Core Insights - The MEMS micro-nano manufacturing components industry is experiencing rapid growth due to increased penetration in consumer electronics, automotive electronics, industrial automation, and healthcare sectors, with the global market expected to reach 7.3 billion yuan by 2025 and 7.7 billion yuan by 2026 [1][5][10] Industry Definition and Classification - MEMS (Micro-Electro-Mechanical Systems) combines electronic and mechanical technologies to create devices at micro or nano scales, enabling smart and integrated systems [2][3] - Key components include sensors, acoustic modules, optical modules, pressure sensors, and inertial sensors, characterized by miniaturization, integration, and mass production [3][4] Current Industry Status - The MEMS micro-nano manufacturing components market is expanding, driven by technological advancements and increasing demand for miniaturized and intelligent devices [4][5] - The largest segment within this market is sensors, followed by acoustic modules, with significant growth projected in various subcategories [5] Industry Chain - The upstream of the MEMS industry includes high-grade metals, silicon-based materials, polymers, and precision equipment, with high technical barriers and reliance on imports for some high-end materials [6] - The midstream focuses on the production of MEMS components, characterized by high technology barriers and added value [6] - The downstream applications span aerospace, automotive, biomedical, and consumer electronics sectors [6] Competitive Landscape - The MEMS micro-nano manufacturing components market in China is primarily dominated by foreign companies, with domestic firms accelerating their efforts to replace imports and enhance core technologies [7] - Key players include AAC Technologies, Huazhong University of Science and Technology, Goertek, and others, with ongoing advancements in various segments [7][8] Development Trends - The MEMS industry is evolving towards micro-nano precision manufacturing of integrated functional components, emphasizing miniaturization, integration, and mass production [9][10] - Future growth is anticipated as technological advancements lower production costs and expand applications across various sectors, including IoT, consumer electronics, and automotive industries [10]

Core Viewpoint - Naxin Micro (02676) has partially exercised the over-allotment option as of January 2, 2026, involving a total of 1.0266 million H-shares, which represents approximately 5.38% of the total shares available for subscription before the exercise of the over-allotment option [1][1]. Group 1 - The over-allotment shares will be issued at a price of HKD 116.00 per H-share, which is the same as the offering price for the global sale [1][1]. - The stabilization period for the global offering ended on January 2, 2026, which is 30 days after the deadline for submitting applications for the Hong Kong public offering [1][1].

纳芯微(02676)发布公告，整体协调人(为其本身及代表国际承销商)已于2026年1月2日部分行使招股章程 所述的超额配股权，涉及合共102.66万股H股，相当于任何超额配股权获行使前全球发售项下初步可供 认购发售股份总数约5.38%。超额分配股份将由本公司按每股H股116.00港元(即全球发售项下每股H股 的发售价)发行及配发。此外，有关全球发售的稳定价格期已于2026年1月2日(即递交香港公开发售申请 的截止日期后第30日)结束。 ...

超额分配股份将由公司按每股H股116.00港元(不包括1.0%经纪佣金、0.0027%证监会交易徵费、 0.00015%会财局交易徵费及0.00565%联交所交易费)(即全球发售项下每股H股的发售价)发行及配发。 格隆汇1月2日丨纳芯微(02676.HK)宣布，整体协调人(为其本身及代表国际承销商)已于2026年1月2日(星 期五)部分行使招股章程所述的超额配股权，涉及合共1,026,600股H股(「超额分配股份」)，相当于任何 超额配股权获行使前全球发售项下初步可供认购发售股份总数约5.38%。 根据香港法例第571W章证券及期货(稳定价格)规则第9(2)条，公司宣布，有关全球发售的稳定价格期已 于2026年1月2日(星期五)(即递交香港公开发售申请的截止日期后第30日)结束。有关稳定价格操作人中 国国际金融香港证券有限公司或代其行事的任何人士于稳定价格期内采取的稳定价格行动的进一步资料 载于本公告内。 ...

Core Insights - The automotive industry in China has made significant progress in 2025, with a focus on stability and quality improvement, driven by a series of proactive policies and a shift towards value and innovation in competition [2][3] Group 1: Industry Performance - New energy vehicle (NEV) production and sales are expected to exceed 15 million units in 2025, with domestic sales accounting for over 50% of total automotive sales [3][4] - The total automotive production and sales reached approximately 31.2 million units in 2025, with NEVs making up 50.3% of domestic sales [3] - Automotive exports are projected to reach a record 7 million units in 2025, with NEV exports doubling year-on-year [5][7] Group 2: Regulatory Environment - The Chinese government has implemented unprecedented measures to address "involution" in the automotive industry, including new regulations and guidelines to maintain fair competition [8][9] - A comprehensive "Stability Growth Work Plan" was introduced to support the automotive industry, aiming for a 3% increase in total automotive sales and a 20% increase in NEV sales in 2025 [10][11] Group 3: Corporate Developments - The establishment of China Changan Automobile Group marks the formation of a new structure in the state-owned automotive sector, alongside other major state-owned enterprises [12][13] - Numerous automotive companies have listed or applied for listing on the Hong Kong Stock Exchange, reflecting the industry's robust growth and the need for strategic investment [20][21] Group 4: Technological Advancements - The release of two major technical roadmaps for intelligent connected vehicles and energy-saving NEVs outlines the development goals and timelines for the next 5 to 15 years [14][15][16] - The first L3-level autonomous driving vehicles have received approval for road use, marking a significant milestone in the commercialization of autonomous driving technology [17][18] Group 5: Market Expansion - The implementation of export licensing for pure electric passenger vehicles is expected to promote healthy development in NEV trade and enhance regulatory oversight [19] - The automotive industry is positioned as a key driver of the new technological revolution and industrial transformation, contributing significantly to the national economy [22][23]

