Group 1 - Northern Huachuang is a leading domestic semiconductor equipment manufacturer, covering core process equipment such as etching machines, thin film deposition equipment, and cleaning machines, which are essential for memory chip manufacturing [1] - The company is expected to benefit from the growth in equipment orders driven by the expansion and technological upgrades of domestic memory manufacturers during the memory chip price increase cycle [1] - Northern Huachuang has made breakthroughs in advanced process equipment for 3D NAND and HBM, establishing a core competitive advantage in the global memory equipment market [1] Group 2 - Hua Hong Semiconductor is a leading domestic specialty process manufacturer with mature memory chip foundry capabilities, focusing on NOR Flash, eMMC, and SPI NAND [2] - The company is expected to benefit from the rising demand for memory chip foundry services as domestic memory manufacturers expand production [2] - Hua Hong's layout in automotive-grade memory chip foundry will further enhance its resilience against economic cycles [2] Group 3 - Zhongwei Company is a core supplier of etching equipment, with its 5nm etching machine already integrated into the supply chain of memory manufacturers [3] - The demand for high-end equipment is expected to grow due to the trend of upgrading memory chips to advanced processes like 3D NAND and HBM [3] - Zhongwei's layout in thin film deposition equipment enhances its service capabilities for memory manufacturers [3] Group 4 - Lanke Technology is a global leader in memory interface chips, with its products widely used in servers and PCs, holding a leading share in the DDR5 interface chip market [4] - The demand for DDR5 interface chips is expected to surge due to the explosion in AI server and high-end PC demand during the memory chip price increase cycle [4] - Lanke's breakthroughs in HBM interface chips will further open up growth opportunities [4] Group 5 - GigaDevice is a leading domestic memory chip design company, focusing on NOR Flash while also expanding into NAND Flash and DRAM [5] - The company is expected to benefit from the price increase of NOR Flash products driven by the recovery of consumer electronics and AI terminal demand [5] - GigaDevice's layout in automotive-grade memory chips will further expand its downstream application space [5] Group 6 - Shengyi Technology is a leading domestic copper-clad laminate manufacturer, with its products being core raw materials for memory chip packaging [6][7] - The growth in demand for copper-clad laminates is expected to be driven by the expansion of memory manufacturers and the increase in packaging needs during the memory chip price increase cycle [6][7] - Shengyi's breakthroughs in high-frequency and high-speed copper-clad laminates will adapt to the upgrade demands of memory chips [6][7] Group 7 - Shenzhen South Circuit is a leading domestic PCB manufacturer, with its high-end PCB products being core carriers for storage servers and modules [8] - The demand for high-end PCBs is expected to grow due to the explosion in AI server demand and the expansion of memory manufacturers during the memory chip price increase cycle [8] - Shenzhen South Circuit's layout in storage packaging substrates further enhances its position in the memory industry chain [8] Group 8 - Jiangbolong is a leading domestic storage module manufacturer, focusing on the development and manufacturing of storage modules for various applications [9] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [9] - Jiangbolong's layout in automotive-grade storage modules will further open up downstream application spaces [9] Group 9 - Xi'an Yicai is a core enterprise in semiconductor materials, focusing on silicon-based materials essential for memory chip manufacturing [10] - The demand for silicon-based materials is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [10] - Xi'an Yicai's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [10] Group 10 - Tuojing Technology is a leading domestic thin film deposition equipment manufacturer, with its PECVD and ALD equipment being core process equipment for memory chip manufacturing [11] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of 3D NAND technology during the memory chip price increase cycle [11] - Tuojing's layout in HBM-related equipment will further adapt to the upgrade demands driven by AI [11] Group 11 - Maiwei Co. is a core domestic semiconductor equipment enterprise, with its equipment already integrated into the supply chain of leading domestic memory manufacturers [12] - The growth in equipment orders is expected to be driven by the expansion of memory manufacturers and the increase in advanced packaging demand during the memory chip price increase cycle [12] - Maiwei's breakthroughs in HBM packaging equipment will adapt to the upgrade demands driven by AI [12] Group 12 - Shengmei Shanghai is a leading domestic semiconductor cleaning equipment manufacturer, with its single-wafer cleaning equipment integrated into the supply chain of leading memory manufacturers [13] - The demand for cleaning equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [13] - Shengmei's breakthroughs in 3D NAND cleaning technology will adapt to the technical iteration needs of memory chips [13] Group 13 - Changdian Technology is a leading domestic packaging and testing enterprise, covering the packaging and testing