Core Viewpoint - The analog chip industry is entering an upward cycle, with expected global market growth of 3.3% in 2025 and 5.1% in 2026, reaching $82.2 billion and $86.4 billion respectively. The long-term growth is driven by AI applications such as data centers, autonomous driving, and humanoid robots, indicating significant potential for domestic companies [3][7][12]. Industry Overview - The global analog chip market has a CAGR of 4.77% from 2004 to 2024, with a projected market size of $79.6 billion in 2024, which is a 2.0% decrease from the previous year. The market is expected to recover in 2025 and 2026 [3][12]. - The Chinese analog chip market is projected to reach ¥195.3 billion in 2024, with a CAGR of 11% from 2025 to 2029. The market is driven by sectors such as industrial, automotive, and AI [18][21]. Key Applications and Growth Areas - Key growth areas for analog chips include industrial applications, AI, and automotive sectors. The industrial sector is expected to see a recovery in procurement and new product introductions, while the automotive sector is experiencing a shift towards electrification and intelligence [7][21][37]. - AI applications are expected to significantly increase the demand for analog chips, particularly in power management and signal processing [31][34]. Domestic Market Potential - China accounts for approximately 35% of the global analog chip market, making it a crucial revenue source for international manufacturers. However, the domestic self-sufficiency rate remains low, indicating substantial room for growth [7][34]. - Major international players like TI and ADI derive significant revenue from China, with TI's revenue from China estimated at $3 billion in 2024, while ADI's is around $2.1 billion [34][35]. Competitive Landscape - The competitive landscape is characterized by a mix of established international firms and emerging domestic players. The industry is seeing increased competition as domestic companies aim to capture market share in high-end applications [51][52]. - The growth model for analog chip companies often involves a combination of product diversification and customer base expansion, with established firms leveraging extensive product lines and customer relationships to drive revenue [23][28]. Investment Strategy - The report recommends investing in companies with high-end and platform capabilities, as these firms are better positioned to capitalize on the growth opportunities in the analog chip market [5][8].

Core Viewpoint - The analog chip industry is in an upward cycle, with domestic companies expected to enter a phase of scale expansion for new products in the coming years [1][2] Industry Overview - The global analog chip market is projected to grow at a CAGR of 4.77% from 2004 to 2024, with expected growth rates of 3.3% and 5.1% in 2025 and 2026, reaching market sizes of $82.2 billion and $86.4 billion respectively [1] - Major domestic companies recommended include: Shengbang Co. (300661.SZ), Jiewate (688141.SH), Sirepu (688536.SH), Naxinwei (688052.SH), Nanxin Technology (688484.SH), Aiwei Electronics (688798.SH), Chipengwei (688508.SH), Diaowei (688381.SH), and Jingfeng Mingyuan (688368.SH) [1] Domestic Market Potential - In 2024, China is expected to account for approximately 35% of the global analog chip market, representing a significant revenue source for international manufacturers [2] - Major international companies like TI, ADI, and MPS are projected to generate revenues of approximately $30 million, $21 million, and $12 million from China in 2024, respectively [2] Key Application Areas - **Industrial Sector**: After inventory depletion, normal procurement and new product introduction are expected to resume, with domestic companies' new products likely to achieve scale [2] - **AI Sector**: The AI industry is driving overall demand for analog chips, with a focus on domestic production of core power management chips [2] - **Automotive Sector**: The electrification and intelligence of vehicles provide growth opportunities for domestic analog chip companies, with the market for automotive analog chips still in its early stages [3] - **Consumer Electronics**: Companies are increasingly diversifying their product offerings to provide comprehensive solutions for applications like mobile devices, leading to a more pronounced "Matthew Effect" [3]

Core Viewpoint - The recent surge in technology stocks, particularly in the A-share market, is driven by optimism surrounding AI infrastructure demand, spurred by Oracle's impressive earnings guidance and significant remaining performance obligations [2][5]. Group 1: Market Performance - A-shares saw all major indices rise, with the ChiNext Index increasing over 4% and surpassing 3000 points, driven by sectors such as chips, computing power, and liquid cooling servers [2][3]. - Notable stocks included Haiguang Information, which hit a 20% limit up, and Industrial Fulian, which also reached a historical high with consecutive limit-up days [2][3]. Group 2: Oracle's Impact - Oracle's remaining performance obligations surged to $455 billion, a year-on-year increase of 359%, indicating strong demand for AI-related cloud contracts [5][6]. - Following Oracle's earnings report, its stock price experienced a significant increase, with a peak rise of over 42% during trading, ultimately closing up 35.91% [5]. Group 3: AI Infrastructure Demand - Analysts suggest that the global AI arms race is accelerating, with sectors like computing power, chips, and liquid cooling servers expected to benefit from the growing demand for AI infrastructure [7][8]. - The demand for AI infrastructure is driven by the explosion of AI model requirements and the digital transformation across various industries [7]. Group 4: Future Projections - The domestic AI infrastructure is expected to see rapid growth, with significant investments from internet giants, state-owned enterprises, and local governments, creating a vast market for domestic chips [8]. - Morgan Stanley projects that global data center capacity will grow by 23% annually by 2030, with the U.S. contributing 60% of this growth [8].

