Summary of Conference Call on Power Semiconductor Market Industry Overview - The power semiconductor market is experiencing an overall increase in demand compared to last year, driven by sectors such as energy storage, automotive, AI power, and overseas substitution, although the demand strength is not as robust as in 2021-2022 [1][12] - Supply-side challenges are evident, with a contraction in mature process capacity and rising foundry prices, reminiscent of the 2021 situation, leading to a weak supply elasticity [1][3] Key Insights - **Role of Distributors**: Distributors play a crucial catalytic role in the analog chip market by adjusting inventory strategies to amplify market demand and price feedback, which can lead to significant market fluctuations [4][5] - **Price Increase Trends**: There is a clear trend of price increases in the analog chip market due to rising costs of upstream fabs, packaging, and precious metals, with major companies like TI and ADI adjusting their pricing strategies [1][6] - **Market Dynamics**: The power sector is also witnessing price hikes, with many companies issuing price increase notices primarily due to rising raw material costs, although the extent of price increases varies among companies [8][9] Supply Chain and Capacity - The global 8-inch wafer capacity is declining, with TSMC and Samsung reducing their operations, leading to a projected monthly capacity loss of approximately 500,000 to 600,000 wafers, which is about 10% of the total global capacity [11] - Domestic expansion is focused on 12-inch and IGBT sectors, with a shortage in medium and low-voltage MOS supply due to reduced traditional supply from overseas manufacturers [11] Demand Projections - Demand in 2026 is expected to differ from 2021, with industrial and automotive sectors showing an upward trend, particularly in domestic substitution within the automotive sector [3][12] - Emerging applications such as optical modules and AI power are anticipated to drive demand growth for analog products, indicating a long-term investment potential in the analog chip industry [7] Inventory and Market Conditions - The power sector has seen inventory levels return to normal after a prolonged destocking process, which may accelerate the purchasing process among distributors if upstream price increase expectations materialize [13][14] - Companies with their own production lines, such as IDMs like Jiejie Microelectronics and Yangjie Technology, as well as MOS foundry firms like Chipone and low-voltage MOS leader Nexperia, are recommended for investment due to their growth potential in the current market environment [15]

功率半导体市场跟踪：频传涨价背后的逻辑探讨及行情展 望 20260126 摘要 功率器件封装成本显著上升，主要受金属材料价格上涨驱动，封装成本 占器件总成本的 50%以上，其中金属材料占比高达 60%-70%，导致整 体成本增加 20%-30%。 AI 服务器市场对 MOS 管需求激增，头部国际供应商产能受限，交期延 长，进一步推高价格，但工控、汽车、家电等领域需求平稳，不足以支 撑全面大幅涨价。 国内功率器件市场中，二三极管等中小功率元件受原材料价格波动影响 更大，涨价潜力较高，而 IGBT 因晶圆成本占比高，受影响相对较小。 功率器件涨价目前处于市场试探阶段，实际涨幅有限，预计 2026 年第 一季度可能生效，高端产品和替代安氏产品的品类具有更大的上涨潜力。 全球功率器件厂商库存已基本出清，维持在较低水平，但产能仍然供过 于求，单凭库存出清不足以推动价格上涨，成本提升是主要驱动因素。 AI 服务器电源对功率器件需求带来显著增量，预计 2026 年全球市场规 模达 15-20 亿美元，2027 年可能增至 35 亿美元，主要受益于高压 MOS、碳化硅 MOS 等。 碳化硅在新能源汽车和储能领域的渗透率持续上 ...

Core Viewpoint - The silicon carbide (SiC) power device market is experiencing significant growth due to its superior characteristics such as lower conduction resistance, higher operating temperatures, and higher voltage capabilities, leading to increased applications in high-voltage and high-power sectors [1][7]. Market Overview - The global power semiconductor device market is projected to grow to 37.45 billion yuan by 2025, with the SiC power device market expected to reach 2.83 billion yuan, resulting in a market penetration rate of 7.56%. By 2026, the global power semiconductor market is anticipated to reach 40.78 billion yuan, with the SiC market growing to 3.88 billion yuan and a penetration rate of 9.51% [1][5][7]. Industry Definition and Classification - SiC power devices include SiC diodes, SiC switches, and SiC power modules, with various subcategories such as SBD diodes, PiN diodes, and SiC MOSFETs. SiC materials exhibit high thermal conductivity and can operate at high temperatures, making them suitable for extreme conditions [2][4]. Current Industry Status - The power device market is benefiting from the resurgence in consumer electronics demand and the growth of emerging applications such as automotive electronics, IoT, and AI. The SiC power device market has seen substantial growth, with a rise from 450 million yuan in 2020 to 2.83 billion yuan in 2025, and a penetration increase from 1.42% to 7.56% during the same period [4][7]. Industry Chain - The SiC power device industry chain consists of upstream materials like SiC epitaxial wafers and substrates, midstream production involving IDM and wafer foundries, and downstream applications in sectors such as photovoltaic power generation, electric vehicles, and smart grids [7][8]. Competitive Landscape - The global SiC power device market is characterized by a dual oligopoly of international giants and domestic leaders. Key international players include Rohm, Fuji Electric, and Infineon, while domestic companies like BASiC Semiconductor and Stada Semiconductor are gaining market share through vertical integration [8][9]. Future Outlook - The SiC power device sector is expected to continue evolving to meet increasing demands for cost efficiency and quality, with applications expanding in electric vehicles and renewable energy. The industry is focused on enhancing energy conversion efficiency and reliability while reducing costs [10].

