龙芯中科公告称，公司作为二审被上诉人、一审原告，起诉上海芯联芯一案二审（终审）已判决。一审 判决上海芯联芯在官网首页置顶位置连续十日发布致歉声明，消除影响、恢复龙芯中科名誉，并赔偿经 济损失（含合理开支）45万元，案件受理费11.27万元由其负担。上海芯联芯上诉后，二审驳回其上诉 请求，维持原判，二审案件受理费0.26万元由其负担。终审判决不会影响公司正常生产经营及损益。 ...

Core Viewpoint - Longxin Zhongke has been awarded the "ESG Technology Leading Golden Bull Award" for its solid practices and innovative exploration in the ESG field, highlighting its commitment to sustainable development [1][2]. Group 1: ESG Recognition and Awards - The "Golden Bull Award" series is an annual evaluation activity organized by China Securities Journal, focusing on recognizing outstanding practitioners in the ESG field [1]. - The third "Guoxin Cup · ESG Golden Bull Award" follows principles of openness, fairness, and justice, utilizing a rigorous and transparent evaluation system [1]. Group 2: Company Achievements and Innovations - Longxin Zhongke is the only domestic CPU company that builds an open information technology system independent of the X86 and ARM architectures, focusing on self-developed instruction systems [1][2]. - The company has released the Longxin 3C6000 series server processors and the Longxin 2K3000/3B6000M chips, showcasing high performance, reliability, and security [2]. - Longxin has developed key core technologies in general processors, graphics processors, AI processors, and their foundational software design over 20 years [2]. Group 3: Strategic Initiatives - Longxin Zhongke actively responds to carbon neutrality goals by implementing energy-saving measures and optimizing office processes to reduce resource consumption [3]. - The company has established a three-tier management structure for ESG, integrating sustainable development concepts into its operations [2].

Group 1: Longxin Zhongke (688047) - The company is the only domestic CPU manufacturer that builds an independent information technology system based on its own instruction set, independent of x86 and ARM architectures, establishing a competitive edge in the open market [5][6] - Longxin's product lineup includes the Longxin 1 MCU, Longxin 2 SoC, and Longxin 3 CPU series, which have significantly improved cost-performance ratios, positioning the company for a new growth cycle [5][6] - The demand for domestic CPUs is driven by the acceleration of AI server and AIPC shipments, with a projected 24.3% growth in global AI server shipments in 2025, and a 34% penetration rate for AIPC in mainland China [6][7] - The company maintains control over its core IP and instruction set, allowing for x86/ARM instruction translation, which enhances its competitive position in the market [7][9] - Longxin's focus on the domestic market and gradual expansion into the open market is supported by its cost-performance advantages, with expectations of a 30-50% improvement in cost-performance for terminal chips and 50-100% for server chips over the next three years [9][10] Group 2: Shengde Xintai (300881) - The company operates a dual business model focusing on high-end pipes and automotive components, benefiting from both traditional energy and new energy sectors [12][13] - Revenue growth is notable, with increases of 64.1% in 2023 and 34.4% in 2024, and a reported revenue of 2.325 billion yuan in the first three quarters of 2025 [12][13] - The company has a strong market position in the small-diameter stainless steel pipe market for power station boilers, with a focus on high-tech products that yield higher profit margins compared to ordinary steel pipes [13][14] - The demand for high-end boiler pipes is expected to remain strong due to the anticipated addition of 47.44 million kilowatts of new thermal power capacity in 2024 [13][14] - The company is projected to achieve revenues of 3.043 billion, 3.220 billion, and 3.411 billion yuan from 2025 to 2027, with corresponding net profits of 240 million, 276 million, and 309 million yuan [14]

