1284 lines
74 KiB
HTML
1284 lines
74 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>模拟芯片概念分析 - 国产替代与政策驱动的行业转折点</title>
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<link href="https://cdn.jsdelivr.net/npm/bootstrap@5.3.0/dist/css/bootstrap.min.css" rel="stylesheet">
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<link rel="stylesheet" href="https://cdn.jsdelivr.net/npm/bootstrap-icons@1.10.0/font/bootstrap-icons.css">
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<style>
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:root {
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--primary-color: #0d6efd;
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--secondary-color: #6c757d;
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--success-color: #198754;
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--info-color: #0dcaf0;
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--warning-color: #ffc107;
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--danger-color: #dc3545;
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--light-color: #f8f9fa;
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--dark-color: #212529;
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}
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body {
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font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;
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color: #333;
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background-color: #f8f9fa;
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}
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.hero-section {
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background: linear-gradient(135deg, #0d6efd 0%, #0a58ca 100%);
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color: white;
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padding: 4rem 0;
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margin-bottom: 3rem;
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}
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.section-title {
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font-weight: 600;
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margin-bottom: 2rem;
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position: relative;
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padding-bottom: 0.75rem;
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}
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.section-title::after {
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content: '';
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position: absolute;
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bottom: 0;
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left: 0;
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width: 60px;
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height: 3px;
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background-color: var(--primary-color);
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}
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.card {
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border: none;
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border-radius: 12px;
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box-shadow: 0 4px 6px rgba(0, 0, 0, 0.07);
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transition: transform 0.3s ease, box-shadow 0.3s ease;
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height: 100%;
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}
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.card:hover {
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transform: translateY(-5px);
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box-shadow: 0 8px 15px rgba(0, 0, 0, 0.1);
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}
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.card-header {
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background-color: transparent;
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border-bottom: 1px solid rgba(0, 0, 0, 0.05);
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font-weight: 600;
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}
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.timeline {
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position: relative;
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padding: 20px 0;
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}
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.timeline::before {
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content: '';
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position: absolute;
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top: 0;
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left: 15px;
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height: 100%;
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width: 2px;
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background: #e9ecef;
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}
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.timeline-item {
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position: relative;
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margin-left: 40px;
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padding-bottom: 30px;
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}
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.timeline-item::before {
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content: '';
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position: absolute;
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top: 0;
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left: -40px;
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width: 20px;
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height: 20px;
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border-radius: 50%;
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background: var(--primary-color);
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border: 4px solid #fff;
