元禾璞华管理合伙人陈大同（右二）现身强一半导体上市仪式 强一半导体（2015 年成立） 是国内稀缺的、掌握自主 MEMS 探针技术并实现规模化生产的企业，主营晶圆测试核心耗材探针卡。 公司已与境内超 370 家半导体全产业链企业合作，产品覆盖 CPU、GPU、存储芯片等多品类测试环节。 元禾璞华 2021 年投资强一，助力其拓展 DRAM、HBM 等高端测试市场，剑指全球探针卡行业领军地位。 一、敲钟时刻：305 亿市值定格国产突破荣光 2025 年 12 月 30 日，上海证券交易所掌声雷动，强一股份正式登陆科创板，成为万众瞩目的 "半导体探针卡第一股"，更以科创板第 600 家上市企业的重 磅身份，为资本市场年终收官画上浓墨重彩的一笔。 开盘股价飙至 276.82 元 / 股，最终收于 235.51 元，176.78% 的惊人涨幅，撑起 305.13 亿元的市值高峰。 这串闪耀的数字背后，是国产探针卡打破海外垄断的扬眉吐气，是硬科技从追赶到领跑的热血跨越，更是一位创业者十年磨一剑的坚守勋章。 二、十年铸剑：周明的破壁之路 时间回溯到 2015 年，半导体产业国产化浪潮初起，周明带着 20 余年行业积淀，在 ...

Core Viewpoint - The article highlights the significant investment opportunities in the domestic GPU sector, particularly focusing on the success of companies like Strong One Co., Ltd. (强一股份) and its role in the semiconductor testing market, especially with its probe cards [5][10][15]. Group 1: Company Performance and Market Position - Strong One Co., Ltd. has seen a remarkable increase in its market value, reaching 34.6 billion RMB after its IPO, with a price surge of 213% on its first trading day [5][10]. - The company reported revenues of 254 million RMB, 354 million RMB, and 641 million RMB for the years 2022, 2023, and 2024 respectively, with a compound annual growth rate of nearly 60% [10]. - Strong One's net profit grew from 15.62 million RMB in 2022 to 233 million RMB in 2024, marking a 14-fold increase over three years [10]. Group 2: Competitive Advantage and Technology - Strong One Co., Ltd. specializes in MEMS probe cards, crucial for testing semiconductor wafers, and has achieved the ability to mass-produce cards with a pitch of 45μm or less, catering to advanced GPU and high-performance processor manufacturing [6][7]. - The company has become the ninth largest semiconductor probe card manufacturer globally in 2023 and is projected to rise to sixth place in 2024, highlighting its rapid ascent in the industry [7][11]. - The probe card market in China is still in its early stages, with Strong One capturing less than 5% of the global market share despite the domestic market exceeding 10% of the global total [10]. Group 3: Strategic Partnerships and Future Growth - Strong One's primary client is a globally recognized chip design company, which significantly contributes to its revenue, accounting for over 80% of its income in recent years [7][10]. - The company is also focusing on the domestic replacement of high-bandwidth memory (HBM) chips, which are critical for AI applications, and is developing MEMS sample cards for DRAM and NAND Flash [8][11]. - The surge in demand for AI models and the corresponding need for advanced GPUs and testing solutions position Strong One as a key player in the evolving semiconductor landscape [11][15].

Group 1: AI Industry Overview - The AI industry is experiencing a paradigm shift from technological miracles to practical value, with capital markets transitioning from speculative hype to value reassessment [1] - 2025 is recognized as a "structural formation year" for the market, driven by policy support, explosive AI demand, industry cycle recovery, and accelerated domestic substitution [1] Group 2: Semiconductor Market Performance - Among 172 semiconductor listed companies in A-shares, 144 saw stock price increases in 2025, with 29 companies doubling their stock prices and 4 companies increasing by over 4 times [2][3] - The top three performers in the semiconductor sector were沐曦股份-U (481.81%), 东芯股份 (441.81%), and 摩尔线程-U (433.09%) [2][3] Group 3: AI Computing and Storage Chips - AI computing and storage chips emerged as standout performers in the capital market in 2025, with significant demand growth [4] - The release of DeepSeek-R1 in January 2025 marked a surge in AI model computing demand, leading to substantial orders for domestic GPU manufacturers like 沐曦股份 and 摩尔线程 [5] - Storage chip prices began to rise due to production cuts by major manufacturers, with DRAM and NAND prices increasing significantly [6] Group 4: Domestic GPU Companies - 摩尔线程 and 沐曦股份 are recognized as leading domestic GPU manufacturers, focusing on high-performance general-purpose GPU development [8] - Both companies successfully listed on the Sci-Tech Innovation Board in 2025, attracting significant institutional investment and achieving remarkable stock price increases post-IPO [9] Group 5: Hard Technology Market Trends - The A-share market in 2025 revolved around sectors like AI, computing, robotics, and commercial aerospace, with hard technology becoming a core investment focus [10] - The demand for AI computing is supported by breakthroughs in domestic AI chip technology and significant performance improvements from companies like 寒武纪 [10] - The energy sector is also becoming increasingly relevant due to the high electricity demand driven by AI, creating a synergistic market with technology and energy sectors [11][12]

