闻泰科技(600745.SH)公告称，近期，公司子公司安世半导体以及安世半导体控股（合 称"安世"）收到荷兰经济事务与气候政策部下达的部长令（Order）和阿姆斯特丹上诉法 院企业法庭（简称"企业法庭"）的裁决。 荷兰时间2025年9月30日，荷兰经济事务与气候政策部对安世下达部长令（Order）， 要求安世及其下属所有子公司、分公司、办事处等全球30个主体对其资产、知识产权、 业务及人员等不得进行任何调整，有效期为一年。 目前安世日常经营仍在持续运转，但受上述部长令（Order）和企业法庭裁决的影响，短 期内将面临决策链条临时变更/延长、资源配置灵活度下降等情况，可能会对企业运营效 率形成一定影响。公司对安世的控制权暂时受限，公司作为股东的经济收益权仍不受影 响。公司股票及可转换公司债券将自10月13日开市起复牌，公司可转换公司债券"闻泰转 债"恢复转股。 10月12日晚间， 闻泰科技发布《 关于荷兰政府干预闻泰科技旗下安世半导体运营的严 正立场 》。 闻泰科技作为安世半导体（Nexperia）的控股股东，就荷兰经济事务部近期依据《物资 供应法》对安世半导体实施的行政指令，以及公司内部部分管理层发起的法律行 ...

10月10日，中微半导跌7.91%，成交额6.78亿元。两融数据显示，当日中微半导获融资买入额9730.29万 元，融资偿还8791.30万元，融资净买入938.99万元。截至10月10日，中微半导融资融券余额合计4.54亿 元。 融资方面，中微半导当日融资买入9730.29万元。当前融资余额4.53亿元，占流通市值的7.10%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，中微半导10月10日融券偿还1600.00股，融券卖出400.00股，按当日收盘价计算，卖出金额 1.51万元；融券余量2.44万股，融券余额92.11万元，超过近一年90%分位水平，处于高位。 资料显示，中微半导体(深圳)股份有限公司位于广东省深圳市前海深港合作区南山街道桂湾三路91号景 兴海上大厦2101,香港铜锣湾勿地臣街1号时代广场2座31楼，成立日期2001年6月22日，上市日期2022年 8月5日，公司主营业务涉及数模混合信号芯片、模拟芯片的研发、设计与销售。主营业务收入构成为： 消费电子芯片40.58%，小家电控制芯片30.66%，大家电和工业控制芯片25.25%，汽车电子芯片3.44%， 其他0.07%。 截至 ...

证券研究报告 | 2025年10月13日 | 晨会纪要 | | --- | | 数据日期:2025-10-10 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3897.02 | 13355.41 | 4616.83 | 14445.20 | 3845.28 | 1452.67 | | 涨跌幅度（%） | -0.93 | -2.69 | -1.96 | -1.59 | -3.13 | -5.61 | | 成交金额（亿元） | 11321.27 | 13834.86 | 7927.43 | 4908.01 | 6176.00 | 1194.86 | $\frac{10}{100}\sum\limits_{\begin{subarray}{c}\text{\rm{B}}\\ \text{\rm{B}}\end{subarray}}\frac{10}{100}\sum\limits_{\begin{subarray}{c}\text{\rm{B}}\\ ...

融资方面，北京君正当日融资买入5.45亿元。当前融资余额30.67亿元，占流通市值的7.08%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，北京君正10月10日融券偿还6600.00股，融券卖出1200.00股，按当日收盘价计算，卖出金额 10.77万元；融券余量17.12万股，融券余额1536.79万元，超过近一年90%分位水平，处于高位。 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%。 10月10日，北京君正跌6.67%，成交额41.05亿元。两融数据显示，当日北京君正获融资买入额5.45亿 元，融资偿还5.78亿元，融资净买入-3313.69万元。截至10月10日，北京君正融资融券余 ...

[Table_Title] 研究报告 Research Report 12 Oct 2025 香港策略 Hong Kong Strategy 中美摩擦加剧下的阶段震荡：短期波动不改上行趋势 U.S.-China Tensions Fuel Phase Volatility, Uptrend Intact 周林泓 Amber Zhou 李加惠 Jiahui Li, CFA amber.lh.zhou@htisec.com jh.li@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 在中美的西班牙会谈前，本轮中美贸易摩擦已先行升级：美国BIS将23家中国实体纳入清单，中国则宣布对美国产模 拟芯片发起反倾销调查，美国推动扩大对俄罗斯能源制裁。随后举行的中美西班牙会谈总体进展尚可，TikTok谈判持 续推进。我们当时提出，尽管双方表态积极，但在核心议题上并未取得实质性突破，真正的关键进展或仍有待两国 元首会晤。因此，下一阶段的市场催化预计更多依赖于国内 ...

