12月8日，港股早盘震荡分化，盘中科指回吐涨幅跟随恒指走低，午后股指窄幅震荡，截止收盘，恒生 指数下跌319.72点，跌幅1.23%报25765.36点；恒生科技指数上涨0.09点，涨幅0.0%报5662.55点；国企 指数下跌114.77点，跌幅1.25%报9083.53点；红筹指数下跌41.95点，跌幅0.98%报4218.28点。 盘面上，科网股跌多涨少，快手、阿里巴巴跌超1%，百度涨超3%；锂电池板块涨幅居前，赣锋锂业涨 超6%；中资券商股普涨，华泰证券涨超4%；芯片股走强，华虹半导体涨超4%，上海复旦涨超3%，中 芯国际涨近3%；煤炭股走弱，中国秦发跌超11%；消费股低迷，泡泡玛特跌8.5%，老铺黄金跌6.7%； 内银股集体下跌，其中，建设银行跌4%，招商银行、工商银行跌3.5%，今日两只新股上市，卓越睿新 涨超87%，纳芯微跌超4%。 企业新闻 广汽集团(02238.HK)：11月汽车销量为17.97万辆，同比下降9.72%，本年累计销量为153.4万辆，同期比 较下降10.80%。 国际商业结算(00147.HK)：与南极光附属公司订立计算机芯片销售协议。 中微智码(08041.HK)：于上海临 ...

芯东西12月8日报道，刚刚，江苏苏州模拟芯片龙头纳芯微在港交所挂牌上市。 纳芯微全球发售共计1906.84万股H股，发售价为每股116港元（约合人民币105元），上市首日平开，开盘时总市值为187亿港元（约合人民币 170亿元）。 此次发行获元禾纳芯、Golden Link（比亚迪）、好易得国际（三花控股）、Green Better（小米）等7家基石投资者共认购10.89亿港元（约合 人民币9.89亿元）。 | | | | | | 基於最終發售價116.00港元(即最高發售價) | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 假設超額配股權未獲行使 | | 假設超額配股權獲悉數行使 | | | | | | 將認購的 | 佔發售 | 佔已發行 | 佔發售 | 佔已發行 | | | | | 發售股份 | 股份的概约 | 股本的概约 | 股份的概約 | 股本的概约 | | 基石投资者 | 認購金額(1) | | 数目(3) | 百分比 | 百分比(4) | 百分比 | 百分比(4) | | 元木纳芯 | 90.00 百萬美元(2) ...

来源：瑞恩资本RyanbenCapital 2025年12月8日，来自江苏苏州的A股上市公司纳芯微(02676.HK)(688052.SH)成功在香港联合交易所主 板挂牌上市。 纳芯微是次IPO全球发售1906.84万股H股(占发行完成后总股份的11.80%)，每股定价116港元，募集资金 总额约22.12亿港元，募资净额约20.96亿港元。 纳芯微是次招股，公开发售部分获25.33倍认购，国际发售部分获2.65倍认购。 纳芯微是次IPO招股引入7名基石投资者，合共认购约10.89亿港元的发售股份，基石投资者包括元禾纳 芯(元禾控股)、Golden Link(比亚迪002594.SZ)、好易得国际(三花控股)、Perseverance基金、3W Fund、 Green Better(小米01810.HK)、君宜香港等。 招股书显示，纳芯微在香港上市前的股东架构中，王升杨先生、盛云先生、王一峰先生为一致行动人， 连同其控制的实体，合共持股约27.44%，为单一最大股东。 | 纳芯微(02676.HK, 688052.SH)香港上市后股东架构 | | | | --- | --- | --- | | 单一最大股东集 ...

Group 1 - The company Naxin Micro (02676) debuted at a price of HKD 116, matching its offering price, with a pre-market trading volume of HKD 56.96 million [1] - The total fundraising amount is approximately HKD 22.12 billion, with a net amount of about HKD 20.96 billion, and a subscription rate of 4.32% for each lot [1] - The public offering portion was oversubscribed by 25.33 times, while the international offering portion was oversubscribed by 2.65 times [1]