Core Viewpoint - The AI industry is expected to transition from divergence to consensus in performance trends by 2025, with 2026 anticipated to be a significant year for domestic hard technology advancements [2] Group 1: AI Industry Trends - The AI large model's reasoning capabilities are continuously iterating, forming a closed loop with edge applications, while the demand for computing and storage hardware remains high [1] - The electronic industry's downturn since 2021 is showing signs of recovery, with a notable performance boost driven by AI innovations [2] - The global capital expenditure of the eight major cloud service providers (CSPs) is projected to grow by 40% to over $600 billion by 2026, with AI server shipments expected to increase by 20.9% [3] Group 2: Computing and Storage - Domestic chip manufacturers are actively updating their products, with Huawei planning to launch the Ascend 950PR in Q1 2026 and the Atlas 950 SuperPoD in Q4 2026 [4] - The demand for DRAM is expected to increase by 26% year-on-year in 2026, driven by AI needs, while NAND shortages are anticipated to persist, with prices rising over 40% from September to December 2025 [4] Group 3: Power and Connectivity - The optimization of data transfer and communication within servers is becoming a crucial breakthrough for enhancing computing power, with the global high-speed interconnect chip market expected to grow at a CAGR of 21.2% from 2024 to 2030 [5] - The power consumption of data center chips is projected to increase significantly, necessitating advancements in power supply architectures towards HVDC solutions [6] Group 4: AI Edge Applications - The evolution of AI from a tool to an autonomous agent capable of understanding user intent is reshaping human-computer interaction, with various consumer electronics expected to integrate these capabilities [7] - Major tech companies are expected to drive market sentiment and investment consensus through continuous exploration and innovation in AI hardware [7] Group 5: Semiconductor Industry - China's semiconductor sales are projected to account for 28% of the global market by 2024, but the domestic supply ratio remains low at 4.5% [8] - The semiconductor sector is experiencing a recovery phase, with significant growth expected in AI data centers and applications like autonomous driving and humanoid robots [8] Group 6: Key Companies to Watch - Companies such as Semiconductor Manufacturing International Corporation, Industrial Fulian, and Cambrian are highlighted as key players in the semiconductor and AI sectors [9]

东吴器械也表示，7月7日国产DRAM内存龙头长鑫存储正式启动上市征程，12月30日晚发布招股书。国产半导体设备迎来历史性发展机遇， 26年或将开启确定性强的扩产周期，设备全行业订单增速有望超30%、达50%+。 中证指数官网数据显示，半导体设备ETF（561980）跟踪中证半导，标的指数中"设备"含量较高，将近60%！且半导体设备+材料+集成电路 设计三行业占比超90%，均为芯片产业链中/上游的"卖铲子"领域，国产替代空间广阔。 2025年最后一个交易日，长鑫IPO进展引爆市场关注，半导体产业链多股拉升。上游半导体设备ETF（561980）高开1.31%，成份股芯源微、 雅克科技涨超4%，艾森股份、拓荆科技涨超3%，盛美上海、安集科技、中科飞测、北方华创等强势跟涨。 消息面上，长鑫科技12月30日晚间正式递交招股书，拟在科创板挂牌上市，计划募资295亿元进一步提升公司在DRAM行业的核心竞争力。 中信证券发布研报认为，国内最大的DRAM存储企业长鑫存储上市已受理，招股书披露公司2025年第四季度利润超预期，同时长鑫技术加速 迭代追赶全球先进水平，未来上市有望持续拉动扩产，设备国产化率有望逐步提升。 该指数重点 ...

Group 1 - The core viewpoint of the news is the performance of the semiconductor sector on the STAR Market, highlighting the rise of specific stocks and the inflow of funds into the semiconductor ETF [1] - The STAR Market semiconductor materials and equipment index increased by 0.10%, with notable stock performances including Aisen Co., Ltd. rising by 6.76% and Chipone Technology Co., Ltd. rising by 2.08% [1] - The STAR Market semiconductor ETF (588170) has seen continuous net inflows over the past four days, with a peak single-day net inflow of 91.98 million yuan, totaling 177 million yuan in net inflows [1] Group 2 - Changxin Technology Group Co., Ltd. has submitted an IPO application to the STAR Market, aiming to raise 29.5 billion yuan for projects related to memory chip manufacturing and technology upgrades, with a total investment scale of 34.5 billion yuan [1] - The semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (61%) and materials (23%), indicating a strong emphasis on domestic substitution in the semiconductor industry [2] - The semiconductor materials ETF (562590) also highlights a significant focus on semiconductor equipment (61%) and materials (21%), underscoring the importance of the upstream semiconductor sector [2]

