资料显示，芯原微电子(上海)股份有限公司位于中国(上海)自由贸易试验区春晓路289号张江大厦20A， 成立日期2001年8月21日，上市日期2020年8月18日，公司主营业务涉及依托自主半导体IP,为客户提供 平台化、全方位、一站式芯片定制服务和半导体IP授权服务。主营业务收入构成为：芯片量产业务收入 41.85%，知识产权授权使用费收入28.81%，芯片设计业务收入23.83%，特许权使用费收入5.21%，其他 (补充)0.29%。 泰康500（515530）基金经理为魏军。 截至发稿，魏军累计任职时间13年360天，现任基金资产总规模156.74亿元，任职期间最佳基金回报 86.34%， 任职期间最差基金回报-30.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 10月9日，芯原股份涨6.92%，截至发稿，报195.66元/股，成交15.31亿元，换手率1.57%，总市值 1028.61亿元。 从基金十大重仓股角度 数据显示，泰康基金旗下 ...

1. AMD与OpenAI美东时间10月6日宣布达成6吉瓦（GW）算力协议，为OpenAI下一代AI基础设施提供 多代AMD Instinct GPU支持。首批1吉瓦AMD Instinct MI450 GPU部署计划于2026年下半年启动。受此 消息影响，AMD大涨超11%。 2025年9月30日，截至收盘，沪指涨0.52%，报收3882.78点；深成指涨0.35%，报收13526.51点；创业板 指微涨，报收3238.16点。科创半导体ETF涨0.46%，半导体材料ETF跌0.36%。 隔夜外盘：截至收盘，道琼斯工业平均指数微跌；纳斯达克综合指数涨1.12%；标准普尔500种股票指 数涨0.58%。费城半导体指数涨3.40%，恩智浦半导体涨2.76%，美光科技涨5.84%，ARM涨4.66%，应 用材料涨2.81%, 微芯科技涨3.02%。 行业资讯： 4. 国内大模型头部厂商智谱正式发布并开源新一代大模型GLM-4.6，在Agentic Coding等关键能力上实 现大幅提升。据介绍，在公开基准与真实编程任务中，GLM-4.6的代码能力已对齐Claude Sonnet 4，超 过DeepSeek-V3. ...

Group 1 - The company expects a significant increase in Q3 2025 revenue, projecting 1.284 billion yuan, a 119.74% increase quarter-on-quarter and a 78.77% increase year-on-year [1] - New orders for Q3 2025 are expected to reach 1.593 billion yuan, a year-on-year increase of 145.80%, with approximately 65% of these orders related to AI computing power [1] - The company has maintained a high level of backlog orders for eight consecutive quarters, with an expected backlog of 3.286 billion yuan by the end of Q3 2025, setting a new historical high [1] Group 2 - The company has deep expertise in semiconductor IP, with over 20 years of R&D investment, covering various types of processor IP and providing one-stop design services for numerous clients [1] - The company has developed a series of platform solutions in five key areas: AIGC, automotive electronics, wearable devices, data centers, and IoT, achieving strong performance and market position [1] - The company has been focusing on Chiplet technology for five years, aiming to lead in the AIGC and smart driving systems sectors, with ongoing projects in Chiplet architecture and advanced packaging technology [2] Group 3 - The company has adjusted its revenue forecasts for 2025-2027 to 3.8 billion, 5.3 billion, and 7 billion yuan respectively, and has revised its net profit expectations to -80 million, 270 million, and 560 million yuan for the same period [2] - The company is recognized as a top ASIC company in China, benefiting from significant technological accumulation, customer resources, and product implementation advantages [2] - The company maintains a "buy" rating based on its strong market position and growth potential [3]

Core Insights - The company expects to achieve a record high revenue of 1.284 billion yuan in Q3 2025, with a significant quarter-on-quarter increase of 119.74% and a year-on-year increase of 78.77% [2] - The company anticipates a substantial improvement in profitability, with a significant reduction in quarterly losses compared to both the previous quarter and the same quarter last year [2] - New orders signed in Q3 2025 are projected to reach 1.593 billion yuan, representing a year-on-year increase of 145.80% [2] Revenue Breakdown - The company expects to generate 429 million yuan from chip design services in Q3 2025, with a quarter-on-quarter growth of 291.76% and a year-on-year growth of 80.67% [2] - Revenue from mass production services is anticipated to be 609 million yuan, reflecting a quarter-on-quarter increase of 133.02% and a year-on-year increase of 158.12% [2] - The company projects 213 million yuan in revenue from intellectual property licensing fees, with a quarter-on-quarter growth of 14.14% and year-on-year figures remaining stable [2] Order Status - The company expects to sign new orders worth 1.593 billion yuan in Q3 2025, with approximately 65% of these related to AI computing [3] - Cumulative new orders for the first three quarters are projected to reach 3.249 billion yuan, surpassing the total new orders for the entire year of 2024 [3] - The company has maintained a high level of backlog orders for eight consecutive quarters, with an estimated backlog of 3.286 billion yuan at the end of Q3 2025 [3] Business Model and Market Position - The company provides comprehensive, one-stop chip customization services and semiconductor IP licensing, leveraging its proprietary semiconductor IP [3] - The company is recognized as "China's first semiconductor IP stock" and ranks first in China's semiconductor IP licensing market share and eighth globally for 2024 [3] - In the AI ASIC sector, the company has launched a chip customization platform solution for various AI applications, with AI-related revenue accounting for approximately 52% of its chip design revenue in the first half of 2025 [4]

