2月24日，上交所官网显示，盛合晶微半导体有限公司（以下简称"盛合晶微"）科创板IPO已成功通过上 交所上市审核委员会审议。 现场问询中，上交所上市委要求盛合晶微结合其2.5D业务的技术来源，三种技术路线的应用领域、发展 趋势、市场空间，以及新客户开拓情况，说明与主要客户的业务稳定性及业绩可持续性。 21世纪经济报道记者 孙燕 招股书显示，盛合晶微目前的客户集中度较高：2022年、2023年、2024年、2025年上半年，该公司对前 五大客户的合计销售收入占比分别为72.83%、87.97%、89.48%和90.87%，其中，对第一大客户的销售 收入占比分别为40.56%、68.91%、73.45%和74.40%。 此次登陆科创板，盛合晶微拟募资48亿元，将投资于三维多芯片集成封装项目、超高密度互联三维多芯 片集成封装项目。财通证券研究指出，项目达产后将形成多个芯粒多芯片集成封装技术平台的规模产 能，并配套凸块制造及3DIC技术平台产能，进一步匹配中国大陆芯粒多芯片集成封装领域的高增长需 求。 根据Gartner的统计，2024年度，盛合晶微是全球第十大、境内第四大封测企业，且2022年度至2024年 度营业 ...

盛合晶微前身为中芯长电半导体（江阴）有限公司，由中芯国际（688981.SH）与长电科技（600584.SH）合资创立。自成立之 初，盛合晶微即将芯粒多芯片集成封装作为该公司发展方向和目标，并聚焦在更加前沿的晶圆级技术方案领域。 在摩尔定律逐步逼近极限的情况下，通过芯粒多芯片集成封装技术持续优化芯片系统的性能已经成为行业共识。在这一领域， 台积电、英特尔、三星电子等全球领先半导体制造企业已经布局多年且正在持续扩充产能，日月光、安靠科技等全球领先封测 企业，以及长电科技、通富微电（002156.SZ）、华天科技（002185.SZ）等中国大陆领先封测企业也正在持续布局中。 从价值量上看，芯粒多芯片集成封装及配套的测试环节也已进入高算力芯片制造产业的价值链高端，一定程度上重构了集成电 路制造产业链的价值分布。目前最主流的高算力芯片的成本结构中，CoWoS及配套测试环节的合计价值量已经接近先进制程芯 片制造环节。 此次登陆科创板，盛合晶微拟募资48亿元，将投资于三维多芯片集成封装项目、超高密度互联三维多芯片集成封装项目。财通 证券研究指出，项目达产后将形成多个芯粒多芯片集成封装技术平台的规模产能，并配套凸块制造及3 ...

Core Insights - The report highlights the strong performance of the communication resources sector, leading the A-share market's upward trend, with a focus on investment opportunities in telecommunications and technology sectors [5][8][22] - The semiconductor industry is experiencing significant growth, driven by increased capital expenditure from major cloud companies and rising demand for AI-related hardware [31][34][35] - The agricultural sector, particularly in pig farming, shows signs of price stabilization and potential upward trends due to supply constraints [21][20] Domestic Market Performance - The Shanghai Composite Index closed at 4,117.41, with a slight increase of 0.87%, while the Shenzhen Component Index rose by 1.36% to 14,291.57 [3] - The A-share market is characterized by a mixed performance across sectors, with telecommunications, coal, and precious metals showing strength, while sectors like tourism and gaming lagged [5][9][10] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down by 0.67%, while the S&P 500 and Nasdaq also experienced slight declines [4] - The international market reflects a cautious sentiment, with various indices showing mixed results, indicating potential volatility [4] Industry Analysis - The report discusses the strong performance of the AI sector, with significant advancements in AI models and applications expected to disrupt traditional industries such as media and software [17][19] - The telecommunications industry is projected to benefit from increased capital expenditures and technological advancements, with a focus on 5G and cloud integration [22][26] - The semiconductor industry is on an upward trajectory, with substantial growth in sales and capital investments anticipated, particularly in AI infrastructure [31][33][34] Investment Recommendations - Investors are advised to focus on sectors such as telecommunications, AI, and semiconductors, which are expected to yield strong returns due to ongoing technological advancements and market demand [19][34][35] - The report suggests a balanced investment strategy, emphasizing the importance of monitoring macroeconomic indicators and policy changes that could impact market dynamics [5][11][12]

