Core Viewpoint - Tongfu Microelectronics achieved a net profit of 412 million yuan for the first half of the year, representing a year-on-year growth of 27.72% [1] Group 1: Financial Performance - The company reported a net profit of 412 million yuan for the first half of the year, marking a 27.72% increase compared to the previous year [1] Group 2: Market Opportunities - The acceleration of domestic production in mobile and automotive chips, along with favorable national policies for home appliances, positions the company to seize opportunities in various application fields [1] - The company is enhancing its market share in mobile, home appliance, and automotive sectors, becoming a strategic partner for several key clients in consumer electronics hotspots such as WiFi, Bluetooth, and MiniLED TV display drivers [1] Group 3: Client Relationships and Growth - Strong growth in business with major client AMD provides robust support for the company's revenue scale [1] - The company is solidifying its collaboration with mobile terminal SOC clients, continuously increasing its market share [1] Group 4: Technological Advancements - The company is advancing its technical research and development capabilities, ensuring that major project constructions are progressing steadily to meet current and future operational needs [1] Group 5: Industry Outlook - The industry remains in a favorable state, with the company's performance growth being stable, leading to a maintained "buy" rating [1]

中美芯片战已经持续8年之久，这场科技与国力的博弈，究竟谁才是赢家？ 明眼人都知道，这场没有硝烟的科技战背后，全是输家，就算是赢，也是相对的，其背后都付出了惨痛的代价！ 当然了，从中国的角度来看，咱们需要引起重视，这番话看似是发牢骚或者吐槽，但也反映了欧美巨头们真实的心理活动！任何美芯企业都不愿意看到像华 为等中国科技企业的崛起，他们打心眼里不高兴！甚至还说出了"不该把芯片卖给中国"的言论。所以说，咱们必须自己有，咱们必须实现自给自足，咱们必 须自己强大！ 美AI企业的CEO之所以会这样说，和华为在昨天发布了多款昇腾芯片有直接关系。要知道，在过去很多年间，中国市场绝大多数的AI芯片都依赖美进口， 这也让美AI芯片企业赚的盆满钵满，甚至别人不要的或者淘汰的AI芯片，也能塞给中国企业，话语权、定价权被这些企业握的死死的，这钱赚的钱也是太 痛快了！ 之前英伟达凭借着H20在中国赚的盆满钵满，说好听H20是"特供版"，实际上就是"缩水版"，但其价格却堪比先进AI芯片的价格。但就是因为我们自己没 有，只能忍气吞声，花高价买低货。 但现在呢？在美技术封锁之下，越来越多的中国科技企业走上了自主研发的道路。以华为为代表的国内科 ...

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00%-4.25%, marking the first rate cut since December 2024, aligning with market expectations [1] - The decision was passed with 11 votes in favor and 1 against, with the dissenting vote advocating for a 50 basis point cut to stimulate the economy more aggressively [1] - Fed Chair Powell described the rate cut as a "risk management measure" aimed at addressing the cooling job market, while emphasizing that the current policy does not indicate a sustained rate-cutting cycle [1] Group 2 - Economic data supports the rate cut, with only 22,000 new non-farm jobs added in August, significantly below the expected 75,000, and the unemployment rate rising to 4.3%, the highest since November 2021 [1] - Despite a slight increase in July's core PCE inflation to 2.9%, Powell views tariff-induced price hikes as short-term shocks, with the focus now on the risks in the job market [1] - The rate cut provides a clear operational anchor for global asset allocation, with differentiated investment logic across gold, Hong Kong stocks, and A-shares [1][2] Group 3 - Gold is expected to have strong support due to declining real interest rates and a weakened independence of the Fed, with investors advised to consider gold ETFs [2] - Hong Kong stocks are more sensitive to external liquidity easing, with the Fed's rate cut likely to lead to global capital rebalancing, making Chinese assets more attractive to foreign investors [2] - A-shares may benefit from increased foreign inflows due to overseas liquidity easing, with a focus on technology growth sectors like AI and domestic chip production [2]

