报告期内，公司车规级芯片和工业控制芯片出货量较上年同期实现快速增长，其中车规级芯片出货量同 比增加超650万颗、增幅约73%，测量类产品在市场份额上得到有效拓展，公司营收保持快速增长。新 产品推广和产品迭代不仅优化产品结构，而且提升产品竞争力和毛利率，32位机的销售额占比由上年的 约32%提升至36%，产品综合毛利率由上年的约30%提升至34%。 智通财经APP讯，中微半导(688380.SH)披露2025年度业绩快报，公司实现营业总收入11.22亿元，同比 增长23.09%;实现归属于母公司所有者的净利润2.85亿元，同比增长108.05%;实现归属于母公司所有者的 扣除非经常性损益的净利润1.69亿元，同比增长85.84%。 ...

Group 1: Fund Premium Risk Alerts - 27 funds have issued premium risk alerts, primarily focusing on overseas theme QDII products covering markets such as the US, Brazil, France, Germany, and Japan [1] - Notable funds include Guotai Asset Management's silver LOF and Southern Oil LOF, which have also released premium alerts [1] - Fund companies are advising investors to be cautious of high premium rates in secondary market transactions to avoid significant losses [1] Group 2: Sales Fee Regulation - Starting from February 24, 2026, new regulations will prohibit fund managers from charging subscription fees and sales service fees for direct sales [1] - Currently, two public fund managers, Xingquan Fund and Caitong Asset Management, have announced the waiver of subscription fees for direct sales [1] Group 3: Semiconductor Industry Insights - The global silicon wafer shipment volume is projected to reach 12.973 billion square inches in 2025, marking a 5.8% increase from the previous year [1] - Despite the growth in shipment volume driven by AI and HBM demand, wafer sales revenue is expected to decline by 1.2% to $11.4 billion due to lagging demand and price recovery [1] Group 4: Television Panel Price Trends - In February 2026, television panel prices have increased, with the highest price rise reaching $3 for certain sizes [2] - The demand for television panels remains stable, and manufacturers are adjusting production capacity during the Lunar New Year [2] Group 5: Solar Industry Inventory Trends - During the Lunar New Year, silicon wafer prices remained stable, but inventory levels have increased due to reduced orders [2] - Battery manufacturers are expected to resume operations post-holiday, potentially leading to improved inventory levels [2] Group 6: Camera Price Surge - Camera prices have surged significantly, with some models increasing by up to 10 times their original price [3] - The market for cameras is experiencing a price trend contrary to that of smartphones, with certain models being referred to as "electronic gold" by consumers [3] Group 7: Gold Product Price Increases - Chow Tai Fook is expected to raise prices for gold products by 15%-30% around mid-March, with some stores already receiving notifications [3] - A specific gold bracelet is projected to increase from 53,800 yuan to 71,800 yuan, reflecting a price rise of over 33% [3] Group 8: Novo Nordisk Stock Decline - Novo Nordisk's stock plummeted over 16% following disappointing clinical trial results for its new weight loss drug CagriSema, which showed a 23% weight loss compared to 25.5% for Eli Lilly's competitor [4] - This decline has erased all gains from the previous weight loss drug, semaglutide, and poses challenges for Novo Nordisk in a competitive market [4] Group 9: Corporate Name Changes - Several companies under Wahaha have changed their names to "Hongsheng," indicating a potential rebranding strategy [5] Group 10: Business Contracts and Financial Performance -韶能股份 has signed a significant business contract worth 22 million yuan for an independent energy storage project [6] - 风范股份 has won a procurement project from Southern Power Grid valued at approximately 184 million yuan, representing 5.7% of its audited revenue for 2024 [7] - 恒誉环保 reported a 106.25% increase in net profit for 2025, with revenues reaching 294 million yuan [8] - 甬矽电子 achieved a 23.99% increase in net profit for 2025, with revenues of 4.4 billion yuan [9] - 三生国健 reported a remarkable 317.09% increase in net profit for 2025, with revenues of 4.199 billion yuan [10] - 中微半导's net profit grew by 108.05% in 2025, with revenues of 1.122 billion yuan [11] - 交控科技's net profit increased by 86.13% for 2025, with revenues of 2.537 billion yuan [12] Group 11: Corporate Name Change Announcement - 内蒙华电 has announced a change in its stock name to "华能蒙电" to enhance brand recognition [13] Group 12: Acquisition and Stock Suspension - 多瑞医药's stock will be suspended following the expiration of a tender offer for 19.44 million shares at 32.07 yuan each [14] - 东阳光 is planning to acquire control of 东数一号, leading to a temporary suspension of its stock [15] Group 13: Market Performance Overview - The Shanghai Composite Index rose by 0.87% on the first trading day of the Year of the Horse, with over 4,000 stocks increasing in value [16] - The oil and gas sector saw collective gains, with several stocks hitting the daily limit [16]

