Core Viewpoint - The article discusses the current trends and pricing of various semiconductor chips, particularly focusing on storage chips and their market dynamics, highlighting specific models that are gaining attention and their respective price movements [3][8][9]. Group 1: Storage Chips - The NOR Flash chip W25Q128JVSIQ has seen a significant increase in market activity, with prices rising from approximately 1.8 yuan in March to over 3 yuan in July [3][6]. - NOR Flash accounts for about 2% of the storage market, with major applications in consumer electronics, and the leading manufacturers are Winbond and GigaDevice [8]. - Winbond's recent quarterly report indicates a stable contribution from its NOR Flash product line, particularly in wearable devices and IoT applications [9]. Group 2: Power Management Chips - The MPM3810GQB-Z power management chip has experienced a price increase, with current quotes around 3.5 yuan, and some reaching 4-5 yuan [10][11]. - MPM3810 is designed for compact mobile device power solutions, integrating power MOSFETs and inductors in a small package [12]. Group 3: DRAM Chips - Micron's DDR3 and DDR4 chips, specifically the MT40/MT41xxxx series, have seen fluctuating demand, with prices for certain models rising significantly from 12 yuan to around 55-60 yuan [14][16][22]. - The recent production cessation announcements from Micron and other manufacturers have contributed to the increased prices and demand for these DRAM products [22]. Group 4: Specialty Chips - The LTC5541IUHTRPBF chip has seen a resurgence in interest, with prices dropping from around 150 yuan to 100-110 yuan [23][24]. - This chip is utilized in wireless infrastructure and high-dynamic range applications, indicating a stable market demand despite previous fluctuations [25]. Group 5: General Purpose and Drone Chips - The MP9943GQ-Z chip remains stable in price at 3-4 yuan, suitable for various applications including mobile chargers and industrial uses [27]. - The FD6288Q drone chip has stabilized around 2 yuan after previous price spikes, indicating a return to normalcy in the market [29]. Group 6: Fast Charging Chips - The IP2366 chip has gained significant traction, with prices ranging from 5-7 yuan, reflecting increased demand for high-performance power management solutions [30][31]. - This chip is integrated into Tesla's new Scale Megapack Charger, showcasing its application in high-capacity energy solutions [31].

Group 1: Company Overview - Recent research conducted by a well-known private equity firm, Fugao Investment, on a listed company, Xidiwei, highlighted the promising outlook of the analog chip market, with a projected global market size of $91.26 billion in 2024 and further growth to $129.69 billion by 2029 [1] - Xidiwei anticipates an increase in the self-sufficiency rate of analog chips to 16% by 2024, supported by national policy initiatives, although further improvements are necessary [1] - The company’s automotive-grade DC/DC chips have been integrated into Qualcomm's smart cockpit platform, serving multiple automotive brands, and have achieved AEC-Q100 and ISO 26262 certifications [1] Group 2: Market Position and Strategy - Xidiwei collaborates with Qualcomm in both consumer electronics and automotive electronics, while its partnership with MediaTek primarily focuses on consumer electronics [1] - The pricing of Xidiwei's products is influenced by various factors, and the company aims to enhance its gross margin through the introduction of innovative products [1] - By optimizing its supply chain management system, Xidiwei is working to reduce outsourcing production costs [1] Group 3: Demand and Future Goals - The second quarter has seen strong customer demand, with unfulfilled orders from the first quarter expected to be reflected in the second quarter [1] - Xidiwei is committed to becoming a leading international player in the analog chip sector, providing industry-leading analog and power management chips and solutions [1]

Group 1 - The core focus of the article is the analysis of the top 20 most searched chips in the first half of 2025, highlighting the dominance of MCU and power ICs, which account for over 50% of the list [2][4] - The top three chips are TL431, GM358, and UC3842, which are recognized for their strong versatility and mature technology, establishing industry standards [7][8] - The article notes that 10 out of the 20 chips on the list have previously appeared in past rankings, indicating their stable performance and strong market validation [4][5] Group 2 - New entrants to the list include four MCU chips, showcasing the ongoing innovation and competition in the MCU segment [5][12] - The article emphasizes the strong market presence of international leaders in the MCU sector, particularly TI's C2000 series, which has maintained a dominant position in real-time control applications [14][18] - Domestic manufacturers are increasingly emerging in the MCU market, with products that directly compete with established models, indicating a shift in market dynamics [19][20] Group 3 - The power management chip market is characterized by a competitive landscape dominated by international giants like TI and ADI, which hold over 80% of the global market share [16] - The article highlights the price competition in the analog chip market, where domestic manufacturers are offering similar products at significantly lower prices, thus challenging established brands [17][20] - The demand for power semiconductor chips is expected to rise, particularly in the context of increasing penetration of electric vehicles and the expansion of charging infrastructure [20]

