[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 2025 年 07 月 07 日 [Table_Title] 三星即将进入 1c 量产阶段，国产 GPU 公司沐曦集 成准备科创板上市 ——行业周报 [Table_Summary] 报告要点： 本周（2025.6.30-2025.7.6）市场回顾 1）海外 AI 芯片指数本周上涨 1.3%，本周海外芯片指数涨幅相对较 小，MPS 涨幅约 3%，台积电和博通涨幅超过 2%，英伟达上涨 1%。 Marvell 和 AMD 股价出现下滑。2）国内 AI 芯片指数本周下跌 2.8%。 本周国内 A 股芯片指数大部分成分股股价均出现下滑，寒武纪和恒玄 科技跌幅超过 6%，兆易创新接近 6%，仅有澜起科技出现小幅上涨， 涨幅 1.8%。3）英伟达映射指数本周上涨 9.3%，景旺电子涨幅超过 20%，工业富联、胜宏科技和沪电股份涨幅超过 10%，而长芯博创、 兆龙互连、麦格米特、英维克和太辰光出现小幅下滑。4）服务器 ODM 指数本周下跌 0.7%，成分股表现分化较大，鸿海精密、Wiwynn 和技 嘉下滑约 2%，Qu ...

Group 1 - The core viewpoint of the news highlights that Kefa Investment has conducted research on a listed company, Edifier, focusing on its product development and market strategies for 2024 and beyond [1] - Edifier has strengthened its R&D and market launch of mid-to-high-end and differentiated products, leading to a continuous increase in brand strength [1] - In 2024, Edifier's gross margin reached 42.62%, an increase of 1.49% compared to the same period last year, with a net profit attributable to shareholders of 429 million yuan, a year-on-year growth of 13.66% [1] - In the first quarter of 2025, Edifier's gross margin continued to improve to 40.94%, but due to insufficient recovery in residents' income expectations and high-end consumer demand, both revenue and net profit experienced a slight decline [1] - The company has launched multiple high-end new products, including TWS headphones and speakers, with wireless headphones upgraded to Bluetooth 6.0, featuring real-time multilingual voice translation [1] - The open-ear headphone market is rapidly growing, prompting Edifier to increase investment and introduce various product forms [1] - Edifier operates multiple brands in synergy, launching several sub-brands to cover different consumer groups [1] Group 2 - Kefa Investment is a macro-hedge fund management company that invests in global commodities, bonds, equity assets, and their derivatives [2] - The company is a member of the China Fund Industry Association and the China Futures Association, with qualifications approved by the China Securities Investment Fund Association [2] - Kefa Investment has received multiple awards for its performance and scale in managing various funds, including the "2014 Golden Bull Private Fund Management Company (Macro Futures Strategy)" [2] - The firm emphasizes the investment philosophy of "details hide industrial codes, research discovers value cores," focusing on macro and industrial fundamental research [2] - Kefa Investment has a research team of over 50 professionals and covers major trading varieties in domestic and international futures markets [2] - The company aims to strengthen communication and cooperation with real enterprises, providing comprehensive solutions in the industrial chain, including consulting, hedging, and industrial funds [2]

深圳市漫步者科技股份有限公司投资者关系活动记录表 编号：PR2025070401 | 投资者关系 | 特定对象调研□分析师会议 | | --- | --- | | 活动类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观□其他（请文字说明其他活动内容） | | 参与单位名称 | 富荣基金、世纪证券、信达澳亚基金、深圳凯丰投资、金信基金、 | | 及人员姓名 | 先锋基金、平安基金共 8 人 | | 时间 | 2025 年 7 月 3 日 | | 地点 | 证券公司策略会 | | 上市公司 | 投资者关系总监张北 | | 接待人员 | | | | 公司近况及回答提问内容概括如下： | | | 2024 年以来，公司强化中高端产品、差异化产品的研发和市 | | | 年公司毛利率达到 场投放，推动品牌力持续增长。2024 42.62%， | | | 较上年同期增加 1.49%；公司实现归母扣非净利润 4.29 亿元，同 | | | 比增长 13.66%。 | | | 毛利率提升趋势在 2025 年一季度得以延续——2025 年一季 | | | 度公司毛利率达到 40.94% ...

