英诺赛科(02577)涨超3%，截至发稿，涨3.58%，报44.8港元，成交额8575.48万港元。 消息面上，据英诺赛科官微消息，7月29日，公司与联合电子宣布成立联合实验室，利用GaN技术在尺 寸、重量和效率方面的优势，开发先进的新能源汽车电力电子系统。得益于GaN技术相较于传统硅基功 率器件的优势，GaN功率器件在电动汽车、可再生能源系统、人工智能及数据中心电源领域应用广泛。 与传统硅相比，采用GaN的转换器和逆变器功率损耗可降低高达10倍，显著提升了效率、功率密度并降 低系统成本，实现体积更小、重量更轻的优势，并减少二氧化碳排放。 据介绍，GaN由于其材料特性，可在功率转换中实现系统性能的新标准，显著降低损耗，从而提高效 率、减小体积、减轻重量，从而降低系统BOM成本。GaN功率器件的应用范围已远远超出消费电子产 品，在数据中心、工业和光伏设备中已实现量产，并被应用于电动汽车电力电子系统。 ...

智通财经APP获悉，英诺赛科(02577)涨超3%，截至发稿，涨3.58%，报44.8港元，成交额8575.48万港 元。 消息面上，据英诺赛科官微消息，7月29日，公司与联合电子宣布成立联合实验室，利用GaN技术在尺 寸、重量和效率方面的优势，开发先进的新能源汽车电力电子系统。得益于GaN技术相较于传统硅基功 率器件的优势，GaN功率器件在电动汽车、可再生能源系统、人工智能及数据中心电源领域应用广泛。 与传统硅相比，采用GaN的转换器和逆变器功率损耗可降低高达10倍，显著提升了效率、功率密度并降 低系统成本，实现体积更小、重量更轻的优势，并减少二氧化碳排放。 据介绍，GaN由于其材料特性，可在功率转换中实现系统性能的新标准，显著降低损耗，从而提高效 率、减小体积、减轻重量，从而降低系统BOM成本。GaN功率器件的应用范围已远远超出消费电子产 品，在数据中心、工业和光伏设备中已实现量产，并被应用于电动汽车电力电子系统。 ...

公司相信，以联合实验室的方式加强双方合作，能够充分利用公司在GaN领域的优势，通过结合联合电 子的专业系统知识，将为市场带来更小体积、更轻量的电动汽车电源和动力系统，构建新能源汽车电力 电子系统的未来。 智通财经APP讯，英诺赛科(02577)公布，于2025年7月29日，该公司与全球领先的汽车电子系统供应商 联合汽车电子有限公司(联合电子)成立联合实验室，通过利用氮化镓(GaN)器件在高功率密度、低导通 电阻、高转换效率和更小的产品尺寸等方面的优势，合作开发先进的新能源汽车电力电子系统。 ...

作为一家综合性汽车一级供应商，联合电子由罗伯特?博世与中联汽车电子有限公司（隶属于上汽集 团）合资成立。自1995年成立以来，联合电子已在中国汽车发动机控制单元和动力总成系统市场占据了 相当大的份额。 公司相信，以联合实验室的方式加强双方合作，能够充分利用公司在GaN领域的优势，通过结合联合电 子的专业系统知识，将为市场带来更小体积、更轻量的电动汽车电源和动力系统，构建新能源汽车电力 电子系统的未来。 格隆汇7月29日丨英诺赛科(02577.HK)公告，于2025年7月29日，公司与全球领先的汽车电子系统供应商 联合汽车电子有限公司成立联合实验室，通过利用氮化镓(GaN)器件在高功率密度、低导通电阻、高转 换效率和更小的产品尺寸等方面的优势，合作开发先进的新能源汽车电力电子系统。 ...