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box-shadow: 0 0 0 2px #e9ecef;
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}
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.stats-card {
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background: linear-gradient(135deg, #667eea 0%, #764ba2 100%);
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color: white;
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border-radius: 12px;
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padding: 1.5rem;
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margin-bottom: 1.5rem;
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}
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.stats-card h3 {
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font-size: 2.5rem;
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font-weight: 700;
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margin-bottom: 0.5rem;
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}
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.table-container {
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overflow-x: auto;
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margin-bottom: 3rem;
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}
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.table {
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min-width: 100%;
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}
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.table th {
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background-color: #f8f9fa;
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border-top: none;
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font-weight: 600;
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color: #495057;
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position: sticky;
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top: 0;
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z-index: 10;
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}
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.badge-category {
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font-size: 0.75rem;
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padding: 0.35em 0.65em;
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font-weight: 500;
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}
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.highlight-row {
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background-color: rgba(13, 110, 253, 0.05);
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}
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.risk-card {
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border-left: 4px solid var(--danger-color);
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}
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.opportunity-card {
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border-left: 4px solid var(--success-color);
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}
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.nav-pills .nav-link {
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border-radius: 20px;
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padding: 0.5rem 1.5rem;
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margin-right: 0.5rem;
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font-weight: 500;
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}
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.nav-pills .nav-link.active {
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background-color: var(--primary-color);
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}
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@media (max-width: 768px) {
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.hero-section {
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padding: 2rem 0;
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}
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.stats-card h3 {
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font-size: 2rem;
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}
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.table-container {
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font-size: 0.875rem;
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}
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}
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</style>
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</head>
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<body>
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<!-- 导航栏 -->
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<nav class="navbar navbar-expand-lg navbar-dark bg-primary sticky-top">
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<div class="container">
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<a class="navbar-brand fw-bold" href="#">模拟芯片概念分析</a>
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<button class="navbar-toggler" type="button" data-bs-toggle="collapse" data-bs-target="#navbarNav">
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<span class="navbar-toggler-icon"></span>
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</button>
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<div class="collapse navbar-collapse" id="navbarNav">
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<ul class="navbar-nav ms-auto">
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<li class="nav-item"><a class="nav-link" href="#overview">概述</a></li>
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<li class="nav-item"><a class="nav-link" href="#timeline">事件时间轴</a></li>
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<li class="nav-item"><a class="nav-link" href="#analysis">核心分析</a></li>
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<li class="nav-item"><a class="nav-link" href="#stocks">股票数据</a></li>
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<li class="nav-item"><a class="nav-link" href="#risks">风险与机遇</a></li>
