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）。 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。 ...

Core Insights - TianShu ZhiXin is the first company in China to achieve mass production of general-purpose GPUs, set to be listed on the Hong Kong Stock Exchange on January 2026, marking a significant milestone in its development and positioning it as a rare GPU entity in the Hong Kong market with "domestic substitution" and "full ecosystem compatibility" capabilities [2][9]. Business Operations and Core Advantages - TianShu ZhiXin provides general-purpose GPU products and full-stack AI computing solutions across various industries, including general-purpose GPU chips, accelerator cards, and customized AI computing solutions that integrate self-developed hardware and proprietary software stacks [4]. - The company has achieved several breakthroughs in the Chinese chip design sector, being the first to mass-produce inference and training general-purpose GPU chips, and the first Chinese general-purpose GPU design company to utilize advanced 7nm process technology for these milestones [4]. - As of June 30, 2025, TianShu ZhiXin has delivered over 52,000 general-purpose GPUs, leading the industry in shipment volume, with a revenue of 189 million yuan, 289 million yuan, and 540 million yuan over the past three years, and a market share of 9.8% in the domestic general-purpose GPU sector, ranking third [4]. Issuance and Fundraising Plans - The company plans to issue no more than 29,246,520 overseas listed ordinary shares and convert 219,670,165 shares held by 68 existing shareholders into overseas listed shares for trading on the Hong Kong Stock Exchange [6]. - The raised funds will primarily be allocated to R&D of products and solutions, including general-purpose GPU chips and accelerator cards, expanding the R&D team for proprietary software stack development, promoting AI computing solutions, sales and marketing over the next five years, and supplementing working capital for general corporate purposes [7]. Listing Progress and Management Team - TianShu ZhiXin is currently in the post-hearing stage and is expected to complete subsequent processes for trading, leveraging its competitive advantage as the first to achieve mass production and full compatibility with mainstream ecosystems [9]. - The management team possesses extensive international operational experience and top-tier technical backgrounds, including the CEO and Chairman, Gai Lujiang, with nearly 20 years in global professional services, and Vice President Sun Yile, who has over 20 years of chip development experience [10][12]. Conclusion - In the increasingly competitive landscape of domestic GPUs, TianShu ZhiXin, while not the most vocal player, has demonstrated its capabilities through the first mass production of both training and inference chips using 7nm technology, proving its ability to convert designs into products and scale shipments [14]. - The upcoming listing positions this technically robust enterprise to translate its full-stack self-research system and ecosystem compatibility into a clear and sustainable commercial path, offering investors a viable option with both technological strength and commercial validation [14].

在2025年的尾声，美国对华芯片与半导体政策出现一系列调整。 高端AI芯片在严格许可条件下被允许对华出口，另一方面，针对中国半导体产品的新一轮关税措施被 推迟18个月。与此前不断收紧的对华科技管制相比，这种"放"与"缓"交织的政策节奏显得格外突出，尤 其是在中美科技竞争仍被美方界定为战略博弈关键领域的背景下。 清华大学战略与安全研究中心副研究员董汀向智通财经（www.thepaper.cn）表示，美方近期在科技领域 的一系列对华政策调整，"看上去是政策松动，但实际上是对政策进行了再校准，更具掠夺性。美国对 华科技竞争战略没有变，还是要'赢'，只不过是从全面遏制的'大比分赢'转为保持部分绝对优势的'小比 分赢'。" "建构一种'逆转可能'的战略模糊" 据环球网报道，当地时间12月23日，美国政府宣布，将在2027年对中国芯片加征关税，结束了上届拜登 政府发起的针对中国芯片的贸易调查。路透社报道称，美国贸易代表办公室（USTR）在当天的公告中 表示，"中国在芯片产业领域寻求主导地位的做法'不合理'，给美国商业带来负担或限制，因此可采取 行动"。 在本轮调查中，USTR援引的是1974年《贸易法》第301条款。这一 ...

光之神科技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。 人民财讯12月26日电，开勒股份（301070）12月26日公告，公司拟以4000万元认缴杭州光之神科技发展 有限公司(简称"光之神科技")新增注册资本，获得其11.76%的股权。此次增资旨在推进公司向高端智能 制造领域的战略转型。 ...

