622 lines
43 KiB
HTML
622 lines
43 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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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>深度研报：功率半导体</title>
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<!-- Tailwind CSS & DaisyUI -->
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<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.min.css" rel="stylesheet" type="text/css" />
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<script src="https://cdn.tailwindcss.com"></script>
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<!-- Alpine.js -->
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<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
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<style>
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:root {
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body {
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</head>
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<body class="min-h-screen">
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<div class="bg-aurora"></div>
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<div class="container mx-auto p-4 md:p-8 relative z-10">
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<!-- Header -->
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<header class="text-center mb-16">
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<h1 class="font-orbitron text-4xl md:text-6xl font-bold text-glow tracking-widest uppercase">
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功率半导体
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</h1>
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<p class="mt-4 text-lg text-gray-300 max-w-3xl mx-auto">
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北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现
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<br class="hidden md:block">
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<span class="opacity-70">本报告为AI合成数据，投资需谨慎</span>
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</p>
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</header>
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<!-- Main Content -->
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<main class="space-y-16">
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<!-- Insight Section -->
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<section id="insight">
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<h2 class="section-title">CONCEPT INSIGHT</h2>
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<div class="bento-grid">
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<!-- Core View -->
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<div class="glass-card rounded-2xl p-6 grid-item-large flex flex-col">
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<h3 class="font-orbitron text-xl font-bold text-cyan-300 mb-4">核心观点摘要</h3>
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<p class="text-gray-300 flex-grow">
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功率半导体正处于<strong class="text-cyan-400">周期性复苏与结构性成长</strong>共振的关键节点。其核心驱动力已从传统的消费电子、工业控制，转向由<strong class="text-fuchsia-400">AI数据中心</strong>和<strong class="text-fuchsia-400">新能源汽车800V架构</strong>引领的高成长赛道。未来潜力在于第三代半导体（SiC/GaN）的渗透率提升与国产替代的深化，但需警惕大规模产能扩张带来的<strong class="text-red-400">潜在过剩风险</strong>。
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</p>
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</div>
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<!-- Catalysts -->
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<div class="glass-card rounded-2xl p-6">
