华大九天公告，公司与广东横琴粤澳深度合作区中济湾企业管理有限公司、天津滨海新区创业风险投资 引导基金有限公司共同发起设立天津中湾芯盛管理咨询合伙企业（有限合伙），总认缴出资额1.1亿 元，其中华大九天投资1亿元，投资完成后持有其90.9008%的合伙份额。引导基金为公司实际控制人中 国电子信息产业集团有限公司控制的企业，本次投资构成关联交易。 ...

因引导基金为公司实际控制人中国电子信息产业集团有限公司控制的企业， 根据《深圳证券交易所创业板股票上市规则》的规定，认定引导基金为公司的关 联方。根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》 等的相关规定，本次对外投资属于与关联方共同投资，构成关联交易。 证券代码：301269 证券简称：华大九天 公告编号：2025-061 北京华大九天科技股份有限公司 第二届董事会第二十次会议决议公告 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。 一、董事会会议召开情况 北京华大九天科技股份有限公司（以下简称"公司"或"华大九天"）第二 届董事会第二十次会议通知于 2025 年 10 月 24 日以电子邮件等方式向各位董事 发出，会议于 2025 年 12 月 3 日在公司会议室以现场及通讯相结合的方式召开， 本次会议应出席会议董事 11 人，实际出席会议董事 11 人，其中董事刘伟平、张 尼、阳元江、张帅、刘方园、张亚滨以通讯方式参加本次会议，公司监事及其他 高级管理人员列席本次会议。本次会议由董事长刘伟平先生主持。本次会议的召 集、召开及表决 ...

证券代码：301269 证券简称：华大九天 公告编号：2025-063 北京华大九天科技股份有限公司 关于与关联方共同投资暨关联交易的公告 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。 一、关联交易概述 1、基本情况 企业名称：天津滨海新区创业风险投资引导基金有限公司 1、为满足公司战略发展需要，持续深化公司在 EDA 领域的投资布局，在不 影响公司日常经营及发展、有效控制投资风险的前提下，北京华大九天科技股份 有限公司（以下简称"公司"或"华大九天"）与广东横琴粤澳深度合作区中济 湾企业管理有限公司（以下简称"横琴中济湾"）、天津滨海新区创业风险投资引 导基金有限公司（以下简称"引导基金"）共同发起设立天津中湾芯盛管理咨询 合伙企业（有限合伙）（暂定名，以市场监督管理部门最终核准登记的名称为准， 以下简称"中湾芯盛"）。中湾芯盛总认缴出资额 11,001 万元，其中华大九天投 资 10,000 万元，投资完成后持有其 90.9008%的合伙份额。 2、因引导基金为公司实际控制人中国电子信息产业集团有限公司控制的企 业，根据《深圳证券交易所创业板股票上市规则 ...

中信证券股份有限公司 关于北京华大九天科技股份有限公司与关联方共同投资 暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为北京华 大九天科技股份有限公司（以下简称"华大九天"或"公司"）首次公开发行股 票并在创业板上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所创业板股票上市规则（2025 年修订）》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对华大九天本次 与关联方共同投资暨关联交易事项进行了核查，核查情况及核查意见如下： 一、关联交易概述 1、为满足公司战略发展需要，持续深化公司在 EDA 领域的投资布局，在 不影响公司日常经营及发展、有效控制投资风险的前提下，华大九天与广东横琴 粤澳深度合作区中济湾企业管理有限公司（以下简称"横琴中济湾"）、天津滨 海新区创业风险投资引导基金有限公司（以下简称"引导基金"）共同发起设立 天津中湾芯盛管理咨询合伙企业（有限合伙）（暂定名，以市场监督管理部门最 终核准登记的名称为准，以下简称"中湾芯盛"）。中湾芯盛总认缴出资额 11,001 万元，其中华大九天投资 10,000 ...

证券代码：301269 证券简称：华大九天 公告编号：2025-062 经与会监事审议表决，审议通过了以下议案： 1、审议通过《关于发起设立天津中湾芯盛管理咨询合伙企业（有限合伙） 暨关联交易议案》 经审核，监事会认为，公司发起设立天津中湾芯盛管理咨询合伙企业（有限 合伙）（以下简称"中湾芯盛"）事项符合相关法律、法规及《公司章程》等相关 规定，有利于持续深化公司在 EDA 领域的投资布局，提升资金使用效率，不存在 损害股东特别是中小股东利益的情况。该事项决策和审议程序合法、合规，监事 会同意本次发起设立中湾芯盛事项。 具体内容详见同日刊登于巨潮资讯网（http://www.cninfo.com.cn）上的《关 于与关联方共同投资暨关联交易的公告》。 表决结果：赞成 2 票，反对 0 票，弃权 0 票，关联监事张凯回避表决 北京华大九天科技股份有限公司 第二届监事会第十六次会议决议公告 本公司及监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。 一、监事会会议召开情况 北京华大九天科技股份有限公司（以下简称"公司"）第二届监事会第十六 次会议通知于2025年10月24日以 ...

