Group 1: Economic Indicators - As of the end of November, the total social financing scale reached 440.07 trillion yuan, with a year-on-year growth of 8.5% [3][4] - The broad money supply (M2) stood at 336.99 trillion yuan, reflecting a year-on-year increase of 8.0% [3][4] - In the first eleven months, the cumulative increase in social financing was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [3] Group 2: Monetary Policy - The People's Bank of China emphasized the continuation of a moderately loose monetary policy, aiming to support stable economic growth and reasonable price recovery [4] - The bank plans to utilize various monetary policy tools flexibly, including reserve requirement ratio cuts and interest rate reductions, to maintain ample liquidity [4] Group 3: Industry Developments - The China Photovoltaic Industry Association announced the establishment of a "polysilicon capacity integration acquisition platform," aimed at addressing intense competition within the photovoltaic sector [4] - The China Securities Investment Fund Industry Association issued a draft regulation to standardize the sales behavior of publicly offered securities investment funds, covering various aspects such as promotional activities and performance assessments [4] Group 4: Company News - *ST Bosen announced the termination of a major asset restructuring due to failure to reach agreement on key terms [6] - Chip Origin Technology also decided to terminate its major asset restructuring transaction to protect shareholder interests [6] - More Thread plans to invest 7.5 billion yuan of idle fundraising in safe, liquid financial products [6] - Renfu Pharmaceutical received a notice of administrative penalty for false financial reporting, leading to a temporary suspension of its stock [7] - China High-Tech announced a potential change in control due to the transfer of shares by its major shareholder [8]

Core Viewpoint - The major asset restructuring plan of Chip Origin Technology has been abruptly terminated due to discrepancies between the core demands of the management and the transaction counterpart and the market environment, policy requirements, and the interests of the company and all shareholders [2][5][7]. Group 1: Termination of Major Asset Restructuring - On December 12, Chip Origin Technology announced the termination of its acquisition of 97.0070% equity in Xinlai Zhiyuan Semiconductor Technology [2][5]. - The termination was agreed upon after careful consideration to protect the interests of the company and all shareholders, as the key demands from Xinlai Zhiyuan's management did not align with market conditions and policy requirements [5][7]. - The company stated that this termination will not adversely affect its normal business operations and will not harm the interests of shareholders, especially minority shareholders [7]. Group 2: Company Performance and Market Position - As of December 12, Chip Origin Technology's stock price had increased by over 184% year-to-date, with a total market capitalization of 783.7 billion [2][8]. - The company specializes in providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing, with a focus on RISC-V architecture [10]. - In the first three quarters of this year, the company achieved revenue of 22.55 billion, a year-on-year increase of 36.64%, while the net profit attributable to shareholders was a loss of 3.47 billion, a reduction of 4915.88 million compared to the previous year [10]. Group 3: Future Plans and Collaborations - Chip Origin Technology plans to continue strengthening its layout in the RISC-V field and will maintain and deepen its cooperative relationship with Xinlai Zhiyuan as a shareholder [7]. - The company aims to expand collaborations with multiple RISC-V IP core suppliers to promote the rapid development of the RISC-V ecosystem in China [7]. - The company has reported a significant increase in new orders, with 15.93 billion in new orders signed in the third quarter of 2025, a year-on-year growth of 145.80%, with AI computing-related orders accounting for approximately 65% [11].

Core Viewpoint - The company announced plans to acquire a majority stake in Chipwise Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment, but later decided to terminate the transaction due to misalignment of key demands with market conditions and shareholder interests [2][3]. Group 1: Acquisition Plans - On August 28, the company disclosed its intention to purchase 97.0070% of Chipwise Technology's equity, with the final price to be determined based on an evaluation report [2]. - The acquisition was intended to enhance the company's core processor IP and CPU IP capabilities, thereby strengthening its AI ASIC design flexibility and market competitiveness [3]. Group 2: Termination of Acquisition - The company received a notification from Chipwise Technology's management and stakeholders about the termination of the acquisition, which was agreed upon after careful consideration [3]. - The reasons for termination included discrepancies between the core demands of the target company and the prevailing market environment, policy requirements, and the interests of the company and its shareholders [3]. Group 3: New Investment Strategy - Concurrently with the termination of the acquisition, the company announced plans to invest in a special purpose vehicle, TianSuiXinYuan Technology (Shanghai) Co., Ltd., to acquire control of ZD Semiconductor (Shanghai) Co., Ltd. [3]. - TianSuiXinYuan plans to increase its registered capital by 94 million yuan, with the company contributing 20 million yuan in equity and 35 million yuan in cash [6]. Group 4: Financial Performance - In Q3 2025, the company reported a record revenue of 1.28 billion yuan, a significant increase of 119.26% quarter-over-quarter and 78.38% year-over-year [9]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a year-over-year increase of 145.80%, with AI-related orders accounting for approximately 65% [9]. - The company's net profit loss narrowed significantly to -26.85 million yuan in Q3 2025, showing improvements compared to previous quarters [9]. Group 5: Stock Performance - The company's stock price has seen a significant increase, rising over 180% year-to-date, with a notable jump of more than 7.2% on December 12, reaching 149.04 yuan [10].

