去年10月，荷兰看守政府已经宣布暂停对安世半导体的干预恶行。同时，安世（荷兰）和闻泰科技将此 纠纷提交至阿姆斯特丹企业法庭。闻泰科技指控安世（荷兰）的临时管理层扰乱运营、破坏供应链，并 据荷兰《电讯报》和路透社消息，当地时间2月11日，荷兰阿姆斯特丹一家上诉法庭作出裁决，下令对 安世半导体所谓"管理不善"进行正式调查。裁决还维持了荷兰政府此前暂停安世半导体中国籍CEO的决 定，并允许公司的欧洲临时管理团队继续留任。 安世母公司闻泰科技在一份声明中表示，对有关决定"极其失望与强烈不满"，强调将继续通过一切法律 途径捍卫自身权益。 闻泰科技重申：唯一能够挽救安世半导体、稳定全球供应链、保护所有利益相关方合法权益的方案，是 立即、无条件撤销全部临时措施，恢复闻泰科技的合法股东权利。 此次争端可以追溯至2025年9月底。当时，荷兰经济事务与气候政策部下达部长令，一度"冻结"安世半 导体的正常运营；随后，企业法庭基于一项紧急申请作出裁决，暂停了张学政在安世半导体的CEO职 务，并限制闻泰科技对安世半导体的控制权。尽管此后荷兰政府部门已撤销了部长令，但企业法庭的裁 决效力仍在，公司控制权陷入僵局。 据北京日报客户端消息， ...

Core Insights - The report highlights the significant recovery in the profitability of the company, with a projected net profit of between 132 million and 140 million yuan for 2025, marking a substantial turnaround from previous losses [8][9] - The demand for IC substrates is driven by the explosive growth in AI server requirements, leading to a price surge in the substrate industry, particularly for BT and ABF substrates, with a reported price increase of 38% over the past year [10][11] - The global IC substrate market is expected to grow from 16.69 billion USD in 2025 to 18.44 billion USD in 2026, with a robust compound annual growth rate (CAGR) of 10.51% projected from 2026 to 2035 [11] Company Analysis - The company is positioned as one of the few manufacturers with both BT and ABF substrate capabilities, making its production capacity and technological expertise particularly valuable in the current market context [10][12] - The anticipated earnings per share (EPS) for the company are projected to be 0.08 yuan in 2025, 0.25 yuan in 2026, and 0.40 yuan in 2027, maintaining a "recommend" rating for investment [12]

Core Viewpoint - The recent ruling by the Amsterdam Enterprise Chamber regarding Nexperia has not revoked previous interim measures, failing to restore the company's legitimate controlling rights as a shareholder, which has led to profound disappointment and dissatisfaction from the company [2][6][12]. Summary by Relevant Sections Legal Proceedings - The Enterprise Chamber has maintained interim measures that have been in place since October 2025, which are causing irreparable damage to Nexperia, affecting its operations and the interests of over 25,000 customers and the global supply chain [9][10]. - An investigation procedure against Nexperia has been initiated, which is seen as a contradictory ruling since it acknowledges the need for further investigation while upholding measures based on one-sided information [9][10]. Company Position - The company expresses a strong commitment to restoring its legitimate control and governance rights over Nexperia through all legal avenues, emphasizing that this is the only correct path to stabilize the company and the semiconductor industry [14][15]. - The company has noted that the ruling has expanded the investigation to include the current interim management of Nexperia and has confirmed several claims made by the company in the dispute [12][13]. Call for Action - The company urges the Enterprise Chamber to conduct a thorough and fair investigation into the current management's illegal actions, restore the truth, and hold responsible parties accountable [12][13]. - The company reaffirms that the immediate and unconditional revocation of all interim measures is essential to save Nexperia and protect the legitimate rights of all stakeholders [14].

