Core Points - The Sci-Tech ETF (588050) opened down 1.01% at 1.369 yuan on December 15 [1] - Major holdings in the ETF include companies like SMIC, Haiguang Information, and Cambrian, with varying performance; SMIC down 1.41%, Haiguang down 1.05%, and Cambrian down 2.08% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech 50 Index, managed by ICBC Credit Suisse Asset Management, with a fund manager named Zhao Xu [1] - Since its establishment on September 28, 2020, the ETF has returned -3.35%, with a one-month return of -2.02% [1] Company Performance - SMIC opened down 1.41% [1] - Haiguang Information opened down 1.05% [1] - Cambrian opened down 2.08% [1] - Lanke Technology opened down 2.02% [1] - Zhongwei Company opened up 0.16% [1] - United Imaging opened down 0.14% [1] - Kingsoft Office opened down 1.27% [1] - Chipone Technology opened down 5.06% [1] - Stone Technology opened down 0.99% [1] - Transsion Holdings opened down 0.45% [1]

Summary of Conference Call for Chip Origin Technology Company Overview - **Company**: Chip Origin Technology (芯原股份) - **Industry**: Semiconductor and AI Chip Development Key Points Investment and Shareholding - Chip Origin acquired a 2.11% stake in Zhudian Semiconductor for 20 million yuan in registered capital and 350 million yuan in cash, becoming the largest shareholder with a 40% stake, thus gaining control [2][3] Strategic Focus - The company has terminated its merger with Xinlai but will continue to strengthen its layout in the RISC-V field and maintain cooperation with Xinlai while expanding partnerships with other RISC-V IP suppliers [2][6] Market Environment - The third interest rate cut in 2025 marks the sixth cut since September 2024, providing a favorable environment for the industry, although potential interest rate hikes in the next year should be monitored [2][9] Collaboration with Google - Chip Origin has partnered with Google on the open-source Coral NPU project, which features 0.27 billion parameters, aimed at ecosystem development and providing free resources to developers, utilizing RISC-V architecture [2][10] Industry Trends - Qualcomm's acquisition of a high-performance RISC-V company indicates a promising future for the RISC-V industry, with Chip Origin committed to its development and maintaining relationships with ARM clients [2][11] Stock Performance - Since the new policy in September 2024, Chip Origin's stock has surged by 460% in 2025, reaching a valuation of 100 billion yuan, outperforming major indices [4][12] Project Development - The company is progressing well with foundational projects in Q4, with an increase in both existing and new orders, indicating sustained business growth [4][16] RISC-V Development Outlook - RISC-V is expected to have a broad development space, particularly in industrial applications and autonomous driving, although it may not directly challenge ARM in the mobile market [2][17] High-Speed Interface Importance - High-speed interfaces (SerDes) are crucial in data centers, facilitating efficient data transmission, and are a focus area for Chip Origin's development [18][19] Future Strategies - Chip Origin aims to enhance competitiveness through mergers and acquisitions, as well as independent R&D, while also considering the development of high-speed interface IP products [20][17] Challenges in Mergers - Common issues in mergers include valuation and cultural integration, with creative payment methods and earn-out agreements suggested as solutions [21][22] Policy Impact - National policies significantly influence mergers in the semiconductor industry, supporting technology acquisition while also imposing challenges related to asset preservation and valuation [22][23] Industry Outlook - The semiconductor industry is expected to continue its positive trend driven by innovation, despite challenges such as high valuations and policy restrictions [23]

芯原股份（688521.SH）收购事项传来新消息。 长江商报消息 ●长江商报记者 江楚雅 12月12日晚间，芯原股份披露了两项并购的新进展，公司终止发行股份及支付现金购买芯来智融 97.0070%股权并募集配套资金事宜；与此同时，公司已与天遂芯愿、共同投资方签署《增资协议》和 《股东协议》等交易文件，以天遂芯愿为收购主体收购逐点半导体的控制权。 对于终止收购芯来智融，芯原股份表示，不会改变公司核心发展战略，未来将持续深化RISC-V领域布 局。 芯原股份曾被誉为"中国半导体IP第一股"，截至12月12日收盘，公司2025年以来股价累计涨幅高达 184%，最新市值为783.74亿元。 聚焦RISC-V生态布局 芯原股份的重大资产重组进程迎来转折。公司公告显示，近日收到芯来智融管理层及交易对方的终止通 知后，已同意终止本次股权收购交易。回溯交易历程，芯原股份于2025年8月与芯来智融交易对方签署 《股权收购意向协议》，9月董事会审议通过相关议案并签订正式收购协议，彼时公司曾表示，交易将 完善"核心处理器IP+CPU IP"全栈式异构计算版图，强化AI ASIC设计能力。 作为中国本土首批RISC-V CPU IP ...

