本届博览会以"凝芯聚力·链动未来"为主题，以"全景链条展示、终端应用赋能、龙头企业带动"为工作主线，由中国半导体行业协会、中国电子信息产业 发展研究院主办，聚焦集成电路产业链上下游最新技术、产品及应用，重点展示人工智能芯片、先进制造工艺、关键材料设备、热点应用场景等，展链 条、展生态、展场景。 本届博览会共设立七大展区，包括IC设计展区、产业链展区、创新应用展区、元器件展区、海外展团等。其中IC设计展区将展示EDA、IP设计、嵌入式软 件、数字电路设计、模拟与混合信号电路设计、集成电路布局设计等。 2025年11月23日至25日，北京国家会议中心将迎来第二十二届中国国际半导体博览会（IC China 2025）的盛大启幕。 自2003年起，IC China已连续成功举办20余届，是我国半导体行业年度最具权威和专业性的重大标志性活动，已成为顶级行业品牌盛会和业界标杆。 重点展示人工智能芯片及 先进制造工艺等领域 半导体行业年度最权威的大会来了。 创新应用展区包括Al"芯"纪元与智能算力专题展、"光"时代专题展、"车芯互联"专题展、具身智能与机器人专题展等。 根据活动网站信息，历届参展及赞助单位中，不乏半导体行业 ...

Group 1 - The core viewpoint of the news is that Shengke Communication's stock has increased by 5.06%, reaching a price of 115.83 CNY per share, with a total market capitalization of 47.49 billion CNY as of the report date [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switch chips and related products, with its main revenue sources being Ethernet switch chips (72.43%), Ethernet switch modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - The Oriental Alpha Advantage Industry Mixed A Fund (009644) is among the top ten circulating shareholders of Shengke Communication, having increased its holdings by 319,100 shares in the third quarter, totaling 1,957,500 shares, which represents 0.96% of the circulating shares [2] - The fund has achieved a year-to-date return of 55.96% and a one-year return of 34.94%, ranking 602 out of 8149 and 1616 out of 8053 respectively [2] Group 3 - The fund manager of Oriental Alpha Advantage Industry Mixed A is Tang Lei, who has a cumulative tenure of 9 years and 131 days, with the fund's total asset size at 3.952 billion CNY [3] - During Tang Lei's tenure, the best fund return was 84.39%, while the worst was -52.54% [3] Group 4 - Oriental Alpha Advantage Industry Mixed A holds 1,957,500 shares of Shengke Communication, accounting for 6.27% of the fund's net value, making it the ninth-largest holding [4]

Group 1 - The core point of the news is that Shengke Communication's stock has experienced a decline of 3.28% on November 4, with a cumulative drop of 8.38% over three consecutive days, leading to a market capitalization of 469.53 billion yuan [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switching chips and related products, with its main revenue sources being Ethernet switching chips (72.43%), Ethernet switching chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - Among the top ten circulating shareholders of Shengke Communication, a fund under Southern Fund has reduced its holdings in the Southern CSI 500 ETF (510500) by 52,000 shares in the third quarter, now holding 1.8064 million shares, which accounts for 0.89% of the circulating shares, resulting in a floating loss of approximately 7.009 million yuan today and a total floating loss of 18.9316 million yuan during the three-day decline [2] - The Southern CSI 500 ETF (510500), managed by fund manager Luo Wenjie, has a total asset scale of 1,704.45 billion yuan, with a year-to-date return of 30.01% and a one-year return of 27.58% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company achieved a turnaround in Q3 2025, benefiting from the ramp-up of high-end chips, with revenue of 832 million yuan for the first three quarters, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 9 million yuan, up 112.30% year-on-year [4] - In Q3 2025, the company reported revenue of 324 million yuan, a year-on-year growth of 17.55%, and a net profit attributable to shareholders of 33 million yuan, reflecting a significant increase of 271.21% year-on-year [4] - The company is positioned to benefit from the demand for high-speed interconnects driven by AI, leading to adjustments in profit forecasts for 2025-2027 [4] Financial Performance Summary - For 2025, the company expects net profits of -18 million yuan, 46 million yuan, and 119 million yuan for 2025, 2026, and 2027 respectively, with revenues projected at 1.252 billion yuan, 1.886 billion yuan, and 2.390 billion yuan for the same years [4][8] - The company maintained a high level of R&D investment, with R&D expenses reaching 351 million yuan in the first three quarters of 2025, a year-on-year increase of 6.40% [6] - The gross margin is expected to improve to 44.2% in 2025, with a net margin of -1.4% [8] Market Position and Developments - The company is a leading domestic Ethernet switch chip designer and is actively participating in the OISA ecosystem to support the development of domestic ultra-node computing [5] - The company’s high-end chips, with capacities ranging from 12.8Tbps to 25.6Tbps, are entering the market promotion and application phase, indicating a strong potential for growth in domestic network product localization [6]

