Core Viewpoint - The Sci-Tech Innovation Board (STAR Market) has successfully created a multi-path listing approach for unprofitable companies, allowing them to access capital markets without the traditional profit threshold, thus facilitating the transformation of R&D capabilities into operational performance and industrial value [1][2]. Group 1: Listing Standards - The STAR Market has five sets of listing standards, with the second to fifth sets not requiring profit, instead focusing on revenue scale combined with various factors such as R&D intensity, cash flow, and market capitalization [2]. - The second to fourth sets cater to "hard technology" companies with strong R&D capabilities, while the fifth set targets innovative companies with leading technologies but no commercialized products yet, based on market capitalization and R&D achievements [2][4]. Group 2: Performance of Unprofitable Companies - Among the 54 unprofitable companies listed, 40% have achieved profitability, with a total revenue of 1,745 billion yuan in 2024, marking a 24% year-on-year increase, and a net loss reduction of 36% [3]. - By the first half of 2025, these companies reported a revenue of 999 billion yuan, an 8% increase year-on-year, with a significant reduction in net loss by 70% [3]. Group 3: Industry Leaders and Innovations - Leading companies like BeiGene and Cambricon have achieved significant milestones, with BeiGene's new cancer drug generating over 10 billion yuan in half-year sales, and Baillie Gifford's ADC drug achieving record overseas licensing deals [3][4]. - In the semiconductor sector, companies like SMIC and Cambrian are driving innovation and breaking foreign monopolies, enhancing the self-sufficiency of the industry [4]. Group 4: Policy Support and Market Dynamics - The introduction of the "1+6" policy and the establishment of the "Sci-Tech Growth Layer" aim to support unprofitable companies in emerging fields like AI and commercial aerospace, balancing innovation support with market risk management [5][6]. - Since the policy's implementation, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating a positive trend in capital market access for innovative firms [6].

Market Overview - A-shares experienced a dip and recovery during the session, with the ChiNext Index falling over 1% while the Hong Kong market saw a strong rise, with the Hang Seng Technology Index increasing by over 2% [1] - The three major A-share indices closed lower, with the Shanghai Composite Index down 0.12% at 3870.6 points, the Shenzhen Component down 0.43% at 12924.13 points, and the ChiNext Index down 1.09% at 3020.42 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 25,486 billion yuan, an increase of 837 billion yuan compared to the previous day [1] Sector Performance Non-ferrous Metals - The non-ferrous metals sector saw a strong rally, with several stocks hitting the daily limit, including Electric Alloy (300697) up 20%, New Weiling up nearly 12%, and Northern Copper and Hunan Silver also reaching their limits [3][4] - Yunnan Copper rose nearly 9%, indicating strong demand and price support in the sector [3] Semiconductor - The semiconductor sector was notably active, with Chip Origin (688521) hitting a 20% limit up after announcing a restructuring plan to acquire a majority stake in Chip Technology [7][9] - Other semiconductor stocks like Beijing Junzheng (300223) and Jiangbolong saw increases of approximately 14% and 13.83%, respectively [7][8] - The company reported a record high in orders, with a total of 30.25 billion yuan in hand orders, and new orders signed amounting to 12.05 billion yuan, a significant increase of 85.88% year-on-year [9] Hong Kong Market Highlights - In the Hong Kong market, pharmaceutical company Yaojie Ankang surged by 77%, with intraday gains exceeding 130% [2] - Baidu Group and Alibaba also saw increases of over 8% and 5%, respectively, while Jay Chou's company, Giant Star Legend, experienced a rise of over 20% during the session [2][11] Strategic Developments - The semiconductor equipment domesticization rate is expected to reach 18% by 2025, indicating a 4 percentage point increase year-on-year, highlighting the ongoing trend towards domestic production [10] - The establishment of Changchun Phase III (Wuhan) Integrated Circuit Co., with a registered capital of 20.72 billion yuan, reflects the growing investment in the semiconductor industry [9]

