Core Insights - AI SoC is optimized for AI tasks, providing efficient parallel computing capabilities, particularly suitable for machine learning and deep learning applications [1][5] - The global AI SoC shipment volume is projected to grow from 949 million units in 2020 to 1.565 billion units in 2024, achieving a compound annual growth rate (CAGR) of 13.3% [1][11] - The demand for edge AI SoC is driven by advancements in large language models and multimodal models, leading to a surge in edge-side inference requirements [1][11] AI SoC Industry Overview - AI SoC integrates specialized functional modules for AI computation on top of traditional SoC, distinguishing itself with AI accelerators like NPUs [1][5] - The AI SoC industry consists of upstream software suppliers, IP providers, raw material suppliers, and equipment suppliers, with a focus on design, manufacturing, and testing in the midstream [1][5][6] Market Trends - The visual AI SoC segment is growing, with shipments expected to reach 246 million units in 2024, a year-on-year increase of 52.9%, accounting for 15.7% of total AI SoC shipments [1][13] - In China, the AI SoC market is projected to reach approximately 280 million units by 2024, supported by government policies promoting AI integration across various sectors [1][14] Future Projections - AI SoC shipment volumes are expected to continue growing, with projections indicating over 4.5 billion units by 2030 due to increasing demands for high-performance computing and AI inference capabilities [1][16] - The product categories within the AI SoC market are anticipated to diversify, focusing on AI processing capabilities and addressing varying requirements across different devices [1][16]

Group 1 - A-shares experienced a slight increase before the National Day holiday and a mixed performance afterward, with 105 listed companies receiving institutional research during the period from September 29 to October 10 [1] - Approximately 60% of the companies that were researched achieved positive returns, with Deep Technology leading at a 29.68% increase, followed by ten other companies with gains exceeding 10% [1] Group 2 - Three companies, including Shouhua Environmental, Jiufeng Energy, and Jingchen Co., received over 100 institutional research visits, indicating strong interest from investors [2][3] - Shouhua Environmental, a flagship environmental company under Beijing State-owned Assets Supervision and Administration Commission, received 119 institutional visits, focusing on its water business and debt reduction progress [3] - Jiufeng Energy, which focuses on gas production and supply, received 110 institutional visits, with investors inquiring about its second-phase project and expected benefits [5] - Jingchen Co. also received 110 institutional visits, with a focus on its AI technology and its application in various fields [5][6] Group 3 - Huafeng Measurement and Control received 81 institutional visits, with investors interested in its order structure and the semiconductor industry's outlook for the second half of the year [7][8] - Huafeng Measurement and Control expects continued growth in its performance, driven by demand in data centers and power devices [8]

Core Viewpoint - The article discusses the recent trends in A-share market performance, highlighting the impact of institutional research on stock prices and the focus on specific companies that have attracted significant institutional interest [3][4]. Group 1: Market Trends - A-share market showed a slight increase before the National Day holiday and a mixed performance afterward [3]. - From September 29 to October 10, 105 listed companies received institutional research, with approximately 60% of these companies achieving positive returns [4]. Group 2: Institutional Research Highlights - Three companies, including 首创环保 (Shou Chuang Environmental Protection), 九丰能源 (Jiu Feng Energy), and 晶晨股份 (Jing Chen Co.), received over 100 institutional research visits [5][10][14]. - 首创环保 was queried about the expiration of its water business project concessions and strategies to mitigate risks, indicating a proactive approach to extending project durations through various measures [6][8]. - 九丰能源's second-phase project for coal-to-natural gas production attracted attention, with the company emphasizing a conservative approach to cost and revenue projections [10][12]. - 晶晨股份 reported significant advancements in AI technology, with 19 commercial chips featuring self-developed intelligent processing units, indicating a strong focus on R&D in AI-related fields [14]. Group 3: Company-Specific Insights - 首创环保 aims to leverage receivables to extend concession periods for quality projects, while also addressing debt reduction efforts with 8.18 billion yuan received for debt clearance in the first half of 2025 [8]. - 九丰能源's investment in a coal-to-natural gas project is projected to yield better-than-expected profitability due to conservative financial modeling [12]. - 华峰测控 (Hua Feng Measurement Control) received 81 institutional visits, with a focus on its order structure and the semiconductor industry's outlook, predicting continued growth driven by demand in AI computing and automotive electronics [15][17].