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</ul>
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</div>
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</div>
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</nav>
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<!-- 头部英雄区域 -->
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<section class="hero-section">
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<div class="container">
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<div class="row align-items-center">
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<div class="col-lg-8">
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<h1 class="display-4 fw-bold mb-4">模拟芯片：国产替代与政策驱动的行业转折点</h1>
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<p class="lead mb-4">行业正处于触底回升的关键转折点，已从主题炒作阶段进入基本面驱动阶段。反倾销调查政策与国产替代进程形成双重驱动力，为国内龙头企业带来盈利能力修复和市场份额提升的双重机遇。</p>
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<div class="d-flex flex-wrap gap-3">
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<span class="badge bg-light text-primary fs-6"><i class="bi bi-graph-up me-1"></i> 行业复苏</span>
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<span class="badge bg-light text-primary fs-6"><i class="bi bi-shield-check me-1"></i> 国产替代</span>
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<span class="badge bg-light text-primary fs-6"><i class="bi bi-building me-1"></i> 政策支持</span>
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<span class="badge bg-light text-primary fs-6"><i class="bi bi-arrow-repeat me-1"></i> 行业整合</span>
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</div>
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</div>
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<div class="col-lg-4 text-center">
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<div class="stats-card">
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<h3>37%</h3>
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<p>美国模拟芯片进口量累计增长</p>
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</div>
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<div class="stats-card">
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<h3>52%</h3>
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<p>美国模拟芯片进口价格累计下降</p>
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</div>
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</div>
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</div>
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</div>
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</section>
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<div class="container">
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<!-- 概述部分 -->
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<section id="overview" class="mb-5">
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<h2 class="section-title">核心观点摘要</h2>
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<div class="card">
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<div class="card-body">
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<p class="lead mb-4">模拟芯片行业正处于触底回升的关键转折点，国产替代与政策支持形成双重驱动力。行业已度过最困难的去库存和价格战阶段，随着需求回暖和供给侧格局优化，国内龙头企业有望迎来盈利能力修复和市场份额提升的双重机遇。</p>
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<div class="row g-4">
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<div class="col-md-4">
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<div class="card h-100">
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<div class="card-body">
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<div class="d-flex align-items-center mb-3">
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<div class="bg-primary bg-opacity-10 rounded-circle p-3 me-3">
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<i class="bi bi-graph-up-arrow text-primary fs-4"></i>
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</div>
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<h5 class="card-title mb-0">行业复苏</h5>
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</div>
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<p class="card-text">2024年Q2出货量比Q1增长率预计超过30%，需求确实在回暖。下游客户已完成去库存，行业复苏信号明确。</p>
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</div>
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</div>
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</div>
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<div class="col-md-4">
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<div class="card h-100">
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<div class="card-body">
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<div class="d-flex align-items-center mb-3">
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<div class="bg-success bg-opacity-10 rounded-circle p-3 me-3">
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<i class="bi bi-shield-check text-success fs-4"></i>
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</div>
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<h5 class="card-title mb-0">国产替代</h5>
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</div>
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<p class="card-text">TI在华份额已降至9%，约80%客户有国产化要求。国产替代进程明显加快，从对国产产品不感兴趣到现在主动寻求替代方案。</p>
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</div>
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</div>
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</div>
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<div class="col-md-4">
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<div class="card h-100">
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<div class="card-body">
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<div class="d-flex align-items-center mb-3">
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<div class="bg-warning bg-opacity-10 rounded-circle p-3 me-3">
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<i class="bi bi-building text-warning fs-4"></i>
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</div>
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<h5 class="card-title mb-0">政策支持</h5>