Core Insights - Suzhou Naxin Microelectronics Co., Ltd. officially listed on the Hong Kong Stock Exchange on December 8, becoming the first company from Suzhou to be listed on both A-share and H-share markets [1] - The company focuses on high-performance and high-reliability analog and mixed-signal chips, providing semiconductor products and solutions across automotive, industrial, information communication, and consumer electronics sectors [1] - Naxin Micro's revenue for the first three quarters of 2025 reached 2.366 billion yuan, a year-on-year increase of 73.18%, with significant growth in downstream markets [2] Company Overview - Founded in 2013, Naxin Micro has developed over 3,600 product models and established a comprehensive operational network in multiple cities across China and overseas markets including Germany, Japan, South Korea, and the United States [1] - The company raised 5.8 billion yuan during its initial public offering on the Shanghai Stock Exchange in April 2022 [1] - Naxin Micro completed a 100% acquisition of magnetic sensor company Meigen in November 2024, enhancing its market share in the analog chip sector and strengthening its supply chain integration capabilities [1] Financial Performance - For the first three quarters of 2025, Naxin Micro reported a net loss of 140 million yuan, with a non-recurring net profit of -177 million yuan, indicating a narrowing of losses due to significant revenue growth and improved product structure [2] - The company's gross margin improved year-on-year, reflecting the positive impact of revenue growth on financial performance [2] Strategic Direction - The CEO of Naxin Micro emphasized that the Hong Kong listing marks a milestone for business development and serves as a starting point for global narrative [2] - The company plans to increase investment in foundational technologies, expand its product portfolio, enhance overseas sales and market systems, and elevate its global operational capabilities [2] Market Context - In 2023, Suzhou saw the addition of 16 new domestic and foreign listed companies, including 7 that are listed overseas, bringing the total number of Hong Kong-listed companies from Suzhou to 41 [2] - Several other Suzhou enterprises are pursuing dual listings on A-share and H-share markets, indicating a growing trend in the region [2]

Company Overview - NOVOSENSE Microelectronics is a robust and reliable analog and mixed signal chip company established in 2013, focusing on sensor, signal chain, and power management solutions widely used in automotive, industrial, information communication, and consumer electronics markets [3]. Listing and Strategic Positioning - On December 8, 2025, NOVOSENSE was officially listed on the Main Board of the Hong Kong Stock Exchange, marking a significant milestone in the company's global expansion strategy and establishing a dual-capital platform across A-share and H-share markets [1]. - The Hong Kong listing positions the city as NOVOSENSE's overseas base, enhancing global customer engagement, strengthening supply chain collaboration, and accelerating ecosystem development [1]. Competitive Advantages and Future Plans - NOVOSENSE is one of the few Chinese companies with deep technology and product deployment across three core domains: sensors, signal chain, and power management, which provides strong competitive advantages in automotive electronics, industrial & energy applications, and smart devices [2]. - The company aims to transition from being "China's trusted analog benchmark" to becoming a "global partner of choice," focusing on investing in foundational technologies, expanding its product portfolio, and enhancing global operational excellence [2].

Core Viewpoint - The intersection of the electric vehicle (EV) boom and humanoid robotics presents unprecedented opportunities in the semiconductor industry, particularly in the analog chip sector. Chinese chip companies must find their positioning to compete with international giants [2]. Group 1: Market Opportunities - The value of semiconductors in electric vehicles has increased from approximately $300 to around $800, with a significant portion of this value flowing into analog chips due to the demand for more sensors, actuators, connectors, and power management units [5]. - The average unit value of smart EV chips is projected to be between 1,500 yuan and 2,800 yuan in 2024, with expectations to rise to between 2,200 yuan and 4,000 yuan by 2029 as the automotive industry integrates electrification and intelligence [5]. - The concept of "ubiquitous robotics" is introduced, highlighting that both humanoid robots and drones share similar requirements for analog chips as EVs, but with stricter demands for miniaturization and high power output [5]. Group 2: Company Strategy - The company aims to become a global leader by focusing on application innovation and selectively deepening its presence in specific fields rather than trying to cover all product categories [7]. - The strategy involves providing comprehensive solutions rather than merely selling components, fostering deeper connections with customers and transitioning from a "follower" to an "innovation partner" [7][8]. - Collaborations with leading companies, such as Continental, allow the company to integrate various technological advantages and develop innovative, competitive system-level solutions [8]. Group 3: Talent Development - The design of analog chips relies heavily on experience, making the cultivation of design engineers crucial for the company [9]. - The company employs a rigorous talent selection process to recruit the best candidates, which shortens the adaptation period for new employees and lays a solid foundation for rapid growth [10]. - A systematic training program for new hires includes a 1 to 2-month off-job training period to familiarize them with the company's R&D processes and develop industry-relevant engineering thinking [10]. Group 4: Research and Development - The company has focused on rapidly completing product layouts in targeted market areas to seize market opportunities, leading to a period of rapid expansion and sustained high levels of R&D investment [11]. - Continuous revenue growth over nine consecutive quarters indicates that previous R&D investments are beginning to yield returns, with expectations of achieving profitability in the near future [11]. - As the company transitions from an expansion phase to an optimization phase, the growth rate of R&D investment will gradually slow, leading to a healthier and more sustainable overall business operation [11]. Group 5: International Expansion - The company views international market entry as essential for future growth, leveraging the potential of overseas markets to maximize the value of R&D investments [12]. - Collaborations with international clients like Bosch and Continental are expected to enhance product quality, technical capabilities, and management processes to world-class standards [12]. - The strategy to build trust with international clients involves leveraging the company's advantages in the domestic market and providing verified innovative products overseas [12]. Group 6: Market Positioning - The company's upcoming listing on the Hong Kong stock exchange is anticipated to enhance its global brand recognition and provide flexible capital support for international expansion [13].

