Core Viewpoint - The article focuses on the disassembly and analysis of the headlight driver module of the Xiaomi SU7, highlighting its advanced technology and components that differentiate it from traditional fuel vehicles [5][16]. Summary by Sections Overview of the Headlight Driver Module - The headlight driver module is described as the "brain" of the lighting system, essential for high-precision light control, dynamic lighting, communication, and energy management in automotive applications [5]. Disassembly Insights - The disassembly process of the SU7 headlight driver module was challenging due to the extensive use of adhesive between the bottom shell and the metal front cover, requiring significant effort to extract the driver board [7]. Component Analysis - The core controller is an Infineon automotive-grade MCU (CYT2B75CADQ0AZEGS) based on the Arm Cortex-M4 architecture, responsible for lighting logic operations, PWM waveform generation, fault diagnosis, and communication protocol stack execution [11]. - Two CAN bus controllers from NXP are included for communication redundancy, with one supporting CAN FD for high bandwidth lighting command transmission [11]. - The module features a linear voltage regulator from MPS (MP2019) that can handle 12V vehicle transient fluctuations and minimizes standby power consumption [12]. - An ON Semiconductor micro-stepping motor driver (NCV70517) is utilized for adaptive front lighting system (AFS) functionality, typically found in mid to high-end traditional fuel vehicles [13]. - A voltage follower from ROHM (BD42530) ensures dynamic voltage tracking for the light group, maintaining brightness control accuracy [14]. - The main LED driver system is powered by Texas Instruments chips, with a dual-channel constant voltage LED driver (TPS92682Q) and three synchronous buck LED drivers (TPS92520Q) for auxiliary lighting [14][15]. Conclusion on Component Selection - The analysis reveals that the Xiaomi SU7 headlight driver module employs a mix of high-performance international components and some local suppliers, indicating a strategy for supply chain diversification and reliability [16].

以下文章来源于投中网 ，作者杨博宇 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识和洞见，在私募股权投资行业和创新商业领域拥有 权威影响力。官网：www.chinaventure.com.cn 知名VC拿下80亿芯片公司。 文 ｜ 杨博宇 来源｜ 投中网（ID：China-Venture） 封面来源 ｜ Unsplash 自去年9.24证监会发布"并购6条"后，全国各地并购交易逐渐升温。在半导体领域，更诞生了多笔令人注目的交易。 比如上海半导体公司晶丰明源发布公告称，将购买易冲科技的控制权。概伦电子宣布要购买成都锐成芯微控股权。前不久3000亿市值的海光信息，又发起 了对900亿中科曙光的收购。半导体产业链上的并购整合，已经进入多点开花的阶段。 与上述案例不同的是，行业内最近出现了一笔PE/VC利用产业平台发起并购的案例。 中颖电子最近发布公告称，公司控股股东威朗国际及股东Win Channel Ltd.与致能工电签署《股份转让协议》，拟合计转让14.20%公司股份。本次股份协 议转让价格为 25.677元/股，股份转让的交易总价合计约 12.45 亿元 ...

Group 1: Company Insights - Shenzhen Lingfeng Asset recently conducted research on the listed company Siwei Tuxin, highlighting the trend of intelligent driving equality becoming a key industry focus [1] - The company noted that mid-to-high-level assisted driving functions are gradually being integrated into lower-end models, establishing intelligent driving as a leading business segment [1] - Siwei Tuxin's data compliance business shows a clear growth trend, with AI-enhanced data loops aiding automakers in rapid algorithm iteration and optimization [1] Group 2: Product Development and Market Trends - The world model is being utilized for behavior prediction and trajectory generation, with productization aimed at OEMs and Tier 1 suppliers [1] - The company emphasized the need for intelligent driving orders to achieve certain sales volumes to realize economies of scale, alongside internal cost control and operational efficiency improvements positively impacting profitability [1] - The implementation of new national standards for two-wheeled vehicles is expected to create new market demands for Jiefa Technology's SoC cockpit products, aligning with leading automakers' overseas expansion needs [1] Group 3: Financial Projections and Growth - Jiefa Technology anticipates a revenue growth of over 12% in 2024, with an additional 3 million sets of basic driving point products and 600,000 sets of cockpit products expected to be secured by Q1 2025 [1] - The company is confident in achieving significant loss reduction by 2025, supported by the successful launch of its fifth-generation SoC product, the AC8025AE [1] - Jiefa Technology's automotive-grade MCU chip AC7870 has been successfully launched, meeting ISO 26262 ASIL-D functional safety standards, applicable across various scenarios [1]

中国经济网北京6月9日讯 深交所网站近日发布关于对辉芒微电子(深圳)股份有限公司、许如柏、 李勇刚给予通报批评处分的决定(深证审纪〔2025〕18号)、关于对中信证券股份有限公司的监管函(深 证函〔2025〕542号)、关于对保荐代表人陈禹达、王彬给予通报批评处分的决定(深证审纪〔2025〕19 号)、关于对大华会计师事务所(特殊普通合伙)的监管函(审核中心监管函〔2025〕14号)、关于对签字 注册会计师何晶晶、景奕博给予通报批评处分的决定(深证审纪〔2025〕20号)。 2023年5月25日，深交所受理了辉芒微电子(深圳)股份有限公司(以下简称辉芒微或发行人)首次公 开发行股票并在创业板上市的申请，中信证券股份有限公司(以下简称中信证券)为项目保荐人，陈禹 达、王彬为项目保荐代表人，大华会计师事务所(特殊普通合伙)(以下简称大华所)为项目申报会计师， 何晶晶、景奕博为项目签字注册会计师。经查明，中信证券、陈禹达、王彬、大华所、何晶晶、景奕博 在执业过程中，存在以下违规情形： 一、未充分核查发行人经销收入内部控制的有效性，发表的核查意见不准确 招股说明书(申报稿)显示，报告期各期，发行人经销收入占当期主营业 ...

