兆易创新(603986)公司点评报告 2025 年 08 月 26 日 [Table_Main] 公司研究|信息技术|半导体与半导体生产设备 证券研究报告 [Table_Title] DRAM 竞争格局改善，增强公司业绩弹性 ——公司 25 年中报业绩点评 [Table_Summary] 报告要点： 8 月 22 日，公司发布 2025 年中报。2025H1，公司营收实现 41.50 亿 元，YoY+15.0%；归母净利实现 5.75 亿元，YoY+11.31%；毛利率和净利 率分别为 37.21%和 14.16%。单季度 2Q25 来看，公司营收实现 22.41 亿 元，YoY+13.09%，QoQ+17.40%；归母净利实现 3.41 亿元，YoY+9.17%， QoQ+45.27%；毛利率和净利率分别为 37.01%和 15.53%。 供应格局改善及产品结构优化，带动 DRAM 业务盈利能力修复。三大 原厂逐步退出利基型 DRAM 市场，供应趋紧推动价格自 3 月起开始上行， 且下半年涨势有望延续。公司同步优化产品结构，DDR4 系列收入占比提 升，盈利能力有望增强。同时，子公司青耘科技紧抓端侧 AI ...

证券研究报告 | 策略定期报告 2025 年 08 月 25 日 DeepSeek V3.1 推动国产芯片适配，英伟达将为人形机器人推新大脑 定期报告 ——全球产业趋势跟踪周报（0825） 相关报告 1.《OpenAI 万亿基建计划启 动，海洋经济孕育新动能——全 球产业趋势跟踪周报（0818）》 2.《世界机器人大会正式开幕， ChatGPT-5 重磅发布——全球 产业趋势跟踪周报（0811）》 3.《科技巨头算力竞赛再加码， AI+应用端加速落地——全球产 业趋势跟踪周报（0804）》 4.《2025 世界人工智能大会开 幕，GPT-5 或于 8 月初发布—— 全球产业趋势跟踪周报（0728）》 5.《ChatGPT 统一智能体横空 出世，Kimi 大模型新突破——全 球产业趋势跟踪周报（0721）》 6.《Grok-4 大模型正式发布，多 行业聚焦整治"内卷式"竞争— — 全 球 产 业 趋 势 跟 踪 周 报 （0717）》 本周产业趋势主要集中在国产大模型及算力和海外 AI 应用端方面。国产大模型 及 算 力 方 面 ： DeepSeek 在 8 月 21 日 下 午 于 官 方 公 众 号 正 式 ...

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 备行业周报、月报 2025 年 08 月 25 日 [Table_Title] 美国政府入股英特尔，DeepSeek 新一代 AI 模型 专项适配国产芯片 ——行业周报 [Table_Summary] 报告要点： 本周（2025.8.18-2025.8.24）市场回顾 1）海外 AI 芯片指数本周下跌 2.23%，美国总统特朗普表示即将公布 对半导体的关税政策，导致海外芯片股价出现不同程度的下跌。其中， AMD 股价下跌 5.5%，Marvell 股价下跌 4.2%，博通股价下跌 4.0%。 2）国内 AI 芯片指数本周上涨 18.9%。DeepSeek-V3.1 正式发布，明 确适配下一代国产芯片架构，相关国产芯片龙头更是直接受益。3）英 伟达映射指数本周上涨 1.0%。兆龙互连上涨 13.5%，长芯博创上涨 10.7%；麦格米特、胜宏科技和江海股份下跌 4%以上。4）服务器 ODM 指数本周下跌 5.3%。Wiwynn、Wistron 和技嘉分别下跌 13.0%、5.8% 和 4.9%，仅有 Quan ...

