金融机构当中，包括现有股东三菱UFJ银行在内的3大银行和日本政策投资银行将最多合计出资250亿日 元。从地方银行来看，除了Rapidus工厂所在的北海道的北洋银行和北海道银行之外，千叶银行、肥后 银行和北陆银行也在就出资进行协调。3大银行除出资之外，还将在2027年度以后提供最多2万亿日元规 模的贷款。 Rapidus已完成第一阶段的民间资金筹集 股东达到约30家企业，Rapidus将完成2025年度获得1300亿日元民间投资的目标…… 力争实现最近端半导体国产化的Rapidus将获得20多家企业投资。除本田、佳能和京瓷等之外，千叶银 行等也将加入股东行列。预计索尼集团等现有股东也将追加出资。股东达到约30家企业，Rapidus将完 成2025年度获得1300亿日元民间投资的目标。日本半导体产业的重振体制正在完善。 Rapidus最早2025年内与各家企业正式达成协议，2026年3月前获得出资。各家企业的出资额预计在5亿 ～200亿日元左右。此外，也有正在谈判的企业，出资企业数和合计出资额今后有可能增加。 新出资的实业公司除了佳能、京瓷、富士胶片控股和牛尾电机等半导体制造设备与零部件供应企业之 外，还有精工爱 ...

Core Insights - The semiconductor equipment industry is experiencing a rebound, with the semiconductor equipment ETF (561980) rising by 2.36% and achieving a transaction volume exceeding 200 million [1] - According to WSTS, the global semiconductor market is projected to grow significantly, reaching approximately $975.46 billion by 2026, with a year-on-year growth of 26.3% [2] Investment Themes - Three key investment themes in the semiconductor equipment sector are identified: 1) Expansion of advanced processes related to AI; 2) Supercycle in memory; 3) Increase in domestic production rates in the Chinese market [3] AI-Related Growth - WSTS forecasts a 37.1% revenue growth for logic semiconductors (led by GPUs) in 2025, marking it as a primary growth driver for the semiconductor industry [4] - The anticipated increase in the number of GPUs, along with the rise of ASICs like TPUs and advanced GPUs, is expected to drive a new round of equipment expansion [4] Memory Market Supercycle - The global memory market is expected to grow by 39.4% in 2026, surpassing the 27.8% growth rate of 2025 [5] - DRAM and NAND demand are projected to increase significantly, with DRAM demand expected to rise by 26% and NAND by 21% in 2026 [5] Domestic Market Growth in China - The combined revenue of semiconductor equipment companies in China is projected to reach $14.5 billion in 2025, reflecting an 8% year-on-year increase, with a domestic production rate of 22% [6] - The Chinese market is expected to grow by 2% in 2026, reaching $51 billion, with an anticipated increase in domestic production rates to 29% [6] ETF Performance - The semiconductor equipment ETF (561980) tracks the CSI semiconductor index, which has shown significant performance, with a year-to-date increase of 55.56% and a maximum increase of over 80% [7]

随着旗下芯片子公司昆仑芯分拆上市预期的升温，百度正重获华尔街青睐。 分析师认为，这一半导体业务的崛起不仅有助于释放百度潜在价值，更使这家中国互联网搜索领军企业 有望通过芯片战略，复刻Alphabet在人工智能领域的逆袭路径。 市场观点正在发生根本性转变。麦格理分析师Ellie Jiang在12月5日的报告中指出，投资者此前在很大程 度上忽视了百度从芯片、云架构到模型及应用层面的垂直整合进展，而最新的渠道调研显示，得益于应 用层推理需求的爆发，国内芯片市场正迎来激增。尽管广告业务仍面临宏观经济放缓的压力，但日益增 长的AI相关业务贡献正促使投资者重新审视百度的估值逻辑。 这一转变发生在AI竞争加剧的背景下。随着英伟达顶级处理器获取渠道的不确定性持续存在，百度凭 借昆仑芯的高效推理能力，不仅在云端提供了具有竞争力的替代方案，也正在重塑其在科技自立浪潮中 的市场地位。 估值重构：非广告业务成主导因素 华尔街分析师普遍认为，百度的估值体系正在从单一的互联网广告模式向硬科技资产切换。 Arete Research Asia Ltd.分析师Shawn Yang指出，包括芯片和自动驾驶在内的非广告业务，有望成为决 定百度估 ...

