一、行情 9月12日，存储板块迎来开盘大涨。德明利涨停，东芯股份、江波龙、香农芯创、普冉股份、朗科科技、兆易创新、佰维存储等集体大涨。 公司目前已建立了完善的存储产品矩阵，包括移动存储、固态硬盘、嵌入式在 等 ✿3 东芯股份 688110.SS 中国大陆少数能够同时提供NANDFlash、NORFlash、DRAM等存储芯片完替 公司; 公司的主要产品为非易失性存储芯片NANDFlash、NORFlash, 易失性 DRAM以及衍生产品MCP 江波龙 301308.SZ 拟减持 国内存储模组领先企业；内存是公司重要产品线之一，公司内存产品涵盖了L DDR内存条（RDIMM、SODIMM、UDIMM）等主流产品型态，广泛应用于服 终端、网络终端、电竞等多个领域 = 北易创新 603986.SS 股票名称 兴森科技 002436.SZ 国内本土IC封装基板行业的先行者之一；公司IC封装基板的应用领域包括手机 使用的内存条 德明利 001309.SZ 转亏·拟减持 二、事件 0 国内存储领域的龙头；公司主要业务为存储器、微控制器和传感器的研发、打 售，存储器产品包括闪存芯片（NOR Flash、NAND Flash ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The company focuses on the "storage, computing, and connectivity" integrated technology layout, aiming to become a leading domestic memory chip design enterprise, and is committed to providing multi - product line memory chip products. The investment in Shanghai Lisuan is based on its development potential, which may increase short - term profit pressure but is beneficial for long - term strategy. The 7G100 series products of Shanghai Lisuan are self - designed, and the domestic GPU chip market has large development space. [27][34][35] 3. Summary by Directory 3.1. Research Basic Situation - The research object is Dongxin Co., Ltd., belonging to the semiconductor industry. The reception time was on September 4, 2025. The company's reception staff included the chairman, general manager, deputy general manager, board secretary, financial director, and independent director. [16] 3.2. Detailed Research Institutions - The institutions are investors who participated in the company's 2025 semi - annual performance briefing online. [19] 3.3. Research Institution Proportion - No relevant information provided. 3.4. Main Content Data - **Pre - solicited Questions**: Shanghai Lisuan's GPU products are mainly used in scenarios such as personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twins, and do not involve chiplet technology for now. The company will consider business and cooperation according to strategic planning and disclose information as required. The management pays attention to Lisuan's development, and the 7G100 series graphics cards can be used in multiple scenarios. [23][25][25] - **Formal Questions**: - **Lisuan's Business Plan**: It is a GPU chip design enterprise focusing on graphic rendering, aiming to meet various graphic rendering and general computing needs. It adheres to self - developed architecture, products are for mainstream graphic rendering and AI acceleration at the edge, cloud, and terminal, and strives to solve the problem of independent and controllable domestic mainstream GPU architecture. [25] - **Information Disclosure**: The company will disclose major impact matters of Lisuan as required, and specific information should be based on official announcements. [26][29][36] - **Dongxin's Work Focus**: It will adhere to the strategy, provide diversified products for key applications and customers, explore new application fields, and promote technology innovation and product process iteration. It also conducts technology layout in the "storage, computing, and connectivity" integrated field. [27] - **Investment in Lisuan**: The investment is based on development potential. Although it may increase short - term profit pressure, it helps the long - term strategy. The impact on performance depends on Lisuan's operation. The company has a low asset - liability ratio and good financial stability. [34] - **Response to Physical AI**: The company will continue to pay attention to the development of cutting - edge technologies and conduct strategic layout according to its actual situation. [29] - **Lisuan's Product Development**: The planning and R & D design of the new product 7G200 are in progress. As of now, Lisuan has sent samples to some customers and is continuously optimizing, and will continue to promote production and sales. [29][31][37] - **Cooperation with Giants**: The company and Lisuan actively seek cooperation with mainstream manufacturers, and will disclose major cooperation matters that meet the disclosure standards. [32] - **Competition and Strategy**: The company will drive through technological innovation, ensure quality systems, collaborate in the supply chain, and support with talent strategies to enhance global market competitiveness. [35] - **Technical Threshold and Commercialization**: Shanghai Lisuan's 7G100 series products have independent GPU architecture, and the domestic GPU chip market has large development space. The profit cycle of large - scale chips is difficult to accurately estimate. [35][36]

