Core Insights - The company announced new orders of 2.5 billion yuan for Q4 2025, representing a 130% year-over-year increase and a 56% quarter-over-quarter increase, confirming the high growth trend in the company and industry [1] - The company is expected to benefit from the ongoing transformation in the industry as internet companies increase their investment in AI computing power and develop stronger computing systems [1] - The stock price currently corresponds to an 8x price-to-sales ratio for 2027, and recent adjustments due to shareholder reductions and unlocked shares present a long-term buying opportunity, maintaining a buy recommendation [1] New Orders Growth - In Q4 2025, the company secured new orders of 2.5 billion yuan, with over 84% related to AI computing orders and nearly 76% in the data processing sector [1] - The total new orders for 2025 are expected to reach 5.8 billion yuan, reflecting a 150% year-over-year growth, further validating the high growth trend in the company and industry [1] - The company’s performance is expected to see significant growth over the next two years [1] Shareholder Reduction Impact - The major shareholder, the Big Fund, plans to reduce its stake by 1.7% through centralized bidding and block trading, with a reduction period from January 21, 2026, to April 20, 2026 [2] - Although the reduction may create short-term pressure, the long-term impact on the company is expected to be limited [2] Profit Forecast - The company has been focusing on Chiplet technology and its applications in generative AI and smart driving for the past five years, aiming to expand into emerging markets and attract leading industry clients [2] - Revenue projections for 2025, 2026, and 2027 are 3.06 billion yuan, 5.41 billion yuan, and 8.47 billion yuan, with year-over-year growth rates of 32%, 77%, and 57% respectively [2] - Net profits are forecasted to be 26 million yuan, 270 million yuan, and 640 million yuan for the same years, with corresponding EPS of 0.05 yuan, 0.51 yuan, and 1.21 yuan [2]

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。 ...

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 688521 | 芯原股 份 | 5.71 | 6.34 | 38846.55 | 8.81 | | 603123 | 翠微股 份 | 10.02 | 24.01 | 36815.05 | 15.55 | | 300773 | 拉卡拉 | 12.57 | 17.11 | 36120.96 | 11.22 | | 002104 | 恒宝股 份 | 8.31 | 31.53 | 30890.65 | 7.58 | | 603300 | 海南华 铁 | 4.87 | 16.63 | 18409.97 | 6.69 | | 301236 | 软通动 力 | 3.41 | 4.07 | 15519.76 | 10.07 | | 002017 | 东信和 | 3.54 | 7.93 | 11584.28 | 11.47 | | | 平 | | | | | 今日涨跌幅居前的概念板块 | ...

Group 1 - The main point of the news is that the net outflow of capital in the Shanghai and Shenzhen markets reached 60.795 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 3.767 billion yuan [1] - A total of 182 stocks on the Sci-Tech Innovation Board saw net inflows, while 416 stocks experienced net outflows [1] - Among the stocks with significant net inflows, Han's Laser (寒武纪-U) led with a net inflow of 1.459 billion yuan, followed by Chipone (芯原股份) and Zhenray Technology (臻镭科技) with net inflows of 388.5 million yuan and 220 million yuan respectively [1] Group 2 - C Jianxin (C健信) had the highest net outflow among stocks listed for five days, with a net outflow of 65.0949 million yuan [2] - There are 37 stocks that have seen continuous net inflows for more than three trading days, with Aolaide (奥来德) leading at 11 consecutive days of net inflow [2] - The stock with the most extended net outflow is Dameng Data (达梦数据), which has seen 16 consecutive days of net outflow [2] Group 3 - The top stocks by net inflow include Han's Laser (寒武纪-U) with 1.459 billion yuan, Chipone (芯原股份) with 388.5 million yuan, and Zhenray Technology (臻镭科技) with 220 million yuan [3] - Other notable stocks with significant net inflows include Zhongxin International (中芯国际) with 191.2 million yuan and Huafeng Technology (华丰科技) with 179.4 million yuan [3] - Stocks with notable net outflows include Shijia Photon (仕佳光子) with 368 million yuan and Lankai Technology (澜起科技) with 364 million yuan [1][3]

