证券代码：688172 证券简称：燕东微 公告编号：2025-082 田东阁先生，保荐代表人，硕士研究生学历，现任中信建投证券股份有限公 司投资银行业务管理委员会副总裁，曾主持或参与的项目有：燕东微 IPO、燕东 微定增、京城股份发行股份购买资产、铁汉生态非公开等。在保荐业务执业过程 中严格遵守《证券发行上市保荐业务管理办法》等相关规定，执业记录良好。 中信建投作为公司首次公开发行股票并在科创板上市项目、向特定对象发行 股票项目的保荐人，原指派张林先生和侯顺先生担任保荐代表人负责保荐工作及 持续督导工作。现因侯顺先生工作变动，不再担任公司持续督导的保荐代表人。 为保证持续督导工作的有序进行，中信建投委派田东阁先生（简历见附件）接替 侯顺先生担任公司保荐代表人，继续履行持续督导职责。 本次保荐代表人变更后，公司持续督导保荐代表人为张林先生和田东阁先生， 持续督导期至 2027 年 12 月 31 日止。本次变更不影响中信建投对公司的持续督 导工作。 公司董事会对侯顺先生在公司持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 北京燕东微电子股份有限公司董事会 2025 年 11 月 25 日 附件：田东阁先生简 ...

Core Viewpoint - The 22nd China International Semiconductor Expo (IC China 2025) will be held from November 23 to 25, 2025, at the National Convention Center in Beijing, showcasing advancements in the semiconductor industry, particularly in AI chips and advanced manufacturing processes [2][3]. Industry Overview - IC China has been a significant event in the semiconductor industry since 2003, establishing itself as a top-tier industry brand and benchmark [3]. - The expo will focus on the entire integrated circuit industry chain, highlighting the latest technologies, products, and applications, with a theme of "Gathering Strength in Chips, Driving the Future" [4]. Exhibition Details - The expo will feature seven major exhibition areas, including IC design, industry chain, innovative applications, and components, with over 600 exhibitors expected [5]. - Notable companies participating include Yangtze Memory Technologies, Huada Jiutian, and Tongfu Microelectronics, among others [5]. Market Trends - China's semiconductor industry is projected to exceed $180 billion in sales by 2024, with a significant portion of this growth driven by domestic innovation and reduced reliance on imports [6]. - In the first ten months of this year, China's integrated circuit exports reached approximately $161.7 billion, indicating a year-on-year increase of over 23% [6][7]. Growth Projections - The semiconductor industry is expected to experience a dual breakthrough in technology and scale, with a compound annual growth rate (CAGR) of 19.6% in chip design from 2006 to 2025 [13]. - By 2026, the semiconductor industry is anticipated to maintain a CAGR of over 10% [14]. R&D Investments - A-share semiconductor companies are projected to invest over $80 billion in R&D in 2024, with a research intensity exceeding 13% [15]. - The highest growth in revenue from 2021 to 2024 is expected in semiconductor equipment, integrated circuit manufacturing, and discrete devices [15]. Investment Insights - The National Integrated Circuit Industry Investment Fund has significant holdings in 32 companies within the semiconductor industry, with many experiencing substantial increases in financing [17]. - Companies like Shengke Communication and Jiangbolong have seen financing balances increase by over 400% and 350%, respectively, indicating strong investor interest [18]. Stock Performance - Among the 32 companies with National Fund holdings, 12 have seen stock price increases of less than 30% this year, despite significant increases in financing [19]. - Notable companies include Hu Silicon Industry and Tai Ling Microelectronics, with financing balances increasing by over 85% and 187%, respectively [19][20].

