通过基金平台投资"芯片之母"龙头企业，国产替代浪潮下有望迎来价值重估。 近日，证监会网站信息显示，国产EDA(电子设计自动化)企业全芯智造技术股份有限公司已在安徽证监 局办理辅导备案登记，正式启动上市进程。这家被誉为安徽集成电路制造EDA龙头的企业，背后出现 了绿通科技（301322）旗下产业基金的身影。 对于绿通科技的投资者而言，这一进展具有重要意义。 2025年9月12日，绿通科技公告称，旗下广东绿通产业投资基金合伙企业(有限合伙)拟合计出资约2000 万元持有全芯智造技术有限公司的股权。 绿通科技对半导体领域的布局并非始于全芯智造。在2025年9月的业绩说明会上，公司明确表示了对江 苏大摩半导体科技有限公司的收购，是"为寻求突破和长远发展而进行的审慎战略决策"。半导体产业链 的拓展已成为公司长期关注的方向之一。公司表示将结合半导体行业技术趋势及自身业务协同需求，持 续审慎探索半导体产业链的整合机会。 从场地电动车到半导体产业，绿通科技的战略转型路径日益清晰。全芯智造启动上市辅导，标志着公司 在半导体领域的产业投资开始进入收获期。 随着全芯智造上市进程的推进，绿通科技这笔约2000万元的投资已显现出前瞻性 ...

Core Insights - The semiconductor equipment industry is experiencing a rebound, with significant increases in stock prices for key companies [1] - Global semiconductor market is projected to grow significantly, reaching approximately $975.46 billion by 2026, driven by advancements in AI and storage technologies [3][4][5] Group 1: Market Growth Projections - According to WSTS, the global semiconductor market is expected to grow by 22.5% in 2025 and accelerate to 26.3% growth in 2026 [3] - The logic semiconductor segment, particularly GPUs, is anticipated to see a revenue increase of 37.1% in 2025, becoming a major growth driver [4] - The global storage market is projected to grow by 39.4% in 2026, surpassing the 27.8% growth rate of 2025 [5] Group 2: Investment Opportunities - Key investment themes identified include AI-related advanced process logic expansion, a storage supercycle, and increasing domestic production rates in the Chinese market [3][6] - The Chinese semiconductor equipment market is expected to grow by 2% in 2026, reaching $51 billion, with a domestic production rate projected to rise to 29% [7] - The semiconductor equipment ETF has shown strong performance, with a year-to-date increase of 55.56% and a maximum increase of over 80% [8]

Group 1 - The core viewpoint of the articles highlights the strong performance of the semiconductor sector, particularly in the context of artificial intelligence, with significant gains in the Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index [1][3] - The Sci-Tech Semiconductor ETF (588170) has seen a 2.39% increase, marking its third consecutive rise, indicating positive market sentiment towards semiconductor investments [1] - Advanced packaging technology is identified as a critical issue in the AI industry, with TSMC's advanced packaging capacity fully booked, and NVIDIA accounting for over half of the orders, reflecting strong demand from major players [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (61%) and materials (23%), highlighting the importance of domestic substitution in these sectors [2] - The semiconductor materials ETF (562590) also emphasizes the significant roles of semiconductor equipment (61%) and materials (21%), showcasing a concentrated focus on the upstream semiconductor industry [2] - The semiconductor equipment and materials industry is characterized by low domestic substitution rates and high potential for domestic replacement, benefiting from the AI revolution and ongoing technological advancements [2]

公开信息显示，科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418）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） 平安证券指出，随着海外原厂将资本开支倾斜于HBM为代表的高端存储产品，传统存储的供需缺口具 有持续性，因此国内存储厂商扩产的紧迫性不断上升。而在存储扩产的必然趋势下，设备作为扩产的前 置环节，迎来重要机遇窗口。 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。（场外联接A类：020291/C类： 020292）。 截至13:19，上证科创板100指数上涨0.72%，成分股燕东微上涨15.29%，金盘科技上涨7.24%，云天励 飞上涨5.38%，翱捷科技上涨5.33%，芯动联科上涨4.77%。科 ...

在「红色警报」后，OpenAI拿出了最新的顶级模型GPT-5.2系列，谷歌也率先反击，推出全新版Gemini Deep Research Agent，聚焦上游半导体设备领域的半 导体设备ETF（159516）盘中领涨超2.8%。 资金持续抢筹，半导体设备ETF（159516）近5日净流入超1.4亿元，年初以来份额增长超160%，当前规模超64亿元，居同类产品第一。 基于这些能力提升，OpenAI称为专业知识型工作打造的GPT-5.2是公司至今最强的模型，"GPT-5.2在众多基准测试中都刷新了行业水平，例如GDPval测试 中，这款模型在涵盖44个职业的明确知识型工作任务中表现超过了行业专家。" 来源：OpenAI OpenAI与谷歌竞争不断，AI景气度持续上行 在「红色警报」后，OpenAI 在北京时间本周五拿出了最新的顶级模型 GPT-5.2 系列 —— 迄今为止在专业知识工作上最强大的模型系列。包含GPT-5.2 Instant、Thinking和Pro模式，此时距离OpenAI更新GPT-5.1只过去了一个月。 此次应对挑战，OpenAI拿出了更多"真枪实弹"。GPT-5.2推出了更多智能上的更新，也 ...

