12月15日，东芯半导体股份有限公司（以下简称"东芯股份"）发布的投资者关系活动记录表显示，12月 9日与11日，公司接受了包括国联民生（601456）证券、富国基金等40家机构调研，并就公司产品研 发、市场现状等问题进行解答。据《证券日报》记者不完全统计，近3个月以来，东芯股份已开展8次调 研活动，累计接待170余家机构。 记者注意到，下游市场需求变化是调研中的另一核心议题。东芯股份相关人士表示，网通领域招标规模 同比去年同期显著增长；可穿戴智能设备的存储容量需求持续增加；安防市场自下半年起拉货动能增 强，较上半年回升明显；物联网模块需求向好，5G模块导入逐步起量；车载领域公司将继续推进整车 厂和Tier1（一级供应商）客户导入工作，进一步推动市场份额持续增长。 东芯股份获机构密集调研，折射出市场对存储芯片行业发展的高度关注。 工业和信息化部中小企业专家谢良鸿向《证券日报》记者表示，存储芯片行业正迎来AI驱动的新一轮 超级景气周期，边缘AI设备应用前景广阔，如智能摄像头、传感器等终端需本地化存储和计算能力， 存算一体芯片有望规模化应用，而可穿戴设备如智能手表、AR/VR眼镜等对存储容量和功耗要求苛 刻，定制 ...

Core Insights - The AI computing chip sector is experiencing significant activity, driven by the explosive growth in global AI computing demand and the acceleration of self-developed AI ASIC chips by major cloud service providers [1] - Trendforce's report indicates that by 2025, the combined capital expenditure of eight major cloud service providers will exceed $420 billion, with a notable increase in investment for AI chip development and data center infrastructure [1] Sector Analysis - **AI Chip Design Sector**: Companies specializing in AI ASIC chip design will directly benefit from the increased demand from cloud service providers for customized chips, leading to potential revenue growth [2] - **Semiconductor Manufacturing Sector**: The production of computing chips relies on advanced and mature process capacities, with increased demand for chip production from cloud service providers likely to enhance capacity utilization for wafer manufacturing companies [2] - **Advanced Packaging and Testing Sector**: Advanced packaging technologies are crucial for improving chip performance and energy efficiency, and companies with expertise in high-end packaging will see expanded business opportunities [2] - **Storage Chip Sector**: The demand for high-speed storage chips will rise alongside computing power, with cloud data centers requiring DRAM and NAND Flash products, creating market opportunities for storage chip companies [2] Key Company Profiles - **Dongxin Co., Ltd.**: Focused on storage chips, the company has achieved breakthroughs in SLC NAND Flash technology, positioning itself to benefit from the growing AI computing demand [3] - **Cambricon Technologies**: A leading domestic AI chip company, it specializes in cloud intelligent chip development, with its high-performance chips expected to capture more market share as cloud service providers increase AI infrastructure investments [3] - **Chipone Technology**: As a prominent chip design service provider, it offers comprehensive solutions in AI chips and GPUs, likely to see increased demand for customized projects from cloud service providers [3] - **Broadcom Integrated**: The company focuses on chip development for wireless communication and IoT, with its products expected to see expanded applications in smart terminals and data center peripheral devices due to rising demand for edge computing [3]

Core Viewpoint - Dongxin Co., Ltd. reported a recovery in the semiconductor industry, leading to a quarterly revenue increase and a reduction in losses, although losses expanded compared to the same period last year [1][2]. Financial Performance - In Q3 2025, Dongxin achieved revenue of approximately 230 million yuan, a year-on-year increase of 27.03% and a quarter-on-quarter increase of 14.35% [1]. - The net profit attributable to shareholders was -35.22 million yuan, a reduction in losses by 4.00 million yuan compared to the same period last year [1]. - The gross profit margin for the reporting period was 26.64%, an increase of 10.57 percentage points year-on-year [2]. Market and Product Insights - The improvement in quarterly performance is attributed to the recovery in the semiconductor design industry and increased downstream market demand, along with rising product sales prices [2]. - The company is focusing on integrating storage, computing, and networking, which has led to increased R&D expenses in Q3 [2]. - The global storage chip market has shown strong performance, with storage chip prices rising for over six months, and this trend is expected to continue into Q4 [2][3]. Future Outlook - Dongxin's cumulative stock price increase has exceeded three times since the beginning of the year, but the company still faces challenges in demonstrating sufficient profitability [3]. - The company anticipates further price increases in SLC NAND Flash and DRAM products due to recovering demand and price adjustments from leading manufacturers [3]. - For the entire year, Dongxin is projected to incur a loss of 167 million yuan, indicating that Q4 will be critical for improving net profit compared to the previous year [3].

