Suspension and Resumption of Trading - Aolian Electronics: The controlling shareholder plans to change to Chaocheng Innovation, and the stock will resume trading [1] - Tianchuang Fashion: The controlling shareholder will change to Anhui Xianrui, and the stock will resume trading [1] - Dook Culture: The company's controlling shareholder, Hua Nan and Hua Shan, have terminated the planned change of control, and the stock will resume trading [1] - Baihua Pharmaceutical: Planning a change of control, and the stock is suspended [1] Mergers and Acquisitions - Zhongyou Capital: A wholly-owned subsidiary plans to acquire 100% equity of Yingda Futures for 1.129 billion yuan [2] - TCL Technology: Subsidiary TCL Huaxing successfully acquired 80% equity and related debts of Fujian Zhaoyuan Optoelectronics for 490 million yuan, aiming to enhance its layout in next-generation display technology [2] - Tongye Technology: Plans to cash purchase 91.69% equity of Silin Semiconductor for 561 million yuan, focusing on power IoT communication chips and related products [2] Shareholding Changes - Xiangyang Bearing: The controlling shareholder's equity structure has changed, with the actual controller restored to the Hubei Provincial State-owned Assets Supervision and Administration Commission [3] External Investments and Daily Operations - Jintaiyang: The invested company Linghang Electronics has achieved significant breakthroughs in tungsten polishing liquid at leading domestic FAB factories [4] - Chip Origin: From October 1 to December 25, the company signed new orders worth 2.494 billion yuan, a substantial increase of 129.94% year-on-year and 56.54% quarter-on-quarter [4] - Changhong Technology: Subsidiary Dinglong Weibo has secured 60%-70% of the semiconductor wafer carrier and consumables demand from a domestic wafer manufacturer for 2026 [4] - Qiangda Circuit: Plans to issue convertible bonds of no more than 550 million yuan to build a project with an annual production capacity of 960,000 square meters of multilayer boards and HDI boards [5] - Vanke A: The grace period for the fifth phase of the 2022 medium-term notes has been extended to 30 trading days [5] - Weichuang Electric: Plans to establish a joint venture with Zhejiang Rongtai in Thailand to expand the mechatronics market for intelligent robots [5] - Guangdong Construction: A subsidiary plans to invest approximately 6 billion yuan in a green methanol project [5] - Chalco International: Signed project contracts worth approximately 14 billion yuan with overseas clients [5] - Feilong Co.: Established close cooperation with over 40 leading companies in the server liquid cooling field [5] - Yirui Technology: A wholly-owned subsidiary is increasing capital and introducing strategic investors for a silicon-based OLED micro-display backplane project [5] - Heng Rui Pharmaceutical: Licensed the SHR6508 project to Hansoh Pharmaceutical for a potential maximum of 190 million yuan in milestone payments [6] - Shenzhen Energy: A wholly-owned subsidiary plans to invest 6.822 billion yuan in a grid-side compressed air energy storage project [6] - China Duty Free: A wholly-owned subsidiary won the bid for the first phase of the duty-free project at Beijing Capital International Airport with a guaranteed operating fee of 480 million yuan for the first year [6] - Wangfujing: Won the bid for the second phase of the duty-free project at Beijing Capital International Airport with a guaranteed operating fee of 113 million yuan for the first year [6] - Shandong Road and Bridge: A subsidiary won bids for highway construction projects with a total bid price of approximately 9.402 billion yuan [6] - Huadian Science and Technology: Signed a total contract for the construction of cooling towers and indirect air cooling systems for power plants worth 818 million yuan [6]

Core Insights - The company, Chip Origin Co., Ltd., reported a record high in new orders for the period from October 1 to December 25, 2025, amounting to 2.494 billion yuan, marking a significant increase of 129.94% year-over-year and 56.54% quarter-over-quarter [2] - The majority of new orders are for one-stop chip customization services, with over 84% related to AI computing power and nearly 76% in the data processing sector, highlighting the company's competitive strength in these core business areas [2] - The founder and chairman, Dai Weimin, indicated a shift in computing power layout from a cloud-centric model to a collaborative "cloud + edge + end" approach, driven by the evolution of AI applications [2] Industry Trends - Dai Weimin noted that while the demand for cloud-side training cards is rapidly increasing due to the large model era, the long-term growth will come from the need for inference and personalized fine-tuning on the terminal side [3] - Terminal-side fine-tuning and inference cards are expected to penetrate various applications, including smartphones, PCs, automotive terminals, and industry-specific devices, due to their advantages in privacy protection, real-time response, and cost control [3] - By 2028, it is anticipated that the number of foundational large models in China will be fewer than 10, leading to a concentrated market where top models leverage computing power, data, and ecosystem advantages, reinforcing the importance of terminal-side computing power products [3]

