Group 1 - In 2025, Leap Motor achieved strong growth with total deliveries reaching 596,555 units, a year-on-year increase of 103%, demonstrating brand strength and market competitiveness [2] - In December 2025, Leap Motor's total deliveries reached 60,423 units, reflecting a year-on-year growth of 42% [2] - Leap Motor established a strategic partnership with FAW on March 3, 2025, to enhance product competitiveness through collaborative R&D efforts [2] Group 2 - Leap Motor launched the B10 model on April 10, 2025, marking the debut of its first B-series vehicle [2] - The company made its Hong Kong market entry on June 11, 2025, with the opening of its 1,500th store, a significant step in channel expansion [2] - Leap Motor's new C11 model was launched on July 10, 2025, continuing the sales momentum since its initial release in early 2021 [2] Group 3 - Leap Motor's financial report for the first half of 2025 indicated its first positive net profit for a semi-annual period [2] - The company celebrated the production of its one-millionth vehicle on September 25, 2025, marking a historic milestone [2] - Leap Motor's D platform technology was unveiled on October 16, 2025, showcasing the latest achievements in self-research over the past decade [3] Group 4 - Leap Motor's third-quarter financial report released on November 17, 2025, showed consecutive quarterly profitability [3] - The company launched its A10 model at the Guangzhou Auto Show on November 21, 2025, further expanding its product lineup [3] - Leap Motor entered the South American market on November 25, 2025, marking a new chapter in its international expansion [3] Group 5 - December 24, 2025, marked the 10th anniversary of Leap Motor, emphasizing its commitment to self-research and long-term vision [3] - The company held a 10th-anniversary event on December 28, 2025, celebrating its achievements and looking forward to the next decade [3] - Leap Motor aims to achieve a sales target of 1 million units in 2026, continuing its pursuit of becoming a world-class smart electric vehicle company [4]

Core Insights - Li Auto delivered 44,246 vehicles in December 2025, with a total of 109,194 vehicles delivered in Q4 2025, and a cumulative delivery of 1,540,215 vehicles as of December 31, 2025 [2] Group 1: Business Milestones - Li Auto became the first new force brand in China to surpass 1.5 million cumulative deliveries [2] - The company launched its main models, Li L9, Li L7, and Li L6, in Egypt, Kazakhstan, and Azerbaijan, marking its expansion into key markets across Central Asia, the Caucasus, and Africa [2] - The company officially released the Livis AI glasses, receiving positive feedback from users due to its advanced technology and practical experience [2] Group 2: Future Outlook - The CEO expressed gratitude to users and partners, emphasizing a focus on value creation and enhancing user experience in 2026 [2] Group 3: Infrastructure Development - As of December 31, 2025, Li Auto had established 548 retail centers covering 159 cities, and 561 after-sales service and authorized repair centers covering 224 cities [2] - The company has deployed 3,907 Li Supercharging stations with a total of 21,651 charging piles across the country [2]

Core Insights - NIO achieved a record delivery of 326,028 vehicles in 2025, marking a 46.9% year-on-year increase, with December alone contributing 48,135 vehicles, a 54.6% increase year-on-year [2] - The company reported significant growth across its brands, with NIO brand deliveries reaching 67,433 units in Q4, a 27.8% increase, while the other brands, Ladao and Firefly, saw even higher growth rates [2][3] Delivery Performance - In 2025, NIO brand delivered 178,806 vehicles, Ladao delivered 107,808 vehicles, and Firefly delivered 39,414 vehicles, contributing to a total cumulative delivery of 997,592 vehicles [3] - The new ES8 model achieved a remarkable delivery milestone of 22,256 units in December, setting a record for vehicles priced above 400,000 yuan [3] Battery Swap Network Development - NIO's battery swap network achieved a significant milestone with the completion of the Yunnan-Tibet route, featuring 19 battery swap stations along a 2,700 km stretch [4] - The company plans to add over 4,200 long-range battery packs in January, enhancing the user experience for NIO and Ladao customers [4] Policy Benefits - Starting January 1, 2026, the vehicle purchase tax policy will shift from exemption to a 50% reduction, benefiting users of battery swap models [4]