2026年2月12日星期四 ➢ 美就业大增；中国促央企算力投资。A股 偏强震荡。上证指数收涨0.09%报4131.98 点，深证成指跌0.35%，创业板指跌1.08%。 有色板块多行业大涨。恒指冲高回落， 香港恒生指数收涨0.31%报27266.38点， 恒生科技指数涨0.9%，恒生中国企业指数 上涨0.28%。贵金属、锂金属强劲上涨。 大市成交额2172.175亿港元。外盘方面， 欧洲三大股指收盘涨跌不一，美国三大 股指小幅收跌，道指跌0.13%报50121.4点， 标普500指数持平报6941.47点，纳指跌 0.16%。美国非农就业创逾一年最大增长， 失业率意外下降，交易员料美联储7月才 会降息。中国国资委呼吁央企积极扩大 算力有效投资。 资料来源：彭博 | 27266.38 | 0.31 | 6.38 | | --- | --- | --- | | 9268.18 | 0.28 | 3.98 | | 5499.99 | 0.90 | -0.29 | | 118.11 | -0.12 | -4.33 | | 4131.99 | 0.09 | 4.11 | | 14160.93 | -0.35 | 4.7 ...

Core Viewpoint - The article highlights the regulatory actions taken by the Beijing Market Supervision Administration against misleading ticket purchasing services offered by various platforms during the Spring Festival travel rush, emphasizing the need for consumer protection and compliance with official ticketing rules [1][4][6]. Group 1: Regulatory Actions - The Beijing Market Supervision Administration organized administrative talks with 12 major platforms involved in online train ticket sales, addressing issues related to misleading promotional practices such as "accelerated packages" and "dual-channel" services [1][4]. - A specific case was highlighted where a platform falsely advertised its "ticket grabbing" service, which was actually just a referral to the official 12306 system's waiting list service [4][5]. Group 2: Misleading Services - Platforms claimed to offer "dual-channel ticket grabbing" that combined waiting list orders with monitoring services, but this was misleading as the official rules state that no tickets would be available for purchase if a waiting list order exists [4][5]. - The so-called "speed-up packages" offered by third-party platforms, which charged consumers between 10 to 50 yuan, did not actually expedite the ticket purchasing process, as tickets were already sold out [4][5]. Group 3: Compliance Requirements - The Beijing Market Supervision Administration outlined four compliance requirements for the platforms, including the need to eliminate misleading advertisements, ensure transparency in pricing, and avoid implying any special purchasing privileges through paid services [7][8]. - Platforms were instructed to conduct thorough checks of their business models and service processes to align with consumer protection standards and to avoid using official branding from the 12306 platform in a misleading manner [7].

春节临近，安世半导体控制权僵局未见转圜，反而步入更为漫长的第二阶段。 2月11日晚间，闻泰科技公告称，阿姆斯特丹上诉法院企业法庭（以下简称"企业法庭"）于荷兰时间 2026年2月11日作出裁决。企业法庭经审理后，批准了启动正式调查的申请。企业法庭开展调查期间， 公司对安世的控制权仍然处于受限状态。 安世控制权受限，对闻泰科技的影响已从单一事件演变为系统性风险。 安世控制权长期受限，正在对闻泰科技形成多方位冲击。公司业绩预告显示，2025年全年预计亏损额为 90亿元至135亿元；与此同时，公司主体及债项信用评级近期遭遇下调。2月12日开盘，闻泰科技股价一 度触及跌停。 裁决致安世控制权"冻结期"延长 自2024年底宣布剥离产品集成业务之后，闻泰科技战略重心全面向半导体业务倾斜，而安世半导体正是 其半导体板块的核心载体。 闻泰科技公告显示，安世半导体是全球领先的分立与功率芯片IDM龙头厂商，是全球龙头的汽车半导体 公司之一，拥有近1.6万种产品料号。根据芯谋研究数据，2024年安世半导体位居全球功率分立器件营 收第三位，并稳居国内功率半导体公司第一名位置，荣获"中国半导体行业功率器件十强企业"称号。 然而，自20 ...

