本次权益变动属于苏州纳芯微电子股份有限公司（以下简称"公司"） 发行境外上市股份（H 股）股票并在香港联合交易所有限公司主板挂牌 上市引起公司总股本增加，进而导致公司控股股东、实际控制人及其一 致行动人持股比例被动稀释，不触及要约收购； 本次权益变动不会导致公司控股股东及实际控制人发生变化； 本次权益变动后，公司总股本由 142,528,433 股增加至 161,596,833 股（行 使超额配售权之前）。公司控股股东、实际控制人王升杨、盛云、王一 峰及其控制的苏州瑞矽信息咨询合伙企业（有限合伙）、苏州纳芯壹号 信息咨询合伙企业（有限合伙）、苏州纳芯贰号信息咨询合伙企业（有 限合伙）、苏州纳芯叁号信息咨询合伙企业（有限合伙），合计持有公 司 44,336,080 股，持股数量未发生变化，合计持股比例由 31.11%被动 稀释至 27.44%，被动稀释比例跨越 5%整数倍。 证券代码：688052 证券简称：纳芯微 公告编号：2025-062 苏州纳芯微电子股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例 被动稀释跨越 5%整数倍的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 ...

Core Viewpoint - The semiconductor sector in China is experiencing fluctuations, with the STAR Market Chip Index showing a slight decline, while certain stocks are performing well, indicating mixed market sentiment in the industry [1] Industry Summary - As of December 8, U.S. chip stocks saw gains post-market, with NVIDIA rising nearly 3%, reflecting positive trends in the global semiconductor market [1] - Dongguan Securities highlights that artificial intelligence remains a key innovation driver in the tech sector, with various segments such as computing power, storage, equipment, and advanced packaging expected to benefit [1] - Domestic AI chip companies have rapidly developed and achieved significant progress in localization, with firms like Moore and Muxi accelerating their capital market strategies [1] - Major internet companies, including Tencent, are actively adapting to domestic computing power chips, which is expected to expedite the formation of a domestic computing power ecosystem [1] Company Summary - As of November 28, the top ten weighted stocks in the STAR Market Chip Index include Haiguang Information, Cambrian, SMIC, and others, collectively accounting for 59.66% of the index [1] - The STAR Chip ETF (588200) serves as a convenient tool for investors looking to gain exposure to the STAR Market chip sector [1] - Investors without stock accounts can access investment opportunities in domestic chips through the STAR Chip ETF linked fund (017470) [1]

Group 1 - Suzhou Naxin Microelectronics Co., Ltd. (referred to as "Naxin Micro") completed its H-share issuance and listing on the Hong Kong Stock Exchange on December 8, 2025, marking its status as an A+H share listed company (stock code: 2676.HK / 688052.SH) [1] - KPMG served as the reporting accountant for the listing project, providing professional services throughout the process [1] Group 2 - Naxin Micro is a company specializing in analog and mixed-signal chips, focusing on three main areas: sensors, signal chains, and power management [2] - The company provides semiconductor products and solutions for various sectors, including automotive, industrial, information communication, and consumer electronics [2]

