Market Overview - A-shares experienced a dip and then a recovery, 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 Shanghai Composite Index closed down 0.12% at 3870.6 points, the Shenzhen Component Index 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 from 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 Northern Copper and Hunan Silver [3] - Key stocks included Electric Alloy, which rose 20%, and Yunnan Copper, which increased by nearly 9% [3][4] Semiconductor - The semiconductor sector was active, with Chip Origin Co. hitting a 20% limit up after announcing a restructuring plan to acquire a majority stake in Chip Technology [7][9] - Other notable performers included Beijing Junzheng and Jiangbolong, which rose approximately 14% and 13.83%, respectively [7][8] Entertainment - The stock of Superstar Legend, associated with Jay Chou, surged over 20% during trading, closing with a gain of about 13%, bringing its market value to over 11 billion HKD [11] - The company is set to unveil its new product "Superstar Dog" at the Shanghai Tourism Festival, which combines celebrity IP with technology [12][13] Economic Indicators - The expectation of a Federal Reserve interest rate cut has increased, alongside seasonal demand improvements in industrial metals, providing upward momentum for prices [5] - Recent U.S. employment data has been weak, but consumer data remains strong, suggesting a higher likelihood of a soft landing for the economy, which may support copper prices [5][10] Industry Trends - The semiconductor equipment localization rate is expected to reach 18% by 2025, indicating a significant opportunity for domestic manufacturers [10] - The domestic semiconductor industry is focusing on increasing the localization rate across the supply chain, from equipment to advanced packaging, to meet the growing demand for computing power [10]

Market Overview - A-shares experienced a decline in the afternoon session, with the ChiNext Index dropping over 1%, while the Hong Kong market saw a strong rise, with the Hang Seng Technology Index increasing by over 2% [1][2] - 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 [2] A-share Performance - The Shanghai Composite Index closed down 0.12% at 3,870.6 points, the Shenzhen Component Index fell 0.43% to 12,924.13 points, and the ChiNext Index dropped 1.09% to 3,020.42 points [2] - The financial and liquor sectors saw declines, while the non-ferrous metals sector experienced strong gains, with stocks like Northern Copper and Hunan Silver hitting the daily limit [2][5] Non-ferrous Metals Sector - The non-ferrous metals sector saw significant gains, with Electric Alloy and New Weiling both hitting the daily limit, and Yunnan Copper rising nearly 9% [5][6] - Analysts suggest that expectations of a Federal Reserve interest rate cut and seasonal demand improvements are driving strong upward momentum in industrial metal prices [7] Semiconductor Sector - The semiconductor sector was active, with Chip Origin Co. hitting the daily limit and other stocks like Beijing Junzheng and Jiangbolong rising approximately 14% [9][11] - Chip Origin announced a restructuring plan to acquire a 97.0070% stake in Chip Technology, which is expected to enhance its market competitiveness and innovation capabilities [11] Hong Kong Market Highlights - In the Hong Kong market, the stock of Giant Star Legend surged by 77%, with a peak increase of over 130% during the session [3][14] - The company is collaborating with Yushu Technology to launch a new product, "Giant Star Dog," which combines celebrity IP with technology [16]

从资金流向上来看，当日半导体板块主力资金净流出1.3亿元，游资资金净流出4.26亿元，散户资金净流 入5.56亿元。半导体板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，9月12日半导体板块较上一交易日上涨2.15%，芯原股份领涨。当日上证指数报收于 3883.69，上涨0.22%。深证成指报收于12996.38，上涨0.13%。半导体板块个股涨跌见下表： ...

国泰海通证券股份有限公司 关于芯原微电子（上海）股份有限公司 2025 年度持续督导半年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：芯原股份 | | --- | --- | | 保荐代表人姓名：陈启明、邬凯丞 | 被保荐公司代码：688521.SH | 经中国证券监督管理委员会《关于同意芯原微电子（上海）股份有限公司向 特定对象发行股票注册的批复》（证监许可[2025]561 号）批复，芯原微电子（上 海）股份有限公司（以下简称"上市公司"、"公司"或"发行人"）向特定对象发行 股票 24,860,441 股，每股面值人民币 1 元，每股发行价格人民币 72.68 元，募集 资金总额为人民币 1,806,856,851.88 元，扣除发行费用后，实际募集资金净额为 人民币 1,780,262,125.56 元。 本次发行证券已于 2025 年 6 月 30 日在上海证券交易所上市。国泰海通证券 股份有限公司（以下简称"保荐机构"或"国泰海通"）担任其持续督导保荐机构， 持续督导期间为 2025 年 6 月 30 日至 2027 年 12 月 31 日。 在 2025 年 6 月 ...