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<h3 class="font-orbitron text-xl font-bold text-cyan-300 mb-4">关键催化剂</h3>
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<ul class="space-y-3 text-gray-300 text-sm list-disc list-inside">
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<li><strong class="text-cyan-400">AI芯片迭代：</strong>英伟达新一代GPU对SiC/GaN供电方案的需求。</li>
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<li><strong class="text-cyan-400">800V车型放量：</strong>中低价位800V车型大规模销售，验证SiC模块成本与市场接受度。</li>
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<li><strong class="text-cyan-400">国产替代落地：</strong>安世事件等带来的实质性转单在财报中兑现。</li>
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<li><strong class="text-cyan-400">IGBT价格回升：</strong>行业性提价信号，确认盈利能力修复。</li>
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</ul>
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</div>
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<!-- Risks -->
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<div class="glass-card rounded-2xl p-6">
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<h3 class="font-orbitron text-xl font-bold text-red-400 mb-4">潜在风险与挑战</h3>
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<ul class="space-y-3 text-gray-300 text-sm list-disc list-inside">
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<li><strong class="text-red-400">产能过剩：</strong>国内外巨头大规模扩产，可能引发远期价格战。</li>
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<li><strong class="text-red-400">需求不及预期：</strong>汽车、光伏等下游需求疲软或增速放缓。</li>
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<li><strong class="text-red-400">技术瓶颈：</strong>国产SiC衬底良率和成本仍是核心制约。</li>
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<li><strong class="text-red-400">SiC渗透预期差：</strong>商业化路径曲折，市场可能高估短期替代速度。</li>
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</ul>
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</div>
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<!-- Core Logic & Market Perception -->
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<div class="glass-card rounded-2xl p-6 grid-item-wide">
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<h3 class="font-orbitron text-xl font-bold text-cyan-300 mb-4">核心逻辑与市场认知</h3>
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<div class="grid md:grid-cols-3 gap-6 text-sm text-gray-300">
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<div>
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<h4 class="font-bold text-cyan-400 mb-2">能源效率革命 (技术驱动)</h4>
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<p>AI服务器（降低PUE）与新能源车（提升续航/快充）对更高功率密度的电能转换提出刚性需求，SiC/GaN是实现技术飞跃的物理基石。</p>
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</div>
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<div>
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<h4 class="font-bold text-cyan-400 mb-2">供应链安全 (政策与市场驱动)</h4>
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<p>地缘政治事件（如安世出口受限）倒逼下游厂商加速导入“国产第二供应商”，为国内企业打开高端市场大门，构成确定性极高的替代逻辑。</p>
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</div>
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<div>
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<h4 class="font-bold text-cyan-400 mb-2">周期性复苏 (市场驱动)</h4>
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<p>传统消费、工控市场经历近两年库存消化后逐步回暖，行业处于“底部右侧”，为结构性成长提供了良好的宏观环境。</p>
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</div>
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</div>
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</div>
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<!-- Expectation Gap Analysis -->
