Group 1 - The core viewpoint is that Haowei Group, formerly known as Weir Shares, has officially submitted its listing application to the Hong Kong Stock Exchange, marking a significant step in its global expansion strategy [2][6]. - Haowei Group is recognized as one of the top ten Fabless semiconductor companies globally, with an annual shipment of 11.2 billion units and over 2,300 active global customers, securing its position as a leading player in the image sensor market [4][6]. - The company has achieved a market capitalization of 155.66 billion yuan, driven by the strategic leadership of Yu Renrong, who is regarded as China's chip tycoon [4][6]. Group 2 - Haowei Group operates three main product lines: CIS (Camera Image Sensors), display solutions, and analog solutions, targeting high-growth markets [8]. - In the smartphone sector, Haowei holds a market share of 10.5% in CIS chips, while dominating the automotive CIS market with a 32.9% share, showcasing its competitive edge [9]. - The company has a robust patent portfolio with 4,865 authorized patents and employs 2,387 R&D personnel, establishing a strong technological barrier [9]. Group 3 - Financially, Haowei Group has demonstrated significant growth, with revenue increasing from 20.04 billion yuan in 2022 to 25.71 billion yuan in 2024, and gross profit rising from 4.74 billion yuan to 7.24 billion yuan during the same period [10]. - In Q1 2025, the company reported a year-on-year revenue growth of 14.68% and a net profit surge of 55.25%, indicating strong financial performance [10]. - The company's gross margin improved from 21.76% to 31.03%, while net profit margin increased from 2.59% to 13.31%, reflecting enhanced profitability [10]. Group 4 - The listing on the Hong Kong Stock Exchange is a crucial move for Haowei Group's internationalization strategy, aimed at expanding financing channels and accelerating capacity expansion and technological development [13]. - The company is transitioning from a single product supplier to a comprehensive solution provider, focusing on cutting-edge fields such as edge AI and MR [13]. - With the global trend of domestic chip replacement, Haowei Group is positioned to leverage capital to gain a strategic advantage in the global semiconductor competition [13].

Core Viewpoint - The article provides a detailed teardown of the Black Hawk 2Si-12 controller used in the Green Horse electric vehicle, highlighting its components, design, and manufacturing quality. Group 1: Product Specifications - The controller operates at a voltage of 72V and a current of 32A, with the product launched in June 2021 [2]. - The main control chip is the AT32F421C8T7 from Yateli, indicating a shift towards domestic 32-bit MCUs in the market [36]. Group 2: Design and Construction - The controller features a C-shaped aluminum alloy shell with a well-executed potting process for waterproofing [11][14]. - The PCB design integrates power and signal management on a single board, utilizing floating copper busbars for power distribution [22]. Group 3: Component Analysis - The controller uses two 330uF 100V electrolytic capacitors for power input [27]. - The MOSFETs are from China Resources Microelectronics, specifically the SKD503T model, with a VDS rating of 100V and Rdson of 3.6mΩ [31]. - The DC-DC buck converter is a SD4938 from Silan Micro, designed for switch-mode power supply applications [38]. Group 4: Market Context - The article notes the increasing use of domestic components in the wake of supply shortages and price hikes over the past 20 years, reflecting a trend towards localization in the semiconductor industry [36][44].

