（编辑 袁冠琳） 证券日报网讯 1月23日，中微公司在互动平台回答投资者提问时表示，公司紧跟技术发展趋势和客户需 求，坚持自主创新，致力于产品的差异化，持续强化刻蚀设备的技术领先优势。公司在过去的20多年着 力开发了一个完整系列的20种等离子体刻蚀设备，并积累了大量的芯片生产线量产数据和客户验证数 据。公司CCP和ICP刻蚀机的单双反应台并举策略的优势凸显，对各个技术节点的工艺应用形成有效的 覆盖。同时，公司大力投入先进芯片制造技术中关键刻蚀设备的研发和验证，目前针对逻辑和存储芯片 制造中最关键刻蚀工艺的设备在客户的产线验证进展顺利，CCP和ICP设备中的部分先进机型成为先进 器件生产中关键工艺的主力机型。公司始终以最先进器件制造的需求为指引，不断加大投入，着力研发 先进器件生产亟需的高端设备。 ...

Core Viewpoint - Longxin Zhongke is expected to achieve a revenue of approximately 635 million yuan in 2025, reflecting a growth of about 26% year-on-year, while significantly narrowing its losses [1][3] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately -449 million yuan, a reduction in losses by about 176 million yuan compared to the previous year, representing a year-on-year decrease in losses of 28% [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be -503 million yuan, with a year-on-year reduction in losses of approximately 24% [1] Business Strategy and Market Position - Longxin Zhongke adheres to a dual-driven development strategy of "policy market" and "open market," leveraging its core advantages to enhance product cost-effectiveness and software ecosystem, resulting in a simultaneous increase in both revenue volume and quality [3] - In the industrial control sector, the company capitalizes on the recovery of the security application market, utilizing the cost-performance advantages of its new generation embedded CPUs to drive rapid recovery and growth in industrial control chip business [3] - In the information technology sector, the company leverages its long-term technological accumulation to seize market opportunities, achieving significant progress in procurement for its main products, the "Three Musketeers" (Longxin series CPUs and related solutions) [3] Profitability and Asset Quality - The overall profitability of the company shows an improving trend, with gross margin levels gradually recovering to a good level, driven by the recovery of the industrial control business and the contribution of high-margin new technology licensing business [3] - The company expects to recognize credit impairment losses and asset impairment losses totaling approximately 165 million yuan in 2025, a decrease of about 84 million yuan compared to the previous year, attributed to improved accounts receivable and customer credit management [4] - The company summarizes that its overall business exhibits a "steady recovery" trend, enhancing its market competitiveness in key information technology areas for sustainable high-quality development [4]

Core Viewpoint - The article highlights the emergence of the StackWarp vulnerability affecting multiple AMD ZEN architecture processors, emphasizing the ongoing security risks within the X86 ecosystem. It contrasts this with the immunity demonstrated by domestic CPU manufacturer Haiguang, which has been confirmed to be unaffected by this vulnerability [1][3]. Group 1: Vulnerability Overview - The StackWarp vulnerability, discovered by Germany's CISPA Helmholtz Center for Information Security, allows malicious VM hosts to manipulate the stack pointer of customer virtual machines, enabling remote code execution and privilege escalation within confidential virtual machines [3]. - AMD's SEV-SNP is identified as a critical entry point for this vulnerability, where attackers can alter the RSP register to control execution flow and data within the virtual machine [3][4]. - AMD has acknowledged the vulnerability and stated that low-risk patches have been available for EPYC products since July of the previous year [3]. Group 2: Haiguang's Immunity - Haiguang's CPU, which holds complete X86 licensing, has been noted for its natural immunity to the StackWarp vulnerability due to its proprietary CSV virtualization technology, which fundamentally differs from AMD's SEV-SNP [3][4]. - The article emphasizes that Haiguang's CSV3 technology has effectively closed the attack vectors that StackWarp exploits, showcasing the importance of domestic innovation in CPU security [4]. Group 3: Domestic Innovation and Security - The article discusses the significance of genuine innovation versus mere imitation in the context of domestic chip development, particularly for Haiguang's X86 localization efforts [6]. - Haiguang has independently completed multiple product iterations and established a sustainable C86 technology roadmap, which has led to enhanced performance and security features [6][7]. - The C86 architecture has been designed to inherently support security algorithms and has shown resilience against various vulnerabilities that affect other X86 chips, thereby validating the value of domestic technological self-reliance [7].