（文/罗叶馨梅）11月20日，国家集成电路产业投资基金有限公司（下称"大基金"）正在加速推进退出早期投资项目。本周，科创板半导体公司燕东微 （688172.SH）与拓荆科技（688072.SH）相继披露大基金减持计划，按公告日收盘价估算，本次拟减持金额合计或超31亿元，引发市场对其资本运作节奏 的关注。 公告显示，拓荆科技于11月20日晚间收到大基金发来的减持计划告知函。大基金拟于2025年12月12日至2026年3月11日期间，通过大宗交易方式减持不超过 843.5万股，占公司总股本比例不超过3%。截至三季度末，大基金持有拓荆科技5502.67万股，持股比例19.57%，为公司第一大股东，本次减持全部采用大宗 交易方式，被认为有助于降低对二级市场的短期冲击。 在此之前的11月19日晚间，燕东微公告称，持股5%以上股东大基金因自身经营管理需要，计划于2025年12月11日至2026年3月11日，通过大宗交易或集中竞 价方式，减持不超过2141.43万股股份，即不超过公司总股本的1.5%。同时，股东北京京国瑞国企改革发展基金（有限合伙）亦拟在同一时间窗口内减持 1427.62万股。以公告日收盘价测算，大基金此次 ...

Core Viewpoint - The National Integrated Circuit Industry Investment Fund (referred to as "Big Fund Phase I") is accelerating its investment recovery process by advancing exits from early investment projects, with recent announcements from semiconductor companies Yandong Micro (688172.SH) and Tuojing Technology (688072.SH) regarding significant share reductions totaling over 3 billion yuan [3][4]. Group 1: Investment Reduction Plans - Tuojing Technology announced that Big Fund Phase I plans to reduce its holdings by up to 843,500 shares, representing no more than 3% of the company's total share capital, between December 12, 2025, and March 11, 2026 [4]. - Yandong Micro disclosed that Big Fund Phase I intends to reduce its holdings by up to 2,141,430 shares, or 1.5% of its total share capital, during the same period [4]. - The total estimated reduction amount for both companies is approximately 3.12 billion yuan, with Yandong Micro's reduction valued at about 522 million yuan and Tuojing Technology's at approximately 2.597 billion yuan [4][5]. Group 2: Strategic Implications - The recent reductions indicate a strategic shift for Big Fund Phase I, focusing on orderly exits from earlier projects to facilitate capital recycling and prepare for future investments in cutting-edge areas of the semiconductor industry [6]. - Throughout 2025, Big Fund Phase I has systematically reduced its stakes in several key companies across the semiconductor supply chain, including notable cases like North Huachuang (002371.SZ), where its stake has fallen below 5% after nearly ten years of investment [7]. - The fund's investment history shows a significant return, having invested 1.511 billion yuan in North Huachuang and subsequently realizing at least 5.5 billion yuan through various reductions [7]. Group 3: Future Investment Focus - The ongoing reduction activities reflect a clear operational logic of "Phase I recovery, Phase II and III succession," as Big Fund Phase I enters the latter half of its investment recovery period [8]. - The larger Big Fund Phase II (established in 2019) and Phase III (established in 2024 with a registered capital of 344 billion yuan) will focus on supporting critical areas of the semiconductor supply chain that require breakthroughs, such as advanced manufacturing processes and high-end equipment [8].

2025.11. 21 本文字数：1557，阅读时长大约3分钟 作者 | 第一财经 魏中原 国家集成电路产业投资基金有限公司（下称"大基金一期"）正在加速回收投资的步伐，继续推进其对 早期投资项目的退出。 本周，两家科创板半导体公司燕东微（688172.SH）与拓荆科技（688072.SH）相继发布公告，披 露了大基金一期的减持计划，减持金额或超30亿元，再次引发市场对该产业基金资本运作的关注。 拟减持两家半导体龙头，回收资金或超30亿 半导体设备厂商拓荆科技11月20日晚间发布公告称，公司收到了股东大基金一期的减持计划告知 函。 大基金一期计划在2025年12月12日至2026年3月11日，通过大宗交易方式减持公司股份不超 过843.5万股，即不超过公司总股本的3%。 截至三季度末，大基金一期目前是拓荆科技的第一大股东，持股比例高达19.57%，持股数量 5502.67万股，所持股份全部为IPO前取得。大基金一期此次减持仅通过大宗交易进行，对二级市场 的直接冲击相对较小，3%的减持比例表明了其回收资金的节奏有所加快。 前日（19日）晚间，燕东微发布公告，公司持股5%以上股东大基金一期，因自身经营管理需要， ...