Group 1 - The National Venture Capital Guiding Fund has officially launched with a government investment of 100 billion yuan, expected to leverage over 1 trillion yuan in social capital for strategic emerging industries such as integrated circuits, artificial intelligence, and quantum technology [3] - The People's Bank of China (PBOC) emphasizes the need to improve the policy environment for long-term investments, aiming to increase the scale and proportion of medium- and long-term funds invested in A-shares [4] - The Shanghai Stock Exchange has released guidelines to support commercial rocket companies, allowing them to list on the Sci-Tech Innovation Board under specific conditions [3] Group 2 - The Ministry of Industry and Information Technology has outlined ten key tasks for 2026, including addressing "involution" competition and supporting artificial intelligence initiatives [4] - The industrial economy is projected to grow by 5.9% in 2025, with digital industry revenue expected to increase by around 9% [4] - The National Bureau of Statistics has confirmed that China's GDP for 2024 is 13.48 trillion yuan, with a year-on-year growth of 5.0% [4] Group 3 - The A-share market experienced a slight increase, with the Shanghai Composite Index rising by 0.10% to 3963.68 points, marking an eight-day winning streak [6] - The PBOC and the State Administration of Foreign Exchange have clarified that funds raised from overseas listings can be repatriated in foreign currency or RMB [7] - The China Securities Regulatory Commission is taking strict measures against *ST Chang Pharmaceutical for serious financial fraud, proposing fines and initiating delisting procedures [7] Group 4 - The first batch of national-level zero-carbon parks has been announced, with 52 parks expected to generate a total output value of 3.54 trillion yuan [5] - The Ministry of Finance and other departments have issued guidelines to enhance the role of government financing guarantee systems in supporting labor-intensive small and micro enterprises [5] - The PBOC has included agricultural facilities and clearly owned livestock in the scope of agricultural rural mortgage financing to promote rural revitalization [5]

格隆汇12月26日丨芯原股份(688521.SH)公布，公司于近日收到国家集成电路基金发送的《上市公司股 东股份减持计划告知函》，因股东自身经营管理需要，国家集成电路基金计划通过集中竞价（含盘后固 定价格交易，下同）和大宗交易方式合计减持不超过8,939,590股公司股份，减持比例不超过1.70%。国 家集成电路基金减持计划拟自本公告披露之日起15个交易日后的3个月内进行，减持价格将参考市场价 格。若在上述减持期间，公司有派息、送股、资本公积金转增股本、配股等除权除息事项，前述拟减持 股份数量和价格将相应进行调整。 ...

格隆汇12月26日丨芯原股份(688521.SH)公布，2025年10月1日至2025年12月25日，芯原微电子（上海） 股份有限公司新签订单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%，继2025年第二、三季度单季度新签订单屡创历史新高后，再创历史单季度新高，将为公 司未来营业收入增长提供有力的保障。截至2025年12月25日，公司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%。 ...

Mergers and Acquisitions - Huasoft Technology plans to acquire 67% stake in Shandong Lain Optoelectronics, which focuses on the R&D, production, and sales of safety light curtains and related products [1] - TCL Technology's subsidiary TCL Huaxing successfully acquired 80% stake in Fujian Zhaoyuan Optoelectronics and related debts for a total price of 490 million yuan [2] Shareholding Changes - XCMG Machinery's controlling shareholder plans to increase its stake in the company by no less than 80 million yuan and no more than 160 million yuan within six months starting from December 26, 2025 [3] - Chipone Technology's shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its stake by up to 1.7%, amounting to a maximum of 893.96 million shares [4] - Huachen Equipment's actual controllers plan to reduce their stake by up to 2%, totaling a maximum of 507.08 million shares within three months after the announcement [5] Investment Agreements - Jinjiang Shipping plans to invest no more than 1.94 billion yuan to build 4+4 container ships with a capacity of 1800 TEU [6] - Zhiguang Electric's subsidiary signed a sales contract worth 119 million yuan for high-voltage cascade energy storage systems [7] - Chalco International signed a project contract worth approximately 14 billion yuan with an overseas client, with no related party relationships involved [8] Regulatory Issues - Pairui Co. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, with issues related to revenue recognition in a sales contract [9] - *ST Chang Pharmaceutical is facing a potential major illegal delisting due to false financial reporting from 2021 to 2023, which inflated revenue and profit figures [10]

芯原股份(688521.SH)公告称，股东国家集成电路产业投资基金股份有限公司因自身经营管理需要，计划通过集中竞价和大宗交易方式合计减持 不超过893.96万股公司股份，占公司总股本比例不超过1.70%。 小财注：截至三季度末，大基金位列芯原股份第二大股东，持股比例6.61%。公告指出，大基金持有的股份为公司首次公开发行前取得，已全部 解除限售并上市流通。大基金自2020年8月公司首次公开发行以来未减持过公司股票。 | ▶十大股东 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 实际控制人:一 | | | | | | | | | | | | !! | 2025-09-30 | 2025-09-11 | 2025-08-28 | 2025-07-14 | | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-3 >> | | 名次 | 股东名称 | | | | | 股份类型 | 持股数(股) | 占总股本持 ...