Summary of the Conference Call for 英集芯 Company Overview - 英集芯 is focused on high-performance, high-quality analog-digital mixed chips, primarily in power management and fast charging protocol sectors [3][4]. Financial Performance - In 2020, 英集芯 achieved revenue of 1.43 billion CNY and a net profit of 124 million CNY [2][3]. - For Q1 2025, revenue was 306 million CNY with a net profit of 20 million CNY, with expectations for Q2 revenue to grow both year-on-year and quarter-on-quarter, targeting an annual growth rate of around 20% [2][3]. Product Structure - The product structure includes: - Mobile power products: ~30% - Fast charging protocol chips: ~26%-27% - TWS wireless Bluetooth earphone cases: ~10% - Automotive-grade products: ~11%-12% - BMS: ~7%-8% - Wireless charging: ~5%-6% [2][6]. Market Trends and Regulations - The new 3C certification for power banks is expected to drive a significant market refresh, enhancing average selling prices (ASP) and sales volume [5][10][26]. - The market for power banks is projected to see a surge in demand due to the new regulations, with a potential increase in orders and a shift towards higher-priced products [11][26]. Competitive Position - 英集芯 holds a competitive edge in the TWS earphone charging case market and is exploring opportunities in the AI glasses sector, although the market is not yet fully developed [4][12]. - The company has made significant progress in automotive-grade products, with revenue exceeding 100 million CNY and partnerships with major automotive brands [14][15]. Future Outlook - The company is optimistic about performance in the second half of 2025, driven by new product launches and increased production capacity expected to come online by Q3 or Q4 [27][28]. - 英集芯 is not migrating production overseas but is expanding domestic capacity to reduce costs and improve margins [28]. Industry Dynamics - The smartphone industry is undergoing changes, with fast charging technology and power management being critical areas for user experience improvement [25]. - The 3C certification is expected to enhance consumer focus on safety and quality in the power bank market, potentially leading to a shift towards higher-quality products [26]. Investment Considerations - 英集芯 is positioned as a leader in its niche market, with a positive outlook for future growth amid improving semiconductor demand [29]. Investors are encouraged to monitor the company's developments closely.

7月2日，沪深两市双双收跌，成交量有所萎缩。板块方面钢铁、光伏设备涨幅居前，元件、通信设备板 块跌幅居前。人气股方面亚星锚链（601890）收于涨停，安妮股份（002235）、长城军工（601606）跌 幅居前。下面是今日十大人气股排名的详细情况。 | 7.2沪深两市 十大人气股排名 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 涨跌幅 | | 个股人气排名 股票代码 | 证券简称 | 收盘价 | (%) | 人气值 | | 002198 | 1 | | 好上好 | 35.16 | 4.77 | 1,069.62万 | | 红宝丽 | 2 | 002165 | | 10.8 | 6.82 | 551.33万 | | 18.82 | 3 | 002104 | 恒宝股份 | | -1.57 | 522.65万 | | 002235 | 4 | | 安妮股份 | 10.49 | -10.03 | 462.83万 | | 29.6 | 5 | 601606 | 长城军工 | | -7.38 | 407.88万 | | 600589 | 6 | ...