Group 1 - Enjie Co., Ltd. plans to acquire 100% of Zhongke Hualian's shares and will resume trading on December 15 [1] - The acquisition will be conducted through the issuance of shares to 63 transaction parties, with the financial data and valuation of the target company yet to be finalized [1] - Zhongke Hualian specializes in the research, production, and sales of lithium-ion battery separator production equipment and related polymer materials [1] Group 2 - Anbotong and other companies are preparing for H-share listings in Hong Kong, with Anbotong's board authorizing management to initiate the process [3] - Penghui Energy and Shiyao Holdings are also planning to issue H-shares and list in Hong Kong, with no changes expected in their controlling shareholders [3] Group 3 - Chip Origin Technology has terminated its major asset restructuring plan to acquire a 97.0070% stake in Chip Lai Zhirong Semiconductor Technology due to discrepancies in core demands and market conditions [5] - ST Busen has also terminated its major asset restructuring plan to sell a 35% stake in Shaanxi Busen Apparel Intelligent Manufacturing due to failure to reach agreement on key terms [6] Group 4 - Tian顺 Wind Power plans to raise up to 19.5 billion yuan through a private placement to fund various projects [7] - LeiSai Intelligent is looking to raise up to 11.44 billion yuan for smart equipment and information technology projects [7] - Zhonghuan Environmental plans to issue shares to its actual controller, raising up to 300 million yuan for working capital and loan repayment [7] Group 5 - China High-Tech received notice of a potential change in control due to a major shareholder's plan to transfer shares, leading to a trading suspension starting December 15 [8] - Moore Thread plans to use up to 7.5 billion yuan of idle funds for cash management over the next 12 months [8] - Changan Automobile's subsidiary, Deep Blue Automotive, aims to raise approximately 6.122 billion yuan through capital increase [8] Group 6 - The company Jiangsu Longsheng plans to invest in a new intelligent robot innovation center in Wuxi, with a total investment of about 350 million yuan [14] - The project aims to enhance the company's competitive advantage in the robotics sector [14]

Group 1 - The financial system is urged to effectively implement key financial work for 2026, focusing on risk prevention, strong regulation, and promoting high-quality development [1] - In 2025, China's economic indicators are expected to perform better than anticipated, with the total economic output projected to reach approximately 140 trillion yuan [2] - The central government plans to introduce incremental policies in 2026 based on changing circumstances to stabilize and improve the economy [2] Group 2 - The central economic work conference emphasized the importance of expanding domestic demand and optimizing supply, with a focus on building a strong domestic market [3] - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation on December 15 to maintain liquidity in the banking system [3] Group 3 - The Ministry of Industry and Information Technology, along with other departments, will optimize the import and export supervision measures for lithium thionyl chloride batteries starting January 1, 2026 [5] - The National Medical Insurance Administration aims to achieve "no out-of-pocket" expenses for childbirth within the policy scope nationwide by 2026 [6] Group 4 - Moller Thread stated that the management of idle fundraising will not affect the implementation of fundraising projects, emphasizing a clear plan for the use of raised funds [7] - Kweichow Moutai plans to focus on three core products in 2026, with a strategy to stabilize the market by halting the issuance of unplanned quotas for the current year [8] Group 5 - Chip Origin Technology announced the termination of the acquisition of a 97% stake in Chip Lai Zhiyuan due to discrepancies in key demands and market conditions [9] - Renfu Pharmaceutical will face risk warnings due to false financial disclosures, leading to a change in its stock name to ST Renfu [10][11] Group 6 - Enjie Co., Ltd. plans to acquire 100% of Zhongke Hualian's shares and will resume trading on December 15 [12] - The U.S. has unified AI regulatory rules at the federal level to facilitate innovation without excessive state-level regulations [13]