Core Viewpoint - Shengke Communication experienced a 5.01% decline in stock price, closing at 115.37 CNY per share, with a total market capitalization of 47.302 billion CNY as of October 23 [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province. The company specializes in the research, design, and sales of Ethernet switch chips and related products [1] - The revenue composition of Shengke Communication includes: Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Shareholder Analysis - Noan Fund's Noan Growth Mixed A (320007) is among the top ten circulating shareholders of Shengke Communication, holding 2.816 million shares, unchanged from the previous period, representing 1.4% of circulating shares. The estimated floating loss today is approximately 17.1214 million CNY [2] - Noan Growth Mixed A (320007) was established on March 10, 2009, with a latest scale of 18.447 billion CNY. Year-to-date return is 33.62%, ranking 2192 out of 8159 in its category; the one-year return is 34.21%, ranking 1819 out of 8030; and since inception, the return is 176.2% [2] Fund Performance - The fund manager of Noan Growth Mixed A (320007) is Liu Huiying, who has been in the position for 3 years and 83 days. The total asset scale is 23.674 billion CNY, with the best fund return during the tenure being 68.38% and the worst being 10.61% [3] Top Holdings - Noan Fund's Noan Yixin Flexible Allocation Mixed A (002292) is a major holding in Shengke Communication, with 48,300 shares held, unchanged from the previous period, accounting for 5.97% of the fund's net value. The estimated floating loss today is about 293,700 CNY [4] - Noan Yixin Flexible Allocation Mixed A (002292) was established on January 22, 2016, with a latest scale of 43.6534 million CNY. Year-to-date return is 31.59%, ranking 2454 out of 8159; the one-year return is 33.72%, ranking 1869 out of 8030; and since inception, the return is 132.09% [4] Fund Manager Profile - The fund manager of Noan Yixin Flexible Allocation Mixed A (002292) is Chen Yanpeng, who has been in the position for 5 years and 107 days. The total asset scale is 3.078 billion CNY, with the best fund return during the tenure being 78.5% and the worst being 20.56% [5]

Core Viewpoint - Shengke Communication's stock price increased by 5.13% to 123.08 CNY per share, with a total market capitalization of 50.463 billion CNY as of October 22 [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province. The company specializes in the research, design, and sales of Ethernet switch chips and related products [1] - The revenue composition of Shengke Communication includes: Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Shareholder Information - Noan Fund's Noan Growth Mixed A (320007) is among the top ten circulating shareholders of Shengke Communication, holding 2.816 million shares, unchanged from the previous period, representing 1.4% of circulating shares. The estimated floating profit today is approximately 16.9243 million CNY [2] - Noan Growth Mixed A (320007) was established on March 10, 2009, with a latest scale of 18.447 billion CNY. Year-to-date return is 33.84%, ranking 2264 out of 8160 in its category; the one-year return is 32.4%, ranking 2194 out of 8026; and since inception, the return is 176.65% [2] Fund Manager Information - The fund manager of Noan Growth Mixed A (320007) is Liu Huiying, who has been in the position for 3 years and 82 days. The total asset scale is 23.674 billion CNY, with the best fund return during the tenure being 64.69% and the worst being 8.69% [3] Fund Holdings - Noan Fund's Noan Yixin Flexible Allocation Mixed A (002292) is a major holding in Shengke Communication, with 48,300 shares held, unchanged from the previous period, representing 5.97% of the fund's net value. The estimated floating profit today is approximately 290,300 CNY [4] - Noan Yixin Flexible Allocation Mixed A (002292) was established on January 22, 2016, with a latest scale of 43.6534 million CNY. Year-to-date return is 31.96%, ranking 2538 out of 8160; the one-year return is 34.39%, ranking 1959 out of 8026; and since inception, the return is 132.73% [4] Additional Fund Manager Information - The fund manager of Noan Yixin Flexible Allocation Mixed A (002292) is Chen Yanpeng, who has been in the position for 5 years and 106 days. The total asset scale is 3.078 billion CNY, with the best fund return during the tenure being 75.19% and the worst being 17.62% [5]

