Core Insights - A group of "invisible champion" companies in Jiangsu is steadily expanding globally, showcasing "China's intelligent manufacturing" through their core technology advantages in various sectors such as automotive lightweight components, ultra-high voltage equipment, and power semiconductors [1] Group 1: Company Developments - Xinan Technology, a high-tech enterprise specializing in automotive lightweight components, recently went public and has established a factory in Thailand to enhance its global manufacturing footprint [2] - Borui Electric, a leader in power automation equipment, has successfully delivered products to over 70 countries, marking a significant achievement for Chinese ultra-high voltage technology [4] - Yangjie Technology, a national champion in the semiconductor industry, has expanded its overseas presence and is the first in its sector to issue Global Depositary Receipts (GDR), raising $220 million for further development [6][7] Group 2: Financial Support and Risk Management - Financial institutions are providing tailored financial services to support these companies' global expansion, including customized foreign exchange risk management solutions [2][3] - Jiangsu's financial sector has implemented a "one enterprise, one policy" approach to address the foreign exchange risk management needs of high-tech and specialized enterprises, with a significant increase in the proportion of companies utilizing foreign exchange hedging [3] - The People's Bank of China in Jiangsu is promoting cross-border trade and simplifying processes for enterprises, resulting in a substantial volume of trade foreign exchange business [5] Group 3: Policy and Market Trends - Jiangsu Province is advancing its cross-border trade high-level opening pilot, enhancing the efficiency of fund settlement for enterprises [5] - The province has seen a notable increase in the number of quality enterprises engaging in foreign exchange business, positioning itself as a leader in this area [5] - The ongoing support from financial institutions and favorable policies is crucial for these companies as they transition from "China's intelligent manufacturing" to becoming global brands [7]

Investment Rating - The report maintains a "Buy" rating for companies such as OmniVision Technologies (603501.CH), Q Technology (1478.HK), and NIO Inc. (9866.HK/NIO.US) as key tracking targets in their respective segments [5] - Additionally, it reiterates a "Buy" rating for Leapmotor (9863.HK), Sunny Optical Technology (2382.HK), Horizon Robotics (9660.HK), and Yangjie Technology (300373.CH) as industry leaders [5] - The report also suggests investors pay attention to potential opportunities in companies like InHand Networks (1760.HK), Sijia Technology (580.HK), ZhiXing Technology (1274.HK), Youjia Innovation (2431.HK), Wingtech Technology (600745.CH), and CR Micro (688396.CH) [5] Core Insights - The technology industry is experiencing significant opportunities driven by technological innovation across various sectors, including consumer electronics, new energy vehicles, intelligent driving, and power semiconductors [2][3] - In the consumer electronics sector, there is a notable surge in demand for products like action cameras and panoramic cameras, which is expected to continue into the second half of the year and next year [2] - The new energy vehicle market is in a product explosion phase, with companies like NIO seeing demand growth driven by successful product definitions [2] - Intelligent driving technology is rapidly evolving, with significant opportunities for industry players as technology applications and product implementations progress [3] - The power semiconductor industry is witnessing a stabilization in competition, with some manufacturers experiencing price increases in certain product areas [3][5] Summary by Sections Consumer Electronics - The report highlights a demand explosion in the consumer electronics sector, particularly for action and panoramic cameras, which is expected to provide substantial growth momentum for smartphone supply chain players [2] - Innovations in components such as high-pixel image sensors and periscope camera modules are anticipated to create growth opportunities even in a stable smartphone market [2] New Energy Vehicles - New energy vehicle companies are experiencing a demand surge, particularly with successful product definitions leading to a "supply-demand imbalance" phase, which is expected to enhance fundamentals and valuations [2] Intelligent Driving - The intelligent driving sector is characterized by rapid technological iterations, with significant opportunities for breakthroughs as industry players adopt new technologies [3] - The domestic chip manufacturer Horizon Robotics is seeing large-scale applications of its intelligent driving chips in automotive companies [3] Power Semiconductors - The power semiconductor industry is experiencing a reduction in traditional cyclical fluctuations, with some manufacturers reporting stability and potential price increases in specific product areas [3] - There remains substantial room for domestic substitution in the power semiconductor sector, with a stable competitive landscape [5]

