Core Viewpoint - The A-share technology innovation chip sector experienced significant movement on September 15, with the Sci-Tech Chip 50 ETF (588750) showing a trading amplitude of 4.32% and a transaction volume exceeding 1.2 billion yuan, indicating strong market interest in semiconductor stocks [1][2]. Group 1: Market Performance - The Sci-Tech Chip 50 ETF opened at 1.493 and reached a high of 1.508, with a low of 1.445, reflecting a trading volume of 82.24 million shares [1]. - Key component stocks such as SiRuPu surged over 15%, while NaXinWei and AiWei Electronics rose over 12% and 7% respectively, indicating a strong rally in the chip sector [1]. Group 2: Policy Impact - On September 13, the Ministry of Commerce announced an anti-dumping investigation into imported analog chips from four U.S. manufacturers, which could significantly impact the domestic semiconductor market [3][4]. - The investigation targets general-purpose interface chips and gate driver chips, with a reported dumping margin exceeding 300% and a market share of 41% in China [4]. Group 3: Industry Growth - The global semiconductor market is projected to grow, with a forecasted size of $346 billion in the first half of 2025, reflecting an 18.9% year-on-year increase, while domestic analog chip companies are expected to see a 30% increase in net profit [4][5]. - The domestic analog chip sector is entering a "triple dividend period" characterized by policy protection, technological breakthroughs, and domestic substitution [4]. Group 4: Company Performance - Domestic analog companies showed strong performance in Q2 2025, with significant growth in sectors such as industrial and photovoltaic, alongside stable consumer demand [5][6]. - Notable companies in the sector include Shengbang Co., which reported a 21% year-on-year revenue increase, and NaXinWei, which saw a 66% increase [6].

Group 1 - The National Integrated Circuit Industry Investment Fund's third phase has initiated its first project by investing up to 450 million RMB in the registered capital of Tuojing Jianke, which is a subsidiary of Tuojing Technology [1][5] - Tuojing Technology plans to raise up to 4.6 billion RMB through a private placement to enhance its main business [3][12] - The investment by Guotou Jixin will account for approximately 12.71% of Tuojing Jianke's registered capital after the capital increase [1][5] Group 2 - Tuojing Jianke focuses on advanced bonding equipment for three-dimensional integration, including hybrid bonding and fusion bonding devices [8] - The company has launched several products, including wafer-to-wafer hybrid bonding equipment and precision measurement devices, which are already being shipped to clients in advanced storage and logic sectors [8][10] - The market for hybrid bonding equipment is expected to grow significantly, with projections indicating a market size increase from 46.1 million USD in 2024 to over 150 million USD by 2027 [10] Group 3 - Tuojing Technology's financial data shows projected revenues of 97.3 million RMB and a net loss of 2.1 million RMB for 2024 [11] - The company aims to use the funds raised from the private placement for the construction of a high-end semiconductor equipment industrialization base and a cutting-edge technology research center [12][13] - The global investment in 300mm wafer fab equipment is expected to grow significantly, with China leading the investment scale [12][14]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index fell by 3.74% as of September 4, with significant declines in component stocks such as Huafeng Measurement Control down 7.99% and Zhongwei Company down 5.97% [1] - The Sci-Tech Semiconductor ETF (588170) also decreased by 3.80%, with the latest price at 1.16 yuan, and it achieved a new high in scale at 548 million yuan [1] - The ETF experienced continuous net inflows over the past four days, totaling 95.55 million yuan, with a peak single-day net inflow of 41.56 million yuan [1] Group 2 - The recent issuance of the "Artificial Intelligence +" action plan emphasizes the need for enhanced intelligent computing power coordination and support for AI chip innovation, indicating a growing opportunity for AI computing power as a foundational infrastructure [1] - Ping An Securities highlights the strong demand for underlying computing power infrastructure driven by the rapid development of artificial intelligence, suggesting that domestic computing chip design manufacturers are likely to benefit significantly [2] - The semiconductor materials and equipment industry is identified as a key area for domestic substitution, with low domestic replacement rates and high potential for growth due to the expansion of semiconductor demand driven by the AI revolution [2]

