Group 1 - The core viewpoint of the news highlights the significant growth in the semiconductor sector, particularly driven by AI chip design and domestic replacement trends, as evidenced by the performance of companies like Chipone Technology and the related ETF [1] - As of December 30, the Shanghai Composite Index rose by 0.01%, while the Sci-Tech Chip Index increased by 1.26%. Notable individual stock performances included Chipone Technology rising over 4% and other companies like Haiguang Information and Cambricon Technologies rising over 2% [1] - The Sci-Tech Chip ETF (588200) saw a 1.24% increase with a trading volume of 1.574 billion yuan and a turnover rate of 3.97%. Over the past six months, the fund has increased by 53.75%, and year-to-date, it has risen by 59.66% [1] Group 2 - Chipone Technology announced on December 27 that it signed new orders worth 2.494 billion yuan from October 1 to December 25, 2025, marking a substantial increase of 129.94% compared to the same period last year and a further increase of 56.54% from the previous quarter, setting a new historical high for a single quarter [1] - The demand for design services, IP cores, and one-stop solutions from domestic chip companies is expanding, driven by the acceleration of AI computing power construction and the trend of domestic substitution [1] - The top ten weighted stocks in the Sci-Tech Chip ETF include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for over 57.72% of the ETF's weight [1]

科技摩擦背景下，信息安全、产业安全重要性凸显。AI作为核心技术，实现自主可控至关重要。科创人工智能ETF（589520）及其联接基金（联接A： 024560，联接C：024561）重点布局国产AI产业链、具备较强国产替代特点，前十大重仓股权重占比逾七成，第一大重仓行业半导体占比超一半，集中度 高，具备较强进攻性。同时，该ETF是融资融券标的，是一键布局国产算力的高效工具。 今日（12月30日）AI方向表现活跃，重点布局国产AI产业链的科创人工智能ETF华宝（589520）场内涨幅一度上探1.2%，现涨0.68%，盘中收复60日均线， 冲击日线5连阳！ 风险提示：科创人工智能ETF及其联接基金被动跟踪上证科创板人工智能指数，该指数基日为2022.12.30，发布于2024.7.25，该指数2023年、2024年的年度 涨跌幅分别为：12.68%、32.36%，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。本文中提及的个股、指数成份股 仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估科创人工智能ETF华宝的风险等级 为R4-中 ...

今日（12月30日）AI方向表现活跃，重点布局国产AI产业链的科创人工智能ETF华宝（589520）场内 涨幅一度上探1.2%，现涨0.68%，盘中收复60日均线，冲击日线5连阳！ 光大证券指出，从产业链视角看，芯原股份订单大幅攀升，可能直接映射AI芯片设计环节活跃度提 升，是国产替代加速与算力建设需求的双重驱动，特别是在AI算力建设加速背景下，国产芯片公司对 设计服务、IP核及一站式解决方案的需求持续扩大。 展望后市，机构预测，中国的AI芯片市场规模预计将从2024年的1425.37亿元激增至2029年的13367.92 亿元。落脚到A股市场，作为算力的基石，AI芯片的性能直接决定了AI模型的水平乃至未来经济的格 局。在AI基建持续投入与自主可控战略重要性日益凸显的双重驱动下，预计国产AI芯片将迎来广阔的 市场空间，关注国产AI芯片产业链上各环节龙头企业，有望受益直接受益于国产AI芯片的放量。 【国产替代之光，科创自立自强】 科技摩擦背景下，信息安全、产业安全重要性凸显。AI作为核心技术，实现自主可控至关重要。科创 人工智能ETF（589520）及其联接基金（联接A：024560，联接C：024561）重点 ...