Core Viewpoint - Ruishi Chuangxin (Chongqing) Technology Co., Ltd. has officially submitted its application for listing on the Science and Technology Innovation Board, aiming to raise 809 million yuan for expanding its MEMS device production base, R&D center, and working capital, thereby enhancing its competitiveness in the high-end RF front-end sector [1] Group 1: Company Overview - Ruishi Chuangxin specializes in RF front-end chips and modules, being one of the few domestic manufacturers with independent production capabilities for RF filters [1] - The company has established a comprehensive product matrix covering high-integration modules and discrete components, supporting communication standards from 2G to 5G, and expanding into emerging fields like drones and satellite communications [2] Group 2: Technological Capabilities - The company has mastered core technologies across the entire industry chain, including RF front-end core component design, filter wafer manufacturing, and advanced packaging and testing of high-performance modules [2] - Ruishi Chuangxin has developed the Phase 8L L-PAMiD product, achieving full domestic production from chip to module, with key performance indicators reaching international first-tier standards [2] Group 3: Research and Development - The company has a research team of 222 members, with nearly half holding master's or doctoral degrees, and has been recognized as a national-level "little giant" enterprise [3] - Ruishi Chuangxin holds 330 authorized patents, including 144 invention patents, and is involved in several major provincial and municipal scientific research projects [3] Group 4: Strategic Focus - The company aims to accelerate the maturity of the domestic supply chain through mid-to-low integration products while concentrating resources on high-value L-PAMiD modules and emerging markets [3] - The second phase of the MEMS device production base project is crucial for expanding the production capacity of high-end filters, which is essential for meeting the increasing demand from high-end modules [3] Group 5: Future Outlook - Ruishi Chuangxin plans to continue its "technology innovation + domestic substitution" strategy, deepening technological collaboration across the industry chain to become a global leader in the RF front-end field [3]

Core Viewpoint - Shanghai Taosheng Electronics Technology Co., Ltd. has officially submitted its application for listing on the Sci-Tech Innovation Board, aiming to raise 1.058 billion yuan for the construction of a semiconductor testing interface and probe production base, R&D of wafer testing probe cards, and working capital supplementation, to strengthen its leading position in high-end chip testing hardware and accelerate the domestic substitution process [1] Group 1: Company Overview - Taosheng Technology is one of the earliest companies in China to independently develop chip testing interfaces and achieve large-scale production [1] - The company focuses on the semiconductor testing interface field, with products including chip testing interfaces and probe cards, which are critical for ensuring chip quality [1] - The company has developed over 4,000 chip testing interface technology solutions and possesses independent R&D and manufacturing capabilities for high-speed, high-frequency testing probes [2] Group 2: Market Position and Achievements - According to Yole, Taosheng Technology is projected to rank first in chip testing interface revenue in China and 11th globally in 2024 [2] - The company has built a broad customer ecosystem covering the entire semiconductor industry chain, serving over 700 clients, including leading companies in AI chips and autonomous driving [2] - Taosheng Technology has developed the first domestic DSA testing interface supporting parallel testing of 512 chips for Yangtze Memory Technologies, aiding the localization of the storage industry [2] Group 3: Technological Advancements - The company is expanding into the more technically challenging wafer testing probe card field, with its MEMS probe cards already commercialized for AI chip clients [3] - Taosheng Technology has achieved breakthroughs in the storage sector, with 2D MEMS products receiving orders and 2.5D MEMS products passing stringent certifications from Yangtze Memory Technologies [3] - The company is also conducting pre-research on 3D MEMS probe card technology to cover high-end storage testing scenarios [3] Group 4: Future Outlook - Taosheng Technology aims to focus on national strategic needs, pursuing high-end and large-scale development [3] - The company plans to increase R&D investment to tackle core key technologies in high-end testing interfaces, break overseas monopolies, and accelerate the domestic substitution process [3] - The goal is to further expand market share and solidify its leading position in the industry, aspiring to become a leading brand in the global semiconductor testing interface field [3]

