"概念验证"是科技成果转化的关键痛点。从实验室到生产线，这一段路高风险、低成功率，市场资本望 而却步，而这正是政府可精准发力的环节。南京已经在这一方向展开探索。从南邮概念验证中心，到紫 金山实验室6G概念验证平台，再到江北新区生物医药转化中心，一系列实践表明，政府越来越尊重创 新周期，理性面对科技创新十年甚至更长的培育规律。 最新出台的《南京市2026年优化营商环境行动方案》作为"8.0版本"政策包，展现了一个更完整的创新 服务生态："重点企业服务专员"代办制、"AI+政务服务"、工业用地"数据得地"机制等，为硬科技创业 提供全链条支持。 春节假期后的首个工作日，南京优化营商环境大会的一个细节引人注目：维立志博、华天科技 （002185）、开为网络、天创智能等来自生物医药、芯片、人工智能领域的民营企业家受邀前排就座， 成为会场的"C位"。这一被镜头定格的画面，不仅是一种尊商重企的姿态宣示，更映射出优化营商环境 的深层逻辑——真正的价值在于谁的需求被听懂、谁的问题被解决。 南京天创智能科技股份有限公司董事长刘爽在接受扬子晚报紫牛新闻记者采访时表示，南京营商环境非 常好，"一证通办"等基础政务服务已相当完善。对从 ...

自查报告的 北京市竞天公诚律师事务所 关于 天水华天科技股份有限公司 本次交易相关内幕信息知情人买卖股票情况的 核查意见 北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34th Floor, Tower 3, China Central Place, 77 Jianguo Road, Chaoyang District, Beijing 100025, China 电话/Tel: +86 10 5809 1000 传真/Fax: +86 10 5809 1100 网址/Website: www.jingtian.com 二〇二六年二月 北京市竞天公诚律师事务所 核查意见 北京市竞天公诚律师事务所 关于天水华天科技股份有限公司 内幕信息知情人登记制度的制定和执行情况 的核查意见 致：天水华天科技股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受天水华天科技股份 有限公司（以下简称"上市公司"或"华天科技"）的委托，担任华天科技发 行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交 易"）的专项法律顾问。 本所于 2026 年 2 月 9 日就本次交 ...

根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第 26 号——上市公司重大资产重组》《深圳证券交易所上市公司 自律监管指引第 8 号——重大资产重组》《监管规则适用指引——上市类第 1 号》等有关法律、法规及规范性文件的规定，华泰联合证券对本次交易相关主体 买卖上市公司股票的情况进行了核查，具体情况如下： 华泰联合证券有限责任公司 关于天水华天科技股份有限公司本次交易相关内幕信息知 情人买卖股票情况的自查报告的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"独立财务顾问"） 接受天水华天科技股份有限公司（以下简称"上市公司"或"华天科技"）委托， 担任上市公司向天水华天电子集团股份有限公司、西安后羿投资管理合伙企业 （有限合伙）、西安芯天钰铂企业管理合伙企业（有限合伙）等 27 名交易对方 发行股份购买其持有的华羿微电子股份有限公司（以下简称"标的公司"或"华 羿微电"）100%股权，并发行股份募集配套资金（以下简称"本次交易"）的 独立财务顾问。 一、本次交易相关主体买卖股票情况自查期间 本次交易相关主体买卖上市公司股票的自查期间为上市公司首次披露本次 交易 ...

证券代码：002185 证券简称：华天科技 公告编号：2026-007 天水华天科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 事项相关主体买卖股票情况自查报告的公告 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。 特别提示： 1、天水华天科技股份有限公司（以下简称"上市公司"）于 2026 年 2 月 11 日披露的《天水华天科技股份有限公司发行股份及支付现金购买资产并募集配套 资金暨关联交易报告书（草案）》及其摘要的"重大事项提示"和"重大风险提 示"章节中，详细披露了本次交易尚需履行的审批程序及涉及的风险因素，敬请 广大投资者注意投资风险。 2、上市公司对首次披露本次交易事项或就本次交易申请股票停牌（孰早） 前六个月至重组报告书披露之前一日止，即 2025 年 3 月 25 日至 2026 年 2 月 10 日期间相关主体买卖上市公司股票的情况进行了自查，经自查，上市公司董事会 认为：在内幕信息知情人登记表、相关主体签署的自查报告和承诺函以及对相关 人员的访谈确认信息真实、准确、完整的前提下，本次交易相关主体在自查期间 买卖上市公司股票的 ...