公司相信，以联合实验室的方式加强双方合作，能够充分利用公司在GaN领域的优势，通过结合联合电 子的专业系统知识，将为市场带来更小体积、更轻量的电动汽车电源和动力系统，构建新能源汽车电力 电子系统的未来。 英诺赛科(02577)公布，于2025年7月29日，该公司与全球领先的汽车电子系统供应商联合汽车电子有限 公司(联合电子)成立联合实验室，通过利用氮化镓(GaN)器件在高功率密度、低导通电阻、高转换效率 和更小的产品尺寸等方面的优势，合作开发先进的新能源汽车电力电子系统。 ...

Core Viewpoint - Navitas Semiconductor is transitioning its GaN wafer supply from TSMC to PSMC due to TSMC's planned cessation of GaN product manufacturing by July 2027, establishing a strategic partnership with PSMC to ensure continued production and innovation in GaN technology [2][3]. Group 1 - Navitas Semiconductor's sole GaN wafer supplier, TSMC, will terminate production by July 2027, prompting the need for a new supply chain [2]. - Navitas has partnered with PSMC to utilize its 8-inch GaN production line in Hsinchu, Taiwan, with the first devices expected to complete certification by Q4 2025 [2]. - The 100V series is set for initial production in H1 2026, while the 650V devices will transition from TSMC to PSMC over the next 12-24 months [2]. Group 2 - PSMC's General Manager, Zhu Xianguo, expressed excitement about the upcoming mass production and the long-standing collaboration with Navitas in GaN technology [3]. - The production at the 180nm process node on an 8-inch silicon-based GaN platform will enhance power density, speed, efficiency, and cost control [3].

Core Viewpoint - The company is experiencing fluctuations in stock price and is focusing on expanding its overseas business while managing inventory levels and enhancing its technological capabilities [1][2][4][5]. Group 1: Stock Performance - As of May 23, 2025, the stock price of YN Technology (688348) closed at 40.18 yuan, down 3.25% from the previous week [1]. - The company's current market capitalization is 6.279 billion yuan, ranking 39th in the photovoltaic equipment sector and 2345th in the A-share market [1]. Group 2: Business Focus and Strategy - The company aims to maintain its domestic industrial storage business at last year's levels, focusing on benchmark projects to drive subsequent operations and maintenance services [2]. - The emphasis on overseas markets for industrial storage has led to preparations for shipping some overseas orders, with increased demand in Europe due to power outages [2]. - The company has multiple micro-inverter product series utilizing gallium nitride technology and has invested in a leading enterprise in the gallium nitride field [2][3]. Group 3: Financial Performance - For the fiscal year 2024, the company reported a revenue of 1.771 billion yuan, a year-on-year increase of 24.70%, while the net profit attributable to shareholders was 140 million yuan, a decrease of 36.41% [4][5]. - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling approximately 61.81 million yuan [5]. Group 4: Project Developments - The Nanjing National Expo Center 25MW project, which is the largest distributed photovoltaic power generation project using micro-inverters in China, was connected to the grid in April 2025, expected to generate an annual economic benefit of 10 million yuan [2][6].