Core Viewpoint - Naxinwei's successful listing on the Hong Kong Stock Exchange marks a significant milestone in its development and represents a model for domestic high-end analog and mixed-signal chip companies to access global capital markets [1] Financial Performance - Naxinwei's revenue for 2022-2024 was 1.67 billion, 1.31 billion, and 1.96 billion RMB respectively, with a rebound expected in 2024, showing a 49.6% year-on-year growth [4] - In the first half of 2025, revenue reached 1.52 billion RMB, reflecting a 79.5% year-on-year increase, indicating strong recovery in downstream demand [4] - The gross margin for the first half of 2025 was 32.9%, up 3.2 percentage points from the same period in 2024, driven by an increase in high-margin automotive products [4] - Operating cash flow improved significantly, with a net cash flow of 95.05 million RMB in 2024, compared to a negative 139 million RMB in 2023 [5] Business Structure - Naxinwei's revenue structure is diversified across three main product segments: sensors (27.1%), signal chain chips (38.4%), and power management chips (34.1%) as of the first half of 2025, reducing reliance on any single product [7] - The sensor segment saw a revenue increase of approximately 350% in the first half of 2025, largely due to the acquisition of Maiguan, which contributed about 60% to this growth [8] Market Demand - The demand for chips is driven by several sectors, including the rapidly growing new energy vehicle market, which is expected to see sales reach 12.8 million units in 2024, with a penetration rate of 40.9% [11] - The renewable energy sector is also expanding, with installed capacity projected to grow from 534.4 GW in 2020 to 1407.4 GW in 2024, indicating strong demand for isolation chips and current sensors [13] Product Competitiveness - Naxinwei's digital isolation chips have competitive specifications, achieving a voltage isolation of 5kVrms and a transmission rate of 150Mbps, comparable to international competitors [14] - The company has established a strong market position in various segments, including being the leading domestic supplier of magnetic sensors with a market share of 7.1% [14] Domestic Replacement - The domestic analog chip market is projected to reach 195.3 billion RMB in 2024, with a current localization rate of only 23.2%, indicating significant room for growth for local companies like Naxinwei [18] - Naxinwei's collaborations with major domestic players such as BYD and CATL exemplify the potential for local suppliers to meet increasing demand in emerging applications [19]

人民财讯12月8日电，12月8日，苏州纳芯微电子股份有限公司(股票代码：02676.HK)正式在香港联合交 易所主板挂牌上市，构建"A+H"双资本平台。 ...

| 分时 5日 = 5分 15分 30分 60分 图K 周K 月K 年K = | | (x = 其他 · ■ / : 恒生指数 (HSI) | | | | | | --- | --- | --- | --- | --- | --- | --- | | 恒生頻數 但因 · | | 0000 | | 26103.08 103.08 | | | | | -27381.84 | | 呼撞报价 | | | | | | | 27000.0 | 域交量 | 7.46亿 新闻 | 2011133 今天 | 26067.86 | | | | | 成交租 | 196亿 最低 | 26067.04 作者 | 20005.06 | | | | 26500.0 | 其他指数 | | | | | | | | 名称 | | 最新 | 双4 | | | | | 周无脂数 | | 58.92 | -0.08% | | | | | 10.05 | | 47264 0 | +0.22 | | | | 25500.0 | 解解达真 | | 21570.12 | +0.31 | | | | | 标值500 | | 6870,40 | +0.137 | ...