Market Overview - On August 26, the Shanghai Composite Index opened down 0.31%, while the ChiNext Index fell by 0.57% [1] - Over 4,000 stocks experienced declines, indicating a broad market downturn [1] Sector Performance - AI hardware sector saw a general pullback, with liquid cooling and copper-clad laminate concepts leading the declines [1] - The GPU and fintech sectors also faced adjustments, with Chipone Technology dropping over 5% as multiple shareholders offered to transfer 5% of their shares at a 30% discount [1] - Cambricon Technologies opened down 5% [1] Stock Performance - The Shanghai Composite Index recorded a trading volume of 575.16 billion, with 422 stocks rising and 1,818 stocks falling [2] - The highest price for the day was 3,907.36, while the lowest was 3,859.76 [2] - The ChiNext Index and other major indices also reported declines, with the ChiNext Index down 1.24% [4] Hong Kong Market - The Hang Seng Index opened down 0.45%, and the Hang Seng Tech Index fell by 0.76% [5] - Notable declines included NIO, which dropped nearly 8%, and Haidilao, which opened down over 3% after reporting a below-par table turnover rate for the first half of the year [5]

| 来源：wind | | --- | 上证报中国证券网讯 8月26日早盘，半导体板块震荡下挫，截至9时41分，芯原股份跌逾8%，盛科通信 跌超6%，翱捷科技、寒武纪、成都华微、海光信息等多股跌超3%。 来源：上海证券报·中国证券网 ...

Core Viewpoint - The stock prices of several companies in the semiconductor industry have experienced significant declines, indicating potential market volatility and investor concerns [1] Group 1: Company Performance - 盛科通信 (Sengke Communication) saw a drop of over 7% in its stock price [1] - 寒武纪 (Cambricon) and 芯原股份 (Chipone) both experienced declines exceeding 5% [1] - 国民技术 (National Technology), 海光信息 (Haiguang Information), and 东芯股份 (East Chip) opened lower, reflecting a broader trend in the sector [1]

芯原股份公告称，初步确定本次询价转让价格为105.21元/股。 继上周五发布询价转让公告后，25日盘后，ASIC芯片龙头芯原股份公告称，已初步确定转让定价情况。 公告显示，根据2025年8月25日询价申购情况，确定本次询价转让价格为105.21元/股。以芯原股份今日收盘价157.9元/股计算，此次询价转让价格大约将 折让33.4%。 此次参与报价的机构投资者为37家，涵盖了基金管理公司、保险公司、证券公司等。本次询价转让拟转让股份已获全额认购，初步确定受让方为37家机构 投资者，拟受让股份总数为2628.57万股，占总股本5%。 据此前公告，本次转让原因为自身资金需求。且根据要求，转让价格下限不低于发送认购邀请书前20个交易日股票交易均价的70%。 值得注意的是，自进入8月以来，芯原股份已累计上涨近60%。有分析师指出，近期以寒武纪、海光信息、芯原股份等为核心权重股的数字芯片设计板块 贡献了核心增速。 不过，报告期内公司一站式芯片定制业务毛利率约为18.17%。芯原股份表示，随着技术的发展和市场竞争的加剧，公司必须根据市场需求不断进行技术 的迭代升级和创新，若公司未能正确判断下游需求变化、技术实力停滞不前或行 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月26日｜A股开盘，沪指低开0.31%，深证成指低开0.34%，创业板指低开0.57%。盘面上，卫星 导航板块盘初活跃，开普云2连板，陕西华达20cm涨停，消息称相关部门近期将会发放卫星互联网牌 照；电力股普涨，湖南发展(000722)涨超5%，长源电力(000966)涨超4%；半导体板块调整，盛科通信跌 近8%，寒武纪、芯原股份跌超5%；白酒股普遍低开，酒鬼酒(000799)、古井贡酒(000596)跌超2%。(格 隆汇) (责任编辑：宋政 HN002) ...