| 最新收盘价（元） | 12.43 | | --- | --- | | 总股本/流通股本（亿股）4.67 | / 3.25 | | 总市值/流通市值（亿元）58 | / 40 | | 52 周内最高/最低价 | 13.98 / 7.75 | | 资产负债率(%) | 18.3% | | 第一大股东 | 李阳 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 慧智微(688512) 慧聚新力量，智启芯未来 l 投资要点 证券研究报告：电子 | 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 l 投资建议 深度布局全频段射频前端领域，构建丰富完备的产品矩阵。公司 产品线布局丰富、型号齐全，产品系列覆盖 2G、3G、4G、3GHz 以下 的 5G 重耕频段、3GHz~6GHz 5G UHB 等蜂窝通信频段及 Wi-Fi 通信领 域，可提供无线通信射频前端发射模组、接收模组等产品，具备较强 的产 ...

值得关注的是，盛合晶微是一家红筹企业，此次拟募资48亿元冲刺科创板上市。 2月24日，上交所官网显示，盛合晶微半导体有限公司（简称"盛合晶微"）科创板IPO已成功通过上交所上市审核委员会审议，成为马年首家科创板过会企 业。 从现场问询来看，上交所上市委要求盛合晶微结合其2.5D业务的技术来源，三种技术路线的应用领域、发展趋势、市场空间，以及新客户开拓情况，说明 与主要客户的业务稳定性及业绩可持续性。 据审核结果，盛合晶微无进一步需落实事项。 回看IPO之路，盛合晶微科创板IPO于2025年10月30日获得受理，同年11月14日进入问询阶段。2026年2月1日，盛合晶微完成第二轮审核问询回复。 "在科创板改革落实落地持续推进的背景下，半导体、人工智能等领域的硬科技企业加速对接资本市场。盛合晶微在经过多轮审核问询后，快速推进至上 会阶段，这是资本市场制度包容性、适应性和竞争力、吸引力的有力体现。"业内人士向上海证券报记者表示。 招股书显示，盛合晶微是集成电路晶圆级先进封测企业，起步于先进的12英寸中段硅片加工，并进一步提供晶圆级封装（WLP）和芯粒多芯片集成封装 等全流程的先进封测服务，致力于支持各类高性能芯片， ...

Group 1: Market Overview - The Hong Kong stock market saw a net inflow of 31.31 billion HKD from northbound trading, with 9.6 billion HKD from Shanghai and 21.7 billion HKD from Shenzhen [1] - The most bought stocks included Southern Hang Seng Technology (03033), Meituan-W (03690), and Xiaomi Group-W (01810) [1] - The most sold stocks were CNOOC (00883), Tencent (00700), and Alibaba-W (09988) [1] Group 2: Individual Stock Performance - Southern Hang Seng Technology (03033) received a net inflow of 15.84 billion HKD, with analysts suggesting that the tech sector remains a long-term investment focus due to reduced valuation pressure and accelerating AI applications [4] - Meituan-W (03690) saw a net inflow of 6.87 billion HKD, with a report indicating a 79% year-on-year increase in tourism spending during the Spring Festival [5] - Xiaomi Group-W (01810) had a net inflow of 4.37 billion HKD, with plans to focus on core technologies like chips and AI over the next five years [5] - SMIC (00981) received a net inflow of 2.2 billion HKD, with positive signals for 2026 sales growth expected to exceed industry averages [6] - CNOOC (00883) faced a net outflow of 998.9 million HKD amid geopolitical risks affecting the oil market [6] - Tencent (00700) and Alibaba-W (09988) experienced net outflows of 867.7 million HKD and 690.1 million HKD, respectively [6]

每经AI快讯，2月24日，三安光电公告，为优化公司产品结构、提高生产工艺和效率，公司拟对不符合 业务需求的设备进行处置，该批设备的账面原值为8.66亿元，累计折旧4.19亿元，账面净值4.47亿元， 占公司2024年末（经审计）、2025年9月末（未经审计）固定资产账面净值的比例分别约为1.93%、 1.86%。 ...

