该公司自成立以来动作频频，尤其在产业协同方面表现积极。2020年9月，芯链融创以1亿元领投北方集 成电路技术创新中心（北京）有限公司，获得50%股权，成为第一大股东，中芯国际和北京亦庄国际投 资发展有限公司分别持股25%，并列第二大股东。该创新中心致力于构建集成电路产业链生态，为国产 设备、材料及零部件提供测试验证平台，对提升产线效率、降低制造成本具有战略意义。 不过，从财务数据来看，芯链融创近年并未实现营业收入。根据披露，2024年度公司营收为零，营业利 润和净利润均为468.25万元，资产总计约1亿元，负债极低，所有者权益接近全部资产。截至2025年6月 30日，公司仍无营收，利润仅0.01万元，负债为零，所有者权益保持在1亿元水平。 9月10日，北京产权交易所官网披露的一则产权转让公告引发半导体行业广泛关注。北方华创、广钢气 体、有研亿金与京仪自动化四家企业拟共同转让所持有的芯链融创集成电路产业发展（北京）有限公司 （简称：芯链融创）15.7%的股权，转让底价合计1785.17478万元。 芯链融创成立于2020年8月，是一家由26家国内半导体企业共同出资成立的高科技平台型公司，旨在推 动集成电路和半导 ...

Global Market Overview - The Hang Seng Index closed at 26,086, down 0.43% for the day but up 30.04% year-to-date [1] - The Shanghai Composite Index rose by 1.65% to 3,875, with a year-to-date increase of 15.62% [1] - The US markets saw the Dow Jones increase by 1.36% to 46,108, with a year-to-date gain of 8.38% [1] Sector Performance - In the Hong Kong market, the healthcare, energy, and consumer discretionary sectors led the decline, while materials, utilities, and industrials saw gains [3] - The semiconductor and rare metals sectors performed notably well, with significant inflows from southbound funds amounting to HKD 189.89 billion [3] Economic Indicators - The European Central Bank (ECB) maintained interest rates and revised down its inflation forecast for 2027 to 1.9% [3] - The US Consumer Price Index (CPI) showed a month-on-month increase of 0.4% and a year-on-year increase of 2.9%, aligning with market expectations [3] Investment Recommendations - Geely Automobile is rated as a "Buy" with a target price of HKD 25.00, representing a potential upside of 33% [4] - Luckin Coffee is also rated as a "Buy" with a target price of USD 44.95, indicating a 19% upside [4] - Semiconductor companies like Horizon Robotics and Beike Micro are rated as "Buy" with target prices of HKD 12.30 and HKD 93.00, respectively, showing potential upsides of 19% and 76% [4]

在美股方面，截至美股周四收盘，美国内存芯片公司美光科技涨超7%，已连涨7日。消息面上，花旗在 周四的最新报告中预期，美光科技将在本月晚些时候发布财报时，给出远超预期的指引。 中原证券表示，半导体行业25Q2持续稳健增长，国产AI算力芯片厂商业绩表现亮眼。半导体行业（中 信）25Q2营业收入为1884.29亿元，同比增长13.87%，25Q2归母净利润为147.63亿元，同比增长 23.99%。国产AI算力芯片厂商25Q2业绩表现亮眼，寒武纪25Q2营收同比增长4425.01%，环比增长 59.19%，归母净利润同比增长324.97%，环比增长92.03%；海光信息25Q2营收同比增长41.15%，环比 增长27.66%；芯原股份25Q2营收环比增长49.90%；国产AI算力芯片厂商进入国产化加速期，有望持续 提升市场份额。 国金证券表示，供给端，减产效应显现，原厂将产能锚定更具利润空间的先进产品，存储大厂合约开启 涨价。例如，25Q3DRAM与NAND合约价环比均不同程度涨价，DRAM涨幅更甚。需求端，云计算大 厂capex投入开始启动，AI相关需求预期被大幅调高，对应企业级存储需求开始增多；同时消费电子终 ...

