Core Insights - The company focuses on three main areas: front-end coating and developing, front-end single wafer cleaning, and advanced packaging in the back-end sector [1][5]. Group 1: Front-End Coating and Developing - The company is currently the only domestic provider of mass production front-end coating and developing machines, offering various process types including offline, I-line, KrF, and ArF immersion [2]. - The new generation ultra-high-capacity coating and developing machine, FT Alkaid, features high capacity, stability, reliability, and integration, designed to meet future advanced lithography machine capacity demands [2]. Group 2: Front-End Single Wafer Cleaning - The front-end physical cleaning equipment has reached international advanced levels, successfully achieving domestic substitution [3]. - The company has become the first in China to validate the high-temperature sulfuric acid cleaning process and secure repeat orders, with significant growth in orders year-on-year [3]. Group 3: Advanced Packaging - In the advanced packaging sector, the company holds over 50% market share and is a key supplier of mass production equipment, while also expanding into emerging areas like 2.5D and 3D packaging [4]. - The company’s temporary bonding and debonding machines have reached international advanced levels, with a growing order book from domestic clients [4]. Group 4: Future Growth and Financial Projections - The company aims to focus on key technologies in bonding and debonding for high-end packaging, with strong growth potential supported by its major shareholder, Northeast Huachuang [5]. - Revenue projections for the company are estimated at 1.98 billion, 2.48 billion, and 3.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 107 million, 280 million, and 530 million yuan [5].

【文/王力 编辑/周远方】 12月22日，丹麦制药巨头诺和诺德宣布，其核心产品司美格鲁肽的口服片剂版本（25mg规格）正式获得美国食品药品监督管理局（FDA）批准，用于体重 管理。这标志着全球首款无需注射的GLP-1减肥药诞生，数以亿计的肥胖患者自此迈入"无针治疗"新时代。 值得注意的是，凭借注射剂型的惊人销售表现，司美格鲁肽系列在2024年已创造出近293亿美元的销售额，与现任"药王"默沙东的K药（帕博利珠单抗）的 差距已微乎其微。口服剂型的加入，预计将显著提升用药便利性与患者依从性，进一步打开市场天花板。 目光转向中国，市场变局同样正在酝酿。一方面，诺和诺德已基本完成司美格鲁肽（降糖与减重）全剂型布局；另一方面，其核心专利将于2026年到期，国 内已超十家企业提交了类似药的上市申请，仿制药竞速赛已然打响。与此同时，以信达生物玛仕度肽为代表的国产创新药也已获批，预示着未来的竞争将超 越单纯的仿制，进入多元化创新阶段。 截图来自诺和诺德官网 业绩狂飙：司美格鲁肽逼近"药王"宝座 诺和诺德2024年财报数据显示，公司全年实现总营收2904.03亿丹麦克朗（约合421.49亿美元），同比增长26%；净利润1009 ...

以下文章来源于硬氪 ，作者林晴晴 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 产品已向毫米波雷达制造商、PCB头部企业送样验证，并与新能源汽车动力总成厂商达成合作意向。 文 ｜ 林晴晴 编辑 ｜ 袁斯来 来源｜ 硬氪（ID：south-36kr） 封面来源 ｜ 企业供图 硬 氪获悉，功能复合薄膜材料研发商"清融科技"近日完成数千万元天使轮融资，由中科创星领投， 常见投资、江阴市人才科创 天使基金、水木清华校友种子基金跟投 。本轮融资将用于产线扩建、核心设备研发及高频通信、新能源领域 、 AI服务器 市场拓 展。 "清融科技" 成立于 2024 年 9月，由清华大学材料科学团队创立，专注于高频 高速 覆铜板、高温高储能电容器薄膜等功能复合 薄膜 材料的研发与生产。公司瞄准 5G通信、新能源汽车、AI服务器及毫米波雷达等场景，致力于打破美国罗杰斯（Rogers）等 企业在高端材料市场的垄断。目前，其高频覆铜板介电损耗低至0.001以下，性能对标国际顶尖产品，且 具有高批次稳定性和成 本优势 ；电容器薄膜储能密度达 5J/cm³，耐温能力提升至150℃， 器件 体积较传统产品缩小 30%-50%。 前 ...

