Macro Strategy - The significance of the Sci-Tech Innovation Board (STAR Market) reform is highlighted, emphasizing its role in supporting the development of "hard technology" enterprises through a registration-based system [1][7] - The STAR Market has become a hub for domestic "hard technology" companies, with ongoing reforms aimed at enhancing innovation, improving standards, and expanding channels for new productive forces [1][7] - The reform facilitates financing for unprofitable enterprises and guides capital towards hard technology sectors, promoting a shift towards "long-term value" in the capital market [1][7] Fixed Income Analysis - The report discusses the phenomenon of "deflation," characterized by a continuous decline in prices and economic recession, with significant implications for monetary policy [2][8] - In the first half of 2025, China's CPI showed a slight decline of -0.07%, while PPI remained in negative territory at an average of -2.77% [2][8] - Key factors affecting CPI include food prices and transportation costs, with food contributing an average of -0.24 percentage points to CPI [2][8] Industry Insights Ruixinwei (603893) - Ruixinwei is a leading player in the AIoT SoC chip sector, leveraging over 20 years of experience in integrated circuit design to innovate across various applications [4][9] - The company reported a record revenue in 2024, with a net profit of 595 million yuan, driven by strong demand for smart application processors [4][9] - Ruixinwei's strategic focus includes automotive electronics, with significant advancements in smart cockpit and vehicle audio solutions [4][9] Zhongke Lanyun (688332) - Zhongke Lanyun specializes in wireless audio SoC chips, with a diverse product line that includes Bluetooth earphone and speaker chips [5][10] - The TWS market is experiencing a revival, driven by new demands in office and gaming scenarios, as well as growth in emerging markets [5][10] - The company is expanding its product offerings to include Wi-Fi and video chips, aiming to enhance its market presence [5][10]

证券代码：603893 证券简称：瑞芯微 公告编号：2025-020 瑞芯微电子股份有限公司 关于公司近期经营情况的自愿性披露公告 今年第一季度 AIoT 市场需求超预期。瑞芯微电子股份有限公司（以下简称 "公司"）作为国内领先的人工智能物联网 AIoT SoC 芯片设计公司，因应 AIoT 发展趋势，对 AIoT 多产品线进行专业化、精细化运营，在下游 AIoT 多领域的 推广效率和市场份额持续提升。 在 AIoT 百行百业中，公司重点发展汽车电子、机器人、机器视觉、工业及 行业类应用、音频等领域。其中，在汽车电子领域，公司产品覆盖智能座舱、仪 表盘及中控、车载音频、车载视觉等多产品线；在机器人领域，公司与国内多家 知名的客户合作了多种形态的机器人产品，已有较高的市占率，并将以公司 AIoT 芯片矩阵继续拓展机器人的更多应用。 目前加征关税政策对公司影响较小。公司芯片主要通过客户的终端产品间接 出海，公司下游数千家终端客户中出口到美国市场的整体占比较低。公司正在积 极与下游客户讨论关税政策的应对。 特此公告。 瑞芯微电子股份有限公司董事会 2025 年 4 月 8 日 1 本公司董事会及全体董事保证本公告内 ...