A股市场 半导体股集体走强，其中， 国芯科技涨超13%， 芯原股份涨超12%， 长光华芯、 华海诚科涨 超9%， 国科微、 灿芯股份、 太极实业、 源杰科技、 广立微涨超7%， 华亚智能、 江丰电子、 中船特 气、 帝科股份、 长电科技涨超6%， 摩尔线程、 天岳先进、 兆易创新、 寒武纪涨超5%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Core Insights - The article discusses the transformation of the technology industry driven by the integration of AI into various end-user devices, highlighting the critical role of domestic System-on-Chip (SoC) manufacturers in this shift [1][2]. Group 1: AI Migration to Edge Devices - The migration of AI capabilities from cloud to edge devices is driven by technological maturity, demand pressures, and cost optimization [2][3]. - Technological advancements, particularly in specialized Neural Processing Units (NPU), have enabled significant improvements in edge device performance, overcoming previous limitations related to power consumption and size [2][3]. - Consumer demand for personalized and real-time AI experiences, along with stringent requirements in industrial applications, has accelerated the adoption of edge AI solutions [2][3]. Group 2: Cost Optimization and Market Growth - The reduction in production costs due to semiconductor industry maturation has made edge AI more economically viable, fostering a positive cycle of cost reduction and widespread adoption [3]. - The year 2023 marks the beginning of edge AI technology deployment, with significant growth expected in 2024 and a projected explosion in market size by 2025, which is anticipated to be recognized as the "Year of Edge AI" [3][4]. Group 3: Performance of Domestic SoC Companies - Six domestic SoC companies, referred to as the "Six Little Dragons," have shown robust performance in the first three quarters of 2025, with most achieving revenue and net profit growth [4][5]. - Notable companies include: - **Rockchip**: Projected revenue of 43.87 to 44.27 billion yuan for 2025, with a net profit increase of 71.97% to 85.42% [6]. - **Allwinner Technology**: Expected net profit growth of 50.53% to 76.92% for 2025 [6]. - **Zhongke Blue Communication**: Anticipated revenue growth of 0.60% to 1.70% for 2025 [6]. Group 4: Company-Specific Insights - **Rockchip**: Positioned as a leader in edge AI with a comprehensive AI development ecosystem, serving major clients like SONY and Xiaomi [7]. - **Amlogic**: Dominates the smart home terminal market, with significant revenue from multimedia SoC chips and a strong client base including Xiaomi and Haier [8][9]. - **Espressif Systems**: Focuses on smart home applications, utilizing an open-source model to lower AI development barriers for clients [10][11]. - **Allwinner Technology**: Specializes in visual AI applications, leveraging its expertise in multimedia chips for various consumer and industrial applications [12]. - **Hengxuan Technology**: A leader in audio AI, providing low-power wireless SoC chips for a range of smart devices [13]. - **Zhongke Blue Communication**: Competes in the audio AI SoC market with a focus on cost control and high value [14]. Group 5: Future Trends in Edge AI - AI glasses are identified as a key application area for edge AI, with the potential for significant market growth as technology matures [15][16]. - Various SoC solutions for AI glasses are emerging, including high-performance systems and cost-effective MCU-based designs, indicating a competitive landscape among domestic manufacturers [16][17].

融券方面，晶晨股份2月2日融券偿还1200.00股，融券卖出1484.00股，按当日收盘价计算，卖出金额 12.44万元；融券余量8.51万股，融券余额713.41万元，低于近一年40%分位水平，处于较低位。 资料显示，晶晨半导体(上海)股份有限公司位于上海市浦东新区秀浦路2555号漕河泾康桥商务绿洲E5, 香港湾仔皇后大道东183号合和中心46楼，成立日期2003年7月11日，上市日期2019年8月8日，公司主营 业务涉及系统级SoC芯片及周边芯片的研发、设计与销售。主营业务收入构成为：销售商品99.98%，租 赁服务0.02%。 2月2日，晶晨股份跌4.33%，成交额9.89亿元。两融数据显示，当日晶晨股份获融资买入额1.24亿元， 融资偿还9915.38万元，融资净买入2491.60万元。截至2月2日，晶晨股份融资融券余额合计11.43亿元。 融资方面，晶晨股份当日融资买入1.24亿元。当前融资余额11.36亿元，占流通市值的3.22%，融资余额 超过近一年90%分位水平，处于高位。 截至9月30日，晶晨股份股东户数2.19万，较上期减少1.08%；人均流通股19200股，较上期增加1.09%。 202 ...

晶晨半导体(上海)股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日召 开第三届董事会第十五次会议，审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》。同意公司使用自有资金通过上海证券交易所交易系统以集中竞 价交易方式回购部分公司已发行的人民币普通股 A 股，用于员工持股计划或股权 激励。公司拟用于回购的资金总额不低于人民币 5,000 万元（含）且不超过人民 币 10,000 万元（含），回购股份的价格不超过人民币 121.58 元/股（含），回购股 份的期限自董事会审议通过本次回购股份方案之日起 12 个月内。具体内容详见公 司于 2025 年 4 月 11 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 以集中竞价交易方式回购股份的预案》（公告编号：2025-026）以及 2025 年 4 月 19 日披露的《关于以集中竞价方式回购股份的回购报告书》（公告编号：2025-034）。 证券代码：688099 证券简称：晶晨股份 公告编号：2026-005 晶晨半导体（上海）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本 ...