Group 1 - The stock of Jiehuate (688141.SH) closed at 30.72 yuan, with a decline of 2.10%, and a total market capitalization of 13.728 billion yuan, currently in a state of breaking issue [1] - Jiehuate was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 23, 2022, with an initial public offering of 58.08 million shares at a price of 38.26 yuan per share [1] - The total amount raised from the IPO was 222.21408 million yuan, with a net amount of 205.46849 million yuan, exceeding the original planned fundraising by 48.37376 million yuan [1] - The company originally intended to raise 157.09473 million yuan for various projects including high-performance power management chip R&D, analog chip R&D, automotive electronic chip R&D, advanced semiconductor process platform development, and working capital [1] - The total issuance costs for the IPO were 16.74559 million yuan, with underwriting fees amounting to 13.33284 million yuan [1] - The actual controllers of Jiehuate are Zhou Xun Wei, a U.S. national, and Huang Biliang, a resident of Macau, China [1] Group 2 - On February 18, Jiehuate announced the authorization for the management to initiate preparations for the issuance of H-shares and listing on the Hong Kong Stock Exchange [2] - The board of directors approved the management to start the preparatory work for the H-share listing, with an authorization period of 12 months from the date of board approval [2]

Group 1: Liquidity and Performance of Sci-Tech Chip ETF - The Sci-Tech Chip ETF had an intraday turnover of 2.57% and a transaction volume of 669 million yuan [3] - Over the past year, the average daily transaction volume of the Sci-Tech Chip ETF was 2.276 billion yuan, ranking first among comparable funds [3] - In the past week, the Sci-Tech Chip ETF saw a scale increase of 264 million yuan, also ranking first among comparable funds [3] - The ETF's share increased by 17.7 million shares in the past week, marking significant growth and ranking first among comparable funds [3] - In the last five trading days, there were net inflows on four days, totaling 1.041 billion yuan [3] - As of June 10, the net value of the Sci-Tech Chip ETF increased by 61.50% over the past year, ranking first among comparable funds and placing 49th out of 2846 in the index stock fund category [3] - The highest monthly return since inception was 25.18%, with the longest consecutive monthly increase being four months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Outlook - The electronic semiconductor industry is expected to experience a comprehensive recovery by 2025, with an accelerated optimization of the competitive landscape and a continuous rebound in profits for related companies [4] - Key areas of focus include AIOT SoC chips, analog chips, and driver chips, with a strengthening logic for domestic substitution of key semiconductor materials [4] - Platform-leading enterprises in electronic materials and the silicon carbide industry chain also show potential [4] - Overall, the electronic industry maintains an "overweight" rating, with clear trends of industrial repair and upgrade, and an optimistic market outlook [4] - As of May 30, 2025, the top ten weighted stocks in the Sci-Tech Board Chip Index accounted for 57.93% of the total index, including companies like SMIC and Cambrian [4] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [4]

Investment Rating - The report maintains an "Increase" rating for the industry, emphasizing the explosive demand for ASICs and the investment opportunities in self-developed chip industries by CSPs like Amazon and Google [5][7][31]. Core Insights - The demand for custom ASICs is experiencing a comprehensive explosion, with significant growth expected in the custom acceleration computing chip market, projected to reach $42.9 billion by 2028, growing at a CAGR of 45% from 2023 to 2028 [14][31]. - Major North American CSPs are accelerating their self-developed ASIC layouts, with Google and Amazon leading the progress in custom chip development [14][19]. - Broadcom's guidance indicates that XPU deployments will exceed expectations in 2026, driven by strong demand for customized AI accelerators [20][22]. - Marvell is set to start 3nm chip production in 2026, with significant progress in custom AI XPU projects for large-scale data center clients [3][26]. - Wistron reported a significant revenue increase in May 2025, indicating a robust growth phase for ASIC demand, with AI inference servers expected to account for nearly 50% of the market [30][31]. Summary by Sections ASIC Demand and CSP Developments - The custom acceleration computing chip market is projected to grow from $6.6 billion in 2023 to $42.9 billion by 2028, with a CAGR of 45% [14]. - Google has launched the TPU v6 Trillium chip, expected to replace the TPU v5 by 2025, while Amazon is focusing on the Trainium v2 chip for generative AI applications [15][19]. - Meta is developing the MTIA v2 chip in collaboration with Broadcom, focusing on energy efficiency and low-latency architecture [18]. - Microsoft is enhancing its Maia series chips for Azure cloud applications, with the next generation being developed in partnership with GUC and Marvell [18][19]. Broadcom's Performance and Projections - Broadcom reported AI semiconductor revenue exceeding $4.4 billion in Q2 2025, a 46% year-over-year increase, with expectations for continued growth into 2026 [20][22]. - The company is collaborating with three clients and four potential clients for custom AI accelerator deployments, anticipating significant demand for XPUs in the second half of 2026 [20][22]. Marvell's Innovations and Collaborations - Marvell is set to initiate 3nm chip production in 2026, with strong demand from large-scale data center clients driving revenue growth [3][26]. - The partnership with NVIDIA to incorporate NVLink Fusion technology into custom platforms enhances Marvell's capabilities in the custom chip market [26]. Wistron's Revenue Growth - Wistron reported a revenue of 208.4 billion New Taiwan Dollars in May 2025, reflecting a 162% year-over-year increase, driven by the explosive demand for ASICs [30][31].