Group 1: Company Overview and Technology - The company has strong advantages in radiation-hardened design, with several products successfully applied in high-grade radiation-resistant processors and memory markets [3] - The core components of the control system have achieved lightweight, high integration, and high performance, laying a foundation for large-scale industrialization [3] - The company is focusing on the development of new-generation intelligent nuclear robots and special equipment robots, aiming to build an innovation system that integrates industry, academia, and research [4] Group 2: Market Strategy and Future Outlook - The company aims to consolidate its position in the aerospace chip market while actively expanding into commercial aerospace and industrial control sectors [3] - The rapid development of the commercial aerospace industry is expected to increase demand for high-reliability, high-performance, and miniaturized chip products, with market growth anticipated [6] - The company plans to enhance its market presence and project development while maintaining cost control and budget management to support steady operational growth [6] Group 3: Research and Development - The company is increasing its R&D investment, successfully overcoming technical challenges in key products for railway vehicle safety detection and maintenance [4] - Several high-performance chips are transitioning to evaluation and production stages, indicating progress in core technology development [4] Group 4: Corporate Social Responsibility - The company integrates social responsibility into its core operations, focusing on balancing corporate and social interests [6] - It emphasizes employee rights protection, establishing a scientific compensation management system to ensure labor rights [6] - The company promotes green production and sustainable development practices [6]

Core Viewpoint - The article highlights the transformation of the Xuchang power equipment industry cluster towards high-end, intelligent, and green manufacturing, exemplified by the advanced automation in the production of smart electric meters and the development of key technologies in high-voltage direct current (HVDC) systems [1][2]. Group 1: Industry Transformation - The Xuchang power equipment industry cluster has achieved a total output value exceeding 140 billion yuan, positioning itself as a national innovative industrial cluster [1]. - The "black light factory" model has led to a sevenfold increase in per capita production efficiency and a reduction in delivery cycles by nearly half [1]. - The cluster includes major companies like Xuchang Electric and Cape Testing, contributing to a comprehensive integrated industrial ecosystem [1]. Group 2: Technological Advancements - Xuchang has successfully developed China's first HVDC converter valve, breaking the international monopoly on core technologies and reducing costs to one-tenth of foreign counterparts [2]. - The company now holds a 40% market share in global HVDC converter valves and 35% in HVDC control and protection systems, achieving over 20 "China first" and "world first" milestones [2]. - The production of supercharging stations allows electric vehicles to achieve full charge in just 10 minutes, with one in every eight public DC charging stations in China being "Xuchang-made" [2]. Group 3: Innovation and Research - The establishment of the Central Plains Electric Laboratory, supported by provincial government initiatives, focuses on advanced protection control technologies and aims to tackle "bottleneck" technologies [6]. - Xuchang's power equipment industry cluster has built 23 national and provincial innovation platforms and five national postdoctoral workstations, employing 16,000 specialized technical personnel [6]. - The city is committed to becoming a leading hub for intelligent power, prioritizing the power equipment sector in its strategic development [6].

Group 1 - The continuous growth of China's economy indicates that even with a more moderate growth rate, its share in almost all global economic sectors will increase [1][8] - By 2026, China's economic growth target is likely to be set around "5%", which may represent a further slowdown compared to 2025, influenced by a decline in export demand [1][3] - The shift in focus from "GDP supremacy" to self-innovation, national security, and sustainable high-quality development reflects a strategic change in policy priorities [3] Group 2 - China's economic scale has expanded fourfold since 2008, making its contribution to global economic growth comparable to the combined contributions of India and the United States [3] - China's unique advantages include its unparalleled manufacturing base and complete supply chain network, which were highlighted during the COVID-19 pandemic [8][10] - The trend of "recreating a China" abroad suggests that despite its own growth slowdown, China will continue to generate significant value through deepening relationships with developing regions [10]

图为众擎T800人形机器人展示侧踢动作。受访者供图 图为众擎T800人形机器人展示武术动作。受访者供图 2026年1月初，一段名为"众擎T800机器人硬核演示"的视频在海外社交媒体上火了。画面中，身高1.73 米、线条优美、造型英武的众擎T800人形机器人，流畅地完成甩臂挥拳、360度旋空转身、回旋五连踢 等高难度武术动作，姿态矫健如真人。视频迅速收获数百万播放量，惊叹之余，也有不少海外网友表示 不相信其真实性："这确定不是好莱坞CG（动画）特效？""又是'视频特技'？"……面对这些质疑，发布 这段视频的中国企业——深圳市众擎机器人科技有限公司，只是平静地回应："欢迎来中国亲眼看看。" 不久之后，大洋彼岸的全球科技盛会CES（国际消费电子展）上，众擎的展台被参会观众层层围住。当 众擎T800机器人以媲美人类的自然步态行走、并与工作人员自然互动时，现场响起了欢呼与掌声。 带着对这两则新闻主角——众擎T800人形机器人的好奇，近日，本报记者走进位于广东省深圳市的众 擎机器人科技有限公司（以下简称"众擎科技"）总部，了解它的创新故事。 来源：人民日报海外版 十年一剑： 赋予机器人灵魂和温度 2016年的广东省深圳市 ...