公司于2025年12月29日召开第三届董事会第八次会议，审议通过《关于增 加日常关联交易预计额度的议案》，同意增加本年度（自董事会审议通过本议 案之日起至2025年年度股东会召开之日止）与关联人芯思原微电子有限公司 （以下简称"芯思原"）的日常关联交易额度3,000.00万元，交易内容为公司向芯 思原采购半导体IP及芯片设计服务。关联董事Wayne Wei-Ming Dai（戴伟民） 回避表决，出席会议的非关联董事一致同意该议案。本事项无需提交股东会审 议。 国泰海通证券股份有限公司 关于芯原微电子（上海）股份有限公司 增加日常关联交易预计额度的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 芯原微电子（上海）股份有限公司（以下简称"芯原股份"或"公司"）向特定 对象发行股票的持续督导机构，根据《证券发行上市保荐业务管理办法》《上海 证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作》等法律法规的相关规定，对芯原股份增加日常关联交 易预计额度的事项进行了专项核查，核查情况与意见如下： 一、日常关联交易基本情况 （一）日常关联交易概述 ...

每经AI快讯，芯原股份（SH 688521，收盘价：135.2元）12月29日晚间发布公告称，公司第三届第八次 董事会会议于2025年12月29日在公司会议室以现场结合通讯方式召开。会议审议了《关于增加日常关联 交易预计额度的议案》等文件。 每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" （记者 张明双） 截至发稿，芯原股份市值为711亿元。 ...

FANGDA PARTNERS http://www.fangdalaw.com 27/F，North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达（北京）律师事务所 关于芯原微电子（上海）股份有限公司 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 归属条件成就及 2022 年、2025 年限制性股票激励计划 部分限制性股票作废相关事项的法律意见书 致：芯原微电子（上海）股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所现就芯原微电子 （上海）股份有限公司（以下简称"公司"）2020 年限制性股票激励计划（以下简 称"2020 年激励计划"）项下预留授予第二批次第三个归属期归属（以下简称"本 次归属"）条件成就，以及公司 2022 年限制性股票激励计划（以下简称"2022 年 激励计划"）和公司 2025 年限制性股票激励计划（以下简称"2025 年激励计划"） 项下部分已授予 ...

证券代码：688521 证券简称：芯原股份 公告编号：2025-085 芯原微电子（上海）股份有限公司 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公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划方案及履行的程序 1、本次股权激励计划主要内容 （1）股权激励方式：第二类限制性股票。 1 限制性股票拟归属数量：5.9000 万股 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票 （4）激励人数：首次授予 444 人，为公司公告本激励计划草案时在本公司 （含子公司）任职的高级管理人员、技术骨干人员及业务骨干人员。预留授予 89 人（其中 2021 年 8 月 3 日授予 62 人，2021 年 12 月 20 日授予 27 人），为技 术骨干人员及业务骨干人员。 | 归属安排 | 归属时间 | | 归属权益数量占授 予权益总量的比例 | | --- | --- | --- | --- | | 首次授予的限制性 ...

证券代码：688521 证券简称：芯原股份 公告编号：2025-086 芯原微电子（上海）股份有限公司 关于作废处理部分限制性股票的公告 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、准确性和完整性依法承担法律责任。 芯原微电子（上海）股份有限公司（以下简称"芯原股份"或"公司"）于 2025 年 12 月 29 日召开第三届董事会第八次会议，审议通过了《关于作废处理 2022 年限制性股票激励计划、2025 年限制性股票激励计划项下部分已授予但尚 未归属的限制性股票的议案》，现将有关事项说明如下： 一、公司 2022 年限制性股票激励计划已履行的决策程序和 信息披露情况 1、2022 年 1 月 4 日，公司召开第一届董事会第二十八次会议，审议通过了 《关于审议<芯原微电子（上海）股份有限公司 2022 年限制性股票激励计划（草 案）>及其摘要的议案》《关于审议<芯原微电子（上海）股份有限公司 2022 年 限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会 办理 2022 年限制性股票激励计划相关事宜的议案》等相关议案。公司独立 ...