Core Viewpoint - The electronic industry shows significant growth in net profit for Q2 2025, particularly in AI supply chain, PCB, and NVIDIA supply chain sectors, indicating strong investment opportunities in these areas [4][5][7]. Group 1: Overall Industry Performance - In Q2 2025, the total net profit for 652 companies in the electronic industry reached 136.82 billion, representing a year-on-year increase of 35% and a quarter-on-quarter increase of 34% [4]. - The top three sub-industries by year-on-year net profit growth are AI supply chain (17.47 billion, +87%), PCB (7.00 billion, +68%), and NVIDIA supply chain (12.86 billion, +67%) [4]. Group 2: Sub-industry Performance - Among 74 sub-sectors, the top five in terms of year-on-year net profit growth are: - Semiconductor-MEMS (0.133 billion, +2784%) - PCB-PCB materials (0.065 billion, +1259%) - Semiconductor-Digital GPU and CPU (1.202 billion, +736%) - Consumer electronics-Metal and structural parts (0.279 billion, +138%) - Semiconductor-Analog (0.345 billion, +117%) [4]. Group 3: Leading Companies in the Electronic Industry - The top five companies by net profit and year-on-year growth in Q2 2025 are: - Industrial Fulian (6.883 billion, +51%) - SMIC (0.944 billion, -17%) - Cambricon (0.683 billion, turning profitable) - Haiguang Information (0.696 billion, +23%) - Luxshare Precision (3.601 billion, +23%) [5]. Group 4: Semiconductor Sector Performance - In the semiconductor sub-industry, the leading companies by net profit and year-on-year growth are: - SMIC (0.944 billion, -17%) - Cambricon (0.683 billion, turning profitable) - Haiguang Information (0.696 billion, +23%) - Northern Huachuang (1.627 billion, -2%) - OmniVision (1.162 billion, +44%) [6]. Group 5: AI Industry Chain Performance - The top five companies in the AI industry chain by net profit and year-on-year growth are: - Industrial Fulian (6.883 billion, +51%) - Cambricon (0.683 billion, turning profitable) - Zhongji Xuchuang (2.412 billion, +79%) - Haiguang Information (0.696 billion, +23%) - Xinyi Sheng (2.370 billion, +338%) [7]. Group 6: Apple Supply Chain Performance - The leading companies in the Apple supply chain by net profit and year-on-year growth are: - Industrial Fulian (6.883 billion, +51%) - Luxshare Precision (3.601 billion, +23%) - Lens Technology (0.714 billion, +29%) - Pengding Holdings (0.745 billion, +160%) - GoerTek (0.948 billion, +12%) [8].

半导体ETF(159813)，场外联接A：012969；联接C：012970；联接I：022863。 3、下游互联网厂商的大动作阿里推出一套"组合拳"，继QwenMaxPreview万亿参数高端大模型发布后， AI生态也在持续发力，包括与荣耀签署战略合作协议、推出"高德扫街榜"等，合理展望阿里明年AI乐观 预期。 截至2025年9月11日 10:37，国证半导体芯片指数(980017)强势上涨3.22%，成分股海光信息(688041)上涨 11.61%，寒武纪(688256)上涨6.41%，兆易创新(603986)上涨5.19%，中芯国际(688981)，景嘉微(300474) 等个股跟涨。半导体ETF(159813)上涨3.18%，最新价报1.01元。 半导体ETF紧密跟踪国证半导体芯片指数，为反映沪深北交易所芯片产业相关上市公司的市场表现，丰 富指数化投资工具，编制国证半导体芯片指数。 数据显示，截至2025年8月29日，国证半导体芯片指数(980017)前十大权重股分别为寒武纪(688256)、中 芯国际(688981)、海光信息(688041)、北方华创(002371)、澜起科技(688008)、豪威 ...

Group 1 - The A-share market saw a collective rise on September 11, with the Shanghai Composite Index increasing by 0.22%, driven by gains in sectors such as electronic components, communication equipment, and computer hardware, while the restaurant, tourism, and pharmaceutical sectors experienced declines [1] - The Chip ETF (159995) rose by 1.57%, with notable increases in constituent stocks such as Haiguang Information (+7.86%), Zhaoyi Innovation (+3.95%), and Cambrian-U (+2.91%) [1] - According to Everbright Securities, the demand for AI computing power and intelligent driving is driving growth in the global semiconductor industry, with expectations for further growth in the first half of 2025 following a recovery in 2024 [1] Group 2 - The Chip ETF (159995) tracks the National Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, such as SMIC, Cambrian, and Changdian Technology [1]