以下文章来源于豹变 ，作者朱晓宇 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 来源丨豹变（ID：baobiannews） 作者丨朱晓宇 编辑丨邢昀 图源丨Midjourney 时隔三个月，英伟达创始人黄仁勋紧急访华。与今年1月春节期间的常规行程有所不同，在对等关税的进 一步升级下，英伟达针对中国大陆市场推出的H20芯片也被进一步限制出口，股价暴跌，黄仁勋急需找到 中国市场的突破口。 重要性之高，连黄仁勋最爱的皮衣都换成了西装。黄仁勋在会谈中表示，中国是英伟达非常重要的市 场，希望继续与中国合作。 英伟达作为全球AI算力芯片的龙头，在美国禁令发布后遭受重创，黄仁勋的紧急访华行程背后，折射出 全球芯片产业被改写的格局。 其中，中国加速国产芯片替代成为趋势。尤其是车规级芯片方面，曾经依赖美国进口芯片的上下游产业 链，正在紧急寻找更稳妥的替代方案，甩掉美国标签，更高比例的国产化芯片成为整车厂的核心诉求。 也正是在这轮操作的刺激下，国产车规级芯片正在迎来询价需求的大爆发。 国内一家生产高低边驱动控制器芯片的公司向《豹变》透露，美国的芯片出口管制给中国整车厂带来一 定冲击，4月开始，前来公司询价的 ...

在新能源汽车渗透率突破40%的关键产业拐点，由半导体行业观察联合慕尼黑上海电子展共 同主办的「2025新能源与智能汽车技术论坛」于4月16日在上海新国际博览中心N5馆M50会 议室隆重举行。 辉羲智能产品总监 胡艳青 南芯科技汽车电子事业部市场总监黄陆建演讲主题为 《从电源管理到驱动芯片：智能汽车电子电 气架构的全链路赋能》 。他指出，智能汽车芯片需求已从每车1600颗攀升至3000颗以上，其中 电 源与驱动芯片作为核心支撑，分别负责系统稳定供电与精准控制执行，是保障智能驾驶安全与性能 的关键。 南芯科技围绕ADAS、电机控制、摄像头模组等场景，推出覆盖1A至16A输出的高能 效、低EMI电源方案，以及涵盖高边开关、eFuse、半桥驱动器在内的完整车规级驱动产品组合， 满足智能汽车对高功率密度、功能安全与系统响应速度的严苛要求。 本次论坛围绕电动化与智能化两大核心领域，聚焦电动化平台架构、车规级芯片国产替代、 智能驾驶系统集成三大热点技术主线，特邀 黑芝麻智能、辉羲智能、士兰微、纳芯微、南芯 科技、华研慧声、华大半导体、华太电子、概伦电子、荣湃半导体、宇都通讯 等十余家产业 领军企业（排名不分先后），深度探讨 ...

以下文章来源于豹变 ，作者朱晓宇 豹变 . 直抵核心。做最具穿透力、洞察力的商业观察，深度影响未来。 将投中网设为"星标⭐"，第一时间收获最新推送 国产芯片打响"抢位赛"。 作者丨 朱晓宇 编辑丨 邢昀 来源丨 豹变 时隔三个月，英伟达创始人 黄仁勋紧急访华。与今年 1 月春节期间的常规行程有所不同，在对等关税的进一步升级下，英伟达针对中国大陆市场推出 的 H 20 芯片也被进一步限制出口， 股价暴跌， 黄仁勋急需找到中国市场的突破口。 重要性之高，连黄仁勋最爱的皮衣都换成了西装。 黄仁勋在会谈中表示，中国是英伟达非常重要的市场，希望继续与中国合作。 英伟达作为全球 AI 算力芯片的龙头，在 美国禁令 发布后遭受重创，黄仁勋的紧急访华行程背后，折射出全球芯片产业被改写的格局。 其中， 中国加速国产 芯片 替代 成为趋势。尤其是车规级芯片方面，曾经依赖美国进口芯片的上下游产业链，正在紧急寻找更稳妥的替代方案，甩掉美 国标签，更高比例的国产化芯片成为整车厂的核心诉求。也正是在这轮操作的刺激下， 国产车规级芯片正在迎来询价需求的大爆发。 国内一家生产高低边驱动控制器芯片的公司向《豹变》透露，美国的芯片出口管制给中国 ...