12月30日，上海证券交易所正式受理了长鑫科技集团股份有限公司（简称"长鑫科技"）的科创板上市申请。作为我国规模最 大、技术最先进、布局最全的DRAM（动态随机存取存储器）研发设计制造一体化企业，长鑫科技此次IPO拟募集资金高达295 亿元，主要用于存储器晶圆制造量产线技术升级改造项目、DRAM存储器技术升级项目，以及动态随机存取存储器前瞻技术研 究与开发项目，标志着国产DRAM产业发展进入新的关键阶段。 目前，长鑫科技在合肥、北京两地拥有3座12英寸DRAM晶圆厂，产能规模位居中国第一。公司高度重视研发创新，截至2025年 6月30日，已在全球范围内拥有超过5500项专利，其中境内发明专利2348项。根据世界知识产权组织数据，公司2023年国际专利 申请公开数量位列全球第22位，展现出强劲的技术创新实力。 在产业链协同方面，公司已与阿里云、字节跳动、腾讯、小米、荣耀、OPPO、vivo等众多行业头部客户建立深度合作，并积极 联动半导体设备、材料、设计及模组等上下游企业，共同推动国产DRAM产业生态的完善与安全可控。 本次IPO募集资金将重点投向制造技术升级、DRAM技术迭代及前沿技术研发等领域。长鑫科技表示 ...

Core Viewpoint - Jiangsu Gaokai Precision Fluid Technology Co., Ltd. (referred to as "Gaokai Technology") has officially submitted its application for listing on the Sci-Tech Innovation Board, aiming to raise approximately 1.5 billion yuan for high-end semiconductor equipment component R&D, R&D center construction, and working capital supplementation [1][4]. Company Overview - Established in 2013, Gaokai Technology focuses on the R&D, production, and sales of key control components and related equipment in the precision fluid control field [3]. - The company has developed three core business segments: flow control series, dispensing packaging series, and precision coating series, with applications in semiconductor, consumer electronics, automotive electronics, and new energy sectors [3]. Market Position and Achievements - Gaokai Technology is one of the few domestic suppliers capable of mass production and application of key fluid control components in advanced semiconductor processes, including products used in 7nm and below logic chip manufacturing [3]. - The company's products have been validated by well-known domestic manufacturers, achieving stable mass production supply [3]. - In the semiconductor equipment fluid control sector, Gaokai's self-developed products are widely used in wafer manufacturing processes such as etching, thin film deposition, and cleaning, serving several leading domestic semiconductor equipment companies [3]. Recent Developments - This is Gaokai Technology's second attempt to list on the Sci-Tech Innovation Board, having previously been accepted in June 2021 but terminating the review in December of the same year [4]. - The renewed application reflects the company's commitment to the precision fluid control field and significant progress in core technology breakthroughs and market expansion [4]. Industry Outlook - Analysts note that the demand for precision fluid control is continuously growing due to the accelerated localization of semiconductor equipment and the rapid development of the new energy industry [4]. - Successful listing on the Sci-Tech Innovation Board would provide Gaokai Technology with more substantial financial support, potentially solidifying its leading position in the key components of semiconductor equipment and promoting the realization of more core technologies being self-controlled [4].

