10月10日，捷捷微电跌5.03%，截至发稿，报31.13元/股，成交6.25亿元，换手率2.72%，总市值259.03 亿元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1134.38亿。今年以来收益33.74%，同类 排名1755/4220；近一年收益33.45%，同类排名1667/3852；成立以来收益153.75%。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年175天，现任基金资产总规模1389.99亿元，任职期间最佳基金回报 154.11%， 任职期间最差基金回报-47.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，江苏捷捷微电子股份有限公司位于江苏省启东市经济开发区钱塘江路3000号，成立日期1995 年3月29日，上市日期2017年3月14日，公司主营业务涉及功率半导体分立器件的研发、设计、生产和销 售。主营业务收入构成为：功率半导体器件67 ...

宏微科技在2025年PCIM Asia展会上展示了其在GaN、SiC等领域的布局，致力于为AI数据中心提供高效 供电解决方案。公司发布多款产品，包括适用于不同功率等级的数据中心的IGBT+SiC混合模块，以及 响应AI服务器需求的650V GaN新品。宏微科技计划继续推出SiC和GaN新品，适用英伟达800V HVDC 架构，迎合全球功率半导体市场的快速增长。公司承诺通过技术创新推动AIDC行业的能效提升与发 展。(证券时报) ...

尚鼎芯提供的产品用途广泛，包括电源转换器和电池管理系统。应用范围涵盖消费电子、工业控制、汽车电子、新能源及储能、医疗设备等应用场景，广泛 用于扫地机器人、手持电动工具、无人机、各种消费电子适配器、LED照明、户外储能等应用产品。 | | 03/04/2025 整體協調人公告 - 委任 四 | | --- | --- | | 03/04/2025 | 深圳市尚鼎芯科技股份有限公司 03/04/2025 申請版本（第一次呈交） 全文檔案 | 招股书显示，尚鼎芯是一家无晶圆厂功率半导体供货商，专门从事定制化功率器件产品的开发及供应。公司为客户量身定制技术应用解决方案，提供定制的 功率器件，用于安装在终端用户最终使用的电气设备及电气产品的电路板上，旨在实现特定性能或优化该等产品的功能。尚鼎芯于往绩记录期间提供的产品 主要是MOSFET，其次是IGBT、GaN MOSFET及SiC MOSFET，该等产品主要由公司的技术专家设计、定制及╱或开发，专门按照客户要求量身定制，用 于其下游产品。 深圳市尚鼎芯科技股份有限公司(简称：尚鼎芯)于4月3日所递交的港股招股书满6个月，于10月3日失效。 ...

消息面上，核聚变赛道迎来新消息。10月1日，位于安徽合肥的紧凑型聚变能实验装置BEST（紧凑型聚 变能实验装置）项目建设取得关键突破。BEST装置主机关键部件——杜瓦底座研制成功并顺利完成交 付，成功精准落位安装在BEST装置主机大厅内，标志着项目主体工程建设步入新阶段。民生证券指 出，建议关注IGBT开关赛晶科技等。公开资料显示，赛晶科技在脉冲功率领域展现出独特的技术优 势。凭借25年的专业积累，公司已成为可控核聚变等领域的重要技术供应商，为全球80多个项目提供了 定制化解决方案，包括多个国际知名的核聚变研究项目。 智通财经APP获悉，赛晶科技(00580)涨超8%，截至发稿，涨8.47%，报2.05港元，成交额2581.32万港 元。 中泰国际指出，"十五五"期间的特高压项目以柔性输电技术为主，赛晶为国产输配电元器件龙头供应 商，在手订单充足，相关收入稳步增长；输配电元器件国产化率提升有利于支撑毛利率；同时受益于国 产功率半导体渗透提升。自研IGBT芯片业务收入爆发式增长。此前9月8日，公司瑞士子公司 AstrolElectronic AG （Astrol）宣布与核聚变领域的一家创新企业展开合作，该企业将 ...