Core Viewpoint - Chip Origin Co., Ltd. (芯原股份) announced the termination of a significant asset restructuring plan aimed at acquiring a majority stake in Chip Lai Zhi Rong Semiconductor Technology (芯来智融) due to discrepancies between the demands of the target company's management and market conditions [1][4]. Group 1: Termination of Asset Restructuring - On December 12, Chip Origin disclosed the termination of its major asset restructuring [1]. - The company had previously planned to acquire 97.0070% of Chip Lai Zhi Rong's equity through a combination of share issuance and cash payment [3]. - The termination was attributed to misalignments between the core demands of the target company's management and the interests of Chip Origin and its shareholders [4]. Group 2: New Investment Strategy - Concurrently with the termination announcement, Chip Origin plans to invest in Tian Sui Xin Yuan Technology (天遂芯愿) to acquire control of Zhu Dian Semiconductor (逐点半导体) [4]. - Tian Sui Xin Yuan will increase its registered capital by 94 million yuan, with Chip Origin contributing 20 million yuan in equity and 35 million yuan in cash [7]. - Following the investment, Chip Origin will hold a 40% stake in Tian Sui Xin Yuan, becoming its largest single shareholder and gaining control over the majority of its board seats [7]. Group 3: Company Performance - In Q3 2025, Chip Origin reported a record revenue of 1.28 billion yuan, marking a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [10]. - The company secured new orders worth 1.593 billion yuan in Q3 2025, a year-on-year increase of 145.80%, with AI-related orders accounting for approximately 65% [10]. - As of the end of Q3 2025, the total order backlog reached 3.286 billion yuan, continuing a trend of high order levels for eight consecutive quarters [10]. Group 4: Stock Performance - Chip Origin's stock price surged over 7.2% on December 12, reaching 149.04 yuan, with a year-to-date increase exceeding 180% [11].

2025年12月13日，芯原微电子(上海)股份有限公司（证券代码：688521，简称"芯原股份"）正式发布公告，宣布终止发行股份及支付现金购买芯来智融半 导体科技(上海)有限公司（简称"芯来智融"）97.0070%股权并募集配套资金的重大资产重组事项。该决策已于12月11日经公司第三届董事会第七次会议审 议通过。 这已经是短短半个月来第六起收购案告吹，不得不令人深思！昨天刚刚发布的文章还没凉透： 半月五起收购案告吹！蓝盾光电终止星思半导体收购 据公告披露，芯原股份近期收到芯来智融管理层及交易对方提出的终止交易通知。经公司董事会战略与ESG委员会、审计委员会及独立董事专门会议审慎 评估，认为标的方核心诉求与当前市场环境、政策要求及公司全体股东利益存在偏差，为维护企业长远发展，最终达成终止交易的共识，并授权公司董事 长统筹办理后续相关事宜。 回溯交易进程，这场并购自启动以来便牵动行业神经。2025年8月28日，芯原股份与芯来智融相关股东签署股权收购意向协议，公司股票于8月29日起停 牌。9月11日，公司董事会审议通过交易预案并签署正式收购协议，股票于次日复牌。作为国内RISC-V领域的重要布局，芯来智融聚焦RIS ...