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</div>
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<p class="card-text">商务部对原产于美国的进口相关模拟芯片发起反倾销立案调查，直接缓解了国内厂商面临的低价竞争压力。</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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</section>
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<!-- 事件时间轴 -->
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<section id="timeline" class="mb-5">
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<h2 class="section-title">重要事件时间轴</h2>
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<div class="card">
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<div class="card-body">
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<div class="timeline">
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<div class="timeline-item">
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<h5>2018-2019年</h5>
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<p class="mb-1">美国将华为列入实体清单，TI和ADI等断供华为，国产厂商顺势切入。</p>
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</div>
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<div class="timeline-item">
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<h5>2021年</h5>
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<p class="mb-1">涨价情况有部分风险需消化，长期呈现稳定提升趋势。</p>
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</div>
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<div class="timeline-item">
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<h5>2022年Q4</h5>
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<p class="mb-1">TI开始降价策略，为夺回2021年因缺货丢失的份额。</p>
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</div>
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<div class="timeline-item">
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<h5>2023年</h5>
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<p class="mb-1">中国本土模拟芯片价格自高点下跌27%。</p>
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</div>
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<div class="timeline-item">
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<h5>2024年</h5>
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<p class="mb-1">价格仅下调8%，较2023年的大幅降价有所缓和。</p>
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</div>
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<div class="timeline-item">
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<h5>2024年Q2</h5>
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<p class="mb-1">出货量比Q1增长率预计超过30%，需求确实在回暖。</p>
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</div>
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<div class="timeline-item">
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<h5>2025年1月</h5>
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<p class="mb-1">商务部表示美国成熟制程芯片低价冲击国内市场，将依法启动调查。</p>
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</div>
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<div class="timeline-item">
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<h5>2025年4月</h5>
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<p class="mb-1">中国对美加关税的集成电路原产地认定方式确认为晶圆制造地，将加速半导体国产替代。</p>
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</div>
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<div class="timeline-item">
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<h5 class="text-primary fw-bold">2025年9月13日</h5>
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<p class="mb-1"><strong>商务部对原产于美国的进口相关模拟芯片发起反倾销立案调查</strong>，调查范围主要为接口芯片和栅极驱动芯片。</p>
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</div>
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</div>
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</div>
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</div>
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</section>
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<!-- 核心分析 -->
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<section id="analysis" class="mb-5">
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<h2 class="section-title">核心逻辑与市场认知分析</h2>
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<ul class="nav nav-pills mb-4" id="analysisTabs" role="tablist">
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<li class="nav-item" role="presentation">
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<button class="nav-link active" id="drivers-tab" data-bs-toggle="pill" data-bs-target="#drivers" type="button">核心驱动力</button>
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</li>
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<li class="nav-item" role="presentation">
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<button class="nav-link" id="market-tab" data-bs-toggle="pill" data-bs-target="#market" type="button">市场热度</button>
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</li>
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<li class="nav-item" role="presentation">
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<button class="nav-link" id="industry-tab" data-bs-toggle="pill" data-bs-target="#industry" type="button">产业链分析</button>
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</li>
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</ul>
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<div class="tab-content" id="analysisTabsContent">
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<div class="tab-pane fade show active" id="drivers" role="tabpanel">
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<div class="row g-4">
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<div class="col-md-6">
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<div class="card h-100">
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<div class="card-header bg-primary text-white">
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<h5 class="mb-0"><i class="bi bi-building me-2"></i>政策驱动</h5>
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</div>
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<div class="card-body">
|
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<p>商务部对原产于美国的进口相关模拟芯片发起反倾销立案调查，直接缓解了国内厂商面临的低价竞争压力。</p>
