Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company has shown a robust performance in the first three quarters of 2025, achieving revenue of 930 million yuan, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 37.34 million yuan, up 74.8% year-on-year [1]. - The company's core business in bearing rings is entering a clear recovery phase, with capacity utilization rates improving significantly from 40-50% to 70-90% due to previous heavy asset investments [1]. - The humanoid robot sector is identified as a trillion-yuan market, with the company positioned to benefit from the growth in this industry through its key component, the planetary roller screw [2]. - The company has developed an insulated bearing inner ring to address the issue of electrical corrosion in electric drive systems for new energy vehicles, which is expected to reduce costs by over 30% compared to mainstream ceramic ball bearing solutions [2]. - The company is advancing its globalization strategy, having received approval for a factory in Mexico and exploring opportunities in Europe and Thailand [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 1.35 billion yuan, 1.77 billion yuan, and 2.24 billion yuan, respectively, with net profits expected to reach 66 million yuan, 130 million yuan, and 200 million yuan [4][12]. - The earnings per share (EPS) is projected to grow from 0.53 yuan in 2025 to 1.62 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 122.43 to 40.42 [4][12]. - The company is expected to achieve a gross margin improvement from 15.2% in 2025 to 19.3% in 2027, indicating enhanced profitability [12].

民生证券指出，当前软件产业在国产替代与AI赋能双轮驱动下呈现强劲增长态势。一方面，协同办公 信创、效率办公信创等细分市场空间广阔，预计到2027年相关市场规模有望突破30亿元；另一方面，国 产算力与国产软件的深度融合正加速技术生态协同，推动产业链从"可用"向"好用"升级。中长期看，工 业软件、基础软件等关键领域在政策支持与需求拉动下，有望成为推动产业数字化进程的核心引擎。 （文章来源：每日经济新闻） 12月16日，A股三大指数午后持续调整，盘面上，零售、免税、网约车等板块涨幅居前，贵金属、影视 院线、海南等板块跌幅居前，创业板软件ETF华夏（159256）跌1.16%，其持仓股四方精创异动拉升， 大涨超7%，银之杰、长亮科技、指南针等股领涨，航天智装、汉得信息、万兴科技等股领跌。 消息方面，2025年12月29日，四川省软件行业协会将在成都举办"四川省软件产业大会暨第六届会员代 表大会第五次会议"，会议主题为"标准赋能·提质增效"，旨在通过宣贯解读《软件过程能力成熟度模 型》《信息化项目费用测算标准》《软件研发项目管理规范》等关键标准，推动省内软件企业以规范驱 动发展提质，夯实核心竞争力。此次大会将聚焦软件过 ...

