证券代码：002049 证券简称：紫光国微 紫光国芯微电子股份有限公司投资者关系活动记录表 编号：20250915 答：您好！作为国内首家实现 eSIM 全球商用的芯片商，公 司已成功推出并量产多款符合 GSMA 及国内通信标准的 eSIM 产 品，并专门针对"AI+5G+eSIM"融合应用新场景完成了技术布局 与产品储备，且根据市场需求预测做了相应备货。感谢您的关注！ 5.汽车芯片销量如何？是否开始大量出货？ | | □特定对象调研 □ 分析师会议 | | --- | --- | | □ 投资者关系活动 | 媒体采访 业绩说明会  | | □ | 新闻发布会 □ 路演活动 | | 类别 □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 参加公司"2025 年河北辖区上市公司投资者网上集体接待日暨 | | 人员姓名 | 2025 年半年报集体业绩说明会"的投资者 | | 时间 | 2025 年 9 月 15 日(周一) 下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网 ...

Core Insights - The company, Unisoc, has outlined its strategic plans for the next 3-5 years, focusing on enhancing its leadership in the special integrated circuits and smart security chip sectors while ensuring quality and cost control [1] Group 1: Strategic Business Development - The company aims to solidify its market position in special integrated circuits and smart security chips, emphasizing the need for robust foundational work while maintaining high profit margins through effective cost management [1] - In the area of special integrated circuits, the company plans to integrate AI technology, forming R&D teams and pursuing external collaborations, investments, or acquisitions to advance its AI business strategy [1] - The company is particularly focused on edge AI applications to quickly establish a competitive advantage [1] Group 2: Smart Security Chips - For smart security chips, the company intends to maintain its market position in traditional smart card security chips while actively introducing new technologies and exploring new business models [1] - The company is prioritizing the development of automotive electronic chips, specifically aiming to create a series of automotive domain control chips to break the market monopoly of foreign high-end products [1] - The company currently holds a leading position in the domestic high-end power chassis controller sector and is expanding its range of automotive safety chips to support the transformation and upgrading of smart vehicles [1] Group 3: Broader Industry Focus - The company is also exploring opportunities in other fields, such as next-generation semiconductor devices and critical sensors [1]

Macro Analysis - The current macro variables affecting the market are internal demand recovery, policy implementation effects, and external environment changes[3] - The easing of US-China tariff negotiations helps alleviate pressure on the fundamentals and market risk appetite, but the relationship remains competitive[3] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[3] Policy Insights - The policy focus is on the effectiveness of existing policies and the introduction of incremental reserve tools, with a dynamic calibration approach expected[3] - The emphasis is on promoting the effectiveness of existing policies, particularly concerning employment and systemic risks, while external shocks remain uncertain[3] Investment Strategy - A strategic bullish outlook on Hong Kong stocks is recommended, as de-dollarization benefits liquidity-sensitive stocks[3] - A "barbell" asset allocation strategy is suggested, focusing on resilient dividend assets in finance, resources, and public utilities, while technology remains a key theme[3] Company Highlights - Zhuoyue New Energy (688196.SH) is a pioneer in biodiesel production, with a production capacity of 500,000 tons and a focus on raw material substitution and trade breakthroughs[9] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, with a net profit of 713 million yuan, driven by cost control and increased procurement efforts[14] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with significant growth targets set for 2028[21] Risk Considerations - Risks include potential policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Zhuoyue New Energy, risks involve policy advancement not meeting expectations and significant fluctuations in raw material prices[12]

Macro Analysis - The current market is influenced by three main macro variables: domestic demand recovery, policy implementation effects, and external environment changes[9] - The easing of US-China tariff negotiations helps alleviate market risk appetite pressures, but the long-term relationship remains competitive[9] - The economy is undergoing an L-shaped recovery, with manageable short-term pressures on foreign trade and employment, while low inflation remains a core challenge[9] Investment Recommendations - Strategic focus on Hong Kong stocks is advised, as de-dollarization benefits liquidity-sensitive markets[10] - A-shares are expected to experience high volatility, emphasizing the need to capture structural opportunities[10] - Suggested asset allocation includes resilient dividend assets in finance, resource sectors, and public utilities, with technology remaining a key focus[10] Company Highlights - Excellence New Energy (688196.SH) is a leader in biodiesel production, with a capacity of approximately 500,000 tons and a focus on raw material substitution[12] - Yipuli (002096.SZ) achieved revenue of 8.546 billion yuan in 2024, a 1.4% increase, with net profit rising by 12.49% to 713 million yuan[17] - Zijin Mining (601899.SH) expects copper production to reach 1.15 million tons in 2025, with gold production projected at 85 tons[24] Risk Factors - Potential risks include policy support falling short of expectations, execution delays, and slower-than-expected economic recovery[5] - For Excellence New Energy, risks involve trade barriers and raw material price fluctuations impacting profitability[16] - For Yipuli, risks include raw material price volatility and project execution delays affecting revenue growth[21]