Core Viewpoint - The company, Zhaoyi Innovation, is set to go public in Hong Kong to raise funds aimed at enhancing R&D capabilities, product iteration, strategic investments, and global marketing efforts [1] Group 1: Strategic Motivations - The decision to initiate the H-share listing is driven by the dual demands of technological independence and market expansion, with 77.51% of the company's revenue projected to come from overseas by 2024 [2] - The company plans to allocate 45% of the raised funds to enhance R&D capabilities, focusing on AI chip architecture and automotive-grade MCU development to compete in emerging fields [2] Group 2: Industry Context and Financial Position - The semiconductor industry is currently experiencing a phase of "domestic substitution achievements" and intensified global technological competition, with Hong Kong's lower valuation window providing a cost-effective financing channel for Zhaoyi Innovation [3] - The company has a cash reserve of 9.409 billion and short-term borrowings of only 970 million, with a R&D expense ratio of approximately 15% for 2024, indicating a need for continuous funding to support R&D efforts [3] Group 3: Industry Trends and Policy Benefits - Over 30 A-share hard tech companies are planning to list in Hong Kong by 2025, reflecting a collective strategy of "technology going abroad + capital returning" [4] - Regulatory cooperation between the China Securities Regulatory Commission and Hong Kong authorities is streamlining the listing process, enhancing liquidity through the Hong Kong Stock Connect mechanism [4]

证券之星消息，2025年5月16日中微半导(688380)发布公告称长城证券（002939）、赢舟资本于2025年5 月15日调研我司。 具体内容如下： 问：公司一季度毛利率同比大幅升的原因？ 答：毛利率大幅提升大致有两方面原因一是公司入库晶圆价格下降，摊薄在销产品成本；二是持续研发 推出的新产品更具有成本优势。 问：公司工控领域增长如何？增长点主要在哪些方面？ 问：公司第二代车规与第一代车规MCU的区别？ 答：公司这两代车规级MCU均是M0+内核，应用在车身控制领域。与第一代产品相比，第二代产品在 主频、接口、资源上有变化，性能有提升，性价比更好，会更具有竞争力。 问：谈谈车规级产品未来规划？ 答：公司车规级控制芯片分两条线布局，一是通用产品，一是专用产品。对于通用产品，从小资源的以 M0+内核的节点控制产品向大资源以M4、M5内核的域控制方面拓展，持续研发，扩充和丰富产品线， 做到产品系列化；对于专用产品，公司会针对电机、车灯、电池管理等方面设计一些高集成度、高性能 的SoC产品，增加产品丰富度。 问：目前车规产品导入情况如何？ 答：公司车规级芯片已经导入不少车企，从近期订单来看，车规MCU在持续放量。 ...

丨证券研究报告丨 公司研究丨点评报告丨烽火通信（600498.SH） [Table_Title] 光通信筑基算力突围，烽火通信锚定新成长 报告要点 [Table_Summary] 国产算力景气度高企，烽火通信盈利加速释放，2024 年第四季度归属于母公司股东的净利润创 近 5 年新高。主业经营质量有望持续改善，子公司长江计算或将打造公司新增长极。预计公司 2025-2027 年归母净利润为 10.3、13.4、16.2 亿元，同比增长 47%、30%、21%，对应 PE 24x、19x、16x，重点推荐，维持"买入"评级。 分析师及联系人 [Table_Author] 于海宁 刘泽龙 SAC：S0490517110002 SAC：S0490525040002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 烽火通信（600498.SH） cjzqdt11111 [Table_Title2] 光通信筑基算力突围，烽火通信锚定新成长 [Table_Summary2] 事件描述 烽火通信发布 2024 年年报。2024 年，公司实现营业收入 285.49 亿 ...

首先是毛利率与净利率双双下滑，好在降幅不大：一季度毛利率为37.44%，同比下降1.88个百分点；净利率12.56%，同比微降0.22个百分点。 作者：周源/华尔街见闻 兆易创新今年一季度业绩看上去很美，但应收账款和有息负债同比增幅较大，显示未来业绩增长可能承压。但供应链人士告诉华尔街见闻，这种可能性不 大，"兆易创新业务质地不错，就国内来说，属于第一梯队。" 2022-2023年，兆易创新业绩经历两年下滑态势：2022年利润下滑12.16%至20.53亿元，2023年净利润暴跌92.15%至区区1.61亿元。 这种惨相，在2024年得以扭转，并在2025年第一季度，继续了2024年的业绩景气度。但2024年盈利水平仅为2022年的53.72%，好在经营现金流和净现比指 标非常健康。 2024年和2025年一季度，兆易创新经营现金流分别为20.32亿元和3.36亿元（这个指标有点小问题，后文会提），均超同期净利润，净现比（经营现金流/净 利润）分别为1.84和1.43；在兆易创新利润最高的2021年，净现比仅0.97。 财报显示，兆易创新在今年Q1实现营业总收入19.09亿元，同比增长17.32%；归母净利润 ...