苏州城东，独墅湖畔，一场围绕微观世界的宏大产业叙事正澎湃展开。 作为中国改革开放的重要窗口，苏州工业园区将视野投向决定未来竞争高度的核心领域——半导体产 业，以近20年的精耕细作，构建起从设计、制造到封测、材料设备的完整产业链，成为我国半导体产业 资源集聚度最高、产业化程度最好的区域之一。 "还记得刚来的时候，这里还是一片芦苇荡，如今郁郁葱葱的产业森林已拔地而起。"苏州纳米科技发展 有限公司董事长张淑梅的感慨，将这片土地的起点与变迁娓娓道来。其发展脉络，清晰映射出中国在新 一代半导体领域从追赶到领跑的奋进征程。 时值初冬，苏州纳米城研发楼外暖阳轻抚，楼侧的洁净厂房则处于严格的恒温恒湿管控之下。实验区域 内，技术人员身着标准蓝色无尘服，通过隔离手套窗全神贯注地开展设备操作；扫描电镜下，芯片晶圆 表面的纳米级电路纹路清晰可辨，结构精密如微缩城区。这一幕幕，犹如庞大产业网络中的一个精密节 点，在无声中为苏州工业园区的半导体脉搏提供着动力。 2010年，园区在全国率先将纳米技术应用列为战略性新兴产业，而2013年正式投用的苏州纳米城，则从 此以十年如一日的恒心，肩负起平台搭建、生态培育的多重使命，将以第三代半导体为核 ...

Group 1: Industry Overview - The semiconductor industry is experiencing a positive trend, particularly in the analog chip segment, with major companies signaling price increases [1][3] - Analog chip manufacturers, including industry leaders like Analog Devices and Texas Instruments, have announced price hikes of up to 30% starting February 2026, reflecting a recovery in supply-demand dynamics [1][3] Group 2: Market Demand and Growth - The price increases from major manufacturers are driven not only by cost factors but also by a recovery in downstream demand, particularly in industrial control, automotive sectors, and AI data centers [3] - The domestic analog chip market is expected to see upward price and demand trends as the recovery continues into 2024, with a projected compound annual growth rate of 18% for automotive analog chips from 2025 to 2029 [3][4] Group 3: Company Profile - Naxin Microelectronics - Naxin Microelectronics, which recently listed on the Hong Kong Stock Exchange, focuses on chip design and sales, and is positioned as the fifth largest domestic analog chip manufacturer by revenue [3][4] - The company has established a comprehensive product lineup in the automotive sector, with its market share expected to grow from 1.8% in 2024 to 2.8% in 2026 [4] Group 4: Financial Performance - Naxin Microelectronics reported a significant revenue increase of 79.49% year-on-year, reaching 1.524 billion yuan in the first half of 2025, although it still faced a net loss of 78 million yuan [5] - The company's gross margin improved to 35.97% in Q2, indicating a gradual recovery in its financial performance [5] Group 5: Strategic Investments and Future Outlook - Naxin Microelectronics has secured cornerstone investment agreements with major industry players, indicating strong market confidence in its growth prospects [4] - The company plans to use the funds raised from its IPO to enhance its technological capabilities, expand its product range, and increase its international market presence [4]