12月31日，半导体设备板块延续近期强势，半导体设备ETF(561980)盘前上涨1.07%，年内累计净流入 突破10.3亿元。截至12月30日，该基金已连续4个交易日获资金净流入，累计超过1亿元，市场关注度持 续升温。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 分析指出，市场热度的背后，长鑫存储的IPO进程成为关键催化因素。根据招股说明书披露，公司预计 2025年度实现净利润20至35亿元，并有望在2026或2027年实现全面盈利。此次IPO拟募集资金达295亿 元，显示出国产存储龙头加速产能建设和技术迭代的决心。此外，近期有消息称，美国已批准三星、 SK海力士向其在华工厂出口芯片制造设备，此举或进一步缓解国内半导体产业链的设备供应压力。 分析人士指出，在全球半导体产业竞争格局深化、国产替代进程持续推进的背景下，半导体设备作为产 业发展的基础设施，具备长期配置价值。长鑫存储等国内龙头的资本开支计划，有望为设备产业链带来 持续的订单支撑。半导体设备ETF覆盖了从材料、设备到关键零部件等全产业链环节，为投资者提供了 系统性布局半导体上游核心赛道的有效工具。 风险提示：基金有风险，投资需谨慎。 ...

作者丨欧雪 编辑丨袁斯来 硬氪获悉，专注于热模锻工业母机的武汉新威奇科技有限公司（下称"新威奇"）已于近期完成数千万元首轮融资。我们总结了本轮融资信息和该公司几大 亮点： 融资金额与资金用途 融资轮次：首轮融资 融资金额：数千万元 投资机构：国家工业母机基金 资金用途：主要用于超大型伺服直驱电动螺旋压力机的重型生产能力建设，并支持研发投入。旨在突破现有产能瓶颈，为交付万吨级以上设备奠定基础 公司基本信息 成立时间：1993年（前身为华中科技大学校办企业，2010年实现产业化运营） 总部地点：湖北省武汉市 核心产品：以伺服直驱式数控电动螺旋压力机为核心，配套数控伺服液压机等全系列精密模锻成形设备，并提供"设备+工艺+自动化+数字化+智能化"整 体解决方案。 技术亮点：掌握自主研发的超大型永磁同步电机直驱技术，实现"零传动"，在打击精度、能效比和设备稳定性方面达到国际领先水平，已交付6300吨级国 产首台套、全球最大吨位的伺服直驱数控电动螺旋压力机。 新威奇模锻整体解决方案（图源/企业） 产品应用：产品批量应用于航空发动机叶片、燃气轮机叶片、汽车转向节、特高压输电线路器材等高端锻件制造，服务中航工业、三环锻造等国 ...

Core Viewpoint - The domestic EDA industry is currently experiencing a "policy-driven + technological breakthrough + high demand" triple resonance period, suggesting significant investment opportunities in core industry chain targets for the long term [1] Industry Positioning - EDA is a core technology for electronic system design automation, positioned at the upstream of the integrated circuit industry chain, influencing chip design efficiency, production costs, and performance, thereby impacting the global digital economy worth trillions of dollars [2] Market Dynamics - The global EDA market is highly concentrated, with three major players (Synopsys, Cadence, Siemens EDA) holding 74% market share. The global EDA market is projected to reach $18.3 billion by 2026 and exceed $30 billion by 2034. In China, the market size is expected to reach 22.2 billion yuan by 2026, with a growth rate of 20%, significantly higher than overseas [3] Growth Drivers - Three key factors are driving industry growth: 1. Domestic substitution is becoming essential due to U.S. export controls on EDA software, particularly for advanced process tools below 7nm, pushing domestic EDA companies to accelerate localization [4] 2. Technological and demand upgrades are emerging as design costs for advanced processes from 7nm to 3nm increase exponentially, with new demands arising from post-Moore era designs like Chiplet, 3D IC, and heterogeneous integration [4] 3. Industry consolidation is accelerating as the current Chinese EDA market is fragmented, with leading domestic EDA firms enhancing their product lines and overall strength through mergers and acquisitions [4]

Core Viewpoint - Hanbo Semiconductor has completed its IPO counseling process, marking a significant step towards its public listing and reflecting the growing interest in domestic GPU companies in China [1]. Group 1: Company Overview - Founded in December 2018, Hanbo Semiconductor focuses on high-end GPU chips, aiming to break the monopoly of foreign giants in the global GPU market [3]. - The company has developed core IP independently and launched two generations of GPU chips, creating a product matrix that includes graphics rendering GPUs, data center GPUs, and edge GPUs [3]. - Hanbo Semiconductor employs a highly skilled R&D team of over 500 members, with more than 80% holding advanced degrees, and many members having extensive experience from top companies like AMD and Intel [3]. Group 2: Market Position and Growth Potential - Hanbo Semiconductor's products are being utilized in various high-value sectors, including AI models, smart data centers, and digital twins, demonstrating strong commercialization capabilities [5]. - The Chinese GPU market is projected to reach 1.36 trillion yuan by 2029, driven by ongoing investments in AI infrastructure and a focus on self-sufficiency, positioning Hanbo Semiconductor favorably for growth [5]. - The company has achieved a valuation of 10.5 billion yuan and has attracted investments from major industry players like Alibaba and Kuaishou, indicating strong market confidence [5].