参观考察 1月16日，由美国罗格斯大学专家汪春波教授、材料学专家侯平博士，以及山东省科普产业促进会会长李信培教授等组成的科技考察团到访济南鲁晶半导 体有限公司。此次考察活动旨在进行技术交流，核心议题是深入了解公司在高耐压碳化硅（SiC）功率器件领域的研发进展与产业化情况。 高压碳化硅功率器件 考察期间，专家团深入参观了公司的封装测试生产线和研发实验室。鲁晶半导体总经理徐文汇向专家团详细介绍了公司的发展历程、技术布局以及其在高 压碳化硅高压功率器件的封装结构设计、测试验证、可靠性评估等方面的关键技术突破。此类器件代表了当前功率半导体技术的前沿，在智能电网、轨道 交通、工业驱动、新能源（如光伏逆变、储能系统、电动汽车充电设施）等高压、高频、高温应用场景中具有巨大潜力，能够显著提升能效、减小系统体 积与重量。 深入探讨技术研发与产业应用 在技术交流环节，专家与研发人员就碳化硅外延材料工艺、高压器件可靠性等关键技术进行了深入讨论。同时，各方就第三代半导体的产业化路径、技术 发展趋势等议题交换了专业意见。大家一致认为鲁晶在高压器件上的进展，不仅体现了技术深度，也展现了向更高端应用迈进的决心，符合全球能源转型 和产业升级 ...

Core Insights - Yangzhou is recognized as a city of canals, cuisine, and culture, showcasing its historical and commercial value through the World Canal Historical and Cultural Cities Cooperation Organization (WCCO) and its media platform, Dayunhe Media [1] - The latest Hurun Rich List highlights the top ten wealth creators in Yangzhou for 2025, emphasizing the entrepreneurial spirit and innovative capabilities of local business leaders [1] Group 1: Top Wealth Creators - The richest individual is Liang Qin, Chairman of Yangjie Electronics Technology, with a net worth of 16 billion yuan, ranking 411th nationally. The company has evolved from a trading firm to a leading IDM model enterprise in power semiconductors [1] - Zhu Daqing, Chairman of Tianfulong Group, ranks second with a net worth of 13 billion yuan, marking his debut on the Hurun Rich List. The company is a leader in differentiated polyester short fibers, focusing on "technology innovation + green transformation" [3] - Zhu Yinghui, holding 36.17% of Rongtai Co., ranks third with a net worth of 5.5 billion yuan. The company specializes in precision die-casting for automotive lightweight components [4] - Zhou Guangrong, Chairman of Haichang New Materials, has a combined net worth of approximately 5.3 billion yuan with his wife. The company is a leader in the powder metallurgy industry, particularly in electric tool components [6] - Li Hongqing, former actual controller of Jiangsu Aoliwei Sensor, has a net worth of at least 3.8 billion yuan, focusing on automotive parts and sensors [8] - Fu Helian, Chairman of Aidi Pharmaceutical Group, has a net worth of 3.8 billion yuan, leading a company that specializes in innovative drugs for major diseases [10] - Zou Weimin, Chairman of Chuan Yi Technology, has a net worth of approximately 3.1 billion yuan, focusing on computer keyboards and control panels [12] - Zhang Wensheng, Chairman of Beijiajie Group, has a net worth of about 2.4 billion yuan, specializing in oral care and hygiene products [13] - Zhu Xingrong, General Manager of Tianfulong Group, is the youngest on the list at 2.3 billion yuan, holding 13.14% of the company's shares [15] - Lin Mingwen, Chairman of Yangzhou Jinqian Tourism Products, has a net worth of approximately 1.5 billion yuan, focusing on outdoor products [16] Group 2: Entrepreneurial Insights - Over half of the top ten wealth creators started from grassroots sales or technical positions, demonstrating their ability to seize opportunities during industry transformations [16]

