2025 年第二季度业绩快速增长：得益于手机芯片、汽车芯片国产化进程加快、家电等领域国补政策持 续利好，以及大客户AMD 的强劲增长，2025年上半年公司实现营收130.4 亿元，同比增长17.7%（其中 与AMD 合资的苏州和槟城两家封测厂合计贡献收入83 亿元，同比增长15.7%）；实现净利润4.1 亿元， 同比增长27.7%（苏州与槟城厂贡献净利润7.3 亿元，同比增长24%），EPS 为0.27 元。其中，第二季度 单季公司实现营收69.5 亿元，同比增长19.8%；实现净利润3.1 亿元，同比增长38.6%，环比增长206%。 结论与建议： OpenAI 与AMD 宣布合作，将部署总计6GW 的AMD 芯片，计划从明年下半年开始先行部署1GW。预 计未来数年内将为AMD 带来近千亿美元规模的收入。公司作为AMD 的核心封测厂商，有望深度受益 于大客户业务规模的提升。我们将公司2027 年盈利预测上调23%，预计2025–2027 年实现净利润分别为 10.9 亿元、18.5 亿元和27.1 亿元，同比分别增长61%、69%和47%，EPS 分别为0.72 元、1.22 元和1.79 元。当前股价对应 ...

2025 年 10 月 09 日 朱吉翔 C0044@capitalcom.tw A 股目标价(人民币) 55.0 公司基本资讯 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 通富微电(002156.SZ) Buy 买进 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/9/30) | | 40.17 | | 深证成指(2025/9/30) | | 13526.51 | | 股价 12 个月高/低 | | 41.06/20.66 | | 总发行股数(百万) | | 1517.60 | | A 股数(百万) | | 1517.45 | | A 市值(亿元) | | 609.56 | | 主要股东 | | 南通华达微电子 | | | | 集团股份有限公 | | | | 司(19.90%) | | 每股净值(元) | | 9.72 | | 股价/账面净值 | | 4.13 | | 一个月 | | 三个月 一年 | | 股价涨跌(%) | 17.7 | 57.7 59.8 | 近期评等 | 出刊日 ...

经济观察网瑞银分析师在一份研究报告中称，台积电可能缩短在美国生产先进芯片的时间，因美国政府 要求加快芯片国产化。分析人士指出，台积电和英特尔目前在美国的产能扩张可能足以满足2029-2030 年美国国内对领先逻辑芯片的需求，不包括最先进的制程节点。不过，他们说，内存芯片供应链向美国 转移可能需要更长的时间。 ...

芯片产业最困难的是从0到1的破局。一旦完成从0到1，中国 企业就非常擅长完成从1到100的持续迭代。这与其他产业相 同，一旦中国完成从0到1，从1到100就是不可阻挡的。 作者： 濮振宇 封图：图虫创意 十多年前，中国的汽车芯片市场几乎被欧美巨头垄断，一辆车中或许有上百颗芯片，但基本没有来 自中国公司的。即便在五年前，国产芯片在车企的供应链中，也仍处于"无人问津"的阶段。 现在， 中国企业开始在汽车芯片领域崭露头角。 以2024年汽车模拟芯片的收入计，纳芯微在中国 汽车模拟芯片市场中，位列中国厂商第一名，成为中国模拟芯片的代表性企业之一。这家从传感器 信号调理ASIC芯片起步的企业，因较早聚焦汽车电子市场，从而赶上了中国汽车产业电动化、智 能化转型的机遇。 "芯片产业最困难的是从0到1的破局。一旦完成从0到1，中国企业就非常擅长完成从1到100的持续 迭代。这与其他产业相同，一旦中国完成从0到1，从1到100就是不可阻挡的。"纳芯微创始人、董 事长兼CEO王升杨在接受经济观察报采访时说。 提前"上车" 2015年，当绝大多数中国芯片公司还集中在白牌消费电子等门槛较低的红海市场竞争时，王升杨 做出了一个关键决策 ...