2025 年的冬天，南京的资本市场比寒潮中的气温更炽热。 12 月 17 日，国产 GPU 领军企业沐曦股份在科创板鸣锣，首日股价最高涨幅突破 850% ，总市 值飙升至 3300 亿元，创下 A 股注册制以来新股涨幅纪录。 这并非孤例。 就在同一个月， 12 月 5 日，同为南京投资布局的"国产 GPU 第一股"摩尔线程上市，首日涨幅 425% ，市值轻松突破 3000 亿元；回溯至 2020 年，寒武纪在南京 8 亿元战略投资的"雪中送 炭"下，不仅渡过客户流失危机，更成长为市值超 5600 亿元的 AI 芯片巨头。 看向隔壁安徽省。长期以来，合肥凭借京东方、长鑫存储、蔚来等押注式投资，稳居"最牛风投城 市"宝座。 图源"南京新闻" 现如今，短短一个月内，三大芯片巨头接连上演"上市即暴涨"的戏码，且都与南京资本深度绑定。 这不禁让人好奇： 南京什么时候悄悄攒下了这么强的投资功力？这种"耐心打法"，会不会改写城市 风投的游戏规则？ 芯片三巨头的"南京基因" 2020 年 9 月，当陈维良带着几位 AMD 前同事创立沐曦股份时，国产 GPU 赛道还是一片"无人 区"。 彼时，全球 GPU 市场被英伟达、 AM ...

Investment Rating - The report rates the semiconductor industry as "Outperform" compared to the market [1] Core Insights - The global semiconductor market is projected to reach USD 659.1 billion in 2024, with a year-on-year growth of 20.0%, and is expected to grow to USD 789.3 billion in 2025 [2][13] - Integrated circuits will account for the largest share of the market at 73.9% in 2024, while artificial intelligence chips are anticipated to grow the fastest at 49.3% [2][13] - The report identifies four key future development directions for the semiconductor industry: third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth memory [2] Summary by Sections 1. Semiconductor Market Analysis - The global semiconductor market is expected to grow significantly, with integrated circuits leading the market share [13][15] - The Chinese semiconductor market is projected to reach USD 1,769 billion in 2024, with a year-on-year growth of 15.9% [15][17] 2. Historical Development of the Semiconductor Industry - The semiconductor industry has evolved through four major phases, driven by technological advancements and market demands [20][22] - The current phase is characterized by AI technology and data centers driving growth [22][23] 3. Semiconductor Industry Chain - The semiconductor industry chain consists of upstream (EDA/IP, semiconductor equipment, materials), midstream (design, wafer manufacturing, packaging), and downstream (packaging and testing) segments [64][73] - The report highlights the importance of domestic companies in advancing technology and achieving breakthroughs in core areas [2][64] 4. Future Development Directions - The report emphasizes the potential of third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth memory as key growth areas [2][4]

Core Insights - The A-share computing power sector experienced significant value reshaping in 2025, transitioning from policy-driven expectations to performance verification, with the National Computing Infrastructure Index showing an 80.74% increase year-to-date by December 25, 2025 [1] - The market's perception of the computing power industry shifted from "concept speculation" to "value anchoring," reflecting intensified global competition and domestic industrial upgrade demands [1] - The domestic substitution process in the computing power sector evolved from policy support to market selection, driven by real demand and the establishment of a comprehensive domestic computing ecosystem [5][6] Group 1: Performance Highlights - AI chip and semiconductor equipment sectors were the main focus of capital investment, with companies like Haiguang Information reporting a 54.65% year-on-year revenue increase to 9.49 billion yuan and a 28.56% rise in net profit [2] - Cambricon Technologies reported a staggering 2386.38% year-on-year revenue growth to 4.607 billion yuan, indicating the rapid market adoption of domestic AI chips [3] - Industrial Fulian, a global leader in AI servers, achieved a 38.4% revenue increase to 603.931 billion yuan, with net profit rising by 48.52% [3] Group 2: Technological Advancements - Liquid cooling technology emerged as a critical growth point, with companies like Yingwei achieving a revenue increase of 40.19% to 4.026 billion yuan, meeting stringent energy efficiency standards [4] - The integration of hardware upgrades and software ecosystem improvements is driving the performance of domestic AI chips, with frameworks like MindSpore facilitating easier application development [9] - The shift towards liquid cooling technology is not only a response to energy efficiency requirements but also a foundational element for future high-density computing infrastructure [8] Group 3: Market Dynamics - The market is increasingly favoring companies with clear technological pathways and real profit growth, leading to a structural differentiation in the computing power sector [2] - The demand for self-controlled and secure computing solutions is accelerating domestic substitution, with companies like Haiguang Information and Cambricon creating valuable market space [7] - The competition is evolving from product-based to ecosystem-based, with companies that can provide comprehensive solutions across hardware, software, and services gaining a competitive edge [10] Group 4: Future Outlook - The value reshaping in the A-share computing power sector is expected to continue into 2026, with a focus on high-performance AI chips and broader applications of liquid cooling technology [10] - The growth structure of AI computing demand will further differentiate, favoring solutions that demonstrate high energy efficiency and specific application capabilities [10] - Companies that can prove their technology's commercial viability and integrate deeply into the domestic computing ecosystem will continue to attract capital investment [10] Group 5: Industry Transition - The Chinese computing power industry is transitioning from scale expansion to high-quality development, marking a critical period of proactive leadership in the digital economy [11]