利和兴江门工厂 利和兴的破局动作清晰地指向两个方向：一是向产业链更高附加值的"硬骨头"发起攻坚；二是将跟随国 产化战略从消费电子，转向更具未来的新兴赛道 ◎记者 刘逸鹏 在深圳市平湖街道，有一片被政府规划为"深圳硅谷"的园区，利和兴旗下的智能装备制造基地坐落在其 间。 近期，上海证券报调研小分队走进利和兴了解到，这家以智能检测设备立足的企业，正将过往与产业链 龙头协同成长的经验，转化为自主攻坚的核心动能。 面向"十五五"，利和兴董事长林宜潘描绘了一条持续向上的创新曲线——从3C检测出发，向电子元器 件、半导体测试设备拓展；未来，更瞄准半导体精密零部件、人形机器人等前沿领域，构建自主可控的 技术体系。 共舞：从"贴身服务"到"生态化成长" 利和兴的崛起，是国内电子信息产业高速发展的一个缩影。 "'协同创新'看似围绕客户需求展开，实则为公司奠定了扎实的技术根基与快速响应市场的能力。"林宜 潘说，这不仅是服务，更是共同研发和生态共建的过程。 为构建更稳健、自主的创新体系，"十四五"期间，利和兴前瞻性地启动了"智能装备+电子元器件"的双 轮驱动战略。 2020年，公司成立子公司利和兴电子，正式进军电子元器件领域。20 ...

新华财经上海12月26日电（记者高少华）人工智能时代，以图形处理器（GPU）为代表的AI芯片成为 驱动数字经济发展的重要引擎。2025年国产GPU行业迎来历史性发展机遇，关键技术加速突破，产业生 态日益完善，资本市场更是掀起了首次公开募股（IPO）热潮，彰显了市场对国产"硬科技"赛道的高度 认可。业内专家指出，国产GPU的快速发展，不仅为人工智能等前沿产业提供了算力保障，更从供应链 安全层面，为经济高质量发展构筑了自主可控的安全底座。 近年来人工智能大模型席卷全球，驱动各行各业算力需求爆发式增长，"算力就是生产力"成为业界共 识，我国也在加快构建强大的算力基础设施，智能算力产业取得显著进展，算力规模持续快速提升。 人工智能芯片是算力产业发展的重要基石。当前，我国正全力推进国产GPU芯片及其配套生态系统建 设。中国通信工业协会数据中心委员会发布的《全球重点区域算力竞争态势分析报告（2025年）》显 示，我国算力技术的自主性建设正经历从"可用"到"好用"的关键转型期。2025年，阿里巴巴、腾讯、字 节跳动等头部科技企业的人工智能算力投入预计将达4500亿元，其中30%用于国产芯片验证与适配。 2025年，超节点成 ...

Core Viewpoint - The U.S. has adjusted its semiconductor policies towards China, allowing high-end AI chip exports under strict licensing conditions while delaying new tariffs on Chinese semiconductor products for 18 months, indicating a shift from comprehensive restrictions to a more calibrated approach aimed at maintaining a competitive edge [1][2][3]. Group 1: Policy Adjustments - The U.S. Trade Representative (USTR) has decided to impose tariffs on Chinese chips starting in 2027, ending a previous trade investigation initiated by the Biden administration [1][2]. - The USTR's announcement indicates that the U.S. will initially impose zero tariffs on Chinese semiconductor products until June 2027, with specific tariff increases yet to be determined [2][3]. - The 18-month tariff delay is seen as a measure to stabilize global supply chain expectations, allowing multinational companies to adjust their chip procurement and manufacturing strategies in China [2][3]. Group 2: Strategic Implications - The delay in tariff implementation is perceived as a way to avoid immediate supply chain disruptions and inflation spikes in the U.S., as the country still relies on Chinese supplies for traditional process chips [3][4]. - The U.S. aims to retain negotiation leverage while signaling to China that tariffs could be enacted at any time, creating a strategic ambiguity [5][6]. - The U.S. government is also considering broader tariffs on semiconductor-containing electronic products, which could further complicate U.S.-China relations [4][5]. Group 3: Industry Reactions - Companies like NVIDIA and AMD have received approvals to export certain AI chips to China, indicating a significant influence of commercial interests on policy decisions [6][9]. - NVIDIA's H200 chip, now approved for export, is expected to generate substantial revenue for the company, highlighting the financial stakes involved in U.S.-China tech relations [7][9]. - AMD's CEO has expressed intentions to deepen investments in China, reflecting a trend among U.S. tech firms to navigate the complex regulatory landscape while seeking market opportunities [9][10]. Group 4: Long-term Outlook - The ongoing adjustments in U.S. semiconductor policy suggest that while there may be short-term improvements in U.S.-China tech cooperation, the long-term strategic competition and mutual distrust are likely to persist [10][11]. - The fluctuating nature of U.S. policies regarding chip exports indicates that the underlying tensions between the two nations remain unresolved, with potential implications for global supply chains and technological advancements [10][11].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者丨雷晨 编辑丨朱益民 2025年，A股算力板块经历了一场深刻的价值重塑。 从年初的政策预期驱动到年末的业绩兑现验证，相关指数全年表现亮眼。截至2025年12月25日，万得算 力主题指数指数（399363.SZ）收盘报7108点，年初以来累计涨幅高达80%。据Wind，年初至今A股算 力板块涌现22只涨幅翻倍大牛股，其中4股涨幅超400%，分别是仕佳光子、新易盛、永鼎股份、中际旭 创。 | < G | 万得算力主题指数[866468] | | | | | --- | --- | --- | --- | --- | | | 7108.26 -37.90 -0.53% | | | | | 福彩 | 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | | 年初至今▼ | 股 == | | 仕佳光子 | | | 457.28% | 0.07 | | 688313.SH | | | | | | 新易盛 | | | 441.57% | 0.07 | | 300502.SZ | | | | | | 永鼎股份 | | | 425.89% ...

