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 ...

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 北京社科院副研究员王鹏向北京商报记者分析，当前国产GPU企业密集上市，证明技术验证和规模商用已经逐渐形成良性循环。 需求端的动能亦在快速释放——据摩根士丹利年中发布的报告预测，到2027年，我国国产GPU自给率将从2024年的34%跃升至82%；该机构12月最新报告 进一步看好中国AI GPU的收入增长，将2026年和2027年的预期从940亿元、1360亿元分别上调至1130 ...

杭州众硅主营业务为高端化学机械平坦化抛光（CMP）设备的研发、生产及销售，并为客户提供CMP 设备的整体解决方案；该公司的主要产品为12英寸的CMP设备。中微公司称，此次交易是公司构建全 球一流半导体设备平台、强化核心技术组合完整性的战略举措之一，旨在为客户提供更具竞争力的成套 工艺解决方案。 半导体领域大事件！ 12月18日晚间，半导体设备龙头中微公司公告，公司正在筹划购买杭州众硅控股权，股票自12月19日开 市起停牌。 资料显示，杭州众硅主营业务为高端化学机械平坦化抛光（CMP）设备的研发、生产及销售，其主要 产品为12英寸的CMP设备。中微公司表示，通过本次并购，双方将形成显著的战略协同。 二级市场上，自去年9月24日以来，中微公司股价累计涨幅超过130%，最新市值为1708亿元。 中微公司拟收购杭州众硅，明起停牌 中微公司18日晚间在上交所公告，公司正在筹划通过发行股份的方式购买杭州众硅电子科技有限公司 （简称"杭州众硅"）控股权并募集配套资金。 公司表示，此次交易尚处于筹划阶段，审计、评估工作尚未完成，标的资产估值及定价尚未确定。经初 步测算，该交易不构成重大资产重组。因交易尚存在不确定性，为避免对 ...

Core Viewpoint - Wallen Technology has successfully passed the hearing for its listing on the Hong Kong Stock Exchange, becoming the first GPU company to do so, while other domestic GPU companies have opted for the Sci-Tech Innovation Board [2][3]. Group 1: Company Listing and Market Context - Wallen Technology is the only company among the "Four Little Dragons of Chinese GPUs" to choose the Hong Kong Stock Exchange for its listing, while others have pursued the Sci-Tech Innovation Board [3]. - The decision to list in Hong Kong was influenced by the need for a different equity structure and the ability to quickly access capital, as the A-share market has stricter requirements [3]. - The company aims to leverage the ongoing AI boom and favorable market sentiment to attract significant investment during its listing [5]. Group 2: Financial Performance and Projections - Wallen Technology's revenue has shown significant growth, with projections of 49.9 million yuan in 2022, 620.3 million yuan in 2023, and 3.37 billion yuan in 2024 [6]. - Despite revenue growth, the company has faced substantial losses, with losses of 14.74 billion yuan in 2022, 17.44 billion yuan in 2023, and 15.38 billion yuan in 2024 [8]. - The company has a backlog of orders valued at approximately 8.218 billion yuan, which is expected to contribute to future revenue [7]. Group 3: Competitive Landscape and Challenges - Wallen Technology competes in a challenging domestic market, facing pressure from other domestic AI chip manufacturers, particularly Huawei, which has a dominant position [9]. - The company must navigate the risks associated with international capital scrutiny and the need to demonstrate the commercial viability of its technology [3][4]. - The overall GPU industry is experiencing a boom due to the surge in AI demand, but this could lead to potential market saturation and price wars among domestic brands [9].

Core Viewpoint - The semiconductor equipment leader, Zhongwei Company, is planning to acquire a controlling stake in Hangzhou Zhonggui, which specializes in high-end Chemical Mechanical Polishing (CMP) equipment, aiming to create significant strategic synergies and enhance its global semiconductor equipment platform [1][3][4]. Group 1: Acquisition Details - Zhongwei Company announced on December 18 that it is in the process of acquiring a controlling stake in Hangzhou Zhonggui through a share issuance and will suspend trading from December 19 [1][3]. - Hangzhou Zhonggui's main business includes the research, production, and sales of CMP equipment, particularly for 12-inch wafers, and it provides comprehensive solutions for CMP equipment [3][4]. - The acquisition is part of Zhongwei's strategy to strengthen its core technology portfolio and provide more competitive integrated process solutions to customers [4]. Group 2: Financial Performance - In the first three quarters of 2025, Zhongwei Company achieved a revenue of 8.063 billion yuan, representing a year-on-year growth of approximately 46.40% [5]. - The revenue from etching equipment was 6.101 billion yuan, up about 38.26% year-on-year, while revenue from LPCVD and ALD thin film equipment surged by approximately 1332.69% to 403 million yuan [5]. - The net profit attributable to shareholders for the same period was 1.211 billion yuan, reflecting a year-on-year increase of about 32.66% [5]. Group 3: Industry Outlook - The semiconductor sector is experiencing a recovery, with the SW semiconductor sector achieving a revenue of 178.172 billion yuan in Q3 2025, a year-on-year increase of 12.1% and a quarter-on-quarter increase of 4.0%, marking a historical high for a single quarter [7]. - The net profit for the semiconductor sector in Q3 2025 was 19.972 billion yuan, up 75.0% year-on-year, indicating a clear trend of profit recovery [7]. - The global semiconductor manufacturing equipment sales are projected to reach 133 billion dollars in 2025, a year-on-year increase of 13.7%, driven primarily by investments related to artificial intelligence [8].