视频编辑：张迎，实习生孙筠雅 9月23日，"百万英才汇南粤"2025年N城联动秋季招聘活动在北京、上海同步启动。上海启动式暨上 海、山东地区首场招聘活动在上海交通大学举行。 (作者：孙燕编辑：卜羽勤,视频编辑,张迎,实习生孙筠雅) 国家第三代半导体技术创新中心深圳综合平台主任、深圳平湖实验室主任万玉喜告诉21世纪经济报道记 者，该平台围绕碳化硅(SiC)、氮化镓(GaN)、下一代先进功率电子材料及器件、核心装备及零部件、配 套材料等领域，开展核心技术攻关。今年计划招聘30位应届毕业生，包括器件研发工程师、工艺工程师 等。 万玉喜表示，中国在建设功率半导体的第三极，就在大湾区。"上海、北京以集成电路为方向，国内还 没有以功率半导体为方向的高地。深圳贴近客户，在发展功率半导体方面有优势。" ...

日前，中国领先的碳化硅(SiC)功率器件和芯片方案商——上海瞻芯电子科技股份有限公司(简称"瞻芯电 子")宣布完成全部C轮融资，融资总金额超过10亿元人民币，近日完成工商变更手续。 北京市绿色能源和低碳产业基金认为，碳化硅功率器件作为基础的新一代能源电子器件，在新能源汽 车、电网、光伏、储能等诸多领域应用，未来发展潜力巨大。瞻芯电子团队长期专注SiC芯片领域，具 备深厚的技术积累，在前瞻产品布局、量产工艺迭代、重点行业客户验证等方面处于行业领先地位。此 次投资是基金在完善区域绿色能源产业链生态方面的重点布局，基金看好公司在碳化硅领域的领先优势 和长期发展潜力，并将充分发挥自身优势，为公司的技术创新和商业化应用带来战略协同资源。 海望资本则表示，碳化硅是目前半导体领域最炙手可热的宽禁带半导体材料之一，被誉为"第三代半导 体"的核心代表。在目前国内优秀厂商不断研发再创新的努力下，我国在该环节正逐渐实现对国外头部 厂商的赶超和突围。 除了在新能源汽车、储能等诸多领域应用，近期有中国台湾媒体报道，英伟达正计划在新一代GPU芯片 的先进封装环节中采用12英寸碳化硅(SiC)衬底，旨在解决AI芯片愈发突出的散热难题并提升 ...

Group 1 - The company plans to enter the power semiconductor sector by acquiring Shenzhen Shangyangtong Technology Co., Ltd. [1] - This strategic move aims to create a dual business model driven by "retail + semiconductor" to establish a second growth curve [1]

Core Viewpoint - The performance of power semiconductor companies is recovering, with clear growth trends in the automotive and data center sectors [3][5]. Group 1: Power Semiconductor Performance Review - The power semiconductor industry has seen revenue and profitability gradually improve, with automotive and data center applications being the main growth areas [3][11]. - In July 2025, China's new energy vehicle sales reached 1.26 million units, a year-on-year increase of 27.4%, with a penetration rate of 48.7% [21][23]. - The market share of domestic manufacturers in the main drive IGBT module segment is increasing, with leading companies like Chipone, Times Electric, Silan Micro, and StarPower establishing competitive advantages [3][25]. Group 2: New Energy Vehicle Insights - The proportion of new energy vehicles with a main drive power of over 200kW increased from 9% in 2022 to 25% in the first seven months of 2025, indicating a trend towards higher power models [25][28]. - The peak power of electric drives has risen from 255kW in 2022 to 580kW in July 2025, reflecting advancements in technology and increasing demand for high-performance vehicles [25][28]. - The market for SiC MOSFETs in new energy vehicles is growing, with their share in the main drive modules reaching 17.9% in the first seven months of 2025 [28][39]. Group 3: Data Center and Power Demand - The global server market is expected to grow at a compound annual growth rate of 18.5% over the next five years, driven by increasing demand for servers and data centers [47]. - The expansion of data centers in China is anticipated to mirror the growth patterns seen in North America, leading to a significant increase in power device demand [47][48]. - The demand for power devices is expected to rise in tandem with the expansion of data centers, particularly as cloud service providers increase their capital expenditures [47][48]. Group 4: Market Trends and Pricing - The prices of photovoltaic inverters remained stable in July and August 2025, with a notable increase in export volumes and values [50][51]. - The domestic energy storage market is transitioning from mandatory to market-driven, with significant growth in overseas demand for large-scale storage solutions [50]. - The demand for power devices is likely to benefit from the robust growth in energy storage and photovoltaic sectors [50].

