站在2026年的新坐标回望，中国端侧AI芯片产业已从普惠性的高速增长阶段迈入结构性分化的深水区。这一年，资本市场成为 战略转型引擎，企业通过港股IPO、并购整合与产业基金，加速从技术单点突破转向系统生态构建。技术创新呈现先进制程攻坚 与架构创新突破双轨并行，6nm等先进制程芯片规模商用与存内计算等新范式共促产业升维。市场格局在AIoT领域强者恒强的 同时，机器人等细分赛道已由本土企业主导，全球化进程正从产品出海深化为技术与标准输出。 展望今年，行业将迎来从量的积累到质的飞跃的关键转折。技术演进将聚焦于系统级优化，算力分层、先进封装（Chiplet）及 多模态大模型端侧落地构成核心趋势；AI眼镜、智能汽车、工业医疗三大场景有望集中爆发，驱动市场扩容。竞争本质已升维 为芯片+算法+场景的生态之战，头部集中度将持续提升。与此同时，供应链安全、研发投入平衡、专利标准壁垒等挑战依然严 峻。未来属于那些能实现全栈式系统优化、并构建深厚生态护城河的企业，中国芯片产业正蓄力从国产替代迈向全球引领的新 征程。 2025年回顾：从高速增长到结构分化，行业进入深水区 产业整体从高速增长向结构分化的深刻演进，其背后的核心驱动首先在资 ...

证券日报网讯2月24日，瑞芯微（603893）在互动平台回答投资者提问时表示，公司RK3588、RK182X 等多款芯片适合个人部署OpenClaw等AIAgent应用产品，当前已有基于公司RK3588并调用云端大模型 的AIAgent应用解决方案。同时，公司协处理器RK182X具备大算力、高带宽优势，支持各类智能终端 设备在本地部署大模型并快速获得端侧AIAgent能力，能够更好地满足用户数据隐私安全、低延时响应 等需求，实现自主操作和多任务处理。 ...

证券日报网讯2月24日，瑞芯微（603893）在互动平台回答投资者提问时表示，公司2024年度境外收入 占比48.4%，未披露具体细分地区的相关数据。公司海外市场业务主要通过国内客户终端产品间接出 口，对海外市场的直销较少。 ...

格隆汇2月24日丨瑞芯微(603893.SH)在投资者互动平台表示，公司RK3588、RK182X等多款芯片适合个 人部署OpenClaw等AI Agent应用产品，当前已有基于公司RK3588并调用云端大模型的AI Agent应用解 决方案。同时，公司协处理器RK182X具备大算力、高带宽优势，支持各类智能终端设备在本地部署大 模型并快速获得端侧AI Agent能力，能够更好地满足用户数据隐私安全、低延时响应等需求，实现自主 操作和多任务处理。 ...

Core Viewpoint - The 2026 CCTV Spring Festival Gala serves as a cultural feast and a showcase of the global chip industry, highlighting the advancements in China's chip technology from "usable" to "highly usable" [1][29] Group 1: Robotics Showcase - Four humanoid robots, MagicBot Z1, Galbot G1, Unitree H1, and "Little Bumi," showcased at the gala, demonstrating the capabilities of eight chip companies that support these "tech performers" [3][29] - MagicBot Z1 features 100% domestically produced core chips, with Allwinner Technology providing the main SoC chip for overall control and motion planning [4][5] - Galbot G1 relies on NVIDIA's AGX Orin 64GB chip, achieving 275 TOPS of computing power for AI interactions [6][7] - Unitree H1, the most commercially successful model, utilizes multiple chips including Intel's Core i7 for high-performance motion control and NVIDIA's Jetson Orin NX for edge AI inference [8][9][10][11] - "Little Bumi" targets the consumer market with a price under 10,000 yuan, using Rockchip's RK3588 SoC for approximately 6 TOPS of AI computing power [12][13][14] Group 2: Broadcasting Technology - The gala achieved 8K ultra-high-definition wireless broadcasting, supported by four chip companies that built the computational foundation [15][29] - Huawei's Hi3536DV400 chip enabled real-time compression of 8K video, while the Kunpeng 920S chip supported over 1 billion concurrent live requests [16][17] - AMD's EPYC 9004 series chips provided rendering power for real-time graphics during the event [18] Group 3: Communication Infrastructure - The seamless connection between the main venue and four sub-venues relied on three chip companies for communication technology [19][29] - Huawei's Tian Gang 02 base station chip facilitated low-latency transmission of 8K signals, marking the large-scale application of 5G-A technology [19] - ZTE and China Star Network contributed to the 5G-A network and satellite communication, ensuring stable signal transmission in remote areas [20][21] Group 4: Stage Control and Perception - The precise operation of stage lighting, robotic arms, and AR effects depended on three chip companies providing MCU, power chips, and perception chips [22][29] - GigaDevice's GD32H7 series MCU enabled rapid light switching and robotic movement control [23] - STMicroelectronics' IGBT power chips ensured stable operation of high-power stage equipment [24] - Orbbec provided depth perception chips for the Unitree H1 robot, enhancing spatial awareness and obstacle avoidance [25] Group 5: End-User Experience - The viewing experience for audiences was enhanced by three chip companies ensuring high-quality visuals and security [26][29] - Hisense's X9 image quality chip optimized 8K visuals for the gala [27] - Unisoc's financial-grade security chips safeguarded interactive data during the event [28] - BDU's BD960 positioning chip ensured synchronization of devices across different locations [29]

