2026年1月26日，行业领先的通用大模型创业公司阶跃星辰（StepFun）正式宣布完成超50亿元人民币B+轮融资，一举创下过去12个月中国大模型领域单 笔最高融资纪录。同日，人工智能领域领军人物印奇出任公司董事长，与现有核心管理团队携手，全面加速"基础大模型+AI+终端"双轮战略落地，为国 产大模型商业化竞争注入强音。 本次B+轮融资阵容堪称豪华，汇聚了"国资引导+产业资本+头部创投"的多元力量。上国投先导基金、国寿股权、浦东创投、徐汇资本等国资及产业投资 人强势入局，厦门国贸、华勤技术等产业方深度参与，腾讯、启明、五源等老股东则持续加码跟投，彰显了资本市场对阶跃星辰技术实力与商业化路径的 高度认可。 据介绍，本轮超50亿元融资将重点投入基础模型研发，聚焦全球顶尖基座模型的技术攻坚，同时加速"AI+终端"战略的场景落地与生态拓展。在大模型行 业从"百模大战"迈入"头部对决"的关键阶段，这笔创纪录的融资不仅为阶跃星辰提供了充足的资金储备，更构建起覆盖资本、产业、技术的协同生态，为 其在核心技术研发与商业化竞争中奠定优势。 与巨额融资同步落地的，是公司核心管理团队的重磅升级。人工智能领域知名创业者印奇正式出任阶 ...

Core Viewpoint - The article highlights the significant contributions of Zhu Xudong in the semiconductor investment sector, emphasizing his role in establishing the Shanghai Semiconductor Equipment and Materials Industry Investment Fund and leading strategic transformations in companies within the semiconductor industry [2][3][4]. Group 1: Contributions to Semiconductor Investment - Zhu Xudong was instrumental in the establishment of the Shanghai Semiconductor Equipment and Materials Industry Investment Fund, which aimed to address financing challenges in the semiconductor sector, with a total scale of 100 billion yuan and an initial phase of 50 billion yuan [3]. - The fund has managed over 80 billion yuan and invested in more than 50 projects across the semiconductor value chain, including key companies like Chiplink, Aojie Technology, and Changjing Technology [3]. Group 2: Strategic Transformations - Zhu Xudong recognized the need for innovation and stable capital platforms, leading to the strategic transformation of Wanye Enterprises into the integrated circuit sector, including significant acquisitions such as the 3.98 billion yuan purchase of Kaishitong [4]. - Under his leadership, Wanye Enterprises also engaged in a management buyout (MBO) to enhance market operations, reducing state ownership to 49% [4]. Group 3: International Expansion and Innovation - Zhu Xudong pioneered the privatization of overseas semiconductor companies, notably leading the 6.9 billion USD acquisition of Lattice Semiconductor, which became a landmark event in cross-border mergers in the integrated circuit field [6]. - His investment philosophy focused on dual drivers of functionality and financial returns, prioritizing investments in critical areas like equipment and materials, while fostering a collaborative ecosystem between funds and listed companies [6].

据IPO最新消息， 爱芯元智 已成功通过港交所上市聆讯，并于2025年1月25日正式披露聆讯后资料集，由中金公司、国泰海通和交银国际担任联席保荐 人。这一进展意味着爱芯元智有望成为中国首家在边缘AI芯片领域成功登陆资本市场的上市公司。 公司构建了以"爱芯智眸AI-ISP"和"爱芯通元混合精度NPU"为核心的双轮驱动技术平台。其中，AI-ISP技术通过深度融合人工智能算法与图像信号处理，大 幅提升了在复杂光照条件下的图像质量；而混合精度NPU则采用创新的多线程异构多核架构，不仅原生支持CNN、Transformer、BEV等主流网络结构， 还能高效适配DeepSeek、Qwen等前沿大模型，为边缘端AI应用的规模化落地提供了坚实的算力支撑。 在产品商业化方面，爱芯元智展现了强大的执行力。 截至2025年9月30日，公司累计芯片交付量已突破1.65亿颗 ，这一数字充分验证了其产品的市场认 可度和规模化供应能力。 成立于2019年的爱芯元智，从创立之初就精准聚焦于边缘计算与终端设备AI推理芯片的研发与产业化。在AI应用从云端向边缘端加速迁移的产业趋势 下，公司前瞻性地确立了"技术通用、芯片专用"的发展战略，致力于为 ...