Macro and Strategy - The Federal Open Market Committee (FOMC) is facing a personnel change that will influence future policy direction and independence boundaries, with a key focus on the upcoming 2026 board member replacements [7][8] - The current structure of the FOMC, with a mix of "core dependent" and "institutional defense" members, will determine the continuation of its independence, with potential shifts in policy power dynamics anticipated [8] - The report predicts that the Federal Reserve is likely to enter a phase of "political rate cuts," with increased uncertainty in decision-making frameworks [9] Industry and Company Agriculture, Forestry, Animal Husbandry, and Fishery - The investment strategy for December 2025 highlights an expected reversal in the livestock cycle, recommending key stocks in the dairy farming sector such as Yuran Agriculture and Modern Farming [13] - The report emphasizes the potential for a rebound in meat and milk prices, driven by a synchronized recovery in the livestock sector, with leading companies expected to experience significant earnings recovery [13][14] - Recommendations include leading companies in various segments: livestock (Yuran Agriculture, Modern Farming), pork (Hua Tong, De Kang), and pet food (Guaibao Pet) [15][17] Food and Beverage - The food and beverage sector has seen a decline of 1.80% recently, with A-share food and beverage indices underperforming the broader market [18][19] - The report identifies a divergence in performance across categories, with alcoholic beverages facing supply-demand imbalances, while dairy products are expected to see gradual recovery [19][20] - Investment recommendations focus on high-potential companies in the beverage sector, such as Nongfu Spring and East Peak Beverage, as well as premium liquor brands like Luzhou Laojiao and Moutai [19][20] Real Estate - The real estate market is experiencing significant pressure, with a 9.6% year-on-year decline in sales volume and a 6.8% drop in sales area from January to October 2025 [25][26] - The report notes that while non-popular cities are seeing population outflows, local residents still have improvement-driven housing demands, which could stabilize the market [26][28] - Recommendations include focusing on companies that are well-positioned in non-popular cities, such as China Overseas Land & Investment, which can leverage local demand for housing improvements [28] Internet and AI - The report highlights advancements in AI technology, with significant product launches from companies like OpenAI and Tencent, indicating a growing trend in AI applications across various sectors [29][30] - Investment strategies suggest focusing on internet giants that are leveraging AI for growth, with recommendations for Alibaba and Tencent as key players benefiting from AI integration [30] - The report also notes the potential for AI to enhance advertising and cloud service revenues for these companies, suggesting a positive outlook for their financial performance [30]

Group 1 - Tesla's Optimus humanoid robot fell during a demonstration, raising concerns about its claimed autonomy as it appeared to mimic a "remove headset" action, suggesting possible remote control involvement [5][6] - The incident has been interpreted as a significant blow to Tesla's narrative of AI-driven independence, as the robot struggled with a simple task [6] - The CEO of a competing company, Zhongqing Robotics, was kicked by their T800 robot during a promotional video, which sparked discussions about workplace dynamics and safety [7][8] Group 2 - Zhang Yutong has been appointed as the president of Moonshot AI, taking charge of strategic planning and commercialization, amidst ongoing disputes with former associates [10][11] - The AI chip company Moer Thread recently went public, achieving a 425% increase on its first day, creating several billionaires in the process [17][18] - ByteDance's former public relations director Yang Jibin has joined Li Auto, indicating a trend of talent movement within the tech industry [15] Group 3 - The U.S. Senate has proposed a bill to ban the export of advanced AI chips to China and Russia for at least 30 months, which could significantly impact companies like NVIDIA and AMD [17][18] - The IPO of Jiangsu-based chip company Naxin Micro raised approximately 170 billion RMB, with significant backing from major investors including BYD and Xiaomi [23][24] - Midea Group has completed a 10 billion RMB share buyback, with plans to cancel a substantial portion of the repurchased shares, reflecting strong financial health [24][25] Group 4 - OpenAI's ChatGPT is currently serving over 800 million users weekly, highlighting the rapid growth and adoption of AI technologies across various sectors [45][46] - The upcoming GAIR Global AI and Robotics Conference will focus on cutting-edge topics in AI, showcasing the industry's commitment to innovation and collaboration [47]

Summary of Key Points Core Viewpoint - A total of 36 companies conducted share buybacks on December 8, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 1,049,000 shares for a total of HKD 636 million, representing 0.938% of its total share capital [2]. - Xiaomi Group-W (01810) repurchased 4,800,000 shares for HKD 204 million, accounting for 0.360% of its total share capital [2]. - China Feihe (06186) repurchased 7,000,000 shares for HKD 28.75 million, which is 2.373% of its total share capital [2]. Group 2: Other Notable Companies - Kuaishou-W (01024) repurchased 438,000 shares for HKD 29.95 million, which is 0.169% of its total share capital [2]. - Midea Group (00300) repurchased 425,700 shares for HKD 34.79 million, with no total share capital percentage provided [2]. - Geely Automobile (00175) repurchased 1,534,000 shares for HKD 27.12 million, representing only 0.015% of its total share capital [2]. Group 3: Additional Insights - The total buyback amounts for the other companies varied significantly, with some like Coolpad Group (02369) repurchasing 3,420,000 shares for HKD 4.53 million, which is 4.817% of its total share capital [2]. - The data indicates a trend of companies engaging in share buybacks as a strategy to enhance shareholder value [1][2].