芯片小韭菜 . 以下文章来源于芯片小韭菜 ，作者芯片小韭菜 专注芯片行业及公司基本面研究，不提供操作建议。 先回顾一下4月的情况，我们在长假期间，特朗普宣布对全球的对等关税，我们宣布反制，然后长假后 第一个交易日（4月7号），我们大跌。之后双方继续互相加关税，但市场已经没有反应了，4月8号在底 部震荡，4月9号直接拉起，之后一路向上。 再看板块，4月7号是普跌。 半导体板块，4月8号企稳，9号拉出大阳线。 达链果链，8号继续大跌，9号大跌以后V起来。 红利消费等：8号大涨，9号震荡。 可以说，当时关税战初期，很多资金跑去红利避险，之后则是大力资金冲进了半导体，自主可控走得最 好，当周就实现了反包。 再详细回顾一下当时的半导体各分支。 当时因为反制加税，市场的龙头板块是模拟芯片。它们有些甚至4月7号就已经低开高走收红。龙头是纳 芯微。 再看自主可控的分支，代工，中芯国际7号中等跌幅，8号小涨，9号直接大阳线反包。设备，北方华创7 号，8号小跌，9号直接大阳线反包。算力，寒武纪7号大跌，8号企稳，9号大阳线差一点反包。EDA， 华大九天，7号小跌，8号9号连续大涨。 针对很多人对过去的学习，个人认为这次的最大跌幅 ...

在北京海淀区的一栋办公楼里，昂瑞微电子董事长钱永学正带领团队攻克 5G 射频前端的又一个技术 难题。这位在微波射频领域深耕二十多年的 " 行业老兵 " ， 自中国科学院微电子研究所毕业后 就再 没有离开过芯片行业。 2012 年，钱永学 及其联合创始人 创立了昂瑞微的前身 —— 中科汉天下。如今， 昂瑞微已成长 为 国内 射频 、 模拟 芯片 领域的 领军 企业 ，其产品已进入除苹果外的全球前十大智能手机品牌供应 链。 中科院走出的技术领军者 创始人钱永学于 1999 年进入中科院微电子研究所就读硕士学位，主要研究方向就是 GaAs 功率放 大器设计及工艺开发，是中国本土最早从事相关研究的人员之一 ，这 为他日后在芯片领域的创业奠 定了坚实基础。 硕士毕业后，钱永学加入了被誉为 " 中国射频芯片先驱 " 的锐 迪 科 (RDA) 担任研发经理， 参与锐 迪科大灵通和 GSM 功放研究，实现大规模 量产并实 现年产量超过千万颗级出货 ， 这段经历让他 积累了宝贵的产业经验。 2012 年，看中国内芯片产业的结构性机会，钱永学 及其联合创始人 共同创办中科汉天下。 次年 ， 昂瑞 微 推出国内首 款单芯片 CMO ...

