在境外上市备案管理制度深化落地、港股回暖及境内企业境外融资需求释放的大背景下，制造业A股上市公司赴H股发 行上市（A to H模式）成为拓宽融资渠道、实现全球化布局的重要路径。2025年中国证监会针对A to H境外上市备案， 重点聚焦跨境合规管理、行业特殊监管要求等核心领域，备案审核呈现鲜明特征。本文基于2025年全年制造业A股上 市公司H股备案审核实践，结合近期证监会备案反馈，从实务操作角度论证分析境外上市备案审核中普遍性及高端先 进制造业特殊性法律问题，提出相关核查建议，供办理制造业A to H上市相关业务时参考。 作者｜杨海 陈鑫睿 顾海涛 张霞 来源｜锦之翼公众号 一、2025年制造业A股上市公司H股发行上市证监会备案情况概况 2025年，受益于境外上市备案制优化、港股回暖及境内企业境外融资需求释放，A to H上市迎来爆发式增长，全年备 案呈现"提交数量激增、审核效率提升、行业集中度高"的特点。制造业A股上市公司作为A to H模式上市的主要参与群 体，其备案提交、审核时长及备案通过情况亦呈现鲜明行业特征。 注1：上述企业均为2025年提交H股备案并取得证监会备案通知书的制造业A股公司，信息来源于 ...

2月24日，纳芯微大宗交易成交3.16万股，成交额548.68万元，占当日总成交额的1.29%，成交价173.63元，较市场收盘价173.63元持平。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) | 成交金额(万元) | 成交量( * ) 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2026-02-24 | 纳芯微 | 688052 | 173.63 | 274.34 | 1.58 | | | 2026-02-24 | 纳芯微 | 688052 | 173.63 | 274.34 | 1.58 | | ...

（文章来源：每日经济新闻） 每经AI快讯，2月23日，港股半导体股午后再度走强，中芯国际涨近6%，华虹半导体涨超5%，纳芯微 涨近5%，天数智芯涨超4%。 ...

你知道A股历史上发行价最高的股票，现在都怎么样了吗？ 答案可能让你倒吸一口凉气。 十只曾经风光无限的"贵族股"，经过市场几年的洗礼，竟然有七 只已经跌破了发行价。 更让人震惊的是，其中一只从历史最高点下跌了整整93%，几乎跌没了。 这些股票大多集中在科创板和创业板，发行价动辄两三百 元，甚至超过五百元，上市时都是万众瞩目的明星。 如今，它们的走势却集体上演了一出"高台跳水"。 这十只股票包括禾迈股份、万润新能、义翘神州、石头科技、索辰科技、福昕软件、华宝新能、纳芯微、康希诺和百济神州。 它们上市的时间分布在2020年到2023年之间，正是注册制改革推进、新股发行活跃的时期。 高发行价背后，是当时市场对硬科技、新能源、生物医药等赛道火热的追捧。 然而，潮水退去后，谁在裸泳一目了然。 先来看看整体情况。 截至2026年2月中旬，这十只股票中，只有石头科技、纳芯微和百济神州三只的股价还在发行价之上。 但需要注意的是，这三只股票在上市后的历程中也曾一度跌破发行价，只是借助近一年的市场行情才勉强拉了回来。 其余七只股票，则全部处于破发状态，意味着所有在发行时买入并持有至今的投资者，账面上都是亏损的。 破发的幅度各不相同 ...

Group 1 - The company faces shareholder reductions, share buybacks, and the appointment of H-share auditing institutions in 2026 [1] - Shareholders Suzhou Guorun Ruiqi Venture Capital and Shenzhen Huiyue Growth Investment Fund plan to reduce their holdings by up to 0.36% and 1.39% respectively between March 2, 2026, and June 1, 2026, due to personal funding needs [2] - The company has been executing a share buyback plan initiated in November 2025, having repurchased 1,255,642 shares for approximately 200 million yuan as of January 31, 2026, intended for employee stock ownership plans or equity incentives, with a buyback period of 12 months [3] Group 2 - The company held a temporary shareholders' meeting on January 26, 2026, where the appointment of the H-share auditing institution for the 2025 fiscal year was approved, with subsequent audit results potentially impacting financial disclosures [4]

Core Viewpoint - The company has achieved mass production in certain target customers in Europe, serving several leading global automotive Tier 1 clients [1] Group 1 - The company has established a sales network in Germany to serve local customers [1]

Group 1 - The company, 纳芯微 (688052.SH), has reported that it has achieved mass production with several global Tier 1 automotive customers in Europe [1] - The company has established a sales network in Germany to serve local customers [1]

Market Overview - The Hang Seng Index opened up by 1.59%, reaching 26,982.49, with an increase of 422.54 points [2][6] - The Hang Seng Tech Index rose by 1.9%, closing at 5,447.63 [2][6] - The Hang Seng Biotech Index also increased by 1.9%, reaching 15,508.47 [2][6] - The Hang Seng China Enterprises Index rose by 1.54%, closing at 9,170.57 [2][6] - The Hang Seng Composite Index increased by 1.63%, reaching 4,126.92 [2][6] Sector Performance Technology Sector - Tech stocks experienced a collective rebound, with notable gains from: - Hua Hong Semiconductor up over 4% [2][6] - Baidu Group, Xpeng Motors, and Bilibili each rising over 3% [2][6] - SMIC, Alibaba, JD Group, and SenseTime all increasing by over 2% [2][6] Semiconductor Sector - The semiconductor sector saw a rebound, highlighted by: - Lattice Semiconductor's first-day opening surge of 57% [3][8] - Other companies like Zhaoyi Innovation and Naxin Micro rising over 4% [3][8] Precious Metals Sector - The precious metals sector showed signs of recovery, with: - China Silver Group, CGN Mining, Zijin Mining International, and WanGuo Gold Group all increasing by over 4% [4][9] - Other companies like Lijun Resources and Jiajin International Resources also reported gains [9] Notable Stock Movements - Key stock movements included: - Hua Hong Semiconductor at 103.80, up 4.58% [3][7] - Tencent Music at 65.35, up 3.81% [3][7] - Baidu Group at 142.60, up 3.48% [3][7] - Lattice Semiconductor at 168.00, up 57.17% [4][8] - China Silver Group at 0.640, up 4.92% [9]

中国经济网北京2月8日讯 纳芯微(688052.SH)近日发布2025年年度业绩预告。 经财务部门初步测算，纳芯微预计2025年度实现营业收入330,000.00万元至340,000.00万元，较上年同期 相比，将增加133,972.58万元至143,972.58万元，同比增长68.34%至73.45%；预计2025年度实现归属于 母公司所有者的净利润-25,000.00万元至-20,000.00万元，较上年同期相比，亏损将收窄15,287.82万元至 20,287.82万元；预计2025年度实现扣除非经常性损益后归属于母公司所有者的净利润-29,000.00万元 至-24,000.00万元，较上年同期相比，亏损将收窄16,677.81万元至21,677.81万元。 纳芯微2024年实现营业收入19.60亿元，同比增长49.53%；归属于上市公司股东的净利润-4.03亿元，上 年同期为-3.05亿元；归属于上市公司股东的扣非净利润-4.57亿元，上年同期为-3.93亿元；经营活动产 生的现金流量净额为9505.33万元，上年同期为-1.39亿元。 纳芯微于2022年4月22日在上交所科创板上市，公开发行股票2 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].