Core Viewpoint - The company, Qianyuan Power, is experiencing significant growth in its main business of hydropower generation, with a notable increase in revenue and net profit in the first quarter of 2025, indicating a strong performance despite rising costs and financial expenses [6]. Company Performance - In Q1 2025, Qianyuan Power reported a main revenue of 401 million yuan, a year-on-year increase of 53.88% - The net profit attributable to shareholders reached 51.8465 million yuan, up 348.38% year-on-year - The net profit after deducting non-recurring gains and losses was 51.2663 million yuan, an increase of 353.21% year-on-year - The company's debt ratio stands at 55.11%, with investment income at -1.2394 million yuan and financial expenses at 52.6612 million yuan, while the gross profit margin is 52.55% [6]. Industry Outlook - The integrated circuit testing industry is expected to grow rapidly due to the increasing domestic chip localization rate and the rising complexity and integration of chips, which will drive demand for testing services [2][3]. - The shift of the global integrated circuit industry towards domestic markets, supported by national policies, is anticipated to create significant opportunities for the domestic third-party testing market [3]. - The company aims to enhance its core competitiveness in the integrated circuit field through a strategy focused on market orientation and technological innovation [5]. Financial Forecast - Various institutions have provided profit forecasts for Qianyuan Power, with net profit predictions for 2025 ranging from 413 million yuan to 453 million yuan, and for 2026, predictions range from 423 million yuan to 530 million yuan [9]. - The average target price set by institutions for the stock is 18.81 yuan, with four institutions rating it as a buy and one as hold [7].

张江高科（600895）公告，全资子公司上海张江浩成创业投资有限公司参与投资元禾璞华集成电路产业 基金(有限合伙)，该基金募集资金目标规模约为人民币20亿元，上海张江浩成创业投资有限公司作为有 限合伙人认缴出资额为人民币1亿元。基金首关规模7.75亿元，投资期4年+管理退出期4年+延长期2年。 ...

| 序号 | 股东名称 | 持股数量(股) | 占公司总股本比例 | | --- | --- | --- | --- | | | 许志翰 | 35,373,050 | 6.62% | | 2 | FENG CHENHUI(冯晨晖) | 40,491,416 | 7.57% | | ਤੇ | YI GEBING(易戈兵) | 32,757,451 | 6.13% | 具体来看，持有卓胜微股份 108,621,917 股（占公司总股本比例20.32%）的实际控制人及其一致 行动人许志翰 、FENG CHENHUI（冯晨晖）、YI GEBING（易戈兵）计划在该公告披露之日起 十五个交易日后的三个月内以集中竞价方式及/或大宗交易方式合计减持公司股份不超过5,345,475 股（占公司总股本比例1.00%）。 依据卓胜微2024年年报，许志翰是卓胜微董事长、总经理；FENG CHENHUI（冯晨晖）是卓胜微 董事、副总经理。YI GEBING（易戈兵）则将其持有的卓胜微6.13%的股权对应的全部表决权、 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体行业观察综合。 2025年5月18日晚间，市值近40 ...

Core Points - The 20th "China Optics Valley" International Optoelectronic Exposition opened at the China Optics Valley Convention and Exhibition Center [1] - A total of 20 major investment projects were signed, with a total amount of 19.52 billion yuan, covering various fields such as optical communication, integrated circuits, compound semiconductors, new displays, and artificial intelligence [1]

Core Insights - Zhongke Feimeasure plans to invest over 1 billion yuan to establish a second headquarters in Zhangjiang, Pudong, covering over 130,000 square meters for R&D and industrialization [1][6] - Since its establishment in 2014, Zhongke Feimeasure has focused on high-end semiconductor quality control, achieving international advanced levels in several key technologies and covering nearly 70% of the domestic semiconductor quality control equipment market [3][5] Company Developments - Zhongke Feimeasure has launched a series of quality control devices and intelligent software products that fill domestic gaps, serving over 300 clients in various semiconductor manufacturing sectors [3][5] - The company aims to deepen its focus on high-end semiconductor quality control and advance the R&D and industrialization of its nine major series of equipment to enhance market share [6] Industry Context - Pudong is recognized as one of the most competitive regions in China's integrated circuit industry, with a projected sales scale of 294.79 billion yuan in 2024, reflecting a year-on-year growth of 19.65% [7] - The region's integrated circuit industry covers various fields, including mobile smart terminals, artificial intelligence, automotive electronics, and the Internet of Things, with an average annual growth rate of nearly 20% over the past five years [7]