Report Summary - The report presents the top ten convertible bonds for October 2025, along with an analysis of the issuing companies, including their business profiles, financial performance, and key attractions [13][23][35] Top Ten Convertible Bonds in October 2025 1. Zhongte Convertible Bond - Rating: AAA; 9 - month - end closing price: 112.896 yuan; Conversion premium rate: 85.92%; PE - TTM of the underlying stock: 13.22 [7][13] - Company: A globally leading specialized special - steel material manufacturer with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw - material bases, forming a strategic layout along the coast and rivers [13] - Financials: In 2024, revenue was 109.203 billion yuan (YoY - 4.22%), net profit attributable to shareholders was 5.126 billion yuan (YoY - 10.41%). In H1 2025, revenue was 54.715 billion yuan (YoY - 4.02%), net profit attributable to shareholders was 2.798 billion yuan (YoY + 2.67%) [13] - Key attractions: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with leading cost - control ability and potential for external expansion [14] 2. Shanlu Convertible Bond - Rating: AAA; 9 - month - end closing price: 119.346 yuan; Conversion premium rate: 48.74%; PE - TTM of the underlying stock: 4.08 [7][23] - Company: Mainly engaged in road and bridge construction and maintenance, and also expanding into other fields. It can provide one - stop comprehensive services [23] - Financials: In 2024, revenue was 71.348 billion yuan (YoY - 2.3%), net profit attributable to shareholders was 2.322 billion yuan (YoY + 1.47%). In H1 2025, revenue was 28.575 billion yuan (YoY + 0.26%), net profit attributable to shareholders was 1.029 billion yuan (YoY + 0.89%) [23] - Key attractions: It has the concept of "China - specific valuation", potential for improvement in various aspects under the debt - resolution background, and opportunities from regional infrastructure construction and the Belt and Road Initiative [24] 3. Hebang Convertible Bond - Rating: AA; 9 - month - end closing price: 126.41 yuan; Conversion premium rate: 21.55%; PE - TTM of the underlying stock: - 168.47 [7][35] - Company: With advantages in mineral resources and gas supply, it has completed a basic layout in the chemical, agricultural, and photovoltaic fields [35] - Financials: In 2024, revenue was 8.547 billion yuan (YoY - 3.13%), net profit attributable to shareholders was 31 million yuan (YoY - 97.55%). In H1 2025, revenue was 3.921 billion yuan (YoY - 19.13%), net profit attributable to shareholders was 52 million yuan (YoY - 73.07%) [35] - Key attractions: Its phosphate mines and salt mines have good profit - making potential, and the liquid methionine business is a major profit contributor [36] 4. Aima Convertible Bond - Rating: AA; 9 - month - end closing price: 128.513 yuan; Conversion premium rate: 38.62%; PE - TTM of the underlying stock: 13.41 [7][45] - Company: The leading enterprise in the electric two - wheeled vehicle industry, mainly engaged in R & D, production, and sales of electric two - wheeled vehicles [45] - Financials: In 2024, revenue was 21.606 billion yuan (YoY + 2.71%), net profit attributable to shareholders was 1.988 billion yuan (YoY + 5.68%). In H1 2025, revenue was 13.031 billion yuan (YoY + 23.04%), net profit attributable to shareholders was 1.213 billion yuan (YoY + 27.56%) [45] - Key attractions: It may benefit from government subsidies, new national standards, and potential improvement in gross margin [46] 5. Xingye Convertible Bond - Rating: AAA; 9 - month - end closing price: 120.859 yuan; Conversion premium rate: 29.02%; PE - TTM of the underlying stock: 5.43 [7][54] - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [54] - Financials: In 2024, revenue was 212.226 billion yuan (YoY + 0.66%), net profit attributable to shareholders was 77.205 billion yuan (YoY + 0.12%). In H1 2025, revenue was 110.458 billion yuan (YoY - 2.29%), net profit attributable to shareholders was 43.141 billion yuan (YoY + 0.21%) [54] - Key attractions: It has stable asset quality and scale growth [55] 6. Wentai Convertible Bond - Rating: AA -; 9 - month - end closing price: 128.918 yuan; Conversion premium rate: 20.93%; PE - TTM of the underlying stock: - 23.14 [7][66] - Company: A globally leading semiconductor enterprise adopting the IDM model, providing R & D, manufacturing, and testing services [66] - Financials: In 2024, revenue was 73.598 billion yuan (YoY + 20.23%), net profit attributable to shareholders was - 2.833 billion yuan (YoY - 339.83%). In H1 2025, revenue was 25.341 billion yuan (YoY - 24.56%), net profit attributable to shareholders was 474 million yuan (YoY + 237.36%) [66] - Key attractions: After focusing on the semiconductor business, it benefits from market recovery and has growth potential in the automotive and consumer electronics fields [67] 7. Chongyin Convertible Bond - Rating: AAA; 9 - month - end closing price: 121.778 yuan; Conversion premium rate: 31.87%; PE - TTM of the underlying stock: 5.88 [7][77] - Company: An early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business scopes [77] - Financials: In 2024, revenue was 13.679 billion yuan (YoY + 3.54%), net profit attributable to shareholders was 5.117 billion yuan (YoY + 3.8%). In H1 2025, revenue was 7.659 billion yuan (YoY + 7%), net profit attributable to shareholders was 3.19 billion yuan (YoY + 5.39%) [77] - Key attractions: It can benefit from the development of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and effective risk - control strategies [78] 8. Tianye Convertible Bond - Rating: AA +; 9 - month - end closing price: 120.562 yuan; Conversion premium rate: 48.06%; PE - TTM of the underlying stock: 146.42 [7][89] - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [89] - Financials: In 2024, revenue was 11.156 billion yuan (YoY - 2.7%), net profit attributable to shareholders was 68 million yuan (YoY + 108.83%). In H1 2025, revenue was 5.16 billion yuan (YoY - 0.98%), net profit attributable to shareholders was - 9 million yuan (YoY - 228.22%) [89] - Key attractions: It may benefit from the price change of caustic soda and has plans for dividend increase and coal - mine projects [90] 9. Aorui Convertible Bond - Rating: AA -; 9 - month - end closing price: 126.412 yuan; Conversion premium rate: 40.56%; PE - TTM of the underlying stock: 22.72 [7][100] - Company: A company focusing on the R & D, production, and sales of complex APIs and preparations, with leading positions in multiple fields [100] - Financials: In 2024, revenue was 1.476 billion yuan (YoY + 16.89%), net profit attributable to shareholders was 355 million yuan (YoY + 22.59%). In H1 2025, revenue was 822 million yuan (YoY + 12.5%), net profit attributable to shareholders was 235 million yuan (YoY + 24.55%) [100] - Key attractions: It has a growing dealer network, expanding preparation products, and high - quality customer resources [101] 10. Yushui Convertible Bond - Rating: AAA; 9 - month - end closing price: 125.081 yuan; Conversion premium rate: 30.74%; PE - TTM of the underlying stock: 26.93 [7][108] - Company: The largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position [108] - Financials: In 2024, revenue was 6.999 billion yuan (YoY - 3.52%), net profit attributable to shareholders was 785 million yuan (YoY - 27.88%). In H1 2025, revenue was 3.519 billion yuan (YoY + 7.16%), net profit attributable to shareholders was 458 million yuan (YoY + 10.06%) [108] - Key attractions: It has a high market share, is expanding business externally, and has effective cost - control measures [109]