|
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<ul>
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<li>2022至2024年，调查产品自美进口量累计增长<strong>37%</strong></li>
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<li>进口价格累计下降<strong>52%</strong></li>
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<li>表明美国厂商确实存在倾销行为</li>
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</ul>
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||
</div>
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||
</div>
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||
</div>
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||
<div class="col-md-6">
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<div class="card h-100">
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<div class="card-header bg-success text-white">
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<h5 class="mb-0"><i class="bi bi-shield-check me-2"></i>国产替代加速</h5>
|
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</div>
|
||
<div class="card-body">
|
||
<p>中国本土模拟芯片厂商持续蚕食市场份额，TI在华份额已降至<strong>9%</strong>。</p>
|
||
<ul>
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<li>约<strong>80%</strong>客户有国产化要求</li>
|
||
<li>从对国产产品不感兴趣到现在主动寻求替代方案</li>
|
||
<li>国产替代已成为行业发展的主要驱动力</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6">
|
||
<div class="card h-100">
|
||
<div class="card-header bg-info text-white">
|
||
<h5 class="mb-0"><i class="bi bi-graph-up me-2"></i>行业周期复苏</h5>
|
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</div>
|
||
<div class="card-body">
|
||
<p>模拟芯片行业目前处于第四轮科技周期的末期，同时也是新一轮科技周期的起点。</p>
|
||
<ul>
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<li>库存端已见底，处于正常状态</li>
|
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<li>价格端已建立很多公司的收入水平</li>
|
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<li>2024年Q2出货量比Q1增长率预计超过<strong>30%</strong></li>
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||
</ul>
|
||
</div>
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||
</div>
|
||
</div>
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<div class="col-md-6">
|
||
<div class="card h-100">
|
||
<div class="card-header bg-warning text-dark">
|
||
<h5 class="mb-0"><i class="bi bi-lightning me-2"></i>下游应用拓展</h5>
|
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</div>
|
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<div class="card-body">
|
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<p>汽车电动化和智能化、通信技术发展（5G等）、物联网终端等新兴应用领域带动模拟芯片需求增长。</p>
|
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<ul>
|
||
<li>汽车电子领域需求最火热，出货量同比增长</li>
|
||
<li>2022年汽车专用模拟芯片市场规模达<strong>138亿美元</strong></li>
|
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<li>同比增长<strong>17%</strong></li>
|
||
</ul>
|
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</div>
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</div>
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</div>
|
||
</div>
|
||
</div>
|
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|
||
<div class="tab-pane fade" id="market" role="tabpanel">
|
||
<div class="row g-4">
|
||
<div class="col-md-6">
|
||
<div class="card opportunity-card">
|
||
<div class="card-body">
|
||
<h5 class="card-title"><i class="bi bi-emoji-smile text-success me-2"></i>乐观因素</h5>
|
||
<ul>
|
||
<li>反倾销调查政策出台，被市场解读为重大利好</li>
|
||
<li>直接利好纳芯微（反倾销相关产品营收占比或达<strong>50%</strong>）</li>
|
||
<li>思瑞浦（反倾销相关产品营收占比或达<strong>35%</strong>）等企业</li>
|
||
<li>行业复苏信号明确，需求回暖</li>
|
||
<li>国产替代进程加速，市场份额持续提升</li>
|
||
<li>一线品牌价格稳定，圣邦微、杰华特等一线品牌已不再跟随价格战内卷</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6">
|
||
<div class="card risk-card">
|
||
<div class="card-body">
|
||
<h5 class="card-title"><i class="bi bi-emoji-frown text-danger me-2"></i>谨慎因素</h5>
|
||
<ul>
|
||
<li>高库存水平与需求恢复迟缓将继续压制中国本土厂商ASP上涨的可能性</li>
|
||
<li>中国Fabless企业1Q25库存高达<strong>187天</strong>，远超疫情前约<strong>100天</strong>的平均水平</li>
|
||
<li>中美PMI数据疲软，未显示强劲复苏信号</li>
|
||
<li>国内厂商在汽车电子、高端工业电源、服务器等高端市场与国际巨头仍有差距</li>
|
||
<li>TI拥有<strong>8-10万</strong>个料号，而盛邦微不到<strong>5000</strong>颗料号</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="card mt-4">
|
||
<div class="card-header bg-secondary text-white">
|
||
<h5 class="mb-0"><i class="bi bi-exclamation-triangle me-2"></i>预期差分析</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="row g-3">
|
||
<div class="col-md-4">
|
||
<div class="border rounded p-3">
|
||
<h6 class="fw-bold">高端市场替代难度被低估</h6>
|
||
<p class="small mb-0">国内汽车芯片国产化率不足<strong>5%-3%</strong>，而TI和ADI来自工业、汽车的收入占比均超过<strong>70%</strong>。</p>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4">
|
||
<div class="border rounded p-3">
|
||
<h6 class="fw-bold">价格战影响被低估</h6>
|
||
<p class="small mb-0">TI宣布可在通用模拟芯片方面无底线降价，且国内厂商间也存在激烈的价格竞争。</p>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4">
|
||
<div class="border rounded p-3">
|
||
<h6 class="fw-bold">行业整合速度被低估</h6>
|
||
<p class="small mb-0">预计下半年至明年将有多家二三线厂商破产注销。国内有<strong>四五百家</strong>专门做模拟芯片的公司。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="tab-pane fade" id="industry" role="tabpanel">
|
||
<div class="card mb-4">
|
||
<div class="card-body">
|
||
<h5 class="card-title mb-4">产业链图谱</h5>
|
||
<div class="row text-center">
|
||
<div class="col-md-4 mb-3">
|
||
<div class="bg-light rounded p-4">
|
||
<h6 class="fw-bold text-primary">上游</h6>
|
||
<p class="small mb-2">晶圆制造、封装测试</p>
|
||
<div class="d-flex justify-content-center flex-wrap gap-2">
|
||
<span class="badge bg-secondary">中芯国际</span>
|
||
<span class="badge bg-secondary">华虹宏力</span>
|
||
<span class="badge bg-secondary">华润微</span>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4 mb-3">
|
||
<div class="bg-light rounded p-4">
|
||
<h6 class="fw-bold text-success">中游</h6>
|
||
<p class="small mb-2">模拟芯片设计企业</p>
|
||
<div class="d-flex justify-content-center flex-wrap gap-2">
|
||
<span class="badge bg-secondary">圣邦股份</span>
|
||
<span class="badge bg-secondary">思瑞浦</span>
|
||
<span class="badge bg-secondary">纳芯微</span>
|
||
<span class="badge bg-secondary">杰华特</span>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4 mb-3">
|
||
<div class="bg-light rounded p-4">
|
||
<h6 class="fw-bold text-info">下游</h6>
|
||