Core Viewpoint - The semiconductor industry is undergoing significant internal differentiation, and merely being labeled as "domestic" does not guarantee success. Companies must possess both offensive and defensive capabilities to thrive in this competitive landscape [1][6][57]. Group 1: Industry Dynamics - The semiconductor equipment and materials sector is heavily influenced by policy and technological breakthroughs, leading to varying growth potentials among companies [6]. - Companies that survive must be "dual-capable monsters," excelling in both new technology development and existing product iteration to maintain stable cash flow [6][57]. - The demand in the semiconductor market is split into two distinct tracks: advanced processes driven by a "technology arms race" and mature processes driven by massive chip demand from sectors like electric vehicles and IoT [8][9]. Group 2: Investment Opportunities - Investment in semiconductor equipment and materials is fundamentally about investing in the underlying infrastructure of the digital world, which offers strong certainty and sustainability [13]. - The investment landscape is layered, with higher technical barriers and profit margins in upstream sectors (EDA/IP, equipment) compared to downstream (design, manufacturing) [14]. - The real investment opportunities lie in the growth of domestic supply chains, particularly in critical components like RF power supplies and specialty ceramics [16][34]. Group 3: Market Trends - The global equipment market is dominated by major players like AMAT, ASML, and LAM, with a concentration ratio (CR3) exceeding 50%, indicating significant challenges for domestic players [33]. - China's semiconductor market is growing at a rate higher than the global average, driven by internal demand and policy support, making it a unique investment opportunity [36]. - The demand for advanced logic chips (≤28nm) is expected to grow rapidly, while mature logic (>28nm) represents the largest incremental opportunity, particularly in automotive and industrial control applications [40][41]. Group 4: Geopolitical Factors - Geopolitical pressures are creating a survival space for domestic manufacturers, with sanctions leading to a "stair-step" replacement rhythm, opening new opportunities for local firms [10][45]. - The timeline of sanctions indicates a systematic and long-term approach to containment, emphasizing the necessity for domestic substitution as a survival strategy [45]. Group 5: Challenges and Risks - The complexity and high costs associated with semiconductor manufacturing create significant barriers to entry, with any misstep potentially leading to substantial losses [20]. - The rapid pace of technological iteration requires high R&D investments, with projected R&D expenditures in the equipment sector exceeding 10 billion in 2024, reflecting a 42.5% increase [47]. - The materials sector faces high certification barriers and a lower domestic production rate, making it more challenging to achieve self-sufficiency compared to equipment [50][53].

证券时报·数据宝统计，9月10日共有103只个股现身大宗交易平台，累计成交量1.74亿股，累计成交额 35.29亿元，其中68只个股交易额超千万元。紫金矿业交易额最高，大宗交易共1笔，成交额2.88亿元； 其次是光启技术，大宗交易共3笔，成交额1.73亿元。（数据宝） | | | 9月10日大宗交易成交额居前股票 | 证券代 | 证券简 | 涨幅 | 收盘价 | 成交量（万 | 成交额（万 | 笔 | 成交价 | 折溢价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （元） | 股） | 元） | 数 | （元） | （%） | | 601899 | 紫金矿 | -0.04 | 25.18 | 1144.20 | 28822.40 | 1 | 25.19 | 0.04 | | | 业 | | | | | | | | | 002625 | 光启技 术 | 0.86 | 45.77 | 390.00 | 17316.00 | 3 | 44.40 | -2.99 | | 688575 | 亚辉龙 | 1.00 | ...

进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为1.20亿元。 证券时报·数据宝统计显示，北方华创今日收盘价为368.20元，上涨1.24%，日换手率为1.09%，成交额 为28.84亿元，全天主力资金净流入4823.72万元，近5日该股累计下跌1.40%，近5日资金合计净流出7.28 亿元。 两融数据显示，该股最新融资余额为27.30亿元，近5日减少2.28亿元，降幅为7.70%。（数据宝） | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 27.08 | 9848.73 | 363.69 | -1.22 | 机构专用 | 机构专用 | 北方华创9月10日大宗交易平台出现一笔成交，成交量27.08万股，成交金额9848.73万元，大宗交易成交 价为363.69元，相对今日收盘价折价1.22%。该笔交易的买卖双方均为机构专用席位。 9月10日北方华创大宗交易一览 （文章来源：证券时报网） 注：本文系新 ...

机构专用席位买入额排名：紫金矿业(2.88亿元)、中信证券(1.41亿元)、京东方A(1.34亿元)、宁德时代 (9919.87万元)、北方华创(9848.73万元)、牧原股份(9214.63万元)、三一重工(9014.42万元)、中国平安 (8669.26万元)、贵州茅台(8412.95万元)、博实结(7755.16万元)、海大集团(7353.69万元)、宁波银行 (6307.81万元)、长江电力(5391.36万元)、东方财富(4857.77万元)、千味央厨(4413.38万元)、伊利股份 (4410.81万元)、招商银行(4319.41万元)、阿特斯(4218.63万元)、应流股份(4156.95万元)、海天味业 (3762.1万元)、永茂泰(3312.4万元)、江苏银行(2962.3万元)、汇纳科技(2864.26万元)、东方雨虹(2601.3 万元)、明月镜片(2591.2万元)、国科微(2450.78万元)、阳光电源(1821.86万元)、方正科技(1779.8万元)、 TCL科技(1776.36万元)、美的集团(1735.01万元)、美凯龙(1674.09万元)、德福科技(1648万元)、天虹股 ...