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<div class="glass-card rounded-2xl p-6 grid-item-wide">
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<h3 class="font-orbitron text-xl font-bold text-cyan-300 mb-4">预期差分析</h3>
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<div class="space-y-4 text-sm">
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<div class="p-4 bg-black/20 rounded-lg border border-white/10">
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<p><strong class="text-fuchsia-400">【预期差一】SiC渗透速度与盈利现实：</strong>市场普遍渲染SiC爆发式增长，但路演揭示其<strong class="text-yellow-400">渗透速度低于预期，2025年价格“腰斩”</strong>，行业进入洗牌期。市场可能高估了SiC短期盈利能力。</p>
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</div>
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<div class="p-4 bg-black/20 rounded-lg border border-white/10">
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<p><strong class="text-fuchsia-400">【预期差二】“全面复苏”与“结构分化”：</strong>市场普遍预期全面复苏，但现实是<strong class="text-yellow-400">AI服务器需求“特别猛”</strong>，而汽车、光伏储能则“回落超预期”或“熄火”。复苏极不均衡，需精准布局。</p>
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</div>
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<div class="p-4 bg-black/20 rounded-lg border border-white/10">
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<p><strong class="text-fuchsia-400">【预期差三】产能扩张的“双刃剑”效应：</strong>市场视大规模建厂为景气体现，但路演明确提示<strong class="text-yellow-400">“新增产能可能抑制价格”</strong>。当前产能竞赛可能在未来1-2年内演变为激烈价格战，市场或低估了远期盈利压制。</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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<!-- Data Visualization Section -->
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<section id="data-visualization">
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<h2 class="section-title">DATA VISUALIZATION</h2>
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<div class="grid grid-cols-1 lg:grid-cols-2 gap-8">
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<div class="glass-card rounded-2xl p-6">
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<h3 class="font-orbitron text-xl font-bold text-cyan-300 mb-4 text-center">中国新能源车IGBT模块市场份额 (2024.07)</h3>
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<div id="igbt-market-share" class="w-full h-80 md:h-96"></div>
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</div>
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<div class="glass-card rounded-2xl p-6">
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<h3 class="font-orbitron text-xl font-bold text-cyan-300 mb-4 text-center">中国功率半导体市场规模</h3>
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<div id="market-size" class="w-full h-80 md:h-96"></div>
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</div>
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</div>
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</section>
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<!-- Supporting Data Section -->
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<section id="supporting-data" x-data="{ activeTab: 'news' }">
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<h2 class="section-title">SUPPORTING DATA</h2>
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<div class="tabs tabs-boxed justify-center mb-6 bg-black/30">
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<a class="tab tab-lg" :class="{ 'tab-active': activeTab === 'news' }" @click="activeTab = 'news'">新闻数据</a>
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<a class="tab tab-lg" :class="{ 'tab-active': activeTab === 'roadshow' }" @click="activeTab = 'roadshow'">路演纪要</a>
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<a class="tab tab-lg" :class="{ 'tab-active': activeTab === 'research' }" @click="activeTab = 'research'">研报精粹</a>