Group 1 - The core viewpoint of the article highlights the strong performance of digital currency concept stocks in the A-share market, driven by the People's Bank of China's announcement regarding interest payments on digital yuan wallet balances starting January 1 [1] - Digital currency stocks such as Digital Certification surged by 19%, while others like Cuiwei Co. and Aerospace Information hit the 10% limit up, indicating a significant market reaction to the news [1][2] - Experts suggest that the interest payment on digital yuan balances will enhance user willingness to adopt digital yuan, expanding its usage scenarios and solidifying China's leading position in the global central bank digital currency exploration [1] Group 2 - Specific stock performances include Digital Certification with a market cap of 9.572 billion and a year-to-date increase of 12.94%, Cuiwei Co. with a market cap of 14.1 billion and a year-to-date increase of 119.01%, and Aerospace Information with a market cap of 21.5 billion and a year-to-date increase of 27.22% [2] - Other notable stocks include Feitian Chengxin with an 8.16% increase, Zhongke Jincai with a 6.77% increase, and Lakala with a 5.57% increase, reflecting a broader trend in the digital currency sector [2] - The overall positive sentiment in the digital currency sector is further supported by technical indicators such as the MACD golden cross signal, suggesting continued upward momentum for these stocks [2]

Core Viewpoint - The significant increase in orders for Chip Origin Co., Ltd. reflects the growing demand for AI chip design services driven by domestic policy support and the acceleration of computing power construction [1][2] Group 1: Company Performance - Chip Origin Co., Ltd. announced new orders amounting to 2.494 billion yuan from October 1 to December 25, 2025, representing a substantial increase of 129.94% compared to the same period last year and a further growth of 56.54% from the previous quarter, achieving a historical high for a single quarter [1] - The rise in orders is indicative of heightened activity in the AI chip design sector, driven by both the acceleration of domestic substitution and the demand for computing power [1] Group 2: Industry Trends - The Chinese AI chip market is projected to grow from 142.537 billion yuan in 2024 to 1,336.792 billion yuan by 2029, indicating a vast market opportunity for domestic AI chip manufacturers [1] - Domestic policies are increasingly supporting the substitution of chips, with significant investments such as the National Integrated Circuit Industry Investment Fund Phase III, which has a registered capital of 344 billion yuan, aimed at overcoming critical challenges in the industry [1] - Major domestic AI chip manufacturers, including Huawei Ascend, Cambricon, and others, are developing their ecosystems, highlighting the competitive landscape in the AI chip sector [1][2]

Supply News - Anshi China has shipped over 11 billion chips since resuming shipments in mid-October, serving over 800 global customers [1][7] - In response to semiconductor-related disputes, Wentai Technology has initiated multiple legal proceedings in the Netherlands and submitted a dispute notice, potentially seeking international arbitration with claims up to $8 billion if unresolved within six months [1][7] Project Progress - The third phase of the Muling North Semiconductor Technology Co., Ltd. project has officially commenced production, with a total investment of 2 billion yuan and an annual capacity of 1 million 6-inch wafers, primarily for applications in new energy vehicles, industrial control, and photovoltaics [2][8] - The core equipment for the New Beauty Materials New Station Optical Functional Film project was moved in on December 25, marking significant progress, with a total investment of approximately 5 billion yuan and plans for five internationally leading intelligent display material production lines, expected to achieve mass production by the third quarter of 2026 [2][8] Corporate Dynamics - Zhongwei Company won a provincial patent award for its invention patent "Chemical Vapor Deposition Reactor or Epitaxial Layer Growth Reactor and Its Supporting Device" and also secured the gold award in the second "Changgao Competition" for high-value patent transformation [3][9] - Noreco announced on December 26 the launch of a new product series, Optical Critical Dimension (OCD) equipment NKShape, successfully delivered to a leading domestic customer, designed for advanced semiconductor processes [3][9] - Tianzhun Technology announced on December 28 the successful completion of its public offering of convertible bonds, totaling 872 million yuan, with the bonds set to be listed on the Shanghai Stock Exchange on December 31, 2025 [4][10] - Chipone announced on December 26 that its shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its holdings by up to 8.9396 million shares, accounting for no more than 1.70% of the total share capital [4][10] - SK Hynix is accelerating the construction of its 2.5D packaging production line to enhance its overall packaging capabilities for AI semiconductors, including high bandwidth memory (HBM) [4][10] - Media reports indicate that MediaTek announced a strategic partnership with global automotive component supplier DENSO to jointly develop customized automotive system-on-chip (SoC) solutions for advanced driver assistance systems (ADAS) and smart cockpit applications [4][10]

