Global Semiconductor Market Analysis - The global semiconductor market is projected to reach $659.1 billion in 2024, representing a year-on-year growth of 20.0%, and is expected to grow to $789.3 billion by 2025 [2][14] - Integrated circuits will account for the largest share at 73.9%, while artificial intelligence chips will see the fastest growth at 49.3% [2][14] - In 2023, the top ten companies in the global semiconductor market are primarily from the US, Taiwan, and South Korea, with no mainland Chinese companies in the top ranks [2][16] China Semiconductor Market Analysis - China's semiconductor market is expected to reach $176.9 billion in 2024, with a year-on-year growth of 15.9%, and is projected to reach $206.7 billion by 2025 [2][16] - Integrated circuits will dominate the Chinese market, accounting for $139.3 billion, or 78.7% of the total market, with artificial intelligence chips growing at 48.3% [2][16] Historical Development of the Semiconductor Industry - The global semiconductor industry has evolved through four major phases: the rise of personal computers and the internet (1986-1999), network communications and consumer electronics (2000-2010), the smartphone and 3G/4G/5G era (2010-2020), and the current AI technology and data center phase (2023-present) [3][21][24] Semiconductor Industry Chain Overview - The semiconductor industry chain consists of upstream (EDA/IP, semiconductor equipment, semiconductor materials), midstream (semiconductor design, wafer manufacturing, and packaging/testing), and downstream (packaging and testing) segments [6][62] - Upstream EDA/IP is dominated by companies like Synopsys and Cadence, while semiconductor equipment is led by ASML for EUV lithography, with high industry concentration [6][62] Future Development Directions in the Semiconductor Industry - Key future development areas in the semiconductor industry include third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth memory [8][10] Investment Recommendations - The domestic semiconductor industry is expected to make breakthroughs in upstream core equipment, materials, and software, driven by national policies and international dynamics [9] - Investment opportunities are particularly promising in third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth storage [9][10]

证券研究报告 行业研究 / 行业深度 2025 年 12 月 26 日 电子 / 半导体 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《爱建电子专题报告：存储芯片涨价将延续至 2026 年》2025-12-22 《电子行业周报：TPU 需求上涨带动 Google 产业链发展》2025-12-21 《人工智能月度跟踪：摩尔线程、沐曦股份 IPO 首发成功》2025-12-19 《电子行业周报：NVIDIA H200 芯片放松出口 限制》2025-12-16 《爱建电子专题报告：iPhone 折叠屏有望带来 产业发展拐点》2025-12-15 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 半导体产业的发展复盘与方向探索 ——爱建电子深度报告 风险提示：1）国际贸易摩擦加剧；2）技术升级不及预期；3）下游需求不及预期 Statista Market Insights 数据显示，2024 年全球半导体市场规模达 6591 亿美元，同比 +20.0%，预计 2025 年或将 ...

12月26日，先导基电盘中上涨2.01%，截至09:53，报17.73元/股，成交9825.01万元，换手率0.60%，总 市值165.00亿元。 分红方面，先导基电A股上市后累计派现25.46亿元。近三年，累计派现2.12亿元。 资金流向方面，主力资金净流出240.76万元，特大单买入167.82万元，占比1.71%，卖出243.64万元，占 比2.48%；大单买入1492.32万元，占比15.19%，卖出1657.28万元，占比16.87%。 机构持仓方面，截止2025年9月30日，先导基电十大流通股东中，南方信息创新混合A（007490）位居 第四大流通股东，持股1400.39万股，相比上期减少46.31万股。香港中央结算有限公司位居第五大流通 股东，持股1014.02万股，相比上期减少32.28万股。南方中证房地产ETF发起联接A（004642）位居第六 大流通股东，持股797.80万股，相比上期减少32.12万股。国泰中证半导体材料设备主题ETF（159516） 位居第八大流通股东，持股641.21万股，为新进股东。南方中证1000ETF（512100）位居第九大流通股 东，持股593.92万股，相 ...