电子行业三季度投资机会展望 20260629 摘要 半导体设备材料领域景气度超预期，国产化加速尤其在 7 纳米先进制程， 2025 年国内 CAPEX 投入同比显著提升，逻辑芯片领域现复苏迹象，与 市场悲观预期形成反差，或存投资机会。 AI 眼镜成消费电子新热点，小米新款电致变色版迅速售罄，市场需求旺 盛。尽管当前技术存在妥协，但轻 VR 方案潜力显现，预计 2025-2026 年产业高速发展，类似 TWS 耳机，有望成为新终端产品。 苹果产业链面临贸易摩擦和创新放缓双重挑战，但贸易摩擦已充分反映 在股价中。苹果通过以价换量策略维持销量，二季度国内市场表现良好， 销量增长约 20%，长期仍具投资价值。 AI 算力国内外发展冰火两重天，海外英伟达产业链表现强势，依赖产能 叠加和 CAPEX 投入；国内侧重算法优化，如 Deepsec 和蚂蚁集团，提 升单位算力效率，硬件补短板与软件优化并举。 2025 年半导体设备和材料领域仍有上升空间，先进制程设备厂商订单 增长潜力显现，板块经历资金流出后已达关注节点，预期差明显。检测、 涂胶显影等低渗透率细分领域存在突破机会。 Q&A 电子行业在 2025 年第三季度的表现 ...

Group 1: Alibaba's Partner Restructuring - Alibaba Group has reduced its partner organization from 26 to 17 members, focusing on frontline business leaders and further rejuvenating its core management team [2] Group 2: Xiaomi's Product Launches - Xiaomi officially launched the YU7 series with prices ranging from 253,500 to 329,900 yuan, and announced a total investment of 5.79 billion yuan in the assisted driving sector [3] - Xiaomi also introduced AI glasses starting at 1,999 yuan, with plans to invest an additional 200 billion yuan in R&D over the next five years [3] Group 3: Honor's IPO Progress - Honor Technology has completed its IPO counseling registration with the Shenzhen Securities Regulatory Commission, potentially becoming the first AI terminal ecosystem company listed in A-shares [4] Group 4: Meituan's AI Investment - Meituan's core local business CEO revealed that the company invests over 10 billion yuan annually in AI, emphasizing the importance of building a solid AI infrastructure [5] Group 5: Apple's CarPlay Ultra Controversy - Apple faces opposition from car manufacturers regarding its CarPlay Ultra system, with several luxury brands stating they will not adopt the new software [6] Group 6: Changes in Apple's App Store Policies - Apple has revised its App Store terms to provide developers with more options for directing users to better deals outside the App Store, in response to EU digital antitrust laws [6] Group 7: He Kaiming Joins Google DeepMind - He Kaiming, a prominent figure in computer vision, has joined Google DeepMind as an outstanding scientist, enhancing the company's research capabilities [7] Group 8: Google Cloud's New CFO - Google Cloud has appointed Kobi Bar Nathan as its new CFO, who previously held a similar position at Oracle [8] Group 9: SoftBank's AI Ambitions - SoftBank aims to become the largest platform supplier in the "super artificial intelligence" sector within the next decade, with a total investment commitment of 32 billion USD to OpenAI [9] Group 10: NVIDIA's Challenge to Cloud Giants - Major cloud providers like Amazon, Microsoft, and Google are facing competition from NVIDIA, which has launched its own cloud computing service and invested in AI cloud startups [10] Group 11: CoreWeave's Acquisition Attempt - CoreWeave is seeking to acquire AI server supplier Core Scientific to expand its capacity in the AI server cloud rental market [11] Group 12: OceanBase's Brand Upgrade - OceanBase has officially adopted the Chinese brand name "Haiyang Database" as part of its strategy to embrace the AI era [13] Group 13: Growth in True Wireless Earbuds Market - The global shipment of true wireless earbuds increased by 18% year-on-year in Q1 2025, reaching 78 million units, marking the highest growth rate since 2021 [15]

