截至2025年7月3日 10:45，上证科创板芯片指数下跌0.20%。成分股方面涨跌互现，纳芯微领涨3.25%，澜起科技上涨1.87%，乐鑫科技上涨1.53%；芯原股份 领跌，龙芯中科、源杰科技跟跌。科创芯片ETF(588200)下修调整。 流动性方面，科创芯片ETF盘中换手1.63%，成交4.60亿元。拉长时间看，截至7月2日，科创芯片ETF近1年日均成交23.25亿元，排名可比基金第一。 规模方面，科创芯片ETF近1周规模增长11.26亿元，实现显著增长，新增规模位居可比基金第一。份额方面，科创芯片ETF最新份额达186.58亿份，创近半 年新高，位居可比基金第一。 从资金净流入方面来看，科创芯片ETF近3天获得连续资金净流入，最高单日获得6.79亿元净流入，合计"吸金"14.22亿元。 数据显示，杠杆资金持续布局中。科创芯片ETF前一交易日融资净买额达6137.14万元，最新融资余额达15.32亿元。 截至7月2日，科创芯片ETF近1年净值上涨64.87%，居可比基金第一，指数股票型基金排名60/2897，居于前2.07%。从收益能力看，截至2025年7月2日，科 创芯片ETF自成立以来，最高单月回报为 ...

Group 1 - The core viewpoint emphasizes China's rejection of U.S. accusations regarding violations of the Geneva economic and trade talks consensus, urging the U.S. to work together to maintain a healthy and stable economic relationship [1][2] - China has taken responsible actions by canceling or suspending relevant tariffs and non-tariff measures against the U.S. following the joint statement issued on May 12, demonstrating a commitment to the consensus reached [1] - The U.S. has introduced several discriminatory measures against China post-Geneva talks, including AI chip export controls and halting sales of chip design software, which contradicts the agreements made during the talks [1] Group 2 - The joint statement from the Geneva economic and trade talks is highlighted as a significant consensus achieved through mutual respect and equal consultation, and the importance of correcting erroneous practices is stressed [2] - China warns that if the U.S. continues to harm its interests, it will take strong measures to protect its legitimate rights [2]

Core Viewpoint - The storage chip sector has seen a significant rally, with companies like Yingfangwei, Bomin Electronics, and Dawi Co. hitting the daily limit up, driven by strong market trends in NAND Flash and DRAM prices [1] Industry Summary - The NAND Flash market composite price index has increased by 9.2% from the beginning of 2025 [1] - The DRAM market composite price index has surged by 47.7% during the same period [1] - The combination of AI-driven memory upgrades, original manufacturers' profit protection strategies, and persistent demand from downstream markets is expected to push the DRAM market to reach historical highs in 2025 [1]

公众号记得加星标⭐️，第一时间看推送不会错过。 曾几何时，"不烧钱、稳盈利"的成熟制程是一众二线晶圆代工厂的安身立命之本。它们在台积 电、三星疯狂烧钱追逐3nm、5nm先进制程的浪潮中，做出了看似理智的选择：退出烧钱无底 洞的先进制程竞赛，转而专注于更加"稳妥"的成熟制程赛道。 格芯曾在2018年宣布暂停7nm以下制程开发，将重心转向12nm及以上的成熟制程；而联电也在2019 年明确表态，将专注于28nm及以上制程。它们的逻辑简单明了：成熟制程投入相对较少，客户基础 稳定，利润率虽不如先进制程，但胜在稳定可控。 然而，时过境迁。当初的避风港如今却风起云涌。来自中国本土代工厂的猛烈冲击，成熟制程市场的 激烈价格战，以及客户的加速流失，让这些曾经的"聪明人"开始坐立不安。更让人意外的是，它们竟 然重新将目光投向了曾经嗤之以鼻的先进制程。 这是战略调整的必然，还是病急乱投医的冒险？让我们一探究竟。 "变心"的成熟制程厂商 不久前，《日经亚洲》爆出重磅消息：联电正在评估开发6nm制程的可行性，目标是支持未来AI加速 器、汽车SoC、Wi-Fi/射频芯片等高复杂度应用。这对于一个曾公开表示不再追逐先进工艺的公司而 言 ...