Core Viewpoint - The company Helin Micro-Nano (688661) announced the postponement of two major fundraising projects from its 2021 private placement due to cyclical fluctuations in the semiconductor industry and delays in client product development [1] Group 1: Project Delays - The MEMS process wafer testing probe R&D mass production project has been postponed to September 2027 [1] - The substrate-level testing probe R&D mass production project has been postponed to December 2025 [1] - The delays are attributed to technical limitations and the shift in the supply chain towards domestic alternatives, which has extended the R&D and validation cycles [1] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 440 million yuan, a year-on-year increase of 91.53% [1] - The net profit reached 30.69 million yuan, marking a turnaround from losses, driven by the recovery in demand for AI computing chips and storage chips, as well as accelerated domestic substitution [1] - The net cash flow from operating activities was 56.70 million yuan, a year-on-year increase of 2566%, primarily due to increased sales collections [1] Group 3: Shareholder Activity and Future Plans - From February to August 2025, the chairman reduced his shareholding by 1.0055 million shares, with a market value of approximately 42.19 million yuan [1] - The vice chairman also reduced his shareholding by 1.1683 million shares during the same period [1] - On September 1, the company announced plans to issue H-shares for a listing in Hong Kong [1]

Core Viewpoint - The rise of Cambrian's stock price, surpassing Kweichow Moutai, signifies a shift in market valuation towards technology stocks, reflecting increased investor focus on growth potential in the tech sector [5][7]. Group 1: Cambrian's Performance - Cambrian's stock price closed at 1587.91 yuan, with a daily increase of 15.73%, surpassing Kweichow Moutai's 1446.10 yuan [3]. - Cambrian reported a revenue of 2.881 billion yuan for the first half of 2025, a staggering year-on-year growth of 4347.82%, and a net profit of 1.038 billion yuan, reversing a previous loss of approximately 530 million yuan [4]. - The company has mastered key technologies for complex chip physical design at advanced processes like 7nm, successfully applying them to several chip designs [4]. Group 2: Market Context - Nvidia's Q2 revenue reached $46.7 billion, a 56% year-on-year increase, but its stock fell post-earnings due to lower-than-expected guidance, contrasting with Cambrian's strong performance [3]. - The semiconductor sector, particularly domestic computing power and self-controllable technologies, is expected to be a long-term trend, with domestic chip suppliers likely to benefit from increased procurement by local enterprises [4]. - The stock market has seen Kweichow Moutai decline over 3% this year, while Cambrian has surged over 120%, indicating a significant shift in investor sentiment towards tech stocks [6].

Core Viewpoint - The significant rise in the stock price of Cambrian (寒武纪) reflects a shift in market valuation towards technology stocks, contrasting with the decline of Kweichow Moutai (贵州茅台) [5] Company Performance - Cambrian's stock price reached 1469.99 yuan, with a market capitalization of 615 billion yuan, marking a 97.89 yuan increase in half a trading day [1] - Cambrian reported a staggering 4347.82% year-on-year increase in revenue for the first half of 2025, totaling 2.881 billion yuan, and a net profit of 1.038 billion yuan, reversing a loss of approximately 530 million yuan from the previous year [3][4] Industry Trends - The semiconductor sector, particularly in domestic computing power and self-sufficiency, is expected to be a long-term growth area, especially amid ongoing uncertainties in US-China trade policies regarding AI computing chips [4] - The market is increasingly recognizing the value of technology stocks, as evidenced by Cambrian's performance compared to Kweichow Moutai, which has seen a decline of over 3% this year [5]

Core Viewpoint - Semiconductor stocks experienced a significant rise, indicating positive market sentiment and potential growth in the sector driven by domestic chip suppliers and AI server market trends [1] Group 1: Stock Performance - Shanghai Fudan (01385) increased by 6.88%, reaching HKD 37.3 - SMIC (00981) rose by 5.6%, trading at HKD 59.4 - Jingmen Semiconductor (02878) saw a 4% increase, priced at HKD 0.52 - Huahong Semiconductor (01347) gained 2.56%, with a price of HKD 54.1 [1] Group 2: Market Trends - According to TrendForce, the proportion of foreign-sourced chips in China's AI server market is expected to decrease from 63% in 2024 to 42% by 2025 - Domestic chip suppliers are projected to increase their market share to 40%, indicating a strong trend towards domestic substitution [1] Group 3: Industry Outlook - Tianfeng Securities emphasizes that the semiconductor, domestic computing power, and self-controllable sectors will remain long-term trends - In light of ongoing uncertainties in US-China trade policies regarding AI computing chips, domestic model development companies and internet platforms are expected to gradually increase their procurement and usage of domestic chips - This shift is likely to create development opportunities for domestic chip suppliers and their supporting industry chain [1]

