Core Viewpoint - The current market is expected to remain volatile due to global geopolitical conflicts, the US-China technology rivalry, doubts about overseas AI investments, and the upcoming Federal Reserve meeting, leading to a cautious and neutral allocation strategy [1] Group 1: Market Outlook - The TMT sector, including the 6G industry trend, domestic substitution, self-control, and military industry development, is anticipated to have a phased impact, catalyzing market opportunities in computing power leasing, satellite communication, military communication, and 6G [1] - The acceleration of commercial aerospace construction by the state is expected to promote applications such as mobile direct satellite connections and Beidou messaging [1] Group 2: Industry Development - The commercial trial of satellite IoT is expected to enhance collaboration among operators, satellites, modules, and chip manufacturers, building wide-area connectivity capabilities across various industries such as marine, emergency, energy, transportation, and agriculture [1] - Satellite networks are seen as the foundation for 6G network construction, aligning with current 6G standards and timelines [1] - The issuance of satellite internet licenses since August marks a significant step towards commercial operation in China, likely accelerating the entire industry chain towards scaling [1] Group 3: Commercial Aerospace - The initiation of the first launch project in the pre-research phase of reusable rockets signifies the rapid implementation of commercial aerospace [1] - The development of satellite internet is gaining momentum, with regular satellite constellation launches expected to increase communication capacity and reduce latency [1] - There is potential for rapid deployment of applications related to mobile broadband direct satellite connections and low-orbit satellite network-linked intelligent driving systems [1]

从纳芯微的H股招股说明书来看，这些关键问题的答案相对清晰。从财务数据看，公司基本盘 稳固，经营质量持续改善；从业务逻辑看，下游需求旺盛，产品竞争力提升，增长确定性较 强。 接下来，我们会从财务表现、业务结构、技术壁垒到产业位置等多个维度，对纳芯微的招股书 内容进行更系统的拆解与分析。 基本盘稳固，增长逻辑清晰 翻开招股书财务部分，几组关键数据值得关注。 2025年12月8日，纳芯微（股票代码：02676.HK；688052.SH）正式在香港联合交易所主板 挂牌上市，完成了"A+H"双地资本布局的重要一步。这不仅是公司发展历程的又一个里程碑， 也是国内高端模拟及混合信号芯片企业打通全球资本市场的典型样本。 对于一家半导体企业而言，招股书往往是最集中、最系统呈现企业真实能力与长期价值的窗 口。面对新的招股书，投资者通常会聚焦两个核心问题：其一，公司的基本面是否扎实——技 术实力、产品结构、盈利质量能否支撑其当前估值？其二，公司未来的成长曲线是否明确—— 其所在赛道的需求趋势、技术壁垒与战略规划能否构成持续的价值创造？ 这些数据综合来看，纳芯微的基本面正处于改善通道：收入增长加速，毛利率企稳，费用率下降， 亏损收窄 ...

将投中网设为"星标⭐"，第一时间收获最新推送 一场由产业积淀与资本势能联合掀起的行业变革。 作者丨 簪竹 来源丨 投中网 什么样的公司能够吸引基金下场做并购？答案，或许藏在国产替代浪潮下千亿级赛道的机会里。 这家公司的核心创始人履历颇为亮眼，董事长宋嘉历任长安汽车副总裁、东风小康（赛力斯）总经理、潍柴集团 轻型车业务总经理、中国重汽（香港）公司副总裁等，对中国汽车市场有深刻的洞察和卓越的经营能力；另一大 投资方海川资本，是一家产业资本，以深挖水下龙头企业、布局其首轮融资为核心策略；东霖智行所在汽车的赛 道，正是海川资本重点布局的领域。 当"精准卡位"的资本力量遇上"行业资深老兵"后，一场由产业积淀与资本势能联合掀起的行业变革，就此展开。 近期， 东霖智行完成天使轮融资，投资方包括海川资本、苏州基金、张创投集团、亚通精工股份等产业资本与财 务投资机构。 那么，这一备受资本青睐、敢于联合产业资本下注的企业，背后藏着怎样的底层逻辑与战略共识？ 本文将从三大视角，深度拆解这场并购投资背后的故事。 产业资本精准挖掘"水下龙头" 尽管东霖智行是一家新成立的公司，但回溯发现，不管是核心团队还是技术积累都有"深厚根基"。 董 ...