芯原股份(688521.SH)发布公告，公司于近日收到国家集成电路基金发送的《上市公司股东股份减持计 划告知函》，因股东自身经营管理需要，国家集成电路基金计划通过集中竞价(含盘后固定价格交易)和 大宗交易方式合计减持不超过893.96万股公司股份，减持比例不超过1.7%。 ...

Group 1 - China Duty Free Group's subsidiary won the bid for the duty-free project at Beijing Capital International Airport with a guaranteed operating fee of 480 million yuan for the first year and a sales commission rate of 5% [1] - The project will enhance the company's channel advantages at core domestic airports, catering to diverse shopping needs of inbound and outbound travelers, thus promoting high-quality development of airport duty-free business [1] - Successful implementation of the project is expected to positively impact the company's future operating performance [1] Group 2 - Chipone Technology reported that over 84% of new orders in Q4 2025 are related to AI computing power, with total new orders amounting to 2.494 billion yuan, marking a significant year-on-year increase of 129.94% [2] - The company also noted a 56.54% increase in new orders compared to Q3 2025, indicating strong growth momentum [2] - The majority of new orders are for one-stop chip customization services, with nearly 76% related to data processing [2] Group 3 - Jinfeng Technology announced the termination of its planned acquisition of at least 51% equity in Guangdong Lanyuan Technology due to failure to reach agreement on key transaction terms [3] Group 4 - Zhejiang Rongtai plans to establish a joint venture in Thailand with Suzhou Weichuang Electric Technology to develop and produce mechatronic components and intelligent drive systems for the robotics market, with both parties holding 50% equity [4] - The cooperation agreement is currently in the intent stage and requires further negotiation and implementation [4] Group 5 - Hainan Huatie was fined 8 million yuan by the China Securities Regulatory Commission for incomplete disclosure of a 3.69 billion yuan computing power service agreement and for failing to timely disclose significant contract developments [5] - The company and its executives are required to rectify the issues and have received warnings [5] Group 6 - Shengyuan Environmental Protection reported a cumulative net value growth rate of -81.54% for a private fund product, resulting in a loss of approximately 46.92 million yuan, which exceeds 10% of the company's most recent audited net profit [6] - The company has initiated a redemption process for the fund and has reported the situation to law enforcement and the securities regulatory authority [6] Group 7 - Huasoft Technology intends to acquire 67% of the equity in Lain Optoelectronics [7] - Longgao Co., Ltd. is set to transfer 4.37% of its controlling shareholder's equity to Zijin South Investment [7] Group 8 - Jianghe Group's subsidiary won a bid for the urban renewal project in Haikou City with a bid amount of approximately 112 million yuan [8] - Yuntian Lifelight secured a project worth 122 million yuan and established a strategic partnership with 360 Group [8] - Other companies reported various project wins and contracts, indicating active market engagement [8]

Group 1 - Company Huasoft Technology plans to acquire 67% equity of Shandong Lian Optoelectronics Technology Co., Ltd, which will become a subsidiary if the transaction is completed [1] - TCL Technology's subsidiary TCL Huaxing successfully acquired 80% equity and related debts of Fujian Zhaoyuan Optoelectronics for a transaction price of 490 million yuan [2] Group 2 - XCMG Machinery's controlling shareholder plans to increase its stake in the company by no less than 80 million yuan and no more than 160 million yuan within six months starting from December 26, 2025 [3] - Chipone Technology's shareholder plans to reduce its stake by no more than 1.7%, amounting to a maximum of 893,960 shares [4] - Huachen Equipment's actual controllers plan to reduce their stake by no more than 2%, totaling a maximum of 507,080 shares within three months after the announcement [5] Group 3 - Jinjiang Shipping plans to invest no more than 1.94 billion yuan to build 4+4 container ships [6] - Zhiguang Electric's subsidiary signed a sales contract worth 119 million yuan for energy storage systems with Yangzhou New Concept Electric [7] - Chalco International signed a project contract worth approximately 14 billion yuan with an overseas client, who has strong performance capabilities [8] Group 4 - Pairui Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, leading to a self-examination and correction of accounting errors [9] - *ST Chang Pharmaceutical is under investigation for suspected false financial reporting, which may lead to significant legal consequences and potential delisting [10][11]