6月26日，以"跨境新生力"为主题，2025湾区跨境新生力品牌峰会在深圳宝安举行。活动由南方报业传 媒集团指导，南方都市报社、南都湾财社、全球青年跨境協會主办，宁波银行深圳分行、宜合跨境联合 主办。 此次峰会，超过1000家参展商和行业精英参加，跨境电商行业巨头、知名跨境电商平台、服务商、生产 厂家等齐聚鹏城。南方都市报社党委副书记、总经理、湾财社董事长陈文定，南方都市报社编委、湾财 社CEO王莹，宁波银行深圳分行副行长张叶庆，全球青年跨境協會龙淑贞等主办方代表莅临活动现场。 南方都市报社党委副书记、总经理、湾财社董事长陈文定代表主办方致辞。他表示，跨境电商圈常 说："全球跨境看中国，中国跨境看深圳"。作为主流媒体，我们仍清醒看到：跨境电商行业站在转型的 十字路口——流量红利消退、同质化竞争加剧、合规成本高企、海外仓空置率攀升……面对增量来源、 利润保障、品牌塑造等核心问题，这也正是我们今天相聚于此的原因。 一 "湾企出海研究院"成立 持续赋能跨境行业高质量发展 当前，全球贸易正经历深刻的数字化转型。在这场浪潮中，中国跨境电商异军突起，已成为驱动我国外 贸增长的核心引擎。2024年我国跨境电商进出口额高达2. ...

近期，"苏超"火爆出圈，这股"足球联赛热"也正从职业赛场蔓延至上市公司。 "公司秉承'科技创造健康.美'的使命，充分践行'一起创造、一起分享、一起成长'的文化口号，由歌尔 工会面向全球各区域平台发起'一起GOAL'足球比赛。本次比赛发起初衷在于让全球歌尔人在这场比赛 中真正领悟和体会'一起'的文化精神，感受竞技体育中团队的互相配合及永不放弃的精神，打造工会品 牌活动，助力幸福工厂建设。"歌尔股份相关负责人表示，"从员工反馈来看，本次足球比赛为公司内广 大的足球爱好者提供了很好的以球会友的平台，感受到了幸福工厂的魅力。当来自不同国家、不同部门 的同事们为了共同的目标而拼搏时，这种超越一切的团队精神，正是我们'一起'文化最生动的诠释。" 值得一提的是，近日歌尔股份发布了"家园8号"员工持股计划(草案)。歌尔股份此前于今年5月8日公告 股票期权激励计划，激励人数6302人，此次"家园8号"员工持股计划参与总人数不超过1130人，持股规 模不超过5232.08万股，占公司总股本1.5%。歌尔股份表示，该计划有利于强化核心人员与公司整体利 益的一致性，促进公司长线发展。 公开资料显示，目前歌尔股份布局智能制造+精密制造 ...

Group 1 - The company has launched a new employee stock ownership plan, demonstrating confidence in long-term healthy development [1] - The employee stock ownership plan involves up to 1,130 participants, acquiring 52.32 million shares at a price of 11.43 yuan per share [1] - The company also announced a stock option incentive plan for 6,302 participants, granting 68.06 million stock options at an exercise price of 22.21 yuan per share [1] Group 2 - The company maintains a leading position in the global XR glasses market, with advantages in optical components, optical-mechanical systems, core algorithms, and intelligent design and manufacturing [2] - Short-term growth is expected from the expansion of MR glasses customers and markets, which will drive shipment volume and profitability [2] - The AI+AR glasses market is anticipated to create significant incremental demand, with international giants accelerating AR industry development from the second half of this year [2] Group 3 - The company leads in TWS earphone design and core acoustic components, with a steady recovery in major customer orders and market share [3] - The diversification of clients and products in smart hardware, including gaming consoles and wearables, is expected to enhance gross margins [3] - The company plans to spin off its subsidiary, Goer Micro, for a Hong Kong listing, strengthening its position in the microelectronics field [3] Group 4 - The company forecasts net profits of 3.26 billion, 4.12 billion, and 5.04 billion yuan for 2025-2027, indicating strong long-term growth potential [3] - The current market capitalization corresponds to PE ratios of 25, 19, and 16 for 2025-2027, maintaining a "strong buy" rating [3]