Core Viewpoint - The article discusses the recent pricing and business performance of Chip Origin Technology Co., Ltd. (芯原股份), highlighting its revenue structure and market positioning in the semiconductor IP industry. Group 1: Shareholder Transfer and Pricing - Chip Origin plans to transfer 5% of its total shares at a price of 105.21 yuan per share, following inquiries from institutional investors [1] - The company's market capitalization is reported at 83.01 billion yuan, with a closing stock price of 157.90 yuan as of August 25 [1] Group 2: Revenue Structure - The revenue from knowledge property licensing fees for the first half of 2025 reached 281 million yuan, marking an 8.20% year-on-year increase, while the franchise fee was 50.74 million yuan, showing a slight decline of 0.03% [1] - In the first half of 2025, knowledge property licensing fees accounted for 84.64% of the IP business, while franchise fees made up 15.36% [2] Group 3: Business Model Comparison - Chip Origin's revenue model is primarily based on one-time licensing fees, contrasting with the industry trend where semiconductor IP firms typically rely more on royalty income [1][6] - For comparison, Arm's royalty income constituted 65%, 58%, and 63% of its total revenue in 2021, 2022, and 2023, respectively [3] Group 4: Market Position and Growth - Chip Origin is recognized as a leader in AI ASIC chip design, with significant growth attributed to its ASIC chip offerings [7][8] - The company has developed a comprehensive platform for AI applications, serving major international clients and shipping nearly 200 million AI chips globally [8] Group 5: Profitability Concerns - The gross margin for Chip Origin's one-stop custom chip service is reported at 18.17%, significantly lower than competitors like Broadcom and Marvell, which have margins around 60% [8] - The company acknowledges the need for continuous technological upgrades and innovation to maintain competitiveness in the market [8]

Core Viewpoint - The Sci-Tech Chip ETF (588200) opened with a decline of 2.32%, indicating a bearish trend in the semiconductor sector [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588200) opened at 2.060 yuan, reflecting a drop of 2.32% [1] - Since its establishment on September 30, 2022, the fund has achieved a return of 110.41% [1] - The fund's performance over the past month has been a return of 29.88% [1] Group 2: Major Holdings - Key holdings in the ETF include: - SMIC (中芯国际) down 2.10% - Haiguang Information (海光信息) down 3.29% - Cambricon (寒武纪) down 5.41% - Lattice Technology (澜起科技) down 0.96% - Zhongwei Company (中微公司) down 0.93% - Chipone (芯原股份) down 5.01% - Hu Silicon Industry (沪硅产业) down 0.29% - Hengxuan Technology (恒玄科技) down 0.58% - SiTewave (思特威) down 0.49% - Huahai Qingke (华海清科) down 0.47% [1]

Group 1: Market Performance - The Shanghai Composite Index rose by 1.51% to close at 3883.56 points, while the Shenzhen Component Index increased by 2.26% to 12441.07 points, and the ChiNext Index climbed by 3.00% to 2762.99 points [1] - The total trading volume of the Shanghai and Shenzhen stock markets exceeded 3 trillion yuan, marking a new high for the year and surpassing the previous record of 2.94 trillion yuan set on October 9, 2024 [3] Group 2: Company News - Huawei is set to launch a new AI SSD on August 27, targeting the AI storage market, aiming to overcome the capacity limitations of traditional HBM through technological innovation [1] - Chipone Technology (688521.SH) announced that the initial inquiry transfer price is set at 105.21 yuan per share, with 37 institutional investors participating in the bidding, resulting in full subscription of the shares to be transferred, totaling 26.2857 million shares [1] - Chipone Technology's chairman stated that the company's orders have significantly increased due to demand from AI cloud and edge applications, which will continue to drive revenue growth [2] Group 3: Financial Performance - Tuojing Technology reported a revenue of 1.954 billion yuan for the first half of 2025, a year-on-year increase of 54.25%, while the net profit attributable to shareholders decreased by 26.96% to 94 million yuan [2] - The company noted that its product competitiveness has improved, with advanced process verification equipment successfully passing customer certification and entering mass production [2] Group 4: Industry Insights - The semiconductor materials ETF (562590) and its associated funds focus on semiconductor equipment and materials, which are crucial for domestic substitution, benefiting from the expansion of semiconductor demand driven by the AI revolution [4] - The Deepseek V3.1 version was released, featuring high efficiency and a large dynamic range, which is expected to support the next generation of domestic chip designs amid increasing domestic infrastructure demand for computing power [3]