Market Performance - The main board saw significant gains with notable stocks such as Copper Peak Electronics (+10.04%), Xilong Science (+10.00%), and Dongfang Communication (+9.98%) leading the charge [1] - The ChiNext board experienced a surge, highlighted by Guoci Materials (+20.02%) and LianTe Technology (+15.87%) [1] - The Sci-Tech Innovation board also performed well, with Jingfeng Mingyuan (+20.00%) and Yandong Micro (+16.84%) among the top gainers [1] - Active sub-industries included SW Electronic Chemicals III (+4.36%) and SW Semiconductor Equipment (+3.55%) [1] Domestic News - Taiwan's Industrial Technology Research Institute announced the development of the region's first full-color high-resolution Micro LED AI smart glasses, featuring a 0.49-inch display with 1920x1080 FULL HD resolution and over 3000 nits brightness [1] - Shanghai Jiao Tong University and Guoxing Aerospace signed an agreement to establish China's first space computing joint laboratory, focusing on autonomous space computing chip development and related technologies [1] - Goer Group and Haier Group signed a strategic cooperation agreement to collaborate on smart home, health, and digital economy sectors, leveraging Goer's expertise in precision components and smart manufacturing [1] - According to BCI's report, Huawei's smartphone market share is projected to reach 27.81% by the 48th week of 2025, significantly ahead of Apple's 17.12% [1] Company Announcements - Electric Science and Technology Network announced a significant decrease in expected daily related transactions for 2026, with actual transactions for 2025 being 283.25 million yuan compared to an expected 1.17385 billion yuan [3] - Chip Origin announced progress in acquiring Zhudian Semiconductor, with a capital increase of 350 million yuan for the acquisition [3] - Yunding Technology projected daily related transactions for 2026 to be approximately 1.355 billion yuan, with actual transactions expected to be around 1.484 billion yuan [3] - Aisino Security reported receiving a government subsidy of 1 million yuan, classified as a revenue-related government grant [3] International News - Dell plans to increase prices for its commercial product line by approximately 10%-30% starting December 17, depending on computer configuration [1] - STMicroelectronics secured a new credit line of 1 billion euros from the European Investment Bank, with 60% allocated for enhancing manufacturing capabilities [1] - SK Hynix ordered seven sets of thermal compression bonding machines from ASMPT for HBM4 production, a critical technology for ensuring product yield and performance [1] - Kioxia plans to start producing next-generation NAND flash memory chips in Iwate Prefecture in 2026, increasing storage capacity by 59% and data transfer speed by 33% [1]

Re-listing - Enjie Co., Ltd. plans to acquire 100% of Zhongke Hualian, a high-tech enterprise specializing in the research and development of wet lithium-ion battery separator production equipment and other polymer material production equipment, leading to the resumption of its stock trading [1] - Guoao Technology's actual controller has changed to Xu Yinghui, resulting in the resumption of its stock trading [2] Capital Increase and Mergers - Tiens Wind Power plans to raise 1.95 billion yuan for the expansion of the Changfeng New Energy Equipment Manufacturing Base and other related projects [3] - Rese Intelligent plans to raise no more than 1.144 billion yuan for the development and industrialization of core components for intelligent equipment motion control and other projects [4] - Tiankang Biological intends to acquire 51% of Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd. for 1.275 billion yuan in cash [5] Share Transfer and Buyback - Maide Medical plans to repurchase shares worth 20 million to 40 million yuan to reduce the company's registered capital [6] - Xice Testing's controlling shareholder Li Zexin intends to transfer 4.22 million shares at a price of 48.59 yuan per share, accounting for 5% [7] - Jintian Titanium Industry is inquiring about a share transfer price of 15.39 yuan per share for a total of 22.6625 million shares [8] External Investment and Daily Operations - Saiyi Information received approval for a major national science and technology project related to intelligent manufacturing systems and robotics [9] - Jiuan Medical's U.S. subsidiary received pre-market notification from the FDA for a home test kit for multiple viruses [10] - Jiazhe New Energy plans to invest in two wind power projects with a total installed capacity of 450 MW and an investment of approximately 2.366 billion yuan [11] - Junshi Biosciences received FDA approval for clinical trials of JS212 for the treatment of advanced malignant solid tumors [12] - Longsheng Technology plans to invest 350 million yuan in an innovative center for embodied intelligent robots [13] - Watson Bio's subsidiary received approval for clinical trials of a freeze-dried shingles virus mRNA vaccine [14] - Greeenmei plans to acquire 16.38% of Henan Circular Technology Industry Group for 400 million yuan [15] - Heng Rui Medicine's HRS9531 injection clinical trial has been approved, with no similar drugs approved globally for the MASH indication [16] - Guodian Power plans to invest 7.218 billion yuan in the expansion of the Guoneng Jianbi Phase 8 project [17] - Guorui Technology's subsidiary won a bid for the "GXLF Project Pump Source" project with a bid of 76 million yuan [18] - Xin Fengming plans to invest 280 million USD in a 360,000-ton functional fiber project in Egypt [19] - Chip Origin terminated the acquisition of 97% of Chip Lai Zhirong [20] - Moore Thread plans to use 7.5 billion yuan of idle raised funds for cash management [21]