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</div>
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<div class="glass-card rounded-2xl p-6 min-h-[500px]">
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<!-- News Content -->
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<div x-show="activeTab === 'news'" x-transition>
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<div class="join join-vertical w-full">
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<div class="collapse collapse-arrow join-item border border-base-300">
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<input type="radio" name="news-accordion" checked="checked" />
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<div class="collapse-title text-xl font-medium text-cyan-400">技术与产品动态</div>
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<div class="collapse-content">
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<ul class="list-disc list-inside space-y-2 text-sm">
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<li><strong>东京大学：</strong>开发传感器电路，使功率半导体切换时功耗降低最高30%。</li>
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<li><strong>安森美 (onsemi)：</strong>推出垂直氮化镓(vGaN)，采用GaN-on-GaN技术，能量损耗减少近50%，提供700V/1200V样品。</li>
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<li><strong>英飞凌 (Infineon)：</strong>发布全球最薄20μm硅功率晶圆，厚度仅为前代一半，已应用于智能功率级产品。</li>
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<li><strong>中国空间技术：</strong>成功在太空验证首款国产碳化硅(SiC)功率器件，有望牵引航天电源升级。</li>
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<li><strong>SiC趋势：</strong>800V架构汽车渗透率提升，预计2025-2030年SiC进入大规模推广期。</li>
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</ul>
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</div>
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</div>
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<div class="collapse collapse-arrow join-item border border-base-300">
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<input type="radio" name="news-accordion" />
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<div class="collapse-title text-xl font-medium text-cyan-400">企业动态与产能扩张</div>
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<div class="collapse-content">
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<ul class="list-disc list-inside space-y-2 text-sm">
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<li><strong>英飞凌：</strong>马来西亚新晶圆厂启动运营，目标建成全球最大200mm SiC功率半导体晶圆厂。</li>
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<li><strong>闻泰科技 (安世)：</strong>中国首座12英寸车规级功率半导体fab项目(鼎泰匠芯)预期25年产能满载。</li>
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<li><strong>时代电气：</strong>投资9.46亿元建设中低压功率组件项目，年产500万只。</li>
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<li><strong>扬杰科技：</strong>SiC车规级功率半导体模块封装项目开工，聚焦第三代半导体。</li>
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<li><strong>智新半导体：</strong>2024年产线满负荷，年产量同比增长两倍多，将投建第三条产线。</li>
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</ul>
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</div>
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</div>
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<div class="collapse collapse-arrow join-item border border-base-300">
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<input type="radio" name="news-accordion" />
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<div class="collapse-title text-xl font-medium text-cyan-400">市场趋势与供需</div>
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<div class="collapse-content">
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<ul class="list-disc list-inside space-y-2 text-sm">