Market Overview - After regaining the 3900-point level, the A-share market has returned to a phase of low-volume consolidation, with mixed performances across indices. The ChiNext Index continues to show upward momentum, while the Shanghai Composite Index and the Sci-Tech 50 Index have experienced slight pullbacks. Overall trading volume has decreased compared to Monday, reflecting a decline in investor enthusiasm as the year-end approaches, leading to a general trend of low-volume fluctuations [1] Future Outlook - As the year-end approaches, a cautious market sentiment prevails, with fluctuations around the 4000-point level potentially preparing the market for a new upward phase. The market has established conditions for further upward expansion following a period of sideways movement since October. A recovery in the supply-demand situation for the manufacturing sector in 2026 is likely, which could lead to a significant rebound in the earnings growth of A-share listed companies. Key focus areas for November include the impact of the 14th Five-Year Plan on industries, event-driven dynamics in the technology sector, and price increases driven by anti-involution trends, which are expected to catalyze multiple sectors and support a continued upward trend in the market [1] Sector Highlights - In December, sectors benefiting from dividends and price increases are expected to outperform, with short-term attention on banking, public utilities, coal, and non-ferrous metals. Technology will remain a key focus in 2026, with particular attention on AI, lithium batteries, military industry, and robotics. Specific areas of interest include: 1. The established trend in AI hardware, with a continued increase in token usage for major AI models, indicating a peak in AI applications by 2026, presenting opportunities for high growth in AI hardware and the transition from quantitative to qualitative changes in AI applications [2] 2. The trend of robot localization and integration into daily life is expected to continue into 2026, with robot products expanding from humanoid robots to quadrupedal and functional robots, creating recurring opportunities in sensors, controllers, and dexterous hands [2] 3. The trend towards semiconductor localization remains strong, with a focus on semiconductor equipment, wafer manufacturing, semiconductor materials, and IC design [2] 4. The military sector is expected to see a continued recovery in orders by 2026, with many sub-sectors such as ground equipment, aviation equipment, and military electronics showing signs of bottoming out as Q3 report declines narrow [2] 5. The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth for four consecutive quarters since Q3 2024, and an anticipated turning point in fundamentals by 2025, continuing an upward trend into 2026 [2]

欧盟委员会将探讨旨在保护区域内企业技术的企业管理机制。近来，出现了中国资本旗下的安世半导体 相关的混乱，包括本田由于半导体短缺而在部分工厂暂停生产等。该公司起源于荷兰的飞利浦，在2020 年之前被中国闻泰科技收购。 正在建设的英特尔俄亥俄州工厂 将半导体制造吸引到本国的政策在2022年以后在各地正式启动，但如今欧洲和美国都出现新工厂建设延 期的情况。除AI半导体之外，半导体需求疲软。在中国半导体国产化等背景下，经济安保也成为焦 点…… 全球半导体产业的扶持政策正在迎来转折点。欧盟将主要支援对象从吸引外国企业转换为区域内企业的 研发，并开始讨论数万亿日元规模的预算框架。除人工智能（AI）半导体之外，半导体需求疲软。在 中国半导体国产化等背景下，由于中国资本旗下的安世半导体相关的混乱，经济安全保障也将成为焦 点。调整支援政策的氛围加强。 作为欧盟执行机构的欧盟委员会提出了修改《欧洲半导体法》的方针，并开始讨论具体的支援方案。接 受欧盟委员会要求的业界团体收集了半导体巨头的意见。业界团体方面要求欧盟单独确保200亿欧元规 模的预算，最早将于2026年春季公布修改法案。 欧盟根据2023年制定的欧洲半导体法，推进了外 ...

3900点整数关遇阻回落后，维持缩量盘整态势。 周四A股继续维持缩量盘整态势，在冲击3900点未果后，市场短期内缺少继续上攻的驱动力，市场交 投清淡，成交量再度萎缩至1.6万亿以下。临近年底，投资者参与交易的热情有所下降，在"落袋为安"的心理影响下，近期市场总体呈现缩量震荡的格 局。预计盘局在未来数周内不会发生明显变化。 热点板块： 12月红利和涨价方向占优，2026年依然关注科技。预计12月在市场进入震荡期后，红利和涨价受益板块将阶段性占优，短期内可关注银 行、公用事业、煤炭、有色金属等。2026年科技仍然是市场主线，在经历阶段性休整后，可关注AI、锂电池、军工、机器人等板块。关注：1）AI硬件的 产业趋势仍然确立，并且主要AI大模型的tokens调用量持续走高。这意味着AI应用的高峰将在2026年出现，继续关注AI硬件的高增长趋势和AI应用从量变 到质变到来的机会。2）机器人国产化和走进老百姓生活依然是 2026 年比较确定的趋势，机器人产品将从人形机器人向四足机器人、功能型机器人扩展。 以此带来的传感器、控制器、灵巧手等板块的阶段性机会将会反复出现。市场预期特斯拉人形机器人版本有可能更新，或将成为机器人 ...

