Core Viewpoint - Wentech Technology's stock has experienced a decline recently, with significant net outflows of capital and a notable drop in revenue year-on-year, despite a substantial increase in net profit [1][2]. Group 1: Stock Performance - On November 26, Wentech Technology's stock fell by 2.01%, trading at 40.01 CNY per share, with a total transaction volume of 9.29 billion CNY and a turnover rate of 1.86%, resulting in a total market capitalization of 497.98 billion CNY [1]. - Year-to-date, Wentech Technology's stock price has increased by 3.17%, but it has seen a decline of 5.41% over the last five trading days, 11.99% over the last twenty days, and 1.38% over the last sixty days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on October 15, where it recorded a net buy of -2.11 billion CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Wentech Technology reported a revenue of 29.769 billion CNY, representing a year-on-year decrease of 44.00%, while the net profit attributable to shareholders increased by 265.09% to 1.513 billion CNY [2]. - The company's main business revenue composition includes 69.00% from smart terminals and 30.88% from semiconductor products, with other sources contributing 0.12% [2]. Group 3: Shareholder Information - As of September 30, 2025, Wentech Technology had 160,400 shareholders, an increase of 5.70% from the previous period, with an average of 7,758 circulating shares per shareholder, a decrease of 5.39% [2]. - The company has distributed a total of 796 million CNY in dividends since its A-share listing, with 155 million CNY distributed over the last three years [3].

Core Viewpoint - Wentech Technology's stock has shown fluctuations with a year-to-date increase of 7.48%, but recent trends indicate a decline over the past 5 and 20 trading days, raising concerns about its short-term performance [1][2]. Group 1: Stock Performance - As of November 25, Wentech Technology's stock price was 41.68 CNY per share, with a market capitalization of 51.876 billion CNY [1]. - The stock experienced a net outflow of 59.6246 million CNY in principal funds, with significant buying and selling activity from large orders [1]. - The stock has been on the "龙虎榜" three times this year, with the most recent instance on October 15, where it recorded a net buy of -211 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Wentech Technology reported a revenue of 29.769 billion CNY, a decrease of 44.00% year-on-year, while the net profit attributable to shareholders increased by 265.09% to 1.513 billion CNY [2]. - The company's main business revenue composition includes 69.00% from smart terminals and 30.88% from semiconductor products [1]. Group 3: Shareholder Information - As of September 30, 2025, Wentech Technology had 160,400 shareholders, an increase of 5.70% from the previous period, with an average of 7,758 circulating shares per person, a decrease of 5.39% [2]. - The company has distributed a total of 796 million CNY in dividends since its A-share listing, with 155 million CNY distributed in the last three years [3].

