从基金十大重仓股角度 数据显示，浙商证券资管旗下1只基金重仓芯源微。浙商汇金转型驱动（001540）二季度减持2045股， 持有股数2.03万股，占基金净值比例为4.01%，位居第二大重仓股。根据测算，今日浮盈赚取约15.45万 元。 浙商汇金转型驱动（001540）成立日期2015年7月27日，最新规模5431.28万。今年以来收益11.36%，同 类排名5812/8238；近一年收益20.18%，同类排名4280/8082；成立以来收益7.8%。 10月9日，芯源微涨5.11%，截至发稿，报156.61元/股，成交10.37亿元，换手率3.37%，总市值315.77亿 元。 截至发稿，陈顾君累计任职时间5年264天，现任基金资产总规模2.04亿元，任职期间最佳基金回报 39.58%， 任职期间最差基金回报-7.57%。 资料显示，沈阳芯源微电子设备股份有限公司位于辽宁省沈阳市浑南区彩云路1号，成立日期2002年12 月17日，上市日期2019年12月16日，公司主营业务涉及半导体专用设备的研发、生产和销售。主营业务 收入构成为：光刻工序涂胶显影设备59.86%，单片式湿法设备36.76%，其他(补充)2. ...

资料显示，沈阳芯源微电子设备股份有限公司位于辽宁省沈阳市浑南区彩云路1号，成立日期2002年12 月17日，上市日期2019年12月16日，公司主营业务涉及半导体专用设备的研发、生产和销售。主营业务 收入构成为：光刻工序涂胶显影设备59.86%，单片式湿法设备36.76%，其他(补充)2.51%，其它设备 0.86%。 截至发稿，冯杰波累计任职时间331天，现任基金资产总规模2.34亿元，任职期间最佳基金回报 86.25%， 任职期间最差基金回报-2.5%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，东财基金旗下1只基金重仓芯源微。东财时代优选混合发起式A（017857）二季度持有股数 4000股，占基金净值比例为3.97%，位居第九大重仓股。根据测算，今日浮盈赚取约3.04万元。 责任编辑：小浪快报 东财时代优选混合发起式A（017857）成立日期2023年2月24日，最新规模1037.17万。今年以来收益 43.1%，同类排名19 ...

Core Viewpoint - The stock of ChipSource Microelectronics has shown significant growth this year, with a notable increase in both short-term and long-term trading periods, indicating strong market interest and potential investment opportunities [2]. Company Overview - ChipSource Microelectronics, established on December 17, 2002, and listed on December 16, 2019, is located in Shenyang, Liaoning Province. The company specializes in the research, production, and sales of semiconductor equipment [2]. - The main revenue sources for ChipSource Microelectronics are: 59.86% from photoresist coating and developing equipment, 36.76% from single-wafer wet processing equipment, 2.51% from other supplementary equipment, and 0.86% from other devices [2]. Stock Performance - As of September 29, the stock price increased by 68.81% year-to-date, with a 9.48% rise in the last five trading days, a 10.32% increase over the past 20 days, and a 30.43% increase over the last 60 days [2]. - The stock closed at 140.99 CNY per share, with a market capitalization of 28.427 billion CNY [1]. Financial Performance - For the first half of 2025, ChipSource Microelectronics reported a revenue of 709 million CNY, reflecting a year-on-year growth of 2.24%. However, the net profit attributable to shareholders was 15.9242 million CNY, showing a significant decline of 79.09% compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 22.36% to 13,800, while the average number of circulating shares per person increased by 29.00% to 14,549 shares [2]. - The company has distributed a total of 139 million CNY in dividends since its A-share listing, with 86.8945 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include: - Noan Growth Mixed A (320007) as the third-largest shareholder with 5.1626 million shares, a new entry - Yinhua Integrated Circuit Mixed A (013840) as the fourth-largest shareholder with 4.41 million shares, down by 135,300 shares - Harvest SSE STAR Chip ETF (588200) as the fifth-largest shareholder with 3.8169 million shares, up by 346,400 shares [3].