从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓北京君正。国泰创业板人工智能ETF（159388）二季度持有股数 2.15万股，占基金净值比例为2.7%，位居第九大重仓股。根据测算，今日浮盈赚取约9.68万元。 国泰创业板人工智能ETF（159388）成立日期2025年3月26日，最新规模5506.01万。成立以来收益 78.91%。 10月9日，北京君正涨5.06%，截至发稿，报93.51元/股，成交8.46亿元，换手率2.17%，总市值451.22亿 元。 国泰创业板人工智能ETF（159388）基金经理为麻绎文。 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%。 风险提示：市场有风险，投资需 ...

Core Viewpoint - The analog semiconductor market is projected to grow significantly, reaching $102.3 billion in 2024 and expanding to approximately $295.9 billion by 2034, with a compound annual growth rate (CAGR) of 6.4% [2][4][14]. Market Overview - The analog semiconductor market is composed of integrated circuits and devices that process real signals such as voltage, current, frequency, temperature, and light [2]. - In 2024, the Asia-Pacific region will dominate the market with a share exceeding 45.9%, generating $46.9 billion in revenue [2][8]. Key Drivers - The rapid expansion of electric vehicles (EVs) and advanced driver-assistance systems (ADAS) is a primary driver for the analog semiconductor market, with global EV registrations expected to reach approximately 14 million by 2023 [4][14]. - The development of the Internet of Things (IoT) ecosystem, including smart homes and industrial automation, heavily relies on analog chips for signal processing and power efficiency [4][16]. Demand Analysis - Industries such as automotive, telecommunications, consumer electronics, and industrial automation are increasingly adopting analog semiconductor solutions [5][6]. - The automotive sector accounted for 33.6% of the market share in 2024, with analog semiconductors being widely used in powertrain control, safety systems, battery management, and infotainment systems [9][15]. Emerging Trends - The shift towards energy-efficient devices is particularly prominent in IoT and automotive sectors, where battery life and power consumption are critical [12][14]. - The integration of new materials like Gallium Nitride (GaN) and Silicon Carbide (SiC) is on the rise, enhancing performance and efficiency [12]. Investment Opportunities - There is a growing demand for power management chips, sensors, and dedicated analog components tailored for artificial intelligence and machine learning applications [6][12]. - Companies focusing on advanced manufacturing facilities for analog chips and research into energy-efficient solutions are expected to thrive [6]. Challenges - The analog semiconductor market faces challenges such as high manufacturing and development costs, which are exacerbated by supply chain disruptions and geopolitical tensions [15][17]. - The reliance on a limited number of key material suppliers increases the risk of shortages, leading to higher prices and production instability [15][17]. Key Players - Major companies driving the analog semiconductor industry include Texas Instruments, Analog Devices, STMicroelectronics, and NXP Semiconductors, which provide essential components for consumer electronics, automotive, and industrial systems [18].