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<li><strong>行业周期：</strong>自23年下行周期后，各环节库存见底，行业逐步转入上行，消费、工控市场复苏。</li>
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<li><strong>价格影响：</strong>安世东莞封测厂出口限制，短期或造成相关产品价格上涨，加速国产替代。IGBT产品价格经历调整后，在需求回暖和铜价上涨背景下，短期有望上涨。</li>
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<li><strong>需求驱动：</strong>新能源汽车(800V)、储能、AI数据中心(AIDC)成为三大核心驱动力。英伟达发布800V DC架构白皮书，确认AIDC对大功率IGBT/SiC需求。</li>
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<li><strong>IDM模式优势：</strong>上行周期中，集成设计+制造的IDM企业在产能和价格上更具优势。</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>
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<!-- Roadshow Content -->
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<div x-show="activeTab === 'roadshow'" x-transition style="display: none;">
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<div class="join join-vertical w-full">
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<div class="collapse collapse-arrow join-item border border-base-300">
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<input type="radio" name="roadshow-accordion" checked="checked" />
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<div class="collapse-title text-xl font-medium text-fuchsia-400">市场需求与行业趋势</div>
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<div class="collapse-content">
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<ul class="list-disc list-inside space-y-2 text-sm">
|
||
<li><strong>行业拐点：</strong>2024年需求回暖，AI、新能源车、光伏储能为三大驱动力。预计2024年下半年触底反弹。</li>
|
||
<li><strong>AI驱动：</strong>AI训练及推理需求全年“特别猛”，客户急单频现，成为最大增量。AI服务器拉动48V GPU功率密度提升。</li>
|
||
<li><strong>汽车电子：</strong>需求分化，新能源车是增长主力。但渠道库存高企，预计Q3-Q4持续恢复。</li>
|
||
<li><strong>光伏/储能：</strong>需求疲软，2023年库存去化后，2024年订单有望回升。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-arrow join-item border border-base-300">
|
||
<input type="radio" name="roadshow-accordion" />
|
||
<div class="collapse-title text-xl font-medium text-fuchsia-400">价格、盈利与库存</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside space-y-2 text-sm">
|
||
<li><strong>价格趋势：</strong>功率半导体处“底部右侧”，价格拐点已现。部分IGBT（工控）涨价3-5%。</li>
|
||
<li><strong>MOSFET：</strong>2024年1月起，捷捷微电等上调中低压MOSFET价格5%-10%。</li>
|
||
<li><strong>SiC：</strong>2025年价格“腰斩”，上游陷入亏损，行业进入洗牌期。</li>
|
||
<li><strong>库存水平：</strong>渠道MOS库存4个月，原厂1个月，处于健康偏低水平。客户端库存降至3-4个月健康水位。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-arrow join-item border border-base-300">
|
||
<input type="radio" name="roadshow-accordion" />
|
||
<div class="collapse-title text-xl font-medium text-fuchsia-400">技术路线与竞争格局</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside space-y-2 text-sm">
|
||
<li><strong>AI服务器电源：</strong>高压前端以SiC为主，后端低压仍用传统硅MOS。</li>
|
||
<li><strong>车规：</strong>主驱、800V快充刚性采用SiC，但渗透率提升速度低于年初预期。</li>
|
||
<li><strong>国产替代：</strong>安世停产事件加速国产第二供应商导入。2024年车用IGBT国产化率约40%-50%，目标2025年提升至80%。</li>
|
||
<li><strong>竞争格局：</strong>服务器功率器件外资仍占70%以上，国产华润微、纳芯微等逐步渗透。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Research Content -->
|
||
<div x-show="activeTab === 'research'" x-transition style="display: none;">
|
||
<div class="join join-vertical w-full">
|
||
<div class="collapse collapse-arrow join-item border border-base-300">
|
||
<input type="radio" name="research-accordion" checked="checked" />
|
||
<div class="collapse-title text-xl font-medium text-yellow-400">行业趋势与市场规模</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside space-y-2 text-sm">
|
||
<li><strong>市场规模：</strong>2023年中国功率半导体市场规模约1630亿元人民币。</li>
|
||
<li><strong>周期判断：</strong>行业在2024年Q2进入环比改善区间，阶段性触底企稳。中低压产品修复，中高压产品分化。</li>
|
||
<li><strong>价格走势：</strong>自2022年来持续走低后，2024年初部分本土厂商开启涨价，上调5%-25%。</li>