Core Viewpoint - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00%-4.25%, marking the first rate cut since December 2024, aligning with market expectations [1] Economic Background - The decision was supported by a vote of 11 in favor and 1 against, with the dissenting vote advocating for a 50 basis point cut to more aggressively stimulate the economy [1] - The U.S. labor market showed signs of cooling, with only 22,000 non-farm jobs added in August, significantly below the expected 75,000, and the unemployment rate rising to 4.3%, the highest since November 2021 [1] - Core PCE inflation slightly increased to 2.9% year-on-year in July, but the Fed Chairman Powell emphasized that tariff-induced price increases are short-term shocks, with the focus now on the risks in the labor market [1] Investment Opportunities Gold - Following a peak, gold has seen a pullback as profits were taken, but the decline is expected to be limited due to falling real interest rates and a weakened independence of the Fed, making gold a strong support asset [2] - Investors looking for entry points during the pullback may consider gold ETFs (518800) [2] Hong Kong Stocks - Hong Kong stocks are more sensitive to external liquidity easing, and the Fed's rate cut cycle is likely to lead to a global rebalancing of funds, enhancing the attractiveness of Chinese assets to foreign investors [2] - The Hong Kong Technology ETF (513020) is recommended for investment [2] A-Shares - The easing of overseas liquidity is expected to facilitate further foreign inflows into the A-share market, with technology growth sectors, particularly AI, likely to continue leading the market [2] - The acceleration of domestic chip production is also noted, with a recommendation for the high-volatility technology chip ETF (589100) [2] Summary - The Fed's rate cut serves as a clear policy anchor, with different assets showing varied benefits: gold offers rate hedging and safe-haven attributes, Hong Kong stocks benefit from liquidity easing and policy coordination, while A-shares focus on structural opportunities amid improving liquidity [2]

Group 1 - The core viewpoint is that the semiconductor sector is experiencing a price surge, particularly in the storage market, with major companies like SanDisk and Micron raising prices, leading to significant increases in spot prices for certain DRAM products [1] - The Kexin 100 ETF fund (588220) has seen a 1.50% increase, with notable gains in stocks such as Juxin (688549) up 20.00%, Jingwei Hengrun (688326) up 7.08%, and Dongxin Co. (688110) up 7.06% [1] - As of September 16, the Kexin 100 ETF fund has a total scale of 6.22 billion, ranking first among its peers [1] Group 2 - The Kexin 100 ETF fund closely tracks the Shanghai Stock Exchange's Kexin 100 Index, which selects 100 securities with medium market capitalization and good liquidity from the Kexin board [2] - As of August 29, the top ten weighted stocks in the Kexin 100 Index account for 23.82% of the index, with leading companies including Dongxin Co. (688110) and Huahong Semiconductor (688347) [2]

9月16日，第一财经记者从家电芯片代理商、分析师和专家处获悉，目前家电用的模拟芯片的国产化率 已较高。据产业在线的统计数据，截至2024年底，中国家电模拟芯片的国产化率已达65%。 据西安理工大学可靠性研究院创院院长陈建民介绍，家电芯片涵盖数字芯片、模拟芯片和功率半导体器 件。数字芯片包括MCU（微控制单元）、EEPROM（带电可擦可编程只读存储器）等；模拟芯片包括 运算放大器芯片、比较器芯片、电源芯片等；功率半导体器件包括IPM、IGBT、FRD等。目前家电国 产芯片的占比整体已达70～80%，模拟芯片的国产化率约为90%，功率半导体器件的国产化率已超 70%。 产业在线芯片分析师欧阳怀表示，近年在家电业，芯朋微、晶丰明源、圣邦股份、必易微、士兰微等的 模拟芯片加快国产替代进程。它们的AC-DC（交流-直流）、DC-DC（直流-直流）电源管理芯片，主要 用于节能的变频家电，市场份额已达65%，一颗芯片的价格约0.1~0.3元，一般比进口同类芯片便宜 15%~20%，性能差异不大。目前PI（美国电源管理技术公司）的份额超过10%。 "国内家电企业均在做芯片纯国产方案，反倾销调查预计将会加快家电用芯片的国产化进 ...

2025.09. 17 本文字数：1197，阅读时长大约2分钟 作者 | 第一财经 王珍 9月16日，第一财经记者从家电芯片代理商、分析师和专家处获悉，目前家电用的模拟芯片的国产化 率已较高。据产业在线的统计数据，截至2024年底，中国家电模拟芯片的国产化率已达65%。 产业在线芯片分析师欧阳怀表示，近年在家电业，芯朋微、晶丰明源、圣邦股份、必易微、士兰微等 的模拟芯片加快国产替代进程。它们的AC-DC（交流-直流）、DC-DC（直流-直流）电源管理芯 片，主要用于节能的变频家电，市场份额已达65%，一颗芯片的价格约0.1~0.3元，一般比进口同类 芯片便宜15%~20%，性能差异不大。目前PI（美国电源管理技术公司）的份额超过10%。 一位家电芯片代理商亦透露，国产芯片基本可以满足普通家电产品的需求，主流家电企业都已做好芯 片国产化的备份方案。空调、冰箱、洗衣机等大家电的外机变频板要用模拟芯片，目前国产模拟芯片 占比不低于60%。小家电都用国产芯片。运算放大器芯片、电源类芯片，圣邦微、华润微、思瑞 浦、坤元微、芯朋微、必易微等都可以供应，仍有少量进口。"国产芯片的价格更优，性能可以满足 要求。技术的先进性方 ...

