（记者 王瀚黎） 2025年1至6月份，赛微电子的营业收入构成为：MEMS行业占比93.43%，其他业务占比4.9%，半导体 设备行业占比1.67%。 截至发稿，赛微电子市值为185亿元。 每经头条（nbdtoutiao）——海拔4306米现"秦始皇密令"，获官方"身份认定"！古文字学家刘钊：秦人 寻仙采药足迹确至青藏高原 每经AI快讯，赛微电子（SZ 300456，收盘价：25.22元）9月17日晚间发布公告称，截至本公告披露 日，公司控股股东、实际控制人、董事长杨云春先生持有北京赛微电子股份有限公司约1.79亿股股份， 占公司总股本的24.46%，累计质押股份8041万股，占其持有公司股份总数的44.9%，占公司总股本的 10.98%。 ...

证券研究报告 | 2025 年 09 月 15 日 晨会集萃 制作：产品中心 重点推荐 《策略|牛市的下一程：大类资产联动的信号》 1、如何理解近期大类资产波动？1）由于美国数据弱于预期等原因，美联 储降息预期升温，对应贵金属近期表现强势；另外油价供给端方面出现放 量预期，叠加累库超预期，油价低位震荡；2）国内商品方面由于反内卷 政策处于观察期，近两个月处于调整的态势，这也表现为国内商品与债券 收益率和股票指数相关性均回落到历史极值的低位，近期商品市场有所企 稳，相关性指标在低位出现回升。3）股债仍然呈现跷跷板效应。本周 A 股权益市场的部分指数在高位波动中继续创新高，成长仍是领涨风格，而 债券收益率也继续创下阶段新高。结合 8 月的金融数据来看，目前信贷周 期表现仍然低迷，且往后回升仍然取决于政策落地和内生动能的修复情 况。2、国内：8 月 PPI 边际好转；国际：8 月美国通胀数据增速符合预期。 行业配置建议：赛点 2.0 第三阶段攻坚不易，波折难免，重视恒生互联网。 根据经济复苏与市场流动性，可以把投资主线降维为三个方向：1） Deepseek 突破与开源引领的科技 AI，2）内外共振，经济逐步修复，牛 ...

Core Viewpoint - The company reported a slight revenue increase in H1 2025, with a net loss significantly reduced compared to the previous year, indicating improved financial health despite ongoing challenges in the MEMS industry [3][4]. Financial Performance - Revenue for H1 2025 was 570,095,783.13 yuan, a year-on-year increase of 3.4% from 551,351,055.19 yuan [4]. - The net loss attributable to shareholders was 650,333.36 yuan, a reduction of 98.48% compared to the previous year's loss of 42,667,857.30 yuan [4]. - The net loss after excluding non-recurring items was 19,465,657.87 yuan, down 59.95% from 48,606,837.18 yuan in the same period last year [4]. - Operating cash flow for the period was 165,802,553.59 yuan, an increase of 17.25% from 141,413,022.35 yuan [4]. - Total assets reached 7,562,513,104.03 yuan, up 7.86% from the previous year [4]. - Net assets attributable to shareholders were 5,094,558,036.49 yuan, reflecting a growth of 3.47% [4]. Business Operations - The company has a significant portion of its revenue derived from overseas operations, with the percentages for 2022-2025 being 74.64%, 50.04%, 59.28%, and 76.25% respectively [5]. - Following the sale of control over Swedish Silex, its revenue will no longer be included in the company's consolidated financials, which may lead to a substantial decrease in MEMS business revenue [5]. Industry Competition - The MEMS sector is highly competitive, with rivals including Bosch, HP, STMicroelectronics, Texas Instruments, and various domestic firms [5]. - The industry is characterized by high technology, intellectual, and capital intensity, with key factors affecting competitiveness being technological development, process innovation, and new material applications [5]. Project Developments - The company is expanding its MEMS foundry capacity based on market demand, but faces challenges in technology transfer from Swedish Silex due to regulatory issues [6]. - The MEMS advanced packaging and testing project is a new business extension, but the company cannot guarantee that existing customers will utilize its packaging services, leading to potential delays in establishing stable supply relationships [7]. - The MEMS high-frequency communication device manufacturing project has successfully reached a usable state as of June 30, 2024, with all research and development goals achieved [7].