Group 1 - The Hong Kong stock market's chip industry chain is experiencing a strong rally, with notable increases in stocks such as Hua Hong Semiconductor rising by 4% and SMIC, Shanghai Fudan, and Hong Teng Precision all gaining over 3% [1] - The first Hong Kong ETF focused on the chip industry, the Hong Kong Information Technology ETF (159131), has seen a price increase of 1.70% with a trading volume exceeding 33 million CNY [1][3] - Bernstein's report indicates that China's AI industry is transitioning into a new phase of supply chain growth, with 2026 being a pivotal year for this development [2] Group 2 - The Hong Kong Information Technology ETF (159131) is structured with a composition of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors, including significant weights for SMIC (20.27%) and Xiaomi Group (9.11%) [3] - The ETF excludes major internet companies like Alibaba, Tencent, and Meituan, allowing for a sharper focus on AI hard technology trends in the Hong Kong market [3] - Bernstein emphasizes that AI chips will lead the growth in the supply chain, while semiconductor equipment will benefit from domestic substitution needs, providing stable returns [2]

Group 1 - The Hong Kong stock market's chip industry chain is experiencing a strong rally, with notable increases in stocks such as Hua Hong Semiconductor rising by 4% and others like SMIC and Shanghai Fudan gaining over 3% [1] - The first Hong Kong ETF focused on the chip industry, the Information Technology ETF (159131), has seen a price increase of 1.70% with a trading volume exceeding 330 million yuan [1] Group 2 - Bernstein's recent report highlights that China's AI industry is transitioning from early development to a new phase of supply chain explosion, predicting 2026 as a critical turning point for growth [3] - The report emphasizes that the current state of China's AI is not a bubble but a key moment for supply chain emergence, with AI chips expected to lead growth due to direct demand and clear growth trajectories [3] - The ETF tracks an index composed of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors, with significant weights in companies like SMIC (20.27%) and Xiaomi (9.11%) [3]

东莞证券认为，展望2026年，该行认为人工智能仍为科技行业创新主线，算力、存力、设备、先进封装 等多环节有望受益。以算力芯片为例，近年来国内AI芯片企业快速发展并在国产替代方面取得阶段性 成果，摩尔、沐曦等企业加快资本市场布局，叠加腾讯等互联网厂商积极适配国产算力芯片，行业国产 算力生态有望加速形成。一方面，关注AI带来的半导体硬件增量机遇，另一方面，关注外部限制之下 算力、存储、设备等环节的国产替代进程。 智通财经APP获悉，芯片股多数走高，截至发稿，华虹半导体(01347)涨4.01%，报79.1港元；中芯国际 (00981)涨3.58%，报72.25港元；上海复旦(01385)涨3.14%，报42.02港元。 消息面上，据美国半导体行业协会（SIA）的最新数据，10月全球半导体销售额同比激增33%，总额达 713亿美元（约合人民币5040亿元），其中DRAM销售额同比飙升90%。分析认为，这背后的最大助推 力是，人工智能（AI）推动需求激增，大量行业产能转向用于AI加速器的高带宽内存（HBM），导致 用于标准DRAM和3D NAND的晶圆产出减少。 ...

Group 1: Core Technology and Business Strategy - The company's core technological barriers are established in fields such as ultra-fine particle welding materials and low-temperature high-reliability welding materials, successfully narrowing the technological gap with international leaders [1] - The company has implemented a "multi-product matrix" strategy, achieving a leap from a single electronic assembly materials segment to a dual-segment model of "electronic assembly materials + reliability materials" [2] - The reliability materials segment focuses on three technical dimensions: mechanics, corrosion resistance, and thermal properties, providing modular solutions that reduce procurement and management costs for clients [2] Group 2: Financial Performance and Cost Management - The company's net profit in Q3 increased due to higher product sales and effective cost control strategies [3] - Raw material costs, specifically tin and silver, have risen approximately 7% and 23% year-on-year, respectively; however, the company has established a "long-term agreement + futures" dual-hedging strategy to stabilize profits [4] Group 3: Client Base and Market Position - The company serves a diverse range of industries, including consumer electronics, telecommunications, and new energy vehicles, with notable clients such as ZTE, Gree Electric, and BYD [5] - The company has built a strong reputation and established long-term relationships with numerous domestic and international clients, effectively mitigating risks associated with industry cycles [5] Group 4: Emerging Markets and Future Growth - The rapid development of new industries such as electric vehicles and AI is driving demand for high-end microelectronic welding materials, which the company produces [6] - The company aims to become a global supplier of electronic assembly and reliability materials solutions, focusing on R&D innovation to create sustainable long-term value for shareholders [6] Group 5: Dividend Policy and Domestic Substitution - The company has maintained a high dividend payout ratio since its listing and plans to continue optimizing shareholder return mechanisms [7] - The company is actively pursuing domestic substitution strategies, achieving performance levels in core products that meet international standards, thereby capturing market share in key sectors [8]