Group 1 - The demand for lower computing costs and diversified supply chain risks is driving the performance surge of overseas ASIC chip giants like Broadcom and Marvell, while domestic ASIC chip companies are also experiencing a significant increase in orders [1] - Chipone Technology (688521.SH), known as "China's first semiconductor IP stock," reported new orders of 1.205 billion yuan from July 1 to September 11, marking an 85.88% increase compared to the entire third quarter of 2024, with AI computing-related orders accounting for approximately 64% [1] - The AI computing-related orders primarily refer to ASIC chip design services, catering to customized chip demands from chip design companies, internet firms, and cloud service providers [1] Group 2 - A cost comparison by Southwest Securities shows that the unit computing costs of Google's fifth-generation TPU and Amazon's Trainium 2 ASIC chips are 70% and 60% of NVIDIA's H100 chip, respectively [2] - General-purpose GPUs are favored for model training due to their versatility, while ASIC chips are more efficient for specific tasks, leading to a fragmented market where NVIDIA dominates model training but faces competition in model inference from ASIC players [2][3] - NVIDIA is responding to the competition by releasing a new chip designed specifically for AI inference, aimed at improving cost-effectiveness by reducing unnecessary high-cost configurations [2] Group 3 - Chipone Technology, founded in 2001, has established itself as a leading ASIC chip service provider in China, with a comprehensive IP system that includes various types of processors and over 1,600 mixed-signal and RF IPs [3] - The demand for AI ASICs is surging due to the large-scale deployment of large models, with the Chinese AI chip market projected to reach 142.537 billion yuan in 2024, where GPU chips will hold approximately 69.9% of the market share [3] Group 4 - In the first half of 2025, AI computing-related revenue is expected to account for about 52% of Chipone Technology's chip design business [4] - Traditional general-purpose GPUs are increasingly unable to meet the specific demands of certain scenarios, while AI ASICs offer high cost-effectiveness and low power consumption due to their customized architecture [5] Group 5 - Chipone Technology is seeking to acquire RISC-V architecture CPU IP provider Chipone Technology, which is expected to enhance its AI ASIC business [5] - The company relies on a partnership with UK IP giant Alphawave for high-speed SerDes IP, which is crucial for high-speed data transmission [5] Group 6 - The domestic AI ASIC landscape includes major players like Huawei, Alibaba, and Baidu, with products such as Huawei's Ascend series and Alibaba's Pingtouge [6] - The rapid expansion of domestic AI chips is driven by technological breakthroughs from large internet companies and local suppliers [8] Group 7 - The global AI ASIC market is projected to grow from approximately $6.6 billion in 2023 to $55.4 billion by 2028, with a compound annual growth rate of 53% [9] - Major cloud providers like Google and Amazon are leading the self-developed ASIC chip trend, significantly boosting the performance of ASIC service providers [10] Group 8 - Broadcom's AI business reported $5.2 billion in revenue for the third quarter of 2025, a 63% year-on-year increase, with a new major customer ordering over $10 billion in custom AI chips [10] - The competitive landscape is shifting, with concerns that NVIDIA's clients may pivot from GPUs to ASICs as the latter gain traction [11] Group 9 - Despite NVIDIA's skepticism about the flexibility of ASICs, the company is actively developing new GPU architectures to compete in the inference market [12][18] - The coexistence of ASICs and general-purpose GPUs is expected, with each technology serving different application scenarios effectively [18]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Core view 1: Based on its self - owned IP, the company has a rich portfolio of software - hardware chip customization platform solutions for AI applications, covering various types of computing devices [22] - Core view 2: The company is advancing the R & D and industrialization of Chiplet technology and projects, guided by the concepts of "IP as a Chiplet", "Chiplet as a Platform", and "Platform as an Ecosystem" [23] - Core view 3: The company's new orders and backlog of orders are growing rapidly, with AI - related orders driving significant growth, and it expects to further increase royalty income and expand the scale effect of its IP licensing business [24][26] - Core view 4: The acquisition of Nuclei System Technology will strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and promote the coordinated development and industrialization of AI ASIC and