高边开关： 不可绕过的"上车"核心 南芯科技汽车电子事业部市场总监殷亮表示，随着汽车电气化水平及安全要求的提升，车身控制这一 核心场景正愈发凸显其重要性，而作为这一系统中不可或缺的核心组件，目前高边开关在每辆新能源 车上的需求多达75颗以上，要做一站式汽车解决方案，势必绕不开这款产品。 "最早的车身控制，其实是模块化、分散式的，"他回忆道，"比如说车窗、座椅，每个小模块各自为 政。但现在新能源汽车的趋势是——集成、协同、轻量化。"随着域控制器的引入，物理和功能相近 的模块被合并进统一控制区，不仅提升了响应速度，也提升了系统的安全性与布线效率，"这对我们 这些做底层功夫的电源芯片来说，其实是一个升级契机。" 他举了一个简单的例子："以前为了限速控制一个座椅电机，线束可能要拉到整车尾部，现在通过区 域控制就能本地解决，不仅减重，也提高可靠性。" 公众号记得加星标⭐️，第一时间看推送不会错过。 过去十年，中国汽车产业完成了一次剧烈而深刻的"电动化+智能化"重构。其中芯片作为车 的"神经"和"大脑"，正成为这场革新中最关键的增量引擎。研究机构的数据显示，2024年中国 汽车电子市场将达到11,585亿元，其中智能座舱 ...

Core Viewpoint - The leadership transition at Zongyi Co., Ltd. marks a significant shift towards a younger management team, with Yang Meng taking over as Chairman and General Manager, aiming to drive the company's transformation and growth in the semiconductor and digitalization sectors [3][19][21]. Company Leadership Transition - Zongyi Co., Ltd. held an all-employee meeting on July 1, where the new leadership team was announced, with Yang Meng as Chairman and General Manager [3][19]. - The new board includes members from the '70s, '80s, and '90s, reflecting a strategic shift towards a younger leadership structure [19][20]. Yang Meng's Background - Yang Meng, born in 1984, has a strong academic background in architecture and landscape design, having studied at Shenzhen University and the University of Southern California, and later at Harvard University [4][5]. - He transitioned from a successful career in finance and private equity in the U.S. to lead Zongyi Co., Ltd. in 2020, bringing extensive experience in investment management [6][8]. Management Philosophy - Yang Meng emphasizes the importance of corporate culture, collaboration, and effective governance as key components of his management strategy [9][11]. - He has implemented various management practices, including the OKR methodology and comprehensive training programs for employees, to foster a culture of continuous learning and improvement [9][11]. Industry Focus and Strategy - Zongyi Co., Ltd. operates in multiple sectors, including integrated circuits and clean energy, with a focus on the semiconductor industry, which is characterized by high investment and long cycles [11][12]. - The company has made significant strides in digital transformation, particularly in the traditional liquor industry, leveraging AI and big data to enhance operational efficiency [14][15]. Financial Performance and Challenges - Despite a diverse investment portfolio across various industries, Zongyi Co., Ltd. has faced declining revenues and significant losses over the past decade, with a cumulative net loss of approximately 450 million yuan [16][17]. - The leadership transition is seen as a critical step in addressing these challenges and steering the company towards profitability and sustainable growth [18][21].

证券研究报告 2025 年 7 月 3 日 星期四 【A 股市场大势研判】 市场窄幅震荡，沪指微跌 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3454.79 | -0.09% | -2.96 | | | 深证成指 | 10412.63 | -0.61% | -63.67 | | | 沪深 300 | 3943.68 | 0.02% | 0.92 | | | 创业板 | 2123.72 | -1.13% | -24.20 | | | 科创 50 | 982.64 | -1.22% | -12.16 | | | 北证 50 | 1439.15 | -1.23% | -17.92 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 钢铁 | 3.37% | 电子 | ...

