemical Mechanical Polishing), with significant market shares in PVD (over 80%) and CMP (over 60%) [22][29][33]. Group 3: Industry Position - Applied Materials and ASML are the two largest semiconductor equipment companies, together accounting for over 20% of global semiconductor equipment sales [18]. - The company has established long-term partnerships with major foundries like TSMC and Samsung, which further solidifies its market position [2][10]. Group 4: Revenue Sources - Approximately 70% of Applied Materials' semiconductor equipment revenue comes from logic customers, while 20-30% is derived from memory customers [35][42]. - The company benefits from capital expenditure cycles in the semiconductor industry, with revenue growth linked to increased spending by foundries during upturns in the semiconductor cycle [2][37]. Group 5: Market Dynamics - The semiconductor equipment market is heavily influenced by the capital expenditure of downstream manufacturers, with significant investments in equipment purchases [35][37]. - The company is expected to see stable growth driven by AI chip demand, particularly from TSMC, while also facing challenges from cyclical downturns in the memory sector [46][47].

Group 1: Company Overview - Beijing Junzheng is a semiconductor company focusing on "computing + storage + analog" chips, primarily serving markets such as automotive electronics, industrial medical, AIoT, and smart security [5][7] - The actual controllers of the company are Liu Qiang and Li Jie, who collectively control 13.68% of the shares [5][6] - The company operates a fabless model, with three main product lines: computing chips, storage chips, and analog chips [7][11] Group 2: Financial Performance - The company's revenue has declined over the past two years, with reported revenues of 54.12 billion RMB in 2022, 45.31 billion RMB in 2023, and projected 42.13 billion RMB in 2024 [9][10] - Net profits for the same periods were 7.79 billion RMB, 5.16 billion RMB, and 3.64 billion RMB respectively [9][10] - The gross margin has fluctuated, with rates of 33.4% in 2022, 35.5% in 2023, and 34.2% in the first half of 2025 [10][13] Group 3: Market Dynamics - The semiconductor industry is experiencing a cyclical downturn, with a low period from 2022 to early 2024, but is expected to expand significantly in the coming years [19][22] - The global chip market is projected to grow from approximately 356.2 billion USD in 2020 to 515.3 billion USD by 2024, with a compound annual growth rate (CAGR) of 9.7% [21] - Emerging fields such as AI, automotive, and industrial automation are expected to drive future growth in chip demand [19][20][23] Group 4: Product Pricing and Sales - The average price of computing chips has decreased from 16.3 RMB to 10.9 RMB, a decline of 33%, while storage chips dropped from 7.1 RMB to 4.8 RMB, a 32% decrease [14][16] - Storage chips are the primary revenue source, expected to account for 61.5% of total revenue in 2024 [11][12] - The company maintains a certain level of inventory to meet consumer demand, with inventory levels increasing from 23.04 billion RMB in 2022 to 27.73 billion RMB in 2025 [18]

不过中金公司也提到，值得注意的是，韩国在全球市场提供的半导体器件主要由DRAM、NAND Flash （Samsung、SK Hynix）存储产品构成，受到半导体周期的影响，其价格波动范围较大。 【环球网财经综合报道】香港万得通讯社报道，韩国8月信息通信技术（ICT）产品出口额为228.7亿美 元，同比增长11.1%，创下历年同月最高纪录。 按出口品目看，半导体出口额为151.1亿美元，创下历史新高，推动ICT出口额刷新最高纪录。同期， ICT进口额同比增加7.6%至125.3亿美元，并带动ICT贸易收支实现103.4亿美元顺差。 中金公司此前曾撰文分析提到，作为半导体强国之一，韩国在全球半导体市场具有重要地位。按销售额 看，近年来韩国在全球半导体器件销售市场占比一至两成，仅次于美国，位列全球第二。根据SIA， 2023年韩国在全球半导体器件销售市场的份额为13.8%，低于美国50.2%，略高于欧盟12.7%，位居全球 第二。 对此中金公司总结认为，纵观历史沿革，韩国半导体产业演变为当前结构受到技术发展、地缘政治、产 业结构变化等多方面因素影响。当前韩国的半导体产业呈现出"二超多精"的格局，"二超"为三星电子 ...

Core Viewpoint - UBS has downgraded the rating of Nordic Semiconductor from "Neutral" to "Sell," raising the target price from 115 NOK to 121 NOK, indicating a potential 23% decline from current levels [2] Group 1: Company Performance - Nordic Semiconductor reported Q2 sales of $164 million, up from $127.95 million year-over-year and exceeding market expectations of $154.6 million [3] - The growth was primarily driven by a 14% quarter-over-quarter increase in the consumer segment, while the industrial and healthcare segments remained stable [3] - The gross margin was 50.7%, slightly above the expected 50%, and increased by 120 basis points from the previous quarter [3] - EBITDA margin reached 7.0%, significantly higher than the market expectation of 3.1% [3] Group 2: Future Outlook - For Q3 2025, Nordic Semiconductor expects revenue between $165 million and $185 million, approximately 7% above the expected median, attributed to the gradual recovery of both large and small key customers [3] - The company anticipates a gross margin of around 50% for this period, aligning with expectations [3] - Analysts express concerns about the sustainability of the 20% growth rate beyond 2025, with Jefferies reiterating a "Underperform" rating [3]