11月17日，北京君正涨1.94%，成交额34.66亿元。两融数据显示，当日北京君正获融资买入额4.43亿 元，融资偿还3.79亿元，融资净买入6408.04万元。截至11月17日，北京君正融资融券余额合计33.06亿 元。 融资方面，北京君正当日融资买入4.43亿元。当前融资余额32.85亿元，占流通市值的7.25%，融资余额 超过近一年90%分位水平，处于高位。 截至9月30日，北京君正股东户数10.81万，较上期增加6.03%；人均流通股3891股，较上期减少5.68%。 2025年1月-9月，北京君正实现营业收入34.37亿元，同比增长7.35%；归母净利润2.44亿元，同比减少 19.75%。 分红方面，北京君正A股上市后累计派现4.39亿元。近三年，累计派现1.83亿元。 机构持仓方面，截止2025年9月30日，北京君正十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股808.96万股，相比上期增加170.68万股。易方达创业板ETF（159915）位居第七大流通股 东，持股683.97万股，相比上期减少114.88万股。南方中证500ETF（510500）位居第九大流通股东，持 股4 ...

2025年11月17日，截至收盘，沪指跌0.46%，报收3972.03点；深成指跌0.11%，报收13202.00点；创业 板指跌0.20%，报收3105.20点。科创半导体ETF（588170）跌1.40%，半导体材料ETF（562590）跌 1.05%。 隔夜外盘：截至收盘，道琼斯工业平均指数跌1.18%；纳斯达克综合指数跌0.84%；标准普尔500种股票 指数跌0.92%。费城半导体指数跌1.55%，恩智浦半导体跌3.34%，美光科技跌1.98%，ARM涨0.35%， 应用材料涨1.19%，微芯科技跌3.33%。 行业资讯： 1. 消息面上，中芯国际在投资者关系活动记录表中称，公司的产线实际上非常满，三季度产能利用率都 到95.8%了，这说明订单很多，产线是供不应求的状态。在急单方面，中芯国际承接了大量模拟、存储 包括 NOR/NAND Flash、MCU 等急单。目前行业供应存在缺口，预计高价位态势将持续。 2. 当地时间11月17日，标普500指数跌0.92%，纳斯达克综合指数跌0.84%。大型科技股多数下跌，戴尔 科技跌超8%，超微电脑跌超6%，超威半导体、英特尔跌超2%，美光科技、安森美半导体、 ...

平安证券认为，在AIGC和下游消费类需求向好的加持下，半导体行业将继续向好发展，同时我国半导 体产业国产化进程有望进一步提速。当前，国内半导体行业正掀起并购热潮，产业链多领域企业纷纷布 局收并购计划，推动行业加速迈向新阶段。 1. 消息面上，中芯国际在投资者关系活动记录表中称，公司的产线实际上非常满，三季度产能利用率都 到95.8%了，这说明订单很多，产线是供不应求的状态。在急单方面，中芯国际承接了大量模拟、存储 包括 NOR/NAND Flash、MCU 等急单。目前行业供应存在缺口，预计高价位态势将持续。 2. 当地时间11月17日，标普500指数跌0.92%，纳斯达克综合指数跌0.84%。大型科技股多数下跌，戴尔 科技跌超8%，超微电脑跌超6%，超威半导体、英特尔跌超2%，美光科技、安森美半导体、英伟达、苹 果、META跌超1%。AI风向标英伟达将于本周三盘后公布财报，英伟达和其他AI概念股近期成为市场 压力来源。 3. 摩根士丹利美国科技硬件股票研究主管在最新报告中表示，随着存储芯片价格大涨，以及2026年度继 续涨价的预期，大量OEM（原始设备制造商）和ODM（原始设计制造商）利润将持续承压。基于硬 ...

11月17日，北京君正涨5.01%，截至发稿，报96.78元/股，成交19.45亿元，换手率4.87%，总市值467.00 亿元。 资料显示，北京君正集成电路股份有限公司位于北京市海淀区西北旺东路10号院东区14号楼A座一至三 层,香港铜锣湾勿地臣街1号时代广场2座31楼，成立日期2005年7月15日，上市日期2011年5月31日，公 司主营业务涉及微处理器芯片、智能视频芯片等ASIC芯片产品及整体解决方案的研发与销售;存储芯片 和模拟芯片的研发和销售。主营业务收入构成为：存储芯片61.56%，计算芯片26.87%，模拟与互联芯 片10.84%，其他0.53%，其他(补充)0.21%。 从基金十大重仓股角度 数据显示，富国基金旗下1只基金重仓北京君正。富国创业板人工智能ETF（159246）三季度持有股数 28.07万股，占基金净值比例为2.11%，位居第八大重仓股。根据测算，今日浮盈赚取约129.68万元。 富国创业板人工智能ETF（159246）基金经理为殷钦怡。 截至发稿，殷钦怡累计任职时间1年118天，现任基金资产总规模67.17亿元，任职期间最佳基金回报 57.11%， 任职期间最差基金回报-10. ...

