金字火腿股份有限公司（简称"金字火腿"）近日再度发生人事变动。上任刚5个月的金字火腿总裁郭波 辞任，总裁一职由金字火腿新实际控制人郑庆昇之子、"90后"郑虎接替。 从稀土、银行、电商，再到新能源汽车、医疗健康、算力，在肉制品主业发展缓慢的背景下，跨界求突 破已成为金字火腿的惯性动作。只是多次尝试收效甚微，甚至一度拖累公司业绩。新东家到来后，对跨 界仍有执念——设立半导体子公司、以近百倍高溢价收购准独角兽企业股权。然而，这次跨界半导体会 成为金字火腿的转型契机，还是又一次重蹈覆辙？ 金字火腿"换血" 郑庆昇接手金字火腿后的首要任务，便是搭建契合其战略意图的管理团队。7月，金字火腿迎来管理 层"换血"，完成董事会换届，郑庆昇出任董事长；郭波接替周国华出任总裁，同时担任副董事长；郑庆 昇之子郑虎出任副总裁。 值得注意的是，上述高管经历与金字火腿的主业食品鲜有关联。其中，郭波在进入金字火腿前，于2020 年至2021年担任渤海证券投行总部高级副总裁，2021年起担任清禾私募基金管理（珠海）有限公司董事 长、总经理。1991年出生的郑虎，从业轨迹多追随父亲脚步，2018年至今任上海阿斯顿马丁汽车销售有 限公司董事，随后 ...

中经记者 钟楚涵 孙吉正 上海报道 近日，金字火腿宣布原总裁郭波辞去职务，同时，公司聘任实控人郑庆昇之子、90后的郑虎担任总裁一 职。这距离金字火腿前一次总裁更换才过去5个月。 实际上，2025年以来，金字火腿先后经历了实控人变更、跨界半导体、人事变更等变化，以上动态使得 金字火腿在今年多次登上热搜。对于金字火腿目前的经营情况，12月17日，《中国经营报》记者向金字 火腿方面发送了采访提纲，截至发稿没有收到回复。 总裁变更 近日，金字火腿公告，收到总裁郭波提交的书面辞职报告。因个人原因，郭波申请辞去公司总裁职务。 辞职后，郭波仍继续担任公司副董事长、董事会战略委员会委员职务。值得一提的是，郭波在今年7月 刚刚被聘任为公司总裁，距离目前不过5个月。 与此同时，金字火腿董事会同意聘任郑虎为公司总裁。公告显示，郑虎出生于1991年，与公司控股股 东、实际控制人、董事长郑庆昇为父子关系。郑虎于2018年至今任上海阿斯顿马丁汽车销售有限公司董 事；2025年7月起任金字火腿股份有限公司副总裁；12月任金字火腿股份有限公司总裁。 艾媒咨询CEO张毅向记者表示："从积极的方向上看，这对于决策效率的提升、保障半导体跨界战略的 ...

Core Viewpoint - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sectors of communication equipment and artificial intelligence [1][5]. Group 1: Performance Overview - The top-performing ETF is the Guotai CSI All-Share Communication Equipment ETF (515880.OF) with a return of 122.27%, managing a scale of 12.45 billion and having been established for 6.32 years [2][3][7]. - Following closely is the Fortune CSI Communication Equipment Theme ETF (159583.OF) with an 111.21% return, a scale of 1.04 billion, and a 1.45-year establishment [3][7]. - In the artificial intelligence sector, three ETFs have shown remarkable performance: - Southern Growth Enterprise Board AI ETF (159382.OF) with a 110.15% return and a scale of 2.57 billion [3][8]. - Huabao Growth Enterprise Board AI ETF (159363.OF) with a 104.57% return and a scale of 3.36 billion [3][8]. - Guotai Growth Enterprise Board AI ETF (159388.OF) with a 100.38% return and a scale of 0.55 billion [3][8]. Group 2: Volatility and Market Outlook - The high returns are accompanied by significant volatility, with maximum drawdowns ranging from -15% to -31% for these ETFs, highlighting the risks involved [4][8]. - Looking ahead, Zhongyin Securities indicates that the securities industry is experiencing a "moderate opening of capital space and leverage limits," which may catalyze a "spring surge" in the market, particularly in technology and AI hardware sectors [4][8].

记者丨李益文 编辑丨叶映橙 12月8日，可申购创业板的纳百川（301667.SZ）与科创板的优迅股份（688807.SH）。 纳百川 成立于2007年，公司总部位于温州市泰顺县。公司专注从事新能源汽车动力电池热 管理、燃油汽车动力系统热管理及储能电池热管理相关产品的研发、生产和销售，主要产 品包括电池液冷板、电池集成箱体、燃油汽车发动机散热器、加热器暖风等。 2015年，纳百川借助与宁德时代的战略合作关系、其电池液冷板得到实车应用验证，并自 2016年起陆续成为上汽大众等国内多家主流新能源车企的首批动力电池液冷板的主要供应 商，奠定了公司从发动机热管理系统向新能源汽车电池热管理系统转型的先发优势。 截至目前，纳百川的客户网络已覆盖国内动力电池龙头制造商和主流新能源汽车主机厂，近 几年完成PPAP程序交付的产品项目数量超300余项、完成适配车型超200余款，在电池液冷板 等细分市场居于领先；按照公司测算，2024年公司电池液冷板市占率约为12.16%，在细分产 品领域居于领先。 值得注意的，纳百川在招股书中提醒，公司存在对宁德时代销售依赖的风险 。数据显示， 2022年-2025年一季度，宁德时代一直为纳百川第 ...

