格隆汇12月19日丨宏达电子(300726.SZ)在投资者互动平台表示，公司间接持有江苏展芯13.79%的股 份，本次江苏展芯IPO申报受理前后，公司对其持股比例、表决权未出现重大变化，公司对其投资仍按 权益法进行会计核算，该事项对公司当期财务报表不会构成重大影响。江苏展芯本次提交IPO申请的后 续进展尚存在不确定性，公司也将根据相关进展情况及时履行信息披露义务。 ...

成立近八年时间，江苏展芯半导体技术股份有限公司（以下简称"江苏展芯"）正式向A股市场发起冲击。深交所官网显示，公司创业板IPO于12月17日获得 受理。本次冲击IPO背后，公司2024年净利出现明显下滑，不过2025年上半年净利已有所回升。此外，梳理江苏展芯招股书，公司与A股公司宏达电子关系 紧密，宏达电子被认定为江苏展芯关联方。针对公司相关问题，江苏展芯方面于12月18日接受了北京商报记者的采访。 | 公司全称 | 江苏展芯半导体技术股份有限公司 | 公司简称 | | --- | --- | --- | | 受理日期 | 2025-12-17 | 更新日期 | | 审核状态 | 已受理 | 预计融资金额(亿元 | 公司回应净利变动 江苏展芯成立于2018年3月，是一家专注于高可靠模拟芯片及微模块产品的研发设计、测试及销售的国家级专精特新"小巨人"企业，主要服务于军工电子产 业链，配套供应高可靠集成电路及微模块产品。 本次冲击IPO背后，江苏展芯净利呈现明显波动。 本次冲击上市，江苏展芯拟募集资金约8.9亿元，扣除发行费用后，将投入高可靠性电源管理芯片及信号链芯片研发及产业化项目、总部基地及研发中心建 设项目 ...

Group 1 - Zhongwei Company plans to acquire controlling stake in Hangzhou Zhonggui through share issuance, with stock suspension starting December 19, 2025, for up to 10 trading days [1] - Qibin Group's subsidiary plans to establish Shenzhen Qibin New Energy Technology Co., with a registered capital of 600 million yuan to enhance photovoltaic glass supply chain efficiency [2] - Boying Special Welding's HRSG equipment is primarily matched with heavy gas turbines, with a production cycle of about 6 months, responding to increased demand in the U.S. market [3] Group 2 - Hongda Electronics' associate Jiangsu Zhanxin's application for IPO on the ChiNext has been accepted, with Hongda holding 13.79% of shares prior to the offering [5] - Yinxing Energy plans to acquire 50% stake in Tianjing Shenzhou for 20.15275 million yuan, which will enhance its renewable energy capacity [6] - Nandu Power's controlling shareholder has terminated plans for a change in control, leading to stock resumption on December 19, 2025 [7] Group 3 - Xibu Mining's subsidiary has obtained a mining license for iron resources, supporting sustainable development in the iron resource sector [9] - Shandong Expressway plans to provision for a long-term equity investment impairment of approximately 690 million yuan related to Dongxing Securities [10] - Tianfeng Securities has signed a supplementary agreement to extend the term of a 4 billion yuan subordinated debt by one year, with an adjusted interest rate of 4% [11] Group 4 - Shandong Zhanggu has received an administrative regulatory decision from the Shandong Securities Regulatory Commission for various compliance issues [12] - Nanjing Pharmaceutical plans to invest 120 million yuan to establish a medical device investment company, focusing on acquiring a stake in Ningbo Jiangfeng [13] - Hailianxun has received approval from the CSRC for a share swap merger with Hangzhou Steam Turbine, proceeding with related transactions [14] Group 5 - Luyuan Pharmaceutical reports normal operations with no significant changes in the internal and external business environment [15] - Nanhua Futures has set the H-share public offering price at 12 HKD per share, with expected listing on December 22, 2025 [17] - Visionox plans to invest 3.918 billion yuan in the second phase of the Hefei Guoxian AMOLED production line project, increasing its stake to 37.73% [18] Group 6 - Sichuan Road and Bridge has been acquired by Zhong Postal Insurance, reaching a 5% stake [19] - Boshuo Technology's directors plan to reduce their holdings by up to 18,300 shares [20] - O-film's controlling shareholder transferred 67.7048 million shares to settle debts, maintaining control with a 5.78% stake post-transfer [21] Group 7 - Junshi Biosciences' shareholder plans to reduce holdings by up to 2% through block trading [22] - Lihu Co. plans to reduce holdings by up to 2.98% through various trading methods [23] - Ruichen Environmental plans to reduce holdings by up to 3% through trading [25] Group 8 - Zhongfutong received a winning bid notification for a project worth approximately 411 million yuan [29] - Shikong Technology won a 141 million yuan project for smart cultural tourism integration [30] - Ningbo Construction's subsidiary won a 747 million yuan engineering project [31]

格隆汇12月18日丨宏达电子(300726.SZ)公布，收到参股公司江苏展芯半导体技术股份有限公司（简 称"江苏展芯"）告知，江苏展芯已向深圳证券交易所报送了首次公开发行股票并在创业板上市的申请文 件，并获得了深圳证券交易所受理。截至本公告日，公司通过南京一芯一亿创业投资合伙企业（有限合 伙）间接持有江苏展芯5,102.36万股股份，占其本次公开发行股票前总股本的13.79%。 ...