在目睹全球汽车供应链遭遇"大地震"后，西方世界心有余悸，路透社当地时间11月24日在一篇长文报道 中，以看似"理中客"的视角作出所谓"调查探访"，试图分析这场"安世之乱"是如何再次颠覆汽车供应链 的。 然而，在对包括汽车行业高管、供应商和芯片分销商等十余位人士进行采访后，报道全文只字不提荷方 的强行不当干预是祸乱根源，反而炒作渲染称，此次危机暴露出一个"盲点"——汽车行业从未预料到， 基础芯片竟会成为"中国对抗西方的筹码"。 报道进而宣称，中国的主导地位不仅体现在尖端技术和稀土资源上，还延伸到看似普通却至关重要的零 部件，以及如何利用这种影响力"瘫痪"全球生产的。 路透社提到，荷兰政府上周决定采取建设性措施，中止对安世半导体的干预，这预示着局势可能出现转 机。虽然荷方此前强行接管安世半导体位于奈梅亨的总部，但其在中国的业务仍由中国母公司闻泰科技 控制。 "荷兰人以为他们已经接管了安世半导体，但实际上他们只是接管了一栋办公楼。"广东国际战略研究院 国际关系教授李形表示，这表明，即使在中低端市场，许多企业也需要中国。闻泰科技的一位发言人则 表示："当前危机表明，拆分跨国公司会损害供应链，并将关键行业置于风险之中。 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 11月24日消息，昨日晚间，针对荷兰子公司安世半导体控制权的问题，闻泰科技再发声明，敦促安世 荷兰切实回应沟通解决控制权问题。 声明中提到，自荷兰经济部不当干预以来，本着负责任的态度和维护全球客户利益的原则，在中国相关 政府部门的大力帮助与推动下，闻泰科技已主动释放善意，明确表达了愿意与安世荷兰方面就如何恢复 闻泰科技的合法控制权、妥善解决当前争端进行建设性沟通。 声明补充，安世荷兰方面迄今未对闻泰科技的沟通提议作出任何实质性回应。鉴于此，闻泰科技要求安 世荷兰能在切实尊重事实和法律的基础上，就如何恢复闻泰科技的合法控制权与完整股东权利，提出具 有建设性且真正富有诚意的解决方案。 以下为声明全文： 关于敦促安世荷兰切实回应沟通解决控制权问题以保障全球供应链稳 定的声明 闻泰科技 2025年11月23日 18:42 江苏 鉴于此,我们要求安世荷兰能在切实尊重事实和法律的基础上,就如何恢复闻泰科技的合 法控制权与完整股东权利,提出具有建设性目真正富有诚意的解决方案。 全球半导体产业的稳定关乎行业发展大局 ...

闻泰科技称，近日，我方注意到安世荷兰及其相关方的一系列单方面行为，已对全球半导体产业链的稳 定构成潜在威胁。为避免局势进一步升级，维护各方合法权益，我司特此发表声明如下：自荷兰经济部 不当干预以来，本着负责任的态度和维护全球客户利益的原则，在中国相关政府部门的大力帮助与推动 下，我方已主动释放善意，明确表达了愿意与安世荷兰方面就如何恢复闻泰科技的合法控制权、妥善解 决当前争端进行建设性沟通。我们始终相信，通过坦诚对话解决分歧，是保障公司正常运营和全球芯片 供应稳定的切实正确途径。 然而，令人深感遗憾与不解的是，尽管我方展现出最大诚意，安世荷兰方面迄今未对我方的沟通提议作 出任何实质性回应。 据闻泰科技（600745）官方公众号消息，11月23日晚，闻泰科技发布关于敦促安世荷兰切实回应沟通解 决控制权问题以保障全球供应链稳定的声明。 全球半导体产业的稳定关乎行业发展大局。我们再次呼吁各方以理性、负责任的态度行事，共同维护安 世半导体的稳定与繁荣，保障全球客户的供应链安全。 回溯该事件，2025年9月30日，荷兰经济事务与气候政策部对安世半导体下达部长令，要求其全球30个 主体不得调整资产、知识产权等相关权益，有 ...