Group 1: IPO Activity in Semiconductor Industry - Yuexin Semiconductor Technology Co., Ltd. has had its IPO application accepted by the Shenzhen Stock Exchange, aiming to raise 7.5 billion yuan, marking it as the second unprofitable IPO accepted by the exchange this year [1] - The semiconductor industry has seen a surge in IPO activity driven by AI computing demand and domestic substitution, with 8 semiconductor companies raising over 23 billion yuan in the A-share market this year [1][2] - The approval of the "1+6" policy for unprofitable tech companies has accelerated IPO review efficiency, with companies like Moer Thread and Muxi Co., Ltd. achieving rapid listing timelines [2][10] Group 2: Market Trends and Company Developments - The number of semiconductor companies seeking IPO guidance has rapidly increased, reflecting optimism in the capital market environment [3][4] - Yuexin Semiconductor focuses on providing 12-inch wafer foundry services and plans to use IPO proceeds for production line projects and technology platform development [3] - Shenghe Jingwei, a leading company in advanced packaging, aims to raise 4.8 billion yuan for multi-chip integration projects [3] Group 3: Hong Kong Market Dynamics - The Hong Kong market has become a key financing hub for high-end chip companies, with firms like Birun Technology and Tian Shu Zhixin accelerating their listing processes [6][7] - Birun Technology plans to raise approximately 4.855 billion HKD, with a significant portion allocated for R&D in intelligent computing solutions [6] - Tian Shu Zhixin has reported substantial growth in GPU product shipments, indicating strong market demand and successful deployment across various industries [7] Group 4: Policy and Industry Support - The dual support from policy and industry demand has fueled interest in the semiconductor sector, with significant growth projected for the global semiconductor market [10][11] - The introduction of favorable listing regulations in both A-share and Hong Kong markets has enhanced the accessibility for hard tech companies to raise capital [10] - Domestic AI computing chip manufacturers are establishing comprehensive technology systems, indicating a maturation of the domestic semiconductor ecosystem [11] Group 5: Future Outlook - The semiconductor industry is expected to continue benefiting from high growth in cloud computing and the push for domestic chip production, presenting core opportunities for growth [12]

出品｜搜狐财经 对于市场关心的AI泡沫问题，他认为无论从投资强度、企业财务健康度还是资本开支比例看，当前风 险都远低于2000年科网泡沫时期。"当然，2026或2027年需要验证AI应用的商业逻辑，局部领域可能存 在过热现象，但整体风险可控。" 他还强调，科技投资需要同时关注产业趋势的进展和市场交易的结构。对于如何把握细分领域的投资机 会，麻绎文认为可以关注几项指标，"特斯拉机器人产业链的订单释放、国内存储大厂的扩产进度、以 及L3级自动驾驶的政策突破时间点，将是2026年需要紧盯的三大信号。" 尽管整体看好科技板块，麻绎文也提示了需要警惕的风险点。第一，交易层面存在拥挤度风险。部分细 分领域如光模块等，2025年涨幅较大，获利盘较多，虽然估值看似合理，但交易结构可能放大波动。 第二， 产业层面需关注资本开支节奏。麻绎文指出，2026年下半年需要重点关注海外云厂商，特别是 中小型公司的现金流状况和资本开支指引。 以下为直播内容精编： 基金佳问：2025年以来，A股活跃度进一步提升，上证指数时隔十年再度站上4000点，如何看待2025年 至今A股的表现？这轮行情的主要驱动因素是什么？ 麻绎文：今年市场有两个比较 ...

出品｜搜狐财经 作者｜汪梦婷 对于市场关心的AI泡沫问题，他认为无论从投资强度、企业财务健康度还是资本开支比例看，当前风险都远低于2000年科网泡沫时期。"当然，2026或2027 年需要验证AI应用的商业逻辑，局部领域可能存在过热现象，但整体风险可控。" 他还强调，科技投资需要同时关注产业趋势的进展和市场交易的结构。对于如何把握细分领域的投资机会，麻绎文认为可以关注几项指标，"特斯拉机器人 产业链的订单释放、国内存储大厂的扩产进度、以及L3级自动驾驶的政策突破时间点，将是2026年需要紧盯的三大信号。" 尽管整体看好科技板块，麻绎文也提示了需要警惕的风险点。第一，交易层面存在拥挤度风险。部分细分领域如光模块等，2025年涨幅较大，获利盘较多， 虽然估值看似合理，但交易结构可能放大波动。 第二， 产业层面需关注资本开支节奏。麻绎文指出，2026年下半年需要重点关注海外云厂商，特别是中小型公司的现金流状况和资本开支指引。 以下为直播内容精编： 编辑｜杨锦 【编者按】2025年，A股市场迎来里程碑式发展：总市值站上100万亿元的高峰，上证指数涨破4000点创下近十年新高。站在"十五五"规划的开局之年， 2026年 ...