| 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 4.00 | 596.16 | 149.04 | 0.00 | 机构专 | 瑞银证券有限责任公司上海花园石 | | | | | | 用 | 桥路证券营业部 | 证券时报·数据宝统计显示，芯原股份今日收盘价为149.04元，上涨7.22%，日换手率为6.52%，成交额 为47.85亿元，全天主力资金净流入1.83亿元，近5日该股累计上涨7.32%，近5日资金合计净流出3.05亿 元。 两融数据显示，该股最新融资余额为18.16亿元，近5日减少1485.74万元，降幅为0.81%。（数据宝） 芯原股份12月12日大宗交易平台出现一笔成交，成交量4.00万股，成交金额596.16万元，大宗交易成交 价为149.04元。该笔交易的买方营业部为机构专用，卖方营业部为瑞银证券有限责任公司上海花园石桥 路证券营业部。 12月12日芯原股份大宗交易一览 （文章来源：证券时报网） ...

Core Viewpoint - Chip Origin Co., Ltd. (芯原股份) has announced significant developments regarding two acquisitions, terminating the purchase of 97.0070% equity in Xinlai Zhihong and instead signing agreements to acquire control of Zhudian Semiconductor through Tian Sui Xin Yuan as the acquiring entity [1][12]. Group 1: Acquisition Developments - The company has terminated the issuance of shares and cash payment for the acquisition of Xinlai Zhihong, while signing an investment agreement with Tian Sui Xin Yuan and other investors to acquire Zhudian Semiconductor [1][12]. - Tian Sui Xin Yuan plans to increase its registered capital by 940 million yuan, with Chip Origin contributing 20 million yuan in cash and 2.11% equity in Zhudian Semiconductor [3][6]. Group 2: Investor Support - The acquisition is backed by several prominent investment funds, including Huaxin Dingxin, which is part of the National Integrated Circuit Industry Investment Fund, and Shanghai Guotou, a leading private equity fund [6][8]. Group 3: Strategic Importance of the Acquisition - The acquisition of Zhudian Semiconductor is expected to enhance Chip Origin's technological advantages in visual processing, combining their image pre-processing IP with Zhudian's image post-processing IP to provide comprehensive solutions for mobile clients [10]. - The collaboration aims to strengthen the company's position in AI ASIC markets across various applications, including AI smartphones and AI TVs, leveraging Zhudian's established relationships with major smartphone brands [10][11]. Group 4: Termination of Xinlai Zhihong Acquisition - The termination of the Xinlai Zhihong acquisition does not alter the company's strategic direction, as it will continue to strengthen its presence in the RISC-V sector and maintain partnerships with RISC-V IP suppliers [12][14]. - Chip Origin has been actively involved in the RISC-V industry for over seven years, leading initiatives such as the establishment of the China RISC-V Industry Alliance, which has grown to 204 member units [16]. Group 5: New Product Development - Recently, Chip Origin announced a collaboration with Google to launch the Coral NPU IP, designed for low-power edge applications, which is based on the RISC-V architecture [17].

Core Viewpoint - The company, Chip Origin Co., Ltd. (芯原股份), has decided to terminate the acquisition of a 97.0070% stake in Chip Lai Zhirong Semiconductor Technology (Shanghai) Co., Ltd. due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [1][3]. Group 1: Transaction Termination - The company received a notification from the target company's management and the transaction party regarding the termination of the share issuance and cash payment for the acquisition [1]. - The board of directors approved the termination of the transaction after thorough research, emphasizing the need to protect the interests of the company and all shareholders [3]. - The termination of this major asset restructuring will not adversely affect the company's normal business operations or the interests of shareholders, particularly minority shareholders [3]. Group 2: Future Plans and Collaborations - The company plans to continue strengthening its layout in the RISC-V field and will maintain and deepen its cooperative relationship with Chip Lai Zhirong as a shareholder [3]. - The company aims to expand collaborations with multiple RISC-V IP core suppliers to promote the rapid development of the RISC-V ecosystem in China [3]. Group 3: Company Background and Market Position - Chip Origin Co., Ltd. is recognized as a leading provider of semiconductor IP and offers comprehensive chip customization services, having been listed in 2020 as "China's first semiconductor IP stock" [4]. - The company has established itself as a leader in the AI ASIC sector, with AI-related revenue accounting for approximately 52% of its chip design business income in the first half of 2025 [4]. - The target company, established in 2018, is one of the first domestic RISC-V CPU IP providers in China and has developed numerous IP products, leading the RISC-V IP business domestically [5].

