内容概要：汽车无线传感SoC是车规级芯片中一个重要的功能类别，它集成了无线通信和传感器处理单 元，但核心是必须满足严酷的汽车电子环境要求。随着全球物联网、智能汽车等领域的蓬勃发展，无线 传感SoC行业展现出强劲的增长势头。中国不仅是全球最大的汽车生产国和消费国，还拥有庞大的内需 市场和完整的产业链基础，已经成为世界汽车工业的重要一环。近年来，国家大力推动智能汽车及芯片 相关产业的发展，成为中国汽车无线传感SoC市场扩张的主要推动力。中国汽车无线传感SoC市场规模 近年来增长迅速。2024年全球汽车无线传感SoC市场规模29亿元，中国汽车无线传感SoC市场规模11亿 元；预计2025年全球汽车无线传感SoC市场规模将达36亿元，中国汽车无线传感SoC市场规模将达14亿 元。目前，在汽车无线传感SoC中，无线智能轮胎传感SoC（TPMS SoC）是最成熟的应用场景。2024 年，全球汽车无线TPMS SoC市场规模达到27亿元，占整个无线汽车传感SoC市场的93.1%；电池压力传 感芯片（BPSSoC）市场规模0.40亿元，占整个无线汽车传感SoC市场的1.38%。 上市企业：豪威集团(603501)、赛微电子[ ...

Group 1 - The core viewpoint is that the upcoming launch of Google's TPU v7 series is expected to enhance its market share in the AI chip sector, amidst increasing competition in the AI chip market [1][2] - The TPU v7, named "Ironwood," features a peak performance of 4614 TFLOPs (FP8 precision), with a memory capacity of 192GB HBM3e and a memory bandwidth of 7.4TB/s, representing a 4.7 times performance increase compared to its predecessor [1] - The TPU v7 is designed for AI inference scenarios, supporting low-latency applications such as chatbots and smart customer service, while also being scalable for large model training [2] Group 2 - The launch of TPU v7 is anticipated to drive a transformation across the entire AI industry chain, impacting upstream demand for ASIC chips, PCBs, packaging, HBM, optical modules, cooling, and manufacturing [2] - Google aims to make its cloud services more cost-effective, faster, and more flexible to compete with Amazon AWS and Microsoft Azure, leveraging its TPU v7 for training and service of models like Gemini [2] - The competitive landscape in the AI chip market is expected to intensify, with Google positioned to increase its market share through the TPU v7 series [2]

Group 1: Market Performance - The Shanghai Composite Index rose by 0.16% to close at 3876.37 points, while the Shenzhen Component Index fell by 1.29% to 13053.97 points, and the ChiNext Index decreased by 2.17% to 3107.06 points [1] - The overnight performance of U.S. markets showed the Dow Jones Industrial Average up by 0.14%, the Nasdaq Composite up by 1.38%, and the S&P 500 up by 0.79%. The Philadelphia Semiconductor Index increased by 2.51% [1] Group 2: Industry News - Anjie Liwei Electronics Co., Ltd. has undergone a significant change in its shareholder structure, with the original shareholder exiting and new investors from the National Integrated Circuit Industry Investment Fund III joining. This fund focuses on advanced manufacturing and high-end chip design, emphasizing supply chain strengthening and industry collaboration [2] - Micron Technology reported strong demand for memory chips, alleviating investor concerns about potential slowdowns in data center construction. The company reported adjusted revenue of $13.64 billion for the first fiscal quarter, exceeding analyst expectations of $12.95 billion, with adjusted net income of $5.482 billion compared to $3.469 billion in the same period last year. Micron's revenue outlook for the second fiscal quarter is between $18.3 billion and $19.1 billion, significantly above market expectations of $14.3 billion [2] - Zhongwei Company announced plans to acquire a controlling stake in Hangzhou Zhonggui Electronics Technology Co., Ltd. through a share issuance, with the valuation and pricing of the target assets yet to be determined. The company's stock will be suspended from trading starting December 19, with an expected suspension period of no more than 10 trading days [3] - Since the fourth quarter, institutions have been actively researching over 60 A-share companies in the AI glasses industry, indicating a shift from exploration to scalable growth in the sector. The industry is expected to benefit from technological innovation and product iteration [3] - The HBM industry is in its early development stage in China, with opportunities for upstream equipment and materials suppliers to expand production as domestic HBM production becomes essential [3] Group 3: Related ETFs - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Sci-Tech Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (61%) and materials (23%). This sector is crucial for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives [4] - The Semiconductor Materials ETF (562590) and its linked funds also emphasize semiconductor equipment (61%) and materials (21%), focusing on the upstream semiconductor sector [4]

点击 关注我们 报告发布日期：2025年12月18日 报告名称:《唯特偶（301319.SZ）-深耕电子焊接材料，双平台战略打造新增长极》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003/ 连欣然S0980525080004 完整报告请扫描下方二维码 公司前三季度综合毛利率为16.26%，归母净利率为6.56%。归母净利润同比小幅下滑主要系去年同期非经常性 损益基数较高所致，而扣非归母净利润的稳健增长彰显了主营业务的良好发展态势。公司经营质量显著提升， 前三季度经营活动产生的现金流量净额达0.82亿元，同比大幅增长1578.59%，主要系收入增长的同时公司强化 回款管理所致。费用方面，公司持续加大研发投入，前三季度研发投入为0.28亿元，同比增长19.86%。 微电子焊接材料实现国产替代，全球化发展合作知名客户 公司作为国内微电子焊接材料龙头，在锡膏领域市占率约7%，而在外资品牌占据超50%市场份额的背景下， 国产替 ...