从订单结构来看，第四季度新签订单金额中绝大部分为一站式芯片定制业务订单，AI算力相关订单占 比超84%，数据处理领域订单占比近76%。 而芯原股份订单的逐季攀升是全球AI算力需求爆发的必然结果。当前，市场对高算力芯片尤其是专用 AI ASIC芯片的需求激增。 同时，这一增长也离不开芯原股份自身的先进技术积淀。目前，其手握六类处理器IP及1600余个数模混 合IP、射频IP。据IPnest统计，芯原股份还是2024年中国大陆半导体IP授权服务提供商首位、全球第八 位。 12月26日晚，芯原股份披露订单公告称，在今年10月1日至12月25日，公司新签订单24.94亿元，较去年 第四季度全期大幅增长129.94%，较今年第三季度全期进一步增长56.54%。至此，芯原股份单季度新签 订单已连续三个季度创历史新高。 据其此前披露数据，今年前三季度芯原股份新签订单已达32.49亿元，叠加此次披露的数量，年内新签 订单已近60亿元。将为公司未来营业收入增长提供有力的保障。 受消息提振，芯原股份29日早盘一度涨超13%，收盘市值711亿。 在订单井喷式背景下，芯原股份的盈利能力也在持续改善。今年前三季度，芯原股份实现营收22 ...

结论与建议： 盈利预测：公司从五年前开始布局Chiplet 技术及其在生成式人工智能和智慧驾驶上的应用，并持续开 拓增量市场和具有发展潜力的新兴市场，拓展行业头部客户，未来有望实现业绩高速增长。我们预计公 司2025-2027 年营收30.6 亿元、54.1 亿元和84.7 亿元，YOY 分别增长32%、77%和57%，实现净利润 0.26 亿、2.7 亿元和6.4 亿元，EPS 分别为0.05元、0.51 元和1.21 元，目前股价对应2027 年PS 8 倍，考 虑到公司业绩潜力较大，维持买进建议。 公司公告，4Q25（10 月至12 月25 日）新签订单25 亿元，较4Q25 全期增长130%，环比3Q25 全期增长 56%。公司及行业高速增长趋势得到进一步验证。展望未来，互联网厂商持续增加AI 算力投入，打造 更为强大的计算体系，将加速互联网厂商在专用处理芯片ASIC 领域的布局，公司有望从行业变革中持 续受益。目前公司股价对应2027 年PS（市销率）8 倍，公司股价近期因股东减持及解禁股流通而调整 较多，构成长期买入机会，维持买入建议。 风险提示：AI 领域下游需求不及预期 大基金减持，长期影响有 ...

Core Insights - The core point of the news is the significant growth in orders for Chip Origin Co., Ltd., which has reached a historical high for a single quarter, driving the strength of the AI computing chip concept and related stocks [1][6]. Company Performance - Chip Origin Co., Ltd. announced that it signed nearly 2.5 billion yuan in new orders for the fourth quarter, representing a substantial year-on-year increase of 129.94% [2][7]. - Over 84% of the new orders in the fourth quarter are related to AI computing, indicating a rapid growth in demand for AI ASIC chips [2][7]. Industry Trends - ByteDance is set to purchase Ascend chips from Huawei, with total orders expected to exceed 40 billion yuan by 2026, marking a significant step in the domestic computing power replacement [3][8]. - The domestic computing power sector is experiencing changes on both the supply and demand sides, with continuous iterations of domestic chips represented by Huawei's Ascend and major internet companies adapting to these chips [10]. ETF and Market Dynamics - The Huabao Science and Technology Innovation AI ETF (589520) has seen a maximum intraday increase of 2.07%, closing up 0.69% with a trading volume of 35.94 million yuan, reflecting a 26% increase in trading activity [1][6]. - The ETF focuses on the domestic AI industry chain, with over 70% of its top ten holdings concentrated in the semiconductor sector, indicating a strong offensive strategy [10]. Stock Performance - Leading stocks include Chip Origin Co., Ltd. with a rise of over 5%, followed by Yun Tian Li Fei and Cambricon Technologies, both increasing by over 4% [4][9].

（编辑 楚丽君） 证券日报网讯 12月29日，芯原股份发布公告称，芯原股份第三届董事会第八次会议审议通过《关于公 司2020年限制性股票激励计划预留授予第二批次第三个归属期归属条件成就的议案》等多项议案。 ...