Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - ETFs are becoming a "super hub" connecting the market and investors, and their development is a major trend. Analyzing the penetration of ETF holdings and trading helps understand the interaction between ETFs and corresponding stocks [1]. - The impact of ETFs on the equity market can be divided into four quadrants based on ETF持仓占比 and ETF成交占比, which reflect the holding and trading influence of ETFs on stocks respectively [2][10]. - ETFs show strong configuration and trading willingness in traditional industries such as banking, coal, and non - bank finance. Market preference may be shifting towards low - valuation, high - dividend sectors [2][3]. Summary by Relevant Catalogs I. ETF's Influence Mechanism on the Equity Market - The influence of ETFs on the equity market is divided into four scenarios according to the low/high of ETF持仓占比 and ETF成交占比: weak influence, stable ballast, high - active trader, and strong influence [2]. II. Industry Perspective - ETFs are actively traded and have a high持仓占比 in traditional industries like banking, coal, and non - bank finance. In August, the banking sector had a 20.55%成交占比 and 10.48%持仓占比; the coal sector had a 16.81%成交占比 and 11.11%持仓占比; the non - bank finance sector had an 11.60%成交占比 and 11.76%持仓占比 [2]. - From July to August, the trading activity and持仓占比 of ETFs in cyclical industries such as coal, banking, and petroleum and petrochemicals increased significantly, while those in technology - growth sectors like electronics and computers decreased, possibly due to market style switching [3]. III. Individual Stock Perspective - Among the top 30 stocks in terms of ETF持仓, ETFs have a high degree of pricing power as the ETF持仓占 their free - float market value exceeds 10%, and stock price fluctuations are highly correlated with ETF redemptions and position adjustments [11]. - The stocks with high ETF持仓 are concentrated in industries, mainly in the semiconductor industry chain, followed by the pharmaceutical and biological industry, and also include some new energy, artificial intelligence, and software stocks [12]. - The market capitalization of stocks heavily held by ETFs varies widely, covering large - cap giants and medium - sized growth companies. These stocks are mostly leading companies in niche industries and are favored by ETFs, especially those from the Science and Technology Innovation Board [13].

Group 1: Semiconductor Sector Performance - The semiconductor sector has shown strong performance, with a 1.91% increase on September 1 and over 20% growth in the past month [1] - The sector is experiencing an acceleration in mergers and acquisitions, exemplified by Chipone Microelectronics' announcement to acquire Chiplet Technology [1][2] Group 2: Chipone Microelectronics and Chiplet Technology - Chipone Microelectronics plans to acquire all or a controlling stake in Chiplet Technology, in which it currently holds a 2.99% stake [1] - Chiplet Technology, established in 2018, is one of the earliest RISC-V CPU IP suppliers in China, with over 300 authorized clients across various sectors [1][2] Group 3: Strategic Importance of the Acquisition - This acquisition will complete a crucial piece in Chipone's CPU IP portfolio, enhancing its competitive strength [2] - Chipone is recognized as a leading provider of semiconductor IP and chip customization services, ranking sixth globally in IP licensing revenue in 2024 [2] Group 4: RISC-V Ecosystem Development - Chipone has been actively developing the RISC-V market and aims to build a robust RISC-V ecosystem in China through collaboration with Chiplet Technology [2][3] - The establishment of the China RISC-V Industry Alliance and the Shanghai Open Processor Industry Innovation Center highlights the commitment to advancing RISC-V technology [3] Group 5: Future Prospects and Market Trends - RISC-V is becoming a foundational architecture for AI chips, with Chiplet Technology's focus on AI applications expected to drive growth in AIoT and automotive electronics [4] - The acquisition is still in the planning stage, with the valuation of Chiplet Technology yet to be finalized, and trading of Chipone's stock has been temporarily suspended [4]