Core Viewpoint - The power semiconductor industry is entering a golden period driven by the boom in new energy vehicles and AI, with the Chinese market expected to exceed 180 billion yuan by 2025 [1]. Group 1: Company Overview - Changjing Technology, a leading power semiconductor company, has restarted its IPO process after more than two years, with the China Securities Regulatory Commission confirming its filing on January 15 [1]. - Established in 2018, Changjing Technology specializes in the R&D, production, and sales of semiconductor products, and has been recognized as one of China's top ten power semiconductor companies for six consecutive years [2]. - The company has built a complete industrial chain through acquisitions, including the purchase of Haide Semiconductor and the establishment of Changjing Pulian, enhancing its capabilities in wafer manufacturing [2]. Group 2: Financial Performance - According to its 2022 prospectus, Changjing Technology's revenue from 2020 to 2022 was 1.339 billion yuan, 1.902 billion yuan, and 1.884 billion yuan, respectively, with net profits of 66 million yuan, 244 million yuan, and 127 million yuan [3]. - Despite the acquisition of New Shunwei contributing to wafer revenue growth, the company's total revenue remained stable compared to 2021, while net profit saw a significant decline due to weak demand in the consumer electronics market and cyclical factors [3]. Group 3: Market Trends and Future Prospects - The power semiconductor industry is showing signs of recovery, with revenue growth entering an upward cycle since Q4 2022, creating a favorable external environment for companies [4]. - The global power semiconductor market is projected to grow from 411.5 billion yuan in 2020 to 610.1 billion yuan by 2025, with China's market expected to exceed 180 billion yuan [4]. - Changjing Technology is actively expanding into new application markets, particularly in automotive electronics, with over 3,500 AEC-Q certified automotive-grade products [5]. Group 4: Strategic Initiatives - The company plans to use the funds raised from its IPO to expand production capacity, including projects for an annual output of 8 billion new components and 600,000 6-inch power semiconductor chips [5]. - This expansion aims to enhance self-sufficiency in packaging and testing, reduce reliance on external foundries, and improve cost control and delivery capabilities [5]. Group 5: Shareholder Structure - The controlling shareholder of Changjing Technology is Shanghai Jianghao Enterprise Management Consulting Co., Ltd., which holds 6.9% of the shares and controls 31.62% of the voting rights [6]. - Notably, the company's shareholder list includes industry giants like Xiaomi and OPPO, highlighting its significant position in the consumer electronics supply chain [6].

Core Viewpoint - The company, Times Electric, has reported significant growth in its power semiconductor devices, which are widely used across various sectors including power distribution, rail transit, renewable energy generation, new energy vehicles, and industrial applications [1] Group 1: Company Performance - Times Electric's passenger vehicle power module installation volume ranks second in the industry for the first three quarters of 2025, with a year-on-year growth of 19% [1] - The market share of Times Electric in the passenger vehicle power module segment has reached 13.7% [1]

Core Viewpoint - The company emphasizes self-innovation as the core of its development, focusing on proprietary chip design technology and advanced packaging processes to significantly reduce reliance on imported technologies [1] Group 1: Innovation and Technology - The company has made breakthrough advancements in high-voltage packaging and modular packaging [1] - It has successfully achieved the domestic substitution of key manufacturing equipment through deep collaboration with local equipment manufacturers [1] - The company holds over 100 independent patents covering core technologies in power semiconductors such as IGBT, FRD, SiC, and GaN, providing a solid foundation for technological self-control [1] Group 2: Supply Chain and Production - The company is continuously strengthening the domestic supply system for key materials and optimizing production capacity to ensure stable supply [1] - An expansion plan is in place to increase market share in the domestic market [1] Group 3: Quality Assurance - The company strictly adheres to international standards such as ISO9001 and has established a comprehensive quality control mechanism to ensure high reliability and consistency of its products [1] Group 4: Future Strategy - The company plans to further increase R&D investment and deepen domestic substitution efforts to consolidate its strategic advantage in technological self-reliance [1]

1月15日，证监会网站披露，江苏长晶科技股份有限公司（以下简称"长晶科技"）已向江苏证监局办理辅导备案登记，辅导机构为华 泰联合证券。 | | | 公开发行辅导公示 | 辅导对象 | 辅导机构 | 备案时间 | 辅导状态 | 派出机构 | 报告类型 | 报告标题 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | - | 北京 | 天津 | 江苏长晶科技股份有限公司 | 华泰联合证券有限责任公司 | 2026-01-15 | 辅导备案 | 江苏证监局 | 辅导备案报告 | 关于江苏长晶科技 ... | | - | 河北 | HI 山西 | 江苏保时龙科技股份有限公司 东吴证券股份有限公司 | | 2026-01-15 辅导备案 | | 江苏证监局 | 辅导备案报告 | 关于江苏保时龙科 ... | | = | 内蒙古 | 辽宁 | 中煤（北京）环保股份有限公 | | | | | | 关于中煤(北京) ... | | - | 吉林 | 黑龙江 | 司 | 天风证券股份有限公司 | 2026-01-15 辅导备案 | | 北京证监局 ...

证券日报网讯1月15日，紫光国微（002049）在互动平台回答投资者提问时表示，瑞能半导体科技股份 有限公司是一家拥有芯片设计、晶圆制造、封装设计和模块封装测试的一体化经营功率半导体企业，是 生产型企业。 ...