|
||
<li><strong>需求驱动：</strong>新能源汽车、AIDC、光伏储能是核心驱动力。800V车型渗透率提升至67%，SiC从高端向中低端渗透。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-arrow join-item border border-base-300">
|
||
<input type="radio" name="research-accordion" />
|
||
<div class="collapse-title text-xl font-medium text-yellow-400">技术发展与国产替代</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside space-y-2 text-sm">
|
||
<li><strong>第三代半导体：</strong>SiC/GaN等宽禁带半导体商业化应用将使器件性能实现质的飞跃。</li>
|
||
<li><strong>国产化率：</strong>2024年7月，新能源车IGBT模块国产供应商占比约74.9%。</li>
|
||
<li><strong>重点项目：</strong>重庆打造全国最大功率半导体基地，三安意法半导体建成全国首条8英寸SiC产线。</li>
|
||
<li><strong>企业动态：</strong>时代电气同时掌握IGBT、SiC、晶闸管技术；天域半导体为中国最大、全球第三大自制SiC外延片制造商。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-arrow join-item border border-base-300">
|
||
<input type="radio" name="research-accordion" />
|
||
<div class="collapse-title text-xl font-medium text-yellow-400">厂商表现与投资建议</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside space-y-2 text-sm">
|
||
<li><strong>IDM厂商：</strong>时代电气产能利用率超100%；华润微、士兰微作为综合类IDM逐步企稳。</li>
|
||
<li><strong>Fabless厂商：</strong>斯达半导受光伏和汽车价格影响增速回落；新洁能、捷捷微电等中低压厂商走向修复区间。</li>
|
||
<li><strong>投资建议：</strong>关注去库存较早的中低压MOSFET领域，以及后期需求或超预期增长的新能源领域。同时关注SiC产业链上游。</li>
|
||
<li><strong>风险提示：</strong>行业竞争加剧、产能过剩、价格和盈利能力下行是主要风险。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Stock List Section -->
|
||
<section id="stock-list">
|
||
<h2 class="section-title">核心标的池</h2>
|
||
<div class="glass-card rounded-2xl p-1 md:p-2 glow-border">
|
||
<div class="bg-[#0A0A19] rounded-[14px] p-4 md:p-6">
|
||
<h3 class="font-orbitron text-xl font-bold text-cyan-300 mb-4">功率器件核心公司</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="table table-sm md:table-md">
|
||
<thead>
|
||
<tr class="border-b border-white/20">
|
||
<th class="bg-transparent text-cyan-400">分类</th>
|
||
<th class="bg-transparent text-cyan-400">股票名称</th>
|
||
<th class="bg-transparent text-cyan-400">核心逻辑/原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b-0">
|
||
<td rowspan="9" class="font-bold align-top pt-4 text-fuchsia-400">MOSFET</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=688396" target="_blank" class="link link-hover">华润微 (688396)</a></td>
|
||
<td>A股第一，中国市场市占率9%</td>
|
||
</tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=600460" target="_blank" class="link link-hover">士兰微 (600460)</a></td><td>A股第二，中国市场市占率4.85%</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=605111" target="_blank" class="link link-hover">新洁能 (605111)</a></td><td>A股第三，中国市场市占率3.76%</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=600745" target="_blank" class="link link-hover">闻泰科技 (600745)</a></td><td>A股第四，旗下安世半导体中国市场市占率约3.64%</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=605358" target="_blank" class="link link-hover">立昂微 (605358)</a></td><td>主要产品包括6英寸MOSFET芯片</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=600171" target="_blank" class="link link-hover">上海贝岭 (600171)</a></td><td>屏蔽栅功率MOSFET和超级结功率MOSFET产品</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=688469" target="_blank" class="link link-hover">芯联集成 (688469)</a></td><td>SiC MOSFET芯片及模组出货量稳居亚洲前列</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=688261" target="_blank" class="link link-hover">东微半导 (688261)</a></td><td>超级结MOSFET、中低压屏蔽栅MOSFET在12英寸晶圆基地扩容</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=688693" target="_blank" class="link link-hover">锴威特 (688693)</a></td><td>形成全系列功率MOSFET产品，已推出650V-3300V SiC MOSFET系列</td></tr>
|
||
|
||
<tr class="border-t border-white/20">
|
||
<td rowspan="9" class="font-bold align-top pt-4 text-fuchsia-400">IGBT</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=600460" target="_blank" class="link link-hover">士兰微 (600460)</a></td>