（文章来源：第一财经） Wind数据显示，9月1日，镇洋发展、芯原股份、申科股份等13只个股停牌。 | 股票简称 | 停牌类型 | 停牌原因 | | --- | --- | --- | | 镇洋发展 | 停牌一天 | 拟筹划重大资产重组 | | 芯原股份 | 停牌- 一天 | 拟筹划重大资产重组 | | 申科股份 | 停牌- 一天 | 重大事项 | | 晶升股份 | 停牌一天 | 重要公告 | | 旷达科技 | 今起停摆 | 重大事项 | | 中本国际 | 今起停牌 | 拟筹划重大资产重组 | | 中环海陆 | 停牌一天 | 車大事项 | | 中国重工 | 停牌- 天 | 重要公告 | | 东芯股份 | 停牌一天 | 重要事项未公告 | | 东珠生态 | 停牌一天 | 拟筹划重大资产重组 | | *ST紫天 | 停牌- 天 | 重大事项 | | *ST广道 | 停牌- 一天 | 股票交易异常波动 | | *ST天茂 | 停牌一天 | 重大事项 | ...

[Table_ReportType] 公司点评报告 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮 箱：yangyuxuan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [芯Ta原bl股e_份Sto(c6k8A8n5d2Ra1n)k] [莫Ta文b宇le_电Au子th行o业r]分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 证券研究报告 公司研究 [Table_Title] Q2 盈利能力持续向好，中国 AI ASIC 龙头扬 帆起航 [Table_ReportDate] 2025 年 09 月 01 日 [T事ab件le：_S芯um原ma股ry份]于 2025 年 8 月 22 日发布 2025 年半年度报告。2025 年上 半年公司实现营业收入 9.74 亿元，同比增长 4.49%；归母净利润-3.20 亿元。 其中，2025 年第二季度，公司实现营业收入约 5.84 亿元，环比增长 49.90%， 归母净利润-0.9 ...

截至公告披露日，芯来智融的估值尚未最终确定，尚无法确定本次交易是否构成重大资产重组，也无法确定本次交易是否 构成关联交易。但本次交易不会导致公司实际控制人发生变更，不构成重组上市。 星标 ★ IPO日报 精彩文章第一时间推送 8月28日晚间，芯原微电子（上海）股份有限公司（下称"芯原股份"，688521）宣布，公司正筹划以发行股份及支付现金 方式收购芯来智融半导体科技（上海）有限公司（下称"芯来智融"）全部股权或控股权，并同步募集配套资金。 制图：佘诗婕 公司股票自8月29日开市起停牌，预计停牌时间不超过10个交易日。 2019年6月，公司以300万元从第三方购买了芯来智融6%的股权。随后，芯来智融进行了多轮融资，新股东增资后，公司 对其股权比例逐步稀释为2.99%。 可以看出，本次交易计划进一步获取标的公司全部股权或控股权，以此深化在半导体领域的布局。 IPO日报发现，上市公司的股价虽然在年内已经大幅上涨，但是业绩表现并不理想。 2022年-2024年，芯原股份实现的营业收入分别为26.79亿元、23.38亿元、23.22亿元，净利润分别为0.74亿元、-2.96 亿元、-6.01亿元，业绩持续下滑。 20 ...

中经记者 李玉洋 上海报道 近日，芯原微电子（上海）股份有限公司（688521.SH，以下简称"芯原股份"）消息不断，先是以近七 折价格转让5%股份，再是筹划收购CPU IP公司。 8月25日，芯原股份发布公告，披露股东询价转让定价情况，初步确定本次询价转让价格为105.21元/ 股，该询价转让定价仅为当日收盘价的约66.63%（当日公司收盘股价为157.90元/股）。 28日，该公司再发公告称，公司正在筹划以发行股份及支付现金的方式购买芯来智融半导体科技（上 海）有限公司（以下简称"芯来智融"）股权，并同步募集配套资金。因本次交易尚处于筹划阶段，相关 审计评估、交易金额及支付比例等核心条款尚未确定，公司股票自8月29日开市起停牌，预计停牌时间 不超过10个交易日。 《中国经营报》记者注意到，近段时间以来，芯原股份股价表现亮眼。8月21日，芯原股份发布公告 称，公司股票连续三个交易日收盘价涨幅偏离值超30%，属交易异常波动；公司目前生产经营活动一切 正常，未发生重大变化。 在外界看来，芯原股份股价异动或是受到AI相关消息的影响：一是英伟达要求暂停生产H20芯片；二是 随着DeepSeek-V3.1的发布，带火 ...