十多年前，中国的汽车芯片市场几乎被欧美巨头垄断，一辆车中或许有上百颗芯片，但基本没有来自中国公司的。即便在五年前，国产芯片在车企的供应链 中，也仍处于"无人问津"的阶段。 现在，中国企业开始在汽车芯片领域崭露头角。以2024年汽车模拟芯片的收入计，纳芯微在中国汽车模拟芯片市场中，位列中国厂商第一名，成为中国模拟 芯片的代表性企业之一。这家从传感器信号调理ASIC芯片起步的企业，因较早聚焦汽车电子市场，从而赶上了中国汽车产业电动化、智能化转型的机遇。 "芯片产业最困难的是从0到1的破局。一旦完成从0到1，中国企业就非常擅长完成从1到100的持续迭代。这与其他产业相同，一旦中国完成从0到1，从1到 100就是不可阻挡的。"纳芯微创始人、董事长兼CEO王升杨在接受经济观察报采访时说。 提前"上车" 2015年，当绝大多数中国芯片公司还集中在白牌消费电子等门槛较低的红海市场竞争时，王升杨做出了一个关键决策，让纳芯微转向门槛更高的工业和汽车 电子市场。 这是一个需要耐心的决定。车规级芯片意味着极高的可靠性、安全性和长效性要求，产品生命周期需长达15年以上，认证周期漫长。 2016年，纳芯微推出了首款汽车级芯片，开始了在 ...

Group 1 - The core point of the article is that Moole Technology's IPO application has been approved by the Shanghai Stock Exchange, bringing it closer to becoming the first domestic GPU stock in China, often referred to as the "Chinese version of Nvidia" [1][2] - The IPO aims to raise 8 billion yuan, indicating significant investor interest and potential for growth in the domestic GPU market [2] - Moole Technology is one of the few domestic GPU companies that integrates both graphics rendering and AI computing, positioning itself as a unique player in the industry [2] Group 2 - Recent reports highlight that several stocks are directly or indirectly associated with Moole Technology, reflecting the active market interest in companies linked to the GPU sector [2] - Long-term outlooks from analysts suggest a strong belief in the AI industry chain and the necessity for domestic chip production, driven by AI as a core growth engine [2] - The semiconductor sector is experiencing an upward demand cycle, with AI driving growth in various chip categories, including HBM and DDR5, indicating a robust recovery in the semiconductor market [2]

Core Viewpoint - Moer Technology has passed the listing committee review for its IPO on the Sci-Tech Innovation Board, positioning itself as a potential leader in the domestic GPU market, often referred to as the "Chinese version of Nvidia" [1][2]. Company Summary - Moer Technology plans to raise 8 billion yuan through its IPO, focusing on the research, design, and sales of full-function GPU products, making it one of the few domestic companies that integrate graphics rendering and AI computing [2]. - The company is recognized as an industry unicorn, indicating its significant market potential and innovation capabilities [2]. Related Stocks Performance - Several stocks related to Moer Technology have shown notable performance, with significant price increases this year: - Heertai: Directly holds 1.03% of Moer Technology, with a year-to-date increase of 178.53% [3]. - Zhongcheng Lanyun: Holds a combined 0.50% stake, with a year-to-date increase of 8.28% [3]. - ST Huayun: Through its subsidiary, holds 0.36%, with a year-to-date increase of 285.41% [3]. - Daqu Technology: Directly holds 0.34%, with a year-to-date increase of 27.00% [3]. - Honglida: Holds 0.31% through an investment partnership, with a year-to-date increase of 57.23% [3]. - Initial Spirit Information: Holds 0.02% through an investment partnership, with a year-to-date increase of 55.39% [3]. Industry Outlook - Long-term prospects for the AI industry are positive, with a strong push for domestic semiconductor production. AI is becoming a core growth driver in the semiconductor sector, leading to an upward demand cycle [2]. - The semiconductor field is experiencing a recovery, with increased demand for AI-driven chips, particularly in areas like TWS earphones and smartwatches [2]. - The HBM industry chain is expected to benefit from the rapid development of advanced computing chips, indicating a recovery in the semiconductor cycle [2].