Market Overview - The market experienced fluctuations with the ChiNext Index dropping over 1% and the North Securities 50 Index falling more than 6%. Conversely, bank stocks such as Shanghai Pudong Development Bank, Jiangsu Bank, and Chengdu Bank reached historical highs [1] - The new consumption sectors, including the pet economy, saw declines, with companies like Kexin Co. dropping over 10%. High-priced stocks continued to adjust, with Suzhou Longjie hitting the daily limit down [1] - Nearly 4,500 stocks declined across the Shanghai, Shenzhen, and Beijing markets, with a total transaction volume of 1.14 trillion [1] Hot Topics Gallium Nitride (GaN) - The GaN sector showed significant movement, with stocks like Zhongchao Holdings, Zhongheng Electric, and Haitai High-tech hitting the daily limit up. Nawei Semiconductor announced a collaboration with NVIDIA to develop the next-generation 800V high-voltage direct current (HVDC) architecture, which supports GPU systems [3] - Nawei's stock price surged by 200% in after-hours trading [3] - GaN technology offers advantages over traditional silicon-based devices, including a 70% reduction in dynamic losses and a 50% decrease in heat generation [5] Military Industry - The military sector rebounded, with stocks like Sichuan Electronic and Fenghuo Electronic hitting the daily limit up. The 55th Paris Air Show is set to take place from June 16-22, with China's aviation industry expected to showcase advancements [6] - The Chinese military budget is projected to grow steadily, providing a solid foundation for the defense industry, which is expected to see continuous growth in scale and profits [6] Smart Glasses - The smart glasses sector experienced activity, with stocks like Yashiguangdian and Guoguang Electric hitting the daily limit up. OpenAI's CEO Sam Altman showcased a device developed in collaboration with former Apple designer Jonathan Ive, aiming to produce 100 million AI "companions" [8] - The domestic AI companionship market is projected to reach a scale of 100 billion by 2027, driven by advancements in AI technology [9] Other Notable Trends - The asset restructuring and reform initiatives are gaining traction across various sectors, including energy, paper, and military industries [12] - The AI toy market is expanding, with companies like ByteDance and Tom Cat launching AI toys aimed at children, emphasizing strong interactive capabilities [10] - The defense and military sectors are expected to benefit from the ongoing geopolitical tensions, leading to increased importance and valuation support for the industry [6]

Core View - The data center, power supply, and GaN sectors experienced significant gains on May 22, with multiple companies hitting their daily price limits [1] Group 1: Stock Performance - Zhongheng Electric's stock rose to 17.28, up 9.99% [2] - Wankong Intelligent Manufacturing's stock increased to 14.56, up 9.97% [2] - Kaile Co., Ltd. saw a rise to 68.10, up 10.97% [2] Group 2: Major Events - On May 21, Nami Semiconductor announced a partnership with NVIDIA to develop the next-generation 800V high-voltage direct current (HVDC) architecture, which will enhance energy efficiency and reduce copper usage [3] - CoreWeave's stock surged 19% on May 21, with a cumulative increase of over 60% in the past six trading days, driven by a 420% year-on-year revenue growth to $981.6 million in Q1 [3] - Viati Technologies plans to launch an 800 VDC power product line in the second half of 2026 to support NVIDIA's computing platform [3] Group 3: Industry Insights - HVDC technology offers high efficiency, reliability, ease of maintenance, scalability, and low cost, with a high penetration rate among major internet companies in their self-built data centers [4] - GaN materials outperform traditional SiMOSFET devices, reducing dynamic losses by 70% and heat generation by 50%, while supporting high-voltage direct connections [4] - The rental price for an 8-card H100 server from CoreWeave increased by 29.31% compared to April 2023, reflecting rising demand for high-end computing services [4] Group 4: Market Trends - The need for substantial capital investment in self-built AI computing power and potential supply shortages make computing power leasing a more cost-effective short-term solution for some manufacturers [5] - The upward trend in high-end computing service prices indicates a strong demand for real-time inference computing services from enterprises [5]

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，"行家说三代半"发现，国内外多家氮化镓企业纷纷宣布最新订单与合作进展，这表明氮化镓 技术的市场渗透速度正在加快，推动下游应用向高效能、低功耗方向转型升级： 芯干线： 获得多个一线品牌订单 4 月17日， 芯干线在官微透露，他们今年一季度 在AI算力基础设施、消费电子快充、高端音响电源及商用储能领域连破壁垒，成功打入多个全球 一线品牌供应链： ● Al服务器 ： 芯干线自主研发的 700V增强型氮化镓功率器件及1200V碳化硅MOSFET，经过21年到24年近三年 的从器件单体到系统集成等多轮多环境测试，顺利通过某全球某一线AI服务器品牌系统商的可靠性验证， 预计在25年第二季度正式接单量产。 ● 消费电子 ： 芯干线为某全球一线手机品牌定制的45W氮化镓PD快充方案Q1实现规模化量产，该方案 集成了 700V增强型氮化镓功率器件，通态电阻150mΩ。 ● 专业音频 ： 芯干线针对高端音响功放开发的氮化镓电源方案，已通过 ...