<p class="small mb-2">应用领域</p>
|
||
<div class="d-flex justify-content-center flex-wrap gap-2">
|
||
<span class="badge bg-secondary">消费电子</span>
|
||
<span class="badge bg-secondary">汽车电子</span>
|
||
<span class="badge bg-secondary">工业控制</span>
|
||
<span class="badge bg-secondary">通信设备</span>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="card">
|
||
<div class="card-header bg-dark text-white">
|
||
<h5 class="mb-0"><i class="bi bi-building me-2"></i>核心玩家对比</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="table-responsive">
|
||
<table class="table table-hover">
|
||
<thead>
|
||
<tr>
|
||
<th>公司</th>
|
||
<th>竞争优势</th>
|
||
<th>业务进展</th>
|
||
<th>潜在风险</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td class="fw-bold">圣邦股份</td>
|
||
<td>国内模拟芯片龙头企业，平台型发展，料号数量最全(不到5000颗)</td>
|
||
<td>从手机起步，已发展电源管理、信号链、射频等产品。现有10颗车规认证产品，预计2024年超100颗</td>
|
||
<td>面临TI等国际巨头的价格竞争压力；在高端市场与国际巨头仍有差距</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="fw-bold">思瑞浦</td>
|
||
<td>"北盛邦微南思瑞浦"格局，为抢占市场，报价常低于竞争对手</td>
|
||
<td>已拥有自主研发的高压隔离技术，高可靠性CAN接口芯片技术。2024年推出了栅极驱动等产品</td>
|
||
<td>价格竞争激烈，毛利率下降；费用端大幅增长，利润释放有限</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="fw-bold">纳芯微</td>
|
||
<td>在隔离芯片、高压BCD工艺在车规领域广泛布局</td>
|
||
<td>在通用接口方向，推出车规级CAN SIC接口芯片以及工业485接口芯片。第二代隔离栅极驱动产品已开始大规模出货</td>
|
||
<td>价格竞争激烈，毛利率下降；费用端大幅增长，利润释放有限</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="fw-bold">杰华特</td>
|
||
<td>在DCDC、BMS领域有优势，车规级产品有亮点</td>
|
||
<td>约3000家潜在客户，但仅200多家接单，其中25家占业绩90%。DR MOS、多相控制器在服务器领域表现好</td>
|
||
<td>面临TI等国际巨头的价格竞争压力；客户集中度高，风险较大</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 股票数据表格 -->
|
||
<section id="stocks" class="mb-5">
|
||
<h2 class="section-title">模拟芯片概念股票数据</h2>
|
||
<div class="card">
|
||
<div class="card-body">
|
||
<div class="table-container">
|
||
<table class="table table-striped table-hover">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>分类</th>
|
||
<th>细分领域</th>
|
||
<th>相关性描述</th>
|
||
<th>营收占比</th>
|
||
<th>营收金额</th>
|
||
<th>来源</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="highlight-row">
|
||
<td><strong>纳芯微</strong></td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>第二代隔离栅极驱动产品已开始大规模出货；反倾销相关产品营收占比或达50%</td>
|
||
<td>50%</td>
|
||
<td>-</td>
|
||
<td>公告/研报</td>
|
||
</tr>
|
||
<tr class="highlight-row">
|
||
<td><strong>思瑞浦</strong></td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年推出了栅极驱动等产品；反倾销相关产品营收占比或达35%</td>
|
||
<td>35%</td>
|
||
<td>-</td>
|
||
<td>公告/研报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>杰华特</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>异腾唯一国产DrMOS+多相控制器供应商</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>纪要</td>
|
||
</tr>
|
||
<tr>
|
||
<td>锴威特</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>已开发栅极驱动芯片20余款，隔离型栅极驱动芯片正在试制中</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>必易微</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>公司已发布首款隔离式栅极驱动芯片，进入多家客户导入阶段</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>半年报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>闻泰科技</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>公司围绕AI电源及车规应用两大核心应用场景，近期密集发布了包括栅极驱动等新产品</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>调研</td>
|
||
</tr>
|
||
<tr>
|
||
<td>中微半导</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>公司栅极驱动IC主要为电机驱动IC</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>新洁能</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>旗下国硅集成电路公司产品包括：栅极驱动控制IC芯片</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>振华风光</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>在栅极驱动器方面，研发了多款驱动类产品</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>华润微</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>公司完成全系列栅极驱动产品布局，成功导入头部客户供应链</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>半年报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>斯达半导</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>产品覆盖汽车级与工业级MCU、栅极驱动IC芯片</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>半年报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>电科芯片</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>针对低压锂电电动工具开发的40V三相栅极驱动芯片获得头部客户300万只订单</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>半年报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>圣邦股份</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>公司推出了具有负输入电压能力的高速低边栅极驱动器</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>年报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>纳思达</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>子公司极海微在工业领域推出首款GHD3440电机专用栅极驱动器</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>新雷能</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>公司栅极驱动器芯片产品包括半桥、全桥、三相全桥等系列产品</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>上海贝岭</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>栅极驱动芯片</td>
|
||
<td>在新能源汽车主驱领域，公司开发有栅极驱动等产品</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>南芯科技</strong></td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理产品营收25.63亿，占比98.33%</td>
|
||
<td>98.33%</td>
|
||
<td>25.63亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>圣邦股份</strong></td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理产品营收21.82亿，占比65.18%；2025H1（11.23亿）</td>
|
||
<td>65.18%</td>
|
||
<td>21.82亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>杰华特</strong></td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理产品营收16.46亿，占比98.05%；2025H1（11.05亿）</td>
|
||
<td>98.05%</td>
|
||
<td>16.46亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>英集芯</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理产品营收10.63亿，占比74.33%；2025H1（4.57亿）</td>
|
||
<td>74.33%</td>
|
||
<td>10.63亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>芯朋微</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理产品合计营收7.95亿，占比82.38%</td>
|
||
<td>82.38%</td>
|
||
<td>7.95亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>纳芯微</strong></td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理产品营收7.03亿，占比35.87%；2025H1（5.19亿）</td>
|
||
<td>35.87%</td>
|
||
<td>7.03亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>力芯微</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理产品营收6.08亿，占比77.25%</td>
|
||
<td>77.25%</td>
|
||