证券代码：688521 证券简称：芯原股份 公告编号：2025-052 芯原微电子（上海）股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 证券停复牌情况：适用 因筹划发行股份及支付现金购买资产事项,本公司的相关证券停复牌情况如下： 停牌 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | | | | | 期间 | | | 一、停牌事由和工作安排 芯原微电子（上海）股份有限公司（以下简称"公司"）正在筹划以发行股份 及支付现金的方式购买芯来智融半导体科技（上海）有限公司（以下简称"芯来 智融"或"标的公司"）股权并募集配套资金（以下简称"本次交易"）。 本次交易尚处于筹划阶段，截至本公告披露日，芯来智融的估值尚未最终确 定。根据《上市公司重大资产重组管理办法》 统一社会信用代码 91310115MA1K473231 法定代表人 胡振波 公司类型 有限责任公司（外商投资企业与内资合资 ...

Company Summary - Company plans to acquire full or controlling stake in Chipwise Semiconductor Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment [1] - Currently holds 2.99% stake in Chipwise and has signed a preliminary equity acquisition intention agreement with major shareholders [1] - Stock trading will be suspended starting August 29, with an expected duration of no more than 10 trading days [1] - As of August 28, the company's stock price was 153 CNY per share, with a total market capitalization of 80.4 billion CNY [1] Industry Summary - RISC-V is a key business direction for the company, characterized as an open-source instruction set architecture widely used in various fields including AI, automotive electronics, and IoT [3] - The company has a comprehensive RISC-V core IP portfolio, actively participating in the RISC-V ecosystem and has established the China RISC-V Industry Alliance [3] - Recent half-year report highlights the company's efforts in expanding the RISC-V market, with collaborations with leading RISC-V companies and providing customized chip services [3] - Global shipments of RISC-V based chips are projected to exceed 10 billion units in 2024, with China contributing over 50% [4] - By 2031, RISC-V enabled SoC shipments are expected to surpass 20 billion units, achieving a market penetration rate of over 25% [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to acquire 100% equity of Chipwise Technology to enhance its RISC-V IP matrix, aiming to create a comprehensive solution from processor cores to system-level applications [7] - Chipwise Technology specializes in RISC-V CPU IP and has a complete product line from low-power MCUs to high-performance processors, with recent developments in AI [7] - The RISC-V architecture is becoming a cornerstone for AI chips, meeting the demands for low power, real-time processing, and privacy protection, with significant growth potential in various high-growth scenarios [7] - The current valuation premium is attributed to the company's status as a leading ASIC player in China, with strong technical capabilities and customer resources [7] Financial Projections - The company is projected to achieve total revenue of 2,322 million in 2024, increasing to 4,724 million by 2027, with a compound annual growth rate of approximately 23.60% [1][8] - The net profit attributable to the parent company is expected to improve from a loss of 600.88 million in 2024 to a profit of 419.35 million in 2027 [1][8] - The earnings per share (EPS) is forecasted to transition from -1.14 in 2024 to 0.80 in 2027 [1][8]

Group 1 - The core point of the article is that Chip Origin Co., Ltd. announced a stock suspension due to plans to acquire equity in Chip Lai Zhirong and raise matching funds, with the suspension expected to last no more than 10 trading days starting from August 29, 2025 [1] - The transaction involves acquiring either all or a controlling stake in Chip Lai Zhirong, in which Chip Origin currently holds a 2.99% stake [1] - The preliminary counterparties for the transaction include Hu Zhenbo, Chip Lai Gongchuang (Shanghai) Management Consulting Center (Limited Partnership), and Chip Lai Hechuang (Shanghai) Management Consulting Center (Limited Partnership) [1] Group 2 - A letter of intent for the equity acquisition has been signed, but the valuation and transaction amount are yet to be determined [1] - It remains unclear whether the transaction constitutes a major asset restructuring or a related party transaction [1] - The transaction will not lead to a change in the actual controller of the company and does not constitute a restructuring listing [1]