Group 1: Smart Connected Vehicles - Focus on three categories: 1) Companies producing core components for autonomous driving, such as lidar and in-vehicle cameras, with leading firms investing over 10% of revenue in R&D [3] [4] - 2) Intelligent cockpit service providers, with new vehicle penetration rates exceeding 60% and accelerating growth [4] - 3) Automotive-grade chip manufacturers, particularly those involved in domestic substitution, as domestic new energy vehicle installations account for over 50% of the global total, making chip localization a necessity [4] Group 2: AI Consumer Electronics - Emphasis on "AI+" upgrade targets: 1) New product categories empowered by AI, such as smart speakers with large models and AI translation devices, with sales growth rates exceeding 30% year-on-year [4] - 2) Leading companies in the consumer electronics supply chain, especially those producing AI modules and precision manufacturing for top brands, benefiting from industry upgrades and stable overseas orders [4] - 3) Companies related to AR/VR devices, supported by policies promoting digital consumption, with leading firms already in mass production [4] Group 3: Silver Economy - Focus on "essential needs + quality": 1) Companies in elderly health management, such as those producing smart blood glucose meters and blood pressure monitors, with over 280 million people aged 60 and above driving demand for health monitoring [4] - 2) Operators of elderly care services, particularly those with chain operations and integrated medical care, benefiting from policy incentives like venue and tax benefits, with leading institutions achieving over 85% bed utilization [4] - 3) Companies involved in elderly-friendly renovations, such as leading firms in elderly appliances and smart nursing equipment, with the market for elderly-friendly renovations growing over 25% annually [4] Group 4: Investment Strategy - Long-term investment targets should focus on R&D investment, market share, and policy alignment, as these companies are positioned at the forefront of national strategy and industrial upgrades [5]

Core Viewpoint - The article emphasizes the significance of innovation in China's economic development, highlighting the remarkable market performance of domestic GPU companies, such as Muxi Co., Ltd. and Moore Threads, as a reflection of the country's commitment to an innovation-driven strategy [2][3]. Group 1: Market Performance of Innovative Companies - Muxi Co., Ltd. debuted on the STAR Market with a nearly sevenfold increase in share price, becoming the third highest stock price in A-shares, with a peak gain of 755.15%, allowing investors to earn 395,200 yuan per share [2]. - Moore Threads, listed on December 5, also experienced a thrilling market performance, showcasing the high premiums investors are willing to pay for innovative companies with characteristics of import substitution and safety [2]. Group 2: Government and Market Synergy - The recent Central Economic Work Conference underscored the core role of innovation in economic development, advocating for a dual approach of policy support and reform innovation [2]. - The market performance of Muxi Co., Ltd. and Moore Threads is seen as a symphony of government and market collaboration, signaling unwavering support for innovation in China [2]. Group 3: Challenges and Opportunities in Innovation - The high premiums for companies like Muxi and Moore Threads reflect societal expectations for China's innovative capabilities, amidst a backdrop of a scarcity of quality assets in the domestic financial market [4]. - There is a need for these innovative companies to convert high market premiums into tangible results, ensuring a symbiotic relationship between industry and finance [4]. Group 4: Policy and Institutional Framework - To transform initial sparks of innovation into widespread success, it is crucial to clarify the role of policy support, ensuring that innovation freedom is prioritized [5]. - The article advocates for a competitive environment that fosters innovation, emphasizing the importance of international collaboration and communication in driving innovation forward [5]. Group 5: Avoiding Innovation Monopolies - The article warns against the risk of innovation monopolies, where resources may disproportionately favor one company, potentially stifling the visibility and growth of other innovative players [6]. - A fair competitive market environment is essential for allowing true innovators to emerge, with a call for government to act as a facilitator rather than a judge in the innovation landscape [6].

