Core Viewpoint - The semiconductor industry in China is experiencing a significant slowdown in merger and acquisition (M&A) activities, with several high-profile deals being terminated due to various factors including valuation discrepancies and regulatory scrutiny [3][10]. Group 1: Termination of Mergers - Major asset restructuring plans involving domestic computing leader Zhongke Shuguang and Haiguang Information, as well as the acquisition of Chipmunk Technology by Chip Origin, have been announced as terminated [1][6]. - The termination of these deals reflects a broader trend in the semiconductor sector, where companies cite reasons such as "changes in market environment" and "failure to reach consensus on core terms" [3][6]. Group 2: Market Dynamics and Valuation Issues - The stock prices of Zhongke Shuguang and Haiguang Information saw significant fluctuations, with increases of 61.76% and 61.1% respectively since the announcement of the merger plan, complicating the share exchange proposal [5]. - The complexity of shareholder structures and differing interests among investors have made it challenging to reach agreements on valuations, contributing to the failure of M&A deals [7][10]. Group 3: Regulatory Environment - The regulatory landscape for semiconductor M&A is becoming increasingly stringent, with authorities scrutinizing cross-industry mergers more closely [8]. - Recent policies aimed at supporting acquisitions of high-quality, unprofitable tech companies have led to a surge in M&A activity, but also an increase in the number of terminated deals as expectations and valuations clash [6][10]. Group 4: Future M&A Strategies - Despite recent setbacks, companies like Chip Origin are actively seeking new acquisition opportunities, as evidenced by their plan to invest in and acquire control of ZD Semiconductor [10][11]. - The semiconductor industry is expected to continue pursuing M&A as a strategy for growth, with a focus on integrating core technologies and expanding into emerging markets [11][12].

记者丨彭新 编辑丨骆一帆 进 入 12 月 ， 筹 划 重 大 资 产 重 组 的 国 产 算 力 龙 头 中 科 曙 光 （ 603019.SH ） 与 海 光 信 息 （688041.SH）合并案、半导体IP第一股芯原股份（688521.SH）并购芯来智融案相继宣布终 止交易。 前者终结了旨在实现两家公司深度整合的"换股吸收合并"计划，后者则称因关键事项未达预 期，放弃了对RISC-V独角兽芯来智融的发行股份购买资产安排。 此外，思瑞浦（688536.SH）、帝奥微（688381.SH）等半导体企业也在12月相继宣告终止并 购重组。 同时，过去几年一级市场对半导体赛道的热捧推高了企业估值，而当这些标的进入并购市场 时，其股东结构往往已经相当复杂，多轮融资带来的多方投资者，各自有着不同的退出时间 表和收益预期，无疑增加了并购双方达成一致的难度。 图片来源：IC photo 估值倒挂与监管趋严是主因 12月半导体行业领域并购密集"踩刹车"，从终止并购的原因来看，各家公告的理由不尽相 同，有的称"市场环境变化"，有的则表示"核心条款未达成一致"。 就海光信息终止吸收合并中科曙光一案来看，在投资者说明会上，海光信 ...

Core Viewpoint - Chipone Microelectronics Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 145.62% but a recent decline in the last five, twenty, and sixty trading days [1][2]. Group 1: Stock Performance - As of December 18, Chipone's stock price was 128.78 CNY per share, with a market capitalization of 67.72 billion CNY [1]. - The stock has seen a net outflow of 72.52 million CNY in principal funds, with large orders showing a buy of 1.40 billion CNY and a sell of 1.69 billion CNY [1]. - The stock has dropped 7.35% in the last five trading days, 15.52% in the last twenty days, and 25.47% in the last sixty days [1]. Group 2: Company Overview - Chipone was established on August 21, 2001, and went public on August 18, 2020, focusing on semiconductor IP and providing comprehensive chip customization services [2]. - The revenue composition includes 41.85% from chip volume business, 28.81% from IP licensing fees, 23.83% from chip design services, and 5.21% from royalties [2]. - As of September 30, 2025, the company reported a revenue of 2.255 billion CNY, a year-on-year increase of 36.64%, but a net profit loss of 347 million CNY, reflecting a 12.42% year-on-year growth [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 94.49% to 49,400, with an average of 10,144 circulating shares per person, down 48.39% [2][3]. - Hong Kong Central Clearing Limited is the sixth-largest shareholder with 12.6965 million shares, marking a new entry [3]. - The Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF have reduced their holdings, with the former holding 12.3814 million shares, down by 7.1746 million shares [3].