Group 1 - Xiaopeng Motors officially enters the Italian market, viewing it as a key part of its global strategy, especially in the growing European electric vehicle sector [1] - Italy aims to achieve an annual production capacity of 1.3 million new energy vehicles by the end of 2025, supported by tax incentives and investment in charging infrastructure [1] Group 2 - Jianghuai Automobile and partners have established a new company focused on integrated circuit design and artificial intelligence, showcasing their strategic foresight in the smart vehicle sector [2] - The new company aims to enhance competitiveness in the electric and smart vehicle markets, potentially accelerating technological innovation in related industries [2] Group 3 - China CNR Corporation has signed multiple significant contracts totaling approximately 54.74 billion RMB, representing about 22.2% of its projected revenue for 2024 [3] - The contracts cover a diverse range of sectors, including urban rail vehicles, equipment sales, maintenance, and energy equipment, indicating strong market demand and a robust competitive position [3] Group 4 - Geely and partners have formed a new company focused on hydrogen and electric commercial vehicles, indicating a strategic expansion in the new energy vehicle niche [4] - This initiative is expected to enhance Geely's competitiveness in the green transportation sector and stimulate technological innovation in the commercial vehicle market [4] Group 5 - Toyota has denied rumors regarding the acquisition of Neta Auto, emphasizing transparency in market information [5] - Despite the denial, concerns remain regarding Neta Auto's financial difficulties and stalled financing plans [5]

金十数据5月13日讯，据深创投消息，深圳市半导体与集成电路产业投资基金"赛米产业私募基金"近日 完成工商登记注册。该基金总规模50亿元，由深创投担任管理人，深创投、深重投共同作为基金普通合 伙人。基金主要投资市半导体与集成电路重点项目和细分龙头企业及其他对完善市半导体产业链有重大 作用的项目。 深圳市半导体与集成电路产业投资基金正式设立 总规模50亿元 ...

会上，浙江大学集成电路学院院长吴汉明表示，要更加紧密地推进产学研合作，推动高校科研 成果的转化和应用，同时主动拥抱人工智能技术。"没有IC技术的不断迭代进步，就无法实现AI技 术的进化发展，高速发展的AI技术也将反哺IC技术，对集成电路产业链和教育体系重塑必将发挥 里程碑式作用。"吴汉明说。 中证报中证网讯（记者 乔翔）5月12日，"2025半导体IP产业研讨会"在上海市虹口区世界会客厅举 行，现场发布了《中国半导体IP产业发展洞察报告》并完成多笔重量级战略合作及投资项目签约。与会 专家认为，随着AI、大数据等前沿技术的进一步普及，国内半导体IP市场有望保持快速增长。 集成电路（IC）构成了人工智能（AI）的硬件基础，人工智能为集成电路注入了创新动力，而半 导体IP（知识产权）作为集成电路产业的"技术底座"，构成了芯片设计的重要基石。 半导体IP被视为集成电路产业金字塔顶端的价值节点，正日益成为衡量一个国家科技实力的重要标 志。行业机构IPnest发布的数据显示，2024年全球半导体IP企业销售额达84.9亿美元，近五年（2020年 至2024年）年均复合增长率为16.78%，增速远超半导体行业整体增速（9. ...

半导体追赶战。 作者 I 刘博 报道 I 投资界-天天IPO 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 20 17年，粤芯半导体在广州成立，随即火速实现量产，成为粤港澳大湾区第一家实现量 产的1 2英寸芯片制造企业。短短几年时间，公司身后聚集了一个超豪华的投资人阵容， 场面蔚为壮观。 以下文章来源于天天IPO ，作者刘博 这应该是广州近年最大芯片IPO。 投资界-天天IPO获悉，据中国证监会官网披露，粤芯半导体技术股份有限公司（下称"粤 芯半导体"）上市辅导备案材料近日获备案登记，辅导机构为广发证券。 "粤芯半导体被广州寄予了厚望。"一位半导体投资人曾回忆。透过这一幕，我们看到大 湾区半导体追赶战愈发激烈。 中大校友带队 填补大湾区芯片空白 粤芯半导体的崛起，离不开一个灵魂人物——陈卫。 陈卫1982年从中山大学物理系毕业后，先是进入汕头大学物理系任教，后在19 8 7年远赴 英 国 攻 读 硕 士 和 博 士 学 位 。 此 后 ， 他 一 头 扎 进 半 导 体 行 业 ， 来 到 新 加 坡 特 许 半 导 体 工 作，担任中国公司首席代表和总经理，又曾任 ...

证券研究报告——晨会聚焦 2025 年 5 月 13 日 中银晨会聚焦-20250513 ■重点关注 【计算机】广立微*杨思睿 郑静文。广立微发布 2024 年年报及 2025 年一季 报。2024 年，公司实现营收 5.47 亿元，同增 14.50%；归母净利 0.80 亿元， 同减 37.68%；扣非归母净利 0.58 亿元，同减 46.86%。2024 年公司软件业务 收入同比大幅增长，公司有望受益于集成电路自主化背景下市场对本土产品 的需求提升。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3369.24 | 0.82 | | 深证成指 | 10301.16 | 1.72 | | 沪深 300 | 3890.61 | 1.16 | | 中小 100 | 6388.09 | 1.48 | | 创业板指 | 2064.71 | 2.63 | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 国防军工 | 4.80 | 农林牧渔 | (0.49 ...