根据东吴证券中性测算，反倾销将使得中国通用接口芯片和栅极驱动芯片市场分别扩张至3.3、1.6倍。 | 反倾销影响测算 | | | | | --- | --- | --- | --- | | 2024年 | 合计 | 通用接口芯片 | 栅极驱动芯片 | | 中国自主产量(亿颗) | 11.8 | 5.2 | 6.6 | | 需求量(亿颗) | 35.4 | 24.8 | 10.6 | | 进口量(亿颗) | 23.6 | 19.6 | 3.9 | | 自美进口量(亿颗) | 15.9 | 12.1 | 3.8 | | 自美进口比例 | 67.5% | 61.4% | 97.8% | | 单价(元) | 1.6 | 1.5 | 1.7 | | 潜在反倾销产品金额(亿人民币) | 25.1 | 18.4 | 6.7 | | 弹性测算 | | | | | --- | --- | --- | --- | | 中性假设：假设反倾销落地后，市场扩容，价格不回升 | | | | | 合计 | | 通用接口芯片 | 栅极驱动芯片 | | 中国原自主生产市场规模(亿元) | 19.4 | 7.9 | 11.5 | | 单价(元) ...

辰至半导体销售总监蔡永钢的演讲主题是 "汽车E/E架构下的高性能域控芯片应用"。他表示，传统的汽 车由几十甚至上百个分散的ECU（电子控制单元）控制不同功能，导致系统复杂、协同困难。而汽车 SoC将CPU、GPU、NPU、MCU和各种专用IP核集成于一体，成为了汽车的"超级大脑"。 目前，汽车SOC大致可以分为智能座舱域SoC、智能驾驶域SoC、车身控制和网关SoC三类，后者用于 车内多个网络间进行数据转发和传输，在异构车载网络之间提供无缝通信，同时与外部网络之间建立桥 梁，并解决数据带宽和安全性问题。近年来，在电动化、智能化、网联化的推动下，该类SOC发展迅 速。不过，当前这一市场主要被国际巨头所垄断。 2025年9月11日，第七届硬核芯生态大会暨2025汽车芯片技术创新与应用论坛在深圳国际会展中心正式 举行。作为行业领军企业，辰至半导体受邀参与此次峰会，并与安谋科技、东芯股份、华微电子、海康 存储等知名半导体企业一道，发表主题演讲，以全球化视角探索产业未来，共同探讨如何把握芯⽚本⼟ 化的窗⼝期，抓住中国新兴市场的发展机会。 在政策支持与市场需求双重驱动下，辰至半导体正持续在技术创新、市场拓展、产业链协同等 ...

Core Viewpoint - The article discusses China's significant advancements in the semiconductor industry, particularly in mature chips, despite restrictions imposed by the US and its allies on advanced chip technologies [1][3]. Group 1: Market Position and Achievements - China has become the largest chip manufacturing country globally, capturing a substantial market share in mature chips and breaking several market barriers [3]. - The domestic storage chip industry has made progress, with a fully domestic production line established for chips using a process technology of several nanometers [3]. - A Chinese chip company has successfully developed chips equivalent to 7nm technology, showcasing the advanced capabilities of domestic chip manufacturing [5]. Group 2: Technological Developments - Domestic EDA tools have rapidly developed to replace US tools, leading to the US allowing Chinese companies to use EDA tools again [5]. - Significant breakthroughs have been made in various chip categories, including RF chips, analog chips, automotive chips, and home appliance chips, increasing the proportion of domestic chips in Chinese smartphones [5]. Group 3: Automotive Chip Market - A Chinese automotive company has designed and manufactured its own automotive chips, achieving a position among the top ten global automotive companies and supplying chips to domestic manufacturers [7]. - The market share of domestic automotive chips has significantly impacted foreign companies, with STMicroelectronics reporting a loss of $97 million in Q2, compared to a profit of $865 million in the same period last year [7]. Group 4: AI Chip Developments - Despite US restrictions on NVIDIA supplying advanced AI chips to China, domestic AI chip companies have produced chips that outperform NVIDIA's H20 chip, leading to a lack of interest from Chinese companies in purchasing the latter [7]. Group 5: Export Growth - China's chip exports have surged, with mature chips being exported at significantly lower prices, contributing to an export value exceeding 1 trillion yuan [9]. - Mature chips account for 70% of the global chip market, and Chinese chips are being sold at prices that are often half of their US counterparts, increasing their competitiveness in the global market [9].