荷兰法庭最新裁决维持安世半导体临时措施，闻泰科技深夜抗议。昨天晚间，闻泰科技公告称极为失 望、强烈不满。裁决自相矛盾，是基于片面不实信息作出的，持续的临时措施正对安世半导体造成不可 逆损害，危及上万员工、超2.5万家客户及全球产业链利益。公司表示将穷尽法律手段恢复完整控制 权。同日，中诚信国际宣布将闻泰科技主体信用等级由AA-调降至A、评级展望转为负面，"闻泰转 债"债项信用等级同步下调。公司此前披露2025年度业绩预告，预计归母净利润亏损90亿元至135亿元， 核心原因就是安世控制权受限导致的投资损失、资产减值损失。 ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 闻泰科技2月11日晚间公告，荷兰阿姆斯特丹上诉法院企业法庭最新裁决，批准了荷方正式调查申 请，以及 维持了2025年10月以来对安世采取的临时措施 ，企业法庭开展调查期间，公司对安世 的控制权仍然处于受限状态，且调查时限存在不确定性。同日，闻泰科技主体及相关债项信用等级 被下调。 来源 ： 闻泰 科技 2025年10月13日 ，闻泰科技公告子公司安世 半导体 有限公司以及安世 半导体 控股有限公司收 到荷兰经济事务与气候政策部下达的部长令和阿姆斯特丹上诉法院企业法庭的裁决，标志着闻泰科 技核心子公司安世半导体失控，实际控制人张学政被暂停在安世担任董事职务。 2025年11月19日 ，荷兰经济事务与气候政策部大臣在社交媒体上公开发布声明，上述部长令被 宣布暂停。 2026年1月14日 ，企业法庭就安世的相关争议举行了公开听证会，核心议题为是否应就安世欧洲 管理层提出的指控启动调查，并审议是否撤销法庭此前作出的临时措施，相关临时措施此前导致公 司对安世的控 ...

Group 1: Domestic Market Insights - The People's Bank of China reported that the average daily transaction volume of interbank lending in 2025 was 3610.7 billion yuan, a decrease of 12.1% compared to 2024 [2] - The net financing of government bonds in 2025 reached 13.8 trillion yuan, an increase of 2.5 trillion yuan from 2024 [2] - The total custody balance of the bond market at the end of 2025 was 196.7 trillion yuan, with foreign institutions holding 3.5 trillion yuan, accounting for 1.8% of the total [2] Group 2: Economic Indicators - In January 2026, the Consumer Price Index (CPI) rose by 0.2% year-on-year, while the Producer Price Index (PPI) fell by 1.4%, indicating a narrowing decline compared to the previous month [3] - The average hourly wage in the U.S. increased by 0.4% in January, surpassing expectations, while the unemployment rate dropped to 4.3% [6] Group 3: Government Policies - The State Council emphasized the need to curb new hidden debts and proposed measures to enhance government investment efficiency, including strict accountability for local government borrowing [4] - The State Council's implementation opinion aims to establish a unified national electricity market system by 2035, with market transactions expected to account for about 70% of total electricity consumption by 2030 [5] Group 4: Bond Market Dynamics - The bond market showed a warming trend as institutions preferred to hold bonds during the holiday season, with the yield on the 10-year government bond decreasing by 0.90 basis points to 1.7860% [11] - In the secondary market, seven industrial bonds experienced significant price deviations, with some bonds seeing price drops exceeding 64% [13] Group 5: Convertible Bonds and Stock Market - The convertible bond market experienced mixed performance, with the China Convertible Bond Index and Shenzhen Convertible Bond Index rising by 0.05% and 0.28%, respectively, while the Shanghai Convertible Bond Index fell by 0.13% [20] - The A-share market showed slight fluctuations, with the Shanghai Composite Index rising by 0.09% and the Shenzhen Component Index and ChiNext Index declining by 0.35% and 1.08%, respectively [20]

法院当天指出，安世半导体的经营"存在涉及利益冲突的过失行为迹象"。 美国政府在2024年底将闻泰科技列入出口管制"实体清单"。安世半导体也被列入清单的可能性升高，法 院认为："（张学政）在制裁威胁下，未与其他董事协商，便擅自改变了战略"。 法院的调查预计将持续数月。由于张学政停职，该公司首席财务官（CFO）Stefan Tilger出任安世半导 体临时CEO。根据新管理层的决定，从生产半导体原料晶圆的欧洲工厂向负责最终工序的中国工厂的出 货已暂停。 日本经济新闻（中文版：日经中文网）林英树 法兰克福报道 安世半导体荷兰总部（Reuters） 美国政府在2024年底将闻泰科技列入出口管制"实体清单"。安世半导体也被列入清单的可能性升高，法 院认为："（张学政）在制裁威胁下，未与其他董事协商，便擅自改变了战略"…… 荷兰商事法院2月11日表示，对总部位于荷兰、中资背景的半导体厂商安世半导体（Nexperia）启 动不当经营调查。法院表示"有正当理由对公司的健康运营感到担忧"，并决定继续执行2025年10 月法院下达的对该公司首席执行官张学政的职务暂停措施。 安世半导体于2020年被中国电子设备大型企业闻泰科技收购 ...