Core Viewpoint - Suzhou Naxin Microelectronics Co., Ltd. has officially listed on the Hong Kong Stock Exchange, marking the first company from Suzhou to achieve dual listing in both A-share and H-share markets, highlighting the growing trend of "A+H" listings in the Yangtze River Delta region [1][2]. Group 1: Company Overview - Naxin Micro is a leading high-performance analog chip company focusing on sensors, signal chains, and power management, providing reliable semiconductor products and solutions for automotive, industrial, information communication, and consumer electronics sectors [4]. - The company raised a total of 5.8 billion yuan during its initial public offering on the Shanghai Stock Exchange in April 2022 [2]. Group 2: Industry Trends - The trend of A-share companies seeking dual listings in Hong Kong has become a strategic choice for expanding investor bases and financing channels, enhancing international visibility and facilitating cross-border capital operations [1][2]. - Since 2025, there has been a surge in A-share companies from the Yangtze River Delta pursuing dual listings, with strategic emerging industries becoming the main focus [2][3]. - Other companies in the region, such as Heng Rui Pharmaceutical and Junsheng Electronics, have also successfully listed on the Hong Kong Stock Exchange, indicating a broader trend of leveraging dual capital platforms for global expansion and technological upgrades [2][3]. Group 3: Future Outlook - Naxin Micro aims to leverage its Hong Kong listing as a milestone for global narrative, increasing investment in foundational technologies, expanding product offerings, and enhancing overseas sales and market systems [4]. - The current wave of "A+H" listings reflects the strategic pursuit of diversified financing channels, higher international visibility, and global resource allocation capabilities by companies in the Yangtze River Delta [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 Suzhou Novosense Microelectronics Co., Ltd. 蘇州納芯微電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2676） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列 蘇州納芯微電子股份有限公司（「 本公司 」）於 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)所刊發的公告，僅供參考。 承董事會命 蘇州納芯微電子股份有限公司 董事長兼董事 证券代码：688052 证券简称：纳芯微 公告编号：2025-061 苏州纳芯微电子股份有限公司 王升楊先生 香港，2025年12月8日 截 至 本 公 告 日 期，本 公 司 董 事 會 包 括：王 升 楊 先 生、盛 雲 先 生、王 一 峰 先 生、 姜超尚先生、吳傑先生、洪志良博士、陳西嬋博士、王如偉先生及杜琳琳女士。 关于以集中竞 ...

茲載列 蘇州納芯微電子股份有限公司（「 本公司 」）於 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)所刊發的公告，僅供參考。 承董事會命 蘇州納芯微電子股份有限公司 董事長兼董事 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 Suzhou Novosense Microelectronics Co., Ltd. 蘇州納芯微電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2676） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 王升楊先生 香港，2025年12月8日 截 至 本 公 告 日 期，本 公 司 董 事 會 包 括：王 升 楊 先 生、盛 雲 先 生、王 一 峰 先 生、 姜超尚先生、吳傑先生、洪志良博士、陳西嬋博士、王如偉先生及杜琳琳女士。 证券代码：688052 证券简称：纳芯微 公告编号：2025-060 苏州纳芯微电子股份有限公司 关于境外上市 ...

Group 1 - Suzhou Naxin Microelectronics Co., Ltd. officially listed on the Hong Kong Stock Exchange, becoming the first "A+H" analog chip company backed by the National Integrated Circuit Industry Investment Fund Phase III [1] - The global offering consisted of 19.0684 million H shares, with 10% allocated for public offering in Hong Kong and 90% for international offering, raising approximately HKD 2.096 billion at an issue price of HKD 116 per share [1] - The fund allocation includes 25% for expanding overseas sales networks, 22% for enhancing automotive electronics applications, 18% for upgrading underlying technology and process platforms, and the remainder for strategic investments and working capital [1] Group 2 - Naxin Micro's H-share listing is seen as a significant step for the domestic analog chip industry, which currently has a domestic market penetration rate of only 5% in automotive analog chips [1] - The company aims to leverage the Hong Kong international capital platform to attract long-term funding and mitigate currency fluctuation risks, while also enhancing its local sales network to better respond to global customer demands [2] - The chairman of Naxin Micro emphasized that the listing marks a shift from a China-centric strategy to a focus on deepening engagement in global markets, highlighting the necessity for Chinese chip companies to compete on the global stage [2]