12月19日，强一股份(688809.SH)开启申购，发行价格为85.09元/股，申购上限为0.75万股，市盈率48.55倍， 属于上交所，中信建投证券为其保荐人。 据招股书，公司是一家专注于服务半导体设计与制造的高新技术企业，聚焦晶圆测试核心硬件探针卡的研 发、设计、生产与销售。公司具备探针卡及其核心部件的专业设计能力，是市场地位领先的拥有自主MEMS 探针制造技术并能够批量生产、销售MEMS探针卡的厂商，打破了境外厂商在MEMS探针卡领域的垄断。 探针卡是一种应用于半导体生产过程晶圆测试阶段的"消耗型"硬件，是半导体产业基础支撑元件。作为晶圆 制造与芯片封装之间的重要节点，晶圆测试能够在半导体产品构建过程中实现芯片制造缺陷检测及功能测 试，对芯片的设计具有重要的指导意义，能够直接影响芯片良率及制造成本，是芯片设计与制造不可或缺的 一环，对半导体产业链具有重要意义。因此，在人工智能、数字化技术不断革新的趋势下，探针卡的性能保 证了在通信、计算机、消费电子、汽车电子以及工业等领域发挥决定性作用的半导体产品的可靠性。 凭借深入的需求理解、扎实的技术实力、丰富的交付经验以及可靠的规模化生产能力，公司产品及服务得到 ...

探针卡是一种应用于半导体生产过程晶圆测试阶段的"消耗型"硬件，是半导体产业基础支撑元件。作为晶圆 制造与芯片封装之间的重要节点，晶圆测试能够在半导体产品构建过程中实现芯片制造缺陷检测及功能测 试，对芯片的设计具有重要的指导意义，能够直接影响芯片良率及制造成本，是芯片设计与制造不可或缺的 一环，对半导体产业链具有重要意义。因此，在人工智能、数字化技术不断革新的趋势下，探针卡的性能保 证了在通信、计算机、消费电子、汽车电子以及工业等领域发挥决定性作用的半导体产品的可靠性。 财务方面，于2022年度、2023年度、2024年度及2025年1-6月，公司实现营业收入分别约为2.54亿元、3.54亿 元、6.41亿元、3.74亿元人民币;同期，公司净利润分别约为1562.24万元、1865.77万元、2.33亿元、1.38亿元 人民币。 12月19日，强一股份(688809.SH)开启申购，发行价格为85.09元/股，申购上限为0.75万股，市盈率48.55倍， 属于上交所，中信建投（601066）证券为其保荐人。 据招股书，公司是一家专注于服务半导体设计与制造的高新技术企业，聚焦晶圆测试核心硬件探针卡的研 发、设计、 ...

据招股书，公司是一家专注于服务半导体设计与制造的高新技术企业，聚焦晶圆测试核心硬件探针卡的研 发、设计、生产与销售。公司具备探针卡及其核心部件的专业设计能力，是市场地位领先的拥有自主MEMS 探针制造技术并能够批量生产、销售MEMS探针卡的厂商，打破了境外厂商在MEMS探针卡领域的垄断。 智通财经APP获悉，12月19日，强一股份(688809.SH)开启申购，发行价格为85.09元/股，申购上限为0.75万 股，市盈率48.55倍，属于上交所，中信建投证券为其保荐人。 长期以来，探针卡行业被境外厂商所主导，国产替代潜力巨大。随着公司2DMEMS探针卡实现从探针到探 针卡的自主研发制造，以公司为代表的国产厂商近年来不断提升市场份额。根据公开信息搜集并经整理以及 Yole的数据，2023年、2024年公司分别位居全球半导体探针卡行业第九位、第六位，是近年来唯一跻身全球 半导体探针卡行业前十大厂商的境内企业，系境内探针卡市场地位领先的国产厂商，在业务开展过程中公司 主要与领先的境外探针卡厂商直接竞争。公司的探针卡产品种类全面，并形成了多项核心技术，截至2025年 9月30日，公司掌握24项核心技术，取得了授权专利 ...

贯穿2025全年的半导体IPO热潮于年末进入密集兑现期——继摩尔线程、沐曦股份等明星企业上市之 后，又一家国产GPU龙头行将登陆资本市场。 港交所12月17日文件披露，上海壁仞科技股份有限公司（以下简称"壁仞科技"）正式通过上市聆讯，有 望成为港股国产GPU第一股。据招股书，成立于2019年的壁仞科技专注于GPGPU（通用图形处理器） 芯片及智能计算解决方案，为AI模型训练与推理提供全场景基础算力。 壁仞科技团队告诉北京商报记者，国产GPU行业处于高投入、商业化探索阶段，公司依托GPGPU方案 在AI模型算力上的技术壁垒已实现营收快速增长；本次募资将投向研发升级，伴随产品矩阵放量，订 单有望支撑营收持续增长。 01.国产替代风口下的冲刺底气 02.上市在即，仍有考题 公开资料显示，壁仞科技创始人、董事长张文拥有哈佛大学法学博士学位，早年曾在联合国、华尔街担 任高级律师及资深投资人，归国后进入中芯国际创始人张汝京创立的映瑞光电出任CEO，2018年起担任 商汤科技总裁，主导了商汤集团中国总部暨全球研发总部落地上海等核心项目，在资本运作与产业资源 整合领域积累了深厚经验。 2019年创立壁仞科技后，张文邀请曾主导 ...