Group 1 - The domestic AI sector is experiencing significant momentum, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) seeing a mid-session increase of 3.78% and currently up 2.8%, indicating strong buying interest and wide premiums in the market [1] - Key constituent stocks include Cambrian, which surged over 9% to surpass 1520 CNY, reclaiming the title of "stock king" from Kweichow Moutai, and Chipone Technology hitting a 20% limit up [1] - The acquisition plan disclosed by Chipone Technology aims to enhance its RISC-V CPU IP capabilities, which will strengthen its competitive edge in AI ASIC design [2][3] Group 2 - The urgency for domestic chip alternatives is increasing due to U.S. restrictions on advanced chip exports to China, highlighting the importance of independent design and production of high-end AI chips [4] - The Sci-Tech Innovation Artificial Intelligence ETF is positioned to benefit from policy support and the growing demand for domestic AI capabilities, with a focus on companies that are well-placed in the AI industry chain [5] - The ETF's top ten holdings account for over 71.66% of its weight, with semiconductors being the largest sector at 54.1%, indicating a concentrated and aggressive investment strategy [5]

Group 1 - Core viewpoint: Chip Origin Co., Ltd. has resumed trading with a 20% limit up, indicating strong market confidence and performance [1] - As of the end of Q2 2025, the company has a record-high order backlog of 3.025 billion yuan [1] - From July 1 to September 11, 2025, the company signed new orders worth 1.205 billion yuan, representing a significant year-on-year increase of 85.88%, with AI computing-related orders accounting for approximately 64% [1] Group 2 - Chip Origin Co., Ltd. is the 8th largest holding in the Sci-Tech 50 Index, with a weight of 2.68%, while the largest holding is Cambricon, with a weight of 14.47% [1] - The Sci-Tech 50 ETF (588000) tracks the Sci-Tech 50 Index, which has 68.77% of its holdings in the electronics sector and 9.85% in the pharmaceutical and biological sector, totaling 78.62% [1] - The current positioning of the Sci-Tech 50 Index is near its base points, and historical trends of the ChiNext suggest promising growth potential in the future [1]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index up 0.25% to 3885.17 points, Shenzhen Component Index up 0.16%, and ChiNext Index down 0.51% [1][2] - The trading volume in the Shanghai and Shenzhen markets reached 1.63 trillion yuan, an increase of 151.1 billion yuan compared to the previous trading day [2] Sector Performance - The semiconductor and chip sectors continued to lead the market, with significant gains in non-ferrous metals, precious metals, and real estate stocks [2][9] - The communication equipment sector experienced a pullback, while consumer sectors like liquor and dairy saw declines [2] Notable Stocks - Alibaba's stock surged 6% to 151.8 HKD, reaching a nearly four-year high, with a market capitalization of 2.9 trillion HKD [4] - Chip-related stocks such as Chipone Technology saw a 20% increase, with a market cap nearing 100 billion yuan [6][7] - Other notable gainers included Deminli up 10%, and Jiangbolong up over 8% [7] Company Developments - Chipone Technology reported a record high order backlog of 3.025 billion yuan, with new orders increasing by 85.88% year-on-year [7] - Alibaba and Baidu have begun using self-designed chips for AI model training, reducing reliance on Nvidia chips [4] Real Estate Sector - The real estate sector showed strong performance with multiple stocks hitting the daily limit up, including Suning Universal and New Dazheng [9][10] - Notable gainers in the real estate sector included Xiangjiang Holdings up 10.11% and Rongsheng Development up 10.06% [10]