Core Viewpoint - The enthusiasm for A-share companies to list in Hong Kong has surged since 2025, with a significant increase in the "A+H" dual listing model, reflecting a growing trend among quality mainland enterprises to leverage global resources for high-quality development [1][3]. Group 1: A+H Dual Listing Growth - As of December 28, 2025, 19 A-share companies successfully listed in Hong Kong, a 533% increase from 3 companies in 2024, accounting for over 50% of the total fundraising in the Hong Kong IPO market [1]. - Over 160 A-share companies have disclosed plans for Hong Kong listings in 2025, covering key sectors such as new energy, healthcare, and smart home technology [2]. - The number of companies listed on the Hong Kong stock market reached 111 in 2025, with total financing amounting to approximately 2786.78 billion HKD, including 1399.93 billion HKD raised by the 19 A-share companies [3]. Group 2: Factors Driving the Trend - The core drivers for the surge in A-share companies listing in Hong Kong include policy optimization, financing advantages of the Hong Kong market, valuation complementarity between the two markets, and the need for global expansion [3]. - The Hong Kong Stock Exchange has implemented significant reforms in 2025, enhancing its role as a capital hub connecting mainland and global markets, which supports A-share companies in their globalization strategies [4]. Group 3: Benefits of A+H Listing - A+H listings significantly broaden financing channels for companies, allowing them to connect with a wider international capital market [5]. - The dual regulatory standards of A-shares and H-shares compel companies to improve governance structures and information disclosure, enhancing operational transparency [6]. - Successfully listing in Hong Kong serves as a strong international brand endorsement, increasing global recognition and market credibility for companies [6].

Core Viewpoint - The semiconductor industry is experiencing a positive trend, particularly in the analog chip sector, highlighted by the recent listing of Naxin Micro on the Hong Kong Stock Exchange, making it one of the few companies in the domestic analog chip field to achieve dual listings in A+H markets [1] Group 1: Company Overview - Naxin Micro, established in 2013, focuses on chip design and sales, having previously listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022 [1] - The company ranks fifth among Chinese analog chip manufacturers by revenue in 2024 and is the only major player in the top ten focusing on sensors, signal chain chips, and power management chips [3] Group 2: Market Dynamics - The domestic automotive analog chip market is projected to grow at a compound annual growth rate (CAGR) of 18% from 2025 to 2029, with expectations that the market size will surpass that of consumer electronics by 2029 [3] - Current domestic market penetration for analog chips is only 5%, indicating significant potential for domestic manufacturers to capture market share [3] Group 3: Pricing and Demand - Major industry players, such as Analog Devices and Texas Instruments, have announced price increases for their products, with some categories seeing price hikes of up to 30%, reflecting a recovery in downstream demand [3] - The demand for high-power and high-current analog chips is being driven by the recovery in industrial control and automotive sectors, as well as the growth in AI data centers [3] Group 4: Financial Performance - Naxin Micro reported a revenue of 1.524 billion yuan for the first half of 2025, a significant year-on-year increase of 79.49%, while the net loss narrowed to 78 million yuan, improving by 70.59% [5] - The company's gross margin for Q2 reached 35.97%, indicating a trend towards operational recovery, although profitability has not yet been achieved [5] Group 5: Strategic Initiatives - The funds raised from the recent listing will be used to enhance technical capabilities, expand product offerings, and develop international sales networks [4] - Naxin Micro's product range includes automotive electronics and AI-related components, with potential for growth in these sectors, although market cultivation will take time [5]

Core Viewpoint - The semiconductor industry is experiencing a recovery, particularly in the analog chip segment, as major companies signal price increases due to rising demand from sectors like industrial control and automotive, as well as AI data centers [3][4]. Group 1: Price Increases and Demand Recovery - Major semiconductor manufacturers, including Analog Devices and Texas Instruments, have announced price hikes for their products, with increases ranging from 10% to 30% starting in February 2026 [3]. - The price increases are driven not only by cost factors but also by a recovery in downstream demand, particularly in industrial control and automotive sectors, indicating a potential turning point in the industry cycle [3][4]. Group 2: Company Performance and Market Position - Naxin Micro, a company focused on chip design and sales, recently listed on the Hong Kong Stock Exchange, becoming one of the few domestic analog chip companies to achieve dual listing [3][4]. - According to Frost & Sullivan, Naxin Micro ranks fifth among Chinese analog chip manufacturers by revenue in 2024 and is the only top ten domestic player focusing on sensors, signal chain chips, and power management chips [3]. Group 3: Market Growth and Investment - The domestic automotive analog chip market is expected to grow at a compound annual growth rate (CAGR) of 18% from 2025 to 2029, with the market size projected to surpass that of consumer electronics by 2029 [4]. - Naxin Micro's market share in automotive analog chips is anticipated to increase from 1.8% in 2024 to 2.8% in 2026, driven by the rise in new energy vehicle penetration and smart electric vehicle acceleration [4]. Group 4: Fundraising and Strategic Initiatives - Naxin Micro plans to use the funds raised from its IPO to enhance its technical capabilities, expand its product portfolio, and grow its international sales network [5]. - The company has secured cornerstone investment agreements with several major entities, including those affiliated with BYD and Xiaomi, indicating strong market confidence in Naxin Micro's growth prospects [4][5]. Group 5: Financial Performance - Naxin Micro reported a significant revenue increase of 79.49% year-on-year, reaching 1.524 billion yuan in the first half of 2025, although it still recorded a net loss of 78 million yuan [6]. - The company's gross margin improved to 35.97% in Q2, reflecting a trend towards operational recovery, although profitability has not yet been achieved [6].