报告期内，受益于公司近几年持续的研发投入和在高端应用领域的产品布局，同时不断加强产品迭代、 新产品推广、销售和综合服务能力，公司车规级芯片和工业控制芯片出货量较上年同期实现快速增长， 其中车规级芯片出货量同比增加超650万颗、增幅约73%，测量类产品在市场份额上得到有效拓展，公 司营收保持快速增长。 格隆汇2月24日丨中微半导(688380.SH)公布2025年度业绩快报，本报告期，公司实现营业总收入11.22亿 元，同比增长23.09%；实现归属于母公司所有者的净利润2.85亿元，同比增长108.05%；实现归属于母 公司所有者的扣除非经常性损益的净利润1.69亿元，同比增长85.84%。 新产品推广和产品迭代不仅优化产品结构，而且提升产品竞争力和毛利率，32位机的销售额占比由上年 的约32%提升至36%，产品综合毛利率由上年的约30%提升至34%。公司2025年非经常性损益增幅较 大，主要是持有的证券投资公允价值上升。 ...

新产品推广和产品迭代不仅优化产品结构，而且提升产品竞争力和毛利率，32位机的销售额占比由上年 的约32%提升至36%，产品综合毛利率由上年的约30%提升至34%。公司2025年非经常性损益增幅较 大，主要是持有的证券投资公允价值上升。 格隆汇2月24日丨中微半导(688380.SH)公布2025年度业绩快报，本报告期，公司实现营业总收入11.22亿 元，同比增长23.09%；实现归属于母公司所有者的净利润2.85亿元，同比增长108.05%；实现归属于母 公司所有者的扣除非经常性损益的净利润1.69亿元，同比增长85.84%。 报告期内，受益于公司近几年持续的研发投入和在高端应用领域的产品布局，同时不断加强产品迭代、 新产品推广、销售和综合服务能力，公司车规级芯片和工业控制芯片出货量较上年同期实现快速增长， 其中车规级芯片出货量同比增加超650万颗、增幅约73%，测量类产品在市场份额上得到有效拓展，公 司营收保持快速增长。 ...

北京商报讯（记者 马换换 李佳雪）2月24日晚间，上交所官网显示，重庆臻宝科技股份有限公司（以下 简称"臻宝科技"）科创板IPO对外披露了第二轮审核问询函回复。 本次冲击上市，臻宝科技拟募集资金约为13.98亿元，扣除发行费用后，将投资于半导体及泛半导体精 密零部件及材料生产基地项目、臻宝科技研发中心建设项目、上海臻宝半导体装备零部件研发中心项 目、补充流动资金。 在第二轮审核问询函中，臻宝科技经营业绩、研发费用、成本及毛利率等问题遭到追问。 据悉，臻宝科技专注于为集成电路及显示面板行业客户提供制造设备真空腔体内参与工艺反应的零部件 及其表面处理解决方案。公司IPO于2025年6月26日获得受理，并于当年7月16日进入问询阶段。 ...

格隆汇2月24日丨微导纳米(688147.SH)公布2025年年度业绩快报，2025年，半导体行业延续高景气增长 态势，光伏行业则面临阶段性及结构性供需压力加剧的复杂环境。面对下游行业的格局变化，公司坚持 以"创新驱动"为导向，积极把握半导体市场机遇，应对光伏周期挑战，持续优化业务结构。公司半导体 业务实现高速增长，光伏业务在行业周期性承压下依然彰显经营韧性。报告期内，公司营业收入26.32 亿元，同比小幅度下降2.52%；其中，半导体设备收入8.81亿元，同比增长169.12%，占主营业务收入的 比重提升至33.50%；光伏设备收入15.89亿元，同比下降30.62%。 同期，公司实现归属于母公司所有者的净利润2.13亿元，同比下降6.12%；实现归属于母公司所有者的 扣除非经常性损益的净利润1.53亿元，同比下降18.49%。业绩变动主要受以下因素影响：1）光伏设备 验收数量减少，导致整体营收小幅下降；2）产品结构变动、新建产能导致折旧摊销增加、叠加光伏相 关项目计提资产减值损失；3）为推进半导体业务的发展并保持在新一代光伏电池技术的领先优势，继 续保持高研发投入。 ...