Group 1 - Moer Thread plans to use up to 7.5 billion yuan of idle raised funds for cash management, with a usage period of 12 months [1] - O-film plans to purchase 8.46% equity of its subsidiary Anhui Che Lian for a total of 3.64 billion yuan, increasing its ownership from 78.54% to 87% [2] - ST Lian Shi applies to revoke the delisting risk warning as its restructuring plan has been completed [3] Group 2 - Weirli signs a strategic cooperation framework agreement with Primech Holdings to build an industrial robot cooperation platform [4] - Race Intelligent plans to raise no more than 1.144 billion yuan through a private placement for core components of intelligent equipment [5] - Renfu Pharmaceutical's stock will be subject to other risk warnings and will be suspended for one day starting December 15 [6] Group 3 - Yongding Co. clarifies that its subsidiary Dongbu Superconductor does not directly manufacture controllable nuclear fusion devices [7] - Rongbai Technology plans to acquire part of Guizhou Xinren's equity and increase its capital to achieve control [9] - ST Hu Ke is under investigation by the Securities Regulatory Commission for suspected information disclosure violations [10] Group 4 - Yunnan Ge Industry plans to establish a subsidiary focused on organic germanium-related products [11] - Greenme intends to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [12] - Jiangzhong Pharmaceutical plans to change its name to China Resources Jiangzhong Pharmaceutical [13] Group 5 - Jiangsu Guoxin's subsidiary Ma Zhou Power has completed the trial operation of a 1,000 MW coal-fired power generation unit [16] - Longsheng Technology plans to invest in a center for embodied intelligent robots [18] - Guangzhou Development has received approval for the registration of 8 billion yuan medium-term notes and 6 billion yuan short-term financing notes [19] Group 6 - China Merchants Port reported a container throughput of 17.248 million TEUs in November, a year-on-year increase of 6.4% [20] - Tianma Technology reported a total eel output of approximately 11,415.87 tons from January to November [21] Group 7 - Xilong Science plans to reduce its stake by up to 1% [22] - Xicet Testing's actual controller plans to transfer 5% of the company's shares [23] - Oppein Home's actual controller plans to increase its stake by 50 million to 100 million yuan [24] Group 8 - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan [25] - Baicheng Pharmaceutical's major shareholder increased its stake by 0.85% [26] - Mengbaihe's major shareholder plans to reduce its stake by up to 1% [27] Group 9 - Xian Dao Ji Dian's shareholder has reduced its stake by 1.70% [28] - Yaxiang Integration's shareholder reduced its stake by 41,400 shares [29] - Zhiwei Intelligent's actual controller has reduced its stake, bringing the total holding to 69% [30] Group 10 - Jincheng Co.'s actual controller plans to reduce its stake by up to 0.97% [31] - Jianghua Micro's chairman has reduced his stake by 1.09% [32] - COSCO Shipping Energy signed a shipbuilding contract worth 7.882 billion yuan [33] Group 11 - Dayu Water Saving's subsidiary is expected to win two high-standard farmland construction projects [34] - Guorui Technology's subsidiary is a candidate for the GXLF project [36] - ST Zhisheng has won a smart city governance project worth 104 million yuan [37]

Group 1 - The core point of the article is that Xian Dao Ji Dian (600641.SH) announced a share reduction plan by Sanlin Wanye, which has resulted in a total reduction of 15.8622 million shares, accounting for 1.70% of the company's total shares [1] - The share reduction was executed through centralized bidding and block trading methods [1] - The actual trading period for this reduction plan ended on December 12, 2025, due to non-trading days on December 13 and 14, 2025 [1]

证券代码：600641 证券简称：先导基电 公告编号：临 2025-083 上海先导基电科技股份有限公司 股东减持股份计划时间届满暨减持结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次减持股份计划实施前，三林万业（上海）企业集团有限公司 （以下简称"三林万业"）持有上海先导基电科技股份有限公司（以 下简称"公司"、"本公司"）股份 70,346,221 股，占公司总股本比例 为 7.56%。上述股份通过协议转让、集中竞价交易及公司资本公积金 转增股本取得，均为无限售条件流通股。 减持计划的实施结果情况 2025 年 8 月 23 日，公司披露了《上海万业企业股份有限公司股 东减持股份计划公告》（公告编号：临 2025-045），三林万业拟通过集 中竞价交易和大宗交易方式减持其所持有的股份合计不超过 25,676,000 股，即不超过公司目前总股本的 2.76%。其中，通过集中 竞价交易方式减持，在任意连续 90 日内，减持股份的总数不超过公 司股份总数的 0.98%，即不超过 9,110 ...