Core Viewpoint - The domestic semiconductor industry is becoming a key force in advancing the industrial chain, with Naxin Micro leveraging technological breakthroughs to build a comprehensive general signal chain product system [1]. Group 1: Product Offerings - Naxin Micro has developed a general signal chain product system covering "measurement, conditioning, and conversion," addressing the demand for domestic alternatives in various fields such as industrial automation, renewable energy, and automotive electronics [1]. - The NSREF30/31xx series voltage reference sources provide stable output solutions for ADC sampling accuracy, with a typical temperature drift of 10ppm/°C and initial accuracy of ±0.2% across a wide temperature range of -40°C to 125°C [4]. - The NSAD11xx/12xx series Δ-Σ ADC integrates a complete signal chain module, supporting various sensors and effectively addressing noise interference and multi-channel synchronization issues in industrial temperature measurement [5]. - The NSOPA series operational amplifiers cover high and low voltage applications, ensuring stable operation in complex electromagnetic environments with features like high PSRR and wide temperature range support [6]. - The NSOPA240x series power operational amplifiers provide significant reliability improvements for motor control applications, featuring a continuous output current of 400mA and built-in protection mechanisms [8]. - The NSCSA240-Q1 and NSCSA285 series current sensing amplifiers offer solutions for high-voltage PWM systems and energy management, achieving high precision and wide common-mode input ranges [9]. Group 2: Market Applications - Naxin Micro's products have achieved large-scale applications in industrial automation, renewable energy, and automotive electronics, providing competitive solutions from high-precision measurement to efficient control [10]. - The company focuses on sensor, signal chain, and power management solutions, catering to various sectors including automotive, industrial, information communication, and consumer electronics [11]. Group 3: Company Mission - Naxin Micro aims to connect the digital and physical worlds by providing chip-level solutions, with a mission to build a green, intelligent, and interconnected "chip" world [12].

插播： 英 诺 赛 科 、 能 华 半 导 体 、 致 能 半 导 体 、 京 东 方 华 灿 光 电 、 镓 奥 科 技 等 已 确 认 参 编 《 2024-2025 氮 化 镓 （ GaN ） 产 业 调 研 白 皮 书 》 ， 参 编 咨 询 请 联 系 许 若 冰 （hangjiashuo999）。 近日， 芯联动力 董事长、芯联资本创始合伙人袁锋 在"第19届中国投资年会·年度峰会"上发表了《 新时代的产业投资：从Capital到Connection" 》的主题演讲，在演讲中指出了目前 国产芯片陷入的" 车规级困局" ： ● 新能源汽车订单，并与上汽、小米、理想等车企深度绑定。 中国电动汽车年销量突破1100万辆，但核心主驱芯片国产化率 不 足 20% 宁德时代、汇川等本土Tier 1厂商快速崛起，但国产车规芯片仍难打入高端供应链。 袁锋直言："车企既要降本，又不敢用国产芯片，这是产业升级的致命矛盾。" 芯联集成以碳化硅主驱芯片为突破口，实现国产车规芯片的"订单爆满"：其碳化硅模块已锁定未来 5年 ； ● 数百万台 本文将分析芯联集成取得这一成绩的背后，详情请看： 国产EV和Tier 1的繁荣背后 ...