来源：新浪基金∞工作室 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。 集成电路ETF（562820）业绩比较基准为中证全指集成电路指数收益率，管理人为嘉实基金管理有限公 司，基金经理为田光远，成立（2024-04-12）以来回报为117.04%，近一个月回报为-0.48%。 12月18日，集成电路ETF（562820）开盘跌0.88%，报2.148元。集成电路ETF（562820）重仓股方面， 寒武纪开盘跌1.19%，中芯国际跌0.43%，海光信息跌0.99%，澜起科技跌0.79%，兆易创新涨0.65%，豪 威集团跌0.60%，芯原股份跌1.45%，长电科技跌0.92%，紫光国微跌0.77%，通富微电跌1.57%。 ...

Core Viewpoint - Chipone Technology (688521.SH) reported a revenue of 2.255 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 36.64%, but recorded a net loss attributable to shareholders of 347 million yuan [1][2]. Financial Performance - The company's revenue for the current reporting period was approximately 1.281 billion yuan, showing an increase of 78.38% compared to the same period last year [2]. - The total profit for the reporting period was a loss of approximately 20.43 million yuan, with a net profit attributable to shareholders also showing a loss of approximately 26.85 million yuan [2]. - The net profit after deducting non-recurring gains and losses was a loss of approximately 78.66 million yuan for the current period [2]. - The net cash flow from operating activities was a negative 25.90 million yuan for the current period [2]. Historical Financial Data - From 2022 to 2024, Chipone's revenues were 2.679 billion yuan, 2.338 billion yuan, and 2.322 billion yuan respectively [2]. - The net profits attributable to shareholders for the same years were 73.81 million yuan, -296 million yuan, and -601 million yuan [2]. - The net profit after deducting non-recurring gains and losses for these years were 13.29 million yuan, -31.8 million yuan, and -64.3 million yuan respectively [2]. - The net cash flow from operating activities for the same years were -329 million yuan, -8.52 million yuan, and -346 million yuan respectively [2]. Fundraising Activities - Chipone was listed on the Sci-Tech Innovation Board on August 18, 2020, with an initial public offering of 48.32 million shares at a price of 38.53 yuan per share, raising a total of 1.862 billion yuan [3]. - The net proceeds from the IPO after deducting issuance costs were approximately 1.678 billion yuan, exceeding the original plan by 888 million yuan [3]. - The company planned to use the raised funds for various projects, including smart wearable devices, smart automotive applications, and R&D center upgrades [3]. - In a subsequent fundraising round, the company issued 24.86 million shares at a price of 72.68 yuan per share, raising approximately 1.807 billion yuan, with net proceeds of about 1.780 billion yuan after deducting related costs [4]. - The total amount raised from both fundraising activities was approximately 3.669 billion yuan [5].

Group 1 - The first batch of ETFs tracking the Innovation and Entrepreneurship AI Index has been launched, with the largest being the E Fund Innovation and Entrepreneurship AI ETF (159140) at a scale of 1.336 billion CNY [10][11] - The investment value and logic in the AI sector are increasingly recognized, with many brokerages projecting AI to remain a key investment theme in the stock market through 2026 [1][2] - The recent economic work conference emphasized the need to "deepen and expand" the integration of AI, indicating strong policy and financial support for the sector in the coming year [2] Group 2 - The focus has shifted from model competition to practical application of AI, with diverse applications in finance, healthcare, and education, which will drive demand for computing power and infrastructure [3] - The Innovation and Entrepreneurship AI Index is uniquely positioned, selecting 50 major companies from the Sci-Tech Innovation Board and the Growth Enterprise Market, specifically targeting leading firms in the AI sector [4][5] - The index captures the strengths of both the communication equipment and semiconductor sectors, with over 70% of its composition in these areas, aligning with global AI computing demand and domestic development [5] Group 3 - The leading stocks within the index are primarily from the optical module and semiconductor sectors, indicating a high concentration that could drive the index's performance during an upcycle in the AI industry [7] - Profit forecasts for the index's constituent stocks show significant growth, with expected revenue growth rates of 36.16% and 25.08% for 2026 and 2027, respectively, and net profit growth rates of 81.99% and 34.58% for the same years [8][9] - The index's design allows for a streamlined investment approach, enabling investors to gain exposure to both optical modules and semiconductors simultaneously [7]