宏达电子（300726）(300726.SZ)公告，公司收到参股公司江苏展芯半导体技术股份有限公司(简称"江苏 展芯")告知，江苏展芯已向深圳证券交易所报送了首次公开发行股票并在创业板上市的申请文件，并获 得了深圳证券交易所受理。 截至本公告日，公司通过南京一芯一亿创业投资合伙企业(有限合伙)间接持有江苏展芯5102.36万股股 份，占其本次公开发行股票前总股本的13.79%。 ...

宏达电子公告，近日收到参股公司江苏展芯半导体技术股份有限公司告知，江苏展芯已向深圳证券交易 所报送了首次公开发行股票并在创业板上市的申请文件，并获得了深圳证券交易所受理。截至本公告 日，公司通过南京一芯一亿创业投资合伙企业（有限合伙）间接持有江苏展芯5102.36万股股份，占其 本次公开发行股票前总股本的13.79%。 ...

截至本公告日，公司通过南京一芯一亿创业投资合伙企业(有限合伙)间接持有江苏展芯5102.36万股股 份，占其本次公开发行股票前总股本的13.79%。 智通财经APP讯，宏达电子(300726.SZ)公告，公司收到参股公司江苏展芯半导体技术股份有限公司(简 称"江苏展芯")告知，江苏展芯已向深圳证券交易所报送了首次公开发行股票并在创业板上市的申请文 件，并获得了深圳证券交易所受理。 ...

关于参股公司首次公开发行股票并在创业板上市申请获得深 圳证券交易所受理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，株洲宏达电子股份有限公司（以下简称"公司"）收到参股公司江苏展 芯半导体技术股份有限公司（以下简称"江苏展芯"）告知，江苏展芯已向深圳证 券交易所报送了首次公开发行股票并在创业板上市的申请文件，并获得了深圳证券 交易所受理。 证券代码：300726 证券简称：宏达电子 公告编号：2025-046 株洲宏达电子股份有限公司 株洲宏达电子股份有限公司 董 事 会 2025 年 12 月 18 日 截至本公告日，公司通过南京一芯一亿创业投资合伙企业（有限合伙）间接持 有江苏展芯5,102.36万股股份，占其本次公开发行股票前总股本的13.79%。 江苏展芯首次公开发行股票并在创业板上市申请尚需深圳证券交易所审核通过 以及中国证券监督管理委员会同意注册，最终能否审核通过并取得注册批复尚存在 不确定性。公司将根据该事项的进展及时履行信息披露义务 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [5]. Core Viewpoints - The commercial aerospace sector is experiencing significant catalytic growth, leading to a substantial increase in industry prosperity [8][17]. - The establishment of a dedicated Commercial Aerospace Administration by the China National Space Administration marks a new phase in the development of commercial aerospace, enhancing stability and transparency in the industry [21]. - The successful launch of the Zhuque-3 reusable rocket signifies a breakthrough in China's commercial liquid rocket capabilities, supporting satellite internet and commercial remote sensing needs [10][21]. Summary by Sections Industry Overview - The industry comprises 142 listed companies with a total market capitalization of 2,915.34 billion yuan and a circulating market value of 2,530.17 billion yuan [2]. Key Developments - The Zhuque-3 rocket's successful launch on December 3, 2025, represents a critical milestone in the commercial aerospace sector, enabling a payload capacity of over 20 tons and reducing launch costs significantly [10][25]. - The 2025 China (Zhengzhou) Military Technology Information and Equipment Expo highlights advancements in military technology and the integration of civilian and military sectors [13][26]. Focus Areas - **Aerospace Equipment**: The Civil Aviation Administration is seeking opinions on emergency medical equipment for large aircraft, indicating a focus on enhancing safety standards [11][23]. - **Military Electronics**: Companies such as Gaode Infrared and Tianjian Technology are highlighted as key players in the military electronics sector [19][22]. - **Nuclear Equipment**: China and France are enhancing cooperation in the peaceful use of nuclear energy, focusing on technology innovation and safety [30][32]. Market Performance - The defense and military industry index rose by 2.82% in the past week, outperforming other major indices [33][38]. - The current PE (TTM) for the defense and military industry is 69.3 times, with aerospace equipment at 73.6 times and space equipment at 317.8 times, indicating high investor interest [39][44].

Core Viewpoint - Hongda Electronics is actively exploring opportunities in the commercial sector while leveraging its established brand and technological advantages in high-reliability fields, particularly in aerospace applications [2] Company Summary - Hongda Electronics has indicated that its products are applicable in the aerospace sector [2] - The company is committed to continuously monitoring and utilizing its strengths in high-reliability areas to seek development opportunities in commercial markets [2]