Market Performance - A-shares showed a slight increase before the National Day holiday and a mixed performance afterward, with the Shanghai Composite Index rising 1.43% and the Shenzhen Component Index increasing by 2.40% from September 29 to September 30, while experiencing a small rise of 0.37% from October 9 to October 10 [1] - During the four working days from September 29 to October 10, 105 listed companies received institutional research, with approximately 60% of the stocks achieving positive returns, led by Deep Technology with a 29.68% increase [1] Company Research Highlights - **首创环保 (Beijing Enterprises Water Group)**: Received 119 institutional research visits, focusing on the expiration of concession periods for existing heavy asset projects and risk mitigation strategies. The company plans to extend concession periods through measures like offsetting receivables and participating in urban renewal projects [2][3] - **九丰能源 (Jiu Feng Energy)**: Engaged 110 institutions, with a focus on the progress and expected benefits of its second-phase project. The company announced an investment of up to 34.55 billion yuan for a coal-to-natural gas project, maintaining a conservative approach in cost and revenue predictions [4] - **晶晨股份 (Amlogic)**: Also received 110 institutional visits, with inquiries about AI technology applications and R&D investments. The company reported 19 commercial chips with self-developed AI capabilities and plans to continue high-intensity R&D in AI-related fields [5] - **华峰测控 (Huafeng Measurement Control)**: Welcomed 81 institutional visits, with a focus on order structure and market outlook. The company expects continued growth in the semiconductor industry, driven by demand in data centers and power devices, projecting a positive market trend for the second half of the year [6][7]

Core Viewpoint - The company, Jingchen Semiconductor, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its capital strength and competitiveness while advancing its international strategy [1]. Group 1: IPO Details - Jingchen Semiconductor plans to use approximately 70% of the IPO proceeds to support growth and enhance R&D capabilities, 10% for global customer service system development, 10% for strategic investments and acquisitions related to its "platform + ecosystem" strategy, and the remaining 10% for working capital and general corporate purposes [1]. Group 2: Company Overview - Established in July 2003 and headquartered in Shanghai, Jingchen Semiconductor is a system-level semiconductor design company providing smart terminal control and connectivity solutions [2]. - The company ranks fourth globally among manufacturers focused on smart terminal SoC chips and first in mainland China for home smart terminal SoC chips [2]. Group 3: Revenue and Sales - As of mid-2023, Jingchen Semiconductor's cumulative chip shipments exceeded 1 billion units, with its business covering over 250 global mainstream operators and 14 of the top 20 global TV brands [2]. - Revenue from distributors accounted for 73.3%, 78.5%, 78.3%, and 76.9% of total sales from 2022 to the first half of 2025 [3][4]. Group 4: Financial Performance - The company's revenue for the reporting periods was 5.545 billion RMB, 5.371 billion RMB, 5.926 billion RMB, and 3.33 billion RMB, with net profits of 727 million RMB, 498 million RMB, 822 million RMB, and 497 million RMB respectively [6]. - The company has seen a recovery in net profit growth after declines in 2022 and 2023 [6]. Group 5: Customer and Supplier Concentration - The top five customers contributed over 60% of the revenue, with the largest single customer accounting for 17.3% to 24.5% of total revenue during the reporting periods [6]. - The company relies heavily on a small number of suppliers, with the top five suppliers accounting for 91.2% to 78.9% of total procurement [7]. Group 6: Inventory and Receivables - As of mid-2023, the company's inventory reached nearly 1.9 billion RMB, with inventory turnover days averaging around 152.5 days [8]. - Accounts receivable also showed a fluctuating growth trend, reaching 299 million RMB by mid-2023 [9].