3900点整数关遇阻回落，成交量再度萎缩。 周二A股未能站稳3900点整数关，全天弱势震荡，成交量再度萎缩至1.6万亿附近，市场人气低迷。临近 年底，投资者参与交易的热情有所下降，在"落袋为安"的心理影响下，近期市场总体呈现缩量震荡的格局。预计盘局在未来数周内不会发生明显变化。 后市展望： 临近年底市场观望氛围浓厚，但4000点整数关附近的反复震荡或为市场上一台阶做准备。临近年底，市场主要参与方的交易积极性有所 下降，导致A股成交量明显萎缩，市场开始进入一种观望氛围。但市场经历了10月以来的持续横盘震荡后，已经具备了进一步向上拓展空间的条件。2026 年中下游制造业迎来供需形势的好转是大概率事件，A股上市公司的盈利增速有望迎来明显回升，因此当前市场在4000点反复震荡或为市场上一台阶做准 备。11 月关注重点包括十五五发展规划定调对产业带来的刺激作用，科技行业的事件驱动，反内卷带动的物价回升等，预计多板块有望迎来催化剂，从 而推动市场维持震荡上行格局。 热点板块： 12月红利和涨价方向占优，2026年依然关注科技。预计12月在市场进入震荡期后，红利和涨价受益板块将阶段性占优，短期内可关注银 行、公用事业、煤炭 ...

据介绍，此举并非简单的业务延伸，而是探路者（300005）从户外消费品牌向"智能交互技术平台"进行 战略跃迁的关键一步，旨在构建独特的"户外场景+智能芯片"生态护城河。 12月1日晚间，探路者控股集团股份有限公司（以下简称"探路者"）发布公告，宣布以现金约6.78亿元 完成对深圳贝特莱电子科技股份有限公司（以下简称"贝特莱"）与上海通途半导体科技有限公司（以下 简称"上海通途"）两家公司各51%股权的收购。 两者均为技术驱动型的"隐形冠军"。交易约定，贝特莱2026年至2028年归母净利润需分别不低于3370万 元、4770万元、6860万元，累计达1.5亿元，上海通途业绩承诺为2026－2028年累计归母净利润不低于 1.5亿元，为上市公司提供了明确的增长预期。 此次并购精准卡位了两个高壁垒的细分赛道。标的公司贝特莱专注于人机交互、生物识别、专用MCU 芯片及相关解决方案的研发。其指纹传感器产品在智能门锁及安防行业市场占有率均位居国内第一；上 海通途则凭借基于RISC-V架构的显示桥接SoC芯片，在细分市场占有率同样名列第一，其AI数据技术 （如人脸/车辆检测识别）及云端分析平台能力，已延伸至AR/VR、智 ...

Core Viewpoint - The acceleration of domestic photolithography resin replacement is boosting the semiconductor materials industry chain, leading to a rise in related stocks and ETFs [1][3]. Group 1: Market Performance - The semiconductor equipment ETF (561980) opened lower but closed up by 1.01%, with a trading volume of approximately 136 million [1]. - Notable stock performances include Nanda Optoelectronics rising by 8.84%, Huahai Chengke and Jingrui Electric Materials increasing by over 7%, and several other companies like Hushi Silicon Industry and Aisen Co., Ltd. seeing gains of over 4% [1]. Group 2: Industry Insights - A domestic semiconductor materials manufacturer has achieved key performance indicators for some photolithography resin products that can replace Japanese products, with batch applications in certain clients [2]. - The domestic photolithography resin localization rate is currently low, with KrF and ArF photolithography resins having localization rates of less than 2%, indicating significant room for growth [2]. - The semiconductor materials market in China is projected to reach $20.5 billion in revenue by 2024, making it the largest market globally [3]. - The localization rate for CMP polishing materials, photolithography resins, and electronic gases is still below 30%, highlighting substantial market potential [3]. Group 3: Competitive Landscape - Japanese companies hold approximately 52% of the global semiconductor materials market, with 14 out of 19 major materials having the highest market share globally [3]. - The dominance of Japanese firms in the semiconductor materials sector poses a potential risk to the security of China's industrial chain [3].

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index rose by 1.06% as of November 28, 2025, with notable increases in component stocks such as Jinghe Integrated (up 8.85%) and ZKFLY (up 5.63%) [3] - The BoShi Sci-Tech Chip ETF (588990) increased by 1.04%, with a latest price of 2.33 yuan, and has seen a cumulative increase of 6.48% over the past three months [3] - The trading volume for the BoShi Sci-Tech Chip ETF was 22.47 million yuan, with a turnover rate of 3.32% [3] Group 2: Industry Outlook - The global wafer foundry revenue is projected to reach $199 billion in 2025, a 25% year-on-year increase, and is expected to benefit from the expansion of AI applications, reaching over $230 billion in 2026 [3] - By 2030, the global wafer foundry market could grow to $390 billion [3] - The storage industry is entering a new cycle driven by AI, with significant growth in storage demand due to data explosion from AI applications [4] - The semiconductor industry is expected to see continued acceleration in domestic production [4] Group 3: Key Stocks - As of October 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index accounted for 60.55% of the index, including companies like Haiguang Information and Cambricon [5]