Group 1 - The core point of the news is the performance and market position of Shengke Communication, which saw a stock price increase of 5.13% to 123.08 CNY per share, with a total market capitalization of 50.463 billion CNY [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switching chips and related products, with its main revenue sources being Ethernet switching chips (72.43%), Ethernet switching chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] - The company was listed on September 14, 2023, and has a trading volume of 403 million CNY and a turnover rate of 1.66% as of the report [1] Group 2 - From the perspective of fund holdings, Shengke Communication is a top ten holding of the Vanguard Fund, specifically the Vanguard Jingyi A (003586), which held 1,079 shares in the second quarter, unchanged from the previous period, representing 2.97% of the fund's net value [2] - The Vanguard Jingyi A fund was established on November 18, 2016, with a current scale of 1.0139 million CNY, and has achieved a year-to-date return of 17.15% and a one-year return of 22.49% [2]

Group 1 - The core viewpoint of the news is that Shengke Communication has seen a stock price increase of 5.13%, reaching 117.85 CNY per share, with a total market capitalization of 48.319 billion CNY as of October 15 [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switch chips and related products, with its main revenue sources being Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - From the perspective of fund holdings, the Vanguard Fund has a significant position in Shengke Communication, with the Vanguard Jingyi A fund holding 1,079 shares, unchanged from the previous period, representing 2.97% of the fund's net value [2] - The Vanguard Jingyi A fund, established on November 18, 2016, has a current scale of 1.0139 million CNY and has achieved a year-to-date return of 16.09%, ranking 4,709 out of 8,161 in its category [2] Group 3 - The fund manager of Vanguard Jingyi A is Zeng Jie, who has been in the position for 2 years and 293 days, with the fund's total assets amounting to 49.2696 million CNY [3] - During Zeng Jie's tenure, the best fund return was 62.42%, while the worst return was 33.17% [3]

Core Insights - Shengke Communication's stock price has declined by 5.12% on September 26, reaching 125.25 CNY per share, with a trading volume of 304 million CNY and a turnover rate of 1.17%, resulting in a total market capitalization of 51.352 billion CNY [1] - The company has experienced a cumulative decline of 4.98% over the past three days [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province, and was listed on September 14, 2023 [1] - The company's main business involves the research, design, and sales of Ethernet switch chips and related products [1] - Revenue composition includes: Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin has a significant position in Shengke Communication [2] - Chuangjin Hexin Chip Industry Stock Initiation A (013339) increased its holdings by 198,000 shares in the second quarter, totaling 511,500 shares, which represents 4.62% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating loss today is approximately 3.4576 million CNY, with a cumulative floating loss of 3.5394 million CNY during the three-day decline [2] Fund Performance - Chuangjin Hexin Chip Industry Stock Initiation A (013339) was established on September 28, 2021, with a current size of 291 million CNY [2] - Year-to-date return is 42.5%, ranking 1139 out of 4220 in its category; the one-year return is 117.66%, ranking 239 out of 3824; and since inception, the return is 40.13% [2] - The fund manager, Liu Yang, has been in position for 3 years and 352 days, with total assets under management of 1.025 billion CNY, achieving a best return of 74.1% and a worst return of 4.97% during his tenure [2]

Core Insights - The stock of Shengke Communication experienced a decline of 1.43% on September 23, with a trading volume of 992 million yuan [1] - The company reported a financing buy-in of 92.53 million yuan and a financing repayment of 107 million yuan on the same day, resulting in a net financing outflow of 14.92 million yuan [1] - As of September 23, the total margin balance for Shengke Communication was 581 million yuan, indicating a high level of financing activity [1] Financing Summary - On September 23, Shengke Communication had a financing buy-in of 92.53 million yuan, with a current financing balance of 574 million yuan, which represents 2.06% of its market capitalization [1] - The financing balance is above the 90th percentile level for the past year, indicating a high level of leverage [1] Short Selling Summary - On September 23, the company repaid 200 shares in short selling and sold 5,915 shares, amounting to a selling value of 810,000 yuan based on the closing price [1] - The short selling balance stood at 765,690 yuan, with a remaining short selling volume of 55,900 shares, also above the 90th percentile level for the past year [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province, and was listed on September 14, 2023 [1] - The company's main business involves the research, design, and sales of Ethernet switch chips and related products, with revenue composition as follows: Ethernet switch chips 72.43%, Ethernet switch modules 11.94%, Ethernet switches 10.48%, customized solutions and others 3.18%, and licensing 1.97% [1] Shareholder Structure - As of June 30, the number of shareholders for Shengke Communication was 7,180, a decrease of 8.47% from the previous period [2] - The average number of circulating shares per shareholder increased by 9.25% to 28,062 shares [2] - Notable institutional holdings include the top ten circulating shareholders, with significant increases in holdings from certain ETFs and new entries among the top shareholders [2]