Market Overview - On February 24, 2026, U.S. stock markets experienced a significant drop, with all three major indices falling over 1%. The Dow Jones Industrial Average dropped by 821.91 points, closing at 48,804.06, a decline of 1.66%. The S&P 500 fell by 71.76 points to 6,837.75, down 1.04%. The Nasdaq Composite also declined by 258.80 points, closing at 22,627.27, a drop of 1.13% [1][2]. Sector Performance - The software services, information technology services, and financial sectors were heavily impacted, while precious metals and non-ferrous metals sectors showed resilience, indicating a shift of funds from high-risk assets to traditional safe havens like gold. The price of gold reached a critical level of $5,200 per ounce, with a daily increase of over 2% [2]. Company-Specific Impact - International Business Machines Corporation (IBM) faced a catastrophic decline, with its stock price plummeting by 13.15%, marking its largest single-day drop since March 2020. This decline was attributed to advancements in artificial intelligence, particularly a new capability from the startup Anthropic that modernizes the COBOL programming language, which is crucial for many legacy systems [3][4][5]. AI Disruption - The introduction of AI tools like Claude Code threatens traditional business models reliant on outdated technologies, as they can significantly reduce the time and resources needed for modernizing legacy systems. This has raised concerns about IBM's future, as it is a major provider of COBOL systems [5][6]. Broader Technology Sector Trends - Other major tech companies also saw declines, with Microsoft down 3.21%, Tesla dropping over 3%, and Amazon falling 2.30%. However, Nvidia and Apple managed to stay slightly positive, indicating a selective investment approach within the tech sector [8][9]. Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 0.95%, showing resilience compared to U.S. indices. However, individual stocks exhibited significant volatility, with declines in cloud computing and online travel sectors. Notably, NIO, a Chinese electric vehicle company, surged by 4.34% due to strong operational data [10][22]. Global Market Reaction - European markets followed the U.S. trend, with major indices like the DAX and CAC40 closing lower. The global market exhibited interconnectedness, with panic selling in the U.S. quickly affecting European stocks [13].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中芯国际集成电路制造（上海）有限公司，成立于2000年，位于上海市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本244000万美元。通过天眼查大数据分 析，中芯国际集成电路制造（上海）有限公司共对外投资了4家企业，参与招投标项目129次，财产线索 方面有商标信息150条，专利信息5000条，此外企业还拥有行政许可447个。 国家知识产权局信息显示，中芯国际集成电路制造（上海）有限公司取得一项名为"一种半导体结构、 半导体存储器及半导体结构的制备方法"的专利，授权公告号CN120035142B，申请日期为2023年11月。 ...

半导体行业作为科创板重点支持的"硬科技"领域，其IPO上市流程既遵循科创板通用规则，又因技术密集、资金密集、产业链复 杂等特性，在审核中需重点关注技术先进性、产业链安全性、研发投入等核心要点。以下从上市流程和核心要点两方面展开分 析： 一、科创板IPO上市整体流程 科创板IPO上市流程可分为前期准备、申报与受理、审核问询、注册、发行上市五大阶段，各阶段耗时通常为6-12个月（注册制 下效率较高）。 1. 前期准备阶段（3-6个月） 2. 申报与受理阶段（1-2个月） 3. 审核问询阶段（2-3个月） 4. 注册阶段（20个工作日） 通过上交所审核后，提交中国证监会注册。证监会重点关注审核程序合规性及信息披露完整性，不重复审核，但可能对重大问 题（如技术真实性存疑）要求进一步核查。 自我评估与定位：企业需对照科创板"硬科技"定位（新一代信息技术、高端装备等），重点论证是否符合"4+5"科创属性 评价指标（研发投入占比、发明专利数量、营收增长等）。半导体企业通常属于"新一代信息技术"领域，需突出技术自主 性（如芯片设计、制造、封测、设备/材料等细分环节的创新能力）。 中介机构选聘：聘请保荐券商（需具备科创板项目经 ...