| 调价背景：供需失衡与市场重构 行业分析指出，此次NAND闪存价格大幅上调的背后，是全球半导体市场在经历长期下行周期后的结构 性调整。此前，由于供过于求，NAND闪存价格连续多个季度处于低位，三星等头部厂商采取了减产措 施以应对市场压力。随着需求逐渐回暖，尤其是人工智能、高性能计算、智能手机升级等需求的拉动， 存储芯片市场供需格局发生显著变化。 报道透露，三星电子已于去年年底与主要客户完成了供应合同谈判，并在今年第一季度正式执行新的价 格体系。知情人士表示，三星正在与客户就第二季度的NAND价格展开新一轮谈判，市场普遍预期涨势 将持续。 | 连锁反应：从DRAM到NAND的全面涨价 此次NAND价格调整并非孤立事件。近期，DRAM内存价格也被曝出接近70%的涨幅，两大存储产品线 的同步调价，标志着存储市场已进入全面上涨通道。业内专家认为，随着数据中心建设加速、AI终端 设备普及以及消费电子需求回升，存储芯片作为关键元器件，其价格波动将对下游产业链产生广泛影 响。 据韩国媒体报道，三星电子已于2024年第一季度将NAND闪存供应价格上调超过100%，这一涨幅远超 市场预期，凸显了当前全球半导体市场严重的供需失 ...

Core Viewpoint - The approval of Dapu Micro's IPO marks a significant milestone for the ChiNext board, showcasing support for hard technology enterprises and the determination to enhance the domestic semiconductor storage industry [4][7]. Group 1: Company Overview - Dapu Micro is one of the few domestic semiconductor manufacturers capable of independently managing the entire technology chain for enterprise-level storage, including "main control chips + firmware algorithms + modules" [4]. - The company has invested heavily in R&D, with 7.37 billion yuan spent over the past three years, accounting for 36.15% of total revenue during that period, which is significantly higher than the industry average [4]. Group 2: Financial Performance and Projections - Dapu Micro plans to raise approximately 1.878 billion yuan through its IPO, focusing on the development and industrialization of next-generation main control chips and enterprise-level SSDs, as well as establishing a module mass production testing base [5]. - Revenue is projected to grow from 557 million yuan in 2022 to 962 million yuan in 2024, with an expected 2.158 billion yuan in 2025, representing a 124% year-on-year increase [5]. Group 3: Market Context and Trends - The demand for enterprise-level SSDs is expected to rise significantly due to the explosive growth of artificial intelligence, with SSDs projected to account for 20% of AI server storage by 2028 [7]. - There is a pressing need for domestic brands to increase their market share in the SSD sector, as current market dominance is held by foreign companies like Samsung and SK Hynix [7][8]. Group 4: Industry Implications - Dapu Micro's successful IPO serves as a model for the ChiNext board's innovative support for technology innovation, particularly for unprofitable enterprises in high R&D investment phases [7]. - The establishment of a domestic enterprise-level SSD ecosystem is crucial for supply chain security and the high-quality development of the semiconductor industry in China [7][8].

2026年开年，科创板迎来首例IPO终止案例。 1月14日，国内湿法清洗设备商亚电科技撤回上市申请，距离其2025年6月获受理仅过去半年。 这家拟募资9.5亿元的企业，最终未能跨越监管审核与市场竞争的双重门槛。 亚电科技的折戟并非个例，其暴露的客户依赖、现金流波动、业务结构失衡等问题，折射出国产半导体设 备企业在资本化道路上的共性困境。 | 极致的客户集中度风险 亚电科技的IPO之路，从一开始就布满暗礁。 最突出的风险当属极致的客户集中度：2025年上半年，公司光伏业务占主营收入51.85%，而这部分收入中 51.91%来自单一客户隆基绿能，形成"光伏业务依赖+单一客户依赖"的双重绑定。 根据证监会《监管规则适用指引——发行类第5号》，单一客户收入占比超50%即被认定为"重大依赖"，监 管层会重点核查业务持续性与稳定性。 尽管半导体行业存在客户集中的行业惯例，但亚电科技的依赖并非源于行业格局，而是自身市场拓展能力 不足——其前五大客户应收占比长期维持在80%-90%以上，远超盛美上海、至纯科技等同行的客户分散水 平。 | 现金流承压与行业周期风险 现金流的持续承压，成为压垮IPO的关键稻草。 亚电科技与光伏客 ...

本文所载 2025 年业绩数据，均为笔者根据上市公司 2026 年 1 月在上交所、深交所官网披露的业绩预告 / 业绩快报整理而来。重要说明：数据未经审计核验，最终结果以公司正式年报为准。 按股票代码升序排列 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利:65,000万元 -80,000万元 | 盈利:35.055.37 万 元 | | | 比上年同期增长:85.42% - 128.21% | | | 扣除非经常性损 益后的净利润 | 盈利:63,000万元 -78,000万元 | 盈利:30,269.81 万 元 | | | 比上年同期增长:108.13% - 157.68% | | | 营业收入 | 金额: 1,030,000万元 -1,130,000 万元 | 金额:477,254.63万 元 | | | 比上年同期增长:115.82% - 136.77% | | | 基本每股收益 | 盈利:2.91元/股 -3.58元/股 | 盈利: 1.70元/股 | 德明利（001309） 通富微电（002156） 证券代码:0021 ...