Core Viewpoint - Shanghai Xinxiang Microelectronics Co., Ltd. (Xinxiang Micro) held its first extraordinary general meeting of shareholders for 2025, focusing on external investments and adjustments to fundraising purposes [1][2]. Group 1: Company Overview - Xinxiang Micro is an integrated circuit design company specializing in the research, design, and sales of display chips, being one of the first in China to achieve large-scale production of display chips [1]. - The company’s product range includes integrated and separated display chip categories, covering applications from smart wearables to automotive and industrial displays [1]. Group 2: Investment Decisions - The meeting approved six proposals, including an external investment in Beijing Electronic Digital Technology Co., Ltd. (Beijing Digital) and the termination of certain fundraising projects to supplement liquidity [2][5]. - Xinxiang Micro plans to invest 100 million yuan in Beijing Digital, which focuses on AI technologies, aiming to leverage growth opportunities in the AI sector [3][4]. Group 3: Financial Adjustments - The company decided to terminate the "Hefei Display Driver Chip Testing Production Line Construction Project," reallocating approximately 109 million yuan of surplus fundraising to enhance liquidity [5][6]. - The project had an initial budget of 127 million yuan, with only 17.9 million yuan spent as of September 30, 2025, indicating a construction progress of 14.15% [6]. Group 4: Strategic Focus - Xinxiang Micro's chairman emphasized the importance of aligning investment targets with the company's strategic direction, focusing on display chips and AI for future investments [4]. - The company aims to become a leader in the domestic display chip market, targeting a sales goal of 1 billion USD in the near future [6]. Group 5: Research and Development - Xinxiang Micro's R&D expenditure is 12.85%, which is lower compared to other OLED product companies, prompting a structural adjustment in its OLED business strategy [7]. - The company has invested in Shenghe Microelectronics and established a new entity, Xinshenghe Microelectronics, to focus resources on core technology development [7].

Core Viewpoint - The National Integrated Circuit Industry Investment Fund (referred to as "Big Fund Phase I") is accelerating its investment recovery process by continuing to exit early investment projects, with recent announcements indicating a potential reduction of over 3 billion yuan in investments in two semiconductor companies [1][2]. Group 1: Investment Reduction Plans - The semiconductor equipment manufacturer, Tuojing Technology, announced that Big Fund Phase I plans to reduce its holdings by up to 843.5 million shares, representing no more than 3% of the company's total share capital, between December 12, 2025, and March 11, 2026 [2]. - Yandong Micro also disclosed that Big Fund Phase I intends to reduce its holdings by up to 21.41 million shares, or 1.5% of its total share capital, during the same period [2]. - The total estimated reduction amount for both companies is approximately 3.12 billion yuan, with Yandong Micro's reduction valued at about 522 million yuan and Tuojing Technology's at approximately 2.597 billion yuan [2]. Group 2: Historical Context and Strategy - This marks the third round of reductions for Yandong Micro in 2025, with previous reductions totaling 26.27 million shares and at least 507 million yuan in cashing out [3]. - The reduction actions are part of a systematic strategy by Big Fund Phase I, which has been actively reducing its stakes in various key companies across the semiconductor industry, including equipment, manufacturing, design, and testing sectors [4]. - Notable examples include the reduction of holdings in Beifang Huachuang, where Big Fund Phase I decreased its stake to below 5%, having initially invested 1.511 billion yuan and cashing out at least 5.5 billion yuan through multiple reductions [4][5]. Group 3: Future Implications - The series of reductions reflects a clear operational logic of "Phase I recovery, Phases II and III relay," as Big Fund Phase I enters the latter half of its investment recovery period [6]. - The larger Phase II and upcoming Phase III funds are expected to focus on critical areas of the semiconductor industry that require breakthroughs, such as advanced manufacturing processes and high-end equipment, continuing the mission to support China's semiconductor industry [6].