证券研究报告 公司研究 / 公司点评 2025 年 12 月 12 日 收购光学镀膜装备公司，加速关键环节国产替代 电子 / 半导体 | 报告原因： | | | --- | --- | | 买入（维持） | | | 市场数据： | 2025 年 12 月 11 日 | | 收盘价（元） | 453.10 | | 一年内最高/最低（元） | 468.00/314.33 | | 市净率 | 9.1 | | 股息率（分红/股价） | 0.17 | | 流通 A 股市值（百万元） | 327,998 | | 上证指数/深证成指 | 3,873/13,147 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | | | | 2025 | 年 | 09 | 月 30 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | | | 49.8 | | 资产负债率% | | | | | | | 50.90 | | | | 总股本/流通 | | A | 股（百万） | | | ...

Core Viewpoint - The A-share market is experiencing a positive trend, particularly in the domestic AI industry, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) showing strong performance and significant trading volume, indicating robust buying interest [1] Group 1: Market Performance - The Sci-Tech Innovation Artificial Intelligence ETF (589520) saw an intraday price increase of over 1.7%, currently up by 1.41%, with a real-time transaction amount of 27.51 million yuan, surpassing the total transaction amount from the previous day [1] - Notable stocks in the AI sector include Chip Origin Co., Ltd., which rose by 6.26%, and several others like Dada Tongchang-U and Hehe Information, which increased by over 5% [2][4] Group 2: Industry Developments - OpenAI released its latest AI model, GPT-5.2, which outperforms previous versions in various professional tasks, highlighting the competitive landscape in generative AI [2] - Other significant updates in the AI sector include advancements from Alibaba's Qianwen, DeepSeek, and ByteDance's collaboration with ZTE on the Doubao mobile assistant, indicating a rapid evolution in AI technology [3] Group 3: Investment Opportunities - The domestic AI industry is in a strategic "golden window period," driven by policy support, strong performance validation, and the need for self-sufficiency in AI technology amid global competition [3] - As of the end of November, the weight of the ByteDance industry chain in the index of the Sci-Tech Innovation Artificial Intelligence ETF (589520) reached 33.66% [3] - The ETF focuses on the domestic AI industry chain, with over 70% of its top ten holdings concentrated in sectors like semiconductors, indicating a high concentration and aggressive investment strategy [6]

今日（12月12日）A股主要指数全线飘红，重点布局国产AI产业链的科创人工智能ETF（589520）场内 价格盘中涨超1.7%，现涨1.41%，实时成交额2751万元，已超昨日全天成交额，值得关注的是，该ETF 场内频现溢价区间，显示买盘资金更为强势！ 3、外部压力倒逼，国产AI亟需自主可控：在大国博弈背景下，科技安全仍是最重要的主线，AI和国产 替代具有长期确定性。 | F9 盘前盘玩 露加 | 分野 多日 1分 5分 15分 30分 60分 日 周 月 夏名 | C | 科创人工智能ETF华盛 O | 589520 | 21.90 MIS I.M GD | 589520(NIMA.I. 翻譯是TF华家) 13:10 � 0.574 重要 0.008(1,41%) 400 0.568 度安量 0 10PV 0.5735 | 2025/12/12 | 0.574 | +0.008 +1.41% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE CNY 13: ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 最近每天都有蓝筹股异动！ 华虹大跌 12月12日早间，港股华虹半导体和A股华虹公司股价双双大幅杀跌，引发市场关注。而华虹麦银六一购A更是 一度大跌超46%，中芯信证五乙购A亦一度大跌超44%。 消息面上，据恒生指数官网，恒生港股通软件及半导体（可投资）指数将改名为恒生港股通软件主题指数，成 份股数目固定为40只，加入阅文集团(00772.HK)、趣致集团(00917.HK)、美图(01357.HK)、汇量科技 (01860.HK)4股份，同时剔除ASMPT(00522.HK)、中芯国际(00981.HK)、华虹半导体(01347.HK)、英诺赛 科(02577.HK)4只股票，于2025年12月16日（星期二）生效。 另外，有外资研究机构亦认为，H200的消息可能会影响华虹半导体的做多逻辑，海外投资者可能会重新评估 芯片制造商的竞争力和优势。华虹半导体昨天跌幅就达4.8%，中芯国际昨日收盘亦跌2.26%。 国产替代的趋势并未变 值得注意的是，国产替代的方向可能并未发生变化。 从中国中冶开始，到中兴通讯，再到今天的华虹半 ...

Core Viewpoint - The company, Youyan Metal Composite Materials (Beijing) Co., Ltd., is set to undergo an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to enhance the domestic production of high-end metal materials in China [1]. Financial Performance - Revenue is projected to grow from 414 million yuan in 2022 to 610 million yuan in 2024, with corresponding net profits (excluding non-recurring items) increasing from 24 million yuan to 55 million yuan [1]. - In the first half of 2025, the company achieved revenue of 240 million yuan and a net profit of 12 million yuan, showing a slight year-on-year decline [1]. Fundraising and Investment Plans - The company plans to raise 900 million yuan, with allocations of 644 million yuan for the second phase of the advanced metal matrix composite industrialization project, 130 million yuan for a research and development center, and 126 million yuan for working capital [1]. Order Backlog - The company currently has an order backlog amounting to 335 million yuan, providing solid support for future performance [2].