Core Viewpoint - The stock of DiAo Microelectronics has shown significant growth this year, with a 35.06% increase, indicating strong market interest and performance in the semiconductor sector [2]. Group 1: Stock Performance - As of September 11, DiAo Microelectronics' stock price rose by 2.02% to 25.76 CNY per share, with a total market capitalization of 6.376 billion CNY [1]. - The stock has experienced a 2.38% increase over the last five trading days, an 8.88% increase over the last 20 days, and a 28.03% increase over the last 60 days [2]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 19, where it recorded a net buy of -20.3621 million CNY [2]. Group 2: Financial Performance - For the first half of 2025, DiAo Microelectronics reported a revenue of 306 million CNY, reflecting a year-on-year growth of 15.11%, while the net profit attributable to shareholders was -4.2092 million CNY, a decrease of 115.73% year-on-year [2]. - The company's main business revenue composition includes 51.58% from power management and 48.42% from signal chains [2]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased to 15,600, with an average of 11,799 circulating shares per person, a slight decrease of 0.25% [2]. - The company has distributed a total of 153 million CNY in dividends since its A-share listing [3]. - Notably, Hong Kong Central Clearing Limited has exited the top ten circulating shareholders list as of June 30, 2025 [3].

中信建投证券股份有限公司 关于江苏帝奥微电子股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限 | 被保荐公司名称：江苏帝奥微电子股份有 | | --- | --- | | 公司 | 限公司 | | 保荐代表人姓名：王志丹 | 联系方式：021-68827384 | | | 联系地址：上海市浦东新区浦东南路 528 | | | 号证券大厦北塔 室 2206 | | 保荐代表人姓名：张胜 | 联系方式：021-68801591 | | | 联系地址：上海市浦东新区浦东南路 528 | | | 号证券大厦北塔 2206 室 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可[2022]1249 号"批准，江苏帝奥微电子股份有限公司（简称"公司"或"帝奥微"）公开发 行股票 6,305 万股，占发行后总股本的 25.00%。本次公司发行价格为 41.68 元/ 股，募集资金总额为人民币 262,792.40 万元，扣除发行费用合计人民币 21,232.20 万元（不含增值税）后，实际募集资金净额为人民币 241,560.20 万元。本次公开 发行股票于 2022 年 8 ...

Market Overview - The SW Electronics Index declined by 4.57% over the past week (09.01-09.05), underperforming the CSI 300 Index by 3.76 percentage points [1] - Among the six sub-sectors, the performance was as follows: Electronic Chemicals II (-1.46%), Consumer Electronics (-2.43%), Optical and Optoelectronic (-2.82%), Components (-3.00%), Other Electronics II (-3.19%), and Semiconductors (-6.55%) [1] Company Performance - Innoscience reported strong performance for H1 2025, with revenue reaching RMB 553 million, a 43.4% increase compared to the same period in 2024 [2] - The company's gross margin improved significantly from -21.6% in 2024 to 6.8% in 2025, marking its first positive gross margin [2] - Despite still facing substantial losses, the net loss narrowed from RMB 488 million in 2024 to a lesser extent in 2025, indicating a positive trend in profitability [2] - Sales in the AI and data center sectors surged by 180% year-on-year, becoming one of the fastest-growing segments for Innoscience [2] - The partnership with NVIDIA, announced on July 31, 2025, positions Innoscience as a domestic chip supplier for NVIDIA's 800V high-voltage direct current power architecture [2] Industry Insights - The global DRAM industry saw a quarter-on-quarter revenue increase of 17.1% in Q2 2025, reaching USD 31.63 billion, driven by rising contract prices and increased shipment volumes [3] - SK Hynix maintained the top market share at 38.7%, with Q2 revenue growing by 25.8% to USD 12.229 billion [3] - Samsung ranked second with a revenue increase of 13.7% to USD 10.35 billion, while Micron's revenue grew by 5.7% to USD 6.95 billion, placing it third [3]

Group 1 - The company announced the convening of a staff representative meeting on September 8, 2025 [2] - Mr. Deng Shaomin has been elected as the employee representative director of the company's second board of directors [2] - The term of the newly elected director will last until the end of the second board's term [2]

Group 1 - The company, DiAo Micro, announced the convening of its third extraordinary general meeting of shareholders for 2025 on September 8, 2025 [2] - The meeting approved multiple resolutions, including the proposal to cancel the supervisory board and amend relevant articles [2]

证券代码：688381 证券简称：帝奥微 公告编号：2025-051 江苏帝奥微电子股份有限公司 关于选举第二届董事会职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 公司于 2025 年 9 月 8 日召开职工代表大会，选举邓少民先生为公司第二届 董事会职工代表董事，任期自本次职工代表大会审议通过之日起至第二届董事会 任期届满之日止。邓少民先生的简历详见附件。 邓少民先生原为公司第二届董事会非职工代表董事，本次选举完成后，变更 为职工代表董事，公司第二届董事会成员及各专门委员会成员构成不变。 特此公告。 江苏帝奥微电子股份有限公司董事会 重要内容提示： 江苏帝奥微电子股份有限公司（以下简称"公司"）分别于 2025 年 8 月 22 日、2025 年 9 月 8 日召开第二届董事会第十七次会议和 2025 年第三次临时股东 会，审议通过了《关于取消监事会并修订<公司章程>的议案》和《关于修订及制 定公司部分治理制度的议案》，修订后的《江苏帝奥微电子股份有限公司章程》 （以下简称"《公司章程》"）已于 2 ...

证券代码：688381 证券简称：帝奥微 公告编号：2025-050 江苏帝奥微电子股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 9 月 8 日 （二） 股东会召开的地点：上海市闵行区号景路 206 弄万象企业中心 TC 东栋 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 113 | | --- | --- | | 普通股股东人数 | 113 | | 2、出席会议的股东所持有的表决权数量 | 72,649,677 | | 普通股股东所持有表决权数量 | 72,649,677 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 31.2021 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 31.2021 | 注:截至 ...