Investment Rating - The investment rating for CR Micro (688396.SS) has been upgraded from Underweight to Equal-weight with a target price increase from Rmb28.10 to Rmb40.00 [3][5]. Core Insights - The report identifies three key investment themes in the Chinese automotive semiconductor sector: Power Discrete Devices, Advanced Driver Assistance Systems (ADAS), and Microcontrollers (MCU) [4][23]. - China's electric vehicle (EV) market is projected to grow significantly, with EV penetration expected to rise from 28% in 2024 to 42% by 2030, indicating a strong demand for automotive semiconductors [3][27]. - The report emphasizes the importance of localization in the semiconductor supply chain, noting that most global automotive chip companies are still in the early stages of implementing localization strategies in China [4][28]. Summary by Sections Investment Themes - The three key investment areas are: 1. **Power Discrete Devices**: Chinese companies have made solid progress in IGBT and SiC substrates, with opportunities in MOSFET and SiC devices [4][40]. 2. **ADAS**: The ADAS SoC market is expected to have the highest compound annual growth rate (CAGR), benefiting various suppliers including SoC vendors and peripheral chip manufacturers [4][24]. 3. **MCU**: The self-sufficiency rate for automotive MCUs is very low, at less than 5% in 2024, indicating significant growth potential for leading local companies [4][41]. Market Dynamics - China consumed 56% of the global electric vehicle production, and the report forecasts that the domestic automotive semiconductor market will continue to grow faster than global peers due to the increasing demand for EVs and government support for supply chain localization [3][27]. - The report highlights that the automotive semiconductor supply chain in Greater China currently accounts for less than 5% of the global supply, with a self-sufficiency rate of only 15% [37][38]. Company Ratings and Strategies - The report recommends specific companies for investment based on their positions in the identified themes: - **Power Semi**: Companies like Starpower (603290.SS), Yangjie Technology (300373.SZ), and SICC (688234.SS) are highlighted for their growth potential [5][23]. - **ADAS**: Companies such as Horizon Robotics (9660.HK) and Will Semiconductor (603501.SS) are noted for their strong positions in the ADAS market [5][23]. - **MCU**: GigaDevice (603986.SS) is recognized for its potential to benefit from localization trends [5][23]. Future Projections - The report anticipates that by 2027, the self-sufficiency rate for automotive chips in China will reach 28%, reflecting the ongoing efforts to enhance local production capabilities [16][53]. - The expected growth in the electric vehicle market is projected to triple by 2030, with significant implications for the semiconductor industry [33][34].

以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 三年收入超6亿元。 作者丨 鲁智高 来源丨 东四十条资本 一家融到D轮的深圳明星公司来到港交所门前。 近日，基本半导体申请在港上市。在剑桥博士汪之涵的带领下，基本半导体成为中国唯一一家拥有碳化硅芯片设计、晶圆制 造、模块封装及栅极驱动设计与测试综合能力的企业。 获得力合科创、涌铧投资、闻泰科技、深投控、屹唐长厚、博世创投、松禾资本、中美绿色基金、广汽资本、粤科金融集团、 珠海文化产业投资基金、初芯基金、德载厚资本、国华三新、新高地基金、洪泰基金、中车资本、中山金控、中山火炬开发区 科创产业母基金等支持后，基本半导体的估值达到51.6亿元。 剑桥博士创业，干出一家深圳明星公司 在踏上创业之路前，汪之涵是当之无愧的学霸。 17岁的时候，他以广东省高考物理满分的成绩考入清华大学电机工程系。到了25岁，他已经拿到英国剑桥大学电力电子专业 博士学位。 早在清华大学读书期间，汪之涵便萌生了创业的想法，还参加过挑战杯创业大赛 ...

关注半导体，脑机接口，深海科技 20250622 摘要 中伊冲突升级、陆家嘴论坛政策兑现以及沪指技术阻力位等多重因素叠 加，导致 A 股市场风险偏好下降，沪指承压。 宏观经济基本面复苏乏力，5 月社零数据虽超预期但持续性存疑，装备 制造业表现相对较好，地产等其他分项依然面临压力，制约市场上行空 间。 市场内生结构问题显现，小微盘超额收益持续走高导致拥挤度提升，量 化策略调整加剧小微盘下跌，拖累大盘表现，市场脆弱性增加。 季末及中报期前夕，资金从 Q1 的 TMT 方向转向 Q2 的新消费和创新药 方向，短期性价比不高导致部分资金离场，影响大盘走势和成交量。 港股流动性驱动特征明显，港元贬值引发市场对金管局收紧流动性的担 忧，新消费和创新药板块拥挤度较高，新股破发，港股整体调整对 A 股 产生联动效应。 A 股市场本周整体疲弱，仅红利或蓝筹价值板块相对抗跌，资金避险情 绪升温，流向银行和保险板块，地缘事件驱动油气、油运板块走强。 芯片半导体行业表现较强，科创板分层政策支持未盈利硬科技企业上市， 中美博弈加速芯片制造材料设备国产化，存储领域国产化预期提升。 Q&A 本周 A 股市场表现如何？有哪些主要影响因素？ ...