Group 1: Strategy Overview - The core strategy is a continuation of the bull market, focusing on core technology assets as A-shares strengthen under the leadership of these assets [2][3] - The market outlook remains positive due to economic recovery expectations, continuous capital inflow, and policy benefits, with a mid-term slow bull logic still intact [3] - Short-term market may face technical adjustment pressure due to crowded trading in some popular sectors, but a new round of valuation-driven market space is expected to open up starting in Q3 [3] Group 2: September Stock Picks - The September stock picks include: Beijing-Shanghai High-Speed Railway (Transportation), Tongkun Co., Ltd. (Chemicals), Yake Technology (Chemicals), CATL (Electricity), Heng Rui Medicine (Pharmaceuticals), Sanyou Medical (Pharmaceuticals), Beijing Renli (Social Services), Feiliwa (Electronics), Zhaoyi Innovation (Electronics), and Pengding Holdings (Electronics) [8][10] Group 3: Industry Insights Transportation Industry: Beijing-Shanghai High-Speed Railway - The company is a landmark project in China's high-speed rail, with expected net profit exceeding 12.7 billion yuan in 2024 [10] - The business model relies on entrusted transportation management, with revenue primarily from passenger transport and network service income [10] - Key factors supporting growth include a favorable pricing mechanism, strong travel demand along the route, network effects from an expanding high-speed rail network, and technological advancements in train efficiency [11] Chemical Industry: Tongkun Co., Ltd. - The company achieved significant sales growth in polyester filament, with a total sales volume of 9.4587 million tons in the first three quarters of 2024, a year-on-year increase of 29.60% [12] - Despite a decline in selling prices due to fluctuating oil prices and weak downstream demand, the company expects profitability to improve with demand recovery [12] Chemical Industry: Yake Technology - The company reported steady growth, with a gross margin of 31.59% in 2024 [14] - The electronic materials segment is expanding, with significant revenue growth in precursor materials and photoresists [15] Electric Industry: CATL - The company achieved a net profit of 50.745 billion yuan in 2024, a year-on-year increase of 15.01% [17] - CATL maintains a leading position in the global battery market, with a 37.9% market share in power batteries and 36.5% in energy storage [18] Pharmaceutical Industry: Heng Rui Medicine - The company reported a 12.53% year-on-year increase in revenue for Q2 2024, with innovative drugs accounting for over 60% of total revenue [20] - Multiple new products were launched in the first half of 2024, contributing to growth [21] Pharmaceutical Industry: Sanyou Medical - The company faced pressure from centralized procurement but is innovating therapies to enhance market share [24] - The acquisition of Waterwood Tianpeng is expected to strengthen the product matrix and enhance competitiveness [25] Social Services Industry: Beijing Renli - The company has a broad service coverage and a strong client base, with growth potential in flexible employment and outsourcing [27] - Digitalization and AI applications are expected to enhance operational efficiency and revenue growth [28] Electronics Industry: Feiliwa - The company reported a revenue of 908 million yuan in H1 2025, with a gross margin of 49.2% [29] - New business lines are beginning to contribute to performance, particularly in semiconductor and aerospace sectors [30] Electronics Industry: Zhaoyi Innovation - The company achieved a revenue of 7.356 billion yuan in 2024, with a significant increase in net profit [32] - The company is actively expanding its market share in various sectors, including storage and MCU products [33] Electronics Industry: Pengding Holdings - The company reported a revenue of 16.375 billion yuan in H1 2025, with a net profit increase of 57.22% [35] - The company is capitalizing on market opportunities across various product lines, including communication and consumer electronics [36]

Core Insights - The globalization process of Chinese semiconductor companies is accelerating, with chip exports expected to reach 298.11 billion units and $159.4991 billion in revenue in 2024, marking an 18.7% year-on-year increase. This makes chips the highest single export item, surpassing traditional sectors like clothing and mobile phones [2] - Many semiconductor firms are seeking to embed themselves in global high-end supply chains through technological breakthroughs, capital operations, and industry chain collaboration, while others are achieving rapid growth in niche markets through "reverse innovation" [2] - A notable trend in 2025 is the increasing number of semiconductor companies planning to list in Hong Kong to enhance their globalization strategies, including leading firms like SiliconMagic, Montage Technology, and GigaDevice [2] Group 1: Company Profiles - **SiliconMagic**: A leading global OLED display PMIC company, established in 2019, with a projected revenue of 1.57 billion yuan in 2024 and 68.1% of its revenue coming from overseas markets [3][6] - **Montage Technology**: The largest supplier of memory interconnect chips globally, with a market share of 36.8% in 2024. The company focuses on high-speed data transmission solutions for data centers and AI servers [8][10] - **GigaDevice**: A diversified chip design company established in 2005, ranking in the global top ten across four product lines, including NOR Flash and microcontrollers. The company emphasizes a strong R&D focus with over 15% of revenue allocated to R&D [15][19] Group 2: Business Models and Strategies - **SiliconMagic's Business Model**: Utilizes a Fab-Lite model, focusing on chip design while ensuring supply chain stability through strategic partnerships with foundries. The company has a significant international presence, with 68.1% of its revenue from overseas [4][6] - **Montage Technology's Sales Strategy**: Operates primarily on a fabless model, outsourcing manufacturing while focusing on chip design. The company has a high concentration of sales from a few major clients, with over 70% of its procurement from the top five suppliers [10][12] - **GigaDevice's R&D and Market Strategy**: Employs an integrated product development framework to enhance collaboration across departments, maintaining a high percentage of technical staff and a strong patent portfolio to support its global expansion [19][20]