Core Insights - The report emphasizes that computational power is accumulating, leading to significant advancements in applications, particularly in AI, with a projected 10% impact point approaching in 2026 [3] - Institutional holdings in the computer sector are at a historical low of 2.4%, indicating potential for growth in valuations [3][21] - The report identifies three key focus areas for 2026: large models, computational power, and applications, all showing significant changes and accelerated iterations [3] Group 1: Market Overview - The computer index has shown a year-to-date increase of 18%, ranking 12th among all sectors, with AI computing, embodied intelligence, and AI applications as the main themes [9][10] - The report notes a basic performance turning point, with net profit rebounding and a stable overall performance expected for 2025 [10][13] Group 2: Valuation and Holdings - The report indicates that the computer sector's valuation is at a historical mid-to-high level, with PE (TTM) at 85.4, PS (TTM) at 3.6, and PCF (TTM) at 46.6 [18] - The report highlights that the computer sector's fund allocation is at a historical low, with a 2.4% allocation in Q3 2025 [21] Group 3: AI Model Developments - The report discusses the rapid narrowing of the performance gap between Chinese and American large models, with significant advancements in commercial applications expected [3][26] - It highlights the emergence of various large models in 2025, focusing on monetization, AI programming, and multi-modal capabilities [26][29] Group 4: Key Companies and Trends - The report identifies key companies in the computer sector, such as Zhongke Shuguang and Inspur Information, which have seen significant increases in their market values due to rising domestic computational capacity [23] - The report notes that the demand for AI applications is driving growth in various sectors, with companies like Alibaba and ByteDance leading in AI-related job creation [40]

据中国时报 11 月 26 日报道，台积电年度供应链论坛 25 日在新竹登场，董事长魏哲家提到先进制程产 能不足。为加强布局，市场预期， 明年台积全球将同步有 10 座晶圆厂建置或者扩建，其中供应链的支 援最为重要。 12月2日临近午盘，A股三大指数集体下跌，上证指数盘中下跌0.41%，林木、办公用品、工程机械等板 块涨幅靠前，海运、教育跌幅居前。芯片板块低迷，截至11点12分，芯片ETF（159995）下跌1.19%， 其成分股北京君正下跌3.16%，晶合集成下跌2.52%，北方华创下跌2.44%。部分个股活跃，豪威集团上 涨0.33%，华大九天上涨0.27%。 华西证券表示，AI芯片国产化进程是长期必然趋势，在当前时点，是国产芯片发展最佳时机。持续看 好包括先进制程制造、芯片架构升级对整体国产算力水平的拉动，有望推动国产算力份额持续提升。 资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设 计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。 （文章来源：每日经济新闻） ...

Group 1 - The computer industry is showing signs of improvement in both revenue and profit for 2025, with software business revenue reaching 11.11 trillion yuan, a year-on-year increase of 13.0% [11][13] - The overall revenue for the computer industry in the first three quarters of 2025 is 1.51 trillion yuan, with a growth rate of 10.1% after excluding the high proportion of Industrial Fulian [13][16] - The net profit for the industry in the first three quarters of 2025 is 184 billion yuan, reflecting a year-on-year increase of 57.4% [16] Group 2 - The "14th Five-Year Plan" emphasizes self-sufficiency in key areas such as integrated circuits and basic software, with increased government procurement for domestic innovation [25][26] - The EDA sector has become a focal point of U.S. export controls, accelerating the demand for domestic alternatives [29][30] - The release of HarmonyOS 6 marks a significant milestone for Huawei, with terminal numbers surpassing 23 million, indicating a strong growth trajectory for domestic operating systems [38][41] Group 3 - The AI and computing concepts have shown significant growth, with the AI computing demand driving the "East Data West Computing" concept to rise by 146.8% in 2025 [20][21] - The overall valuation of the computer industry is above historical averages, with a TTM valuation of 55.33 times as of November 27, 2025 [21][24] - Domestic AI chip manufacturers are experiencing accelerated growth, with companies like Cambrian and Haiguang reporting substantial revenue increases [48][49] Group 4 - The integration of AI applications is expected to enhance the competitive advantage of integrated AI manufacturers, with DeepSeek collaborating with domestic chip manufacturers to optimize performance [4][4] - The demand for AI servers is increasing, requiring manufacturers to enhance their overall system design capabilities [3][3] - The trend towards liquid cooling technology is becoming mainstream as AI chip performance continues to improve [3][3]

