英集芯的保荐机构（主承销商）是华泰联合证券有限责任公司，保荐代表人是张鹏、田来。英集芯 发行费用（不含税）总额为11026.50万元，其中华泰联合证券有限责任公司获得承销及保荐费用9070.04 万元。 中国经济网北京11月13日讯 英集芯(688209.SH)今日收报20.83元，跌幅1.37%，总市值89.67亿元。 目前该股处于破发状态。 （责任编辑：魏京婷） 英集芯于2022年4月19日在上交所科创板上市，发行价格为24.23元/股。英集芯发行新股数量为 4200.00万股，占发行后总股本的10.00%，募集资金总额为10.18亿元，募集资金净额为9.07亿元。 英集芯实际募资净额比原拟募资多5.07亿元。2022年4月14日披露的招股书显示，英集芯原拟募资 4.01亿元，拟分别用于电源管理芯片开发和产业化项目、快充芯片开发和产业化项目、补充流动资金项 目。 ...

Group 1 - The core viewpoint of the article highlights the strategic moves of Lei Jun and his investment entities, particularly Xiaomi Group and Shunwei Capital, in the context of capital market dynamics, focusing on both divestments and new investments in emerging sectors [1][3][34] - Shunwei Capital has been actively reducing its stake in various companies, including Longqi Technology, with plans to sell up to 19.19 million shares, representing 4.09% of the total share capital, due to the shareholder's funding needs [1][10] - In the past year, Shunwei Capital has executed multiple rounds of divestments across several companies, including Qusleep Technology, Nanchip Technology, and Stone Technology, indicating a trend of capital withdrawal from certain investments [1][19] Group 2 - Longqi Technology, primarily engaged in smart product development and manufacturing, has seen significant financial support from Shunwei Capital and Tianjin Jinmi, which were crucial during its growth phase [4][8] - The partnership between Longqi Technology and Xiaomi has evolved from independent design to original design manufacturing (ODM), with Xiaomi becoming a major client, contributing significantly to Longqi's revenue [11][13] - Longqi Technology's financial performance has faced challenges, with a reported revenue decline of 10.65% year-on-year and a net profit drop of 34.53% in the first half of 2025, raising concerns about its reliance on smartphone manufacturing [13][34] Group 3 - Shunwei Capital, established in 2015, focuses on early and growth-stage investments in technology sectors, leveraging Xiaomi's ecosystem to provide strategic support to portfolio companies [14][23] - The investment strategy of Shunwei Capital emphasizes a balanced approach, targeting high-potential sectors such as advanced manufacturing and artificial intelligence, with over 60% of its investments directed towards these areas [21][28] - Recent investments by Shunwei Capital include significant funding in emerging fields, particularly in advanced manufacturing and AI, indicating a shift towards sectors with high growth potential [31][32]

Core Viewpoint - SMIC's second-quarter financial results showed a revenue of $2.209 billion, a 1.7% decrease quarter-on-quarter but a 16.2% increase year-on-year. However, net profit fell to $133 million, down 19% year-on-year, missing market expectations of $167 million [2][3]. Group 1: Financial Performance - In Q2, SMIC's revenue was $2.209 billion, reflecting a 1.7% decrease from the previous quarter but a 16.2% increase year-on-year [2]. - The net profit for Q2 was $133 million, which is a 19% decline compared to the same period last year, falling short of market expectations [3]. - Following the earnings report, SMIC's AH shares experienced significant declines, with a 3.04% drop in Hong Kong and a 1.30% drop in A-shares [3]. Group 2: Market Outlook and Orders - SMIC's current order volume is in a state of supply-demand imbalance, with demand exceeding supply [7][11]. - CEO Zhao Haijun expressed optimism about the semiconductor industry's growth for this year and next, predicting stable growth unless extreme scenarios occur [5][36]. - Despite external pressures from tariffs, Zhao indicated that the impact on SMIC's revenue would be minimal, estimating it to be less than 10% of customer revenues [12][16]. Group 3: Investment Trends - Despite the challenges, some fund managers increased their positions in SMIC, citing opportunities in domestic semiconductor manufacturing and advanced process breakthroughs [4]. - SMIC remains a favorite among public funds, ranking among the top ten holdings with a market value exceeding 40 billion yuan, although the number of shares held decreased by 11.58% in Q2 [3][4]. Group 4: Strategic Developments - SMIC is focusing on meeting the demands of strategic customers by expanding its product offerings, particularly in power devices and analog chips [20][22]. - The company is also adapting to the growing demand for 8-inch wafers, primarily driven by domestic customers, while maintaining competitiveness in the international market [24][26]. Group 5: Pricing Strategy - SMIC has not actively raised or lowered prices, with ASP (average selling price) expected to rise due to a shift in product mix rather than direct price increases [28][30]. - The company maintains a cautious approach to pricing, ensuring that it does not compromise its market position while responding to competitive pressures [30]. Group 6: Industry Trends - The semiconductor industry is projected to grow steadily, with expectations of a 5%-6% increase in the coming year, driven by AI and other technological advancements [38]. - The demand for networking and storage-related products is expected to remain strong, with significant growth potential in domestic manufacturing of NAND Flash and DRAM [31][33].

Core Insights - Xiaomi is set to unveil a series of significant new products, including the Xiaomi玄戒O1 chip, Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and the first SUV, Xiaomi YU7, at a strategic product launch event on May 22 [1][8] - The launch of the Xiaomi玄戒O1 chip represents a major breakthrough in Xiaomi's chip development journey, which has faced numerous challenges since its inception in 2014 [3][7] Xiaomi's Chip Development Journey - Xiaomi initiated its chip development project in September 2014, aiming to create a mid-to-high-end mobile SoC chip, with the first chip, 澎湃S1, launched in 2017 [5][6] - After facing technical difficulties and market challenges, Xiaomi shifted focus to smaller chips, such as fast charging and battery management chips, while accumulating valuable experience [5][6] - In early 2021, Xiaomi made two pivotal decisions: to enter the automotive sector and to restart its large chip business, emphasizing the importance of high-end flagship SoCs for its strategic goals [3][5] Xiaomi玄戒 Project - The Xiaomi玄戒 project was established with ambitious goals, including the use of the latest manufacturing processes and achieving top-tier performance and efficiency [4][6] - The project has seen a commitment of at least 500 billion RMB over ten years, with over 135 billion RMB invested as of April 2024 and a team of over 2,500 people [4][6] - The expected R&D investment for this year is over 60 billion RMB, positioning the玄戒 project among the top three in China's semiconductor design sector [4][6] Upcoming Product Launch - The Xiaomi玄戒O1 chip, set to be released on May 22, utilizes second-generation 3nm technology, aiming to compete at the flagship level [7] - This launch signifies an important step for Xiaomi in the chip development field and aligns with its high-end strategy [7][8] Future Outlook - The upcoming product launch will not only showcase advancements in chip technology but also expand Xiaomi's product lineup, including the Xiaomi 15S Pro and Xiaomi YU7, catering to diverse consumer needs [8] - As Xiaomi celebrates its 15th anniversary, the company aims to enhance its technological capabilities and market competitiveness across various sectors, including chips, smart hardware, and software services [8]