Market Overview - Major indices showed a doji candlestick pattern, indicating potential volatility ahead, with a technical bias leaning towards a downward trend due to recent significant gains [1] - The Shanghai Composite Index did not reach new highs despite a strong performance from technology stocks, while the Shenzhen Component Index achieved a four-day upward streak, driven by semiconductor stocks and the Nvidia supply chain [1][3] - The ChiNext Index also reached a new rebound high, benefiting from the Nvidia supply chain, although it experienced a pullback in the afternoon [1] Nvidia Earnings Impact - Nvidia's earnings report is anticipated to have a significant impact on the market, with mixed expectations regarding whether it will exceed, meet, or fall short of projections [3] - The performance of the Nvidia supply chain stocks is crucial, as strong results could lead to further gains, while disappointing results may trigger a substantial correction in both Nvidia and related A-share stocks [3] Capital Flow Analysis - There was a notable outflow of capital, with over 900 billion yuan leaving the market by 2 PM, indicating a trend of net outflows over the past week [5] - The market's overall performance is suffering from a lack of positive capital inflow, with a significant number of stocks declining compared to those that rose [5] Sector Performance - Defensive sectors, particularly banks, are showing signs of weakness, and there is a concern that technology stocks may also face corrections after their recent strong performance [7] - The market is expected to see a rotation, with consumer sectors, particularly food and beverage, real estate, and renewable energy, potentially benefiting from the current market dynamics [9] Stock Highlights - The stock of Cambrian (寒武纪) briefly surpassed Kweichow Moutai (贵州茅台) to become the "king of A-shares," reflecting a significant year-to-date increase of over 120% [3] - The AI computing chip sector and related stocks are showing positive momentum, while other sectors like rare earth materials and liquid metals are experiencing declines [8]

证券研究报告：传媒 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 41.90 | | --- | --- | | 总股本/流通股本（亿股）12.55 / 12.54 | | | 总市值/流通市值（亿元）526 / 526 | | | 52 周内最高/最低价 | 49.94 / 25.70 | | 资产负债率(%) | 17.9% | | 市盈率 | -32.23 | | 第一大股东 | 新余盈瑞世纪软件研发 | | 中心(有限合伙) | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 昆仑万维(300418) 收入高增延续，关注 AI 算力芯片领域布局 ⚫ 事件回顾 2025 年 8 月 22 日，公司发布 2025 年半年报，2025 上半年，公 司实现营业收入 37.33 亿元，同比增长 49.23%；归母净利润-8.56 亿 元，同比减少 119.86%；扣非后归母净利润-8.59 亿元，同比减少 110.91%。2025Q2，公司实现营业收入 19.69 亿 ...

Core Viewpoint - The company, Chip Origin Co., has announced a preliminary transfer price of 105.21 CNY per share for its stock, which represents a discount of approximately 33.4% compared to the current closing price of 157.9 CNY per share. This transfer is driven by the company's funding needs and has attracted 37 institutional investors who have fully subscribed to the shares being offered [1][2]. Company Financials - In the first half of the year, Chip Origin Co. reported a revenue of 974 million CNY, reflecting a year-on-year growth of 4.49%. However, the company incurred a loss of 320 million CNY. In the second quarter alone, revenue reached 584 million CNY, marking a quarter-on-quarter increase of 49.90%, with losses narrowing compared to the first quarter, primarily due to growth in intellectual property licensing and mass production revenue [4]. - The company's order backlog has remained high for seven consecutive quarters, amounting to 3.025 billion CNY as of the end of the second quarter, which is an increase of 569 million CNY from the previous quarter, representing a quarter-on-quarter growth of 23.17% [4][6]. Order Structure and Profitability - Of the 3.025 billion CNY in backlog orders, nearly 90% is attributed to one-stop chip customization services, with approximately 81% expected to be gradually converted within a year. The gross margin for this segment is around 18.17% [6]. - Analysts have noted that the current high demand for AI ASICs may put pressure on the gross margins of customized services, as competition intensifies with new entrants in the market [6]. Market Outlook - The ASIC chip market is projected to reach 19% of the AI chip market size by 2028, with ASIC prices being significantly lower than GPUs, approximately one-fifth of GPU prices. Major companies like Meta and Microsoft are expected to increase their deployment of self-developed ASIC solutions, potentially leading to a surge in total shipments surpassing Nvidia by 2026 [7]. - Investment firms suggest that domestic large model manufacturers and internet companies are likely to continue increasing their procurement and application of domestic chips, benefiting suppliers and related industry chains, particularly in the GPU/ASIC/switch chip and foundry sectors [7].