国产 AI 算力进展汇报 20250622 摘要 H20 断供初期引发市场对 AI 算力芯片供给的担忧，导致短期资本开支下 调和招标延缓，尤其以 2025 年第二季度最为严峻，主要受英伟达新款 芯片不确定性和中芯国际产能影响。但第三季度起，AI 芯片供给边际改 善，利好国产算力板块。 英伟达 B30、B40 入华进展是市场关注焦点，若第三季度相关厂商能顺 利拿到板卡并测试（尤其带有 Nvlink），巨头可能规模下单，缓解部分 缺芯问题。这两款芯片虽算力低于 H20，但 Nvlink 对巨头仍具吸引力。 算力租赁市场发展顺利，主要用于训练，租用卡型号逐步升级至更高性 能型号，为解决短期缺芯问题提供重要途径。这缓解了因 H20 断供带来 的部分算力压力。 中芯国际 2025 上半年产能受阻，但 7 月起逐步修复，预计第三季度产 能将复苏。H20 断供后，国产卡需求增加，巨头通过自研或加单国产芯 片弥补缺口，预计 2026 年国内产能释放将迎来机会。 国内巨头对 AI 投资决心坚定，算力投入与公有云营收增长息息相关。阿 里云和腾讯云最新财报显示快速增长，持续投入新的算力资源是刚性需 求，总服务器需求甚至有所提升。 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 semiwiki 。 芯片需求，复苏了吗？让我们从终端的状况来了解一下。 美国智能手机进口量下降以及生产从中国转移到其他国家，主要原因是特朗普政府实施或威胁征收的 关税。拟议的关税政策前后矛盾。2025年，特朗普总统就对中国进口产品和智能手机征收关税做出了 以下声明： 智能手机生产和进口的这些趋势将很快对美国智能手机市场产生重大影响。Counterpoint Research 估计，2025 年 4 月至 5 月苹果在美国的 iPhone 销量同比增长 27%。Counterpoint 质疑，美国销量 强劲是否是因为消费者担心未来关税而现在购买。 美国智能手机库存可能很快就会耗尽，导致产品短缺和价格上涨。我们将在未来几个月内看到这些影 响。 参考链接 过去几个月，亚洲主要国家/地区的电子产品产量稳步增长。2025年4月，中国电子产品产量与去年同 期（3/12）的三个月平均变化率为11.5%，高于1月份的9.5%，但低于2024年12%的三个月平均变化 率。印度增长最为强劲，3月份产量为15%，高于六个月前的3%。韩国、越南和马来西亚4月份的三 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容编译自路透社 。 韩国最高贸易谈判代表周日表示，本周他在华盛顿与美国官员举行第三轮关税谈判技术性讨论时，将 对美国可能对中国芯片制造商实施的限制表示担忧。 在被问及对美国可能采取政策使外国芯片制造商难以在中国经营的担忧发表评论时，韩国产业通商资 源部长官吕汉求在前往华盛顿前对记者表示："我将向业内人士传达这些担忧，并采取最大程度的谨 慎。" Yeo还表示，首尔可能不会遵守 7 月的最后期限，这意味着在美国政治和经济不确定的情况下，谈判 可能会持续到 7 月 8 日之后。 韩国目前对从中国进口的商品征收 10% 的全面关税，并对特定国家征收 25% 的关税，暂停期为 90 天。韩国在 4 月底与美国举行的首轮贸易谈判中同意在 7 月 8 日之前达成一项降低关税的贸易协 议。 Yeo本月被韩国总统李在明任命为这一职务。李在明于 6 月 3 日提前赢得大选，并在竞选期间表示， 没有必要仓促与美国达成贸易协定。 Yeo周日补充说，他将与白宫和美国国会的官员联系，讨论各种贸易问题，包括华盛顿要求韩国放宽 对美国牛肉进口的限制。 美国可能针对三星、海力士和台积电在 ...