Core Insights - Fujian's economy is characterized by a vibrant private sector, high degree of outward orientation, and strong industrial resilience, with notable companies like CATL and Fuyao Glass leading the market [1] - The recent ESG-V rating by Jinan Jinxin highlights the transformation of market advantages into sustainable governance and long-term value for Fujian companies [1] ESG-V Rating Overview - Three companies, Ruixin Microelectronics, Yilian Network, and Gibit, achieved the highest AAA rating, representing the leading tier in Fujian's ESG-V landscape [2] - These AAA-rated companies are concentrated in the technology and digital economy sectors, indicating that long-term capital recognition is awarded to firms that integrate technological advantages with governance and value realization [2] Value Realization in Manufacturing - The AA tier includes a diverse range of companies from sectors such as power batteries, automotive parts, biomedicine, and food consumption, showcasing strong value realization capabilities [3] - Notable companies like CATL and Fuyao Glass demonstrate robust profitability and clear capital return structures, making them attractive investment opportunities [3] Social Responsibility as a Core Value - High ratings in the social dimension (S) are a common highlight among Fujian-listed companies, reflecting a deep-rooted "Min business culture" that emphasizes reputation, employee care, and community support [4] - This cultural foundation has evolved into a modern social responsibility management system, leading to superior performance in employee rights, product quality, and data privacy [4] Environmental Performance and Green Transition - Fujian companies excel in governance (G) and value (V) dimensions, but environmental (E) performance shows significant variation [5] - Companies with resource-intensive operations, such as Zijin Mining and Xiamen Tungsten, face challenges in meeting environmental standards, while firms in the environmental sector, like Longjing Environmental Protection, are emerging as leaders [5] Investment Implications - The ESG-V rankings reveal that social responsibility translates into trust premiums, which are crucial for building brand loyalty and stable cash flows [6] - Strong governance structures are essential for navigating market fluctuations, while environmental performance will increasingly differentiate competitive advantages in the future [7] - The challenge for Fujian lies in balancing excellence across all ESG dimensions to achieve sustainable development without sacrificing business efficiency [7]