RISC - V technologies [25][26] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Xin Yuan Co., Ltd. - U, belonging to the semiconductor industry. The reception time was September 12, 2025. The company's reception personnel included the chairman and president, WAYNE WEI - MING DAI (Dai Weimin), and the director, board secretary, and senior vice - president of human resources and administration, Shi Wenli [17] 3.2 Detailed Research Institutions - The relevant institution is Bosera Fund, a fund management company [20] 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - Company business: Xin Yuan is a company that provides platform - based, comprehensive, and one - stop chip customization services and semiconductor IP licensing services. It has six types of processor IPs and over 1,600 mixed - signal and RF IPs. Its business application areas are extensive, and its main customers include various types of companies [22][23] - Technical capabilities: The company has excellent design capabilities in mainstream semiconductor process nodes globally and has successful tape - out experience in advanced semiconductor process nodes [23] - Market position: In 2024, Xin Yuan was the top - ranked semiconductor IP licensing service provider in mainland China and ranked eighth globally in terms of semiconductor IP sales revenue. Its IP royalty income ranked sixth globally, and its IP variety ranked among the top two in the world's top ten IP companies [24] - Business performance: In Q2 2025, the company achieved an operating income of 584 million yuan, a quarter - on - quarter increase of 49.90%. As of the end of Q2 2025, the backlog of orders reached 3.025 billion yuan, a quarter - on - quarter increase of 23.17%. In Q2 2025, new orders were 1.182 billion yuan, a quarter - on - quarter increase of nearly 150%. From July 1 to September 11, 2025, new orders were 1.205 billion yuan, an 85.88% increase compared to the same period last year, with AI - related orders accounting for about 64% [24][25][26] - R & D and market expansion: The company has been investing in R & D in key application areas, such as starting to layout Chiplet technology and its applications in generative AI and intelligent driving five years ago. It is also expanding the incremental market and emerging markets and developing industry - leading customers [24][25] - Acquisition of Nuclei System Technology: The acquisition is expected to strengthen the company's layout in the RISC - V field, build a full - stack heterogeneous computing IP platform, and bring more benefits and industrial value to the AI ASIC business [25][26] - RISC - V layout: The company has been actively involved in the RISC - V industry for over 7 years. It has played a leading role in promoting the RISC - V ecosystem, including leading the establishment of industry alliances, co - hosting industry forums, and collaborating with leading RISC - V companies. Its semiconductor IP has been adopted by multiple RISC - V chips, and it has launched multiple chip design platforms and hardware development boards based on RISC - V cores [28][29][30]

Group 1 - The core point of the article is that Chip Origin Co., Ltd. plans to acquire a 97.0070% stake in Chip Lai Technology, which will become a wholly-owned subsidiary after the transaction [2][4] - The acquisition will be financed through a combination of issuing shares and cash payments, with the share price set at 106.66 yuan per share, which is 80% of the average trading price over the previous 20 trading days [2] - Chip Lai Technology specializes in semiconductor IP design and has over 300 authorized customers, focusing on RISC-V CPU IP and related services [4][5] Group 2 - Chip Lai Technology has reported revenues of 69.46 million yuan, 77.94 million yuan, and 6.16 million yuan for the years 2023, 2024, and the first three months of 2025, respectively, with net losses of 31.79 million yuan, 44.02 million yuan, and 21.16 million yuan during the same periods [4][5] - The gross margin for the semiconductor IP licensing services is over 90%, but the company has not yet achieved profitability due to high R&D investments and significant stock-based compensation expenses [5] - The acquisition is expected to create synergies between Chip Origin and Chip Lai Technology, enhancing the company's competitive position in the market [6] Group 3 - Chip Origin has experienced declining financial performance, with revenues of 2.679 billion yuan, 2.338 billion yuan, and 2.322 billion yuan from 2022 to 2024, and net profits of 74 million yuan, -296 million yuan, and -601 million yuan during the same period [6] - In the first half of 2025, the company reported total revenue of 974 million yuan, a year-on-year increase of 4.49%, but a net loss of 320 million yuan [6][7] - The acquisition of Chip Lai Technology is not expected to provide immediate financial benefits to Chip Origin, as Chip Lai Technology is still in a loss-making state [7]