<td>6.08亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>赛微微电</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理产品营收3.93亿，占比99.97%；其中电池安全芯片占比46.6%</td>
|
||
<td>99.97%</td>
|
||
<td>3.93亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>富满微</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理产品（不含LED）营收3.37亿，占比49.39%；2025H1（1.47亿）</td>
|
||
<td>49.39%</td>
|
||
<td>3.37亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>雅创电子</td>
|
||
<td><span class="badge badge-category bg-primary">电源管理芯片</span></td>
|
||
<td>电源类营收</td>
|
||
<td>2024年电源管理IC设计营收3.48亿，占比9.65%；2025H1（1.5亿）</td>
|
||
<td>9.65%</td>
|
||
<td>3.48亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>晶丰明源</td>
|
||
<td><span class="badge badge-category bg-warning">LED驱动</span></td>
|
||
<td>LED驱动芯片</td>
|
||
<td>2024年LED照明驱动芯片营收8.69亿，占比57.76%；2025H1（3.76亿）</td>
|
||
<td>57.76%</td>
|
||
<td>8.69亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>富满微</td>
|
||
<td><span class="badge badge-category bg-warning">LED驱动</span></td>
|
||
<td>LED驱动芯片</td>
|
||
<td>2024年LED照明驱动芯片营收1.72亿，占比25.24%；2025H1（1.23亿）</td>
|
||
<td>25.24%</td>
|
||
<td>1.72亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>格科微</td>
|
||
<td><span class="badge badge-category bg-info">显示驱动</span></td>
|
||
<td>显示驱动芯片</td>
|
||
<td>2024年显示驱动芯片营收13.56亿，占比21.25%；2025H1（7.06亿）</td>
|
||
<td>21.25%</td>
|
||
<td>13.56亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>汇成股份</td>
|
||
<td><span class="badge badge-category bg-info">显示驱动</span></td>
|
||
<td>显示驱动芯片</td>
|
||
<td>2024年显示驱动芯片封测营收13.57亿，占比90.38%；2025H1（7.82亿）</td>
|
||
<td>90.38%</td>
|
||
<td>13.57亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>天德钰</td>
|
||
<td><span class="badge badge-category bg-info">显示驱动</span></td>
|
||
<td>显示驱动芯片</td>
|
||
<td>2024年显示驱动芯片营收16.14亿，占比76.81%</td>
|
||
<td>76.81%</td>
|
||
<td>16.14亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>新相微</td>
|
||
<td><span class="badge badge-category bg-info">显示驱动</span></td>
|
||
<td>显示驱动芯片</td>
|
||
<td>2024年显示芯片营收合计5.07亿，占比100%；2025H1（2.75亿）</td>
|
||
<td>100%</td>
|
||
<td>5.07亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>龙迅股份</td>
|
||
<td><span class="badge badge-category bg-info">显示驱动</span></td>
|
||
<td>显示驱动芯片</td>
|
||
<td>2024年高清视频桥接及处理芯片4.26亿，占比91.35%；2025H1（2.33亿）</td>
|
||
<td>91.35%</td>
|
||
<td>4.26亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>明微电子</td>
|
||
<td><span class="badge badge-category bg-info">显示驱动</span></td>
|
||
<td>显示驱动芯片</td>
|
||
<td>2024年显示驱动芯片营收3.97亿，占比65.4%；2025H1（1.86亿）</td>
|
||
<td>65.4%</td>
|
||
<td>3.97亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>圣邦股份</strong></td>
|
||
<td><span class="badge badge-category bg-success">信号链芯片</span></td>
|
||
<td>信号链营收</td>
|
||
<td>2024年信号链产品营收11.65亿，占比34.82%；2025H1（6.92亿）</td>
|
||
<td>34.82%</td>
|
||
<td>11.65亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>思瑞浦</strong></td>
|
||
<td><span class="badge badge-category bg-success">信号链芯片</span></td>
|
||
<td>信号链营收</td>
|
||
<td>2024年信号链产品营收9.75亿，占比79.91%；2025H1（6.43亿）</td>
|
||
<td>79.91%</td>
|
||
<td>9.75亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>纳芯微</strong></td>
|
||
<td><span class="badge badge-category bg-success">信号链芯片</span></td>
|
||
<td>信号链营收</td>
|
||
<td>2024年信号链产品营收9.63亿，占比49.14%；2025H1（5.86亿）</td>
|
||
<td>49.14%</td>
|
||
<td>9.63亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>帝奥微</td>
|
||
<td><span class="badge badge-category bg-success">信号链芯片</span></td>
|
||
<td>信号链营收</td>
|
||
<td>2024年信号链产品营收2.5亿，占比47.51%；2025H1（1.48亿）</td>
|
||
<td>47.51%</td>
|
||
<td>2.5亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>上海贝岭</td>
|
||
<td><span class="badge badge-category bg-success">信号链芯片</span></td>
|
||
<td>信号链营收</td>
|
||
<td>信号链芯片是公司三大主要产品之一</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr class="highlight-row">
|
||
<td><strong>纳芯微</strong></td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>通用接口</td>
|
||
<td>在通用接口方向，公司推出车规级CAN SIC接口芯片以及工业485接口芯片；反倾销相关产品营收占比或达50%</td>
|
||
<td>50%</td>
|
||
<td>-</td>
|
||
<td>公告/研报</td>
|
||
</tr>
|
||
<tr class="highlight-row">
|
||
<td><strong>思瑞浦</strong></td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>高压隔离</td>
|
||
<td>公司已拥有自主研发的高压隔离技术，高可靠性CAN接口芯片技术；反倾销相关产品营收占比或达35%</td>
|
||
<td>35%</td>
|
||
<td>-</td>
|
||
<td>半年报/研报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>美芯晟</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>信号链产品</td>
|
||
<td>公司现有信号链产品包括CAN/CAN SBC等接口芯片</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td>杰华特</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>高速接口芯片</td>
|
||
<td>公司主要产品包括高速接口芯片</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告/纪要</td>
|
||
</tr>
|
||
<tr>
|
||
<td>帝奥微</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>USB接口芯片</td>
|
||
<td>公司在移动通讯市场的USB接口芯片拥有主流市场地位</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td>南芯科技</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>CAN/LIN接口芯片</td>
|
||
<td>产品包括CAN/LIN接口芯片</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>力合微</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>PLC智能设备</td>
|
||
<td>PLBUS PLC智能设备电力线通信通用接口</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>振芯科技</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>集成电路产品</td>
|
||
<td>公司自主设计研制的集成电路产品包括通用接口</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td>瑞芯微</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>汽车电子接口芯片</td>
|
||
<td>汽车电子接口芯片</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>半年报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>必易微</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>USB/Type-C/隔离RS-232/485/隔离CAN</td>
|
||
<td>公司在USB&Type-C、I2C、隔离RS-232/485、隔离CAN等不同接口标准均有布局</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>半年报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>艾为电子</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>信号链产品</td>
|
||
<td>公司信号链产品包括接口芯片</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>半年报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>诺瓦星云</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>高速接口芯片</td>
|
||
<td>已推出高速接口芯片</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>互动</td>
|
||
</tr>
|
||
<tr>
|
||