Group 1 - The semiconductor sector opened mostly lower, indicating a negative market sentiment [1] - Shengke Communication experienced a decline of over 7% [1] - Companies such as Cambricon, Chipone, Guomian Technology, Haiguang Information, and Dongxin Technology all opened lower, with declines exceeding 5% [1]

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported good growth across all business lines in Q2 2024, with NOR Flash growing in the high single digits, niche DRAM growing over 50%, and MCU close to 20% [1] - The company expects significant revenue growth in niche DRAM in the second half of the year, with contract prices continuing to rise [1] - The demand for NOR Flash is increasing due to a rise in electronic product code volume, while supply remains tight due to wafer manufacturing capacity constraints [1] Group 2: Teabo Bio - Teabo Bio is focusing on functional cure for hepatitis B through a combination of different mechanism drugs with interferons and nucleoside analogs [2] - The company aims to provide comprehensive management of hepatitis B through a wide-reaching clinical cure network [2] - Collaboration with Ligos is underway to explore reinfection control after clearing infected cells [2] Group 3: Ruijie Networks - Ruijie Networks saw significant revenue growth in data center products, primarily driven by internet clients, with over 90% of revenue coming from this sector [3] - The company anticipates continued strong demand for cloud computing infrastructure in the second half of the year [3] - The gross margin for data center products is relatively low (15%-20%), while margins in enterprise and SMB markets have improved [3] Group 4: Trina Solar - Trina Solar is focusing on maintaining fair competition in the photovoltaic industry and promoting healthy development [4] - The company aims for over 8GWh in the storage segment for the year, with an increasing proportion of overseas orders [4] - The demand in the U.S. market is accelerating, leading to increased component prices and optimized supply chains [4] Group 5: Liangxin Co. - Liangxin Co. has segmented its data center business into three main areas: internet enterprises, operators, and individual projects, with a focus on HVDC and UPS [5] - The company is expected to continue its efforts in digital energy and infrastructure despite a potential slowdown in the renewable energy sector [5] - The gross margin for overseas business has slightly decreased compared to the previous year [5] Group 6: Baillie Tianheng - Baillie Tianheng is advancing three key overseas clinical trials for treating triple-negative breast cancer, EGFR-mutant non-small cell lung cancer, and urothelial carcinoma [6] - The company has submitted its first nuclear medicine candidate drug for domestic IND application [6] - R&D expenses reached 1.038 billion yuan by mid-year, with expectations for future clinical research costs to increase [6] Group 7: Jingfeng Mingyuan - Jingfeng Mingyuan has achieved an increase in overall gross margin through cost reduction and efficiency improvements [7] - The company is expanding its market presence in smart LED lighting products despite a decline in sales and prices in traditional LED lighting [7] - The high-performance computing power supply chip business has seen rapid growth, with products entering large-scale sales [7] Group 8: Chipone - Chipone is providing various customized hardware and software solutions in the AI field, serving multiple international giants [8] - The company has a high percentage of R&D personnel, with 89.31% of staff engaged in research and development [8] - Chipone is advancing Chiplet technology and has achieved success in designing high-performance automotive chips [8] Group 9: Xiasha Precision - Xiasha Precision reported a 30.77% increase in revenue for the first half of 2025, but a 41.87% decline in net profit due to price competition and rising costs [9] - The company plans to expand its product line in joint modules and increase R&D investment [9] - A new factory in Vietnam is under trial production, with plans to expand into overseas markets [9] Group 10: Lepu Medical - Lepu Medical's subsidiary focuses on elderly care services and has developed a facial filler product that has received regulatory approval [10] - The company is advancing AI products that monitor vital signs through various hardware applications [10] - Lepu Medical has a significant asset management scale, ranking 14th among 210 in public fund management [10]