Core Viewpoint - Shenzhen ChenZhuo Technology Co., Ltd. has initiated its A-share IPO process, marking its entry into the semiconductor testing equipment sector as a new public candidate [1] Group 1: Company Overview - ChenZhuo Technology was established in May 2013 and focuses on SoC (System on Chip) testing machines as its core product [3] - The company’s main business includes the R&D, production, sales, and technical services of CIS (Image Sensor) testing machines, general digital testing machines, and DDIC (Display Driver IC) testing machines [3] - As of 2024, ChenZhuo Technology has been recognized as a national-level specialized and innovative "little giant" enterprise due to its technological strength and market performance [3] Group 2: Market Position and Achievements - The company has served over 200 domestic and international chip clients, including several industry leaders [3] - In 2024, ChenZhuo's SoC testing machines achieved stable mass production with over 400 units in operation, showcasing its technical capabilities and market competitiveness [3] - The company has accumulated over 100 intellectual property rights in the semiconductor testing field, indicating a solid technical foundation [3] Group 3: Technological Capabilities - ChenZhuo Technology has developed a complete testing system that includes hardware platforms, FPGA, driver software, application software, and algorithm libraries, forming a comprehensive independent technology ecosystem [3] - The company’s general digital testing machine series has surpassed the performance indicators of comparable overseas models in testing efficiency and machine stability for various digital chips [3] Group 4: Future Plans and Financial Backing - The company has achieved mass production and commercialization of CIS and general digital testing machines and has launched a high-performance DDIC testing machine for display driver chip testing [4] - Looking ahead, ChenZhuo Technology plans to introduce high-end testing equipment for complex SoC chips, including AI, CPU, GPU, and FPGA, to further expand its product line [4] - The company has completed financing of several hundred million yuan, attracting investments from notable semiconductor industry investment institutions, highlighting its value and potential in the industry chain [4]

Core Viewpoint - The completion of the IPO guidance for Hanbo Semiconductor marks a significant step towards its listing on the A-share market, focusing on GPU chip development [1][3]. Group 1: Company Overview - Hanbo Semiconductor specializes in the research and development of GPU chips, providing comprehensive chip solutions for artificial intelligence core computing power, graphics rendering, and content generation [3]. - The company aims to leverage the strong market demand for high-performance GPUs driven by rapid advancements in artificial intelligence and graphics technology [3]. Group 2: IPO Guidance Completion - The guidance report indicates that Hanbo Semiconductor has established the necessary governance structure, internal control systems, and accounting foundations to qualify as a public company [3]. - The successful completion of the IPO guidance is a crucial step in the A-share listing process, ensuring compliance with regulatory requirements [3]. Group 3: Future Prospects - If successfully listed, Hanbo Semiconductor is expected to gain significant capital to accelerate product iteration and technological breakthroughs, enhancing its brand influence and competitiveness in the global GPU market [4]. - The listing process is closely watched by the semiconductor industry and capital markets, as it is anticipated to promote independent innovation and development within the related industry chain [4].

Group 1 - The core viewpoint of the news is the announcement of a new policy by the National Development and Reform Commission and the Ministry of Finance to implement large-scale equipment updates and a trade-in policy for consumer goods in 2026, which aims to enhance the coverage and effectiveness of subsidies for green and smart products [1][2] Group 2 - The policy expands the scope of trade-in subsidies to include smart glasses and smart home products, alongside existing categories like automobiles and home appliances [1] - Specific subsidies for digital and smart products will cover smartphones, tablets, smartwatches, and smart glasses, with local governments responsible for detailing the subsidy rules [1] - The policy emphasizes targeted adjustments in subsidy standards to improve precision and effectiveness [1][2] Group 3 - The government has allocated 62.5 billion yuan in special long-term bonds to support the trade-in policy, ensuring timely implementation to meet consumer demand during traditional peak seasons [2] - The updated policy also includes support for installing elevators in old residential areas, enhancing safety in elderly care institutions, and improving commercial facilities, reflecting a focus on social welfare and safety [2] Group 4 - The subsidy for automobile trade-ins will shift from a fixed amount to a percentage of the new car sales price, while maintaining the upper limit [3] - For home appliances, the subsidy will be 15% of the sales price for energy-efficient products, with a cap of 1,500 yuan per item for each consumer [3] - The subsidy for digital and smart products will also be 15% of the sales price, with a limit of 500 yuan per item for each consumer [3]