Group 1: Federal Reserve and Market Overview - The global stock market experienced adjustments, with U.S. Treasury yields declining and commodity prices generally falling during the week of November 21, 2025 [6][7] - The expectation of interest rate cuts by the Federal Reserve remains uncertain, influenced by mixed signals from the labor market and geopolitical tensions [7][8] - The domestic equity market showed a decline across all sectors, with financials outperforming others, while the average daily trading volume decreased [6][7] Group 2: Shengde Xintai (300881) Company Analysis - Shengde Xintai operates a dual business model focusing on high-end pipes and automotive components, benefiting from both traditional and renewable energy sectors [9][10] - The company reported significant revenue growth, with a projected increase of 64.1% in 2023 and 34.4% in 2024, and a third-quarter revenue of 2.325 billion yuan in 2025 [10][11] - The firm maintains a strong market position in high-end boiler pipes and is expanding its presence in the automotive lightweight sector through acquisitions [9][10] Group 3: Loongson Technology (688047) Company Analysis - Loongson Technology is the only domestic CPU manufacturer building an independent information technology ecosystem based on its own instruction set, distinct from x86 and ARM architectures [12][13] - The company has seen a rise in market share in the domestic "Xinchuang" (information technology innovation) sector, with a focus on enhancing product cost-performance ratios [13][14] - The demand for AI servers and AIPC is expected to drive CPU demand upward, with a projected 24.3% growth in global AI server shipments in 2025 [14][15] Group 4: Domestic Robotics Industry - The industrial robotics sector in China saw a production increase of 29.8% year-on-year in the first three quarters of 2025, surpassing the total production of 2024 [20][21] - Domestic brands have gained market share over foreign brands, with a 54.9% increase in exports of industrial robots [20][21] - Key components such as controllers and servo systems have seen significant technological advancements, enhancing the competitiveness of domestic manufacturers [21][22] Group 5: Capital Market Focus on Mergers - The merger between CICC, Dongxing Securities, and Xinda Securities is a strategic move to consolidate resources and enhance competitiveness in the financial services sector [24][25] - Following the merger, the combined total assets are expected to exceed 1 trillion yuan, positioning the new entity as the fourth largest in the industry [25][26] - The integration aims to leverage regional strengths and expand service offerings, particularly in asset management and investment banking [26][27] Group 6: U.S. Non-Farm Payroll Data Analysis - The U.S. non-farm payroll data for September 2025 showed an increase of 119,000 jobs, significantly exceeding expectations, but the unemployment rate rose to 4.4% [28][29] - The job growth was primarily driven by the education and health sectors, which are characterized by high part-time employment rates [29][30] - The data suggests a mixed labor market, with concerns about rising unemployment overshadowing the positive job creation figures [30][31]

Core Viewpoint - The article emphasizes the ambition of Loongson Technology to challenge the dominance of X86 and ARM architectures in the Chinese CPU market, aiming for a competitive landscape by 2035 with its own LoongArch architecture [1][10]. Company Overview - Loongson Technology, led by Hu Weiwu, has been a key player in China's independent CPU development since 2001 and is now publicly listed on the STAR Market [1][3]. - The company has made significant technological advancements, including the development of its own instruction set architecture, LoongArch, and various CPU and GPGPU technologies [2][5]. Financial Performance - Recent financial reports indicate that while revenue is growing due to increased R&D investment, profitability is under pressure [2][12]. - The company has historically been profitable from 2015 to 2022, with losses being an exception due to increased R&D efforts and workforce expansion [12]. Technological Advancements - Key technological milestones include the launch of the LoongArch instruction set, the 3A6000 desktop chip, and the integration of GPGPU cores into their products [3][4][11]. - The 3A6000 chip is reported to match the performance of Intel's 11th generation Core processors, showcasing significant advancements in single-core performance [3][11]. Market Strategy - Loongson's market strategy involves expanding from PC applications to server and industry applications, leveraging its cost-performance advantages [6][9]. - The company aims to penetrate open markets and has plans for international expansion, particularly in countries involved in the Belt and Road Initiative [6][9]. Competitive Landscape - The company faces challenges in building a software ecosystem to support its architecture, with a focus on compatibility with existing applications [7][8]. - Loongson differentiates itself from competitors by relying on self-developed technologies rather than licensing from foreign firms, which can incur additional costs [9][10]. Future Outlook - The company aims to establish a competitive position alongside Intel and ARM by 2035, with a focus on achieving a balanced ecosystem and technological independence [13][14]. - The goal is to create a third viable architecture in the CPU market, reducing the gap in scale with existing giants [14].