Core Viewpoint - The company, Xinyuan Microelectronics, announced a major acquisition plan to purchase 97.0070% of the shares of Xinlai Zhihong Semiconductor Technology, aiming to enhance its capabilities in the semiconductor IP design sector and strengthen its market position in various applications including AI and IoT [1][3]. Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments to 31 parties, with the share price set at 106.66 yuan per share, which is 80% of the average trading price over the previous 20 trading days [1]. - The transaction is expected to constitute a significant asset restructuring but will not be classified as a related party transaction or a restructuring listing [1]. Group 2: Financial Performance of Xinlai Technology - Xinlai Technology reported revenues of 69.46 million yuan, 77.95 million yuan, and 6.16 million yuan for 2023, 2024, and the first three months of 2025, respectively, with net losses of 31.79 million yuan, 44.02 million yuan, and 21.16 million yuan during the same periods [4]. - The company has a high gross margin exceeding 90% for its semiconductor IP licensing services, but has not yet achieved profitability due to significant R&D investments and employee stock incentive programs [4]. Group 3: Synergies and Market Position - The acquisition is expected to create strong synergies between Xinlai Technology and Xinyuan Microelectronics, enhancing the latter's capabilities in providing comprehensive chip customization services and semiconductor IP licensing [6]. - The transaction aims to improve the company's core processor IP and CPU IP stack, thereby increasing its competitiveness in the AI ASIC design market [6]. Group 4: Current Challenges - Despite the acquisition, Xinyuan Microelectronics has faced declining financial performance, with revenues of 2.679 billion yuan, 2.338 billion yuan, and 2.322 billion yuan from 2022 to 2024, and a net profit decline [7]. - The company reported a total revenue of 974 million yuan in the first half of 2025, a year-on-year increase of 4.49%, but still incurred a net loss of 320 million yuan [7][8].

Market Overview - The Shanghai Composite Index fell by 0.12% on September 12, with 9 out of the 28 sectors rising, led by the non-ferrous metals and real estate sectors, which increased by 1.96% and 1.51% respectively [1] - The electronic sector also saw a rise of 1.16%, while the communication and comprehensive sectors experienced declines of 2.13% and 1.95% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 53.64 billion yuan, with 6 sectors experiencing net inflows [1] - The non-ferrous metals sector had the highest net inflow of 2.168 billion yuan, followed by the construction and decoration sector with a net inflow of 721 million yuan [1] - The non-bank financial sector had the largest net outflow, totaling 8.138 billion yuan, followed by the electronic sector with a net outflow of 7.517 billion yuan [1] Electronic Sector Performance - In the electronic sector, 239 out of 467 stocks rose, with 4 hitting the daily limit, while 224 stocks fell [2] - The top net inflow stocks included Zhaoyi Innovation with 1.266 billion yuan, followed by Chipone and Demingli with 340 million yuan and 337 million yuan respectively [2] - The stocks with the highest net outflows included Luxshare Precision with 2.592 billion yuan, followed by Industrial Fulian and Haiguang Information with 1.405 billion yuan and 983 million yuan respectively [2][4] Electronic Sector Capital Inflow - The top stocks in terms of capital inflow included: - Zhaoyi Innovation: +7.21%, turnover rate 10.67%, net inflow 1.266 billion yuan - Chipone: +20.00%, turnover rate 7.89%, net inflow 340 million yuan - Demingli: +10.00%, turnover rate 10.35%, net inflow 337 million yuan [2] Electronic Sector Capital Outflow - The top stocks in terms of capital outflow included: - Luxshare Precision: -0.36%, turnover rate 5.88%, net outflow 2.592 billion yuan - Industrial Fulian: +4.84%, turnover rate 1.59%, net outflow 1.405 billion yuan - Haiguang Information: -0.37%, turnover rate 3.51%, net outflow 983 million yuan [4]