Group 1: Macro Strategy and Market Overview - The three major equity indices continued to rise in early August, with the Shanghai Composite Index and Shenzhen Component Index both increasing by over 2%, and the ChiNext Index rising by 4.88% [20][21] - The central bank's net cash injection was 163.5 billion yuan, maintaining stable liquidity in early August, with the 7-day reverse repo rate (DR007) hovering around 1.45% [21][22] - Commodity prices showed mixed trends, with non-ferrous metals rebounding, crude oil slightly declining, and precious metals rebounding again [21] Group 2: Fixed Income and Bond Market - The upcoming issuance of 20-year special government bonds is expected to peak, presenting trading opportunities during the issuance process [2] - The new and old bond yield spread for 20-year bonds typically narrows by 0.4-1.5 basis points, with notable exceptions during significant market events [2] Group 3: Export Growth and Trade Analysis - China's exports showed steady growth in the first seven months of 2025, with a cumulative year-on-year increase of 6.1%, surpassing the 5.8% growth rate for the entire year of 2024 [23][24] - The global trade volume is expected to cool down in the second half of the year, influenced by preemptive demand in the U.S. and a decline in imports [23][24] - China's share of global exports has been increasing, with a notable rise in exports to non-U.S. regions compensating for declines in U.S. exports [24][25] Group 4: Company-Specific Insights - Yuan Da Pharmaceutical achieved a revenue of 10.784 billion yuan in 2024, a year-on-year increase of 10.59%, and a net profit of 2.286 billion yuan, up 31.28% [28][31] - The company is pioneering a new treatment for sepsis, STC3141, which has shown promising results in clinical trials [29][30] - Yuan Da's nuclear medicine segment is expanding, with significant sales growth expected from its core product, yttrium-90 microspheres, which has treated nearly 2,000 patients [30][31] Group 5: Industry Trends and Recommendations - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, driven by AI and high-performance computing [7] - The demand for storage solutions, particularly HBM and DDR5, is expected to remain strong, with price increases anticipated in the third quarter [7] - The construction materials sector, particularly cement and explosives, is expected to benefit from major infrastructure projects like the New Tibet Railway [34]

截至2025年8月12日 13:17，国证半导体芯片指数(980017)强势上涨3.40%，成分股寒武纪(688256)20cm 涨停，海光信息(688041)上涨4.78%，通富微电(002156)上涨4.08%，中芯国际(688981)，瑞芯微(603893) 等个股跟涨。芯片ETF龙头(159801)上涨3.34%。 流动性方面，芯片ETF龙头盘中换手3.57%，成交1.18亿元。拉长时间看，截至8月11日，芯片ETF龙头 近1年日均成交7729.13万元。 东海证券认为，电子行业需求处于温和复苏阶段，存储芯片价格自2025年2月起波动回升，DDR4价格 已升至2022年高点，NANDFlash合约价格涨势延续至6月。全球纯半导体代工收入预计同比增长17%，3 纳米节点收入同比增超600%，先进制程需求受AIPC、HPC等推动。 上海证券表示，电子半导体行业预计2025年将迎来全面复苏，产业竞争格局加速出清修复，盈利周期和 相关公司利润有望持续改善。AIOT SoC芯片、模拟芯片、驱动芯片领域均值得关注，其中AIOT SoC芯 片和模拟芯片市场需求强劲，驱动芯片技术创新活跃。半导体关键材料国产创新逻辑明 ...

截至2025年8月12日 10点50，上证科创板半导体材料设备主题指数上涨0.34%，成分股上海合晶涨 停，芯源微上涨4.21%，中巨芯上涨3.71%，艾森股份上涨0.85%，中芯国际上涨0.69%。科创半导体 ETF（588170）上涨0.19%，最新价报1.06元。 半导体材料ETF（562590）及其联接基金（A类：020356、C类：020357），指数中半导体设备 （59%）、半导体材料（24%）占比靠前，充分聚焦半导体上游。 每日经济新闻 （责任编辑：董萍萍 ） 规模方面，科创半导体ETF最新规模达4.31亿元，创近3月新高；份额方面，科创半导体ETF最新份 额达4.07亿份，创近3月新高，位居可比基金1/2。 从资金净流入方面来看，科创半导体ETF近4天获得连续资金净流入，最高单日获得639.74万元净 流入，合计"吸金"1702.81万元，日均净流入达425.70万元。 东海证券认为，电子行业需求处于温和复苏阶段，存储芯片价格自2025年2月起波动回升，DDR4 价格已升至2022年高点，NANDFlash合约价格涨势延续至6月。全球纯半导体代工收入预计同比增长 17%，3纳米节点收入同比增超 ...

Core Viewpoint - The AiTech Forum on semiconductors, organized by Aijian Securities, aims to create a high-end dialogue platform for industry, research, and capital to address core challenges in the semiconductor industry, particularly in technology barriers, ecosystem construction, and capital collaboration [1] Group 1: Forum and White Paper - The forum focused on "Changes and Constants in the Semiconductor Industry in the AI Era" and released the "Semiconductor Industry White Paper," providing comprehensive insights and forward-looking guidance for industry development [1] - The white paper was jointly published by Aijian Securities and the Pudong New Area Economic and Information Commission, presenting a systematic view of the development trajectory and future trends of China's semiconductor industry, supported by extensive data [2] Group 2: Key Areas of Focus - The white paper highlights three frontier areas: advanced packaging technology, which is crucial for enhancing chip performance as the limits of Moore's Law approach, with AI computing power demands accelerating its commercialization [2] - High-performance storage is projected to exceed 1800EB in total storage capacity in China by 2025, with a focus on the technological upgrades of DRAM and NAND Flash products [2] - The demand surge in sectors like electric vehicles, 5G, and AI is driving the localization of high-performance semiconductor materials, with significant breakthroughs expected in subfields like photoresists and wet electronic chemicals within the next 3 to 5 years [2] Group 3: Industry Trends - The semiconductor industry is currently in a recovery phase, expected to return to positive growth by the end of 2024, with a forecast for restorative growth in 2025 [2] - Due to the long construction cycles of wafer fabs and rapid demand changes, cyclical fluctuations caused by supply-demand mismatches will continue, particularly evident in storage chips due to their high standardization [2] Group 4: Strategic Collaborations - Aijian Securities signed strategic cooperation agreements with several semiconductor companies during the event, aiming to harness the synergy between finance and industry to explore new paradigms of ecological collaboration [3]