Group 1 - The China Securities Chip Industry Index (H30007) has seen a strong increase of 2.41%, with notable gains in constituent stocks such as Chip Origin Technology (688521) up 20.00%, Beijing Junzheng (300223) up 15.02%, and Jiangbolong (301308) up 13.85% [1] - The Chip 50 ETF (516920) has risen by 2.72%, marking its third consecutive day of gains, with a latest price of 0.98 yuan. Over the past week, the ETF has accumulated a rise of 9.38%, ranking 2nd among comparable funds [1] - The trading volume for the Chip 50 ETF reached 6.81% with over 44 million yuan in transactions, and the average daily trading volume over the past month was 53.95 million yuan [1] Group 2 - Chip Origin Technology announced a plan to acquire 97.01% of Chip Lai Zhi Rong Semiconductor Technology (Shanghai) Co., Ltd., which is expected to constitute a major asset restructuring. The company's stock will resume trading on September 12, 2025 [3] - As of the end of Q2, Chip Origin Technology reported a record high order backlog of 3.025 billion yuan, maintaining high levels for seven consecutive quarters. New orders signed from July 1 to September 11 amounted to 1.205 billion yuan, representing a significant year-on-year increase of 85.88%, with AI-related orders accounting for approximately 64% [3] - The semiconductor industry is projected to grow due to increased demand from AI computing, data centers, and smart driving applications, with a continued rise in industry chain prosperity expected in the first half of 2025 [4]

Core Viewpoint - The acquisition of 97.0070% equity in Chiplet Technology by Chip Origin Co., Ltd. (688521.SH) is a strategic move to enhance its position in the CPU IP sector, aiming to solidify its leadership in the AI ASIC market [1][2]. Group 1: Acquisition Details - Chip Origin plans to acquire the majority stake in Chiplet Technology through a combination of share issuance and cash payment, which will make Chiplet a wholly-owned subsidiary [1]. - The share issuance price for the acquisition is set at 106.66 CNY per share, which is 81.11% of the average stock price over the previous 20 trading days [4]. Group 2: Chiplet Technology Overview - Chiplet Technology is recognized as one of the earliest RISC-V CPU IP suppliers in China, with a strong market position and technical expertise [2]. - Since its establishment in 2018, Chiplet has developed numerous IP products and has over 300 authorized clients, serving various sectors including AI, automotive electronics, and 5G communications [2]. Group 3: Financial Performance - Chiplet Technology reported revenues of 69.46 million CNY in 2023, 77.79 million CNY in 2024, and 6.16 million CNY in the first quarter of 2025, with net losses of 31.79 million CNY, 44.02 million CNY, and 21.16 million CNY respectively [2]. Group 4: Strategic Implications - The acquisition will allow Chip Origin to integrate its existing semiconductor IP resources with RISC-V CPU IP, enhancing its chip solutions for IoT and other applications [3]. - The move is also seen as a response to the growing demand for AI computing power, with 64% of new orders in Q3 2023 related to AI computing [7]. Group 5: Market Position - Chip Origin is positioned as a leader in the semiconductor IP market, holding the largest market share in China and ranking eighth globally for its IP licensing business in 2024 [7].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The acquisition of Chiplet Technology will enhance the company's CPU matrix and strengthen its position in the RISC-V sector, which is expected to drive significant growth in AI ASIC and RISC-V technology [3][4] - The company has achieved record-high new orders, totaling 1.205 billion yuan, representing an 85.88% year-on-year increase, with AI-related orders accounting for approximately 64% [4] - The company is positioned as a leading player in the AI ASIC and IP market, benefiting from the ongoing AI industry wave [4] Financial Performance - The total revenue for Chiplet Technology in 2024 is projected to be 77.947 million yuan, with a near break-even point achieved in the reporting period [2] - Revenue forecasts for the company are 3.179 billion yuan in 2025, 4.057 billion yuan in 2026, and 5.883 billion yuan in 2027, with year-on-year growth rates of 36.9%, 27.6%, and 45.0% respectively [5] - The company is expected to achieve a net profit of 0.1 million yuan in 2025, 0.6 million yuan in 2026, and 1.4 million yuan in 2027, with significant year-on-year growth rates [5] Market Position - Chiplet Technology is recognized as one of the leading RISC-V CPU IP providers in China, with over 300 global authorized clients and applications across various sectors including AI, automotive electronics, and IoT [2] - The company has established partnerships with multiple leading RISC-V firms and has provided customized chip solutions for over 20 clients [3]