Investment Rating - The report maintains an "Increase" rating for the industry, emphasizing the explosive demand for ASICs and the investment opportunities in self-developed chip industries by CSPs like Amazon and Google [5][7][31]. Core Insights - The demand for custom ASICs is experiencing a comprehensive explosion, with significant growth expected in the custom acceleration computing chip market, projected to reach $42.9 billion by 2028, growing at a CAGR of 45% from 2023 to 2028 [14][31]. - Major North American CSPs are accelerating their self-developed ASIC layouts, with Google and Amazon leading the progress in custom chip development [14][19]. - Broadcom's guidance indicates that XPU deployments will exceed expectations in 2026, driven by strong demand for customized AI accelerators [20][22]. - Marvell is set to start 3nm chip production in 2026, with significant progress in custom AI XPU projects for large-scale data center clients [3][26]. - Wistron reported a significant revenue increase in May 2025, indicating a robust growth phase for ASIC demand, with AI inference servers expected to account for nearly 50% of the market [30][31]. Summary by Sections ASIC Demand and CSP Developments - The custom acceleration computing chip market is projected to grow from $6.6 billion in 2023 to $42.9 billion by 2028, with a CAGR of 45% [14]. - Google has launched the TPU v6 Trillium chip, expected to replace the TPU v5 by 2025, while Amazon is focusing on the Trainium v2 chip for generative AI applications [15][19]. - Meta is developing the MTIA v2 chip in collaboration with Broadcom, focusing on energy efficiency and low-latency architecture [18][19]. - Microsoft is accelerating the development of its Maia series chips for Azure cloud applications, with the next generation Maia v2 in progress [18][19]. Broadcom's Performance and Projections - Broadcom's AI semiconductor revenue reached over $4.4 billion in Q2 2025, marking a 46% year-over-year increase [20][22]. - The company expects to deploy at least 1 million AI accelerator clusters for three clients by 2027, with a significant portion being custom XPUs [20][22]. Marvell's Advancements - Marvell's revenue reached a record $1.895 billion in Q1 FY26, driven by strong AI demand, with expectations for continued growth in custom AI XPU revenue [3][24]. - The company is collaborating with NVIDIA to enhance its custom platform capabilities, integrating NVLink Fusion technology [26]. Wistron's Revenue Growth - Wistron reported a revenue of 208.4 billion New Taiwan Dollars in May 2025, reflecting a 162% year-over-year increase, driven by ASIC demand [30][31]. - The shift from AI training to AI inference is expected to boost the demand for AI servers significantly [30][31]. Analog Chip Market Insights - The global analog chip market is projected to reach $84.3 billion by 2025, with a strong focus on domestic production to meet rising demand [40][43]. - The domestic market for analog chips is expected to grow steadily, with a CAGR of 11% from 2025 to 2029 [43][46].