Core Viewpoint - Chipone Technology announced the termination of a major asset restructuring plan due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [2][4]. Group 1: Termination of Major Asset Restructuring - Chipone Technology intended to acquire 97.007% of the equity of Chipwise Semiconductor Technology (Shanghai) Co., Ltd. through a combination of share issuance and cash payment [2]. - The termination was agreed upon after the target company's management and counterparties notified Chipone Technology of their decision to halt the transaction [2][4]. Group 2: New Investment Initiative - Following the termination, Chipone Technology plans to invest in a special purpose company, TianSuiXinYuan Technology (Shanghai) Co., Ltd., to acquire control of Zhudian Semiconductor (Shanghai) Co., Ltd. [4]. - TianSuiXinYuan will increase its registered capital by 94 million yuan, with Chipone Technology contributing 20 million yuan in equity and 35 million yuan in cash [4]. - Post-investment, Chipone Technology will hold a 40% stake in TianSuiXinYuan, becoming its largest single shareholder and gaining control over the majority of the board seats [4]. Group 3: Company Performance and Market Activity - Chipone Technology reported a record high revenue of 1.28 billion yuan in Q3, with a significant quarter-on-quarter increase of 119.26% and a year-on-year increase of 78.38% [7]. - The net profit attributable to shareholders was a loss of 26.85 million yuan, but the loss narrowed significantly compared to previous periods, with reductions of 75.82% and 73.02% respectively [7]. - The company's stock price has seen a notable increase, rising over 7% on December 12 and accumulating a rise of over 180% since the beginning of the year [8].

Group 1: 恒瑞医药 - Company announced that its subsidiary received approval for clinical trials of HRS9531 injection, a novel dual agonist targeting GIPR and GLP-1R, aimed at treating metabolic dysfunction-related fatty liver disease (MASH) [1] - HRS9531 injection is expected to improve blood sugar levels and reduce weight by regulating glucose and lipid metabolism, suppressing appetite, and enhancing insulin sensitivity [1] - There are currently no similar drugs approved globally for the MASH indication, and the total R&D investment for HRS9531 has reached approximately 519 million yuan [1] Group 2: 青岛港 - Company announced the termination of its cash acquisition of 100% equity in Rizhao Port Oil Products Terminal Co., Ltd. and 50% equity in Rizhao Shihua Oil Terminal Co., Ltd. due to significant impacts from Rizhao Shihua being listed on the U.S. Specially Designated Nationals list [2] - The termination agreement was signed on December 12, 2025, and will not incur any breach of contract or other liabilities, nor will it adversely affect the company's operations or financial status [2] Group 3: 隆盛科技 - Company plans to invest approximately 350 million yuan to establish a humanoid intelligent robot innovation center in Wuxi, with a focus on R&D and industrialization of humanoid robots [3] - The project will involve a total investment of about 350 million yuan, with the company covering around 200 million yuan for land and construction, while its subsidiary will invest approximately 150 million yuan for the center's operation [3] Group 4: *ST沪科 - Company received a notice from the China Securities Regulatory Commission regarding an investigation into suspected violations of information disclosure laws [4] - The company stated that its production and operations are normal and that the investigation will not have a significant impact on its management [4] Group 5: 永鼎股份 - Company clarified that it does not directly manufacture controllable nuclear fusion devices, despite being listed as a related concept stock [5] - The revenue from its subsidiary related to this area accounts for less than 1% of the company's total revenue and is currently operating at a loss [5] - The controlling shareholder reduced its stake by 1.336 million shares during a period of abnormal stock trading [5] Group 6: 亚翔集成 - Company announced that its shareholder EVER CREATIVE reduced its stake by 414,000 shares on December 11, 2025, amid significant stock price fluctuations [6] - The stock experienced a cumulative price deviation exceeding 20% over two consecutive trading days [6] Group 7: 恩捷股份 - Company plans to acquire 100% of Qingdao Zhongke Hualian New Materials Co., Ltd. through a share issuance and will resume trading on December 15 [8] Group 8: 芯原股份 - Company announced the termination of its plan to acquire 97% of Chipwise Technology due to discrepancies between the management's core demands and market conditions [9] - The decision was made to protect the interests of the company and its shareholders [9]