从获买入评级个股所属Wind行业来看，材料Ⅱ、半导体与半导体生产设备、食品、饮料与烟草买入评 级个股数量最多，分别有46只、13只、12只。 从评级调整方向来看，138只个股评级维持不变，7只个股为首次评级。此外，有29只个股获多家券商关 注，吉比特、北新建材、福耀玻璃获评级数量居前，分别有6家、4家、4家券商给予评级。 南方财经8月21日电，Wind数据显示，8月20日，共有145只个股获券商买入评级，其中39只个股公布了 目标价格。按最高目标价计算，云天化、梅花生物、纳芯微目标涨幅排名居前，涨幅分别达53.88%、 48.92%、41.96%。 ...

富信科技8月19日大宗交易平台出现一笔成交，成交量30.00万股，成交金额1269.60万元，大宗交易成交 价为42.32元，相对今日收盘价折价16.59%。该笔交易的买方营业部为中信证券股份有限公司杭州凤起 路证券营业部，卖方营业部为中泰证券股份有限公司佛山顺德国泰南路证券营业部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为3385.60万元。 证券时报·数据宝统计显示，富信科技今日收盘价为50.74元，上涨3.83%，日换手率为6.94%，成交额为 3.11亿元，全天主力资金净流入1076.48万元，近5日该股累计上涨11.39%，近5日资金合计净流出933.62 万元。 两融数据显示，该股最新融资余额为1.59亿元，近5日减少2207.60万元，降幅为12.19%。（数据宝） 8月19日富信科技大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 30 ...

Investment Rating - The report maintains a "Recommended" rating for the semiconductor industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The semiconductor industry is experiencing significant growth, particularly in AI-related applications, with various indices showing substantial weekly increases. The overseas AI chip index rose by 6.66%, while the domestic AI chip index surged by 13.3% [1][10]. - Major events impacting the industry include proposed increases in semiconductor import tariffs by the U.S. government and significant investments by companies like Apple and Samsung in AI and semiconductor technologies [3][29]. Market Indices Summary - **Overseas AI Chip Index**: Increased by 6.66% this week, with AMD up 2.7% and Broadcom up 0.4%, while TSMC and NVIDIA both saw a decline of 1.2% [1][10]. - **Domestic AI Chip Index**: Rose by 13.3%, with notable gains from Cambrian (33.3%) and Rockchip (13.7%) [1][10]. - **NVIDIA Mapping Index**: Increased by 18.3%, with Industrial Fulian up 22.6% and Invec up 37.6% [1][10]. - **Server ODM Index**: Grew by 4.5%, with Wiwynn up 14.8% [1][10]. - **Storage Chip Index**: Increased by 7.5%, with Dongxin up 31.7% [1][10]. - **Power Semiconductor Index**: Rose by 2.6%, with Sinda Semiconductor up 8.0% [1][10]. - **Fruit Chain Index**: A-share fruit chain index increased by 15.2%, while the Hong Kong fruit chain index rose by 7.2% [1][10]. Industry Data Summary - Samsung holds a dominant position in the South Korean smartphone market with an 82% market share, up 4 percentage points year-on-year, while Apple holds 18% [2][26]. - South Korea's ICT product exports reached $22.19 billion in July, a 14.5% increase year-on-year, with semiconductor and communication equipment exports growing significantly [2][26]. - Major North American cloud service providers are significantly expanding their data center investments, with planned expenditures ranging from hundreds of billions to over a trillion dollars [2][27]. Major Events Summary - The Trump administration is considering raising semiconductor import tariffs from 100% to 200%-300%, prompting Apple to commit an additional $100 billion to its "Made in America" initiative for tariff exemptions [3][29]. - Samsung is expected to begin shipping HBM3E to Broadcom in the second half of 2025, following delays in previous supply commitments [3][31]. - Apple is advancing its AI initiatives with plans for new devices, including a home robot and an upgraded Siri [3][33].

证券研究报告 并购重组跟踪（三十二） 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年8月18日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、上周并购动态回顾 2、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 上周并购动态回顾 注：上周为8.11-8.17，（如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 ✓ 8月14日，海南省人民政府发布《海南省关于进一步支持医药产业高质量发展的若干政策措施》，鼓励省 内外企业依法兼并重组本省医药企业 ...