全国青联十四届全委会、全国学联二十八大7月2日上午在京开幕。习近平总书记发来贺信，代表党 中央表示祝贺，向全国各族各界青年和青年学生、向广大海外中华青年致以问候。习近平总书记的贺信 在陕西引起热烈反响。大家纷纷表示，要认真学习习近平总书记贺信精神，牢记总书记教导，立志做有 理想、敢担当、能吃苦、肯奋斗的新时代好青年，以强国建设、民族复兴伟业为己任，在推进中国式现 代化的新征程上奋力书写挺膺担当的青春篇章。 习近平总书记在贺信中说，5年来，在党的领导下，在共青团帮助指导下，各级青联和学联组织履 职尽责、积极作为，组织动员广大青年和青年学生紧跟党走、拼搏进取，贡献青春力量，展现了新时代 中国青年昂扬向上的精神风貌。这让共青团延安市委书记、市青联主席惠藏锋激动不已。他表示，将继 续在延安这片红色沃土上，持续深化对青联和学联组织的帮助指导，强化思想引领，筑牢青年理想信念 根基，让延安精神在新时代闪耀更加璀璨的光芒；搭建更多实践平台，激发青年创新创造活力，让广大 青年在经济社会发展中勇挑重担；倾听青年心声，解决急难愁盼，增强青年获得感与归属感，为谱写陕 西新篇、争做西部示范贡献力量。 "习近平总书记的贺信，对广大青年提 ...

中国ETF渗透率（ETF规模/上市公司总市值）较成熟市场仍有1～2倍提升空间，未来增长潜力显著。 近年来，我国ETF市场乘着政策支持的东风，伴着中长期资金的持续流入，随着产品种类的不断创新， 呈现出加速增长的态势。 ETF作为可交易的指数基金，规模在一年内接连突破2万亿元、3万亿元大关，目前已迈上4万亿元新台 阶。在业内看来，这不仅是资本市场的一个新的里程碑，也彰显了ETF正日益受到机构和个人投资者的 青睐。 "陆家嘴金融沙龙"在上海浦东举办，会聚了来自证券、基金、指数编制、保险资管以及金融信息服务等 相关领域的资深专家，围绕ETF的发展现状、产品创新、指数编制优化、中长期资金布局等维度展开了 深入而全面的探讨，为ETF市场从"规模增长"向"质量跃升"的转型发展提供了全新的思路与方向。 华泰柏瑞基金副总经理、指数投资部总监柳军认为，未来中国ETF市场需在产品创新、投资者教育、风 险管控等方面持续发力，真正实现"让ETF走进更多投资者视野，在资产配置中少走弯路"的目标。随着 市场有效性提升与投资者认知深化，ETF有望在普惠金融领域开辟新蓝海，成为居民财富保值增值 的"国民级"投资工具。 ETF市场快速扩张，指数 ...

Core Viewpoint - United Microelectronics Corporation (UMC) is exploring the feasibility of entering advanced chip production, specifically targeting 6nm technology, to enhance its growth potential in a market dominated by TSMC, Samsung, and Intel [1][2]. Group 1: Company Strategy and Developments - UMC is assessing future growth drivers, including the potential production of 6nm chips suitable for advanced connectivity applications and AI accelerators [1]. - The company is considering expanding its collaboration with Intel in 12nm chip production, potentially incorporating 6nm technology into this partnership [1][2]. - UMC's CFO indicated that substantial progress in advanced manufacturing technology will depend on partnerships to alleviate financial burdens [2]. Group 2: Market Position and Competition - UMC is currently the fourth largest chip foundry globally, with a market share of 4.7%, following TSMC, Samsung, and SMIC [3][4]. - As of Q1 2025, UMC's revenue decreased by 5.8%, reflecting competitive pressures from local Chinese manufacturers and the rise of SMIC, which has overtaken UMC to become the third largest foundry [2][3]. - The global foundry market is highly concentrated, with the top five companies accounting for 90.2% of the market share [3]. Group 3: Financial Considerations and Challenges - Entering the 6nm production space may require significant capital investment, estimated at around $5 billion, which poses a challenge for UMC [7]. - UMC's capital expenditure for the current year is projected to be $1.8 billion, significantly lower than SMIC's ongoing expenditure of over $7 billion [7]. - The company is exploring a "light asset" model to share the financial burden of new technology investments with partners [7]. Group 4: Industry Trends and Future Outlook - By 2030, mainland China is expected to lead global semiconductor foundry capacity, potentially holding 30% of the market, which adds competitive pressure on UMC [5]. - The demand for mature semiconductor products is rebounding slower than expected, prompting UMC to seek new growth opportunities [7]. - The transition to advanced chip production is complicated by the need for cutting-edge equipment, such as EUV lithography machines, which are costly and may impact production quality if older technologies are used [8].