Group 1 - The core viewpoint of the news is the recent performance of ChipSource Microelectronics, which has seen a stock price increase of 5.15% on September 18, reaching 135.18 CNY per share, with a total market capitalization of 27.209 billion CNY [1] - ChipSource Microelectronics has experienced a cumulative stock price increase of 6.69% over the past three days, indicating positive market sentiment [1] - The company specializes in the research, production, and sales of semiconductor equipment, with its main revenue sources being photoresist coating and developing equipment (59.86%) and single-wafer wet processing equipment (36.76%) [1] Group 2 - According to data from fund holdings, Zheshang Securities Asset Management has a fund that heavily invests in ChipSource Microelectronics, specifically the Zheshang Huijin Transformation Driver fund, which has reduced its holdings by 2,045 shares but still holds 20,300 shares, making it the second-largest holding in the fund [2] - The Zheshang Huijin Transformation Driver fund has achieved a year-to-date return of 8.78% and a one-year return of 42.49%, ranking 6,076 out of 8,172 and 4,104 out of 7,980 respectively [2] - The fund manager, Chen Gujun, has been in charge for 5 years and 243 days, with the best fund return during his tenure being 36.95% [3]

Group 1 - The stock price of Xinyuan Microelectronics has increased by 5.15% on September 18, reaching 135.18 CNY per share, with a trading volume of 594 million CNY and a turnover rate of 2.23%, resulting in a total market capitalization of 27.209 billion CNY [1] - Xinyuan Microelectronics has seen a cumulative increase of 6.69% over the past three days [1] - The company, established on December 17, 2002, specializes in the research, production, and sales of semiconductor equipment, with its main revenue sources being photoresist coating and developing equipment (59.86%), single-wafer wet processing equipment (36.76%), and other equipment [1] Group 2 - Huashang Fund has a significant holding in Xinyuan Microelectronics, with its Huashang LeXiang Internet Flexible Allocation Mixed A Fund (001959) reducing its stake by 80,600 shares in the second quarter, now holding 274,500 shares, which accounts for 3.67% of the fund's net value [2] - The fund has realized a floating profit of approximately 1.8174 million CNY today and 2.2128 million CNY during the three-day increase [2] - The Huashang LeXiang Internet Flexible Allocation Mixed A Fund was established on December 18, 2015, with a current scale of 612 million CNY and a year-to-date return of 35.73% [2]

Core Viewpoint - The company, ChipSource Microelectronics, has experienced a decline in stock price and significant changes in shareholder structure, while its revenue growth has slowed and net profit has decreased sharply [1][2]. Financial Performance - As of June 30, 2025, ChipSource Microelectronics reported a revenue of 709 million yuan, representing a year-on-year growth of 2.24%. However, the net profit attributable to shareholders was 15.92 million yuan, reflecting a significant decrease of 79.09% compared to the previous period [2]. - The company's stock price has increased by 45.21% year-to-date, with a slight increase of 0.37% over the last five trading days and a 1.10% increase over the last 20 days [1]. Shareholder Structure - The number of shareholders decreased by 22.36% to 13,800 as of June 30, 2025, while the average number of circulating shares per person increased by 29.00% to 14,549 shares [2]. - Notable changes in institutional holdings include the entry of new shareholders such as Nuoan Growth Mixed A and Hong Kong Central Clearing Limited, while others like Yinhua Integrated Circuit Mixed A and Dongfang Artificial Intelligence Theme Mixed A have reduced their holdings [3]. Company Overview - ChipSource Microelectronics, established on December 17, 2002, and listed on December 16, 2019, specializes in the research, production, and sales of semiconductor equipment. Its main revenue sources include photoresist coating and developing equipment (59.86%) and single-wafer wet processing equipment (36.76%) [1]. - The company operates within the semiconductor equipment sector and is associated with concepts such as photolithography, Huawei HiSilicon, advanced packaging, and specialized innovation [1].