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has been approved for its initial public offering (IPO) on the Sci-Tech Innovation Board, marking the 58th company to pass the review this year [1]. Company Overview - Youxun Chip is recognized as a "national manufacturing single champion enterprise" in the optical communication sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [1]. - The company plans to issue no more than 20 million shares, accounting for at least 25% of the total share capital post-issuance, with all shares being new issues [2]. Financial Aspects - Youxun Chip aims to raise approximately 809.065 million yuan (around 80.9 million) to fund projects related to next-generation access networks, high-speed data center chips, automotive chips, and 800G and above optical communication chips [2]. Shareholding Structure - The company's shareholding is relatively dispersed, with no single shareholder holding more than 30% of the voting rights. The actual controllers, Ke Binglan and Ke Tenglong, collectively control 27.13% of the voting rights [2]. Underwriting and Approval - The underwriting institution for Youxun Chip's IPO is CITIC Securities, which has successfully sponsored seven IPO projects this year [1].

Core Viewpoint - The rapid growth of AI computing power is driving an increase in the global optical communication market, with Youxun Co., Ltd. being a leading domestic player in optical communication front-end transceiver chips, attracting significant market attention [1][3]. Group 1: Company Overview - Youxun Co., Ltd. has participated in the formulation of 22 national and industry standards and holds over 100 domestic and international intellectual property rights, showcasing its technological leadership and market competitiveness [3]. - The company has been recognized as a "National Champion" in the optical communication chip sector and has received multiple national-level qualifications, including "National Specialized and New 'Little Giant' Enterprise" and "National Intellectual Property Advantage Enterprise" [3]. Group 2: Technological Innovation - Youxun Co., Ltd. focuses on the research, design, and sales of optical communication front-end transceiver chips, with applications in access networks, 4G/5G networks, data centers, metropolitan area networks, and backbone networks [4]. - The company has achieved breakthroughs in domestic production in areas such as transceiver integration and high-speed modulation, mastering key technologies for bandwidth expansion and signal integrity compensation [4]. Group 3: Market Position and Strategy - In the 10Gbps and below product segment, Youxun Co., Ltd. ranks first in China and second globally, indicating its strong market position [3]. - The company is actively developing high-reliability automotive optical communication chips and core chips for FMCW laser radar, aligning its product development with market needs and customer pain points [5]. Group 4: Industry Impact and Future Prospects - Youxun Co., Ltd. is pushing for the domestic replacement process in the high-end chip sector, with only 7% of the global market value currently held by Chinese manufacturers in the optical communication chip field [6]. - The company plans to raise 809 million yuan through its IPO to fund projects aimed at developing next-generation access networks and high-speed data center chips, which will inject new momentum into the entire optical communication industry in China [6]. - With increasing investments in AI and computing infrastructure, Youxun Co., Ltd. is positioned to play a crucial role in the global high-tech competition, transitioning from a domestic replacement practitioner to a leader in defining global optical communication chip technology standards [7].

Core Insights - Traditional food companies like Jinzi Ham and Yangyuan Beverage are making significant investments in the semiconductor industry, raising questions about their motivations and the potential for success in this new sector [1][4][5] Group 1: Investment Moves - Jinzi Ham announced plans to invest up to 300 million RMB in Zhongsheng Microelectronics, acquiring up to 20% equity, despite the latter's low revenue of 51,000 RMB and a net loss of 20.37 million RMB in the first seven months of the year [1][2] - Yangyuan Beverage invested 1.6 billion RMB in Changjiang Storage Technology, acquiring 0.99% equity, with the investment framed as a financial move rather than a strategic one [2][3] Group 2: Market Potential - The global optical device market is projected to reach 52 billion USD by 2029, with a compound annual growth rate of 11%, driven by data center interconnect demand [2] - Jinzi Ham's investment in Zhongsheng Microelectronics is seen as a bet on future market potential, despite the current lack of profitability [2][4] Group 3: Company Performance - Yangyuan Beverage reported a 16.19% decline in revenue to 2.465 billion RMB and a 27.76% drop in net profit to 744 million RMB in the first half of 2025, marking the first time in three years that both metrics declined [5][7] - Jinzi Ham's revenue fell by 14.73% to 170 million RMB, with net profit down 25.11% to 22.92 million RMB in the same period [6] Group 4: Strategic Rationale - Both companies are leveraging their brand strength and market positioning to explore new growth avenues in the semiconductor sector, with Jinzi Ham focusing on optical communication chips and Yangyuan Beverage eyeing storage chips [4][6] - The investments are seen as a way to tap into the growing demand for advanced technology products, particularly in AI and data storage [3][4]