Core Viewpoint - The company indicates that terminal demand is trending towards high-end and intelligent development, with emerging fields such as 5G, AI, and automotive electronics becoming the main growth drivers [1] Group 1: Market Trends - The process of domestic substitution is accelerating in multiple sub-sectors [1] - The demand for artificial intelligence computing power is surging, which is rapidly expanding the advanced packaging market [1] - The storage chip sector, including HBM and HBF, is experiencing strong demand, further broadening the market space in the wafer sector [1] Group 2: Technological Advancements - Significant domestic technological breakthroughs in PCB (HDI), SLP, IC substrates, and OLED display fields are gradually entering the high-end market [1] - These advancements provide a clear growth path for the company in expanding electronic chemical products in the broader semiconductor field [1]

证券研究报告 | 策略点评 2025 年 12 月 18 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 股市缩量调整，情绪静待催化 请务必阅读正文之后的信息披露和法律声明 [Table_Main] 1）股票市场：市场有所调整，但赚钱效应仍佳 成交量有所下行，中小盘表现更佳。12 月 18 日，A 股大小指数分化，沪指小幅上 涨，创业板指下挫。上证指数收涨 0.16%报 3876.37 点，深证成指跌 1.29%，创 业板指跌 2.17%，北证 50 跌 0.51%，科创 50 跌 1.46%，万得全 A 跌 0.38%，万 得 A500 跌 0.64%，中证 A500 跌 0.63%，中证 2000 涨 0.07%。A 股全天成交 1.68 万亿元，上日成交 1.83 万亿元。市场合计 2413 只个股下跌，2843 只上涨， ...

Core Viewpoint - The launch of the CCB CSI Selected Technology 50 ETF (code: 517950) on the Shanghai Stock Exchange marks a significant step in promoting China's strategic emerging industries and reflects the company's commitment to the national strategy of achieving high-level technological self-reliance [1][2]. Group 1: Product Overview - The ETF tracks the CSI Selected Technology 50 Index, which focuses on key sectors such as electronic semiconductors, communications, innovative pharmaceuticals, and advanced manufacturing, aligning with the national strategy for technological self-reliance [2]. - The index employs a rigorous selection process, including a minimum R&D expenditure threshold of 5%, and utilizes a three-dimensional optimization system based on market capitalization, profitability, and growth [2]. - The ETF aims to provide investors with an efficient tool to access core assets in China's hard technology sector across the A-share and Hong Kong markets, facilitating a comprehensive investment approach [2]. Group 2: Market Context and Policy Support - The "14th Five-Year Plan" emphasizes technological self-reliance as a core development goal, focusing on critical areas such as integrated circuits and industrial mother machines, supported by various policy measures [1]. - The expansion of the Shanghai-Hong Kong Stock Connect and the inclusion of high-quality companies from the Sci-Tech Innovation Board into the mutual market framework enhance the investment landscape for technology assets [1]. - The combination of policy incentives and industrial upgrades is expected to accelerate domestic substitution and deepen technological iterations, providing robust long-term growth potential for core technology assets in the three markets [1]. Group 3: Future Outlook - The company plans to continue enhancing its index product matrix and leverage its research-driven investment philosophy to uncover opportunities in cutting-edge technology sectors [3]. - The introduction of the ETF is seen as a way to meet diverse investor needs by combining on-market and off-market investment strategies, thus broadening access to the hard technology sector [2][3].

今年下半年，国产GPU行业的"造富"叙事几经上演。 8月，AI芯片公司寒武纪股价短暂超越曾经的A股"股王"贵州茅台，成为"新晋股王"。 几天后的12月17日，这样的情形再次重演。"国产GPU第二股"沐曦股份当日上市，截至收盘，沐曦股份收报829.90元/股，大涨692.95%，公司市值达到 3320.4亿元。 这场资本狂欢或将持续。 与摩尔线程与沐曦股份并称为"国产GPU四小龙"的壁仞科技、燧原科技也在推动上市进程；近期，又有消息称，百度旗下的昆仑芯科技即将完成股改，有 望在2026年上半年在港股上市。 在AI算力爆发的当下，GPU作为在AI的深度学习过程中，能够提供并行计算、处理海量数据和复杂矩阵运算的主流硬件，成了一条发展潜力巨大的赛 道。 更重要的是，资本市场认可了"国产替代+AI算力"的逻辑，将国产GPU企业视为是技术"卡脖子"的突破口，再加上有国际巨头英伟达作为参考，因此国产 GPU身上的想象力也跟着水涨船高。 12月5日，摩尔线程头顶"国产GPU第一股"的光环登陆科创板，上市首日高开468.78%，最终报收于600.50元/股，涨幅为425.46%。 只不过，资本的热捧与当前国产GPU企业普遍处于 ...

证券日报网讯12月18日，卫星化学（002648）在互动平台回答投资者提问时表示，POE下游应用广阔， 在光伏、新能源车、聚合物改性、日用消费等领域均有较好应用前景，目前国内POE主要依赖进口。公 司通过自主研发α-烯烃原料、催化剂及聚合工艺解决国产替代难题，将紧紧围绕以客户为中心为其提供 整体解决方案。 ...