Core Viewpoint - The company, Jiewate (688141.SH), is planning to address its operational challenges through a series of strategic actions, including the acquisition of a 40.89% stake in Nanjing Tianyi Hexin Electronics Co., Ltd. for approximately 319 million yuan, aiming to enhance its semiconductor business and product offerings [1][4]. Group 1: Acquisition and Strategic Moves - Jiewate intends to acquire a total of 41.31% control over Tianyi Hexin, a semiconductor company specializing in high-performance sensor chips and analog chip design, which complements Jiewate's existing product lines [1][4][5]. - The acquisition involves direct and indirect purchases from multiple stakeholders, including a 29.74% stake from ten institutions and additional shares from other entities, with the goal of integrating Tianyi Hexin into Jiewate's consolidated financial statements [4][5]. - Post-acquisition, Jiewate plans to appoint three directors to Tianyi Hexin's board, gaining significant influence over its operations [4]. Group 2: Financial Performance and Challenges - Jiewate has faced financial difficulties, reporting a net profit of 137 million yuan in its first year of listing, a decline of 3.39% year-on-year, followed by consecutive losses in 2023 and 2024, totaling 1.03 billion yuan [2][8]. - The company's revenue for 2023 and 2024 was reported at 1.297 billion yuan and 1.679 billion yuan, respectively, with a significant drop in net profit margins due to increased competition and pricing pressures [8][9]. - As of March 2024, Jiewate's debt-to-asset ratio stood at 50.29%, indicating rising financial pressure, with interest-bearing liabilities amounting to 1.513 billion yuan [3][9]. Group 3: Research and Development Focus - Jiewate has been increasing its investment in research and development, with a reported expenditure of 619 million yuan in 2024, a 24.02% increase from the previous year, and a growing workforce dedicated to R&D [7][8]. - The company has applied for a total of 1,361 patents, with 980 being invention patents, reflecting its commitment to innovation and technological advancement in the semiconductor sector [7]. Group 4: Market Position and Future Outlook - Jiewate has established itself within the supply chains of major industry players, including Samsung and Xiaomi, and is expanding its market presence in emerging sectors such as renewable energy and automotive applications [7][8]. - The company is also exploring a potential listing in Hong Kong to alleviate financial constraints, although its path to sustainable profitability remains uncertain [10].

Company and Industry Summary Company Overview - The company is a full-line analog chip manufacturer that has successfully delivered products to leading clients in the robotics and server sectors [1][2]. Key Financial Performance - In Q1 2025, the company reported a revenue increase of 19.06% year-over-year, reaching 153 million [1]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, surged by 135.48% year-over-year [1]. - The gross margin improved to 47.45%, an increase of 1.76 percentage points compared to the same period last year [1]. Product Development and Market Strategy - The company has accelerated the launch of differentiated new products, which has contributed to its revenue growth [1]. - The low-voltage, ultra-low-power USB 3.2 Gen 1 Redriver product has been adopted by leading domestic robotics manufacturers, with plans to expand to other robotics firms [1]. - The company is focusing on the robotics sector as a key area for future development, in addition to existing products already in use [1]. - New products such as PCIe switches and level converters have started shipping to major domestic clients [2]. - The company has introduced a series of hub products for the ISC bus, targeting scenarios like DIMM module management, multi-node storage systems, and smart sensor networks [2]. - A comprehensive server signal switch solution has been launched, covering a complete product range from PCIe to I2C, USB, SPI, and I3C [2]. Risk Considerations - The content of the research is based on business exchanges between institutions and the listed company and does not constitute investment research opinions [3].

Core Viewpoint - The company is focusing on its semiconductor business, planning to divest its product integration assets to enhance its competitive position in the global power semiconductor industry [28][29]. Meeting Arrangements - The annual shareholder meeting will be held on May 16, 2024, at the Wentai Garden Hotel in Huangshi, Hubei Province, combining on-site and online voting [1][3]. - Shareholders will have the right to vote, speak, and inquire during the meeting, with specific guidelines to maintain order and efficiency [2][4]. Business Performance - The company reported a revenue of 73.598 billion yuan in 2024, representing a year-on-year growth of 20.23% [10]. - The semiconductor business achieved a revenue of 14.715 billion yuan with a gross margin of 37.47%, indicating a solid profitability trend [12]. Strategic Focus - The company plans to concentrate resources on its semiconductor business, aiming to enhance profitability and maintain its leading position in the industry [28][30]. - The semiconductor business is expected to benefit from the growing demand in the automotive sector, particularly in electric vehicles, where semiconductor content is significantly higher compared to traditional vehicles [14][17]. Product Development - The company is actively expanding its product line, focusing on high-power discrete devices and analog ICs, with significant investments in research and development [21][23]. - New products launched include advanced power MOSFETs, logic ICs, and energy management solutions, aimed at meeting the increasing market demand for high-performance semiconductor devices [22][24]. Market Opportunities - The semiconductor market is projected to grow, driven by trends in AI, electric vehicles, and industrial automation, providing ample opportunities for the company to expand its market share [18][19]. - The company is establishing strategic partnerships to enhance its product offerings and meet the stringent requirements of automotive applications [26].