Core Viewpoint - The company, Dongwei Semiconductor, is currently operating normally despite stock price fluctuations influenced by multiple factors [1] Group 1: Company Overview - Dongwei Semiconductor is a technology-driven semiconductor enterprise focused on the research and sales of high-performance power devices [1] - Main products include Super Junction MOSFETs, medium and low voltage shielded gate MOSFETs, TGBT series products, SiC devices, and high-density power modules [1] - These products are widely used in industrial and automotive applications, including 5G base station power supplies, communication power supplies, data centers, computing server power supplies, and onboard chargers [1] Group 2: Market Strategy - The company will continue to closely monitor market dynamics and leverage its technological accumulation to actively expand its product offerings and application areas [1] - Business operations will be reported in the company's periodic reports and temporary announcements [1]

周四，全球最大网络设备制造商思科系统（Cisco Systems）的 股价暴跌12%，录得自2022年以来最大的单日跌幅，因投资者担心内存价 格暴涨将侵蚀该公司的盈利能力 。 | 1天 | | 5天 | 1个月 | | 6个月 | | YTD | 1年 | 5年 | 最大 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 90 | | | | | | | | | | | | 85. | | | | | | | | | | 昨日 | | | | | | | | | | | | 收盘价 | | 80 . | | | | | | | | | | 85.54 | | 75 | | | | | | | | | | | | 70- | | | | | | | | | | | | | 10:00 | | 12:00 | | 14:00 | | 16:00 | 18:00 | | 20:00 | | 开盘 | | 79.61 | | 市值 | | 2963.32亿 | | 股富 | | 2.19% | | 最高 | | 80.37 ...

证券研究报告 | 2026年02月13日 金融工程日报 沪指震荡下行收跌逾 1%，存储器、半导体设备逆势拉升 核心观点 金融工程日报 市场表现：20260213 市场全线下跌，规模指数中中证 2000 指数表现较好， 板块指数中科创100指数表现较好，风格指数中沪深300成长指数表现较好。 国防军工、消费者服务、食品饮料、电子、农林牧渔行业表现较好，有色金 属、石油石化、建材、钢铁、电新行业表现较差。中航系、航空发动机、半 导体设备、通用航空、航母等概念表现较好，光纤、玻璃纤维、钨矿、PTA、 稀土等概念表现较差。 市场情绪：20260213 收盘时有 46 只股票涨停，有 17 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-1.10%，昨日 跌停股票今日收盘收益为-2.67%。今日封板率 78%，较前日提升 0%，连板 率 16%，较前日下降 20%。 市场资金流向：截至 20260212 两融余额为 26456 亿元，其中融资余额 26293 亿元，融券余额 163 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 10.0%。 折溢价：20260212 ...

Group 1 - The core point of the article is that Jinghua Micro announced the number of its shareholders as of February 10, 2026, which stands at 7,526 households [1]

证券日报网讯2月13日，澜起科技在互动平台回答投资者提问时表示，DRAM内存模组(如RDIMM和 MRDIMM)属于服务器主内存，与HBM的应用场景不同，分别有相对独立的市场空间，二者都将受益于 AI产业的发展，并非竞争或替代关系。公司经营情况正常。 ...

商务部新闻发言人表示，中方注意到相关消息。我们认为，当务之急是要恢复全球半导体供应链稳定畅 通，这是包括中荷在内的国际业界的共同利益诉求。希望荷方相向而行，从维护全球半导体产业链供应 链稳定的大局出发，为双方企业协商建设性解决内部纠纷创造有利条件。 观点网讯：2月13日，商务部新闻发言人就荷公布安世半导体案裁决结果答记者问。 有记者问：2月11日，荷兰企业法庭公布安世半导体案裁决结果，决定对安世半导体涉嫌管理不善开展 调查。请问中方对此有何评论？ 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

答：中方注意到相关消息。我们认为，当务之急是要恢复全球半导体供应链稳定畅通，这是包括中荷在 内的国际业界的共同利益诉求。希望荷方相向而行，从维护全球半导体产业链供应链稳定的大局出发， 为双方企业协商建设性解决内部纠纷创造有利条件。 （总台央视记者 吴昊 林杉） 商务部新闻发言人就荷公布安世半导体案裁决结果答记者问。 有记者问：2月11日，荷兰企业法庭公布安世半导体案裁决结果，决定对安世半导体涉嫌管理不善开展 调查。请问中方对此有何评论？ ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 有记者问：2月11日，荷兰企业法庭公布安世半导体案裁决结果，决定对安世半导体涉嫌管理不善开展 调查。请问中方对此有何评论？答：中方注意到相关消息。我们认为，当务之急是要恢复全球半导体供 应链稳定畅通，这是包括中荷在内的国际业界的共同利益诉求。希望荷方相向而行，从维护全球半导体 产业链供应链稳定的大局出发，为双方企业协商建设性解决内部纠纷创造有利条件。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：常福强 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 有记者问：2月11日，荷兰企业法庭公布安世半导体案裁决结果，决定对安世半导体涉嫌管理不善开展 调查。请问中方对此有何评论？答：中方注意到相关消息。我们认为，当务之急是要恢复全球半导体供 应链稳定畅通，这是包括中荷在内的国际业界的共同利益诉求。希望荷方相向而行，从维护全球半导体 产业链供应链稳定的大局出发，为双方企业协商建设性解决 ...