|
||
<td>分立式IGBT国内第一，全球市占率3.4% (2022年数据)</td>
|
||
</tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=603290" target="_blank" class="link link-hover">斯达半导 (603290)</a></td><td>IGBT模块市占率国内第一，全球市占率4.3% (2022年数据)</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=688187" target="_blank" class="link link-hover">时代电气 (688187)</a></td><td>IGBT模块市占率国内第二，全球市占率4.1% (2022年数据)</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=605111" target="_blank" class="link link-hover">新洁能 (605111)</a></td><td>主要从事MOSFET、IGBT等半导体功率器件及功率模块</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=688261" target="_blank" class="link link-hover">东微半导 (688261)</a></td><td>TGBT系列IGBT产品</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=688711" target="_blank" class="link link-hover">宏微科技 (688711)</a></td><td>IGBT等产品线齐全，是华虹宏力1700V平台及RCIGBT平台的首批客户</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=600360" target="_blank" class="link link-hover">*ST华微 (600360)</a></td><td>全力推进新一代IGBT及IPM模块、中低压MOS、超结MOS等系列产品</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=000056" target="_blank" class="link link-hover">皇庭国际 (000056)</a></td><td>依托意发功率聚焦MOSFET、IGBT等功率半导体产品</td></tr>
|
||
<tr class="border-b-0"><td class="py-2"><a href="https://valuefrontier.cn/company?scode=300373" target="_blank" class="link link-hover">扬杰科技 (300373)</a></td><td>在8吋、12吋平台完成650V/1200V IGBT芯片全系列开发并批量出货</td></tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<section id="rise-analysis">
|
||
<h2 class="section-title">涨幅异动分析</h2>
|
||
<div class="space-y-6">
|
||
<!-- Dynamic Rise Analysis Cards -->
|
||
<script>
|
||
const riseData = [
|
||
{ "stock": "华天科技", "stock_code": "002185", "rise_rate": 10.02, "trade_date": "2025-10-17", "reason": "核心结论 <br>复牌+并购华羿微电（功率半导体IDM）直接打通“设计-封测”产业链，叠加政策鼓励半导体重组，资金抢筹封板。<br><br>驱动概念 <br>半导体并购重组+功率半导体+大基金二期<br><br>个股异动解析 <br>1. 消息面 <br>（1）半导体并购重组：10-16晚公告《发行股份及支付现金购买资产暨募集配套资金预案》，拟100%收购华羿微电；-华羿微电2025Q3净利环比+80%，客户含比亚迪、英飞凌；-华天科技原仅IC封测，并购后补全功率器件设计+模组封测，天花板抬升。 <br>（2）功率半导体：安世东莞厂被限出口，全球10%产能受限，国产中低压MOSFET/IGBT迎量价替代窗口；-华羿微电主营中低压MOSFET、IGBT模块，直接受益转单。 <br>（3）大基金二期：华天科技为大基金二期参股封测龙头，10-16深圳50亿元赛米产业基金揭牌，政策再度加码“硬科技”并购，估值溢价打开。 <br><br>2. 基本面 <br>（1）并购估值弹性：华羿微电2024年科创板IPO终止时隐含估值约60亿元，市场预计兄弟公司间对价低于该值，EPS增厚预期强。 <br>（2）行业库存见底+需求回暖：功率器件经历两年降价后库存出清，储能、AIDC 800V HVDC、新能源车拉动大功率IGBT/SiC需求，价格已触底回升。 <br>（3）IDM模式高兑现：华羿微电拥有6/8英寸晶圆厂+封测产线，上行周期毛利率恢复更快，并购后华天科技由“封测”升级为“设计+制造+封测”一体化，盈利能力提升路径清晰。 <br><br>总结 <br>并购华羿微电切入高景气功率半导体IDM赛道，叠加安世供应缺口带来的国产替代红利与大基金政策催化，形成“低价资产注入+业绩增厚+政策风口”三重共振，驱动10-17涨停。" },
|
||
{ "stock": "泰永长征", "stock_code": "002927", "rise_rate": 10.0, "trade_date": "2025-11-19", "reason": "核心结论 <br>折价大宗触发“战投入股”记忆，调研纪要首次把低压电器升级为“第三代半导体功率器件”，资金抢筹博弈周末公告。<br><br>驱动概念 <br>固态电池+第三代半导体功率器件+储能" },
|
||
{ "stock": "旷达科技", "stock_code": "002516", "rise_rate": 10.0, "trade_date": "2025-09-08", "reason": "核心结论 <br>“株洲市国资委溢价受让+表决权委托”正式落地，旷达科技被明确定位为湖南功率半导体补链平台，资金抢筹导致9月8日涨停。<br><br>驱动概念 <br>国资入主+功率半导体+碳化硅" },
|
||
{ "stock": "友阿股份", "stock_code": "002277", "rise_rate": 9.94, "trade_date": "2025-08-25", "reason": "核心结论: 市场资金抢跑“重大资产重组不再二次问询”关键节点，资产注入功率半导体设计公司尚阳通预期落地，估值重估。<br><br>驱动概念: 重大资产重组过会+功率半导体芯片设计+深交所不再二次问询" },
|
||
{ "stock": "联动科技", "stock_code": "301369", "rise_rate": 5.82, "trade_date": "2025-09-08", "reason": "联动科技上涨的核心驱动因素包括：行业层面受益于半导体复苏及第三代半导体渗透率提升，公司层面凭借技术壁垒、优质客户资源及产品矩阵具备增长潜力，市场情绪与资金博弈推动科技成长风格切换，以及小盘股弹性带来的短期资金关注。" }
|
||
];
|
||
|
||
riseData.forEach(item => {
|
||
document.write(`
|
||
<div class="glass-card rounded-2xl p-6">
|
||
<div class="flex flex-col md:flex-row justify-between items-start md:items-center mb-4">
|
||
<div class="mb-2 md:mb-0">
|
||
<h3 class="font-orbitron text-xl font-bold text-cyan-300">
|
||