Core Insights - Chipone Technology (688521) expects to achieve a record high revenue of 1.284 billion yuan in Q3 2025, with a significant quarter-on-quarter increase of 119.74% and a year-on-year increase of 78.77% [1] - The company anticipates a substantial improvement in profitability for Q3 2025, with a significant reduction in quarterly losses compared to both year-on-year and quarter-on-quarter [1] - Chipone Technology projects new orders of 1.593 billion yuan in Q3 2025, representing a year-on-year increase of 145.80% [1] Revenue Breakdown - The revenue growth in Q3 2025 is primarily driven by the increase in one-stop chip customization services [1] - Expected revenue from chip design services is 429 million yuan, with a quarter-on-quarter growth of 291.76% and a year-on-year growth of 80.67% [1] - Anticipated revenue from mass production services is 609 million yuan, with a quarter-on-quarter growth of 133.02% and a year-on-year growth of 158.12% [1] - Expected revenue from intellectual property licensing fees is 213 million yuan, with a quarter-on-quarter growth of 14.14% and year-on-year figures remaining stable [1] Order Status - Chipone Technology expects to sign new orders worth 1.593 billion yuan in Q3 2025, with approximately 65% of these orders related to AI computing [2] - The total new orders for the first three quarters are projected to be 3.249 billion yuan, surpassing the total new orders for the entire year of 2024 [2] - The company has maintained a high level of backlog orders for eight consecutive quarters, with an estimated backlog of 3.286 billion yuan by the end of Q3 2025 [2] - Nearly 90% of the backlog orders are from one-stop chip customization services, with an expected conversion rate of about 80% within one year [2] Market Position - Chipone Technology is recognized for providing comprehensive one-stop chip customization services and semiconductor IP licensing, being referred to as "China's first semiconductor IP stock" since its listing in 2020 [2] - According to IPnest statistics, Chipone Technology holds the largest market share in China's semiconductor IP licensing business and ranks eighth globally for 2024 [2] - The company ranks sixth globally in terms of intellectual property licensing fee revenue [2] AI ASIC Development - In the AI ASIC sector, Chipone Technology has launched a hardware and software chip customization platform for AI applications, covering various devices such as smartwatches, AR/VR glasses, and high-performance cloud computing equipment [3] - In the first half of 2025, AI-related revenue accounted for approximately 52% of the company's chip design business revenue [3] - In Q2 2025, the company achieved a revenue of 584 million yuan, with a quarter-on-quarter growth of 49.90%, driven by increases in intellectual property licensing fees and mass production revenue [3] - As of the end of Q2 2025, the company's backlog orders amounted to 3.025 billion yuan, reflecting a quarter-on-quarter increase of 23.17% [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is leading in the Chiplet technology and its applications, particularly in AIGC and intelligent driving systems. It has been developing Chiplet technology for five years and is focusing on "IP chipification," "chip platformization," and "platform ecosystem" [3] - The company expects to achieve a record high revenue of 1.284 billion yuan in Q3 2025, with a year-on-year growth of 78.77% and a quarter-on-quarter increase of 119.74%. New orders are projected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - The company has a strong accumulation of semiconductor IP and a broad layout across various downstream sectors, including AIGC, automotive electronics, wearable devices, data centers, and IoT [8] Financial Projections - The company’s total revenue is projected to reach 3.813 billion yuan in 2025, with a year-on-year growth of 64.22%. The net profit attributable to the parent company is expected to be -76.76 million yuan [1][10] - The report adjusts the revenue expectations for 2025-2027 to 3.8 billion, 5.3 billion, and 7 billion yuan respectively, and the net profit expectations to -0.8 billion, 2.7 billion, and 5.6 billion yuan [9]

Performance Disclosure - Yonghe Co. expects a net profit attributable to shareholders of 456 million to 476 million yuan for the first three quarters of 2025, representing a year-on-year increase of 211.59% to 225.25% [1] - Chipone Technology anticipates a third-quarter revenue of 1.284 billion yuan, marking a historical high for the company with a quarter-on-quarter increase of 119.74% and a year-on-year growth of 78.77% [2] Sales Performance - BYD reported a year-on-year decline of 5.52% in new energy vehicle sales for September, with total sales of 396,300 units [3] - Seres announced a year-on-year increase of 19.44% in new energy vehicle sales for September, totaling 44,700 units, with cumulative sales of 304,600 units from January to September [4] Shareholding Changes - Dihun Network's controlling shareholder, Hu Jianping, completed a reduction of 2% of the company's shares, totaling 4.8692 million shares [5] - Ruile New Materials announced that a major shareholder plans to reduce their holdings by no more than 10,800 shares, which is 0.0581% of the total share capital [6] - Huaxing Yuanchuang's employee stock ownership platform plans to reduce its holdings by up to 4 million shares, accounting for 0.9% of the total share capital [7] Risk Matters - ST Gaohong received a notice of termination of listing from the Shenzhen Stock Exchange, indicating a potential end to the company's stock trading [8] - Suihengyun A expects losses from the impact of Typhoon "Hagupit" to exceed 10% of the company's net profit for 2024 due to damage to assets in a photovoltaic project [9] - Hainan Haiyao announced that approximately 131 million shares held by a major shareholder will be subject to judicial auction, representing 10.08% of the total share capital [10]