格隆汇2月2日丨晶晨股份(688099.SH)公布，截至2026年1月31日，公司通过上海证券交易所交易系统以 集中竞价交易方式累计回购公司股份107.35万股，占公司总股本的比例为0.2549%，回购成交的最高价 为96.00元/股，最低价为65.82元/股，支付的资金总额约为人民币7993.57万元(不含佣金、过户费等交易 费用)。 ...

Core Viewpoint - The article discusses the significant shift in the medical aesthetics industry, highlighting the transition from conflict to collaboration between companies like Jinjing Biological and platforms like New Oxygen, reflecting changes in market dynamics and pricing power [1][3][5]. Group 1: Industry Dynamics - In 2024, Jinjing Biological publicly criticized New Oxygen for low-price promotions of its core product, Wei Yimei, indicating a struggle to maintain pricing power [1][4]. - New Oxygen has transformed from a platform to a physical clinic model, establishing 50 stores across 16 cities, which enhances its bargaining power with upstream manufacturers [3][11]. - The monopoly of Jinjing Biological in the collagen product market has been disrupted by competitors like Juzhi Biological and Chuangjian Biological, leading to a loss of pricing authority for upstream manufacturers [3][10]. Group 2: Strategic Alliances - The formation of the "Youth Selection Alliance" by New Oxygen and 14 upstream manufacturers, including Jinjing Biological, marks a shift towards collaboration in areas like pricing and product traceability [2][5]. - Jinjing Biological's previous confrontations with platforms like Meituan have also turned into strategic partnerships, indicating a broader trend of upstream manufacturers adapting to market realities [7][10]. Group 3: Evolving Business Models - The article outlines three emerging strategies for upstream manufacturers in response to shifting market dynamics: 1. The rise of the ODM model, where companies like Xihong Biological provide products without interfering with downstream pricing [14]. 2. Maintaining product scarcity through innovation or acquisitions to capture market share during competitive gaps [15]. 3. Expanding internationally to seek new growth opportunities, as seen with companies like Aimeike and Binhai Medical [15][16]. Group 4: Market Trends - The medical aesthetics market is experiencing a significant increase in product offerings, with over 50 new medical device approvals in 2025, leading to intensified competition [11]. - The shift in pricing power from manufacturers to distribution channels reflects a broader trend of market "demystification" and value reassessment in the medical aesthetics sector [16].

资料显示，晶晨半导体(上海)股份有限公司位于上海市浦东新区秀浦路2555号漕河泾康桥商务绿洲E5, 香港湾仔皇后大道东183号合和中心46楼，成立日期2003年7月11日，上市日期2019年8月8日，公司主营 业务涉及系统级SoC芯片及周边芯片的研发、设计与销售。主营业务收入构成为：销售商品99.98%，租 赁服务0.02%。 从基金十大重仓股角度 1月29日，晶晨股份跌5.03%，截至发稿，报88.55元/股，成交9.75亿元，换手率2.53%，总市值372.94亿 元。 数据显示，宏利基金旗下1只基金重仓晶晨股份。宏利半导体产业混合发起A（021510）四季度减持 5479股，持有股数4.37万股，占基金净值比例为5.02%，位居第八大重仓股。根据测算，今日浮亏损失 约20.49万元。 宏利半导体产业混合发起A（021510）成立日期2024年7月23日，最新规模2343.24万。今年以来收益 17.58%，同类排名578/8866；近一年收益85.12%，同类排名476/8126；成立以来收益121.61%。 宏利半导体产业混合发起A（021510）基金经理为崔梦阳。 截至发稿，崔梦阳累计任职时间1年1 ...

证券日报网讯1月28日，晶晨股份在互动平台回答投资者提问时表示，公司已布局端侧光通信芯片相关 领域，拥有自主IP设计的FTTR(光纤到房间)芯片，可满足智慧家庭等场景的端到端高速连接需求。同 时，公司通过收购芯迈微100%股权，整合其技术与团队，构建"蜂窝通信+光通信+Wi-Fi"多维通信技术 栈与产品矩阵。结合公司自身"端侧智能+算力"的核心优势，公司将进一步完善端侧通信整体解决方 案，端侧光通信芯片的布局也将与现有Wi-Fi芯片、端侧AI芯片等形成技术与商业协同，为端侧智能设 备提供高速率、低延迟的网络支撑，助力实现"端-云"高速互联，持续拓展端侧AI应用场景。 ...

证券日报网讯 1月28日，晶晨股份在互动平台回答投资者提问时表示，公司与台积电保持着长期稳定的 合作关系，台积电为公司多款芯片产品提供晶圆代工服务，具体的业务情况详见公司定期报告。 ...