Group 1 - The core viewpoint of the article highlights the performance of the Invesco Chip ETF (159560), which opened down by 1.06% at 1.584 yuan on December 18 [1] - The major holdings of the ETF include companies such as SMIC, Cambricon, and Huagong Information, with varying performance; for instance, SMIC decreased by 0.43%, while Zhaoyi Innovation increased by 0.65% [1] - The ETF's performance benchmark is the CSI Chip Industry Index return, managed by Invesco Great Wall Fund Management Company, with a return of 60.58% since its establishment on November 9, 2023, and a return of 0.60% over the past month [1]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a slight decline, reflecting the overall performance of its major holdings in the semiconductor sector [1] Group 1: ETF Performance - The chip ETF Tianhong (159310) opened down by 0.25%, priced at 1.993 yuan [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 99.96%, with a monthly return of 0.58% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down by 0.43% - Cambricon (寒武纪) down by 1.19% - Haiguang Information (海光信息) down by 0.99% - Northern Huachuang (北方华创) down by 0.84% - Lattice Semiconductor (澜起科技) down by 0.79% - Zhaoyi Innovation (兆易创新) up by 0.65% - Zhongwei Company (中微公司) down by 1.13% - OmniVision (豪威集团) down by 0.60% - Chipone (芯原股份) down by 1.45% - JCET (长电科技) down by 0.92% [1]

Group 1 - Several recent mergers and acquisitions in the A-share semiconductor sector have been halted, raising market concerns [1] - DiAo Micro announced the termination of its acquisition of Rongpai Semiconductor due to failure to reach consensus on key terms [1] - SiRuPu decided to terminate its acquisition of Ningbo Aola Semiconductor as the conditions for major asset restructuring were not fully mature [1] Group 2 - The majority of terminated transactions involve small and medium-sized private listed companies, primarily focusing on significant cash or share transactions [2] - The core issues leading to transaction terminations are the inability to agree on key terms and changes in market conditions that render transaction conditions immature [2] - The success rate of mergers and acquisitions in the Sci-Tech Innovation Board is over 70%, indicating that a certain percentage of terminated transactions may be a normal aspect of market-driven mergers [2] Group 3 - The high activity level in the semiconductor industry and the complexity of shareholder structures contribute to increased negotiation difficulties in mergers and acquisitions [3] - Market demand fluctuations and changes in the market environment have made companies more cautious in pursuing acquisitions to avoid operational risks [3] Group 4 - To protect investor interests, regulations have been established to enhance information disclosure and communication regarding terminated restructurings [4] - Companies that terminate restructurings have been proactive in disclosing reasons and potential impacts, often holding investor meetings to address market concerns [4] - Following the termination of restructurings, related companies' stock prices have seen an approximate decline of 4%, reflecting a stable market response without significant irrational fluctuations [4] Group 5 - The China Securities Regulatory Commission has proposed regulations to standardize merger and acquisition behaviors and clarify the responsibilities of financial advisors [5] - In 2024, regulatory authorities addressed 35 cases of insider trading related to mergers and acquisitions, demonstrating a strict regulatory approach [5] - The regulatory environment emphasizes a "zero tolerance" policy towards fraudulent activities in mergers and acquisitions, aiming to protect the rights of small investors [5]

Core Viewpoint - The semiconductor industry is experiencing a significant slowdown in merger and acquisition (M&A) activities, with several high-profile deals being terminated due to valuation discrepancies and regulatory scrutiny [3][4][5]. Group 1: Termination of Mergers - Zhongke Shuguang (603019.SH) and Haiguang Information (688041.SH) have terminated their planned merger, which aimed for deep integration through a stock swap absorption merger [1]. - Chipone Technology (688521.SH) has also abandoned its acquisition of RISC-V unicorn Chipwise due to unmet key conditions [1][4]. - Other semiconductor companies, such as Sierpo (688536.SH) and Diaowei (688381.SH), have similarly announced the termination of their M&A plans in December [2]. Group 2: Reasons for Termination - The primary reasons for the halted M&A activities include valuation mismatches and stricter regulatory environments [3][5]. - Haiguang Information's CEO noted significant fluctuations in stock prices since the merger announcement, with Zhongke Shuguang's stock rising by 61.76% and Haiguang's by 61.1% since the proposal [3]. - The complexity of shareholder structures and the large asset scale involved in these transactions have added further challenges to achieving consensus [3]. Group 3: Market Environment and Valuation Issues - The semiconductor sector has seen a decline in valuations due to changing market conditions, making it a challenging environment for M&A [4][9]. - The founder of Chipone Technology indicated that high seller valuation expectations have been a significant barrier to successful negotiations [4]. - The recent surge in M&A activity, driven by supportive policies for high-tech acquisitions, has also led to an increase in the number of terminated deals [5]. Group 4: Regulatory Scrutiny - Regulatory bodies are increasingly scrutinizing semiconductor M&A activities, particularly those involving cross-industry mergers [6][7]. - The Shanghai Stock Exchange has issued guidelines to prevent speculative mergers and ensure the quality of injected assets [7]. Group 5: Future M&A Trends - Despite recent setbacks, the trend towards consolidation in the semiconductor industry remains strong, with companies like Chipone Technology actively seeking new acquisition opportunities [8][9]. - The focus on acquiring high-quality assets and enhancing technological capabilities continues to drive M&A strategies in the sector [8][9].