Core Viewpoint - A significant wave of merger and acquisition (M&A) terminations is occurring in the A-share market as the end of 2025 approaches, with at least 20 listed companies announcing the cessation of major asset restructuring plans within a month [1] Group 1: Industry Trends - The terminated M&A activities involve prominent sectors such as semiconductors, pharmaceuticals, chemicals, and information technology [1] - Notably, several semiconductor companies have recently halted their acquisition plans, indicating a trend within the industry [1] Group 2: Company-Specific Actions - Chipmaker Xinyuan Co. (688521.SH) announced on December 12 the termination of its acquisition of a 97.0070% stake in Xinlai Zhihong, citing discrepancies between the core demands of the target company's management and market conditions, policy requirements, and the interests of the company and its shareholders [1] - Haiguang Information (688041.SH) and Zhongke Shuguang (603019.SH) both announced on December 10 the termination of their absorption merger plan, stating that they could not reach an agreement on related transaction matters within the expected timeframe [1] - Other semiconductor firms, including SIRUI (688536.SH) and Diaomicro (688381.SH), have also recently declared the termination of their M&A restructuring efforts [1]

Core Viewpoint - A wave of merger and acquisition (M&A) terminations has emerged in the A-share market, particularly in the semiconductor sector, reflecting challenges in the current M&A environment due to macroeconomic changes and valuation discrepancies [2][3][5] Group 1: M&A Termination Overview - From November 13 to December 13, at least 20 listed companies announced the termination or suspension of significant asset restructuring plans, including notable firms in the semiconductor, pharmaceutical, chemical, and information technology sectors [2][3] - The semiconductor industry has been particularly affected, with companies like Chipone Technology (688521.SH) and Haiguang Information (688041.SH) announcing terminations of major acquisition plans, citing misalignment of core demands and market conditions [2][3][4] Group 2: Specific Cases and Impacts - Haiguang Information and Zhongke Shuguang (603019.SH) announced the termination of a merger plan valued at approximately 100 billion, leading to a significant drop in Zhongke Shuguang's stock price [3][6] - Chipone Technology terminated its acquisition of 97.0070% equity in Chipwise Technology due to discrepancies between the management's core demands and market conditions [3][4] - Other semiconductor firms, such as Sierpo (688536.SH) and Diaowei (688381.SH), have also recently announced the termination of their M&A plans [2][4] Group 3: Reasons for Termination - The primary reasons for M&A terminations include failure to reach consensus on core terms, immature transaction conditions, and changes in the market environment [5][6] - Valuation discrepancies are a common issue, with buyers seeking conservative valuations while sellers prefer premium offers, leading to difficulties in negotiations [5][6] - The volatility in the A-share market has resulted in a "short-term pulse, long-term differentiation" effect on stock prices following M&A announcements, heavily influenced by the quality of the transactions and the realization of synergies [5][6]

Core Viewpoint - The A-share market is experiencing a significant wave of merger and acquisition (M&A) terminations, particularly in the semiconductor sector, reflecting challenges in the current M&A environment due to macroeconomic changes and valuation disagreements [4][6]. Group 1: M&A Termination Overview - From November 13 to December 13, 2025, at least 20 listed companies announced the termination or suspension of major asset restructuring plans, with notable companies in the semiconductor, pharmaceutical, chemical, and information technology sectors [3][6]. - Semiconductor companies have been particularly affected, with significant terminations including the halted acquisition of 97.0070% of Chip Origin's shares by Chip Origin Co., which cited misalignment of core demands with market conditions [6][7]. Group 2: Reasons for Termination - The primary reasons for M&A terminations include failure to reach consensus on core terms, immature transaction conditions, and changes in the market environment [9][10]. - Valuation discrepancies are a common issue, with buyers seeking conservative valuations while sellers demand premiums, leading to difficulties in negotiations [10][11]. Group 3: Market Impact and Reactions - The termination of major deals has led to significant stock price movements, with companies like Huaguang Information and Zhongke Shuguang experiencing stock price drops following their termination announcements [6][10]. - The market has shown volatility, with stock prices of companies involved in M&A often fluctuating significantly before and after announcements, indicating a complex interplay between market conditions and M&A activities [11].