<a href="https://valuefrontier.cn/company?scode=${item.stock_code}" target="_blank" class="link link-hover">${item.stock} (${item.stock_code})</a>
|
||
</h3>
|
||
<p class="text-sm text-gray-400">${item.trade_date}</p>
|
||
</div>
|
||
<div class="badge badge-lg badge-outline border-green-400 text-green-400 font-bold p-4">
|
||
涨幅: ${item.rise_rate}%
|
||
</div>
|
||
</div>
|
||
<div class="prose prose-sm max-w-none text-gray-300 prose-strong:text-cyan-400 prose-headings:text-fuchsia-400">
|
||
${item.reason.replace(/<br>/g, '')}
|
||
</div>
|
||
</div>
|
||
`);
|
||
});
|
||
</script>
|
||
</div>
|
||
</section>
|
||
</main>
|
||
|
||
<footer class="text-center mt-16 pt-8 border-t border-white/10">
|
||
<p class="text-sm text-gray-500">北京价值前沿科技有限公司 | AI投研agent：“价小前投研”</p>
|
||
<p class="text-xs text-gray-600 mt-2">免责声明：本报告由人工智能生成，所有数据和分析仅供参考，不构成任何投资建议。市场有风险，投资需谨慎。</p>
|
||
</footer>
|
||
</div>
|
||
|
||
<script>
|
||
document.addEventListener('DOMContentLoaded', function () {
|
||
// ECharts for IGBT Market Share
|
||
const igbtChartDom = document.getElementById('igbt-market-share');
|
||
const igbtChart = echarts.init(igbtChartDom, 'dark');
|
||
const igbtOption = {
|
||
backgroundColor: 'transparent',
|
||
tooltip: {
|
||
trigger: 'item',
|
||
formatter: '{b} : {c}%'
|
||
},
|
||
legend: {
|
||
orient: 'vertical',
|
||
left: 'left',
|
||
textStyle: {
|
||
color: '#ccc'
|
||
}
|
||
},
|
||
series: [
|
||
{
|
||
name: 'IGBT模块份额',
|
||
type: 'pie',
|
||
radius: ['40%', '70%'],
|
||
avoidLabelOverlap: false,
|
||
itemStyle: {
|
||
borderRadius: 10,
|
||
borderColor: 'rgba(10, 10, 25, 1)',
|
||
borderWidth: 2
|
||
},
|
||
label: {
|
||
show: false,
|
||
position: 'center'
|
||
},
|
||
emphasis: {
|
||
label: {
|
||
show: true,
|
||
fontSize: 20,
|
||
fontWeight: 'bold',
|
||
formatter: '{b}\n{d}%',
|
||
color: '#fff'
|
||
}
|
||
},
|
||
labelLine: {
|
||
show: false
|
||
},
|
||
data: [
|
||
{ value: 30.1, name: '比亚迪半导体' },
|
||
{ value: 14.5, name: '时代电气' },
|
||
{ value: 12.1, name: '芯联集成' },
|
||
{ value: 9.0, name: '斯达半导' },
|
||
{ value: 4.8, name: '士兰微' },
|
||
{ value: 2.2, name: '宏微科技' },
|
||
{ value: 27.3, name: '其他' } // 100 - (sum)
|
||
],
|
||
color: ['#00E1FF', '#BF00FF', '#FF4796', '#FFD700', '#2E8B57', '#FFA500', '#6A5ACD']
|
||
}
|
||
]
|
||
};
|
||
igbtChart.setOption(igbtOption);
|
||
|
||
// ECharts for Market Size
|
||
const marketSizeChartDom = document.getElementById('market-size');
|
||
const marketSizeChart = echarts.init(marketSizeChartDom, 'dark');
|
||
const marketSizeOption = {
|
||
backgroundColor: 'transparent',
|
||
tooltip: {
|
||
trigger: 'axis',
|
||
axisPointer: {
|
||
type: 'shadow'
|
||
}
|
||
},
|
||
grid: {
|
||
left: '3%',
|
||
right: '4%',
|
||
bottom: '3%',
|
||
containLabel: true
|
||
},
|
||
xAxis: [
|
||
{
|
||
type: 'category',
|
||
data: ['2022年', '2023年'],
|
||
axisTick: {
|
||
alignWithLabel: true
|
||
},
|
||
axisLine: {
|
||
lineStyle: { color: '#888' }
|
||
}
|
||
}
|
||
],
|
||
yAxis: [
|
||
{
|
||
type: 'value',
|
||
name: '亿元 (人民币)',
|
||
axisLine: {
|
||
lineStyle: { color: '#888' }
|
||
},
|
||
splitLine: {
|
||
lineStyle: {
|
||
color: 'rgba(255,255,255,0.1)'
|
||
}
|
||
}
|
||
}
|
||
],
|
||
series: [
|
||
{
|
||
name: '市场规模',
|
||
type: 'bar',
|
||
barWidth: '60%',
|
||
data: [1569, 1630],
|
||
itemStyle: {
|
||
color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [
|
||
{ offset: 0, color: '#00E1FF' },
|
||
{ offset: 1, color: '#BF00FF' }
|
||
])
|
||
}
|
||
}
|
||
]
|
||
};
|
||
marketSizeChart.setOption(marketSizeOption);
|
||
|
||
window.addEventListener('resize', () => {
|
||
igbtChart.resize();
|
||
marketSizeChart.resize();
|
||
});
|
||
});
|
||
</script>
|
||
|
||
</body>
|
||
</html> |