此外，科创综指ETF天弘（589860）盘中一度涨超1.4%，最高触及1.355元，盘中价格创上市以来新 高。成分股中，上纬新材、品茗科技20CM涨停，迪威尔、晶合集成、聚和材料等跟涨。 科创综指ETF天弘（589860）紧密跟踪科创综指，该指数于定位于科创板市场综合指数，对科创板的市 值覆盖度约为97%，成分股覆盖小市值硬科技企业，具有极强的表征性和突出的成长属性。前十大权重 股包括寒武纪-U、海光信息、中芯国际等科技龙头。 最新消息面上，长江存储母公司完成股改，最新估值超1600亿元。据第一财经报道，长江存储科技控股 有限责任公司（以下简称"长存集团"）近日召开了股份公司成立大会，大会选举产生了股份公司首届董 事会成员。此举意味着该公司完成了股份制改革。长存集团是国内唯一一家3D NAND原厂长江存储的 母公司。据胡润研究院最新发布的《2025全球独角兽榜》，长江存储估值1600亿元，位列中国十大独角 兽第九。2025年4月，上市公司养元饮品（603156）发布对外投资公告，称旗下子公司泉泓投资出资16 亿元投资长存集团，获得后者0.99%的股份，以此计算，长存集团估值则为1616亿元。 此外，明日（9月 ...

Group 1: Semiconductor Price Surge - The global semiconductor industry is experiencing a new wave of price increases, with TSMC planning to raise prices by over 50% for certain processes next year, primarily for AI and high-performance computing chips [1] - Samsung has significantly raised prices for memory and flash products, with DRAM prices increasing by up to 30%, and lead times extending from one month to over six months [2] - Micron reported a 46% increase in revenue last quarter, with guidance for the current quarter between $12.2 billion and $12.8 billion, indicating strong demand driven by AI applications [2] Group 2: AI as a Growth Driver - AI is identified as the core growth driver in the semiconductor sector, with demand cycles trending upwards [3] - The demand for AI-driven applications is boosting the need for various semiconductor products, including HBM and DDR5 [3] - Domestic AI chip manufacturers are making significant progress, with companies like Kunlun and Alibaba achieving notable performance and commercial success [3] Group 3: Performance of Chip Indices - The ChiNext Chip Index (科创芯片50ETF) showed a strong recovery, rising by 1.76% as of 9:40 AM, with significant inflows of over 170 million yuan [4] - The ChiNext Chip Index focuses on the core segments of the semiconductor industry, exhibiting higher growth potential and elasticity compared to other indices [5][6] - The index's components are primarily from the high-end upstream and midstream sectors, with a core segment representation of 95% [7] Group 4: Growth and Elasticity of ChiNext Chip Index - The ChiNext Chip Index is expected to see a net profit growth rate of 71% in the first half of 2025, with an annual growth forecast of 100%, significantly outperforming peers [10] - The index has demonstrated a maximum increase of 186.5% since September 24, indicating strong upward elasticity [10] - The index's risk-adjusted returns are superior, showcasing a stable performance relative to other industry indices [10]

东莞证券表示，数据将成为推动人工智能发展的"新燃料"，AI存储容量需求将比2025年增长500倍，占 比超过70%，Agentic AI驱动存储范式改变。一方面，政策强力向算力芯片国产化方向倾斜，另一方 面，本土云厂商陆续上修资本开支，且积极适配主流国产芯片，国产算力生态有望加速构建。除AI算 力芯片外，先进制程晶圆代工、存储、先进封装等环节也有望受益。 本周一（9月22日），受摩尔线程科创板IPO上会催化，GPU概念表现强势，海光信息收涨10.70%，中 芯国际收涨6.25%，两股盘中均刷新历史价格新高。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 相关ETF方面，重仓两股的半导体设备ETF（561980）亦收涨3.33%，成交额1.9亿元。根据中证指数公 司数据，截至9月19日，中芯国际、海光信息分别为该ETF标的指数第四、第五大权重，占比分别为 10.03%、9.12%。该指数前十大权重还覆盖了中微公司、北方海创、寒武纪、华海清科、长川科技、拓 荆科技等设备、设计龙头股，合计占比超78%。 产品层面，目前AI芯片国产创新正加速推进。消息面上，近期华 ...