Group 1 - The integrated circuit industry is experiencing a surge in IPO activities, with over 20 companies advancing their listing processes in just half a month, covering various segments such as IC design, semiconductor equipment, and materials [1] - Notable companies include Moer Technology, which became the first domestic GPU company to list on the STAR Market, and Wallen Technology, which has received approval for overseas listing [1][7] - The IPO activities reflect a strong alignment between capital and industry, indicating a rapid integration of domestic integrated circuit companies with the capital market [1] Group 2 - Angrui Microelectronics officially listed on the STAR Market on December 16, 2025, with an issuance of 24.88 million shares at a price of 83.06 yuan per share, raising approximately 2.067 billion yuan for key projects [3][4] - The funds will be allocated to three main projects: R&D and industrialization of 5G RF front-end chips (10.96 billion yuan), RF SoC development (4.08 billion yuan), and the construction of a headquarters and R&D center (5.63 billion yuan) [4][6] - Angrui Microelectronics focuses on RF front-end chips and SoC chips, with projected revenue growth from 922 million yuan in 2022 to 2.101 billion yuan in 2024, reflecting a compound annual growth rate of over 50% [6] Group 3 - Wallen Technology is preparing for an overseas listing, aiming to issue up to 372.46 million shares, which would make it the first GPU company listed in Hong Kong [7][9] - The company specializes in high-performance general-purpose GPUs and has completed multiple rounds of financing, achieving a valuation of 14 billion yuan before its Hong Kong listing [10] Group 4 - Muxi Technology is set to list on the STAR Market on December 17, 2025, with an issuance of 40.1 million shares at a price of 104.66 yuan per share, targeting a total fundraising of approximately 4.197 billion yuan [11][13] - The funds will focus on R&D and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [13] Group 5 - Haowei Group has passed the listing hearing on the Hong Kong Stock Exchange, moving closer to achieving a dual listing in both Hong Kong and Shanghai [14][18] - The company is a leading Fabless semiconductor design firm, providing sensor, analog, and display solutions across various sectors [18] Group 6 - San Di Yi Xin has completed its IPO counseling registration, focusing on NAND Flash storage control chips and has already mass-produced USB and SD series mobile storage control chips [19][21] - The company aims to enhance its process to 40nm and has developed proprietary algorithms to improve the performance and lifespan of storage chips [21] Group 7 - Tongchuang Purun has initiated its IPO process, focusing on ultra-pure metal materials for large-scale integrated circuits, with products already entering the supply chains of top global wafer manufacturers [22][24] - The company has received significant funding, including over 1 billion yuan in a Pre-IPO round [24] Group 8 - Xinhua Semiconductor has completed its IPO counseling, focusing on electronic-grade polysilicon and related products, with a production capacity of 10,000 tons of semiconductor-grade polysilicon [25][27] - The company has a diverse shareholder structure, including significant investments from state-owned funds [28] Group 9 - Chengdu Super Pure has completed its IPO counseling, focusing on key components for semiconductor etching and precision optics [29][31] - The company has undergone multiple rounds of financing, with significant investments from notable firms [31] Group 10 - Quanxin Intelligent Manufacturing has initiated its IPO process, being the first EDA software company in China focused on semiconductor manufacturing [32][34] - The company has achieved significant revenue growth but is still in a strategic investment phase [34] Group 11 - Yuexin Semiconductor has completed its IPO counseling, focusing on high-end analog chip foundry services for various sectors [35][36] - The company has a multi-phase construction plan with a total investment of 16.25 billion yuan [36] Group 12 - Huolong Technology has started its IPO counseling, specializing in customized designs for gas delivery systems and heating products in the semiconductor equipment sector [38][41] - The company has established a strong market presence and technical barriers in its field [41] Group 13 - Zhaoyi Innovation has received approval for its overseas listing, aiming to issue up to 51.8 million shares on the Hong Kong Stock Exchange [42][44] - The company is a leading Fabless chip supplier, focusing on memory products and has broken the long-standing foreign monopoly in the niche DRAM market [44] Group 14 - Lanjie Technology has also received approval for its overseas listing, with plans to issue up to 13.02 million shares on the Hong Kong Stock Exchange [45][47] - The company specializes in data processing and interconnect chip design, targeting cloud computing and data center markets [47] Group 15 - Weian Co. has initiated its IPO process, focusing on circuit protection and power semiconductor products [48][51] - The company has shown steady revenue growth from 784 million yuan in 2020 to 1.188 billion yuan in 2022 [51] Group 16 - Naxin Microelectronics has officially listed on the Hong Kong Stock Exchange, becoming the first company to achieve a dual listing in both A and H shares in the analog chip sector [52][54] - The company plans to use the funds raised from its IPO to enhance its technology and expand its product offerings in the automotive chip market [54]

截至2025年12月16日 13:39，上证科创板100指数下跌1.84%。成分股方面涨跌互现，芯源微领涨 4.11%，经纬恒润上涨2.99%，茂莱光学上涨2.50%；金盘科技领跌6.05%，国盾量子下跌6.00%，微导纳 米下跌5.88%。科创100ETF华夏（588800）下跌1.89%，最新报价1.25元。 流动性方面，科创100ETF华夏（588800）盘中换手10.01%，成交2.62亿元，领先同类。 科创100ETF华夏（588800）紧密跟踪的科创100指数，是科创板第一只，也是唯一一只中盘风格指数， 聚焦高成长科创黑马，重点覆盖半导体、医药、新能源三大行业。 公开信息显示，科创半导体ETF（588170）及其联接基金跟踪上证科创板半导体材料设备主题指数，囊 括科创板中半导体设备（61%）和半导体材料（23%）细分领域的硬科技公司。 半导体设备和材料行业 是重要的国产替代领域，具备国产化率较低、国产替代天花板较高属性，受益于人工智能革命下的半导 体需求，扩张、科技重组并购浪潮、光刻机技术进展。 （文章来源：每日经济新闻） 流动性方面，科创半导体ETF（588170）盘中换手16.07%，成交5. ...