Group 1 - The core revenue of Jiangsu's digital economy core industries increased by 7.9% year-on-year in the first half of the year, outpacing the overall economic growth of Jiangsu [1] - From January to May, the revenue of internet and related services, as well as software and information technology services, grew by 16.8% and 14.3% respectively, contributing 2.4 percentage points to the growth of the service industry [1] - Key growth drivers include integrated circuit design, information system integration, and IoT technology services, which grew by 12.5%, 10.8%, and 36.4% respectively [1] Group 2 - Jiangsu's artificial intelligence-related industry has exceeded 400 billion yuan, ranking among the top in the country, with the industrial software industry chain accounting for over 20% of the national share [2] - The "East Data West Calculation" initiative has established a computing power scheduling center capable of executing 500 billion floating-point operations per second, equivalent to 14 billion people performing calculations for 113 years [2] - By 2025, Suzhou aims to have a total data center scale of 500,000 standard racks and computing power exceeding 15 EFLOPS, with an innovative cluster scale of 400 billion yuan [2] Group 3 - Jiangsu aims to become a pioneer in high-quality digital economic development through the establishment of innovation development pilot zones, creating breakthrough and demonstrative innovative development experiences [3] - A series of policies have been introduced to promote high-quality digital economic development, including the "Jiangsu Province Action Plan for Cultivating and Expanding Data Enterprises (2025-2027)" [3] - The "Jiangsu Province Three-Year Action Plan for High-Quality Development of the Digital Economy (2025-2027)" was issued in April, indicating a structured approach to digital economic growth [3] Group 4 - The establishment of pilot zones and the three-year plan are expected to inject new momentum into Jiangsu's digital economy, driving high-quality development [4]

Core Insights - The MEMS industry is expected to see new growth opportunities in 2024, with global revenue reaching $15.4 billion, a 5% year-over-year increase, driven by the end of the "inventory effect" in Q2 [1] - The demand for MEMS devices is anticipated to grow significantly in 2025, as markets recover to pre-COVID levels and driven by trends across various end markets [1][6] Consumer Electronics - Integration of new sensors in smartphones is expected to stagnate, while interest in MEMS devices in wearable technology, such as TWS earbuds, is on the rise [1] - The AR/VR headset market is projected to grow significantly by 2030, creating substantial demand for LBS, inertial sensors, and microphones [1] - Environmental sensors will see increased application in air purifiers, thermostats, and HVAC systems due to growing concerns about air quality [1] Automotive Sector - The automotive market remains stable, with a decline in MEMS pressure sensors used in BEVs, but growth in other automotive applications such as ADAS and safety features [2] - MEMS inertial sensors will find opportunities in battery impact detection and vehicle parking status monitoring [2] Industrial Applications - The trend towards Industry 4.0 and warehouse automation is leading to a shift from traditional vehicles to AGVs and smart factory vehicles, increasing the demand for motion sensors, microphones, and ultrasonic sensors [2] - Machine health monitoring is a key application area for MEMS inertial sensors and microphones [2] Medical Market - The emergence of OTC hearing aids is expected to drive sales growth for MEMS microphones, micro speakers, and motion sensors [3] - The use of ultrasound in diagnostics is predicted to expand, with handheld ultrasound probes being utilized in telemedicine [3] Telecommunications - The continuous growth of global data traffic and significant investments in AI will drive the use of telecom equipment such as optical MEMS and MEMS-based oscillators [3] - MEMS technology offers advantages in cooling systems due to its smaller size compared to traditional technologies [3] Defense and Aerospace - The defense and aerospace markets are expected to grow in 2024, driven by the demand for precise positioning in drones and missiles, as well as stable antennas [3] Market Trends and Projections - The MEMS industry is projected to achieve a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030, with sales expected to reach 35 billion units and revenue of $19.2 billion by 2030 [3] - Major players in the MEMS sensor market include Bosch, STMicroelectronics, and TDK, with Bosch expected to generate $2 billion in revenue in 2024, a 12% increase [6] - The overall wafer foundry business is expected to remain stable, with a 3.2% year-over-year revenue growth in 2024 [6] Technological Developments - The MEMS market is evolving with a focus on smart sensors that offer various functionalities, optimizing size, power consumption, and data privacy [10][11] - The adoption of piezoelectric MEMS in applications such as PMUT, inkjet print heads, and RF MEMS is on the rise [10] - The trend towards 12-inch MEMS manufacturing is gaining traction, facilitating better integration with ICs and improved performance [10] Ecosystem Development - 2024 is seen as a transitional year for the MEMS ecosystem, with ongoing participation in 300mm MEMS manufacturing and advancements in MEMS micro-speaker production [7]