2025-11-24 09:42:17 作者：狼叫兽 2025年11月24日，闻泰科技就荷兰子公司安世半导体控制权事宜再次发布声明，呼吁相关方积极回应，推动问题通过沟通协商妥善解决。 声明指出，自荷兰经济部实施不当干预以来，为体现责任担当并保障全球客户权益，在中国相关部门的大力支持与协调下，闻泰科技始终秉持合作态度， 主动释放善意，多次明确表示愿与安世荷兰方面展开建设性对话，共同探讨恢复公司合法控制权及化解当前争议的有效路径。 然而截至目前，安世荷兰方面尚未对上述沟通提议作出任何实质性回应。基于此，闻泰科技敦促对方在尊重事实与法律的前提下，正视现实情况，就恢复 公司合法控制权及完整股东权利问题，提出真正具备建设性和诚意的解决方案，以推动事项回归正常轨道。 ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 11月23日，闻泰科技在其官方公众号上发布《关于敦促安世荷兰切实回应沟通解决控制权问题以 保障全球供应链稳定的声明》 。 来源：闻泰科技公众号 自 11月19日荷兰表示已"暂停对安世半导体的干预"后， 这已经是 闻泰科技第三次发布官方声明 。具体内容以及时间线如下： 11月19日，闻泰科技发布《关于子公司经营管理情况的进展报告》。公告称，荷兰经济事务与气 候政策部大臣声明中所指暂停的部长令是指2025年9月30日 （荷兰 时间） 荷兰经济事务与气候政 策部对安世所下达的部长令 （Order） ，该部长令要求安世及其下属所有子公司、分公司、办事处 等全球30个主体对其资产、知识产权、业务及人员等不得进行任何调整，有效期为一年。 虽然上述部长令 （Order） 被宣布暂停，但2025年10月7日 （荷兰时间） 企业法庭裁决依旧处于生 效状态，其效力并未受暂停的部长令任何影响，公司10月13日公告说明的企业法庭的所有紧急措 施还在进行中，公司对安世的控制权仍 ...

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]

彭博社报道，荷兰暂停对安世半导体的干预措施，但荷兰经济部门强调，即便管控行政令中止，安世半 导体仍有义务就"生产资源或知识产权转移"相关事宜向荷兰政府报备。尽管短期芯片供应紧张局面有望 缓解，但长期问题仍未解决，闻泰科技创始人张学政的角色同样存在变数，这仍是争端的核心症结之 一。 知情人士透露，荷兰政府之所以对"交还控制权"持开放态度，是因为暂停张学政职务的法院裁决目前仍 有效。荷兰经济部门的管控令已实现目的，但若未来芯片供应再次面临风险，该管控令可重新生效。 中国商务部国际贸易经济合作研究院研究员周密认为，除了荷兰企业法庭的裁决仍然处于生效中，荷兰 经济部门的行政令也只是"暂停"，而非中方希望的"撤销"，说明荷兰在从根本上解决安世半导体问题上 仍然有所保留，这意味着日后全球半导体供应链的安全与稳定仍然处于不确定性当中。荷兰迈出的第一 步可能是感受到了全球产业链的压力，但迄今为止荷方的表态仍然不够清晰，很有可能仍在观望美 国"50%穿透性规则"的暂停实施。周密建议，荷方应积极主动采取实际行动，与中方一道有效解决这场 波及全球的半导体供应链问题。 荷兰政府暂停了根据《货物可用性法案》签发的行政令，对此中国商务部 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [34]. Core Insights - The release of Google's Gemini 3 marks the transition of generative AI into the "task agent" era, shifting the investment focus from underlying computing power to high-frequency application deployment [10][12]. - NVIDIA's strong Q3 performance highlights the explosive growth driven by AI applications, providing long-term support for AI investments [13][15]. - Wintech firmly opposes the notion that "pausing solves the problem," insisting on the complete restoration of its legal control over Nexperia Semiconductor and emphasizing its commitment to legal action [10][16]. Summary by Sections Investment Recommendations - Attention is recommended for AI application-related companies, including Wanjun Technology, Hehe Information, Kingsoft Office, iFlytek, Torus, and Hongsoft Technology [3]. Industry Developments - Google's Gemini 3, released on November 18, is the most powerful AI model to date, achieving a score of 1501 on the LMArena global leaderboard, marking a significant advancement in AI capabilities [10][11]. - NVIDIA reported Q3 revenue of $57.01 billion, exceeding market expectations, with a net profit of $31.91 billion, a 65% year-on-year increase [13][14]. - Wintech's ongoing struggle for control over Nexperia Semiconductor reflects the complexities of international corporate governance and the sensitivity surrounding foreign investments in key technology firms [16][17]. Company Dynamics - Notable company activities include the issuance of a 1 billion RMB technology innovation bond by Inspur Information and a significant share transfer agreement involving Chuangye Huikang [23][24].