以下文章来源于伯乐在线 ，作者伯小乐 伯乐在线 . "前脚募 80 亿，后脚 75 亿拿去理财"的消息一传开，瞬间在投资者社区和网友圈炸了锅，风波就此引 爆。 网友吵翻了：是合规操作还是圈钱摆烂？ 争议的核心的是"预期差"，网友和投资者分成了鲜明的两派。 反对声里满是失望，不少人吐槽摩尔线程是"上市理财概念股"，质疑它根本没打算好好搞研发。 有网友直言："我们投钱是盼着它突破 GPU 技术壁垒，不是让它拿着股民的钱稳赚利息的"，还有人拿同 赛道的寒武纪对比，觉得它"明显是奔着融资上市来的，不如踏实做事的企业"。 伯乐在线分享IT互联网职场和精选干货文章（原域名已不再维护）。组织维护10万+star的开源技术资源 库，包括：Python, Java, C/C++, Go, JS, CSS, Node.js, PHP, .NET 等 上市刚一周就官宣理财，风波如何引爆？ 被称为"国产 GPU 第一股"的摩尔线程，12 月 5 日刚登陆科创板，IPO 募集资金总额接近 80 亿元，扣 除发行费用后，实际到手的净额约 75.76 亿元。 按照招股书规划，这笔钱本该用在三大芯片研发项目和补充流动资金上，市场也正是冲着它 ...

12月16日，A股三大股指低开低走，深成指，创业板指分别失守13000点及3100点关口，截止午盘，沪 指跌1.22%报3820.85点，深成指跌1.88%报12866.09点，创业板指跌2.35%报3063.97点，科创50指数跌 2.02%报1292.3点；沪深两市半日成交额1.12万亿，全市场超4400只个股下跌。 盘面上，智能驾驶概念逆势拉升，浙江世宝、索菱股份等十余股涨停；数字货币概念走强，翠微股份、 航天信息涨停；零售概念反复活跃，百大集团4连板，红旗连锁、广百股份双双2连板；下跌方面，影视 院线概念集体大跌，博纳影业2连跌停；海南板块下挫，海南瑞泽跌超9%；光伏板块走低，东方日升跌 超10%，中利集团逼近跌停，中闽能源、阿特斯、上能电气、艾罗能源、阳光电源均跌超5%。 热门板块 零售概念反复活跃 零售概念反复活跃，百大集团4连板，红旗连锁、东百集团、广百股份、汇嘉时代跟涨。 消息面上，三部门近日联合印发《关于加强商务和金融协同 更大力度提振消费的通知》，提出精准施 策推动惠民生和促消费紧密结合，形成提振和扩大消费的更大工作合力。 乳业概念再度走强 乳业概念再度走强，皇氏集团一字涨停晋级2连板，欢 ...

12月15日晚间，AI芯片厂商寒武纪发布公告称，公司拟使用母公司资本公积27.78亿元用于弥补母公司累计亏损。本次公积金弥补亏损以公司2024年末母公 司未分配利润负数弥补至零为限。 热门ETF方面，科创人工智能ETF（589520）标的指数均衡配置应用软件、终端应用、终端芯片、云端芯片四大环节，AI产业链正由云端向边缘侧发展，从 依赖海外技术向自主可控发展，科创人工智能方向契合AI产业链当下现状，或具备更大潜力。 盘面上，12月16日早盘，重仓端侧AI的——科创人工智能ETF（589520）随市回调，场内价格现跌1.77%，该ETF场内宽幅溢价，显示买盘资金更为强势， 或有资金逢跌进场抢筹！事实上，该ETF昨天单日吸金511万元。 此前，寒武纪业绩表现亮眼，东海证券指出，2025年前三季度该公司营收与归母净利润同比大幅增长，主要系以思元590为代表的云端产品大幅放量所致， 后续思元690也有望受益于量价齐升的逻辑。在中美科技摩擦的背景下，国产AI芯片迎来加速替代期。 值得关注的是，端侧AI领域不断涌现新成果，字节跳动旗下豆包手机助手技术预览版12月初发布；阿里巴巴正式开售自研的夸克AI眼镜。政策面上，国务 ...