Core Insights - The company reported 4Q25 revenue of $2.489 billion, exceeding previous guidance and market expectations, with a year-over-year growth of 12.8% and a quarter-over-quarter increase of 4.5% [1] - The company is cautious in its 1Q26 guidance, projecting flat revenue quarter-over-quarter and a year-over-year increase of 10.7% [1] - The company anticipates a structural demand shift in 2026, driven by AI and automotive sectors, while facing challenges from the storage cycle [2] Financial Performance - 4Q25 gross margin was 19.2%, slightly below market expectations, primarily due to increased depreciation [1] - The net profit for 4Q25 was $203 million, a significant year-over-year decline of 24.9% and a quarter-over-quarter drop of 35.5% [1] - For the full year 2025, the company achieved a record revenue of $9.327 billion, with a year-over-year growth of 16.2% and a net profit of $685 million, up 39.1% year-over-year [1] Market Segmentation - In 4Q25, the revenue breakdown by application showed consumer electronics at 47.3%, with a quarter-over-quarter increase of 3.9 percentage points [1] - The 12-inch wafer revenue accounted for 77.2% of total wafer revenue, with a year-over-year decrease of 3.4 percentage points [1] - Geographically, revenue distribution in 4Q25 was 87.6% from China, 10.3% from the U.S., and 2.1% from the Eurasian region [1] Capacity and Investment - The company maintained a high utilization rate of 95.7% in 4Q25, with a year-over-year increase of 10.2 percentage points [2] - Capital expenditure in 4Q25 was $2.41 billion, with expectations to maintain similar levels in 2026 [2] - The company plans to add 40,000 pieces of 12-inch monthly capacity in 2026, although the pace of capacity release may be slower than capital expenditure [2] Profitability Forecast - The company has adjusted its profit forecasts downward due to pressures from the storage cycle and increased depreciation from new production lines [2] - Expected net profits for 2026-2027 are $1.08 billion and $1.25 billion, respectively, reflecting a year-over-year growth of 58% and 16% [2] - Current stock prices correspond to a price-to-book ratio of 3.2x for 2026 and 3.0x for 2027 in the Hong Kong market [2]

Group 1: Stock Market Activity - On the institutional trading leaderboard, 41 stocks were listed, with 25 experiencing net buying and 16 net selling [1] - The top three stocks with the highest net buying by institutions were: TeFa Information (¥193 million), Construction Machinery (¥166 million), and YueGui Co. (¥116 million) [1] Group 2: Semiconductor Industry - GuoFeng New Materials has achieved progress in the R&D of photo-sensitive polyimide (PSPI) photoresist for semiconductor packaging, currently in the laboratory sample testing phase [2] - Deep Technology is a leading company in the packaging and testing of high-end storage chips (DRAM, NAND Flash), with ChangXin as a major client [2] - The average selling price of ASIC chips from leading design manufacturers (Broadcom, Marvell) is approximately $5,000 to $6,500, which is 50%-60% lower than GPU chips [3] - The AI chip market in China is projected to reach ¥144.7 billion in 2024, with GPU chips accounting for approximately ¥128.8 billion (89%) and ASIC chips about ¥15.3 billion (10.6%) [4] Group 3: Autonomous Driving Industry - QianLi Technology is developing autonomous driving technology and plans to collaborate with Baidu to build a commercial ecosystem for autonomous driving [5] - Zhejiang Shibao has strong technical reserves in steer-by-wire and rear-wheel steering, with mass production projects expected to start in late 2026 and Q4 of this year, respectively [5] - The Ministry of Industry and Information Technology is revising mandatory national standards for intelligent connected vehicles, including safety requirements for autonomous driving systems [5] - By the end of 2025, the first batch of L3 conditional autonomous driving vehicle licenses is expected to be issued, with pilot projects already underway in designated areas [6] - The rollout of L3/L4 vehicles is anticipated to drive demand for high-performance chips, domain controllers, and lidar, with the value of decision-making layers (chips + domain control) expected to account for 25%-30% of the industry chain's profits [6]