Group 1 - EVE Energy signed a procurement framework agreement with its affiliate, Smoore International, for continuous procurement of battery cells starting from January 1, 2026 [1] - Zhaoyi Information plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Fuke Environmental announced a change in its stock abbreviation to "Fuke Technology" effective November 26 [1] Group 2 - Dajia Weikang's shareholder and director terminated a share reduction plan ahead of schedule, having reduced 1% of total shares [2] - Aohong Electronics received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [2] - Yingfeng Environment's controlling shareholder plans to issue exchangeable bonds not exceeding 1 billion yuan [2] Group 3 - Longshen Rongfa's subsidiary obtained a renewed drug production license covering various pharmaceutical products [4] - Xinhua News' subsidiary invested 15 million yuan in a fund with a total commitment of 221 million yuan [5] - Guang'an Aizhong appointed two new deputy general managers [6] Group 4 - Fosun Pharma's subsidiary's drug for gastric cancer treatment was included in the breakthrough therapy program by the National Medical Products Administration [7] - Nanjiao Foods reported a significant decline in October net profit due to rising raw material costs [8] - Nanfeng Co. won two nuclear power project bids totaling 928.7 million yuan [10] Group 5 - Puluo Pharmaceutical received a drug registration certificate for its Cefdinir capsules [11] - Liming Co.'s subsidiary received environmental approval for a new pesticide raw material project [12] - Longhua New Materials' expansion project for polyether polyols has commenced trial production [13] Group 6 - Pumen Technology's products received IVDR CE certification from TÜV Rheinland [15] - China Chemical reported new contracts worth 312.67 billion yuan from January to October [18] - China Nuclear Construction achieved new contracts totaling 123.84 billion yuan as of October [19] Group 7 - Changshu Bank's executives plan to purchase at least 550,000 shares of the bank [20] - Shandong Steel's subsidiary is applying for bankruptcy liquidation to focus on core business [21] - Huakang Clean is expected to win a bid for a purification system project worth 176 million yuan [23] Group 8 - Huawu Co. plans to internally transfer subsidiary equity [24] - Tianen Kang's subsidiary received clinical trial acceptance for a new drug [26] - Tianyi Medical's subsidiary obtained a medical device registration certificate for a blood dialysis product [27] Group 9 - Xuelang Environment is facing a pre-restructuring application from creditors [27] - Chitianhua's subsidiary resumed production after passing safety inspections [28] - Huaping Co.'s director plans to reduce 0.03% of company shares [30] Group 10 - Xizhuang Co. plans to establish a wholly-owned subsidiary in Singapore [31] - Ruisheng Intelligent's subsidiary won a 60.23 million yuan ICT project bid [32] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision [33] Group 11 - Fuguang Co.'s controlling shareholder plans to increase holdings between 80 million to 150 million yuan [34] - Ganyue Express reported a 13.68% increase in logistics revenue in October [39] - Jiangsu Sop terminated its 2025 private placement plan [41] Group 12 - Langke Intelligent's shareholders plan to reduce a total of 1.68% of company shares [42] - Yuantong Express reported an 8.97% increase in express product revenue in October [45] - Jinbei Automotive plans to invest 158 million yuan to acquire 52% of Zhongtuo Technology [46]

燕东微(688172.SH)现跌5.2%报24.44元，暂成交2.6亿元，最新市值348.9亿元。燕东微公告称，持股5%以上股东国家集成电路基金因自身经营管理需要，计 划通过大宗交易或集中竞价方式减持公司股份不超过2141.43万股，占公司总股本比例不超过1.5%；股东京国瑞因自身经营需要，计划通过大宗交易或集中 竞价方式减持公司股份不超过1427.62万股，占公司总股本比例不超过1%。减持期间均为2025年12月11日至2026年3月11日。(格隆汇) ...

Key Highlights - CICC plans to absorb and merge with Dongxing Securities and Xinda Securities, with stock suspension starting from November 20 [1] - Saiwu Technology has delivered a small batch of perovskite stacked component light-transmitting film, with minimal impact on performance [1] - Zhongfu Industrial intends to invest 259 million yuan in a green manufacturing project for aluminum-based new materials [1] - Dafeng Industrial has won a contract for the construction of stage craft equipment for an international performing arts center, valued at 165 million yuan [2] - Jinbei Automotive plans to invest a total of 158 million yuan to acquire 52% equity in Zhongtuo Technology [1] - Pro Pharmaceutical intends to repurchase shares worth between 180 million and 360 million yuan [1] - Yandong Micro plans to reduce its stake by up to 2.5% through shareholders Jingguorui and the National Integrated Circuit Fund [1][3] - Zhaomin Technology plans to issue convertible bonds to raise no more than 590 million yuan [1] - Dongsoft Group has received a notification from an automotive manufacturer for designated cooperation [1]