Group 1 - The U.S. Department of Commerce is considering revoking exemptions that allow major semiconductor manufacturers like TSMC and Samsung to use U.S. technology in their factories in mainland China, raising concerns in Taiwan and South Korea [1][3] - Currently, TSMC, Samsung, and SK Hynix enjoy full exemptions, allowing them to ship U.S. chip manufacturing equipment to their factories in China without needing individual licenses [1][3] - The proposed revocation is seen as part of the U.S. government's efforts to prevent critical technology from flowing to China, although it has not yet received support from other government departments like the Department of Defense [3][4] Group 2 - If implemented, the new measures could complicate operations for global chip manufacturers in mainland China and may strain U.S. relations with Taiwan and South Korea, which have made significant investments in the U.S. [3][4] - Samsung's factories in Xi'an and Suzhou are particularly vulnerable, with the Xi'an facility accounting for approximately 40% of Samsung's global NAND flash memory production [3][4] - The potential revocation of exemptions could lead to a shift in procurement strategies for South Korean companies, possibly forcing them to consider alternatives from Japan and Europe [3][4] Group 3 - The South Korean government is urged to actively coordinate efforts to minimize the impact on national strategic industries amid increasing tech competition between the U.S. and China [4] - Taiwanese media suggest that if the U.S. proceeds with the revocation, it could inadvertently benefit China's semiconductor equipment industry [4] - The cancellation of exemptions may force companies to adopt a case-by-case application system, significantly affecting the global chip supply chain [4]

小米YU7将于6月底正式发布，7月上市。二级市场上，今年小米集团股价涨约57%，连续三年上涨。 // 小米最强小折叠登场 // 小米集团总裁卢伟冰预告，小米MIX Flip 2将于本周登场。卢伟冰表示，去年小米小折叠就提出"拒绝做美丽小废物"，能拥有直板旗舰的体验，今年我们 的目标是在更多维度看齐甚至超越Pro级直板旗舰。 （图片来源：新浪微博、下同） 目前小米MIX Flip 2已在各大平台开启预约，页面显示该机将搭载徕卡影像系统，并预装全新澎湃OS。 据爆料，这款小折叠在配置方面有不少亮点， 包括支持IPX8级别防水、配备50W无线快充，电池容量将 会超 过5000mAh 。折痕优化上取得突 破，新增了一些更贴近女性用户的定制元素，提供全新配色。 配置方面，小米MIX Flip 2搭载高通骁龙8至尊版移动平台，这不仅是小米今年第一款折叠屏，也是行业内最强小折叠。 // 小米首款SUV发布 // 小米YU7是小米汽车的首款SUV（运动型多用途汽车）车型，近期一度引发市场广泛关注。 小米雷军微博称， 大家非常期待的小米YU7，将于6月底发布 。还有很多重磅新品同场一起发布，比如搭载玄戒O1芯片的第二款平板：小 ...

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday regarding significant stock market events, including suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers, with key announcements marked in red to assist investors in identifying investment hotspots and preventing black swan events [1] - The company is currently laying out products related to solid-state batteries, indicating a strategic focus on this emerging technology [1] - The company provides information services such as CIPS and digital currency bridges to numerous banks, showcasing its involvement in digital currency, military applications, cross-border payments, cloud computing, blockchain, and low-altitude economy [1] - The company plans to restructure and acquire a computing power enterprise, indicating its expansion into cross-border e-commerce, computing power, and AI glasses [1]

Core Viewpoint -兆易创新科技集团股份有限公司 (GigaDevice) has submitted its prospectus for a listing on the Hong Kong Stock Exchange, aiming to become another "A+H" listed company, following its initial public offering (IPO) on the Shanghai Stock Exchange in 2016 [1][3]. Company Overview - GigaDevice was established in April 2005 and is headquartered in Beijing, with a registered capital of approximately 660 million RMB. The company primarily focuses on integrated circuit design and research, adopting a fabless business model [3][5]. - The company offers a diverse range of chip products, including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [5]. Financial Performance - GigaDevice's revenue for 2022, 2023, and 2024 was approximately 8.13 billion RMB, 5.76 billion RMB, and 7.36 billion RMB, respectively. The gross profit for the same years was about 3.70 billion RMB, 1.75 billion RMB, and 2.62 billion RMB, while the net profit was approximately 2.05 billion RMB, 161 million RMB, and 1.10 billion RMB [6][9]. - The company experienced a significant revenue decline of 29.14% in 2023 compared to 2022, with net profit dropping by 92.15% due to a substantial decrease in product prices [8][9]. Market Position - According to a report by Frost & Sullivan, GigaDevice is the only integrated circuit design company globally ranked in the top ten across NOR Flash, SLC NAND Flash, niche DRAM, and MCU sectors as of 2024 [5]. - In 2023, the company shipped 3.12 billion units of products, marking a year-on-year increase of 12.98%. However, the average selling price across all product lines declined, leading to a drop in gross margin from 47.66% to 34.42% [9][11]. Future Outlook - GigaDevice anticipates a recovery in performance for 2024, projecting a revenue increase of 27.69% to 7.36 billion RMB and a net profit growth of 584.21% to 1.10 billion RMB, driven by improved market demand and inventory replenishment [9][10]. - Despite the anticipated growth, the company's revenue and net profit for 2024 remain below the levels achieved in 2022 [11].