Market Review - The overseas AI chip index decreased by 0.80% this week, with Marvell rising over 10% while Broadcom fell by 4.15% [1] - The domestic AI chip index increased by 2.0%, with SMIC rising over 10% and Cambricon dropping nearly 10% [1] - The NVIDIA mapping index rose by 3.6%, with Changxin Bochuang increasing by 7.30%, while Jianghai Co. fell by nearly 10% [1] - The server ODM index decreased by 0.6%, with Quanta experiencing a significant drop of 14.70% after a large increase last week [1] - The storage chip index increased by 3.7%, with Demingli and Puran shares rising over 20% [1] - The power semiconductor index rose by 0.6%, with the A-share Apple index increasing by 5.5% and the Hong Kong Apple index rising by 0.4% [1] Industry Data - From 2024 to 2030, the global automotive display panel market will see a gradual decline in a-Si TFT LCD share, with high-end technologies like AMOLED, LTPS TFT LCD, IGZO TFT LCD, and Micro LED expected to reach a combined share of 54% by 2030. AMOLED is projected to grow at an annual compound growth rate of 20.4%, the fastest among them [2] - In Q2 2025, the European smartphone market saw a year-on-year shipment increase of 4%, ending a period of low performance at the beginning of the year. Samsung led with a 31% share, followed by Apple at 25%, Xiaomi at 19%, and Honor and realme each at 4%, indicating a concentration of market share among leading players [2] Major Events - NVIDIA invested $5 billion in Intel, with both companies collaborating to develop a system-on-chip (SoC) integrating NVIDIA GPUs and Intel's x86 architecture, targeting the high-performance PC and data center markets. The collaborative product is expected to launch in 2026, with a projected market size of $50 billion, while Intel emphasized that this will not affect its own GPU development [3] - The Ministry of Commerce announced an anti-dumping investigation on relevant analog chips originating from the U.S. starting September 13, 2025, citing that previous U.S. restrictions harm the development of Chinese enterprises and the stability of the global semiconductor supply chain [3] - Apple is in discussions with suppliers to trial production of a foldable iPhone in Taiwan, with plans for mass production in India by 2026. Foxconn and other supply chain companies are expected to benefit from this move [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company achieved a significant turnaround in net profit for the first half of 2025, with a net profit of 265 million yuan, compared to a loss in the previous year, driven by strong revenue growth and effective cost management [2][3]. - The company is expected to see continued growth in its SiC products, with production capacity expansion responding to market demand, particularly in high-end power semiconductor applications [8][9]. Financial Summary - **Revenue Forecast**: The company is projected to generate revenues of 9,340 million yuan in 2023, increasing to 18,703 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.7% [1]. - **Net Profit Forecast**: The net profit is expected to rise from a loss of 36 million yuan in 2023 to a profit of 1,200 million yuan by 2027, indicating a substantial recovery and growth trajectory [1]. - **Earnings Per Share (EPS)**: EPS is forecasted to improve from -0.02 yuan in 2023 to 0.72 yuan in 2027, showcasing the company's potential for profitability [1]. - **Return on Equity (ROE)**: ROE is anticipated to increase from -0.5% in 2023 to 7.0% in 2027, indicating improved efficiency in generating profits from shareholders' equity [1]. Product and Market Expansion - The company has successfully increased the shipment of its IPM modules and other semiconductor products, particularly in the automotive and renewable energy sectors, with a reported 80% year-on-year growth in IGBT and SiC product revenues [3][8]. - The company is actively expanding its production lines for SiC power devices, with a monthly production capacity of 10,000 6-inch SiC-MOSFET chips established, and plans for further capacity enhancements [8].