Core Viewpoint - The National Big Fund's stock concept has shown a positive performance with a 1.64% increase, ranking 10th among concept sectors, while 31 stocks within this sector rose, indicating a favorable market sentiment towards these stocks [1] Group 1: Stock Performance - Chip Original Co. (芯原股份) experienced a significant increase of 20%, reaching the daily limit, while Jiangbolong (江波龙) and Shengke Communication (盛科通信) also performed well with increases of 13.83% and 8.26% respectively [1] - The stocks with the largest declines included Jingrui Electric Materials (晶瑞电材) down by 3.40%, Shenzhen South Circuit (深南电路) down by 3.11%, and SMIC (中芯国际) down by 1.69% [1] Group 2: Capital Flow - The National Big Fund's stock concept saw a net outflow of 1.836 billion yuan, with 10 stocks receiving net inflows, and 8 stocks attracting over 10 million yuan in net inflows [1] - Chip Original Co. led the net inflow with 340 million yuan, followed by Ruixin Microelectronics (瑞芯微) with 124.14 million yuan, and Changchuan Technology (长川科技) with 82.73 million yuan [1] Group 3: Capital Inflow Ratios - The top stocks by capital inflow ratio included Debang Technology (德邦科技) at 7.27%, Aisen Co. (艾森股份) at 5.06%, and Chip Original Co. at 4.89% [2] - The capital inflow rankings highlighted the performance of various stocks, with Chip Original Co. showing a significant turnover rate of 7.89% [2]

Core Viewpoint - The article discusses the acquisition plan of Chip Origin Microelectronics (芯原股份) to purchase a 97.0070% stake in Chip Lai Technology (芯来科技) through a combination of issuing shares and cash payment, indicating a significant asset restructuring without being classified as a related party transaction or a reverse listing [1]. Group 1: Acquisition Details - The acquisition involves 31 parties, including Chip Lai Technology's founders, and the share issuance price is set at 106.66 yuan per share, which is 80% of the average trading price over the previous 20 trading days [1]. - Chip Lai Technology, established in 2018, specializes in semiconductor IP design and services, focusing on RISC-V CPU IP, with over 300 authorized clients globally [5]. Group 2: Financial Performance - For the years 2023 to 2025, Chip Lai Technology reported revenues of 69.46 million yuan, 77.94 million yuan, and 6.16 million yuan, with net losses of 31.79 million yuan, 44.02 million yuan, and 21.16 million yuan respectively [6]. - The company is close to breakeven when excluding share-based payment impacts, with a gross margin exceeding 90% for its semiconductor IP licensing services [6]. Group 3: Risks and Challenges - The acquisition carries goodwill impairment risks due to it being a merger of entities under different control, necessitating annual impairment testing [7]. - Chip Origin Microelectronics has shown declining financial performance, with revenues of 2.679 billion yuan, 2.338 billion yuan, and 2.322 billion yuan from 2022 to 2024, alongside increasing net losses [11]. Group 4: Strategic Implications - The acquisition is expected to enhance the synergy between Chip Lai Technology and Chip Origin Microelectronics, improving the latter's core processor IP and CPU IP capabilities, thereby strengthening its market competitiveness [10].

Market Overview - The average stock price of A-shares is 13.53 yuan, with 148 stocks priced over 100 yuan as of September 12 [1] - The Shanghai Composite Index closed at 3870.60 points, down 0.12% [1] - Among stocks priced over 100 yuan, the highest closing price is for Kweichow Moutai at 1516.00 yuan, down 0.49% [1] Performance of High-Value Stocks - Stocks priced over 100 yuan have seen an average increase of 25.98% over the past month, outperforming the Shanghai Composite Index which rose by 6.12% [2] - Year-to-date, these high-value stocks have an average increase of 90.04%, surpassing the index's 74.57% [2] - Notable performers include Kaipu Cloud, Tengjing Technology, and Haoen Automotive, with increases of 144.57%, 129.58%, and 112.44% respectively [2] Sector Distribution - The electronics sector has the highest representation among stocks priced over 100 yuan, with 50 stocks, accounting for 33.78% of the total [2] - The computer and pharmaceutical sectors each have 19 stocks, representing 12.84% of the total [2] Institutional Ratings - Two stocks priced over 100 yuan, Chipone Technology and Luzhou Laojiao, received buy ratings from institutions today [2] Notable High-Value Stocks - A list of high-value stocks includes Kweichow Moutai (1516.00 yuan), Kylin Technology (1488.00 yuan), and Jibite (531.99 yuan) [3][4] - The stock Cambridge Technology closed at 101.49 yuan, marking its first time above 100 yuan, with a daily increase of 10.00% and a turnover rate of 13.55% [2]