2026年1月24日，纳思达与香港上市公司美佳音控股同步发布公告，披露双方重磅并购方案。纳思达核 心芯片平台极海中国将通过间接全资附属公司Geehy International Limited，以"股份收购+定向配股"组合 方式，斥资1.6879亿港元获得美佳音控股50.56%股权，正式成为其绝对控股股东。 Geehv GEEHY INTERNATIONAL LIMITED MEGAIN Holding (Cayman) Co., Ltd. (於英屬處女群島註冊成立的有限公司) 美佳音控股有限公司* (於 開曼 群島註冊成立的有限公司) (股份代號:6939) 聯合公告 (1)要 約 人 與 該 等 賣 方 就 本 公 司 已 發 行 股 本 總 額 約 40.67% 訂 立 的 股 份 購 買 協 議 ; (2)要 約 人 根 據 一 般 授 權 認 購 本 公 司 新 普 通 股 的 協 議; (3)由 工 銀 國 際 融 資 有 限 公 司 為 及 代 表 要 約 人 提 出 可 能 無 條 件 強 制 性 現 金 要 約,以 收 購 本 公 司 全 部 已 發 行 股 份(要 約 人 及 其 一 致 ...

Core Viewpoint - The global semiconductor industry is expected to experience stronger demand, particularly driven by the AI computing infrastructure and a "super cycle" in semiconductor equipment manufacturing, benefiting companies involved in AI chips and DRAM/NAND storage expansion [1][3]. Semiconductor Equipment Sector - KeyBanc Capital Markets highlights that semiconductor equipment manufacturers will be the largest beneficiaries of the AI chip and storage capacity expansion trends [1]. - Citigroup predicts a "Phase 2 bull market" for the semiconductor equipment sector, suggesting a shift from valuation recovery to sustained profit growth, with leading companies like ASML, Lam Research, and Applied Materials being key players [3]. - The semiconductor equipment sector is expected to see significant growth due to the ongoing demand for AI computing and storage solutions, with a focus on advanced manufacturing processes [4][5]. AI Infrastructure Investment - The construction of large-scale AI data centers by tech giants like Microsoft, Google, and Meta is accelerating the expansion of advanced AI chip production and storage capacity [4]. - The global AI infrastructure investment wave is projected to reach $3 trillion to $4 trillion by 2030, indicating that the current phase is just the beginning [5]. - The semiconductor market is expected to grow significantly, with a forecasted value of $772.2 billion in 2025 and $975.5 billion in 2026, driven by strong demand for AI GPUs and storage systems [6][9]. Market Dynamics - The demand for DRAM/NAND storage chips is surging, with prices increasing due to the heightened importance of these products in AI training and inference systems [10]. - TSMC reported a record gross margin exceeding 60% and raised its 2026 revenue growth forecast to nearly 30%, indicating strong demand for AI-related chip manufacturing [10][11]. - The semiconductor investment chain driven by AI demand is expected to lead to increased capital expenditures (capex) from major manufacturers like SK Hynix, Samsung, and Intel [12][13]. Company-Specific Insights - KeyBanc maintains an "overweight" rating on AEI Industries, citing its strong position in the data center sector and potential for revenue growth in semiconductor manufacturing equipment [14]. - Applied Materials is recognized for its diverse product offerings across various semiconductor manufacturing processes, with expectations for significant revenue growth in the coming years [15][16]. - MKS Instruments is positioned to benefit from the ongoing demand for advanced packaging and semiconductor manufacturing technologies, with a focus on maintaining a strong market share in NAND and advanced packaging sectors [18].

Core Viewpoint - The article highlights the IPO initiation of Jiangsu Luwen Instruments, a semiconductor equipment company, indicating its significant growth and potential in the capital market, particularly in the context of the domestic semiconductor industry's development [1][4]. Group 1: Company Overview - Jiangsu Luwen Instruments, established in September 2015, has a registered capital of 196 million yuan and is led by Chairman Xu Kaidong [2][3]. - The company has a strong ownership structure, with 19.82% held by Leuven Instruments, providing international resources, and 2.98% by the Chinese Academy of Sciences, enhancing its core technology development [2][3]. - Luwen Instruments has secured 422 patents, including a recent one for a plasma etching machine that addresses uniformity issues, aligning with the high-precision etching demands of 5G and AI sectors [3]. Group 2: Market Position and Potential - The company specializes in providing equipment and process solutions for integrated circuit manufacturing, covering critical processes for various chip types, including logic chips and memory devices [3]. - Luwen Instruments has participated in 215 bidding processes, indicating high market recognition and acceptance [3]. - The semiconductor equipment sector is a key area for domestic substitution, with significant capital interest, as evidenced by 38 semiconductor companies aiming for A-share listings since 2025, targeting nearly 100 billion yuan in fundraising [4]. Group 3: Industry Context - The article emphasizes that the current trend of domestic substitution and policy support presents an optimal growth opportunity for companies like Luwen Instruments, which possess core technologies [4]. - The initiation of the IPO is seen as a crucial milestone for the company and a reflection of the accelerating rise of the domestic semiconductor equipment industry [4].