Core Viewpoint - Longxin Zhongke has unveiled its first GPGPU chip, the 9A1000, which integrates graphics and AI computing capabilities, positioning it as an entry-level discrete graphics card [1] Group 1 - The 9A1000 chip outperforms the integrated graphics performance found in CPUs [1] - The company aims to develop Windows drivers for the 9A1000, enabling compatibility with Windows computers [1] - The chip's tape-out was completed at the end of September, although it will require additional time before it is fully available [1]

Core Viewpoint - Longxin Zhongke (688047.SH) has released an investor relations activity record, highlighting the development of its first GPGPU chip, the 9A1000, which integrates graphics and AI computing capabilities for AIPC applications [1] Group 1 - The 9A1000 chip was delivered for tape-out at the end of September but will require additional time for further development [1] - The company is focusing on the development of the 3D7000 server chip, which will utilize advanced Xnm process technology and is expected to be a key project from 2025 to 2027 [1] - There is a possibility of developing a 16-core server chip, the 3C6600, using the 1Xnm process technology, depending on the progress of Xnm technology [1] Group 2 - Longxin Zhongke has already initiated IP design work for advanced Xnm process technology [1]

Core Viewpoint - China Software International (中软国际) has signed a strategic cooperation agreement with Deepin Technology (深开鸿) and Loongson Technology (龙芯中科) to develop a comprehensive autonomous "Longhong System" based on "Open Source Harmony + LoongArch" [1] Group 1: Company Developments - China Software International's stock rose by over 4%, reaching HKD 5.69 with a trading volume of HKD 216 million [1] - The collaboration aims to leverage complementary resources among the three companies, focusing on software applications, system integration, and international market expansion [1] Group 2: Technological Collaboration - The partnership will utilize Deepin Technology's Open Source Harmony operating system, which features full-scene coverage, distributed characteristics, and low-latency technology [1] - Loongson Technology will provide support through its LoongArch instruction set chips and underlying solutions, enhancing the technological foundation of the "Longhong System" [1] Group 3: Market Strategy - The three companies will work together across four dimensions: technology, products, market, and ecosystem to accelerate the industrialization of the "Longhong System" [1]

Core Viewpoint - China Software International (中软国际) has signed a strategic cooperation agreement with Deepin Technology (深开鸿) and Loongson Technology (龙芯中科) to jointly develop a comprehensive autonomous "Longhong System" based on "Open Source Harmony + LoongArch" [1] Group 1 - China Software International's stock rose over 4%, reaching HKD 5.69 with a trading volume of HKD 216 million [1] - The collaboration aims to leverage complementary resources among the three companies, focusing on software applications, system integration, and international market expansion [1] - The partnership will enhance the "Longhong System" through deep collaboration in technology, products, market, and ecosystem [1]

Core Points - Longxin Zhongke's stock price decreased by 2.00% on November 12, trading at 130.33 CNY per share with a market capitalization of 52.262 billion CNY [1] - The company experienced a net outflow of 23.383 million CNY in principal funds, with significant selling pressure observed [1] - Year-to-date, the stock has declined by 1.47%, with a notable drop of 11.04% over the past 20 trading days [1] Company Overview - Longxin Zhongke Technology Co., Ltd. was established on March 5, 2008, and went public on June 24, 2022 [1] - The company specializes in the research, sales, and services of processors and supporting chips, with revenue composition as follows: 47.09% from information technology chips, 35.82% from industrial control chips, and 17.09% from solutions [1] - The company is classified under the electronic-semiconductor-digital chip design industry and is associated with concepts such as DeepSeek, Xinchuang, robotics, operating systems, and semiconductors [1] Financial Performance - As of September 30, 2025, Longxin Zhongke reported a revenue of 351 million CNY, reflecting a year-on-year growth of 13.94%, while the net profit attributable to shareholders was -394 million CNY, a decrease of 14.89% year-on-year [2] - The number of shareholders increased by 25.97% to 28,200, while the average circulating shares per person decreased by 20.62% [2] - Notably, Hong Kong Central Clearing Limited entered the top ten circulating shareholders with a holding of 6.2578 million shares [2]