来源：新浪基金∞工作室 12月15日，科创ETF（588050）开盘跌1.01%，报1.369元。科创ETF（588050）重仓股方面，中芯国际 开盘跌1.41%，海光信息跌1.05%，寒武纪跌2.08%，澜起科技跌2.02%，中微公司涨0.16%，联影医疗跌 0.14%，金山办公跌1.27%，芯原股份跌5.06%，石头科技跌0.99%，传音控股跌0.45%。 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。 科创ETF（588050）业绩比较基准为上证科创板50成份指数收益率，管理人为工银瑞信基金管理有限公 司，基金经理为赵栩，成立（2020-09-28）以来回报为-3.35%，近一个月回报为-2.02%。 ...

芯原股份 20251214 摘要 芯原以 2000 万元注册资本和 3.5 亿元现金获得竹电半导体 2.11%股份， 共同投资方包括大基金三期等知名机构。投资后，芯原持股 40%成第一 大股东，取得控制权，强化视觉处理技术优势，提升端侧和云侧 AI 芯片 市场竞争力。 终止对新莱的并购，但芯原仍将强化在 RISC-V 领域的布局，并保持与 新莱的合作关系，同时扩大与其他 RISC-V IP 供应商的合作，以推动该 领域的发展，战略目标未变。 2025 年第三次降息是自 2024 年 9 月以来的第六次降息，为行业带来 利好，但未来一年内可能出现加息，企业需做好准备，关注日本货币政 策调整，预计 2026 年市场环境将继续向好。 与谷歌合作开源 Coral NPU 项目（0.27B 参数），旨在推动生态系统发 展，为开发者提供免费资源，采用 RISC-V 架构，吸引更多客户并促进 技术普及，商业支持由 Verisign 提供。 高通收购 RISC-V 高性能公司表明 RISC-V 产业前景广阔，芯原仍致力于 推动 RISC-V 发展，相信该架构将在未来取得更大市场份额，与高通和 三星的 ARM 客户关系不受影响 ...

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 ...

恩捷股份：拟购买中科华联100%股份 15日起复牌；安博通等公司拟赴港上市；中国高科：筹划控制权 变更事项 15日起停牌；芯原股份：终止重大资产重组事项；*ST步森：终止筹划重大资产重组；摩尔线 程：拟使用不超75亿元闲置募集资金进行现金管理；长安汽车：控股子公司深蓝汽车拟增资扩股募资规 模约61.22亿元；保利发展：拟发行可转债募资不超50亿元…… 今日看点 芯原股份：公司原拟通过发行股份及支付现金的方式购买芯来智融半导体科技（上海）有限公司（以下 简称"标的公司"或"芯来智融"）97.0070%股权并募集配套资金，本次交易预计构成重大资产重组。自筹 划重大资产重组事项以来，公司严格按照相关法律法规要求，积极稳步推进并基本完成本次重大资产重 组包括审计和评估在内的各项工作。在推进各项工作过程中，标的公司管理层及交易对方提出的核心诉 求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏差。近日，公司接到标的公司管理层 及交易对方关于终止本次交易的通知，为切实维护公司及全体股东利益，经充分审慎研究，公司同意终 止本次重大资产重组交易。 ▼聚焦一：恩捷股份：拟购买中科华联100%股份 15日起复牌 公司拟通 ...

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]

一、复牌 1、恩捷股份：拟购买中科华联100%股份，后者是专业研发湿法锂离子电池隔膜整套生产装备、其他薄 膜等高分子材料生产设备及隔膜制品的高新技术企业，股票复牌。 2、古鳌科技：实控人变更为徐迎辉，股票复牌。 二、定增、并购 1、天顺风能：拟定增19.5亿元，用于长风新能源装备制造基地扩建项目、天顺（射阳）风电海工智造 项目（二期） 、天顺（阳江）重型风电海工装备智能制造项目（一期）、阳江港吉树作业区#J8泊位码 头工程项目、特种运输船舶购置项目。 2、雷赛智能：拟定增募资不超过11.44亿元，用于智能装备运动控制核心零部件研发及产业化项目、信 息化建设及智能仓储项目等。 3、天康生物：拟以现金12.75亿元收购新疆羌都畜牧科技有限公司51%股权。 三、股权转让、回购 1、迈得医疗：拟2000万元-4000万元回购股份 用于减少公司注册资本。 2、西测测试：控股股东、实际控制人李泽新拟以48.59元/股价格协议转让422万股，占比5%。 1、赛意信息：收到国家主管部门下发的《关于智能制造系统和机器人国家科技重大专项立项的通 知》，公司牵头申报的基于模型仿真的智能排程软件科技攻关项目已获正式批复立项。 2、九 ...

并购潮起潮落。临近2025年末，A股市场掀起一波引人关注的并购重组"终止潮"。自11月13日至12月13 日，已有至少20家上市公司密集公告终止或停止实施重大资产重组计划，其中不乏芯片、医药、化工、 信息技术等热门行业的代表企业。 尤其引人注目的是，多家半导体领域上市公司在近期接连"刹 车"——12月12日晚，芯原股份（688521.SH）宣布终止收购芯来智融97.0070%股权，原因是"标的公司 管理层及交易对方提出的核心诉求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏 差"。紧随其后，海光信息（688041.SH）与中科曙光（603019.SH）于12月10日同步公告终止吸收合并 计划，称"交易相关事项无法在预计时间内达成一致"。思瑞浦（688536.SH）、帝奥微（688381.SH）等 半导体企业也在近期相继宣告终止并购重组。（第一财经） ...

2025.12．14 作者 |第一财经魏中原 并购潮起潮落。临近2025年末，A股市场掀起一波引人关注的并购重组"终止潮"。自11月13日至12月13 日，已有至少20家上市公司密集公告终止或停止实施重大资产重组计划，其中不乏芯片、医药、化工、 信息技术等热门行业的代表企业。 尤其引人注目的是，多家半导体领域上市公司在近期接连"刹车"——12月12日晚，芯原股份 （688521.SH）宣布终止收购芯来智融97.0070%股权，原因是"标的公司管理层及交易对方提出的核心 诉求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏差"。紧随其后，海光信息 （688041.SH）与中科曙光（603019.SH）于12月10日同步公告终止吸收合并计划，称"交易相关事项无 法在预计时间内达成一致"。思瑞浦（688536.SH）、帝奥微（688381.SH）等半导体企业也在近期相继 宣告终止并购重组。 密集的终止公告不仅反映出当前并购市场面临的共同挑战，也折射出在宏观环境变化、市场估值定价与 产业整合深化的多重背景下，交易双方在估值、条款、整合预期等方面正经历艰难博弈。 半导体成并购终止"重灾区" 第一财经记者根据Wi ...

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].