Core Viewpoint - The article highlights the financial struggles and operational challenges faced by Nanjing Chip Origin Semiconductor, including unpaid wages and significant revenue decline in early 2024 [2][3][4]. Group 1: Company Overview - Nanjing Chip Origin Semiconductor was founded in 2015 by Lu Sheng, focusing on integrated circuit core intellectual property, chip design, and EDA tools [2]. - The company has a research team with experience from top firms like Marvell, Broadcom, Intel, and ZTE, specializing in chip design and cloud data centers [2]. Group 2: Financial Performance - In 2023, the company achieved a revenue of 1.717 billion yuan, a year-on-year increase of 23.98%, with a net profit of 251 million yuan, up 25.21% [3]. - The strong performance was driven by the sales of photolithography coating and developing equipment, which generated 1.066 billion yuan, a 40.8% increase, accounting for 63.48% of total revenue [3]. - However, in Q1 2024, the company reported a revenue decline of 15.27% and a net profit drop of 75.73%, indicating potential financial distress [3]. Group 3: Operational Challenges - Reports from employees indicate that the company has not paid wages for several months and has failed to distribute year-end bonuses for 2022 and 2023 [4]. - The company is facing a reduction in contract liabilities, suggesting a lack of order growth, with a reported 359 million yuan in contract liabilities by the end of Q3 2023 [3]. - In April 2024, the company engaged in equity pledge financing exceeding 200 million yuan, indicating possible cash flow issues [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.754 billion yuan for 2024, a year-on-year increase of 2.13%, while the net profit attributable to the parent company was 203 million yuan, a decrease of 19.08% [2][6] - In Q1 2025, the company achieved a revenue of 275 million yuan, representing a year-on-year increase of 12.74%, but the net profit attributable to the parent company dropped to 5 million yuan, a decrease of 70.89% [2][6] - The company signed new orders worth 2.4 billion yuan, a year-on-year growth of 10%, with significant growth in front-end chemical cleaning and bonding equipment [13] - The introduction of new products, such as the FTEX high-capacity coating and developing machine, is progressing well and is expected to meet future high-end lithography machine capacity demands [13] - The potential acquisition of a controlling stake by Northern Huachuang is expected to enhance collaboration across various fields, leveraging strong customer resources and R&D capabilities [13] - The competitive landscape remains favorable, with the company leading in domestic market share for front-end coating and developing equipment, and the advanced packaging demand is anticipated to drive growth in the back-end product portfolio [13] Financial Summary - For 2024, the company is projected to achieve total revenue of 1.754 billion yuan, with a gross profit margin of 38% [18] - The net profit attributable to the parent company is expected to grow to 285 million yuan by 2025 and reach 597 million yuan by 2027 [18] - The company’s earnings per share (EPS) is projected to increase from 1.01 yuan in 2024 to 2.97 yuan in 2027 [18]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-03-12 宏观策略 [Table_MacroStrategy] 海外周报 20250309：紧财政冲击美股情绪，非农暂缓衰退担忧 核心观点：本周公布的美国经济数据喜忧参半，非农就业略不及预期但走 弱幅度相对可控，一定程度上缓解了近期市场对于美国经济过于悲观的 预期。但同时，特朗普及其内阁"紧财政"思路逐步浮出水面，欧美财政 叙事的分化给美股市场情绪带来更大的冲击，美元、美股大跌。下周关注 2 月美国 CPI 和 3 月 14 日再度到来的政府停摆风波。向前看，我们认为 美国经济仍有韧性，但特朗普政策对市场情绪的扰动仍是当前大类资产 的主导因素。虽然短期美国财政赤字实质性削减的空间十分有限，但考虑 到本届共和党在众议院较为微弱的优势、债务上限的掣肘等因素，不可忽 视"紧财政"预期对市场情绪和风险资产的打压。 宏观量化经济指数周报 20250309：新增贷款：2 月同比少增，1-2 月同比 持平 2 月国内挖机销量同比增长 99.4%，指向项目开工进程或开始提速 宏观点评 20250307：财政扩张令德国国债利率飙升 德国国债利率飙升：德国新领导人在周 ...