Core Viewpoint - The semiconductor industry is expected to recover in 2025, with significant revenue growth driven by rising storage prices and increasing demand from data centers, leading to improved performance for major chip manufacturers [3][4]. Group 1: Semiconductor Sales and Growth - Global semiconductor sales are projected to reach $791.7 billion in 2025, a 25.6% increase from $630.5 billion in 2024, with further growth expected towards $1 trillion in 2026 [3]. - The recovery is attributed to strong demand from emerging technologies such as AI, IoT, 6G, and autonomous driving [3]. Group 2: Chip Design and IDM - Texas Instruments (TI) is expected to achieve approximately $17.68 billion in revenue for 2025, reflecting a 13% year-over-year growth, with significant contributions from industrial and automotive sectors [6]. - STMicroelectronics (ST) anticipates a revenue decline of 11% to around $11.8 billion, with Q4 showing slight improvement driven by personal electronics [8]. - NXP's revenue is projected at $12.27 billion, down 3%, with automotive and industrial sectors remaining stable [10]. - Renesas reported a revenue drop of 2% to 1.3212 trillion yen, marking its first loss in six years due to significant impairment losses [12]. - Microchip Technology expects growth in both year-over-year and quarter-over-quarter sales, with a projected revenue of $1.186 billion for Q3 2026 [12]. - Qorvo's revenue exceeded expectations at $993 million, with an 8.4% year-over-year increase [12]. - Infineon's revenue is projected at €14.662 billion, down 2%, but with strong demand in AI driving growth [14]. Group 3: Memory Chips - Samsung's revenue is expected to reach 333.6059 trillion won (approximately $233.8 billion), a 10.9% increase, with the semiconductor division achieving 130.1 trillion won in revenue [29]. - SK Hynix anticipates a record revenue of 97.15 trillion won (approximately $681.6 billion), a 47% increase year-over-year [31]. - Micron's revenue is projected to rise from $25.11 billion to $37.38 billion, with HBM chip capacity sold out for 2026 [33]. - GigaDevice expects a revenue increase of approximately 25% to 9.203 billion yuan [35]. Group 4: Wafer Foundry - TSMC's revenue is projected to reach approximately 3.8 trillion new Taiwan dollars (around $122.42 billion), a 31.6% increase, with advanced processes contributing significantly [47]. - UMC expects a slight revenue increase of 2.3% to 237.55 billion new Taiwan dollars, with a focus on mature process technologies [49]. - SMIC anticipates a record revenue of $9.3268 billion, a 16.2% increase, with improved profitability driven by increased wafer sales [51]. Group 5: Testing and Packaging - ASE Group's revenue is expected to reach 645.388 billion new Taiwan dollars, an 8.4% increase, with advanced packaging services contributing significantly [57]. - Amkor's revenue is projected at $6.71 billion, a 6% increase, with strong performance in advanced packaging and computing business [59]. Group 6: Equipment - ASML's total net sales are expected to reach €32.667 billion, a 15.6% increase, with a record order backlog reflecting strong demand for AI-related technologies [61]. - Lam Research anticipates a record year with significant growth driven by advanced process technologies [63]. Group 7: Distribution - WPG Holdings expects a revenue of 999.12 billion new Taiwan dollars, a 13.4% increase, driven by AI and high-performance computing demand [66]. - WPG's revenue is projected to exceed 1 trillion new Taiwan dollars, marking a significant milestone [68].

Group 1 - The company announced that shareholder Mr. Li Min has donated 175,000 shares to the Fuzhou No.1 Middle School Education Development Foundation, with the transfer completed on February 12, 2026 [2][3] - This donation will not result in any change in the company's control or significantly impact its governance structure or ongoing operations [4] Group 2 - The company plans to provide a maximum guarantee of $30 million to its wholly-owned subsidiary, Shanghai Hanmai Electronic Technology Co., Ltd., increasing from a previous limit of $14 million [7][9] - As of the announcement date, the company has already provided a guarantee balance of approximately 93.16 million RMB (about $13.43 million) to Shanghai Hanmai [7][15] - The board of directors approved this adjustment during a meeting held on February 13, 2026, with all six attending directors voting in favor [26][28] Group 3 - The company adjusted the exercise price of stock options and the repurchase price of restricted stocks following a cash dividend distribution of 3.00 RMB per 10 shares, which was completed on February 10, 2026 [16][21] - Specific adjustments include reducing the exercise price of stock options from 70.40 RMB to 70.10 RMB and from 43.72 RMB to 43.42 RMB for different incentive plans [17][19] - The adjustments are in compliance with relevant regulations and will not materially affect the company's financial status or operating results [21] Group 4 - The company confirmed that the chairman, Mr. Li Min, will serve as the legal representative, following a board resolution on February 13, 2026 [37][38] - This decision aligns with the company's operational needs and complies with regulatory requirements for legal representation [38]

Core Viewpoint - Ruixin Microelectronics Co., Ltd. has confirmed its chairman as the legal representative to resolve registration disputes during the business registration process [1] Group 1 - The board of directors approved the resolution to confirm the chairman as the legal representative to address registration option disputes [1] - The company held a temporary shareholders' meeting on December 24, 2025, which approved the cancellation of the supervisory board and amendments to the articles of association [1] - The Fuzhou Market Supervision Administration raised objections regarding the original articles of association, which allowed for two potential legal representatives, necessitating a clear single option for registration [1] Group 2 - The board's decision to designate the chairman as the legal representative aims to streamline corporate governance and ensure smooth completion of business registration [1] - The resolution includes provisions that if the chairman resigns, they will also be considered to have resigned as the legal representative [1] - The management team is authorized to handle the necessary registration and filing procedures, with the final outcome subject to approval by the Fuzhou Market Supervision Administration [1]

Core Viewpoint - The company, Rockchip (瑞芯微), emphasizes the compatibility of its AIoT SoC chips with various operating systems, which supports the expansion of applications across different product fields and facilitates secondary development [1] Group 1 - The AIoT SoC chips are designed to adapt to various extended versions of Linux, as well as Android, RTOS, AAOS, and multiple domestic operating systems [1] - This adaptability is beneficial for different application areas within the AIoT industry [1]