of various memory chip types [14] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [14] - Changdian's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [14] Group 14 - Changchuan Technology is a leading domestic semiconductor testing equipment manufacturer, with its testing equipment covering memory and logic chips [15] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [15] - Changchuan's breakthroughs in DDR5 and HBM testing technologies will adapt to the upgrade demands driven by AI [15] Group 15 - Baiwei Storage is a leading domestic storage chip design and module manufacturer, focusing on various storage modules for different applications [16] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [16] - Baiwei's layout in automotive-grade storage will further open up downstream application spaces [16] Group 16 - China Resources Microelectronics is a leading domestic power semiconductor and storage chip manufacturer, focusing on NOR Flash and eMMC [17] - The company is expected to benefit from the recovery in consumer electronics and industrial control demand during the memory chip price increase cycle [17] - China Resources' layout in automotive-grade storage chips will enhance its resilience against economic cycles [17] Group 17 - Tongfu Microelectronics is a core domestic packaging enterprise, covering the packaging of various memory chip types [18] - The growth in packaging orders is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [18] - Tongfu's breakthroughs in advanced packaging will adapt to the needs of high-end memory chips [18] Group 18 - Yitang Co. is a core domestic semiconductor equipment enterprise, focusing on thin film deposition and rapid thermal processing equipment [19] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [19] - Yitang's breakthroughs in 3D NAND-related equipment will adapt to the technical iteration needs of memory chips [19] Group 19 - Jingsheng Mechanical and Electrical is a leading domestic semiconductor silicon wafer equipment manufacturer, with its equipment integrated into the supply chain of leading memory manufacturers [20] - The demand for equipment orders is expected to grow due to the expansion of memory manufacturers and the increase in silicon wafer demand during the memory chip price increase cycle [20] - Jingsheng's breakthroughs in 300mm large silicon wafer equipment will adapt to the advanced process needs of domestic storage [20] Group 20 - Xichuang Data is a leading domestic storage module and smart terminal manufacturer, focusing on various storage modules for different applications [21] - The company is expected to benefit from the recovery in consumer electronics and the explosion of AI terminal demand during the memory chip price increase cycle [21] - Xichuang's layout in automotive-grade storage will further open up downstream application spaces [21] Group 21 - Shannon Chip is a leading domestic storage chip distribution and solution provider, focusing on distribution and technical services for storage chips [22] - The growth in distribution revenue is expected to be driven by the price increase of memory chips during the memory chip price increase cycle [22] - Shannon's layout in storage module solutions will enhance customer stickiness [22] Group 22 - Hushi Silicon Industry is a leading domestic semiconductor silicon wafer manufacturer, covering various specifications essential for memory chip manufacturing [23] - The demand for silicon wafers is expected to grow due to the expansion and technological upgrades of memory manufacturers during the memory chip price increase cycle [23] - Hushi's breakthroughs in 300mm large silicon wafers will adapt to the advanced process needs of domestic storage [23] Group 23 - Unisoc is a leading domestic security chip and storage chip manufacturer, focusing on eMMC and UFS [24] - The company is expected to benefit from the recovery in consumer electronics and the growth in security storage demand during the memory chip price increase cycle [24] - Unisoc's layout in automotive-grade storage chips will enhance its resilience against economic cycles [24] Group 24 - Fudan Microelectronics is a leading domestic FPGA and storage chip manufacturer, covering various storage chip types [25] - The growth in demand for storage products is expected to be driven by the increase in industrial control demand and the acceleration of domestic substitution during the memory chip price increase cycle [25] - Fudan's layout in automotive-grade storage chips will further open up downstream application spaces [25] Group 25 - Zhongke Feicai is a leading domestic semiconductor testing equipment manufacturer, covering testing equipment for memory and logic chips [26] - The demand for testing equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [26] - Zhongke's breakthroughs in 3D NAND testing technology will adapt to the technical iteration needs of memory chips [26] Group 26 - Huahai Qingke is a leading domestic chemical mechanical polishing (CMP) equipment manufacturer, with its CMP equipment integrated into the supply chain of leading memory manufacturers [27] - The demand for CMP equipment is expected to grow due to the expansion of memory manufacturers and the upgrade of advanced processes during the memory chip price increase cycle [27] - Huahai's breakthroughs in 3D NAND polishing technology will adapt to the technical iteration needs of memory chips [27]