12月15日晚间，AI芯片厂商寒武纪发布公告称，公司拟使用母公司资本公积27.78亿元用于弥补母公司 累计亏损。本次公积金弥补亏损以公司2024年末母公司未分配利润负数弥补至零为限。 市场分析人士指出，资本公积补亏是公司资产负债表中所有者权益科目的内部账务调整，仅让"资本公 积"余额减少、"未分配利润"余额增加，无实质性资金流动，对公司净资产和现金流均无实质影响，因 此不会对正常经营产生风险；而补亏完成后，公司年末未分配利润将由负转正，届时即可满足分红所需 的财务条件。 此前，寒武纪业绩表现亮眼，东海证券指出，2025年前三季度该公司营收与归母净利润同比大幅增长， 主要系以思元590为代表的云端产品大幅放量所致，后续思元690也有望受益于量价齐升的逻辑。在中美 科技摩擦的背景下，国产AI芯片迎来加速替代期。 值得关注的是，端侧AI领域不断涌现新成果，字节跳动旗下豆包手机助手技术预览版12月初发布；阿 里巴巴正式开售自研的夸克AI眼镜。政策面上，国务院印发《关于深入实施人工智能+行动的意见》， 提出到2027年新一代智能终端、智能体等应用普及率超70%，到2030年超90%。 业内人士指出，相比算力，AI应用似 ...

中新经纬 "您已中签沐曦股份。"回想起中签时的场景，来自广州的紫苏（化名）仍难掩兴奋。 近日，"国产GPU第一股"摩尔线程上市首日开盘即暴涨468.78%。11日，摩尔线程股价再度拉升，盘中 股价最高达941.08元/股，创历史新高。在这一行情带动下，被市场视为"国产GPU第二股"的沐曦股份也 备受关注。 沐曦股份确定12月17日科创板上市，其上市后将有怎样的表现，成为不少投资者关心的话题。 "闭眼打新，几乎没有亏的可能" 当股票软件弹出沐曦股份的新股申购提示时，紫苏像往常一样，顺手点击了提交。"就像免费领一张彩 票，中不中全看运气。"紫苏表示，提交沐曦股份申购的那一刻，他并未了解这家公司的业务内容，甚 至不知道这是近期备受关注的"国产GPU第二股"。 中签结果公布后，屏幕上跳出的确认信息让他怔了一下。"真中了？"紫苏用"惊喜"来形容这种感觉，像 是突然收到了一份意外的礼物。随即，他也开始好奇，沐曦股份是一家做什么的公司？ "以前打新，我也都是中签后才开始了解公司。"在紫苏看来，A股打新就是像一场概率游戏，工作不忙 时就登录看看，尽量不错过申购，毕竟放弃了机会就是零。 对于上市后的操作，紫苏表示，暂时没有明确 ...

周二开盘市场延续调整，三大指数集体低开，畜牧、银行等低位板块表现较好，科技方向暂作回落。半 导体设备ETF（561980）盘中跌超1%，成份股芯源微、中船特气、珂玛科技等光刻胶概念、设备公司 走强，国产替代逻辑有所深化。 银河证券表示，"十五五"规划重点聚焦关键核心技术领域的自主突破，设备等领域是直接受益环节之 一；而光刻胶作为半导体制造的核心耗材，其本土化替代需求将随政策推进持续释放，据市场三方机构 数据统计，预计2025年光刻胶市场规模可达123亿元。 消息面上，半导体自主可控领域迎来密集催化： 一是媒体报道称我国正在考虑推出一项价值高达700亿美元的激励计划，以资助和支持芯片制造产业。 据悉，该方案拟拨出2000亿元人民币至5000亿元人民币的补贴和其他融资支持资金，最终细节、金额和 目标企业仍在商讨中。 二是沐曦股份即将接棒摩尔线程于12月17日在科创板上市，目前长鑫IPO也在推进。开源证券指出，长 鑫今年7月已经开始辅导，预计明年长鑫长存扩产将会有较高的同比增速，叠加先进逻辑厂商的持续扩 产，或可关注半导体设备的投资机会。 开源电子认为，半导体设备自主可控或是当下强确定性和弹性兼备科技主线，主要源于 ...