【环球网财经综合报道】2020年以来，以国家大基金、税收优惠等政策为支撑，叠加外部技术封锁与国 内晶圆厂扩产需求拉动，我国半导体行业国产化进度逐步从单点突破迈向全链协同。 综合中国半导体行业协会 (CSIA)、赛迪顾问 2025 年半导体产业发展报告数据，28nm及以上成熟制程率 先实现国产化，自给率达60%；刻蚀、清洗、薄膜沉积等设备及8英寸硅片等材料国产化率突破50%， 先进封装在Chiplet等领域达国际先进水平，长江存储、长电科技（600584.SH）等龙头企业崛起。上述 各环节取得的成果使得整体国产化率从2020年不足20%提升至2025年45%左右，芯片出口于2024年成为 我国第一大出口商品，自主可控能力显著增强。 在此背景下，未来几年伴随我国半导体产业向5nm/3nm等先进制程加速突破的确定性趋势，受益于在产 能、效率及良率几个关键指标方面均可以发挥关键作用，AMHS（自动物料搬运系统）已从历史阶段的 辅助工具升级为决定先进制程可行性的核心基础设施。 AMHS 应用贯穿从硅片投入到出厂制造全流程 根据公开资料，AMHS即自动物料搬送系统，一般特指在洁净室环境下，通过软件系统的控制和调度， 按照 ...

Core Insights - The integrated circuit packaging and testing (ICPT) industry is a crucial part of the semiconductor supply chain, ensuring chip usability and quality certainty, and is supported by various national policies in China [1][4] - The global ICPT market is experiencing fluctuating growth, with a significant shift of capacity towards emerging Asian markets, particularly Taiwan, mainland China, and the USA [1][4] - Advanced packaging is becoming the main growth driver in the post-Moore's Law era, with the largest market segment being flip-chip packaging and the fastest growth in multi-chip integration packaging [1][5] Industry Overview - ICPT encompasses both packaging and testing, connecting wafer manufacturing with end applications, providing physical protection and performance validation [2][3] - The industry is supported by national policies aimed at technological breakthroughs and market expansion, with recent initiatives focusing on energy electronics and AI [4] Global Market Analysis - The global ICPT market is projected to reach $117.85 billion by 2026, with advanced packaging expected to grow at a compound annual growth rate (CAGR) of 13.2% from 2024 to 2026, significantly outpacing traditional packaging's 3.9% CAGR [4][5] - The market is currently in a downturn due to weak demand in consumer electronics and global economic uncertainties, but is expected to recover in 2024 as demand stabilizes [4] China Market Analysis - The mainland China ICPT market is expected to grow from 250.95 billion yuan in 2020 to 353.39 billion yuan by 2025, with a CAGR of 7.09% [6][7] - Advanced packaging is gaining traction, with its market share projected to reach 20.86% by 2025, driven by domestic demand and technological advancements [7] Competitive Landscape - The global ICPT industry is dominated by a few key players, with the top three companies holding approximately 50% of the market share by 2024 [12] - Mainland China has four companies in the global top ten, showcasing its competitive strength in the ICPT sector [12] Future Development Trends - The industry is expected to shift towards high-end, collaborative, and differentiated development, focusing on advanced packaging technologies and enhancing domestic supply chains [13][14] - There will be a continued emphasis on optimizing demand structures, with a shift from traditional consumer electronics to high-end applications like automotive electronics and AI [15]

Core Viewpoint - Nanjing Hongtai Semiconductor Technology Co., Ltd. has submitted an IPO counseling record to the Jiangsu Securities Regulatory Bureau, indicating its intention to go public and expand its operations in the semiconductor testing equipment sector [1][3]. Company Overview - Established in November 2018, Hongtai Semiconductor is located in Nanjing Pukou and focuses on the research, production, and sales of semiconductor testing equipment [1]. - The company's product offerings include semiconductor testing systems, sorting systems, and supporting spare parts, covering a range of devices such as SoC testers, analog testers, discrete and power device testers, and various sorting machines [1]. Business Segments - Hongtai Semiconductor's main business can be divided into two segments: semiconductor testing systems (ATE) and automatic sorting systems (Handler) [1]. - ATE is used to verify and evaluate the performance, functionality, and reliability of semiconductor devices, while Handler is used for automated testing, classification, and sorting of packaged chips or bare dies on wafers [1]. Clientele - The company's customer base primarily consists of packaging testing enterprises, wafer manufacturing companies, chip design firms, and testing foundries, including notable clients such as Huada Semiconductor, Tongfu Microelectronics, and BYD [1]. Financial Performance - The company reported revenues of 221 million yuan, 172 million yuan, and 25.65 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively. Net profits were 8.15 million yuan, -58.32 million yuan, and -18.28 million yuan for the same periods [2]. IPO Timeline - According to the counseling plan, Hongtai Semiconductor aims to complete the consolidation and assessment of counseling results by September to October 2026, advancing its listing-related work [3].