Group 1 - The semiconductor ETF Southern (159325) opened with a gain of 0.79%, priced at 1.660 yuan [1] - Key holdings in the semiconductor ETF include: Cambrian rising by 1.05%, SMIC by 1.39%, Haiguang Information by 1.94%, Northern Huachuang by 1.05%, Zhaoyi Innovation by 3.75%, Lanke Technology by 3.86%, Zhongwei Company by 2.41%, OmniVision by 1.49%, Tuojing Technology by 2.02%, and Unisoc by 1.65% [1] - The performance benchmark for the semiconductor ETF is the CSI Semiconductor Industry Selected Index return, managed by Southern Fund Management Co., Ltd. [1] Group 2 - Since its establishment on October 31, 2024, the fund has achieved a return of 63.66%, with a monthly return of 9.52% [1]

Group 1 - The core point of the news is that Unisoc Microelectronics Co., Ltd. experienced a decline in stock price by 5.01%, trading at 79.90 yuan per share with a total market capitalization of 67.885 billion yuan as of the report date [1] - Unisoc's main business includes integrated circuit chip design and sales, development, production, and sales of piezoelectric quartz crystal components, and production and sales of LED sapphire substrate materials [1] - The revenue composition of Unisoc's main business is as follows: special integrated circuits 48.20%, smart security chips 45.78%, quartz crystal frequency devices 4.96%, and others 1.06% [1] Group 2 - From the perspective of fund holdings, Changxin Fund has one fund heavily invested in Unisoc, specifically the Changxin National Defense and Military Industry Quantitative Mixed A fund, which holds 2.2093 million shares, accounting for 5.05% of the fund's net value [2] - The Changxin National Defense and Military Industry Quantitative Mixed A fund has a total scale of 955 million yuan and has achieved a return of 6.42% this year, ranking 3586 out of 9000 in its category [2] - The fund has a one-year return of 65.6%, ranking 1001 out of 8193 in its category, and a cumulative return of 105.08% since its inception [2] Group 3 - The fund manager of the Changxin National Defense and Military Industry Quantitative Mixed A fund is Song Hai'an, who has been in the position for 7 years and 358 days [3] - Under Song Hai'an's management, the fund's total asset scale is 5.442 billion yuan, with the best fund return being 196.96% and the worst being -26.88% during his tenure [3]

Group 1 - The Integrated Circuit ETF (159546) opened down 3.02% at 2.084 yuan [1] - Major holdings in the ETF experienced declines, including Cambrian (down 0.79%), SMIC (down 1.28%), and others with significant drops such as Zhaoyi Innovation (down 4.47%) and Tongfu Microelectronics (down 2.88%) [1] - The ETF's performance benchmark is the CSI All-Share Integrated Circuit Index, managed by Guotai Fund Management Company, with a return of 115.09% since its inception on October 11, 2023, and a return of 15.33% over the past month [1]

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

今天不是 4 月 2 日，今日份趣图当属于这个了。 目前，英伟达市值约 5 万亿美元 ，而敢回答提问的公司 （紫光国微） 市值约 700 亿元人民币 ，也就 500 倍 的差距而已。 对了，前段时间某公司创始人， 叫板黄仁勋马斯克，1 年赶超英伟达！某 CEO 被员工怒怼：药磕多了 。 往期趣图 （点击下方图片可跳转阅读） ...

Core Viewpoint - The inquiry about Unisoc's potential acquisition of Nvidia highlights the vast disparity in market capitalization between the two companies, with Unisoc's market value being only a fraction of Nvidia's [1][2]. Company Overview - Unisoc is a leading player in the domestic semiconductor industry, part of the New Unisoc Group, with two main business segments: special integrated circuits for aerospace and military applications, and smart security chips used in mobile phones, bank cards, and automotive safety [1][2]. - As of January 30, Unisoc's market capitalization is 71.46 billion yuan [1]. Financial Analysis - As of June 30, Unisoc reported cash holdings of 1.935 billion yuan, which only covers 0.006% of Nvidia's market value [2][6]. - For the first half of 2025, Unisoc's net profit attributable to shareholders was 0.692 billion yuan, projecting an annual net profit of approximately 1.384 billion yuan if the same performance continues in the second half [2][6]. - It would take Unisoc approximately 23,482 years to accumulate enough funds to acquire Nvidia, assuming all profits are saved and not accounting for any acquisition premium [6][7]. Market Context - Nvidia's market value is currently 4.68 trillion yuan, approximately 32.5 trillion yuan, and continues to grow due to its expansion in AI and data center businesses [1][9]. - The historical context of Unisoc's parent company, New Unisoc Group, includes past ambitions to acquire TSMC, which ultimately did not materialize due to financial imprudence and resulted in significant debt [10][13].

（文章来源：第一财经） 紫光国微在互动平台表示，公司的存储产品主要应用于特种领域，受限于客户端的压力，短期内难以调 整存储芯片价格。针对存储芯片价格的波动，公司持续的通过优化产品结构、提升运营效率、拓展应用 场景等方式积极应对客户需求波动，并结合特种领域的技术要求与市场动态，制定适宜的产品定价策 略。 ...

证券日报网讯1月29日，紫光国微（002049）在互动平台回答投资者提问时表示，截至目前，公司暂无 收购英伟达(NVIDIA)的计划。 ...

证券日报网讯1月27日，紫光国微（002049）在互动平台回答投资者提问时表示，公司推出的全球首款 开放式架构安全芯片E450R产品和解决方案已获得中国银联芯片安全认证、中国银联嵌入式软件安全认 证、中国银联IC卡操作系统认证、国密二级、CCRC IT EAL5+(即CCRCEAL5+)等多项权威资质，获颁 中国首张"金融信息技术产品评估证书(自主可控能力一级)"，并于2025年6月成功商用，实现银行卡首 发，为金融安全开放架构的规模化落地树立了标杆。 ...