Core Viewpoint - Yangjie Technology plans to acquire 100% equity of Dongguan Better Electronics for 2.218 billion yuan in cash, marking a significant move in the Chinese power semiconductor industry [1][2]. Transaction Structure - The acquisition will be paid entirely in cash, with a total price of 2.218 billion yuan, representing a premium of over 270% compared to Better Electronics' net assets of 590 million yuan [5]. - Payment will be made in three phases: the first phase involves a 30% payment (665 million yuan), and the second phase involves a 70% payment of 550 million yuan to non-performance commitment parties [6]. Performance Commitment - Yangjie Technology has set strict performance targets for Better Electronics, requiring a cumulative net profit of no less than 555 million yuan from 2025 to 2027 [7]. Acquisition Motivation - The acquisition is a strategic decision based on multiple considerations, as Better Electronics' products complement Yangjie Technology's existing power device offerings [8]. - Better Electronics specializes in overcurrent and overtemperature protection components, enhancing Yangjie Technology's product matrix and enabling comprehensive solutions for customers [9][10]. Synergy Effects - There is a high customer overlap between Yangjie Technology and Better Electronics, with Better's clients including major companies in home appliances and new energy sectors, which can create significant synergy [11]. - Both companies will share R&D outcomes, enhancing Yangjie Technology's research capabilities [12]. Overseas Expansion - Both companies have extensive overseas business experience, which can lead to beneficial business complementarity [13]. - Yangjie Technology's overseas revenue reached 834 million yuan in the first half of 2025, a year-on-year increase of 34.97%, while Better Electronics has a 26.9% export ratio in 2023 [14]. About Better Electronics - Founded in 2003, Better Electronics focuses on power electronic protection components and has a 4.3% share in the global fuse market as of 2022 [15]. - The company reported a revenue of 837 million yuan and a net profit of 148 million yuan in 2024, with a compound annual growth rate of approximately 28% in revenue from 2020 to 2024 [15]. About Yangjie Technology - Established in 2000, Yangjie Technology has evolved into a representative IDM model enterprise in China's semiconductor discrete device sector, with a market value of approximately 36 billion yuan [17]. - The company achieved a revenue of 3.455 billion yuan in the first half of 2025, a year-on-year increase of 20.58% [17]. Industry Background - The A-share merger and acquisition market has become active due to policies like the new "National Nine Articles" and "Merger Six Articles," with over 1.4 trillion yuan in total transaction value in the first half of 2025 [19]. - Better Electronics' choice to be acquired follows its unsuccessful IPO attempt, reflecting a trend among companies seeking alternative growth paths [19]. Future Outlook - Yangjie Technology aims to reach a revenue of 10 billion yuan by 2027, with the acquisition of Better Electronics being a crucial step towards this goal [20]. - The merger is expected to create positive synergies in product categories, R&D, customer bases, and sales channels [20].