Core Viewpoint - Jinzi Ham's recent investment in Zhongsheng Microelectronics marks a significant move into the semiconductor industry, reflecting a strategic shift from its traditional food business to high-tech sectors, particularly in optical communication chips [1][2][3] Investment Details - Jinzi Ham plans to invest up to 300 million yuan (approximately 42.5 million USD) to acquire no more than 20% equity in Zhongsheng Microelectronics through a capital increase [1][2] - The investment will occur in two phases: the first phase involves 100 million yuan at a pre-investment valuation of Zhongsheng Microelectronics between 1 billion to 1.3 billion yuan, while the second phase will depend on the successful verification of a specific chip [2][3] Company Background - Zhongsheng Microelectronics was founded in 2019 by key R&D personnel from U.S. optical communication chip design companies and has been recognized as a potential unicorn in China [3] - The company specializes in the R&D and design of high-speed optical module core chips, including TIA and Driver chips, but has yet to achieve profitability, reporting revenues of 20,490 yuan and a net loss of 3,882,610 yuan in 2024 [3] Jinzi Ham's Performance - Jinzi Ham, listed since 2010, has struggled with its core business of Chinese and European-style hams, with revenues of 445 million yuan in 2022, declining to 314 million yuan in 2023, and a slight recovery to 344 million yuan in 2024 [4] - The company reported a net profit of 49.03 million yuan in 2022, which decreased to 40.06 million yuan in 2023, followed by a recovery to 62.17 million yuan in 2024 [4] Leadership and Strategic Shift - The control of Jinzi Ham was transferred to Zheng Qingsheng in April 2023, who has a history of cross-industry ventures, including real estate and education [6][8] - Following the acquisition, Zheng Qingsheng quickly established two semiconductor-related companies, indicating a strong commitment to diversifying Jinzi Ham's business model [7][10] Market Reaction - Following the announcement of the investment, Jinzi Ham's stock surged to a limit-up of 7.85 yuan per share, bringing its market capitalization close to 10 billion yuan [1][2]

Public Transport Operations - Shenzhen's public transport services, including subways, buses, taxis, and passenger stations, will cease operations starting from 20:00 on September 23 due to a typhoon emergency mobilization order [1][3][4][5] - The subway system will end operations early, with the last trains departing at 18:00 from their respective terminals, and only allowing passengers to exit at stations thereafter [1][3] - Regular buses will stop operating at the same time, and all taxi services, including ride-hailing, will also be suspended [3][4] Rail and Air Transport - High-speed and regular trains in Guangdong province will begin to gradually stop operations from 12:00 on September 23, with a complete halt expected on September 24 [6] - Train services will resume gradually starting from the early hours of September 25, depending on the typhoon's impact [7] - Shenzhen Airport will suspend all flight operations from 20:00 on September 23, with the resumption time to be determined based on the typhoon's effects [8] Maritime Transport - All port operations, including passenger terminals, have been suspended [8]

Core Viewpoint - Jinzi Ham plans to invest no more than 300 million CNY to acquire up to 20% equity in Zhongsheng Microelectronics, focusing on the promising optical communication chip sector [2][6][8]. Investment Details - The investment will be conducted through capital increase and will be divided into two rounds, with the final amount and shareholding ratio to be determined after due diligence [7][11]. - The first round of investment is estimated at 100 million CNY, based on Zhongsheng Micro's pre-investment valuation of 1 billion to 1.3 billion CNY, indicating a potential appreciation rate of 9710% [11]. Company Background - Zhongsheng Micro was founded in 2019 by core R&D personnel from a US optical communication chip design company and has been recognized as a "future unicorn" in China [7][8]. - The company specializes in the development of high-speed optical module core chips, with products used in AI, cloud computing, and telecommunications [8]. Financial Performance - Zhongsheng Micro has not yet achieved profitability, reporting revenues of 204,900 CNY in 2024 and a net loss of 38.83 million CNY [9][10]. - For the first seven months of 2025, the company generated revenues of 511,100 CNY with a net loss of 20.37 million CNY [9][10]. Strategic Shift - Jinzi Ham's investment is part of a broader strategy to utilize idle funds effectively and align with the trends of the digital economy, aiming to enhance future business opportunities and improve performance [8][12]. - The company has faced challenges in its core business, leading to a decline in revenue from its traditional ham products [14][15][17]. Recent Changes in Control - The investment marks the first major move by the new controlling shareholder, Zheng Qingsheng, who took control of Jinzi Ham in June 2025 [21][22]. - Zheng Qingsheng has a background in real estate and automotive sales, indicating a shift in the company's strategic direction towards the semiconductor industry [22].