<td>国芯科技</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>通用接口芯片</td>
|
||
<td>具有通信接口芯片的套片优势</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>调研</td>
|
||
</tr>
|
||
<tr>
|
||
<td>芯原股份</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>数模混合IP</td>
|
||
<td>在研项目数模混合IP，大部分IP已得到量产验证，其中IP平台包括通用接口IP</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>安路科技</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>IP及参考设计</td>
|
||
<td>公司推出的IP及参考设计，包括通用接口等领域</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>公告</td>
|
||
</tr>
|
||
<tr>
|
||
<td>海光信息</td>
|
||
<td><span class="badge badge-category bg-danger">接口芯片</span></td>
|
||
<td>通用接口等</td>
|
||
<td>公司有各类通用接口等关键IP与电路系统的设计能力</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>半年报</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>卓胜微</strong></td>
|
||
<td><span class="badge badge-category bg-secondary">射频芯片</span></td>
|
||
<td>射频产品</td>
|
||
<td>2024年射频产品营收43.96亿，占比97.96%；2025H1（16.55亿）</td>
|
||
<td>97.96%</td>
|
||
<td>43.96亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>唯捷创芯</td>
|
||
<td><span class="badge badge-category bg-secondary">射频芯片</span></td>
|
||
<td>射频产品</td>
|
||
<td>2024年射频产品营收16.63亿，占比79.08%；2025H1（7.89亿）</td>
|
||
<td>79.08%</td>
|
||
<td>16.63亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>慧智微</td>
|
||
<td><span class="badge badge-category bg-secondary">射频芯片</span></td>
|
||
<td>射频产品</td>
|
||
<td>2024年射频产品营收5.23亿，占比99.81%；2025H1（3.54亿）</td>
|
||
<td>99.81%</td>
|
||
<td>5.23亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>润欣科技</td>
|
||
<td><span class="badge badge-category bg-secondary">射频芯片</span></td>
|
||
<td>射频产品</td>
|
||
<td>2024年射频产品营收3.62亿，占比13.94%；2025H1（1.63亿）</td>
|
||
<td>13.94%</td>
|
||
<td>3.62亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>经纬辉开</td>
|
||
<td><span class="badge badge-category bg-secondary">射频芯片</span></td>
|
||
<td>射频产品</td>
|
||
<td>诺思（公司参股34%+）拥有国内唯一6英寸ICBAR专用滤波芯片生产线</td>
|
||
<td>-</td>
|
||
<td>-</td>
|
||
<td>调研/官网</td>
|
||
</tr>
|
||
<tr>
|
||
<td>豪威集团</td>
|
||
<td><span class="badge badge-category bg-dark">图像传感芯片</span></td>
|
||
<td>图像传感器业务</td>
|
||
<td>2024年图像传感器业务营收191.90亿，占比74.58%</td>
|
||
<td>74.58%</td>
|
||
<td>191.90亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>思特威</td>
|
||
<td><span class="badge badge-category bg-dark">图像传感芯片</span></td>
|
||
<td>图像传感器业务</td>
|
||
<td>2024年图像传感器业务营收59.58亿，占比100%</td>
|
||
<td>100%</td>
|
||
<td>59.58亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
<tr>
|
||
<td>格科微</td>
|
||
<td><span class="badge badge-category bg-dark">图像传感芯片</span></td>
|
||
<td>图像传感器业务</td>
|
||
<td>2024年图像传感器业务营收合计50.24亿，占比78.7%</td>
|
||
<td>78.7%</td>
|
||
<td>50.24亿</td>
|
||
<td>财报</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 风险与机遇 -->
|
||
<section id="risks" class="mb-5">
|
||
<h2 class="section-title">风险与投资启示</h2>
|
||
|
||
<div class="row g-4 mb-4">
|
||
<div class="col-md-6">
|
||
<div class="card risk-card h-100">
|
||
<div class="card-header bg-danger text-white">
|
||
<h5 class="mb-0"><i class="bi bi-exclamation-triangle me-2"></i>潜在风险</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="mb-3">
|
||
<h6 class="fw-bold">技术风险</h6>
|
||
<ul>
|
||
<li>高端技术差距：国内厂商在汽车电子、高端工业电源、服务器等高端市场与国际巨头仍有明显差距</li>
|
||
<li>车规级产品认证难度大：车规级产品需要通过AEC-Q100等严格认证，认证周期长，投入大</li>
|
||
<li>工艺理解要求高：模拟电路设计对工艺理解要求高，需要长期经验积累</li>
|
||
</ul>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6 class="fw-bold">商业化风险</h6>
|
||
<ul>
|
||
<li>价格竞争激烈：TI宣布可在通用模拟芯片方面无底线降价，且国内厂商间也存在激烈的价格竞争</li>
|
||
<li>客户集中度高：部分国内厂商客户集中度高，增加了经营风险</li>
|
||
<li>需求恢复不及预期：中美PMI数据疲软，未显示强劲复苏信号</li>
|
||
</ul>
|
||
</div>
|
||
<div>
|
||
<h6 class="fw-bold">政策与竞争风险</h6>
|
||
<ul>
|
||
<li>国际贸易摩擦加剧：可能带来不确定性</li>
|
||
<li>国际巨头反击：TI等国际巨头通过12寸晶圆厂降低成本，发动价格战以夺回市场份额</li>
|
||
<li>行业整合不确定性：行业整合过程存在不确定性，可能带来市场波动</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="col-md-6">
|
||
<div class="card opportunity-card h-100">
|
||
<div class="card-header bg-success text-white">
|
||
<h5 class="mb-0"><i class="bi bi-lightbulb me-2"></i>投资启示</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="mb-3">
|
||
<h6 class="fw-bold">最具投资价值的细分环节或方向</h6>
|
||
<ul>
|
||
<li><strong>平台型企业</strong>：如圣邦股份，产品线最全，覆盖电源管理、信号链、射频等多个领域，抗风险能力强，长期成长性好</li>
|
||
<li><strong>汽车电子领域</strong>：如纳芯微，在隔离芯片、高压BCD工艺在车规领域广泛布局，受益于汽车电动化和智能化趋势</li>
|
||
<li><strong>接口芯片和栅极驱动芯片</strong>：如思瑞浦、纳芯微，直接受益于反倾销调查政策，市场份额有望快速提升</li>
|
||
<li><strong>服务器电源管理</strong>：如杰华特，异腾唯一国产DrMOS+多相控制器供应商，受益于AI服务器需求增长</li>
|
||
</ul>
|
||
</div>
|
||
<div>
|
||
<h6 class="fw-bold">需要重点跟踪和验证的关键指标</h6>
|
||
<ul>
|
||
<li><strong>出货量增长率</strong>：持续跟踪各季度出货量增长率，验证行业复苏趋势</li>
|
||
<li><strong>库存水平</strong>：关注中国Fabless企业库存天数变化，验证库存消化进度</li>
|
||
<li><strong>价格走势</strong>：关注各类模拟芯片价格变化，特别是高端产品价格走势</li>
|
||
<li><strong>毛利率变化</strong>：关注国内模拟芯片厂商毛利率变化，验证盈利能力修复情况</li>
|
||
<li><strong>国产替代进度</strong>：关注国内厂商在汽车电子、高端工业电源、服务器等高端市场的替代进度</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="card">
|
||
<div class="card-body">
|
||
<h5 class="card-title mb-4">综合结论</h5>
|
||
<p class="lead mb-3">模拟芯片行业正处于触底回升的关键转折点，已从主题炒作阶段进入基本面驱动阶段。行业已度过最困难的去库存和价格战阶段，随着需求回暖和供给侧格局优化，国内龙头企业有望迎来盈利能力修复和市场份额提升的双重机遇。</p>
|
||
<p>反倾销调查政策的出台将进一步加速国产替代进程，为国内模拟芯片厂商创造更有利的竞争环境。然而，行业仍面临价格竞争、高端市场替代难度大、库存消化缓慢等挑战，行业整合加速将带来市场格局的重塑。</p>
|
||
<div class="alert alert-info mt-4 mb-0">
|
||
<i class="bi bi-info-circle me-2"></i>
|
||
<strong>推荐顺序：</strong>圣邦股份、思瑞浦、纳芯微等平台型企业和在细分领域具有竞争优势的企业，同时密切关注行业复苏进度、价格走势、国产替代进度等关键指标的变化。
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
</div>
|
||
|
||
<!-- 页脚 -->
|
||
<footer class="bg-dark text-white py-4 mt-5">
|
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<div class="container">
|
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<div class="row">
|
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<div class="col-md-6">
|
||
<p class="mb-0">© 2025 模拟芯片概念分析. 数据来源：公开资料整理</p>
|
||
</div>
|
||
<div class="col-md-6 text-md-end">
|
||
<p class="mb-0">投资有风险，入市需谨慎</p>
|
||
</div>
|
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</div>
|
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|
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</footer>
|
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