Group 1 - The net buying of Southbound funds includes significant amounts in Southern Hang Seng Technology (1.585 billion), Meituan-W (0.687 billion), Xiaomi Group-W (0.437 billion), Kuaishou-W (0.304 billion), UBTECH (0.242 billion), and SMIC (0.220 billion), while there was a net sell of Pop Mart (0.205 billion) [1] - Southbound funds have continuously net bought Meituan for five days, totaling 2.62343 billion HKD, and Xiaomi for three days, totaling 2.66892 billion HKD [4] Group 2 - Xiaomi Group-W's vehicle delivery is expected to exceed forecasts, potentially reaching 650,000 units by 2026, with a strategy to counteract declining smartphone ASP through stable IoT and internet business [5] - UBTECH's humanoid robot gained significant popularity during the Spring Festival, with institutions predicting a substantial growth phase for the industry this year [6] - SMIC's revenue for Q4 2025 is expected to exceed forecasts, maintaining high capital expenditure [7] - Pop Mart announced the launch of a new IP "After School Merodi" on February 26, featuring 12 regular and 1 hidden model, with pricing set at 69 RMB per blind box and 828 RMB per complete set [7]

Core Insights - On February 24, 2026, Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.462 billion, 4.066 billion, and 1.797 billion respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 5.689 billion, 4.025 billion, and 1.901 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.462 billion, net buying of +0.393 billion [2] - Alibaba-W (09988): Trading amount of 4.066 billion, net selling of -0.065 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.797 billion, net buying of +0.247 billion [2] - SMIC (00981): Trading amount of 1.696 billion, net selling of -0.121 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.570 billion, net buying of +0.059 billion [2] - Pop Mart (09992): Trading amount of 1.476 billion, net selling of -0.101 billion [2] - CNOOC (00883): Trading amount of 1.379 billion, net selling of -0.049 billion [2] - Meituan-W (03690): Trading amount of 1.232 billion, net buying of +0.025 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.217 billion, net buying of +0.026 billion [2] - UBTECH (09880): Trading amount of 1.028 billion, net buying of +0.024 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.689 billion, net selling of -0.480 billion [2] - Alibaba-W (09988): Trading amount of 4.025 billion, net selling of -0.000384 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.901 billion, net selling of -0.161 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.544 billion, net buying of +0.378 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.465 billion, net buying of +1.327 billion [2] - SMIC (00981): Trading amount of 1.394 billion, net buying of +0.342 billion [2] - Meituan-W (03690): Trading amount of 1.039 billion, net buying of +0.066 billion [2] - CNOOC (00883): Trading amount of 0.874 billion, net selling of -0.05057 billion [2] - Kuaishou-W (01024): Trading amount of 0.763 billion, net buying of +0.0304 billion [2] - Pop Mart (09992): Trading amount of 0.762 billion, net selling of -0.0104 billion [2]

证 券 研 究 报 告 杠杆资金净流出规模续创25年4月以来新高 ——流动性&交易拥挤度&投资者温度计周报 2026年2月24日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 • 资金流动性： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 证 券 研 究 报 告 资金流动性：1）资金供给端：偏股型公募新发规模重回历史高位、杠杆资金净流出规模续创25年4月以来新高、 股票型ETF净流出规模扩大、回购金额收缩至历史低位；2）资金需求端：股权融资/产业资本净减持规模均小幅 扩张、南向资金净流入收缩至历史中高位。 | 资金供给 | | | | | --- | --- | --- | --- | | 资金供给主体(亿元) | 上 期 | 本 期 | 近 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 3.131 billion today [1] - The largest net purchases were in Southern Hang Seng Technology (HKD 1.585 billion), Meituan-W (HKD 0.687 billion), Xiaomi Group-W (HKD 0.437 billion), Kuaishou-W (HKD 0.304 billion), UBTECH (HKD 0.242 billion), and SMIC (HKD 0.22 billion) [1] - Southbound funds have net bought Meituan for five consecutive days, totaling HKD 2.62343 billion, and Xiaomi for three consecutive days, totaling HKD 2.66892 billion [1] Group 2 - Tencent Holdings experienced a decline of 3.4% with a net buy of HKD 0.393 billion [3] - Alibaba-W also saw a drop of 2.8% with a net sell of HKD 0.065 billion [3] - Longi Green Energy had a slight increase of 1.2% with a net buy of HKD 0.247 billion [3] - Bubble Mart faced a significant decline of 5.9% with a net sell of HKD 1.01 billion [3] - Meituan-W declined by 4.2% with a net buy of HKD 0.25 billion [3]