Key Points - Hainan Huatie's shareholder Hu Danfeng has terminated the share reduction plan and plans to increase holdings in the company with an investment of no less than 30 million yuan and no more than 50 million yuan [2] - Yonghe Co. expects a net profit increase of 447.64% to 506.85% year-on-year for Q3 2025, driven by the high demand in the refrigerant industry and product optimization [3] - Delis Co. is planning a change in company control, leading to a suspension of its stock from October 9, 2025 [4] - BYD reported September 2025 sales of 396,300 new energy vehicles, a slight decrease from 419,400 units in the same month last year, while cumulative sales for the year reached 3.26 million units, up 18.64% [5] - Chipone Technology expects Q3 2025 revenue of 1.284 billion yuan, marking a historical high for the company, with a year-on-year increase of 78.77% [7] - Chipone anticipates a significant improvement in profitability for Q3 2025, with new orders expected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - ST Zhengping's stock will be suspended from trading starting October 9, 2025, due to unusual stock price fluctuations [2][28] - Huanxin Cement plans to repurchase shares worth between 32.25 million and 64.5 million yuan [14] - Sichuan Gold won exploration rights for a gold mine in Xinjiang for 510 million yuan, indicating strong geological potential [15]

10月8日下午，芯原股份披露了2025年第三季度经营情况，公司营收、在手订单均创历史新高。 受益于AI算力发展的推动，芯原股份从登陆科创板时的"中国半导体IP第一股"成长为"AI ASIC龙头企 业"，盈利能力显著增强。 一站式芯片定制业务增长，尤其是AI ASIC业务的增长，是芯原股份单季度营收创历史新高的主要原 因。 分业务类别来看，芯原股份预计第三季度实现芯片设计业务收入4.29亿元，环比增长291.76%，同比增 长80.67%；预计实现量产业务收入6.09亿元，环比增长133.02%，同比增长158.12%；预计实现知识产权 授权使用费收入2.13亿元，环比增长14.14%，同比基本持平。 芯原股份表示，得益于公司近两年在手订单持续保持高位，随着订单的不断转化，公司研发资源陆续投 入客户项目，公司第三季度单季度收入创历史新高，盈利能力大幅提升，预计第三季度单季度亏损同 比、环比均实现大幅收窄。 值得提及的是，芯原股份已与多家大厂达成深度战略合作，在2024年年报中披露，芯原股份服务的公司 包括三星、谷歌、亚马逊、微软、百度、腾讯、阿里巴巴等企业。 AI算力订单占比65% 前三季新签订单超2024年全 ...

Performance Disclosure - Yonghe Co., Ltd. expects a year-on-year increase in net profit attributable to shareholders of 211.59% to 225.25%, with an estimated profit of 456 million to 476 million yuan for the first three quarters of 2025 [1] - Chip Original Co., Ltd. anticipates a 78.77% year-on-year increase in revenue for the third quarter of 2025, projecting a revenue of 1.284 billion yuan, marking a significant quarter-on-quarter growth of 119.74% [2] Sales Performance - BYD reported a 5.52% year-on-year decline in new energy vehicle sales in September, with sales reaching 396,300 units [3] - Seres Co., Ltd. experienced a 19.44% year-on-year increase in new energy vehicle sales in September, achieving sales of 44,700 units, with cumulative sales of 304,600 units from January to September [4] Shareholding Changes - Dihun Network's controlling shareholder, Hu Jianping, completed a 2% reduction in company shares, totaling 4.8692 million shares [5] - Ruian New Materials announced that a major shareholder plans to reduce their holdings by no more than 0.0581% of the company's total shares, equating to approximately 100,800 shares [6] - Huaxing Yuanchuang's employee stock ownership platform plans to reduce its holdings by up to 0.9% of the company's total shares, amounting to a maximum of 4 million shares [7] Risk Events - *ST Gaohong received a notice of termination of listing from the Shenzhen Stock Exchange, indicating a potential end to the company's stock trading [8] - Suihengyun A expects losses from a typhoon disaster to exceed 10% of the company's projected net profit for 2024, affecting assets in a photovoltaic project [9] - Hainan Haiyao announced that approximately 131 million shares held by a major shareholder will be subject to judicial auction, representing 98.11% of their holdings and 10.08% of the company's total shares [10]