东莞证券认为，展望2026年，该行认为人工智能仍为科技行业创新主线，算力、存力、设备、先进封装 等多环节有望受益。以算力芯片为例，近年来国内AI芯片企业快速发展并在国产替代方面取得阶段性 成果，摩尔、沐曦等企业加快资本市场布局，叠加腾讯等互联网厂商积极适配国产算力芯片，行业国产 算力生态有望加速形成。一方面，关注AI带来的半导体硬件增量机遇，另一方面，关注外部限制之下 算力、存储、设备等环节的国产替代进程。 芯片股多数走高，截至发稿，华虹半导体(01347)涨4.01%，报79.1港元；中芯国际(00981)涨3.58%，报 72.25港元；上海复旦(01385)涨3.14%，报42.02港元。 消息面上，据美国半导体行业协会（SIA）的最新数据，10月全球半导体销售额同比激增33%，总额达 713亿美元（约合人民币5040亿元），其中DRAM销售额同比飙升90%。分析认为，这背后的最大助推 力是，人工智能（AI）推动需求激增，大量行业产能转向用于AI加速器的高带宽内存（HBM），导致 用于标准DRAM和3D NAND的晶圆产出减少。 ...

隔夜外盘：截至收盘，道琼斯工业平均指数涨0.22%；纳斯达克综合指数涨0.31%；标准普尔500种股票 指数涨0.19%。费城半导体指数涨1.09%，恩智浦半导体涨0.79%，美光科技涨4.66%，ARM涨0.58%， 应用材料跌0.53%，微芯科技涨1.68%。 2025年12月5日，截至收盘，沪指涨0.70%，报收3902.81点；深成指涨1.08%，报收13147.68点；创业板 指涨1.36%，报收3109.30点。科创半导体ETF（588170）涨0.14%，半导体材料ETF（562590）收平。 行业资讯： 1. 近日，官方发布关于调整保险公司相关业务风险因子的通知，下调保险公司多项风险因子，充分发挥 险资作为耐心资本的优势。《通知》中提到，保险公司持仓时间超过两年的科创板上市普通股的风险因 子从0.4下调至0.36。该持仓时间根据过去四年加权平均持仓时间确定。科创板相关风险因子下调，会提 升险资对科创公司的投资意愿，推动更多资金流入战略性新兴产业，助力科技创新企业发展，同时带动 相关板块估值修复与成长。 2. 消息面上，沐曦股份公告，回拨机制启动后，网下最终发行数量为2282.9081万股，占扣 ...

头顶"GPU第一股"称号，摩尔线程以600.5元/股的收盘价直接跻身第三大高价股，仅次于贵州茅台、寒 武纪，这也让目前的A股百元股阵营扩容至153只。经同花顺iFinD统计，截至12月5日收盘，在目前已 有的153只百元股中，上纬新材、天普股份、鼎泰高科等88股为今年来加入的百元股成员，除摩尔线程 之外，云汉芯城、同宇新材在内的8股均为年内上市新股。另外，与年初相比，百元股数量翻倍，在不 复权形式下，年初百元股数量为72只。 摩尔跻身第三大高价股 经统计，截至12月5日收盘，A股市场百元股阵营扩容至153只，较年初百元股的数量增加了81只。 具体来看，A股市场上共有两只千元股，与寒武纪年内多次胶着，贵州茅台目前仍稳居A股"股王"，最 新股价报1430.01元/股，排在第二位的寒武纪，最新股价1355元/股。 12月5日上市的摩尔线程，以600.5元/股的收盘价位居A股市场第三位。交易行情显示，摩尔线程上市当 日大幅高开468.78%，开于650元/股，截至收盘，公司股价最终收涨425.46%，收于600.5元/股。此外， 还有源杰科技、中际旭创、国盾量子等12股股价在300元/股以上。 百济神州、春风动力、海 ...