Core Viewpoint - The Chinese display industry has transitioned from a reliance on imported technology to becoming a global leader in the OLED panel market, with a focus on achieving self-sufficiency in high-end technology and supply chains [1][20]. Group 1: Industry Development - The Chinese OLED panel shipment share is projected to reach 48.8% by 2025, nearly matching South Korea's share, but there is still room for improvement in core equipment and processes for large-sized high-end markets [1][3]. - The competition in high-generation lines is crucial for penetrating the mid-to-large size market, with two main technological paths: traditional evaporation using Fine Metal Masks (FMM) and the "no FMM" route [3][4]. - The traditional evaporation process is currently dominated by overseas suppliers, leading to high costs and dependency issues for panel manufacturers [4][5]. Group 2: Technological Innovation - The introduction of ViP technology by Visionox represents a significant shift in OLED manufacturing, replacing traditional evaporation methods with semiconductor lithography, thus eliminating reliance on FMM [7][10]. - ViP technology enhances pixel independence and significantly increases effective luminous area from 29% to 69%, improving lifespan and brightness metrics [10][12]. - The ViP production line offers flexible manufacturing capabilities, allowing for a wide range of products and custom screen shapes, thus enhancing market adaptability [12][14]. Group 3: Industry Ecosystem - Visionox's advancements in ViP technology mark a transition from following to leading in high-end OLED technology, establishing a critical testing ground for domestic equipment and materials [14][15]. - The company has developed a comprehensive innovation system that integrates basic research, pilot testing, and mass production, fostering a new industrial chain [15][17]. - The shift in focus from scale expansion to value creation and ecosystem building reflects the evolving logic of the Chinese display industry, as seen in Visionox's practices [17][20].

2026年1月初，一段名为"众擎T800机器人硬核演示"的视频在海外社交媒体上火了。画面中，身高1.73 米、线条优美、造型英武的众擎T800人形机器人，流畅地完成甩臂挥拳、360度旋空转身、回旋五连踢 等高难度武术动作，姿态矫健如真人。视频迅速收获数百万播放量，惊叹之余，也有不少海外网友表示 不相信其真实性："这确定不是好莱坞CG（动画）特效？""又是'视频特技'？"……面对这些质疑，发布 这段视频的中国企业——深圳市众擎机器人科技有限公司，只是平静地回应："欢迎来中国亲眼看看。" 不久之后，大洋彼岸的全球科技盛会CES（国际消费电子展）上，众擎的展台被参会观众层层围住。当 众擎T800机器人以媲美人类的自然步态行走、并与工作人员自然互动时，现场响起了欢呼与掌声。 带着对这两则新闻主角——众擎T800人形机器人的好奇，近日，本报记者走进位于广东省深圳市的众 擎机器人科技有限公司（以下简称"众擎科技"）总部，了解它的创新故事。 图为众擎T800人形机器人展示侧踢动作。受访者供图 图为众擎T800人形机器人展示武术动作。受访者供图 十年一剑： 赋予机器人灵魂和温度 2016年的广东省深圳市，创业热潮席卷全城，但 ...

Core Viewpoint - The global semiconductor industry is facing unprecedented fractures, particularly affecting Chinese investments abroad, as geopolitical tensions escalate and national security concerns are weaponized against foreign acquisitions [1][6]. Group 1: Investment and Acquisition - In December 2021, a Chinese investment firm, Jian Guang Asset, acquired 80.2% of FTDI for $414 million, marking a significant step for China's semiconductor industry to fill its technology gaps [3][4]. - FTDI, a leader in USB bridge chips with nearly 20% global market share, was expected to integrate into a Chinese A-share listed company, enhancing the domestic semiconductor ecosystem [3][4]. Group 2: Regulatory Challenges - In November 2024, the UK government initiated a retrospective investigation under the National Security and Investment Act, citing vague national security risks despite FTDI's civilian focus [4][5]. - The UK government set a deadline of December 2025 for the forced sale of FTDI shares, risking significant financial losses for Jian Guang Asset due to a lack of competitive bidding [5][6]. Group 3: Legal and Political Implications - The legal framework has been weaponized, allowing governments to retroactively challenge completed transactions, undermining the predictability of international investments [8][13]. - The case of FTDI reflects a broader trend where Chinese acquisitions are scrutinized under the guise of national security, impacting the global semiconductor supply chain [6][9]. Group 4: Responses and Strategies - Chinese companies are exploring international arbitration and local partnerships to mitigate risks associated with foreign investments, while also accelerating domestic supply chain development [11][12]. - The strategy of "dual-track" development—engaging in global supply chains while fostering local capabilities—has become essential for Chinese firms to navigate geopolitical challenges [11][15]. Group 5: Industry Outlook - The ongoing geopolitical tensions and regulatory hurdles are pushing the semiconductor industry towards fragmentation, threatening the collaborative nature that has historically characterized it [8][14]. - The situation underscores the need for transparent and predictable international rules to prevent the semiconductor sector from becoming a casualty of great power competition [15].