Core Viewpoint - The acquisition of Guanglong Integrated Technology Co., Ltd. and Aojian Microelectronics Technology Co., Ltd. by Yintang Zhikong is a strategic move towards transforming into a semiconductor IDM enterprise, highlighting the long-term value beyond short-term capital operations [1] Group 1: Guanglong Integrated Technology - Guanglong Integrated is a leading player in the optical switch market, crucial for AI computing and data center operations, with a strong focus on OCS technology [2][4] - The company has established a comprehensive competitive barrier with a full range of optical switch products, achieving significant technological breakthroughs in OCS core modules [3] - Financially, Guanglong Integrated has shown a clear profit recovery trend, with net profits of 17.46 million yuan in 2023 and 13.99 million yuan in the first eight months of 2025, indicating strong market positioning [4] Group 2: Aojian Microelectronics - Aojian Microelectronics focuses on the critical area of analog chips, particularly power management chips, supported by a strong technical team and backing from major industry players [5] - The company has achieved significant market penetration, with over 100 million units shipped in consumer electronics and successful mass production in telecommunications and medical sectors [5][9] - The growth potential in the power management chip market is substantial, with a projected CAGR of 22% from 2025 to 2028, indicating a strong future for Aojian Microelectronics [9] Group 3: Strategic Synergy and Market Outlook - The acquisition creates a strategic synergy that enhances Yintang Zhikong's long-term value, with complementary technologies and market capabilities between the companies [10] - Both Guanglong Integrated and Aojian Microelectronics operate in high-growth sectors driven by policy and demand, with the OCS market expected to grow significantly, particularly in China [8][9] - The combined strengths of the companies are expected to create a robust semiconductor supply chain, enhancing competitive advantages in the market [11]

点击注册小程序 国产替代驱动需求持续强劲，存储涨价短暂扰动部分逻辑电路出货节奏 1）整体需求强劲，持续供不应求。公司预计AI需求持续旺盛，其他领域实现温和增长，当前订单相对产 线仍然供不应求。2）受益国产替代。国产替代趋势，使得中芯国际客户的订单和市场份额提升，进而带 动中芯国际代工份额；目前模拟芯片、存储器、CIS等产业链积极向国内切换。3）存储缺芯短暂影响出 货。手机等终端厂商因不确定未来存储拿货情况，因此短期不敢积极拉货逻辑电路，我们认为更多是出货 节奏问题、不影响整体需求表现。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 3Q25业绩全面超预期。3Q25收入23.82亿美元，YoY+9.7%，QoQ+7.8%，超过公司QoQ+5%~+7%指引区 间上限、和市场预期(23.47亿美元) ...

（文/罗叶馨梅）11月14日，艾为电子（688798.SH）在向不特定对象发行可转换公司债券的审核问询函回复中，详细披露了销售模式、经销商合作及库存 管理等核心经营情况。其中，不同销售模式下的毛利率差异以及经销商稳定性问题成为监管关注重点，也引发市场对公司销售策略的讨论。 在库存与去化方面，公司解释，经销商端库存变化与行业景气周期高度相关。2023年行业普遍去库存，经销商库存水平明显下行；随着2024年及2025年需 求回暖，下游备货意愿提升，经销商库存出现合理回补。公司认为，库存波动与业务规模扩张趋势基本匹配，未见异常累库风险。 艾为电子强调，将在可转债募集资金运用、渠道管理及库存控制上继续强化精细化运营，提升抗周期能力。业内人士认为，此次问询回复在一定程度上厘 清了市场对销售模式毛利差异及经销商稳定性的疑虑，后续仍需结合行业景气度与公司订单落地情况观察经营表现。（校对/秋贤） 毛利率方面，艾为电子回复称，由于直销客户多为头部消费电子企业，对产品性能、可靠性和定制化要求较高，相应产品单价及毛利率略高于经销模式； 经销模式则以丰富品类和广泛覆盖为主，其毛利率与公司综合主营业务毛利率更为接近。公司认为，这一结构 ...