Core Viewpoint - Micron Technology announced a significant investment of approximately $200 billion in the U.S. semiconductor manufacturing and R&D sector, which includes $150 billion for memory manufacturing and $50 billion for R&D, marking an increase of $30 billion from previous plans [2][7]. Investment Plans - The investment will create around 90,000 direct and indirect jobs and includes the establishment of a second leading memory manufacturing facility in Idaho, modernization and expansion of the Virginia facility, and the introduction of end-to-end high bandwidth memory (HBM) manufacturing capabilities to meet AI-driven demand [3][7][10]. - Micron's expansion vision encompasses two large wafer fabs in Idaho, four in New York, and the enhancement of the existing Virginia facility, aiming to produce 40% of DRAM in the U.S. [7][10]. HBM Market and AI Demand - HBM is widely used in the AI market, and analysts remain optimistic about the HBM industry chain benefiting from the rapid development of advanced computing chips and the semiconductor cycle recovery [4]. - Micron has begun sampling its 12-layer stacked 36GB HBM4 memory to major clients, featuring a 2048-bit interface and a transmission rate exceeding 2.0TB/s, with performance improvements of over 60% compared to previous generations [5][12]. Price Trends and Market Dynamics - DRAM prices have shown significant increases, with DDR4 (8GB) prices rising from $1.35 to $1.65 in April, a 22.2% increase, while NAND Flash (128GB) prices rose by 34% compared to the end of last year [16][18]. - The price of DDR5 (16GB) has also seen fluctuations, with a slight increase from $5.524 in April to $5.561 in May [16]. - Analysts predict that the rise in storage prices is primarily driven by supply-side manufacturers reducing output and downstream customers actively stockpiling [18]. Analyst Outlook - Several investment banks have raised their target prices for Micron, with Mizuho increasing its target from $124 to $130 and UBS from $92 to $120, citing improved corporate prospects and reduced tariff concerns [12]. - The global HBM industry revenue is expected to grow at an annual rate of 55% by 2027, with Micron's HBM business revenue growth potentially reaching 90%, significantly boosting overall revenue and profit margins [13].

Group 1 - The total management scale of public funds in China reached 31.05 trillion yuan as of the end of Q1 2025, with the top ten companies being E Fund, Huaxia Fund, and others [1] - E Fund maintained the largest management scale at 1.95 trillion yuan, with non-monetary fund management at 1.31 trillion yuan [1] - The number of active equity fund managers managing over 10 billion yuan has decreased to less than 100 [1] Group 2 - The overall scale of public funds remained stable at 32.23 trillion yuan as of March 31, 2025, showing little change from the previous quarter [1] - Money market funds dominated the structure, accounting for 41.35% of the total scale, followed by bond funds at 31.24% [1] Group 3 - The investment bank sector is experiencing intense price competition, with a notable case where a company raised 2 billion yuan but paid only 9,000 yuan in fees for underwriting services [3] - This pricing is significantly lower than the typical fee structure, which usually charges around 1% of the raised capital [3] Group 4 - DRAM suppliers have increased prices by 8-10% as OEM manufacturers raise inventory levels ahead of potential tariff changes [4] - Major companies like Samsung, Micron, and SK Hynix are reducing DDR4 production, indicating a shift in supply dynamics [5] Group 5 - The Chinese quantum computer "Benyuan Wukong" has achieved breakthroughs in the biomedical field, marking a significant step in the application of quantum computing technology [6] - Japan has developed a 256-qubit superconducting quantum computer, enhancing computational capabilities significantly [6] Group 6 - The payment industry in China is undergoing a consolidation, with five payment licenses being revoked this year, reducing the number of licensed payment institutions to 170 [7] Group 7 - Companies like Jiu Steel Hongxing and Huirong Technology have announced share buybacks and dividend distributions, reflecting positive financial performance [8][9] - Huirong Technology reported a 23.78% increase in net profit for 2024, while Keli Equipment and Mingyang Electric also reported significant profit growth [10][11] Group 8 - The stock market showed mixed results, with the ChiNext index rising over 1%, driven by strong performances in the robotics and low-altitude economy sectors [14]