Investment Rating - The semiconductor industry is rated as "stable improvement" for the next 12 to 18 months, with potential for upward adjustments based on demand growth from automotive electronics and artificial intelligence [5][7]. Core Insights - The semiconductor industry in China is expected to benefit from effective industrial support policies, accelerating domestic substitution processes, and a stable upward trend in credit quality [5][8]. - The competition in the semiconductor industry remains a key national focus, with ongoing support for high-end breakthroughs and supply chain management [7][9]. - The recovery of the semiconductor industry is driven by the mild recovery in consumer electronics and rapid development in automotive electronics and artificial intelligence [19][24]. - The global semiconductor sales reached approximately $697.18 billion in 2025, with a year-on-year growth of 11.22%, indicating a new recovery cycle after a previous downturn [20][24]. - The domestic semiconductor market in China is projected to reach $210.88 billion in 2025, growing by 14.68% year-on-year, driven by AI and automotive electronics [24]. Industry Fundamentals Analysis - The semiconductor industry is supported by a comprehensive policy framework that includes national and local government initiatives aimed at enhancing self-sufficiency and technological breakthroughs [9][10]. - The production of integrated circuits in China reached 484.3 billion units in 2025, a year-on-year increase of 87.28%, with exports also showing significant growth [11][24]. - The industry is characterized by a high degree of concentration, with the top ten chip design companies holding over 65% of the market share globally, predominantly led by U.S. firms [30][31]. Credit Performance of Industry Enterprises - The overall financial performance of the semiconductor industry has improved, with revenue, profit, and operating cash flow showing growth, while debt levels remain manageable [29]. - The industry has not experienced any bond extensions or defaults, indicating a stable credit environment [29]. - The chip design sector has seen rapid growth, particularly in AI chip manufacturers, which have outperformed other segments [31].

Core Viewpoint - Huatian Technology aims to acquire 100% of Huayi Microelectronics through a transaction structure involving "share issuance + cash payment + supporting financing," despite having significant cash assets on its balance sheet [1][5]. Group 1: Acquisition Details - The company plans to issue 31,578.36 million shares at a price of 8.35 yuan per share, totaling 2.637 billion yuan for the acquisition of Huayi Microelectronics [2]. - The total share capital will increase from 325,888.17 million shares to 357,466.53 million shares, resulting in a dilution of approximately 10% for existing shareholders [2][3]. - The company also intends to raise up to 400 million yuan from no more than 35 specific investors, leading to further dilution for existing shareholders [4]. Group 2: Financial Context - As of February 11, the company's market capitalization was approximately 45.1 billion yuan, with the planned fundraising amount being less than 1% of its market value [5]. - The company has accumulated a total financing of 9.907 billion yuan since its IPO in 2007, which exceeds its total net profit of 8.128 billion yuan during the same period, indicating a reliance on capital markets for funding [5][6]. - Huatian Technology has conducted multiple rounds of financing since its listing, with a total of six financing events, including an IPO and several capital increases [6]. Group 3: Huayi Microelectronics Background - Huayi Microelectronics, previously attempted an IPO in June 2023 but withdrew the application in June 2024 due to a decline in performance during the review period [7]. - The company reported net profits of -145 million yuan, 14.53 million yuan, and 50.13 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively [8]. - As of September 2025, Huayi Microelectronics had a net asset value of 1.126 billion yuan [8].

本报记者 刘欢 市场需求持续旺盛 "得益于政策引导与市场需求的共同推动，企业通过并购补齐技术短板、扩大规模效应的意愿明显增强。"重庆理工大学发 展规划处高等教育研究室主任王文涛对《证券日报》记者表示，产业链自主可控需求正成为另一核心驱动力。 梳理开年以来的半导体上市公司并购案例可见，补链强链、协同增效已成为行业共识。各家企业的并购布局紧扣自身主业 短板与长远发展需求，精准发力完善产业链布局。 具体来看，华天科技收购华羿微电，核心目标是补齐功率半导体封测短板，快速完善封装测试主业布局，形成覆盖集成电 路、分立器件等各细分领域的封装测试业务布局；华虹公司拟收购上海华力微电子有限公司97.4988%股权，重点在于提升12英 寸晶圆代工产能，其自身优势工艺与标的平台将实现深度互补，共同构建应用场景更广泛、技术规格更齐全的晶圆代工及配套 服务矩阵；晶丰明源计划收购四川易冲科技有限公司100%股权，依托标的在无线充电、通用充电芯片领域的技术储备，巩固 消费电子领域市场地位，同时稳步拓展车规级电源芯片业务；紫光国微拟收购瑞能半导体科技股份有限公司100%股权，通过 整合功率半导体产品矩阵，快速补齐制造环节短板，完善半导体产 ...