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector's performance compared to the overall market [61]. Core Insights - The report emphasizes the importance of AI Infrastructure (AI Infra) as a foundational system for AI workloads, which includes computing power, storage, and networking [5][11]. - The AI Infra market in China is projected to grow significantly, reaching CNY 3.45 billion in 2024 and CNY 6.73 billion in 2025, representing a year-on-year growth of 95.1% [7][10]. - Key players in the AI Infra space include both domestic and international companies, with a focus on data layer software and models [4][36]. Summary by Sections AI Infra Overview - AI Infra is defined as the hardware and software systems designed to support AI workloads, aiming for efficient and large-scale AI model training and inference [5][11]. - The infrastructure consists of several layers, including computing, storage, and networking, with a focus on optimizing AI model performance [8][11]. Market Growth and Trends - The AI Infra market is expected to see rapid growth, with a significant increase in the number of AI applications anticipated in 2024 [29][32]. - The demand for private deployment and data integration solutions is rising, particularly in sectors with stringent data security requirements [29][36]. Key Players and Technologies - Major players in the AI Infra market include Alibaba Cloud, Huawei Cloud, and various startups focusing on Machine as a Service (MaaS) [12][13]. - Technologies such as virtualization and containerization are central to the computing management layer, enhancing resource utilization and efficiency [12][22]. Investment Opportunities - The report identifies several investment targets across different categories, including AIGC applications, digital economy leaders, and data infrastructure [52][53]. - Companies like Snowflake and MongoDB are highlighted as international benchmarks for data layer software, with strong revenue growth trends [36][38]. Future Outlook - AI infrastructure providers are expected to maintain high growth potential due to their critical role in supporting AI applications and the increasing integration of AI into traditional industries [51].

Core Viewpoint - The 22nd China International Semiconductor Expo (IC China 2025) will be held from November 23 to 25, 2025, at the National Convention Center in Beijing, showcasing advancements in the semiconductor industry, particularly in AI chips and advanced manufacturing processes [2][3]. Industry Overview - IC China has been a significant event in the semiconductor industry since 2003, establishing itself as a top-tier industry brand and benchmark [3]. - The expo will focus on the entire integrated circuit industry chain, highlighting the latest technologies, products, and applications, with a theme of "Gathering Strength in Chips, Driving the Future" [4]. Exhibition Details - The expo will feature seven major exhibition areas, including IC design, industry chain, innovative applications, and components, with over 600 exhibitors expected [5]. - Notable companies participating include Yangtze Memory Technologies, Huada Jiutian, and Tongfu Microelectronics, among others [5]. Market Trends - China's semiconductor industry is projected to exceed $180 billion in sales by 2024, with a significant portion of this growth driven by domestic innovation and reduced reliance on imports [6]. - In the first ten months of this year, China's integrated circuit exports reached approximately $161.7 billion, indicating a year-on-year increase of over 23% [6][7]. Growth Projections - The semiconductor industry is expected to experience a dual breakthrough in technology and scale, with a compound annual growth rate (CAGR) of 19.6% in chip design from 2006 to 2025 [13]. - By 2026, the semiconductor industry is anticipated to maintain a CAGR of over 10% [14]. R&D Investments - A-share semiconductor companies are projected to invest over $80 billion in R&D in 2024, with a research intensity exceeding 13% [15]. - The highest growth in revenue from 2021 to 2024 is expected in semiconductor equipment, integrated circuit manufacturing, and discrete devices [15]. Investment Insights - The National Integrated Circuit Industry Investment Fund has significant holdings in 32 companies within the semiconductor industry, with many experiencing substantial increases in financing [17]. - Companies like Shengke Communication and Jiangbolong have seen financing balances increase by over 400% and 350%, respectively, indicating strong investor interest [18]. Stock Performance - Among the 32 companies with National Fund holdings, 12 have seen stock price increases of less than 30% this year, despite significant increases in financing [19]. - Notable companies include Hu Silicon Industry and Tai Ling Microelectronics, with financing balances increasing by over 85% and 187%, respectively [19][20].