Core Viewpoint - The company, Jingchen Co., Ltd. (688099.SH), has announced a share buyback program, indicating a commitment to returning value to shareholders and confidence in its financial position [1] Group 1: Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 795,289 shares, which represents 0.1889% of its total share capital [1] - The highest price paid for the repurchased shares was 70.50 CNY per share, while the lowest price was 65.82 CNY per share [1] - The total amount spent on the share buyback is approximately 54.9518 million CNY, excluding commissions and transfer fees [1]

证券代码：688099 证券简称：晶晨股份 公告编号：2025-068 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）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购 ...

Core Viewpoint - The stock of Amlogic (晶晨股份) increased by 5.04% on October 9, reaching a price of 116.78 CNY per share, with a trading volume of 1.049 billion CNY and a turnover rate of 2.22%, resulting in a total market capitalization of 49.176 billion CNY [1] Company Overview - Amlogic (Shanghai) Co., Ltd. is located in Shanghai and was established on July 11, 2003, with its listing date on August 8, 2019. The company specializes in the research, design, and sales of system-level SoC chips and peripheral chips. The revenue composition is primarily from product sales at 99.98%, with leasing services contributing 0.02% [1] Fund Holdings - According to data from the top ten holdings of funds, Jin Yuan Shun An Fund has a significant position in Amlogic. The Jin Yuan Shun An Value Growth Mixed Fund (620004) held 19,100 shares in the second quarter, accounting for 1.94% of the fund's net value, making it the sixth-largest holding. The estimated floating profit for today is approximately 106,700 CNY [2] Fund Performance - The Jin Yuan Shun An Value Growth Mixed Fund (620004) is managed by Kong Xiangpeng and Han Chenyang. As of the latest update, Kong has been in charge for 8 years and 106 days, with a total fund size of 131 million CNY, achieving a best return of -0.87% and a worst return of -11.58% during his tenure. Han has managed the fund for 2 years and 224 days, with a total fund size of 788 million CNY, achieving a best return of 8.02% and a worst return of -9.27% during his tenure [3]

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

Core Viewpoint - The semiconductor company, Jingchen Co., is preparing for an IPO on the Hong Kong Stock Exchange after successfully listing on the A-share market, aiming to enhance its capital strength and international competitiveness [2][11]. Company Overview - Jingchen Co. was established in 2003 and listed on the A-share Science and Technology Innovation Board in 2019, with a current market capitalization exceeding 468 billion RMB after a nearly 62% increase in stock price this year [3]. - The company specializes in system-level semiconductor design, providing advanced control and connectivity solutions for various applications, including smart home, smart office, and automotive sectors [3][4]. Financial Performance - Revenue and profit figures for Jingchen Co. from 2022 to 2025 show a stable performance, with revenues of 55.45 billion RMB in 2022, projected to rise to 59.26 billion RMB in 2024, and profits of 7.32 billion RMB in 2022, expected to increase to 8.19 billion RMB in 2024 [4][5]. - The gross profit margin is projected to improve from 35.1% in 2022 to 37.1% in 2024, with a notable increase in the first half of 2025 [4]. Product Segmentation - The revenue contribution from smart multimedia and display SoC chips remains significant, accounting for 75.6% in 2022 and projected to decrease slightly to 70.9% in 2025 [5][6]. - AIoT SoC products are also gaining traction, with their revenue share increasing from 23.0% in 2022 to 26.7% in the first half of 2025 [7]. Geographic Revenue Distribution - A substantial portion of Jingchen Co.'s revenue comes from markets outside mainland China, with contributions rising from 84.5% in 2022 to 92.0% in the first half of 2025 [7][8]. Customer Dependency - The top five customers account for a significant portion of total revenue, with their contributions increasing from 57.9% in 2022 to 66.3% in the first half of 2025, indicating a high dependency on a few key clients [8]. Supply Chain Considerations - As a fabless semiconductor company, Jingchen Co. relies heavily on third-party suppliers for wafers and chip packaging, with the top five suppliers accounting for over 86% of procurement in recent years [9]. - The company faces risks related to supply chain disruptions, which could impact product delivery and costs [10]. Future Plans - If the IPO is successful, Jingchen Co. plans to allocate approximately 70% of the net proceeds to support growth and enhance R&D capabilities, with additional funds directed towards customer service, strategic investments, and general corporate purposes [11].