Global Semiconductor Market Analysis - The global semiconductor market is projected to reach $659.1 billion in 2024, representing a year-on-year growth of 20.0%, and is expected to grow to $789.3 billion by 2025 [2][14] - Integrated circuits will account for the largest share at 73.9%, while artificial intelligence chips will see the fastest growth at 49.3% [2][14] - In 2023, the top ten companies in the global semiconductor market are primarily from the US, Taiwan, and South Korea, with no mainland Chinese companies in the top ranks [2][16] China Semiconductor Market Analysis - China's semiconductor market is expected to reach $176.9 billion in 2024, with a year-on-year growth of 15.9%, and is projected to reach $206.7 billion by 2025 [2][16] - Integrated circuits will dominate the Chinese market, accounting for $139.3 billion, or 78.7% of the total market, with artificial intelligence chips growing at 48.3% [2][16] Historical Development of the Semiconductor Industry - The global semiconductor industry has evolved through four major phases: the rise of personal computers and the internet (1986-1999), network communications and consumer electronics (2000-2010), the smartphone and 3G/4G/5G era (2010-2020), and the current AI technology and data center phase (2023-present) [3][21][24] Semiconductor Industry Chain Overview - The semiconductor industry chain consists of upstream (EDA/IP, semiconductor equipment, semiconductor materials), midstream (semiconductor design, wafer manufacturing, and packaging/testing), and downstream (packaging and testing) segments [6][62] - Upstream EDA/IP is dominated by companies like Synopsys and Cadence, while semiconductor equipment is led by ASML for EUV lithography, with high industry concentration [6][62] Future Development Directions in the Semiconductor Industry - Key future development areas in the semiconductor industry include third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth memory [8][10] Investment Recommendations - The domestic semiconductor industry is expected to make breakthroughs in upstream core equipment, materials, and software, driven by national policies and international dynamics [9] - Investment opportunities are particularly promising in third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth storage [9][10]

标的公司聚焦超小尺寸电感研发生产，核心产品精准契合电子设备小型化、轻量化的行业发展趋势，致 力于在高端市场打破日系垄断，实现国产替代。其核心研发成员具备10多年以上的行业积累和实战经 验，产品核心技术达到行业领先水平。本次拟投资标的公司是一家集研发生产和销售于一体的高端电子 元器件制造企业，聚焦超小尺寸元器件开发，主要产品有射频电感、功率电感等，广泛应用于消费电 子、通信等领域。本次公司拟对其增资，旨在推进公司向高端智能制造领域的战略转型。 格隆汇12月26日丨开勒股份(301070.SZ)公布，公司拟以自有资金人民币4,000万元认缴杭州光之神科技 发展有限公司（简称"光之神科技""标的公司"）新增注册资本，获得其11.7647%的股权（增资后获得股 权最终以本轮融资完成后所获股权为准）。 ...

2025年末， 国产GPU行业迎来一场资本的盛宴。 12月5日， 摩尔线程率先登陆科创板， 成为"国产GPU第一股"， 期间最高价达到941.08元／股， 涨幅超过700％， 总市值超过4400亿元。 ▲摩尔线程K线图。 不到半个月， 沐曦股份同样在科创板挂牌上市， 开盘暴涨超568％， 坐上A股史上"最赚钱新股"的宝座。 紧随其后， 壁仞科技通过港交所聆讯； 而燧原科技也在A股排队候场。 被业界称为"GPU四小龙" 的四家国产GPU企业， 几乎同步敲响了资本市场的大门。 业内人士普遍认为，这场"狂欢"的背后，并非单纯的故事性炒作，而是一场由国家战略驱动、产业需求牵引、地方生态支撑的系统性变革——人工智能进 入"算力为王"时代，GPU作为AI时代的"新石油"，正成为科技自立自强的关键战场。 算力缺口催生国产GPU"奇兵" 过去三年， 全球大模型竞赛如火如荼。 中国AI创新力量频频亮相国际舞台。 但一个现实始终存在：训练这些模型所需的高端GPU长期依赖进口，尤其受制于海外出口管制，"一卡难求"已成为行业常态。 "以前，主要是互联网大厂有算力需求，它们也倾向于建设自己的算力平台。"位于两江协同创新区的人工智能公共 ...