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The overall market has reached new highs, with notable performance in the electronic and pharmaceutical sectors [1] - The Hang Seng Index increased by 1.7%, while the Hang Seng Composite Index rose by 2.3% [1] - Mid-cap stocks outperformed small-cap and large-cap stocks, with a 4.0% increase in the Hang Seng Midcap Index [1] - Among the sector indices, the strongest performers included Defense and Military (+8.8%), Electronics (+8.0%), and Pharmaceuticals (+7.5%) [1] Summary by Sections Market Performance - The Hang Seng Index's valuation increased by 2.3% to 11.6x, and the Hang Seng Composite Index's valuation rose by 2.5% to 11.9x [2] - The strongest valuation increases were seen in the Hang Seng Biotechnology Index (+6.0% to 27.9x) [2] - 22 sectors saw valuation increases, while 6 sectors experienced declines [2] Earnings Expectations - The Hang Seng Index's EPS (Earnings Per Share) is expected to grow by 0.1%, with the Hang Seng Composite Index also seeing a 0.1% increase [3] - The largest upward revision in EPS was for the Hang Seng Automotive Index (+1.5%), while the Hang Seng Consumer Index saw the largest downward revision (-2.2%) [3] - 19 sectors had upward EPS revisions, while 10 sectors had downward revisions [3]

Group 1 - On August 11, a total of 45 stocks received buy ratings from brokerages, with 4 stocks announcing target prices [1] - Based on the highest target prices, Yanjing Beer, Huafeng Chemical, and others ranked highest in target price increase, with increases of 30.06%, 22.92%, and 21.91% respectively [1] - Among the rated stocks, 37 maintained their ratings, 1 stock had an upgraded rating, and 7 stocks received their first ratings [1] Group 2 - Seven stocks received attention from multiple brokerages, with Yanjing Beer, Boyuan Chemical, and Yingliu Co. leading in the number of ratings, receiving 5, 2, and 2 ratings respectively [1] - The sectors with the most stocks receiving buy ratings include Materials II, Semiconductors and Semiconductor Equipment, and Food, Beverage, and Tobacco, with 7, 6, and 6 stocks respectively [1]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [7]. Core Insights - The semiconductor industry is experiencing a mixed performance, with significant growth in revenue but slower growth in shipment volumes. The global smartphone market revenue reached over $100 billion, a 10% year-on-year increase, while shipment volume only grew by 3% [2][28]. - Major companies like SMIC and Huahong Semiconductor reported strong earnings in Q2 2025, with SMIC's revenue at $2.209 billion, up 16.2% year-on-year, and Huahong's revenue at approximately $560 million, up 18.3% year-on-year [3][34][35]. - The AI chip index saw a notable increase of 4.66% this week, driven by significant stock price rises in companies like Nvidia and Broadcom [1][10]. Market Index Summary - The overseas AI chip index increased by 4.66% this week, with Nvidia and Broadcom stocks rising over 5% [1][10]. - The domestic AI chip index decreased by 0.6%, with notable stock performance from companies like 澜起科技, which rose by 11.19% [1][10]. - The server ODM index rose by 0.7%, but individual stock performances varied significantly, with Supermicro experiencing a decline of 21.26% [1][10]. - The storage chip index increased by 3.0%, with 东芯股份 seeing a substantial rise of 28.59% [1][10]. - The power semiconductor index rose by 2.9%, reflecting a positive trend in the sector [1][10]. Industry Data Summary - In Q2 2025, the global smartphone market revenue surpassed $100 billion for the first time, with an average selling price (ASP) of nearly $350, marking a 7% year-on-year increase [2][28]. - Apple accounted for 43% of the global smartphone market revenue in Q2 2025, with a 13% increase, while Samsung's revenue grew by 4% [2][28]. - The electronic information manufacturing industry in China saw a year-on-year increase of 11.1% in added value for the first half of 2025, outperforming the overall industrial and high-tech manufacturing sectors [2][31].