Core Viewpoint - The electronic industry is experiencing significant structural differentiation, with strong performance in semiconductors, computing power, and leading consumer electronics, while other sectors are seeing a slowdown in overall growth. However, the industry trend remains positive, with a recovery in capacity utilization [1]. Semiconductor Industry - The overall profitability of the semiconductor industry has significantly improved, with the chip design sector maintaining a high level of prosperity. The storage segment has become a highlight, driven by AI computing demand for high-end products like HBM and DDR5. The SoC segment faces short-term pressures but has long-term demand prospects due to AI terminal applications. The analog chip sector is seeing new opportunities in low-power technology and domestic substitution in automotive and industrial fields. Power semiconductors are under short-term pressure but are expected to benefit from new demand in server power supplies. Wafer manufacturing is recovering from the bottom, driven by AI, and the semiconductor equipment sector is experiencing strong growth due to the dual drivers of global semiconductor demand recovery and deepening domestic substitution [1]. PCB and Passive Components - AI is driving an upsurge in PCB demand, with leading companies actively expanding production. The demand for high-layer and HDI products is exceeding supply due to downstream AI server needs. By 2026, global leading CSP capital expenditures are expected to increase by 40%, supporting high prosperity in the PCB industry. Passive component companies are also actively positioning themselves around AI, becoming a new growth point for the sector [2]. Optoelectronics Sector - The optoelectronics sector is recovering due to a resurgence in smartphone demand, with optical innovation presenting ongoing growth opportunities for related companies. The LED sector is experiencing a recovery, with structural opportunities emerging in high-end niche markets. In the LCD segment, global total shipments and area are expected to see slight year-on-year growth by 2025. However, mainstream application demand is generally declining, leading to increased inventory levels, and the industry is seeking a stable transition through reduced shipments. The smartphone OLED market is recovering, but overall supply still exceeds demand [3]. Consumer Electronics - The consumer electronics components sector is showing steady growth driven by the recovery of the global smartphone market and the accelerated implementation of AI technology. Leading companies in the industry are achieving stable growth due to their strong technological capabilities, quality customer resources, and excellent supply chain management [4]. Investment Recommendations - Companies to focus on include Cambrian, Haiguang Information, SMIC, Northern Huachuang, Tuojing Technology, Changdian Technology, Shenghong Technology, Hude Electronics, Shengyi Technology, Shengyi Electronics, Hengxuan Technology, Rockchip, Lexin Technology, Crystal Optoelectronics, Yian Technology, Luxshare Precision, GoerTek, Aisen Technology, Demingli, Jiangbolong, Purun Technology, and Zhaoyi Innovation [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company has achieved significant revenue growth across four major application markets, with a reported revenue of 1.531 billion yuan for the first three quarters, representing a year-on-year increase of 80.47%. The net profit attributable to the parent company reached 126 million yuan, an increase of 225 million yuan compared to the same period last year [4] - The automotive market has seen substantial growth due to increased product volume and a rise in scale revenue customers, particularly in key application areas such as three electric systems, body control, lidar, and lighting [4] - The company is focusing on high-value products in the optical module sector, with several analog chip products achieving large-scale shipments. New products for general and AI server markets are also being introduced [5] Financial Projections - Revenue projections for the company are estimated at 2.113 billion yuan for 2025, 2.838 billion yuan for 2026, and 3.489 billion yuan for 2027, with net profits expected to be 190 million yuan, 339 million yuan, and 480 million yuan respectively [6][8] - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 73.22% in 2025, 34.34% in 2026, and 22.94% in 2027 [8]

Core Viewpoint - The domestic analog chip industry is experiencing "collective growth with internal differentiation" driven by technological iteration and market demand in Q3 2025, with financial reports from 10 representative companies revealing both resilience among leading firms and competitive dynamics in a recovering market [1] Revenue Landscape - The total revenue of 10 analog chip manufacturers reached 7.087 billion yuan in Q3 2025, showing an overall growth trend [2] - Leading the high-growth segment, Jiehuate achieved a revenue increase of 71.18% year-on-year, followed by SIRUIPO and NAXINWEI with increases of 70.29% and 62.81% respectively, driven by technological breakthroughs in high-end analog chips and overall industry recovery [2][5] - Nanchip Technology ranked second in growth with a revenue increase of 40.26%, benefiting from its strong presence in consumer electronics and expectations of further growth in the second half of the year [2] Profitability Analysis - The total net profit attributable to shareholders of the 10 manufacturers was 346 million yuan, with a non-recurring net profit of 170 million yuan, indicating significant differentiation in profitability compared to revenue [6] - Shengbang's net profit reached 142 million yuan, up 34.02% year-on-year, while Awei Electronics reported a net profit of 119 million yuan, up 37.93% [6] - Conversely, NAXINWEI and Jiehuate reported net losses of 62 million yuan and 165 million yuan respectively, highlighting the competitive pressures within the industry [7] R&D Investment Trends - The total R&D investment among the 10 manufacturers was 1.184 billion yuan, reflecting varying recognition and strategic focus on technological iteration [8] - Jiehuate led in R&D investment with 258 million yuan, a 52.19% increase year-on-year, representing 34.20% of its revenue [8][11] - Nanchip Technology and Awei Electronics also increased their R&D investments significantly, with growth rates of 51.32% and 21.04% respectively, indicating a heightened focus on innovation [11] Market Dynamics - The competition among leading firms is intensifying as the analog chip sector approaches a critical phase, with companies emphasizing high-quality R&D investments to maintain competitive advantages [11][12] - The differentiation in R&D investment and its effectiveness in translating into competitive strength will be crucial as the industry undergoes potential reshuffling [12]