Core Insights - The report emphasizes the recovery of credit demand in March, indicating a potential stabilization in the economy, although the impact of exports has yet to be fully realized [5] - The report suggests that monetary easing remains essential for sustaining domestic demand, with interest rates expected to trend downward [5] - The semiconductor industry is poised for growth due to stricter origin rules, which may favor domestic chip manufacturers [7] Macroeconomic Overview - In Q1, exports increased by 5.8% year-on-year, with March showing a significant 12.4% rise, attributed to a low base effect and resilient external demand [3] - Imports, however, fell by 7% year-on-year, primarily due to declining commodity prices and weak domestic demand [3] - The overall tariff rate imposed by the U.S. on Chinese goods is approximately 105.6%, which could negatively impact China's exports by 8.5-10.7 percentage points [3] Fixed Income Analysis - The report notes a gradual recovery in the yield curve, with R007 dropping to 1.7%, the lowest since January 10, indicating a more accommodative stance from the central bank [5] - The report highlights that the spread between deposit certificates and funding costs has turned positive, suggesting further declines in deposit rates [5] Industry Insights Textile and Apparel - 361 Degrees reported a strong performance in Q1 2025, with adult apparel sales increasing by 10-15% and e-commerce sales growing by 35-40% [8] - The company is expected to maintain a robust growth trajectory, with projected net profits of 1.31 billion, 1.49 billion, and 1.66 billion yuan for 2025-2027 [8] Healthcare - Kaili Medical's revenue for 2024 was 2.014 billion yuan, down 5.02% year-on-year, with a significant drop in net profit due to industry restructuring and increased competition [9] - The company is focusing on high-end product development, with expectations of revenue growth of 20.7%, 19.6%, and 19.7% for 2025-2027 [10] Social Services - China Youth Travel Service is projected to achieve revenues of 10.6 billion, 11.3 billion, and 12 billion yuan from 2025 to 2027, benefiting from the recovery in outbound tourism [13] Consumer Electronics - Edifier reported a revenue increase of 9.27% year-on-year for 2024, with a focus on brand building and new product investments [14] - The company anticipates revenues of 3.40 billion, 3.96 billion, and 4.63 billion yuan for 2025-2027 [16] Home Appliances - Ninebot's two-wheeler business continues to grow, with a 76.6% increase in sales volume, while its robotics segment saw a 323.5% increase in sales [18] - The company expects net profits of 1.63 billion, 2.24 billion, and 2.89 billion yuan for 2025-2027, driven by growth in both segments [18]

Core Viewpoint - The launch of GAC Group's self-developed automotive-grade chips marks a significant shift in the domestic chip industry from "replacement" to "leadership," particularly in the fields of intelligence and safety, setting a benchmark for the industry [2][5]. Group 1: Impact on Domestic Chip Industry - GAC's release of automotive-grade chips covers various fields such as power management, braking, and integrated safety, with several chips being the "first in the country" or "first in the world," indicating technological breakthroughs [5]. - The "origin" recognition rules from the China Semiconductor Industry Association may suppress imports of American analog chips, benefiting domestic analog chip development [2][5]. - The self-sufficiency rate of domestic automotive chips is expected to rise from 10% to 25% by 2025, with the localization rate of analog chips and automotive-grade MCUs potentially exceeding 30% [5][6]. Group 2: Restructuring of Automotive Chip Ecosystem - GAC's collaboration with eight companies, including ZTE Microelectronics and Renxin Technology, aims to create an end-to-end verification platform, promoting technological collaboration and breaking the traditional reliance on Tier 1 suppliers [6][7]. - This initiative may encourage more automotive companies to partner with chip manufacturers, forming a closed-loop ecosystem for "whole vehicle chips" verification and reducing dependence on overseas supply chains [7][8]. Group 3: Technological Breakthroughs and Industry Standards - GAC's G-T02 and G-K01 chips achieve international leading levels in data transmission and functional safety, potentially driving upgrades in domestic automotive chip standards [6][8]. - The parameters of GAC's chip technology are approaching or meeting ISO 26262 functional safety standards, with expectations for the first domestic automotive chip safety certification system to be released by 2025 [7][8]. Group 4: Impact on A-Share Market - The self-developed chips are expected to reduce GAC's reliance on external supply chains and improve gross margins, with projections for gross margins to increase from 12% to 15% by 2025 [9][10]. - GAC's chip partners, such as Yutai Microelectronics and Silergy, are anticipated to benefit from increased orders, with Yutai's TSN switching chip expected to achieve a shipment volume of 500,000 pieces by 2025 [9][10]. - The semiconductor sector in A-shares has already shown signs of a rally, with companies like Naxin Micro and Shengbang shares hitting the limit, reflecting market expectations for domestic substitution [9][10].