Core Viewpoint - Sanlin Wanye (Shanghai) Enterprise Group Co., Ltd. has reduced its stake in Xian Dao Ji Dian (600641) by 1.70% during the designated reduction period, indicating a strategic shift in its investment approach [1] Group 1: Share Reduction Details - Sanlin Wanye has cumulatively reduced its holdings by 15.8622 million shares through centralized bidding and block trading [1] - The reduction period lasted from September 16, 2025, to December 10, 2025, with a share price range of 15.00 to 23.78 yuan per share [1] - The total amount from the share reduction reached 276 million yuan [1] Group 2: Ownership Changes - Following the reduction, Sanlin Wanye's ownership percentage decreased from 7.56% to 5.85% [1] - The actual number of shares reduced fell short of the original plan, which aimed for a reduction of 9.8138 million shares [1]

Group 1 - The core point of the article is that Sanlin Wanye has reduced its stake in Shanghai Xian Dao Ji Dian, decreasing its shareholding from 7.56% to 5.85% through a planned reduction of shares [1] - Before the reduction plan, Sanlin Wanye held 70.3462 million shares of the company, which represented 7.56% of the total share capital [1] - The reduction plan disclosed on August 23, 2025, aimed to sell up to 25.676 million shares, equivalent to 2.76% of the total share capital [1] Group 2 - As of December 12, 2025, Sanlin Wanye had cumulatively reduced its holdings by 15.8622 million shares, accounting for 1.70% of the total share capital [1] - The total amount raised from the share reduction was 276.13 million yuan, with the selling price ranging from 15.00 to 23.78 yuan per share [1] - The reduction plan has now expired, and Sanlin Wanye's current shareholding stands at 5.85% [1]

Group 1 - The core point of the announcement is that Sanlin Wanye has reduced its stake in Shanghai Xian Dao Ji Dian from 7.56% to 5.85% through a planned share reduction [1] - Before the reduction plan, Sanlin Wanye held 70,346,200 shares of the company, which accounted for 7.56% of the total share capital [1] - The reduction plan disclosed on August 23, 2025, aimed to reduce holdings by up to 25,676,000 shares, or 2.76% of the total share capital [1] Group 2 - As of December 12, 2025, Sanlin Wanye had cumulatively reduced its holdings by 15,862,200 shares, representing a reduction of 1.70% [1] - The total amount raised from the share reduction was 276,130,000 yuan, with the share price ranging from 15.00 to 23.78 yuan per share [1] - The reduction plan has now expired, and Sanlin Wanye's current shareholding percentage is 5.85% [1]

Market Overview - The Shanghai Composite Index fell by 0.70% on December 11, with only one industry, banking, showing an increase of 0.17% [1] - The real estate sector ranked third in terms of decline, with a drop of 3.06% [2] - Overall, the main funds in the two markets experienced a net outflow of 744.67 billion yuan, with only the banking sector seeing a net inflow of 67.49 million yuan [1] Real Estate Sector Analysis - The real estate industry saw a net outflow of 2.10 billion yuan, with 100 stocks in the sector; only 6 stocks rose, and 94 stocks fell [2] - The top three stocks with the highest net inflow in the real estate sector were: - Xian Dao Ji Dian: 67.26 million yuan - Bin Jiang Group: 57.69 million yuan - Jing Tou Development: 27.04 million yuan [2] - The stocks with the largest net outflow included: - Vanke A: 446.18 million yuan - China Wuyi: 178.32 million yuan - Wan Tong Development: 166.71 million yuan [3] Fund Flow Insights - The electronic industry had the largest net outflow of funds, totaling 13.59 billion yuan, followed by the communication industry with a net outflow of 11.34 billion yuan [1] - A total of 30 industries experienced net outflows, indicating a broad trend of capital leaving the market [1]