在功率半导体领域，整合设计与制造等产业链的公司被称为垂直整合商(IDM, Integrated Device Manufacturer)，也是国际头部厂商采用的主流商业模式。作为国内碳化硅(SiC)IDM模式的先行者，瞻芯 电子专注于碳化硅(SiC)功率器件的研发、制造和销售，同时围绕碳化硅(SiC)应用提供包括功率器件、 驱动芯片、控制芯片等在内的完整解决方案。 目前瞻芯电子已成功量产了三代碳化硅(SiC)功率器件产品，核心技术指标达到行业领先水平，已实现 向多家知名新能源汽车厂商及Tier1供货商的规模出货，批量应用于新能源汽车的车载电源 (OBC/DCDC)、空调压缩机、电驱动等领域，并与光伏、储能、充电桩、工业电源等行业众多知名客户 建立了稳定供货关系。 日前，中国领先的碳化硅(SiC)功率器件和芯片方案商——上海瞻芯电子科技股份有限公司（简称"瞻芯 电子"）宣布完成全部C轮融资，融资总金额超过10亿元人民币，近日完成工商变更手续。继年初C轮首 批资金交割后，多家投资机构陆续跟投，投资者持续看好公司长期发展。C轮融资由国开制造业转型升 级基金领投，中金资本、北京市绿色能源和低碳产业基金、国际国方、国投 ...

日经中文网"开设了"日经BP精选"栏目。日经BP是日本经济新闻社媒体集团的一员，成立于1969年。作 为日本领先的B2B媒体公司，聚焦经营管理、专业技术及生活时尚三大主要领域。敬请读者关注。 编者荐语： 以下文章来源于日经BP ，作者日经BP 针对碳化硅等功率半导体和LSI（大规模集成电路），罗姆在2024财年（2024年4月～2025年3月）对日 本国内外的工厂实施减损处理，计提303亿日元损失。在同期的财报中，最终损益出现500亿日元的亏 损。 成为高风险、高回报市场 这3家企业的状况说明了业务的严峻性。不仅如此，还意味着功率半导体行业的商业模式发生了巨大变 化。这些都与纯电动汽车（EV）有关。几年前，有观点预测"2025年前后起EV市场将一举崛起"，对市 场扩大的期待 很高。与此同时，以新冠疫情为契机，半导体的短缺变得明显。 阅读更多内容请点击下方"阅读原文" 功率半导体行业围绕碳化硅（SiC）正处于动荡之中 （图） 。制造元件不可或缺的碳化硅晶圆的最大厂 商美国Wolfspeed已申请适用《美国破产法》（相当于日本《民事再生法》）第11条。受此影响，日本 瑞萨电子将遭受约2500亿日元损失。 图 碳化 ...

Investment Rating - The report assigns an "Accumulate" rating to Dongwei Semiconductor (688261) [4][7]. Core Insights - The company reported a revenue of 616 million yuan in the first half of 2025, representing a year-on-year growth of 46.79%, with a net profit attributable to the parent company of 27.58 million yuan, up 62.80% year-on-year [1][2]. Revenue Breakdown - The revenue from the super junction MOSFET products reached 469 million yuan, a growth of 40.36% year-on-year. The medium and low voltage shielded gate MOSFET products generated 118 million yuan, growing by 62.14%. TGBT products achieved 20.67 million yuan, up 88.62% year-on-year. Super silicon MOSFET products contributed 1.69 million yuan, with an 18.15% increase. SiC devices (including Si2CMOSFET) generated 0.35 million yuan, a growth of 5.24% [2][3]. Market Growth Areas - The industrial communication power supply sector, including data center computing server power supplies, accounted for approximately 39% of total revenue, growing about 74% year-on-year. The automotive charger sector represented about 22% of revenue, with over 90% growth. The photovoltaic inverter sector contributed over 7% of revenue, growing approximately 98%, while the revenue from DC charging piles for new energy vehicles also accounted for about 7%, increasing by 45% [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 1.34 billion yuan, 1.73 billion yuan, and 2.16 billion yuan, respectively. The net profits attributable to the parent company are expected to be 120 million yuan, 190 million yuan, and 300 million yuan for the same years [4][6]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 0.96 yuan, 1.53 yuan, and 2.42 yuan for 2025, 2026, and 2027, respectively. The price-to-earnings (P/E) ratios are projected to be 85.16, 53.52, and 33.94 for the same years [6][11].