Core Viewpoint - The acquisition of Better Electronics by Yangjie Technology for 2.218 billion yuan is a strategic move to enhance product synergy and expand market presence in the semiconductor industry [2][3]. Financial Summary - Better Electronics had a net asset value of 590 million yuan as of March 31, with the acquisition price representing a 270% premium over its net assets [3]. - Yangjie Technology's market capitalization reached 36.57 billion yuan, with a year-to-date increase of 12.9 billion yuan [2]. Acquisition Details - The acquisition agreement was signed on September 11, with a completion timeline of two months [2]. - The deal was finalized in 182 days, transitioning from a share-based payment to a cash payment due to the complexity of multiple shareholders [7]. - Performance commitments were established, requiring Better Electronics to achieve a net profit of no less than 555 million yuan over three years from 2025 to 2027 [8]. Strategic Rationale - The acquisition aims to leverage product synergies, as both companies operate in the power electronics sector, enhancing their offerings in current and voltage management solutions [12][14]. - Better Electronics specializes in power electronic protection components, which aligns with Yangjie Technology's focus on overvoltage and overcurrent protection devices [9][11]. Market Position and Growth - Better Electronics reported a revenue of 837 million yuan in 2024, with a projected growth rate of 33%, potentially reaching 1.1 billion yuan in 2025 [10][16]. - Yangjie Technology's revenue has grown from 650 million yuan in 2014 to 6.03 billion yuan in 2024, indicating a tenfold increase over ten years [17][18]. Leadership and Vision - Liang Qin, the founder and chairwoman of Yangjie Technology, emphasizes the importance of strategic direction and operational efficiency in driving the company's growth [5][21]. - The company aims to achieve a revenue target of no less than 10 billion yuan by 2027, with the acquisition of Better Electronics seen as a crucial step towards this goal [28].

Group 1 - The core viewpoint of the report highlights the significant growth in the power semiconductor industry, particularly in the automotive and data center sectors, driven by the increasing demand for electric vehicles and advanced power solutions [2][3]. - In the new energy vehicle sector, the proportion of main drives with power over 200kW increased from 9% in 2022 to 25% in the first seven months of 2025, with peak power rising from 255kW to 580kW [2][3]. - In July, China's new energy vehicle sales reached 1.26 million units, a year-on-year increase of 27.4%, while production was 1.24 million units, up 26.3% year-on-year, resulting in a penetration rate of 48.7% for the month [1][2]. Group 2 - The main drive IGBT power module market is dominated by key players such as Chipone, Times Electric, Silan Microelectronics, and Starpower, with a gradual decline in the market share of overseas manufacturers [2][3]. - The penetration of silicon carbide (SiC) in new energy vehicles is notable, with SiC MOSFETs accounting for 18% of the main drive modules in the first seven months of 2025, and 76% penetration in 800V models [2][3]. - The industry is entering a recovery phase, with overall profits reaching a new high in nearly eight quarters, driven by accelerating growth in data centers and new energy vehicles [3][4]. Group 3 - The demand for power devices is expected to increase due to the growth in automotive intelligence and power segment enhancements, with significant opportunities for domestic replacements in low and medium voltage power devices [3][4]. - The transition from single power semiconductors to product solutions is underway, with a focus on expanding market coverage from domestic to international [3][4]. - Companies such as Yangjie Technology, New Energy, China Resources Microelectronics, Silan Microelectronics, and others are recommended for their advancements in new devices, processes, and market expansion [4].

Group 1 - The company Sanan Optoelectronics (600703.SH) clarified on its interactive platform that its RF chips are classified as analog chips [1] - The LED chips produced by the company are categorized as optoelectronic devices [1] - Products such as silicon carbide MOSFETs and diodes fall under the category of power semiconductors [1]

Core Viewpoint - The company has a comprehensive business system for the research, design, production, and sales of power semiconductor chips and devices, and it does not engage in the business of isolated gate driver chips, low-side gate driver chips, or half-bridge/multi-channel gate driver chips [1] Summary by Categories - **Business Operations** - The company possesses an integrated business system covering the entire value chain of power semiconductor chips and devices [1] - The company does not involve itself in isolated gate driver chips, low-side gate driver chips, or half-bridge/multi-channel gate driver chips [1] - **Market Impact** - The impact of U.S. anti-dumping products on the company's profits is currently negligible [1]